Who’s got what and where? Find all your data on custody assets and allocations on these four pages.

1. CUSTODY: FACTS & FIGURES
Custody:
facts & figures
Who’s got what and where? Find all your data on
custody assets and allocations on these four pages
GLOBAL CUSTODY SERVICES BY ASSET CLASS (%)
BBH BNPP BNYM BoI CAC CIT HSBC JPM
Bond 27 69 25 73 58 63
Equity 64 28 35 24 35 34
Money market 2 3 5 1 3
Property n/d 5 1 1
Private equity n/d 5 1 1
Hedge fund n/d 5 1
ETFs n/d 20
Other 7 4
TOTAL 100 n/d 100 100 n/a 100 100 100
52

2. ASSETS UNDER CUSTODY: GLOBAL (€BN)
31 Mar 2010 31 Mar 2009
BNYM 16,800 14,700
JPM 15,283 13,532
SSt 10,400 11,300
CIT 9,100 10,200
BNPP 4,336 3,342
HSBC 4,033 2,970
SG 3,246 2,762
NT 2,760 2,111
CAC 2,330 2,120
UBS 2,268 1,717
RBC 2,000 (1) 1,435 (1)
BBH 1,801 1,034
PIC 284 215
BoI 130 114
SWE 105 75
(1) RBC Dexia global AuC at 30 June for both years
ASSETS UNDER CUSTODY IN EUROPE (EURO BN, AT 31 MARCH 2010)
Custodian Total European Auc
CIT 4,460
JPM 3,630
SG 3,246
CAC 2,330
HSBC 2,215
RBC 943 (1)
NT 699
UBS 661
PIC 284
SWE 100
BoI 80
BBH n/d
BNPP n/d
BNYM n/d
SSt n/d
(1) RBC Dexia: total at 30 June 2010
NT PIC RBC SG SSt SWE UBS
34 24 39 30 24
48 32 47 60 38
8 22 2
1
10 5
20
10 22 14 10
100 100 n/d n/d 100 100 100
53

3. CUSTODY: FACTS & FIGURES
EUROPEAN DOMICILES: ASSETS DOMICILED
BBH BNPP BNYM BoI CAC CIT HSBC JPM
Austria ✔ ✔ ✔ ✔ ✔
Belgium ✔ ✔ ✔ ✔ ✔ ✔ ✔
Bulgaria ✔ ✔ ✔ ✔
Croatia ✔ ✔ ✔ ✔
Cyprus ✔ ✔ ✔ ✔ ✔
Czech Rep ✔ ✔ ✔ ✔
Denmark ✔ ✔ ✔ ✔ ✔
Estonia ✔ ✔ ✔ ✔
Finland ✔ ✔ ✔ ✔ ✔
France ✔ ✔ ✔ ✔ ✔ ✔ ✔
Germany ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Greece ✔ ✔ ✔ ✔ ✔ ✔
Guernsey ✔ ✔ ✔ ✔
Hungary ✔ ✔ ✔ ✔ ✔
Iceland ✔ ✔ ✔ ✔
Ireland ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Italy ✔ ✔ ✔ ✔ ✔ ✔
Jersey ✔ ✔ ✔ ✔
Latvia ✔ ✔ ✔ ✔
Lithuania ✔ ✔ ✔ ✔
Luxembourg ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
Norway ✔ ✔ ✔ ✔ ✔
Netherlands ✔ ✔ ✔ ✔ ✔ ✔ ✔
Poland ✔ ✔ ✔ ✔ ✔
Portugal ✔ ✔ ✔ ✔ ✔
Romania ✔ ✔ ✔ ✔
Slovakia ✔ ✔ ✔ ✔
Slovenia ✔ ✔ ✔ ✔
Spain ✔ ✔ ✔ ✔ ✔ ✔
Sweden ✔ ✔ ✔ ✔ ✔
Switzerland ✔ ✔ ✔ ✔ ✔ ✔
UK ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔
BNY Mellon, JP Morgan and State transactions for these pension plans was not
Street continued to be the top three consistent with the terms of the applicable
global custodians by assets under custody as State Street faced custody contracts.
at 31 March 2010 – although State litigation over its State Street said it would make these
Street’s assets had fallen by €900bn since the service more transparent in future.
year before. foreign exchange service But at least the custody figure for
The reduced figure came during a difficult for custody customers State Street does not include any
time for State Street. Not only contending custody that might stem from its
with the financial crisis, it also started to face when, in October 2009, acquisitions of two asset servicers, Intesa
litigation over its foreign exchange service for the attorney general of and Mourant International Finance
custody customers when, in October 2009, Administration, this year as State Street
the attorney general of California California commenced had not begun to service those assets.
commenced an action against State Street an action against it The assets from both acquisitions add up
Bank under the California False Claims Act to $686bn.
and California Business and Professional The Mourant acquisition, closed in April
Code relating to foreign exchange services 2010, will make the firm the largest service
provided for California state pension plans. servicer of alternative investments in the
The California attorney general asserted world with $600bn in assets under
that the pricing of certain foreign exchange administration.
54

4. NT PIC RBC SG SSt SWE UBS
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔
✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔
✔ ✔ ✔ ✔ ✔ ✔
Key
BBH Brown Brothers Harriman
BNPP BNP Paribas Securities Services SA
BNYM The Bank of New York Mellon
BoI Bank of Ireland Securities Services
CAC Caceis Investor Services
CIT Citi
HSBC HSBC Securities Services
JPM JP Morgan
NT Northern Trust
PIC Pictet & Cie
PNC PNC Global Investment Servicing
RBC RBC Dexia Investor Services
SG Société Générale Securities Services
SSt State Street
SWE Swedbank
UBS UBS AG
55

5. CUSTODY
DIRECTORY
2010
BBH 60
BNP Paribas 60
BNY Mellon 60
BOISS 61
Caceis 61
CITI 61
HSBC 62
JP Morgan 63
Northern Trust 63
Pictet 64
RBC Dexia 64
SGSS 64
State street 65
Swedbank 65
UBS 66

6. CUSTODY DIRECTORY
Custody 2010
BBH 9 rue du Débarcadère • Risk control and mitigation and reporting
Brown Brothers Harriman 93500 Pantin, France Products/services for (further) development
140 Broadway tel: +33 1 42 98 1000 over the next 12 months:
New York, NY 10005, USA
, web: http://securities.bnpparibas.com • Domestic services in Brazil, India, Korea
tel: +1 212 493 1818
web: www.bbh.com Senior Executives: Services offered in addition to custody:
Patrick Colle (Paris) • Securities lending
Senior Executives: Chief executive officer • Equity finance
Jeffrey Holland (London) Charles Cock (Paris) • Cash management
Partner Head of client development • Collateral management
Geoffrey Cook (Luxembourg) Alain Pochet (Paris) • Prime brokerage
Partner Head of clearing and custody services • Tax reclamation
Sean Pairceir (Dublin) Philippe Ricard (Paris) • Commission recapture
Partner Head of asset and fund services • Performance attribution
Daniel Genoud (Zurich) • Proxy voting
Managing director AuC domiciled in Europe: 75 years • Compliance monitoring
European custody as % of business: n/d • Fund admin services
AuC domiciled in Europe: 82 years • Transfer agency
European custody as % of business: n/d European sub-custody provided by: • Distribution support
AUT BNP Paribas Securities Services, • Transition management
European sub-custody provided by: BEL BNP Paribas Securities Services
n/d BUL Bank Austria Creditanstalt AG BNY MELLON
Global custody by asset class: CRO Bank Austria Creditanstalt AG BNY Mellon Asset Servicing
• Bond 27% CYP BNP Paribas Securities Services BNY Mellon Financial Centre
• Equity 64% CZE UniCredit Bank Czech Republic AS 160 Queen Victoria Street
• Money market 2% DEN Nordea Bank Danmark A/S London EC4V 4LA, UK
• Property n/d EST Bank Austria Creditanstalt AG tel: +44 20 7163 2222
• Private equity n/d FIN Svenska Handelsbanken web: www.bnymellon.com
• Hedge fund n/d FRA BNP Paribas Securities Services
• ETF n/d GER BNP Paribas Securities Services Senior executives:
• Mutual Funds 7% GRE BNP Paribas Securities Services Frank Froud (London)
GUE BNP Paribas Securities Services Head of Emea asset servicing
Domestic markets that are strategically HUN BNP Paribas Securities Services Daron Pearce (London)
important in the near future: ICE Islandsbanki Reykjavik Head of asset servicing, UK & Ireland
• UK IRE BNP Paribas Securities Services Michelle Grundmann (Frankfurt)
• Switzerland ITA BNP Paribas Securities Services Head of Germany, Switzerland & CEE
• Germany JER BNP Paribas Securities Services Ross Whitehill (London)
LAT Bank Austria Creditanstalt AG Head of offshore
Products/services showing the greatest LTU Bank Austria Creditanstalt AG
increase in demand in past 12 months: LUX BNP Paribas Securities Services AuC domiciled in Europe: 44 years
• Global distribution support services, esp NED BNP Paribas Securities Services (London office opened 1966; branch opened in 1967)
for Ucirts products sold into Asia NOR Nordea Bank European custody as % of business:
• Increasing interest from Asian promoters POL BNP Paribas Securities Services 33% (year ending 2009)
to access European investors. POR BNP Paribas Securities Services
ROM Bank Austria Creditanstalt AG European sub-custody provided by:
Services offered in addition to custody: SLO Bank Austria Creditanstalt AG AUT UniCredit Bank Austria AG
• Securities lending SVK Bank Austria Creditanstalt AG BEL ING Belgium, SA/NV
• Cash management SPA BNP Paribas Securities Services BUL ING Bank NV
• Tax reclamation SWE Danske Bank, Stockholm CRO Privredna Banka Zagreb d.d
• Performance attribution SWI BNP Paribas Securities Services CYP BNP Paribas Securities Services
• Proxy voting UK BNP Paribas Securities Services CZE ING Bank NV
• Compliance monitoring DEN Danske Bank
• Fund admin services Domestic markets that are strategically EST SEB Pank AS
• Transfer agency important in the near future: FIN SEB Helsinki
• Distribution support • China FRA BNP Paribas Securities Services
• Brazil GER BNY Mellon Asset Servicing GmbH
BNP PARIBAS • India GRE BNP Paribas Securities Services
BNP Paribas Securities Services SA Products/services showing the greatest GUE The Bank of New York Mellon
Grands Moulins de Pantin increase in demand in past 12 months: HUN ING Bank NV
60

7. ICE New Landsbanki Islands, Senior executives: More than 20 years
Islandsbanki hf Paul Heffernan (Dublin) European custody as % of business: n/a
IRE The Bank of New York Mellon Head of UK and European business development European sub-custody provided by: n/d
ITA Intesa Sanpaolo SpA Feaghal Woods (Dublin)
JER The Bank of New York Mellon Director of business development Domestic markets that are strategically
LAT AS SEB Banka Stephen Baker (Dublin) important in the near future:
LTU SEB Bankas Head of custody operations • Germany
LUX Banque et Caisse d’Epargne de l’Etat John McEllin (Dublin) • North America
NED Bank of New York Mellon SA/NV Director of securities lending • Asia
NOR DnB NOR Bank ASA
POL ING Bank Slaski AuC domiciled in Europe: 39 years Products/services showing the greatest
POR Banco Comercial Portugues European custody as % of business: 20% increase in demand in past 12 months:
ROM ING Bank NV • Outsourcing, esp. middle-office services
SLO UniCredit Banka Slovenia d.d. Global custody by asset class: • Risk management tools and analysis
SVK ING Bank NV • Bond 25% • Depository controls
SPA Santander Investment SA • Equity 35%
SWE Skandinaviska Enskilda Banken • Money market 5% Products/services for (further) development
SWi Credit Suisse • Property 5% over the next 12 months:
UK The Bank of New York Mellon • Private equity 5% • Preparation of Ucits IV
• Hedge fund 5% • Fund distribution support services
Global custody by asset class: • ETF 20% • Transition management of funds
• Bond 69.4% • Newcits: investing directly in the FDIs or
• Equity 28.2% Domestic markets that are strategically replicating hedge fund strategies.
• Money market 2.4% important in the near future:
• US Services offered in addition to custody:
Domestic markets that are strategically • UK • Securities lending
important in the near future: • Switzerland • Equity finance
• Ireland • Cash management
• Luxembourg Products/services showing the greatest • Collateral management
• Germany increase in demand in past 12 months: • Prime brokerage
• ETFs • Tax reclamation
Products/services showing the greatest • Structured products • Commission recapture
increase in demand in past 12 months: • Trustee services,
• Governance (proxy voting/class actions) Products/services for (further) development • Regulatory reporting
• Regulatory and risk reporting over the next 12 months: • Tax reporting
• Derivatives reporting. • ETFs • Tax reclaim
• Securities lending • Fund structuring,
Products/services for (further) development • Middle-office servicing • Fund accounting
over the next 12 months: • Automated pooling
• Browser-based information delivery Services offered in addition to custody: • Financial reporting
platform, Workbench • Securities lending • Fund unit pricing
• Charting capabilities to view portfolio • Cash management • Daily, intra-daily, real-time valuations
details • Collateral management • Hedge fund and FOHF valuations
• Tax reclamation • Multiple share class
Services offered in addition to custody: • Commission recapture • Multiple pricing,
• Securities lending • Performance attribution • Shareholder record keeping,
• Cash management • Proxy voting • Shareholder reporting
• Collateral management • Compliance monitoring • Company secretary service
• Prime brokerage • Fund admin services • Virtual pooling
• Tax reclamation • Transfer agency • Cloning
• Commission recapture • Distribution support • Dealing room functions
• Risk management, • Transition management • Funds dealing
• Investment sccounting, • Corporate trust services
• Fund sccounting, CACEIS • Performance attribution
• Derivatives clearing, Caceis Investor Services • Proxy voting
• Transaction cost analyis 1-3, place Valhubert • Compliance monitoring
• Asset pooling 75206 Paris Cedex 13, France • Fund admin services
• Performance attribution tel: +33 1 57 78 00 00 • Transfer agency
• Proxy voting web: www.caceis.com • Distribution support
• Compliance monitoring • Transition management
• Fund admin services Senior executives:
• Transfer agency François Marion (Paris) CITI
• Distribution support Chief executive officer Citibank Global Transaction Services
• Transition management Jean-Pierre Michalowski (Paris) Citigroup Centre
Deputy chief executive officer Canada Square
BOISS José-Benjamin Longree (Luxembourg) London E14 5LB, UK
Bank of Ireland Securities Services Deputy chief executive officer tel: +44 20 7500 5000
New Century House Sylvie Philippot (Paris) web: www.transactionservices.citi.com
Mayor Street Lower, IFSC Deputy chief executive officer Senior executives:
Dublin 1, Ireland Andrew Gelb (London)
web: www.boiss.com AuC domiciled in Europe: Head of EMEA securities & funds services
61

8. CUSTODY DIRECTORY
Chandresh Iyer (New York) Products/services for (further) development IRE HSBC Bank plc (Equities)
Global product head of global custody and over the next 12 months: Euroclear (Debt)
investment administration services • Integrated custody Italy BNP Paribas Securities Services
Nick Titmuss (London) • Carbon custody LAT AS SEB Banka
Emea regional global custody product head • Collective investment services LTU SEB Vilniaus Bankas
Terry Alleyne (London) • Collateral management LUX Clearstream Banking
Emea global custody business management • Middle East expansion NED Fortis Bank (Nederland) NV
• Wealth management NOR DnB NOR ASA
AuC domiciled in Europe: • FX passive hedge POL ING Bank Slaski
28 years POR Banco Santander De Negocios
European custody as % of business: 10.8% Services offered in addition to custody: ROM ING Bank NV Bucharest Branch
(Global transaction business level) • Securities lending SLO UniCredit Banka Slovenija d d
• Equity finance SVK Ceskoslovenska Obchodna Banka AS
European sub-custody provided by: • Cash management SPA BNP Paribas Securities Services
AUT Citibank NA • Collateral management SWE Skandinaviska Enskilda Banken
BEL Citibank International plc • Prime brokerage SWi UBS AG and Credit Suisse
BUL ING Bank • Tax reclamation UK HSBC Bank plc
CRO Privredna Banka • Commission recapture
CYP Hellenic Bank Limited • Alternative investment services Global custody by asset class:
CZE Citibank Europe plc • European fiduciary services Figures are approximate
DEN Nordea Bank • Middle-office services • Bond 58%
EST Swedbank AS • OTC derivative services • Equity 35%
FIN Nordea Bank • Foreign exchange services • Money market 3%
FRA Citibank International plc • Tri-party repo agency services • Other 4%
GER Citigroup Global Markets Deutschland • Performance attribution .
GRE Citibank International plc • Proxy voting Domestic markets that are strategically
HUN Citibank Europe plc • Compliance monitoring important in the near future:
ICE Arion Bank HF/Clearstream Banking • Fund admin services • Middle East (capture new growth)
IRE Citibank NA • Transfer agency • Offshore Europe
Italy Citibank NA • Distribution support (grow/scale existing business)
JER Citibank NA • Transition management • Asia (maintain dominant position)
LAT Swedbank AS
LTU Swedbank AS HSBC Products/services showing the greatest
LUX Clearstream Banking HSBC Securities Services increase in demand in past 12 months:
NED Citibank International plc HSBC Bank plc • Prime services:
NOR Nordea Bank 8 Canada Square joint venture with HSBC Global Markets
POL Bank Handlowy w Warszawie SA London E14 5HQ, UK • Trade execution linked to custody and
POR Citibank International plc tel: +44 20 7005 8945 administration, esp. emerging markets
ROM Citibank Europe plc web: www.hsbcnet.com/hss • Sharia-compliant products
SLO UniCredit Banka
SVK Citibank Europe plc Senior executives: Products/services for (further) development
SPA Citibank International plc Drew Douglas (London) over the next 12 months:
SWE Citibank International plc Co-head of HSBC Securities Services • Asian global custody
SWI Citibank NA Arjun Bambawale (London) • Middle-office services
UK Citibank NA Regional head of custody, Europe • Fund services/global custody Mena
Paul Stillabower (London) • ETF support in Europe
Global custody by asset class: Global head, business development fund services
• Bond 73.5% Carole Anderson (London) Services offered in addition to custody:
• Equity 24% Head, business development fund services Europe • Securities lending
• Money market 1% • Equity finance
• Private equity 1% AuC domiciled in Europe: 100 years • Cash management
• Hedge fund 0.5% European custody as % of business: • Collateral management
less than 5% • Prime brokerage
Domestic markets that are strategically • Tax reclamation
important in the near future: European sub-custody provided by: • Commission recapture
• United Kingdom AUT Unicredit Bank AG • Alternative fund administration
• Luxembourg BEL Fortis Bank (Nederland) NV • Broker custody
• Ireland BUL ING Bank NV Sofia Branch • Outsourcing
CRO Privredna Banka Zagreb dd • Derivatives and futures clearing
Products/services showing the greatest CYP HSBC Bank plc • Treasury management
increase in demand in past 12 months: CZE UniCredit Bank Czech Republic, as • Equity and bond execution
• Collective investment schemes services DEN Danske Bank • Liquidity funds
• Custody for hedge funds and EST SEB Bank AS • Transaction cost measurement
alternative investment services FIN Nordea Bank Finland plc • Performance attribution
• Private banks custody solutions FRA CACEIS Bank • Proxy voting
• Collateral management GER HSBC Trinkaus & Burkhardt • Compliance monitoring
• On-exchange custody settlement services GRE HSBC Bank plc • Fund admin services
HUN UniCredit Bank Hungary Zrt • Transfer agency
62

9. • Distribution support • Hedge fund <1% Managing director, Institutional Investor Group,
• Transition management Emea
Domestic markets that are strategically Sue Baines (London)
JP MORGAN important in the near future: Senior vice president, head of global fund
JP Morgan • UAE and Mena region in general Services Sales, Emea
60 Victoria Embankment • Nordics
London EC4Y 0JP, UK • Netherlands AuC domiciled in Europe: 41 years
tel: +44 20 7777 2000 European custody as % of business: 54%
web: www.jpmorgan.com Products/services showing the greatest
increase in demand in past 12 months: European sub-custody provided by:
Senior executives: • Newcits and hybrid middle-office services AUT UniCredit Bank Austria AG
Conrad Kozak (New York) • White labelling custody services BEL ING Belgium SA/NV
Managing director, global head of • OTC derivatives processing BUL ING Bank NV
worldwide securities services • Second-generation outsourcing CRO Bank Austria Creditanstalt AG
Rob Ward (London) • AIFMD: moving or redomiciling CYP Citibank International plc
Managing director, global custody CZE UniCredit Bank Czech Republic as
product executive Products/services for (further) development DEN Nordea Bank Danmark A/S
Francis Jackson (London) over the next 12 months: EST Swedbank AS
Managing director, Emea business • Execution-to-custody by single instruction FIN Nordea Bank Finland plc
development executive • Strengthen asset pooling solution for FRA BNP Paribas Securities Services SA
Oliver Berger (Frankfurt) multinational pension funds GER Deutsche Bank AG
Managing director, worldwide securities services • Functionality for robust counterparty GRE Citibank International PLC
Germany, Austria, Switzerland & the Nordics exposure monitoring product HUN UniCredit Bank Hungary Zrt
• Promote thought leadership in Emea ICE NBI hf
AuC domiciled in Europe: 30 years • Enhance transfer agency model IRE Northern Trust Company, London
European custody as % of business: n/d • Enhance portfolio reporting ITA BNP Paribas Securities Services SA
• Selectively extend local processing LAT Swedbank AS
European sub-custody provided by: capabilities in key European, Middle LTU SEB Bankus
AUT UniCredit Bank Austria AG Eastern, African and Asian markets LUX ING Belgium SA/NV
BEL Fortis Bank (Nederland) NV NED Fortis Bank (Nederland) N.V
BUL ING Bank NV Services offered in addition to custody: NOR Nordea Bank Norge ASA
CRO Privredna Banka Zagreb dd • Securities lending POL Bank Polska Kasa Opieki SA
CYP Marfin Popular Bank Public Co Ltd • Equity finance POR Banco Santander de Negocios
CZE UniCredit Bank Czech Republic as • Cash management ROM ING Bank NV
DEN Nordea Bank Danmark A/S • Collateral management SLO UniCredit Banka Slovenija d.d
EST Swedbank AS • Prime brokerage SVK ING Bank NV Bratislava Branch
FIN Nordea Bank Finland Plc • Tax reclamation SPA BNP Paribas Securities Services SA
FRA BNP Paribas Securities Services SA • Commission recapture SWE Skandinaviska Enskilda Banken AB
Société Generale • Hedge fund services SWI UBS AG
GER Deutsche Bank AG • OTC derivative UK Northern Trust Company, London
GRE HSBC Bank plc • Independent valuation
HUN Deutsche Bank Zrt • Risk measurement (Measurisk) Global custody by asset class:
ICE Islandsbanki hf • Custody connect • Equity 48%
IRE Bank of Ireland • Foreign exchange trade execution • Fixed Income 34%
ITA Intesa Sanpaolo SpA • Derivative collateral management • Cash and cash equivalents 8%
LAT Swedbank AS • Private equity administration services • Securities Lending 3%
LTU AB SEB Bankas • Property administration services • Other* 7%
LUX BGL SA • Escrow services
NED BNP Paribas Securities Services SA • Passive currency overlay clearance * incl. real estate, venture capital and partnerships,
NOR Nordea Bank Norge ASA • Proxy voting commodities, other assets, restricted assets, derivative offsets,
POL Bank Handlowy w. Warszawie SA • Compliance monitoring hedge fund, and liabilities
POR BNP Paribas Securities Services S.A • Fund admin services
ROM ING Bank NV • Transfer agency Domestic markets that are strategically
SLO UniCredit Banka Slovenija dd • Distribution support important in the near future:
SVK UniCredit Bank Slovakia as • Transition management • USA (driven by recent tax changes)
SPA Santander Investment, SA • Performance attribution • EU (Ucits IV and the AIFM Directive)
SWE Skandinaviska Enskilda Banken AB • Middle East
Nordea Bank AB (publ) NORTHERN TRUST
SWI UBS AG Northern Trust Products/services showing the greatest
UK JPMorgan Chase Bank, NA 50 Bank Street increase in demand in past 12 months:
Deutsche Bank AG London E14 5NT, UK • Risk/investment performance monitoring
tel: +44 20 7982 2000 • Ucits regulated funds, esp. from FOHF
Global custody by asset class: web: www.northerntrust.com • Middle office servicing
• Bond 63.3 % Products/services for (further) development
• Equity 34.7 % Senior executives: over the next 12 months:
• Money market incl. with bond Biff Bowman (London) • Derivative pricing
• Property <1% Executive vice president, Emea regional head • Real estate: enhanced admin services
• Private equity <1% Penny Biggs (London) • Outsourcing, esp. relating to derivatives
63

10. CUSTODY DIRECTORY
Services offered in addition to custody: • Money market 21.58% LAT Swedbank AS
• Securities lending • Alternative investment 10.70% LTU Swedbank AB
• Cash management • Metals 2.50% LUX ING Belgium sa
• Collateral management • Cash 1.74% NED KAS BANK NV
• Tax reclamation • Others 7.26% NOR DnB NOR Bank ASA
• Commission recapture POL Bank Polska Kasa Opieki SA
• Performance attribution Domestic markets that are strategically POR BNP Paribas Securities Services
• Proxy voting important in the near future: ROM UniCredit Tiriac Bank SA
• Compliance monitoring • GCC region SLO UniCredit Bank Austria AG
• Fund admin services • Asia SVK UniCredit Bank Slovakia as
• Transfer agency • Eastern Europe SPA RBC Dexia Investor Services España
• Distribution support SWE Svenska Handelsbanken
• Transition management Products/services showing the greatest SWI Credit Suisse AG
increase in demand in past 12 months: UK RBC Dexia Investor Services Trust
PICTET • Currency hedge overlay solution
Pictet & Cie • Fund administration Domestic markets that are strategically
Route des Acacias 60 important in the near future:
1221 Geneva 73 Services offered in addition to custody: • China
Switzerland • Securities lending • Brazil
tel: +41 58 323 2323 • Cash management • South Korea
web: www.pictet.com • Collateral management
• Tax reclamation Products/services showing the greatest
Senior executives: • Commission recapture increase in demand in past 12 months:
Marc Briol (Geneva) • Online access, • Back- and middle-office outsourcing
Chief marketing officer, Pictet Custody Services • Accounting and currency overlay solutions (in Italy and Spain, for example)
Gilles Paupe (Geneva) • Performance attribution • Risk management/regulatory reporting
Chief marketing officer, Pictet Custody Services • Proxy voting • Derivatives
• Compliance monitoring • Independent valuation of alternatives
AuC domiciled in Europe: • Fund admin services • Tools such as collateral management,
Global Custody: 31 years • Transfer agency currency overlay and managed accounts
Custody: since bank established in 1805 • Transition management • Security lending
European custody as % of business: n/d • Foreign exchange in emerging markets
RBC DEXIA • Cash management
European sub-custody provided by: RBC Dexia Investor Services • Hedging products
AUT Unicredit Bank Austria AG 71 Queen Victoria Street, 4th Floor • Investment finance
BEL BNP Paribas Securities Services SA London EC4 V4DE, UK
BUL ING Bank NV Sofia Branch
, web: www.rbcdexia.com Products/services for (further) development
CRO Zagrebacka Banka over the next 12 months:
CYP Citigroup International PLC (Greece) Senior executives: • Single enhanced custody service
CZE Ceskoslovenska Obchodni Banka AS Tony Johnson (London) • Robust multi-currency accounting
DEN Nordea Bank Denmark A/S Global Head, sales & distribution • State of the art derivative pricing model
EST Seb Pank Simon Shapland (Luxembourg) • Expansion of web portal
FIN Nordea Bank Finlad PLC Head, Europe, sales & distribution • Enhanced securities lending product
FRA BNP Paribas Securities Services SA • Third-party lending:
GER Deutsche Bank AG AuC domiciled in Europe: as RBC Dexia • Lender market expansion
GRE Citigroup International PLC (Greece) Investor Services since January 2006. • Borrowing programme
HUN UniCredit Bank Hungary Zrt (predecessor RBC Global Services since 1986 and
ICE Islandsbanki Hf Dexia Fund Services since 1959) Services offered in addition to custody:
IRE Euroclear Bank SA European custody as % of business: 32% • Securities lending
ITA BNP Paribas Securities Services (2009) • Equity finance
LAT As Seb Banka • Cash management
LTU SEB Bankas European sub-custody provided by: • Collateral management
LUX KBL AUT UniCredit Bank Austria AG • Tax reclamation
NED BNP Paribas Securities Services Sa BEL ING Belgium SA • Foreign exchange
NOR Nordea Bank Norge ASA BUL UniCredit Bulbank AD • Investment analytics
POL Bank Polska Kasa Opieki (Pekao SA) CRO UniCredit Bank Austria AG • Performance attribution
POR BNP Paribas Securities Services Sa CYP HSBC Bank plc • Proxy voting
ROM ING Bank NV Bucharest Branch
, CZE UniCredit Bank Czech Republic as • Compliance monitoring
SLO UniCredit Banka Slovenija d.d DEN Nordea Bank Danmark A/S • Fund admin services
SVK Ceskoslovenska Obchodna Banka As EST Swedbank AS • Transfer agency
SPA Santander Investment SA FIN Svenska Handelsbanken • Distribution support
SWE Skandinaviska Enskilda Banken FRA BNP Paribas Securities Services
SWI Pictet & Cie GER Deutsche Bank AG SOCIETE GENERALE SS
UK Euroclear Bank SA (UK & Ireland) GRE HSBC Bank Plc Greece Société Générale Securities Services
HUN UniCredit Bank Hungary Zrt Immeuble CB3
Global custody by asset class: ICE Islandsbanki hf 170, place Henri Regnault
• Bond 24.2% IRE RBC Dexia Investor Services Trust 92043 Paris la Défense cedex
• Equity 32.1% ITA BNP Paribas Securities Services France
64

11. tel: +33 1 56 37 37 32 • Cash management NED Deutsche Bank AG
web: www.sg-securities-services.com • Collateral management NOR SEB AB, Sweden (via Oslo)
• Prime brokerage POL Bank Handlowy w Warszawie SA
Senior executives: • Tax reclamation POR BNP Paribas Securities Services, SA
Alain Closier (Paris) • Commission recapture ROM ING Bank NV
Global Head of Société Generale Securities Services • Execution services SLO UniCredit Banka Slovenija d.d
Bruno Prigent (Paris) • Sales trading and facilitation SVK Ceskoslovensk·obchodna banka, as
Deputy Head of Société Generale Securities Services • Pair trading SPA Deutsche Bank SAE
• Programme trading SWE Skandinaviska Enskilda Banken AB
AuC domiciled in Europe: over 20 years • ETF distribution SWI UBS AG; Credit Suisse AG
European custody as % of business: n/d • Direct market access UK State Street UK
• Algorithmic trading
European sub-custody provided by: • Trade management Global custody by asset class:
AUT Unicredit Bank Austria AG • Global clearing and settlement • Equity 47%
BEL KBC Securities NV • Custody depositary and trustee services • Fixed income 39%
BUL SG Express bank • Fund administration and asset servicing • Short term and other 14%
CRO SG Spltska Banka DD • Fund distribution services
CYP General Bk of Greece • Liquidity management services Domestic markets that are strategically
CZE SG Komercni Banka • Global issuer services important in the near future:
DEN Handelsbanken • Performance attribution • China
EST Nordea BK Finland plc • Proxy voting • France
FIN Svenska Handelsbanken Helsinki • Compliance monitoring • United Kingdom
FRA SG Paris • Fund admin services
GER SG Frankfurt • Transfer agency Products/services showing the greatest
GRE Genral Bk of Greece • Transition management increase in demand in past 12 months:
HUN Unicredit Bank of Hungary • Servicing alternatives
ICE RBC Dexia investors services STATE STREET
IRE SG Dublin State Street Corporation Products/services for (further) development
ITA SGSS SpA 20 Churchill Place over the next 12 months:
LAT Swedbank Canary Wharf • Support for investing globally
LUX Ste Generale Bank and Trust SA London E14 5HJ, UK • Retirement savings
NED SG Paris tel: +44 20 3395 7000 • Outsourcing
NOR Handelsbanken web: www.statestreet.com • Responding to industry consolidation
POL SG Spolka AKCY /NA
POR Banco Comercial Portugues Senior executives: Services offered in addition to custody:
ROM BRD Groupe Société Générale Joseph Antonellis (London) • Securities lending
SLO SKB Banka DD Vice chairman • Equity finance
Unicredit Bank Austria AG Stefan Gmür (Munich) • Cash management
SVK Ceskoslovenska Obchodna Banca Executive vice president • Collateral management
SPA SG branch Espana Steven Smit (London) • Tax reclamation
Santander Invest Services SA Senior managing director • Commission recapture
SWE Swenska Handelsbanken Willie Slattery (Dublin) • Derivative servicing
SWI SG Paris (Zurich) Executive vice president • Hedge fund servicing
Banca del Ceresio; • Network management
Credit Suisse London AuC domiciled in Europe: 35 years plus • Middle-office outsourcing
UK SG : JP Morgan Chase Bank, NA European custody as % of business: 86% • Risk analytics
• Pension pooling
Global custody by asset class: n/d European sub-custody provided by: • Trade execution
AUT UniCredit Bank Austria AG • Performance attribution
Domestic markets that are strategically BEL Deutsche Bank AG, Netherlands • Proxy voting
important in the near future: (through Amsterdam & Brussels) • Compliance monitoring
• Luxembourg BUL ING Bank NV • Fund admin services
• Germany UniCredit Bulbank AD • Transfer agency
• Italy CRO Privredna Banka Zagreb dd • Distribution support
Zagrebacka Banka dd • Transition management
Products/services showing the greatest CYP BNP Paribas Securities Services, SA,
increase in demand in past 12 months: (through Athens branch) SWEDBANK
• OTC complex product pricing CZE Ceskoslovensk obchodna banka, a.s Swedbank AB (Publ)
• Performance measurement analysis and DEN SEB AB, Sweden (via Copenhagen) SE-105 34 Stockholm, Sweden
attribution EST AS SEB Pank tel: +46 8 5859 00 00
• Paying/transfer agent liquidity FIN SEB AB, Sweden (via Helsinki) web: www.swedbank.com
management FRA Deutsche Bank AG, Netherlands
• Securities lending (through Amsterdam & Brussels) Senior executives:
• Forex GER Deutsche Bank AG Ola Laurin (Stockholm)
• OPCI GRE BNP Paribas Securities Services, S.A Head of securities services
Products/services for (further) development HUN UniCredit Bank Hungary Zrt Sofia Branfelt (Stockholm)
over the next 12 months: ICE NBI hf Head of global custody and network
• Class actions services IRE Bank of Ireland Neal Meacham (Stockholm)
ITA Deutsche Bank SpA Head of client relations, securities services
Services offered in addition to custody: LAT AS SEB Banka Tiina Norberg (Stockholm)
• Securities lending LTU AB SEB Bankas Head of sub-custody
65

12. CUSTODY DIRECTORY
AuC domiciled in Europe: c. 30 years • Compliance monitoring POL SIX SIS AG
European custody as % of business: 2% • Fund admin services (Bank Handlowy W, Warsaw)
• Transfer agency POR Millennium BCP, Lisbon
European sub-custody provided by: • Distribution support SVK UniCredit Bank Austria AG
We use JP Morgan as a global custodian and • Transition management (Unicredit Bank Slovakia, Bratislava
leverage their network of sub-custodians. In ROM UniCredit Bank Austria AG
addition, we have appointed sub-custodians in the UBS AG (UniCredit Tiriac Bank, Bucharest)
following Nordic markets directly for our retail Bahnhofstrasse 45 SLO UniCredit Bank Austria AG
and prop business: Denmark, Norway and P.O. Box (UniCredit Banka Slovenija d.d.)
Finland. In addition, in line with our ambition of 8098 Zurich SPA Citibank Intl. PLC, Madrid
being a CEE gateway, we have appointed sub- Switzerland SWE SIX SIS AG
custodians in the following CEE markets directly: tel: +41 44 234 11 11 (Skandinaviska Enskilda, Stockholm)
Estonia, Latvia, Lithuania, Bulgaria, Bosnia and web: www.ubs.com SWI SIX SIS AG
Herzegovina, Croatia, Czech Republic, Hungary, UK SIX SIS AG
Kazakhstan, Macedonia, Montenegro, Poland, Senior executives: (BNP Paribas SS London)
Romania, Russia, Serbia, Slovak Republic, Lukas Gähwiler (Zurich)
Slovenia, Ukraine. CEO UBS Switzerland
Global custody by asset class:
BOS Raiffeisen Bank Jürg Zeltner (Zurich)
• Bond 24%
BUL ING Bank CEO UBS Wealth Management
• Equity 38%
CRO Nova Ljbuljanska Josef Landolt (Zurich)
Head securities services • Money market 2%
CZE Clearsteam Bank
DEN VP Endo Baumgartner (Zurich) • Property 1%
EST Swedbank Head global custody • Hedge fund 5%
FIN Pohjola Bank PLC • ETF 20%
HUN ING Bank AuC domiciled in Europe: global custody • Other 10%
LAT Swedbank since 1999; pre-merger banks since 1965
LTU Swedbank Domestic markets that are strategically
NOR DNB Nor ASA European custody as % of business: n/a important in the near future:
POL Bank Handlowy • Switzerland
SER Raiffeisen Bank European sub-custody provided by: • Europe
ROM ING Bank AUT SIX SIS AG • APAC
SVK Clearstream Bank (OeKB, Vienna)
RUS ING Bank BEL SIX SIS AG Products/services showing the greatest
SLO Nova Ljubljanska (BNP Securities Services, Brussels) increase in demand in past 12 months:
UKR ING Bank BUL UniCredit Bank Austria AG • Top-end investment reporting and risk
(UniCredit Bullbank Sofia) analysis capabilities
Global custody by asset class: CRO UniCredit Bank Austria AG • Efficient processing and reporting of
• Bond 30 % Zagrebacka Banka, Zagreb) alternative investments
• Equity 60 % CYP Citibank, Athens • Private-labelled fund solutions
• Hedge fund 10 % CZE SIX SIS AG • Enhanced cash and liquidity management
(Citibank, Prague) • Collateralisation for securities lending
Domestic markets that are strategically DEN SIX SIS AG • Combination of global custody and
important in the near future: (Nordea Bank Danmark A/S) passive asset management mandates
• China A EST SIX SIS AG
• Micex (Russia) (Nordea Bank Finland plc, Helsinki) Products/services for (further) development
• Middle East FIN SIX SIS AG over the next 12 months:
(Nordea Bank Finland Plc, Helsinki) • Risk analysis capabilities of our online
Products/services showing the greatest FRA SIX SIS AG tools (multifactor risk analysis)
increase in demand in past 12 months: (BNP Paribas, Paris)
• Multi-booking center capabilities.
• Prime services GER Clearstream Banking, Frankfurt
• Fund admin services incl TA GRE Citibank, Athens
Services offered in addition to custody:
• Compliance monitoring GUE HSBC Securities Services (Guernsey)
• Securities lending
HUN Citibank, Budapest
• Performance attribution
Products/services for (further) development ICE Clearstream Banking SA
over the next 12 months: IRE SIX SIS AG • Proxy voting
• Third-party fund admin services incl. TA, (Bank of Ireland, Dublin) • Cash management
• Nordic/Baltic global custody and fund ITA BNP Paribas, Milan • Compliance monitoring
administration offering JER UBS AG, St. Helier • Collateral management
LAT SIX SIS AG • Fund admin services
Services offered in addition to custody: (Nordea Bank Finland Plc, Helsinki) • Prime brokerage
• Securities lending LTU SIX SIS AG • Transfer agency
• Equity finance (Nordea Bank Finland Plc, Helsinki) • Tax reclamation
• Cash management LUX Kredietbank SA Luxembourgeoise • Distribution support
• Collateral management Clearstream Banking SA • Commission recapture
• Tax reclamation NED SIX SIS AG • Transition management
• Commission recapture (Euroclear Netherlands, Amsterdam) • Detailed reporting including online tools
• Performance attribution NOR SIX SIS AG • Investment accounting
• Proxy voting (Den Norske Bank, Oslo) • Stamp Duty Service
66