Global Custody Network The Bank of New York's network of subcustodians extends
to 101 markets worldwide, the largest number of markets offered by any
custodian. We continually review our network to ensure that it reflects the
changing global investment decisions of our clients. The Bank's dedicated,
regional network management team monitors local economic, political, regulatory,
and industry-related events, and keeps clients apprised of changes in the
investment climate of each market. Banks are selected for the network based on a
variety of criteria, such as compliance with worldwide regulatory requirements,
competitive pricing, general market reputation, SWIFT message capabilities,
securities lending support, credit ratings, overall banking relationship with
The Bank of New York and ability to consistently meet our clients' needs. Each
bank must meet a set of stringent performance standards prior to selection,
which are reexamined during quarterly reviews and frequent on-site visits,
ensuring that our clients are uniformly provided with the best subcustodian in
each market. In its last three annual reviews of subcustodian networks, GSCS
BenchmarksTM has ranked our network among the top two in both the Overall
Network and Major Markets categories. Our list of subcustodians is as follows:
Country/ Market Subcustodian(s) Country/ Market Subcustodian(s) Argentina Banco
Rio de la Plata Indonesia HSBC Australia National Australia Bank Ltd. Ireland
Allied Irish Banks, plc Austria Bank Austria AG Israel Bank Leumi LE - Israel
B.M. Bahrain HSBC Bank Middle East Italy IntesaBCI S.p.A / BNP Paribas
Securities Services Bangladesh Standard Chartered Bank Ivory Coast Soci,t,
G,n,rale - Abidjan Belgium Banque Bruxelles Lambert Jamaica CIBC Trust &
Merchant Bank Jamaica Ltd. Benin Soci,t, G,n,rale de Banques en C"te d'Ivoire
Japan The Bank of Tokyo-Mitsubishi Limited/ The Fuji Bank, Limited Bermuda Bank
of Bermuda Limited Jordan HSBC Bank Middle East Bolivia Citibank, N.A.
Kazakhstan ABN/AMRO Botswana Barclays Bank of Botswana Ltd. Kenya Barclays Bank
of Kenya Ltd. Brazil BankBoston, N.A. Latvia Hansabanka Limited Bulgaria ING
Bank Lebanon HSBC Bank Middle East Burkina Faso Soci,t, G,n,rale de Banques en
C"te d'Ivoire Lithuania Vilniaus Bankas Canada Royal Bank of Canada Luxembourg
Banque et Caisse d'Epargne de l'Etat Chile BankBoston, N.A. Malaysia HongKong
Bank Malaysia Berhad China Standard Chartered Bank Mali Soci,t, G,n,rale de
Banques en C"te d'Ivoire Colombia Cititrust Colombia S.A. Malta HSBC Bank Malta
p.l.c. Costa Rica Banco BCT Mauritius HSBC Croatia Privredna Banka Zagreb d.d.
Mexico Banco Nacional de Mexico Cyprus Bank of Cyprus Morocco Banque Commerciale
du Maroc Czech Republic Ceskoslovenska Obchodni Banka A.S. Namibia Stanbic Bank
Namibia Limited Denmark Danske Bank NASDAQ Europe Banque Bruxelles Lambert
Ecuador Citibank, N.A. Netherlands Fortis Bank (Nederland) N.V. Egypt Citibank,
N.A. New Zealand National Australia Bank Ltd. (National Nominees Ltd.) Estonia
Hansabank Limited Niger Soci,t, G,n,rale de Banques en C"te d'Ivoire Euromarket
Clearstream Nigeria Stanbic Merchant Bank Nigeria Limited Euromarket Euroclear
Norway Den norske Bank ASA Finland Merita Bank plc Oman HSBC Bank Middle East
France BNP Paribas Securities Services / Credit Agricole Indosuez Pakistan
Standard Chartered Bank Germany Dresdner Bank AG Palestinian Autonomous Area
HSBC Bank Middle East Ghana Barclays Bank of Ghana Ltd. Panama BankBoston, N.A.
Greece BNP Paribas Securities Services Peru Citibank, N.A. Guinea Bissau Soci,t,
G,n,rale de Banques en C te d'Ivoire Philippines HSBC Hong Kong HSBC Poland Bank
Handlowy W Warszawie S.A. Hungary Citibank Budapest Rt. Portugal Banco Comercial
Portugu^s Iceland Landsbanki Islands Qatar HSBC Bank Middle East Country/ Market
Subcustodian(s) Country/ Market Subcustodian(s) India HSBC / Deutsche Bank AG
Romania ING Bank Russia Vneshtorgbank (Min Fin Bonds only)/ Credit Suisse First
Boston AO Togo Soci,t, G,n,rale de Banques en C"te d'Ivoire Senegal Soci,t,
G,n,rale de Banques en C"te d'Ivoire Trinidad & Tobago Republic Bank Limited
Singapore United Overseas Bank Ltd/ The Development Bank of Singapore Ltd.
Tunisia Banque Internationale Arabe de Tunisie Slovak Republic Ceskoslovenska
Obchodni Banka, a.s. Turkey Osmanli Bankasi A.S. (Ottoman Bank) Slovenia Bank
Austria Creditanstalt d.d. Ljubljana U.A.E. HSBC Bank Middle East, Dubai South
Africa Soci,t, G,n,rale, Johannesburg / The Standard Bank of South Africa
Limited Ukraine ING Bank South Korea Standard Chartered Bank United Kingdom The
Bank of New York / The Depository & Clearing Centre (DCC) Spain Banco Bilbao
Vizcaya Argentaria S.A. (BBVA) / Banco Santander Central Hispano (BSCH) United
States The Bank of New York Sri Lanka Standard Chartered Bank Uruguay
BankBoston, N.A. Swaziland Standard Bank Swaziland Ltd. Venezuela Citibank, N.A.
Sweden Skandinaviska Enskilda Banken Vietnam HSBC Switzerland Credit Suisse
First Boston Zambia Barclays Bank of Zambia Ltd. Taiwan HSBC Zimbabwe Barclays
Bank of Zimbabwe Ltd. Thailand Standard Chartered Bank/ Bangkok Bank Public
Company Ltd. Finalizing Markets Evaluating: Armenia Guatemala Nicaragua Barbados
Honduras Saudi Arabia El Salvador Kuwait Uganda Georgia Macedonia Monitoring
Albania Bhutan Lesotho Mozambique Tajikistan (Emerging): Algeria Cambodia
Madagascar Myanmar Tanzania Angola Dominican Republic Malawi Nepal Turkmenistan
Azerbaijan Iran Moldova Paraguay Uzbekistan Belarus Kyrgyzstan Mongolia Syria
Yugoslavia For more information about the Bank's network of subcustodians,
please contact any of our regional departments: New York New York Singapore
Brussels Timothy Faselt Andrea Christenson Francis Braeckevelt Floriane van
Schevensteen Group Manager Regional Manager Regional Manager Regional Manager
Global Network Mgmt. Americas Asia/Pacific Europe, Middle East & Africa (212)
635-6486 (212) 635-6458 (65) 432-0231 (32-2) 545-8264 New York June 2001 Global
Network Management Global Custody Network GSCS BenchmarksTM is a registered
trademark of GSCS Benchmarks Ltd., a consulting firm based in London.
GlobalNetwork.doc 07/18/01 9:18 AM New York June 2001 Global Network Management
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