CUSTODIAN FEE AGREEMENT CAPITAL RESEARCH AND MANAGEMENT COMPANY
CAPITAL
RESEARCH AND MANAGEMENT COMPANY
WHEREAS,
each of the
investment entities listed on Attachment I for which Capital Research and
Management Company ("CRMC") serves as investment adviser (the "Funds") has
entered into a Global Custody Agreement with JPMorgan Chase Bank ("JPMorgan"),
pursuant to which JPMorgan acts as custodian for such Fund; and
WHEREAS,
the Global
Custody Agreement provides that the Funds will pay JPMorgan as compensation
for
its services thereunder such amounts as may be mutually agreed upon in writing
from time-to-time:
NOW,
THEREFORE,
in consideration
of the premises and covenants contained herein and in the respective Global
Custody Agreement, the Funds and JPMorgan hereby agree that Custodian fees
shall
be payable by the Funds monthly according to the following:
I. Safekeeping
--
Services provided by JPMorgan for the following fees include safekeeping,
processing of securities transactions, income collection, corporate action
processing, proxy voting processing, tax reclamation, and provision of all
reports normally provided to custodian customers including through dial-up
and
internet report capabilities:
| A. |
Assets
held
with the United States - Custody fees shall be payable by the Funds
at .05
basis points per annum for all U.S. assets for each
Fund.
|
| B. |
Assets
held
outside the U.S. - Custody fees shall be paid by the Funds per the
attached “Market Fee and Tiering Schedule” (Attachment II). Each quarter,
JPMorgan will review the overall market values of the assets managed
by
Capital and apply the resulting blended basis point rate to markets
qualifying for tiered discounts for each fund. JPMorgan will publish
the
results of this review to Capital each quarter for the duration of
this
agreement.
|
II. Transaction
Fees -
None, except for the following:
|
Directed
or
discretionary securities lending
|
To
be
determined when required
|
|
Transfer
to
successor custodian
|
$40
per
transaction for asset positions held in the U.S.; $100 per transaction
for
asset positions held outside the U.S.
|
|
Russia
Transaction Charges
|
As
described
on Attachment III
|
|
Class
Action
Filings
|
$500
per
filing per account
|
|
American
Funds Target Date Retirement Series - Manual Transactions
|
$25
per
manual transaction
|
III.
Out-of-Pocket
-- The Funds will severally and not jointly reimburse JPMorgan for reasonable
out-of-pocket expenses incurred on their behalf, such as stamp duty taxes,
registration costs, scrip fees, transportation delivery costs and letter
of
credit fees, subject to the terms of the applicable Global Custody
Agreement.
IV.
U.S. Dollar
Cash Balances -- It is acknowledged by the parties that the Funds, in the
normal
course of their investment operations, will generate “available” cash balances
on which JPMorgan can earn income and that these balances will vary in
accordance with a number of factors which include asset size and investment
activity. Interest credits determined in accordance with this paragraph shall
be
calculated and applied on a Fund-by-Fund basis: no Fund’s credit shall be used
to offset another Fund’s fees.
| A. |
With
respect
to all Funds other than the money market funds with check writing
privileges, (The Cash Management Trust of America, The Tax-Exempt
Money
Fund of America, The U.S. Treasury Money Fund of America, collectively
the
“Money Market Funds”) JPMorgan will offset the Fund’s accrued interest
credit for the month against the monthly fees payable by each Fund.
In the
case of positive cash balances, the interest credit will accrue daily
and
will be calculated by taking the daily cash balances of the Fund’s custody
account (less the applicable reserve requirements, currently 10%)
and
multiplying those balances by the average Fed Funds rate in effect
during
the month. In the event that a particular day’s cash balance is negative,
the negative balance will be multiplied by the average Fed Funds
rate in
effect during the month plus 25 basis points. Should a Fund’s interest
credit for any month exceed the custodian fees payable by it for
such
month, no fees shall be payable; however, JPMorgan shall not in that
event
be required to make any payment to the Fund, nor shall JPMorgan be
required to return fees previously paid by the fund. Any excess interest
credits shall be carried forward and applied to fees payable during
the
succeeding month without regard to calendar year-end. If for any
calendar
month the interest credit for a Fund determined in accordance with
this
paragraph is negative, JPMorgan shall either draw down the existing
earnings credit accrued or the Fund shall pay JPMorgan (in addition
to the
applicable custody fees) any residual amount.
|
| B. |
With
respect
to the Money Market Funds with check writing privileges, interest
credits
will be calculated according to the method described in above, except
that
the daily cash balance for the money market funds shall be determined
as
the net positive and negative available cash balances in the money
market
funds’ demand deposit and custody accounts listed
below.
|
|
The
Cash
Management Trust of America
|
9104048427
and G00720
|
|
The
Tax-Exempt Money Fund of America
|
9104048419
and S97501
|
|
The
U.S.
Treasury Money Fund of America
|
9104048401
and P96771
|
V.
Fees are to be calculated and paid monthly. Fees will be based on each Fund’s
prior month-end portfolio market value as reported by Capital. Capital must
provide JPMorgan these market values on a country basis for each Fund. Monthly
bills from JPMorgan shall provide details for all out-of-pocket expenses
for
which reimbursement is required and calculations of each Fund’s cash balances
and interest credits.
VI.
This fee
agreement shall be effective January 1, 2007, and shall remain in effect
until
December 31, 2009 unless changed by mutual agreement in writing or as otherwise
provided in this paragraph. In recognition of the term of this Fee Agreement
and
the significance of the JPMorgan relationship with Capital and its funds
("Capital Funds"), (a) if a significant change in a local market(s) lowers
the
cost of providing a custody service in that market(s) the Capital Funds shall
be
given the
benefit
of that
applicable change, effective on the first day of the month of such change
and
(b) if the custody fee schedules applicable to any other client of JPMorgan
or
its affiliates for which similar custody services are provided were applied
to
the Capital Funds and would result in lower overall charges for the Funds,
then
JPMorgan will notify Capital and, upon consent from Capital, JPMorgan will
give
the benefit of such other client's fee schedules in their entirety to any
fund
that would benefit from such other client's fee schedules, effective on the
first day of the month that the other client's fee schedules are made effective.
For purposes of this agreement, similar custody services shall be determined
by
examining such factors as the nature and extent of the custody and other
services provided.
VII.
Markets not
specified on the attached “Market Fee Schedule” will be invoiced at 40 basis
points unless other arrangements have been mutually agreed to in
writing.
VIII.
Money Market
Funds -- The Money Market Funds require additional services relating to the
payment and report of shareholder redemption checks by JPMorgan Chase Bank,
Syracuse ("JPMorgan, Syracuse"). Fees for services provided by JPMorgan,
Syracuse are payable subject to the provisions of separate service agreements
executed by and among each Money Market fund, American Funds Services, Inc.
and
JPMorgan Chase, Bank.
IX.
The American
Funds Target Date Retirement Series shall have a fixed minimum annual custody
fee of $25,000 per fund. Manual transactions will be charged as outlined
in
Section II.
IXX.
The following
credit structure shall apply against the fees that would otherwise be owing
to
JPMorgan by a given Fund. If during the then immediately preceding four calendar
quarters (e.g. during the four calendar quarters of 2006 as viewed at the
end of
the first quarter of 2007) a given Fund had paid to JPMorgan custody fees
in
excess of $15 million in the aggregate (e.g. $16 million in total for the
four
quarters of 2006), JPMorgan shall then credit the Fund (in accordance with
the
next sentence hereof) 50% of the difference (where a positive number) between
(i) the custody fees owing by the fund for the then current calendar quarter
(e.g. $4.4 million for the first quarter of 2006) and (ii) the average of
the
quarterly fees actually paid to JPMorgan by such Fund during the prior twelve
calendar quarters (e.g. a $3 million average for the 12 calendar quarters
of
2003- 20032005, which would equal a credit of $700,000). The credit amount
so
determined will be credited against the current month’s custody
fees.
| A. |
If
the actual
fees paid by a Fund to JPMorgan (net of credits, if any, contemplated
hereby) in any four calendar quarter period subsequent to the four
calendar quarters of 2006 falls below $15 million in the aggregate
(e.g.
during the four calendar quarters ending in June 2008 a given Fund
has
paid to JPMorgan net custody fees of $14 million after credits as
determined hereunder), new credits shall then cease to be made available,
and the otherwise applicable fee schedule shall then apply, until
such
time as the amount paid for the then immediately preceding four calendar
quarter period again exceed $15 million (e.g. during the four calendar
quarters ending in December 2008a given fund had paid to JPMorgan
net
custody fees of $15.5 million, after credits as determined
hereunder).
|
| B. |
Despite
the
foregoing, where the average non-U.S. securities transaction volume
for a
given Fund during the immediately preceding four calendar quarters
(e.g.
during the four calendar quarters of 2007as viewed at the end of
the first
quarter of 2008) increases by 25% or more versus the average of such
volume during the immediately preceding twelve calendar quarters
(e.g.
during the twelve calendar quarters of 2004-2006), the credit set
forth in
this Article IX will be reduced by 25%.
|
| C. |
Where
a given
Fund has not paid custody fees (including payment by accrued interest
credit as set forth in Article IV herein) to JPMorgan for 12 consecutive
quarters but nevertheless paid to JPMorgan custody fees in excess
of $15
million during the then immediately preceding four calendar quarters
prior
to the 12 consecutive quarters, JPMorgan will consider the basis
on which,
if any, it would be willing to afford a custody fee credit set forth
in
this Article VIII to such Fund.
|
|
Capital
Research and Management Company
|
JPMorgan
Chase Bank
|
|
|
Signed
|
Signed
|
|
|
Name
|
Name
|
|
|
Title
|
Title
|
|
|
Date
|
Date
|
ATTACHMENT
1
LIST
OF
FUNDS COVERED BY CUSTODY FEE AGREEMENT
AMCAP
Fund,
Inc.
EuroPacific
Growth
Fund
New
Perspective
Fund, Inc.
New
World Fund,
Inc.
American
Mutual
Fund, Inc.
Capital
World
Growth and Income
Fund,
Inc.
The
Investment
Company of America
Capital
Income
Builder, Inc.
The
Income Fund of
America, Inc.
American
Balanced
Fund, Inc.
American
High-Income Trust
The
Bond Fund of
America, Inc.
Capital
World Bond
Fund, Inc.
Intermediate
Bond
Fund of America
The
American Funds
Income Series - U.S. Government Securities Fund
American
High-Income Municipal Bond Fund, Inc.
Limited
Term
Tax-Exempt Bond Fund of America
The
Tax-Exempt Bond
Fund of America, Inc.
The
American Funds
Tax-Exempt Series II - The Tax-Exempt Fund of California
The
Cash Management
Trust of America
The
Tax-Exempt
Money Fund of America
The
U.S. Treasury
Money Fund of America
Endowments
- Growth
and Income Portfolio
Endowments
- Bond
Portfolio
Short-Term
Bond
Fund of America, Inc.
American
Funds 2010
Target Date Retirement Series
American
Funds 2015
Target Date Retirement Series
American
Funds 2020
Target Date Retirement Series
American
Funds 2025
Target Date Retirement Series
American
Funds 2030
Target Date Retirement Series
American
Funds 2035
Target Date Retirement Series
American
Funds 2040
Target Date Retirement Series
American
Funds 2045
Target Date Retirement Series
American
Funds 2050
Target Date Retirement Series
ATTACHMENT
II
MARKET
FEE
SCHEDULE
EFFECTIVE
JANUARY 1, 2007
|
MARKET
|
BASIS
POINTS
|
MARKET
|
BASIS
POINTS
|
|
Argentina
|
18
|
Luxembourg
|
6
|
|
Australia
|
2
|
Lebanon
|
40
|
|
Austria
|
2.75
|
Malaysia
|
6
|
|
Bahrain
|
40
|
Mauritius
|
35
|
|
Bangladesh
|
40
|
Mexico
|
8
|
|
Bermuda
|
40
|
Morocco
|
40
|
|
Botswana
|
40
|
Netherlands
|
2
|
|
Belgium
|
3
|
New
Zealand
|
4.5
|
|
Brazil
|
15
|
Nigeria
|
50
|
|
Bulgaria
|
40
|
Norway
|
2.75
|
|
Canada
|
1
|
Oman
|
40
|
|
Chile
|
20
|
Pakistan
|
40
|
|
China
|
30
|
Peru
|
35
|
|
Colombia
|
40
|
Philippines
|
15
|
|
Cyprus
|
40
|
Poland
|
25
|
|
Croatia
|
40
|
Portugal
|
6
|
|
Czech
|
25
|
Romania
|
40
|
|
Denmark
|
2.75
|
Russia1
|
25
+
Trans
|
|
Ecuador
|
40
|
Singapore
|
3.5
|
|
Egypt
|
35
|
Slovak
Rep.
|
30
|
|
Estonia
|
40
|
Slovenia
|
40
|
|
Euroclear
|
1.5
|
South
Africa
|
4
|
|
Finland
|
2.75
|
South
Korea
|
5.5
|
|
France
|
1.35
|
Spain
|
3
|
|
Germany
|
1.35
|
Sri
Lanka
|
35
|
|
Greece
|
10
|
Swaziland
|
40
|
|
Hong
Kong
|
2.25
|
Sweden
|
3
|
|
Hungary
|
20
|
Switzerland
|
2
|
|
India
|
10
|
Taiwan
|
10
|
|
Indonesia
|
14
|
Thailand
|
8
|
|
Ireland
|
5
|
Turkey
|
12
|
|
Israel
|
20
|
Ukraine
|
40
|
|
Italy
|
2.5
|
United
Kingdom
|
1.2
|
|
Ivory
Coast
|
40
|
Uruguay
|
40
|
|
Japan
|
1.10
|
Venezuela
|
30
|
|
Jordan
|
40
|
Zambia
|
40
|
|
Kazakhstan
|
40
|
Zimbabwe
|
40
|
|
Kenya
|
40
|
1
Subject to terms
outlined in Russia Transaction Fee Schedule detailed
below.
ATTACHMENT
III
RUSSIA
TRANSACTION FEE SCHEDULE
|
Russian
Transaction Charges
|
Moscow
|
European
Russia
|
Elsewhere2
|
|
Purchases
and
Sales
|
$300
|
$750
|
$1,250
|
|
Corporate
Actions and Dividends
|
$300
|
$750
|
$1,250
|
|
Out
of Pocket
Expenses (charged at cost)
|
air
travel
taxes
registrar
charges
|
2If
DCC settlement is available,
the transaction charge is $500. DCC settlement is subject to DCC timetables
and
schedule and is not controlled by JPMorgan.
ATTACHMENT
IV
TIERING
SCHEDULE
|
MARKET
|
First
Tier
|
Second
Tier
|
Third
Tier
|
Fourth
Tier
|
Fifth
Tier
|
|||||||||
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
|||||
|
ARGENTINA
|
500,000,000
|
18.00
|
750,000,000
|
14.40
|
1,125,000,000
|
11.52
|
1,687,500,000
|
9.22
|
2,531,250,000
|
7.37
|
||||
|
AUSTRALIA
|
4,000,000,000
|
2.00
|
5,400,000,000
|
1.60
|
7,290,000,000
|
1.28
|
9,481,500,000
|
1.024
|
13,286,025,000
|
0.82
|
||||
|
AUSTRIA
|
2,000,000,000
|
2.75
|
2,400,000,000
|
2.20
|
2,880,000,000
|
1.760
|
3,456,000,000
|
1.41
|
4,147,200,000
|
1.13
|
||||
|
BAHRAIN
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
BANGLADESH
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
BELGIUM
|
1,000,000,000
|
3.00
|
1,500,000,000
|
2.40
|
2,250,000,000
|
1.54
|
3,375,000,000
|
1.54
|
5,062,500,000
|
1.23
|
||||
|
BERMUDA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
BOTSWANA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
BRAZIL
|
750,000,000
|
15.00
|
1,050,000,000
|
12.00
|
1,470,000,000
|
9.60
|
2,058,000,000
|
7.68
|
2,881,200,000
|
6.14
|
||||
|
BULGARIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
CANADA
(rbc)
|
5,500,000,000
|
1.00
|
6,875,000,000
|
0.80
|
8,593,750,000
|
0.64
|
10,742,187,500
|
0.51
|
13,427,734,375
|
0.41
|
||||
|
CHILE
|
500,000,000
|
20.00
|
625,000,000
|
16.00
|
781,250,000
|
12.80
|
976,562,500
|
10.24
|
1,220,703,125
|
8.19
|
||||
|
CHINA
|
500,000,000
|
30.00
|
750,000,000
|
24.00
|
1,125,000,000
|
19.20
|
1,687,500,000
|
15.36
|
2,531,250,000
|
12.29
|
||||
|
COLOMBIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
CROATIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
CYPRUS
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
CZECH
REPUBLIC
|
500,000,000
|
25.00
|
750,000,000
|
20.00
|
1,125,000,000
|
16.00
|
1,687,500,000
|
12.80
|
2,531,250,000
|
10.24
|
||||
|
DENMARK
|
2,000,000,000
|
2.75
|
3,000,000,000
|
2.20
|
4,500,000,000
|
1.76
|
6,750,000,000
|
1.41
|
10,125,000,000
|
1.13
|
||||
|
ECUADOR
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
EGYPT
|
500,000,000
|
35.00
|
750,000,000
|
28.00
|
1,125,000,000
|
22.40
|
1,687,500,000
|
17.92
|
2,531,250,000
|
14.34
|
||||
|
ESTONIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
EUROCLEAR
|
4,000,000,000
|
1.50
|
5,400,000,000
|
1.20
|
7,290,000,000
|
0.96
|
9,481,500,000
|
0.77
|
13,286,025,000
|
0.61
|
||||
|
FINLAND
|
2,000,000,000
|
2.75
|
2,500,000,000
|
2.20
|
3,125000,000
|
1.76
|
3,906,250,000
|
1.41
|
4,882,812,500
|
1.13
|
||||
|
FRANCE
|
8,500,000,000
|
1.35
|
11,475,000,000
|
1.08
|
15,491,250,000
|
0.86
|
20,913,187,500
|
0.69
|
28,232,803,125
|
0.55
|
||||
|
GERMANY
|
7,000,000,000
|
1.35
|
9,450,000,000
|
1.08
|
12,757,500,000
|
0.86
|
17,222,625,000
|
0.69
|
23,250,543,750
|
0.55
|
||||
|
GREECE
|
1,000,000,000
|
10.00
|
1,250,000,000
|
8.00
|
1,562,500,000
|
6.40
|
1,953,125,000
|
5.12
|
2,441,406,250
|
4.10
|
||||
|
HONG
KONG
|
3,000,000,000
|
2.25
|
3,600,000,000
|
1.80
|
4,320,000,000
|
1.44
|
5,184,000,000
|
1.15
|
6,220,800,000
|
0.92
|
||||
|
HUNGARY
|
750,000,000
|
20.00
|
1,050,000,000
|
16.00
|
1,470,000,000
|
12.80
|
2,058,000,000
|
10.24
|
2,881,200,000
|
8.19
|
||||
|
INDIA
|
3,000,000,000
|
10.00
|
4,,050,000,000
|
8.0
|
5,467,500,000
|
6.40
|
7,381,125,000
|
5.12
|
9,964,518,750
|
4.10
|
||||
|
INDONESIA
|
750,000,000
|
14.00
|
1,050,000,000
|
11.20
|
1,470,000,000
|
8.96
|
2,058,000,000
|
7.17
|
2,881,200,000
|
5.73
|
||||
|
IRELAND
|
500,000,000
|
5.00
|
750,000,000
|
4.00
|
1,125,000,000
|
3.20
|
1,687,500,000
|
2.56
|
2,531,250,000
|
2.05
|
|
MARKET
|
First
Tier
|
Second
Tier
|
Third
Tier
|
Fourth
Tier
|
Fifth
Tier
|
|||||||||
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
|||||
|
ISRAEL
|
750,000,000
|
20.00
|
1,012,500,000
|
16.00
|
1,366,875,000
|
12.80
|
1,845,281,250
|
10.24
|
2,491,129,688
|
8.19
|
||||
|
ITALY
|
2,000,000,000
|
2.50
|
2,700,000,000
|
2.00
|
3,645,000,000
|
1.60
|
4,920,750,000
|
1.28
|
6,643,012,500
|
1.02
|
||||
|
IVORY
COAST
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
JAPAN
|
20,000,000,000
|
1.10
|
27,000,000,000
|
0.88
|
36,450,000,000
|
0.70
|
49,207,500,000
|
0.56
|
66,430,125,000
|
0.45
|
||||
|
JORDAN
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
KAZAKHSTAN
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
KENYA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
Korea
|
10,000,000,000
|
5.50
|
13,500,000,000
|
4.40
|
18,225,000,000
|
3.52
|
24,603,750,000
|
2.82
|
33,215,062,500
|
2.25
|
||||
|
Lebanon
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
LUXEMBOURG
|
500,000,000
|
6.00
|
750,000,000
|
4.80
|
1,125,000,000
|
3.84
|
1,687,500,000
|
3.07
|
2,531,250,000
|
2.46
|
||||
|
MALAYSIA
|
750,000,000
|
6.00
|
1,050,000,000
|
4.80
|
1,470,000,000
|
3.84
|
2,058,000,000
|
3.07
|
2,881,200,000
|
2.46
|
||||
|
MAURITIUS
|
500,000,000
|
35.00
|
750,000,000
|
28.00
|
1,125,000,000
|
22.40
|
1,687,500,000
|
17.92
|
2,531,250,000
|
14.34
|
||||
|
MEXICO
|
1,000,000,000
|
8.00
|
1,200,000,000
|
6.40
|
1,440,000,000
|
5.12
|
1,728,000,000
|
4.10
|
2,073,600,000
|
3.28
|
||||
|
MOROCCO
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
NETHERLANDS
|
10,000,000,000
|
2.00
|
13,500,000,000
|
1.60
|
18,225,500,000
|
1.28
|
24,603,750,000
|
1.02
|
33,215,062,500
|
0.82
|
||||
|
NEW
ZEALAND
|
340,000,000
|
4.50
|
391,000,000
|
3.60
|
449,650,000
|
2.88
|
517,097,500
|
2.30
|
594,662,125
|
1.84
|
||||
|
NIGERIA
|
500,000,000
|
50.00
|
750,000,000
|
40.00
|
1,125,000,000
|
32.00
|
1,687,500,000
|
25.60
|
2,531,250,000
|
20.48
|
||||
|
NORWAY
|
2,000,000,000
|
2.75
|
2,800,000,000
|
2.20
|
3,920,000,000
|
1.76
|
5,488,000,000
|
1.41
|
7,683,200,000
|
1.13
|
||||
|
OMAN
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
PAKISTAN
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
PERU
|
500,000,000
|
35.00
|
750,000,000
|
28.00
|
1,125,000,000
|
22.40
|
1,687,500,000
|
17.92
|
2,531,250,000
|
14.34
|
||||
|
PHILIPPINES
|
750,000,000
|
15.00
|
937,500,000
|
12.00
|
1,171,875,000
|
9.60
|
1,464,843,750
|
7.68
|
1,831,054,688
|
6.14
|
||||
|
POLAND
|
500,000,000
|
25.00
|
750,000,000
|
20.00
|
1,125,000,000
|
16.00
|
1,687,500,000
|
12.80
|
2,531,250,000
|
10.24
|
||||
|
PORTUGAL
|
500,000,000
|
6.00
|
675,000,000
|
4.80
|
911,250,000
|
3.84
|
1,230,187,500
|
3.07
|
1,660,753,125
|
2.46
|
||||
|
ROMANIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
RUSSIA
|
500,000,000
|
25.00
|
675,000,000
|
20.00
|
911,250,000
|
16.00
|
1,230,187,500
|
12.80
|
1,660,753,125
|
10.24
|
||||
|
SINGAPORE
|
750,000,000
|
3.50
|
1,050,000,000
|
2.80
|
1,470,000,000
|
2.24
|
2,058,000,000
|
1.79
|
2,881,200,000
|
1.43
|
||||
|
SLOVAKIA
|
500,000,000
|
30.00
|
750,000,000
|
24.00
|
1,125,000,000
|
19.20
|
1,687,500,000
|
15.36
|
2,531,250,000
|
12.29
|
||||
|
SLOVENIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
SOUTH
AFRICA
|
2,500,000,000
|
4.00
|
3,000,000,000
|
3.20
|
3,600,000,000
|
2.56
|
4,320,000,000
|
2.05
|
5,184,000,000
|
1.64
|
||||
|
SPAIN
|
5,000,000,000
|
3.00
|
6,750,000,000
|
2.40
|
9,112,500,000
|
1.92
|
12,301,875,000
|
1.54
|
16,607,531,250
|
1.23
|
||||
|
SRI
LANKA
|
500,000,000
|
35.00
|
750,000,000
|
28.00
|
1,125,000,000
|
22.40
|
1,687,500,000
|
17.92
|
2,531,250,000
|
14.34
|
||||
|
SWAZILAND
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
SWEDEN
|
3,000,000,000
|
3.00
|
4,050,000,000
|
2.40
|
5,467,500,000
|
1.92
|
7,381,125,000
|
1.54
|
9,964,518,750
|
1.23
|
|
MARKET
|
First
Tier
|
Second
Tier
|
Third
Tier
|
Fourth
Tier
|
Fifth
Tier
|
|||||||||
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
Amount
|
BPs
|
|||||
|
SWITZERLAND
|
12,500,000,000
|
2.00
|
16,875,000,000
|
1.60
|
22,781,250,000
|
1.28
|
30,754,687,500
|
1.02
|
41,518,828,125
|
0.82
|
||||
|
TAIWAN
|
10,000,000,000
|
10.00
|
12,500,000,000
|
8.00
|
15,625,000,000
|
6.40
|
19,531,250,000
|
5.12
|
24,414,062,500
|
4.10
|
||||
|
THAILAND
|
500,000,000
|
8.00
|
750,000,000
|
6.40
|
1,125,000,000
|
5.12
|
1,687,500,000
|
4.10
|
2,531,250,000
|
3.28
|
||||
|
TURKEY
|
500,000,000
|
12.00
|
675,000,000
|
9.50
|
911,250,000
|
7.68
|
1,230,187,500
|
6.14
|
1,660,753,125
|
4.92
|
||||
|
UKRAINE
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
United
Kingdom
|
14,000,000,000
|
1.20
|
18,900,000,000
|
0.96
|
25,515,000,000
|
0.77
|
34,445,250,000
|
0.61
|
46,501,087,500
|
0.49
|
||||
|
United
States
|
0.05
|
|||||||||||||
|
URUGUAY
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
VENEZUELA
|
500,000,000
|
30.00
|
750,000,000
|
24.00
|
1,125,000,000
|
19.20
|
1,687,500,000
|
15.36
|
2,531,250,000
|
12.29
|
||||
|
ZAMBIA
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
||||
|
ZIMBABWE
|
500,000,000
|
40.00
|
750,000,000
|
32.00
|
1,125,000,000
|
25.60
|
1,687,500,000
|
20.48
|
2,531,250,000
|
16.38
|
