XXXXXX XXXXXXX TRUST COMPANY
Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxx, Xxx Xxxx 00000
July 18, 1995
XXXXXXXX, XXXX & XXXX INVESTMENT TRUST
re: Custody Agreement and Procedures Manual
Gentlemen:
We refer to the custody agreement (the "Agreement") dated February 17,
1993 between XXXXXX XXXXXXX TRUST COMPANY (the "Custodian") and XXXXXXXX, XXXX &
XXXX INVESTMENT TRUST, with respect to XXXXXXXX INTERNATIONAL EQUITY FUND (the
"Client"), and the Procedures Manual which is a part thereof (the "Procedures
Manual"). We hereby agree to amend the terms and procedures described in the
Agreement as follows (Defined terms in this letter are used as defined in the
Agreement and "Section" numbers used below refer to the section numbers in the
Agreement):
1. Client Services Guide. The procedures the Custodian and the Client will
use in performing activities in connection with the Agreement are hereafter set
forth in a client services guide provided to the Client by the Custodian, as
such guide may be amended from time to time by the Custodian by written notice
to the Client (the "Client Services Guide"). Accordingly, all references in the
Agreement to the term "Procedures Manual" (or to any provision thereof) shall
refer instead to the "Client Services Guide", and the last two sentences of
Section 1 are deleted.
2. Appendices. (a) Appendixes 1, 2 and 3 attached hereto are hereby made a
part of the Agreement, as a record of, respectively: (a) the documents and items
provided by the Client under the Agreement; (b) the accounts established in the
name of the Client on the Custodian's books and records; and (c) the Client's
"Authorized Persons" under the Agreement.
3. Additional Accounts. The following sentence is hereby added to the end
of Section 1:
Upon receipt of Authorized Instructions (as defined below) and appropriate
documentation, the Custodian shall open additional Accounts for the
Client. Upon the Custodian's confirmation to the Client of the opening of
such additional Accounts, or of the closing of Accounts, Appendix 2 shall
be deemed automatically amended or supplemented accordingly.
4. Authorized Instructions; Authorized Persons. Section 9 is amended by
adding the following to the end thereof:
Except as otherwise provided herein, all payments of monies, all
transfers, exchanges or deliveries of Property and all responses to
corporate actions shall be made or taken only upon receipt by the
Custodian of Authorized Instructions, which may be issued only by
Authorized Persons; provided that such Authorized Instructions are timely
received by the Custodian. "Authorized Person" means each of the persons
or entities identified on Appendix 3 as amended from time to time by
written notice from the Client to the Custodian. The Client represents and
warrants to the Custodian that each Authorized person listed in Appendix
3, as amended from time to time, is authorized to issue Authorized
Instructions on behalf of the Client. Prior to the delivery of the
Property to the Custodian, the Custodian shall provide a list of
designated system user ID numbers and passwords that the Client shall be
responsible for assigning to Authorized Persons. The Custodian shall
assume that an electronic transmission received and identified by a system
user ID number and password was sent by an Authorized Person. The
Custodian agrees to provide additional designated system user ID numbers
and passwords as needed by the Client. Upon the issuance of additional
workstation user ID's by the Custodian to the Client, Appendix 3 shall be
deemed automatically amended accordingly. The Client authorizes the
Custodian to receive, act and rely upon any Authorized Instructions
received by the Custodian which have been issued, or which the Custodian
reasonably believes have been issued, by an Authorized Person.
5. Standard of Care; Indemnification. Section 14 is amended by adding the
following to the end thereof:
In addition, the Client shall indemnify the Custodian and Subcustodians
and any nominee for, and hold each of them harmless from, any liability,
loss or expense (including attorneys' fees and disbursements) incurred in
connection with this Agreement; provided that such indemnity will not
apply to any liability, loss or expense caused by the negligence or
willful misconduct of the Custodian or a Subcustodian.
6. Direction of the Custodian.
a. In Section 6(d), the following words are hereby deleted: "and then only
upon receipt of such exchanged or purchased monies".
b. In Section 6(g), the words "explicit instructions of the Client
accompanied by evidence reasonably acceptable to the Custodian as to the
authorization of such
2
"payment" are hereby deleted and replaced with the words "Authorized
Instructions (as hereinafter defined)".
c. The following words in Section 6 (after subsection (g)) are hereby
deleted: ("as hereinafter defined) from the Client which shall specify the
purpose for which the payment is to be made".
d. In Section 7(e), the words "explicit instructions of the Client
accompanied by evidence reasonably acceptable to the Custodian as to the
authorization of such transfer, exchange or delivery" are hereby deleted
and replaced with the words "Authorized Instructions".
e. The following words in Section 7 (after subsection (e)) are hereby
deleted: "of the Client which shall specify the purpose for which the
transfer, exchange or delivery is to be made".
Please acknowledge your agreement to the foregoing amendments by signing
where provided below.
XXXXXX XXXXXXX TRUST COMPANY
By:____________________________________
Name:
Title:
Agreed and accepted:
XXXXXXXX, XXXX & XXXX INVESTMENT TRUST
with respect to XXXXXXXX INTERNATIONAL EQUITY FUND
By:___________________
Authorized Signature
3
XXXXXX XXXXXXX TRUST COMPANY
Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxx, Xxx Xxxx 00000
December 9, 1994
XXXXXXXX, XXXX & XXXX INVESTMENT TRUST
re: Custody Agreement and Procedures Manual
Gentlemen:
We refer to the custody agreement (the "Agreement") dated February 17, 1993
between XXXXXX XXXXXXX TRUST COMPANY (the "Custodian") and XXXXXXXX, XXXX & XXXX
INVESTMENT TRUST, with respect to XXXXXXXX INTERNATIONAL EQUITY FUND (the
"Client"), and the Procedures Manual which is a part thereof (the "Procedures
Manual"). We hereby agree to amend the terms and procedures described in the
Agreement as follows (Defined terms in this letter are used as defined in the
Agreement and "Section" numbers used below refer to the section numbers in the
Agreement):
1. Client Services Guide. The procedures the Custodian and the Client will
use in performing activities in connection with the Agreement are hereafter set
forth in a client services guide provided to the Client by the Custodian, as
such guide may be amended from time to time by the Custodian by written notice
to the Client (the "Client Services Guide"). Accordingly, all references in the
Agreement to the term "Procedures Manual" (or to any provision thereof) shall
refer instead to the "Client Services Guide", and the last two sentences of
Section 1 are deleted.
2. Appendices. (a) Appendices 1, 2 and 3 attached hereto are hereby made a
part of the Agreement, as a record of, respectively: (a) the documents and items
provided by the Client under the Agreement; (b) the accounts established in the
name of the Client on the Custodian's books and records; and (c) the Client's
"Authorized Persons" under the Agreement.
3. Additional Accounts. The following sentence is hereby added to the end of
Section 1:
Upon receipt of Authorized Instructions (as defined below) and appropriate
documentation, the Custodian shall open additional Accounts for the Client.
Upon the Custodian's confirmation to the Client of the opening of such
additional Accounts, or of the closing of Accounts, Appendix 2 shall be
deemed automatically amended or supplemented accordingly.
4. Authorized Instructions; Authorized Persons. Section 9 is amended by
adding the following to the end thereof.
Except as otherwise provided herein, all payments of monies, all transfers,
exchanges or deliveries of Property and all responses to corporate actions
shall be made or taken only upon receipt by the Custodian of Authorized
Instructions, which may be issued only by Authorized Persons; provided that
such Authorized Instructions are timely received by the Custodian.
"Authorized Person" means each of the persons or entities identified on
Appendix 3 as amended from time to time by written notice from the Client to
the Custodian. The Client represents and warrants to the Custodian that each
Authorized Person listed in Appendix 3, as amended from time to time, is
authorized to issue Authorized Instructions on behalf of the Client. Prior to
the delivery of the Property to the Custodian, the Custodian shall provide a
list of designated system user ID numbers and passwords that the Client shall
be responsible for assigning to Authorized Persons. The Custodian shall
assume that an electronic transmission received and identified by a system
user ID number and password was sent by an Authorized Person. The Custodian
agrees to provide additional designated system user ID numbers and passwords
as needed by the Client. The Client authorizes the Custodian to issue new
workstation user ID's upon the request of a previously existing Authorized
person. Upon the issuance of additional workstation user ID's by the
Custodian to the Client, Appendix 3 shall be deemed automatically amended
accordingly. The Client authorizes the Custodian to receive, act and rely
upon any Authorized Instructions received by the Custodian which have been
issued, or purport to have been issued by an Authorized Person.
5. Standard of Care; Indemnification. Section 14 is amended by adding the
following to the end thereof:
In addition, the Client shall indemnify the Custodian and Subcustodians and
any nominee for, and hold each of them harmless from, any liability, loss or
expense (including attorneys' fees and disbursements) incurred in connection
with this Agreement, including without limitation, (i) as a result of the
Custodian having acted or relied upon any Authorized Instructions or (ii)
arising out of any such person acting as a nominee or holder of record of
Securities.
6. Discretion of the Custodian.
a. In Section 6(d), the following words are hereby deleted: "and then only
upon receipt of such exchanged or purchased monies".
b. In section 6(g), the words "explicit instructions of the Client
accompanied by evidence reasonably acceptable to the Custodian as to the
authorization of such
2
payment" are hereby deleted and replaced with the words "Authorized
Instructions (as hereinafter defined)".
c. The following words in Section 6 (after subsection (g)) are hereby
deleted: "(as hereinafter defined) from the Client which shall specify the
purpose for which the payment is to be made".
d. In Section 7(e), the words "explicit instructions of the Client
accompanied by evidence reasonably acceptable to the Custodian as to the
authorization of such transfer, exchange or delivery" are hereby deleted and
replaced with the words "Authorized Instructions".
e. The following words in Section 7 (after subsection (e)) are hereby
deleted: "of the Client which shall specify the purpose for which the
transfer, exchange or delivery is to be made".
Please acknowledge your agreement to the foregoing amendments by signing
where provided below.
XXXXXX XXXXXXX TRUST COMPANY
By: _/s/____________________________
Name:
Title:
Agreed and accepted:
XXXXXXXX, XXXX & XXXX INVESTMENT TRUST
with resect to XXXXXXXX INTERNATIONAL EQUITY FUND
By_____________________
Authorized Signature
3
APPENDIX 1
Account Documentation
REQUIRED DOCUMENTATION FOR CORE CUSTODIAL SERVICES (INCLUDING
TAX RECLAIMS):
CUSTODY AGREEMENT
CLIENT SERVICES GUIDE (INCLUDING APPENDICES)
FEE SCHEDULE / BILLING GUIDE
GENERAL ACCOUNT INFORMATION
US TAX AUTHORITY DOCUMENTATION
LOCAL TAX OFFICE LETTER / APPLICATION LETTER
(NON-UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
FORM 6166/ REQUEST FOR FOREIGN CERTIFICATION FORM
UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
CERTIFICATION OF BENEFICIAL OWNERSHIP, LEGAL NAME, LEGAL
RESIDENCY, TAX STATUS AND TAX IDS
TAX RECLAIM POWER OF ATTORNEY
PREVIOUS TAX RECLAIM FILING INFORMATION
(PREVIOUS FILERS, ONLY)
UK TAX AUTHORITY DOCUMENTATION
SOPHISTICATED INVESTOR (ACCREDITED INVESTOR) LETTER
(UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
DOCUMENTATION THAT IS REQUIRED FROM AN ENTITY CLASSIFIED AS
TAX-EXEMPT BY ITS LOCAL TAX AUTHORITY:
UK FORM 4338
(EXEMPT NON-UNITED KINGDOM-RESIDENT BENEFICIAL OWNERS, ONLY)
UK FORM 3O9A
(EXEMPT UNITED STATES-RESIDENT BENEFICIAL OWNERS, ONLY)
FOREIGN EXEMPTION LETTERS / APPLICATION FOR AUSTRALIAN
EXEMPTION LETTER
(EXEMPT BENEFICIAL OWNERS, ONLY)
DOCUMENTATION THAT IS REQUIRED ONLY IF YOU WILL USE THE PROXY
VOTING SERVICE:
VOTING POWER OF ATTORNEY
DOCUMENTATION THAT IS REQUIRED ONLY IF YOU WILL DEAL IN CERTAIN
SECURITIES:
JGB INDEMNIFICATION LETTER
KOREAN SECURITIES POWER OF ATTORNEY
NEW ZEALAND 'APPROVED ISSUER LEVY' LETTER
SPANISH POWER OF ATTORNEY WITH APOSTILE
APPENDIX 2
Client Accounts
Account Name Account Number Account Mnemonic
------------------------------------------------------------------------------
1. Xxxxxxxx International Equity Fund 00040120 XXXX
APPENDIX 3
Part I
Authorized Signatures
The Custodian is directed to accept and act upon Authorized Instructions
received from any of the following persons or entities:
Telephone/ Authorized
Name Organization Title Fax Signature
---- ------------ ----- --- ---------
--------------------------------------------------------------------------------
Xxx Xxxxxx Xxxx Int'l Mgt. Co. 457-7254 /s/ Xxx Xxxxxx
--------------------------------------------------------------------------------
Xxxx Xxxxxxx Xxxxxxxx Xxxxx & Xxxx,
Inc. 457-7306 /s/ Xxxxx Xxxxxxx
--------------------------------------------------------------------------------
Xxxx X. Xxxxxxxx Xxxxx & Xxxx /s/ Xxxx X.
Xxxxxxxx Investment Trust 457-7248 Xxxxxxx
--------------------------------------------------------------------------------
Xxxxxxx X. Xxxxxxxx International /s/ Xxxxxxx X.
Xxxxxxx Management Co. 457-7365 Xxxxxxx
--------------------------------------------------------------------------------
Xxxxxx X. /s/ Xxxxxx X.
Xxxx Xxxxxxxx Xxxx & Xxxx, Inc. 457-7362 Xxxx
--------------------------------------------------------------------------------
Xxxxx X.
Xxxxx Xxxxxxxx Xxxx & Xxxx, Inc. 457-7210 /s/ Xxxxx X. Xxxxx
--------------------------------------------------------------------------------
Xxxx X. /s/ Xxxx X.
Xxxxxxxx Xxxxxxxx Xxxx & Xxxx, Inc. 457-7398 Hamecher
--------------------------------------------------------------------------------
Authorized by: /s/ Xxxxx X. Xxxxxx
-------------------
Executive Vice President
Xxxxxxxx Xxxx & Xxxx Investment Trust
Part II - System User ID's
The Custodian is directed to accept and act upon Authorized Instructions
transmitted electronically and identified with the following mnemonics and
system user ID's for the following activities:
Workstation Account
User I.D. Mnemonic Number Workstation Sessions
TE TCC SL FE CM MA TD
---------------------------------------------------------------------------------------
077 Xx Xxxx XXXX 00040120 YES YES YES YES YES NO YES
35 IPO XXXX 00040120 YES YES YES YES YES YES YES
36 OK XXXX 00040120 YES YES YES YES YES YES YES
43 OK XXXX 00040120 YES YES YES YES YES YES YES
Workstation Session Codes
-------------------------
TE Trade Entry
TCC Trace Cancel/Correct
SL Securities Lending
FE Foreign Exchange
CM Cash Movement
MA Mass Authorization
TD Time Deposit
XXXXXX XXXXXXX TRUST COMPANY
CLIENT SERVICE GUIDE
TABLE OF CONTENTS
Page
----
ARTICLE I DEFINED TERMS....................................................1
SECTION 1.1. Capitalized Terms....................................1
ARTICLE II ELECTRONIC TRANSMISSIONS, INSTRUCTIONS, ETC......................1
SECTION 2.1 Electronic Transmissions.............................1
SECTION 2.2. Instructions.........................................1
SECTION 2.3. Confirmation of Trade Instructions...................2
ARTICLE III TRAD.............................................................2
SECTION 3.1. Trade Notification Deadlines.........................2
SECTION 3.2. Settlement of Securities Transactions
Through MSTC.........................................2
SECTION 3.3. Settlement of Securities Transactions Through
the Client's Brokers.................................3
SECTION 3.4. Communication of Settlement Status...................3
SECTION 3.5. LDC Documentation Reconciliations....................3
ARTICLE IV FOREIGN EXCHANGE TRANSACTIONS....................................3
SECTION 4.1. Foreign Exchange Instructions........................3
SECTION 4.2. Settlement of Foreign Exchange Transactions
Through the Client's Brokers.........................3
SECTION 4.3. Settlement of Foreign Exchange Transactions
Through MSTC.........................................3
ARTICLE V CASH MANAGEMENT..................................................4
SECTION 5.1. Interest Earned on Cash Balances.....................4
SECTION 5.2. Interest Payable on Credit Extensions
by the Custodian.....................................4
SECTION 5.3. Payment of Interest..................................4
SECTION 5.4. Receipt and Disbursement of Funds....................4
SECTION 5.5. Cash Movement Instructions...........................5
SECTION 5.6. Back Valuation.......................................5
-i-
SECTION 5.7. Overdraft Procedures.................................5
ARTICLE VI RECONCILIATION PROCEDURES........................................5
SECTION 6.1. Unidentified Cash....................................5
SECTION 6.2. Non-Receipt of Cash..................................6
SECTION 6.3. Daily Security Reconciliation........................6
SECTION 6.4. Other Client/Custodian Reconciliations...............7
SECTION 6.5. Pricing of Securities................................7
ARTICLE VII CLAIMS........................................................7
SECTION 7.1. Claims Received......................................7
SECTION 7.2. Claims Issued........................................8
ARTICLE VIII DIVIDEND/INCOME COLLECTION; CORPORATE
ACTIONS; ETC...............................................8
SECTION 8.1. Dividends/Income Collection..........................8
SECTION 8.2. Corporate Actions....................................9
SECTION 8.3. Optional Dividends..................................10
SECTION 8.4. Dividend Reinvestment Plans (DRIPS).................10
SECTION 8.5. Coupon Interest Collection and Maturities...........11
ARTICLE IX TAX RECLAIMS AND EXEMPTIONS..................................11
SECTION 9.1. Reclaims and Exemptions.............................11
SECTION 9.2. Tax Status Documentation............................11
SECTION 9.3. Filing Procedures for Withholding Tax...............12
ARTICLE X SECURITIES LENDING..............................................13
ARTICLE XI REPORTING....................................................13
SECTION 11.1. Daily Transmission of Information...................13
SECTION 11.2. Monthly Report Delivery.............................13
ARTICLE XII CLIENT WORKSTATION...........................................13
SECTION 12.1. Client Inquiry System...............................13
SECTION 12.3. Client Workstation Technical Support................14
-ii-
ARTICLE XIII MISCELLANEOUS................................................14
SECTION 13.1. Amendments..........................................14
SECTION 13.2. Time................................................14
-iii-
CLIENT SERVICES GUIDE
ARTICLE I
DEFINED TERMS
SECTION 1.1. Capitalized Terms. Capitalized terms used below and not
otherwise defined have the meanings assigned to such terms in the Custody
Agreement between Client and the Custodian (as it may be amended from time to
time, the "Custody Agreement").
ARTICLE II
ELECTRONIC TRANSMISSIONS, INSTRUCTIONS, ETC.
(a) The Custodian will provide the client with the Custodian's proprietary
software for access to the Custodian 5 workstation.
(b) "Electronic Transmission" means any electronic communication received
by the Custodian by means of (i) a dataset transmitted over a mainframe link
between the client and the Custodian, (ii) a dataset transmitted by an
Authorized Person to the Custodian by uploading a dataset from the client's PC
workstation to the Custodian's mainframe, (iii) a manual transmission of data
from an the client's workstation to the Custodian's mainframe, and (iv) an
electronic mail from the client.
SECTION 2.2. Instructions. Any Authorized Person may provide Instructions
(as defined below) to the Custodian relating to the Property (including
instructions relating to Trades (as defined below) or other transactions in or
relating to Securities, payment of funds, foreign exchange transactions and any
other matters relating to the management of the Property) by means of:
(a) an Electronic Transmission;
(b) an electronic transmission in the form of a dataset received by the
Custodian from Xxxxxx Xxxxxxx & Co., Incorporated ("MS&Co.") or one
of its affiliates through the Xxxxxx Xxxxxxx International Basket
System;
(c) in the case of foreign exchange transactions only, an electronic
transmission in the form of a dataset received by the Custodian from
MS&Co. or one of its affiliates through the MS&Co. FX trade link;
-1-
(d) an electronic transmission via the SWIFT communications network,
identified as originating from the Client
(e) when the computer facilities necessary for an Authorized Person to
transmit instructions electronically are not available or where
expressly stated elsewhere in this Client Services Guide, a
facsimile transmission signed by an Authorized Person and
(f) only where expressly stated elsewhere in this Client Services Guide,
by telephone. Any Instructions received by telephone may be recorded
by the Custodian.
"Instructions" means all instructions or other communications received by the
Custodian in accordance with this Section 2.2. "Trade" means a purchase or sale
of securities.
SECTION 2.3. Confirmation of Trade Instructions. Upon receipt by the
Custodian of Trade Instructions consisting of Electronic Transmissions of the
type described in clause (i) or (ii) of Section 2.1(b), or via the SWIFT
communications network, the Custodian may transmit to the Client via electronic
mail an automated confirmation citing the number of Trade Instructions received
via mainframe or PC upload transmission. Upon receipt by the Custodian of Trade
Instructions consisting of Electronic Transmissions of the type described in
clause (iii) of Section 2.1(b) or clause (b) or (c) of Section 2.2, the Client
may retrieve a report from the workstation, summarizing all of the current day's
transactions entries. Upon receipt of any Trade Instructions, the Custodian will
undertake various automated checks of the information contained in such Trade
Instructions. The Custodian will notify the Client if the Custodian is unable to
carry out such Trade Instructions. The Custodian may then request that an
Authorized Person confirm the accuracy of such information.
ARTICLE III
TRADE SETTLEMENTS
SECTION 3.1. Trade Notification Deadlines. The Custodian must receive any
Instructions relating to the settlement of a Trade no later than the applicable
deadline specified in Appendix 1. The Custodian's trade notification deadlines
take into account both trade settlement and funding requirements. The Custodian
will settle any Trade for which it receives Instructions after the applicable
trade notification deadline using reasonable efforts.
SECTION 3.2. Settlement of Securities Transactions Through MSTC. Under
separate cover, the Custodian has provided the Client with a reference source
(the "MSTC Settlement Book") containing information regarding the settlement of
securities
-2-
transactions through the Custodian or its subcustodian in each relevant
jurisdiction. Upon request, the Custodian will provide to the Client additional
copies of the MSTC Settlement Book.
To the extent practicable, the Custodian will notify the Client of any
material change to the settlement information contained in the MSTC Settlement
Book at least four (4) weeks before the effective date of the change.
SECTION 3.3. Settlement of Securities Transactions Through the Client's
Brokers. Prior to delivery of any Property to the Custodian, the Client will
provide the Custodian with written settlement instructions for each broker with
which the Client intends to execute Trades, in each case containing the
information requested by the form shown in Appendix 2.
SECTION 3.4. Communication of Settlement Status. On a same-day basis, the
Custodian will report to the Client the status of all Trades for which the
Custodian has received settlement confirmation.
In addition, the Custodian will provide, by electronic mail, telephone or
hardcopy report, all information concerning the settlement status of any Trade.
SECTION 3.5. LDC Documentation Reconciliations. [TO COME]
ARTICLE IV
FOREIGN EXCHANGE TRANSACTIONS
SECTION 4.1. Foreign Exchange Instructions. Under separate cover, the
Custodian has provided the Client with the MSTC Settlement Book containing
information regarding the settlement of foreign exchange transactions through
the Custodian or its subcustodian in each relevant jurisdiction. Upon request,
the Custodian will provide to the Client additional copies of the MSTC
Settlement Book.
To the extent practicable, the Custodian will notify the Client of any
material change to the settlement information contained in the MSTC Settlement
Book at least four (4) weeks before the effective date of the change.
SECTION 4.2. Settlement of Foreign Exchange Transactions Through the
Client's Brokers. Prior to delivery of any Property to the Custodian, the Client
will provide the Custodian with written settlement instructions for each foreign
exchange broker with which the Client intends to execute foreign exchange
transactions, in each case containing the information requested by the form
shown in Appendix 3.
-3-
SECTION 4.3. Settlement of Foreign Exchange Transactions Through MSTC. (a)
In connection with the settlement of any foreign exchange transaction through
the Custodian, the Client will provide the Custodian with Instructions
specifying the information requested in Appendix 4. The Instructions concerning
the settlement of a foreign currency trade must be transmitted to the Custodian
no later than the cash deadlines specified in Appendix 7 for the currencies
involved. A contact list for the Custodian's foreign exchange desk is included
in Appendix 4.
(b) In select currencies, the Custodian will, where possible, execute
same-day and next day foreign exchange contracts on behalf of the Client based
upon Instructions from an Authorized Person.
ARTICLE V
CASH MANAGEMENT
SECTION 5.1. Interest Earned on Cash Balances. The Custodian will credit
interest earned and payable to the Client on cash/credit balances maintained
with the Custodian in the currencies listed in, and subject to the minimum
balance levels indicated in, Appendix 5.
SECTION 5.2. Interest Payable on Credit Extensions by the Custodian. The
Client will pay to the Custodian all interest accrued on any extension of
short-term credit made to the Client by the Custodian at such rates and at such
times as the Custodian and the Client agree from time to time.
SECTION 5.3. Payment of Interest. (a) All interest payable by the
Custodian on cash balances maintained with the Custodian will be credited to the
Client on the last business day of each month.
(b) Interest received and interest to be paid out by the Client may be
automatically converted as instructed in Appendix 8.
(c) If a Client believes that there is an erroneous debit or credit
interest posting to its Account, the Customer will provide details to the
Custodian within thirty (30) business days of posting. The Custodian will
evaluate the information and provide a response within five (5) business days of
receipt of details.
(d) Adjustments to debit/credit interest will be processed in one of two
ways. The first option is to adjust the value date of the underlying transaction
to be adjusted. In this situation, the interest will be automatically
recalculated and adjusted at the end of the next interest period. The second
option is for the Custodian to manually adjust the interest
-4-
posting at the point of resolution. One of the foregoing options will be
selected by the Client.
(e) Funds received late but with good value may not result in credit
interest.
SECTION 5.4. Receipt and Disbursement of Funds. Prior to the delivery to
the Custodian of any Property, the Client will provide the Custodian with
settlement instructions for the counterparties that the Custodian will deliver
to or receive funds from on behalf of the Client, containing the information
requested in Appendix 6.
SECTION 5.5. Cash Movement Instructions. In order to facilitate the
payment or receipt of funds by the Custodian, the Client will provide the
Custodian with Instructions specifying the information requested in Appendix 7.
SECTION 5.6. Back Valuation. If the Client requests that a payment be back
valued, the Custodian will use reasonable efforts to accommodate this request.
Due to longer processing time frames and potential additional costs related to
back valuation, the Custodian encourages the Client to resolve late payment
claims through direct interest compensation.
SECTION 5.7. Overdraft Procedures. The Client will monitor its currency
positions on a daily basis. The Custodian will provide the Client with a
contractual currency projection report five days forward. In addition, the
Custodian will provide the Client with a cash balance report which will enable
the Client to identify potential overdrawn positions due to failed cash
transactions, as well as uncovered cash positions.
If the Client does not confirm to the Custodian that the Client has taken
affirmative action to prevent the occurrence of an overdraft or to resolve an
existing overdraft, the Custodian may arrange independent borrowings on the
Client's behalf with our Subcustodians at prevailing market rates. The Client
will pay the cost of such borrowings, even if the compensating funds are
back-valued when received.
In cases where it appears that the Client account may be overdrawn as the
result of the payment order, the Custodian will refer the potential exception to
the Client. If the Client cannot be contacted, or confirms that the payment will
overdraw the account, the Custodian, in its discretion, may prevent the payment
from occurring. In such situations, an alternative payment date will be agreed
upon with the Client.
ARTICLE VI
RECONCILIATION PROCEDURES
-5-
SECTION 6.1. Unidentified Cash. The Custodian will advise the Client by
electronic mail (or, if electronic mail is unavailable, by facsimile) of any
unidentified cash received by the Custodian. If the Client recognizes any such
unidentified cash receipts, the Client will notify the Custodian via an
electronic mail (or, if electronic mail is unavailable, by facsimile), or
telephone to avoid unnecessary returns of cash, provided that, if the Client
notifies the Custodian by telephone, the Client will promptly issue Instructions
confirming such notice; provided, however, the Custodian is entitled to rely on
such telephone instructions regardless of whether Client so confirms. Upon
client notification that an unidentified receipt is the property of a specific
client account, MSTC will determine the appropriate value date that the funds
can be credited to the account. In general, the funds will be credited to the
client's account in accordance with the cash notification deadlines from the
date of the client notification. Unidentified cash receipts are returned by the
Custodian to sender within three (3) days if the value equals or exceeds US$
100,000 or within five (5) days if the value is less than US$ 100,000.
SECTION 6.2. Non-Receipt of Cash. The Custodian will advise the Client by
electronic mail (or, if electronic mail is unavailable, by facsimile) of any
non-receipt of cash for which the Custodian has received Instructions. The
Client will notify the Custodian of the status of all non-receipts by Electronic
Transmissions, a free formatted SWIFT instruction, a tested telex or by
telephone, provided that, if the Client notifies the Custodian by telephone, the
Client will promptly issue Instructions confirming such notice; provided,
however, the Custodian is entitled to rely on such telephone instructions
regardless of whether Client so confirms. Non-receipts equal to or greater than
US$ 100,000 will be reversed on value date + 1; non-receipts of less than US$
100,000 will be reversed on value date + 2. This policy applies to free cash
receipts as well as the receive side of FX contracts executed with a broker
other than MS&Co. or one of its affiliates.
If the Custodian does not receive the cash at the designated cash agent,
as per the MSTC Settlement Book and therefore has to transfer the currency
between Subcustodians, the value date of the contractual credit posting will be
adjusted to reflect the date that the funds are received by the correct
Subcustodian.
SECTION 6.3. Daily Security Reconciliation. (a) The Client may be provided
with an asset holdings dataset for daily reconciliation. The Client may select
from three (3) different reconciliation methods. The reconciliation options are
as follows:
(i) The Custodian will transmit a daily positions dataset to the
Client's mainframe whereby the Client initiates a security
comparison;
(ii) The Custodian will transmit a daily positions dataset to the
Client's PC whereby the Client initiates a security comparison; or
-6-
(iii) The Client will transmit a daily positions dataset to the Custodian
mainframe whereby the Custodian initiates the comparison and
provides a variance report back to the Client.
If the Client wishes to use this functionality, the Client and the
Custodian will agree upon one of these options as the method by which the Client
will perform such reconciliations.
(b) Using the automated functionality set forth in Section 6.3(a), or any
other method, such as a manual comparison of holdings reports, the Client will
identify all security position differences and make reasonable efforts to
resolve them with the Custodian no less frequently than by the first business
day after each month-end.
SECTION 6.4. Other Client/Custodian Reconciliations. On a pre-determined
basis, the Client will reconcile dividend, corporate action and tax reclaims
accruals and payments which the Custodian reports. The Client will notify the
Custodian of any discrepancies as quickly as possible but no later than six (6)
months after the posting of the transaction entry.
SECTION 6.5. Pricing of Securities. Prices of Securities reported to
Clients on any statement or report are obtained (i) from third party sources,
including data vendors, agent banks, market makers and other financial
institutions; (ii) from prices determined by Custodian's valuation models using
yield curves provided by third party vendors such as Blumbergs and industry
standard calculations; or (iii) as otherwise agreed between the Custodian and
the Client. The Custodian is not responsible for the accuracy of any prices or
information received from third parties.
ARTICLE VII
CLAIMS
SECTION 7.1. Claims Received. All claims received by the Client for which
the Client intends to issue a counterclaim against the Custodian must be
forwarded to and received by the Custodian within the following time frames:
(a) Claims relating to fixed income transactions - thirty (30) days from
actual settlement date.
(b) Claim relating to equity and cash transactions - ninety (90) days
from actual settlement date.
Claims received after these time frames will not be honored by the Custodian.
The Client will provide the Custodian with the original claim letter and any
other details regarding
-7-
the incident. The Custodian will provide the Client with a response within five
(5) business days of receipt regarding the disposition of the claim. Claims sent
directly from brokers to the Custodian are also subject to the above deadlines.
-8-
SECTION 7.2. Claims Issued. If the Client chooses contractual cash
accounting, the Custodian may issue claims for any failed settlements determined
to be the responsibility of the Client or a counterparty. Counterparty claims
will be sent to the Client or directly to the counterparty, depending on the
Client's preference. The Custodian's claims will be sent within the time frames
noted above.
ARTICLE VIII
DIVIDEND/INCOME COLLECTION; CORPORATE ACTIONS; ETC.
SECTION 8.1. Dividends/Income Collection. The Custodian will receive
information on corporate actions, including dividend reinvestments and optional
dividends, from a variety of sources including Excel, Telekurs, Nikkei Needs,
Xxxxxx Xxxxxxx Capital International, as well as their Subcustodians and
depositories. The Custodian, through its Subcustodians, will receive dividends
on behalf of the Client. On ex-date, the Custodian will generate a receivable
for the net dividend or income amount which is included in the Client's
valuation. Likewise, the Custodian will reflect stock dividend accruals in the
portfolio when applicable.
After record date, the Custodian will adjust its accrual to take into
account all transactions effected prior to ex-date with settlement after ex-date
which had not been received by the Custodian at the time of the initial accrual
posting.
Based upon the Assured Dividend Schedule in Appendix 9, the Custodian will
reverse the dividend receivable and credit the amount due to the Client in
available funds. If the Client wishes to convert the local currency proceeds to
another currency, the Client will complete the standing instructions outlined in
Appendix 8. The Custodian will also credit the Client partial dividend payments
where appropriate.
If the Custodian's Subcustodian does not receive the dividend payment
within three (3) months from contractual paydate or if the Custodian determines
that the dividend payment will not be made by the company, the Custodian will
reverse the dividend credit from the Client's account, subject to seventy-two
(72) hours prior notification via electronic mail.
In the event that the amount of dividend paid by the Custodian to the
Client is inaccurate, the Client's account will be adjusted, subject to
seventy-two (72) hours prior notification via electronic mail. The Client will
ensure that there are funds available to avoid an overdraft when the overpayment
is corrected.
The Custodian will file for "market claims" which are defined as security
purchase transactions failing on record date whereby the counterparty receives
the Client's due
-9-
entitlement by virtue of being the holder of record. The Custodian will reflect
a dividend accrual until actual payment is received.
Japanese odd lots resulting from dividend or corporate action activity
will be sold by the Custodian, and the Client's account will be credited with
the proceeds within one (1) month of receipt of entitlement.
SECTION 8.2. Corporate Actions. The Custodian will receive information on
corporate actions, including dividend reinvestments and optional dividends, from
a variety of sources including Excel, Telekurs, Nikkei Needs, Xxxxxx Xxxxxxx
Capital International, as well as their Subcustodians and depositories.
The Custodian will notify the Client of provisional details of all
corporate actions affecting their portfolio within twenty-four (24) hours of
receipt of information from the aforementioned sources. This will be an official
notice, sent to the Client via electronic mail. Full terms of the offer,
expected ex-date, provisional customer holdings, and line of shares to be
received will be provided to the Client if available and/or applicable.
Additional pre-notifications will be provided as pertinent information is
received before ex-date.
On ex-date, the Custodian will notify the Client of confirmed available
details of all corporate actions by 3:00 p.m. The Custodian will include the
Client's holdings, entitlements and response date in its confirmation. The
Custodian will take the necessary action on mandatory corporate actions. For
voluntary corporate actions, the Custodian will await the Client's Instructions.
The Client's Instructions should include the client account name/number or
mnemonic, and the quantity of shares to be acted upon by the Custodian. After
receipt of the Client's Instructions, the Custodian will send a summary recap
via electronic mail, confirming the Client's entitlement and election.
If Instructions are not received from the Client before the stated
deadline, the Custodian will attempt to contact the Client to request
Instructions. If Instructions are not received by the deadline, the Custodian
will act in accordance with the default option provided by the local market
and/or company as stated in the Custodian's notification. Instructions received
after the deadline will be processed by the Custodian using reasonable efforts.
The Client will provide the Custodian with standing instructions in
Appendix 8 if desired. The Custodian will follow the standing instructions for
each action, unless the Custodian receives contrary Instructions forty-eight
(48) hours prior to the Custodian's specified deadline.
-10-
If the Client purchases a security during the period when a corporate
action is outstanding, the Custodian will notify the Client of the corporate
action within one business day after receipt of complete Trade Instructions.
In the event there is a security purchase fail on an issue involved in a
corporate action, the Custodian will act in accordance with the Client's
Instructions for all shares received on or prior to the corporate action
response deadline. If entitlement has not been received by the Custodian by
response deadline, the Custodian will use reasonable efforts to protect the
Client's interest under the terms of the offer in accordance with local market
practice. If the Custodian has difficulty in doing so with a broker, it will
contact the Client for assistance.
Fractional shares resulting from corporate action activity will be treated
in accordance with local market practices.
The Custodian may provide proxy voting services, if the Client elects, in
those countries for which proxy voting service procedures are set forth in
Appendix 10.
SECTION 8.3. Optional Dividends. With respect to optional dividends, the
cash dividend will be accrued as described in Section 8.1. If the Client elects
to receive stock rather than cash, the Custodian will reverse the cash accrual
and create a stock receivable. The Custodian will credit the Client with the new
shares upon actual receipt in the market. For those markets where a tax payment
must be charged, the Custodian will inform the Client of the tax in the original
optional dividend notification that is sent to the Client. The Custodian will
accept standing instructions for optional stock dividends, as specified by the
Client in Appendix 8.
With respect to discretionary securities lending transactions, the
Custodian will notify the Client of entitlements due to the Client on all
security lending positions. The Client must send a copy of the instructions
given by the Client to the borrowing brokers prior to the Custodian's response
deadline.
SECTION 8.4. Dividend Reinvestment Plans (DRIPS). The Custodian will
accept Instructions from the Client to enroll shares in New Zealand and
Australian DRIPS. These will be treated as optional dividends; notification
received by the Custodian will be sent by the Custodian to the Client for each
offering. The share reinvestment rate will be sent to the Client once the
information is published. Until then, the Custodian will accrue the cash
equivalent of the dividend. Once the rate is known, shares will be accrued.
Resulting dividend shares will be credited only upon receipt by the Custodian.
If available, a prospectus on each plan will be provided to the Client by the
Custodian on request.
-11-
When the Client wishes to enroll in a Canadian DRIP, the Custodian must be
given Instructions by the Client at least five (5) business days prior to record
date. If the Client wishes to sell shares enrolled in a Canadian DRIP, the
Custodian must be advised of the sale on trade date. Should a Canadian sale
transaction fail due to share transfer out of the DRIP, the Custodian will use
reasonable efforts to settle the trade as soon as possible. The Custodian,
however, will not be responsible for any losses due to the sale fail. If
available, a prospectus on each plan will be provided to the Client by the
Custodian on request.
SECTION 8.5. Coupon Interest Collection and Maturities. The Custodian will
accrue and report coupon interest daily for all fixed income Securities, taking
into account purchase or sale interest from the Client's Trade Instructions. The
Custodian will pay coupon interest payments and maturities according to the
Fixed Income Collections Assured Payment Schedule in Appendix 11 and convert the
local proceeds to another currency if the Client has so instructed in Appendix
8.
Regarding early and partial redemptions and lotteries, the Custodian will
notify the Client via electronic mail (or, if electronic mail is unavailable, by
facsimile) and credit the Client's cash account upon receipt of the funds.
ARTICLE IX
TAX RECLAIMS AND EXEMPTIONS
SECTION 9.1. Reclaims and Exemptions. (a) At the request of the Client,
the Custodian will also undertake to obtain exemptions from withholding taxes
imposed in various jurisdictions by filing the appropriate documentation as may
be required in the applicable jurisdiction.
(b) Representatives of the Custodian will be available to discuss with the
Client exemptions from tax liabilities which may be available to the Client or
the beneficial owner of the Property in various foreign jurisdictions. The
Client, however, should not rely on representatives of the Custodian to render
tax advice to the Client or any beneficial owner and should consult its own tax
advisor as to any such matters.
SECTION 9.2. Tax Status Documentation. To enable the Custodian to file for
tax reclaims and apply for exemptions from withholding taxes in accordance with
Section 9.1, the Client will provide, and will cause the beneficial owners of
the Property to provide, the documentation and information which may be
necessary in each relevant jurisdiction to:
(a) entitle the holder or owner of any Security to reclaim any taxes
paid or withheld from any dividend or interest payment made with
respect to such Security; or
-12-
(b) entitle the holder or owner of any Security to be exempt from any
withholding tax applicable to any interest or dividend payments made
with respect to any Securities.
To the extent that separate documentation may be required in respect of a
particular individual or group of transactions, the Client will provide such
items before any transfer of Property to the Custodian. In the event that the
necessary documentation has not been received by the Custodian, the Custodian
will be under no obligation to seek exemptions, file for reclaims or to receive
anything other than the standard amounts net of normal withholding tax.
SECTION 9.3. Filing Procedures for Withholding Tax. Dividends received by
the Custodian on behalf of the Client may be received net of withholding tax
against which tax reclaims may be filed. Based on information received, but
assuming no obligation for the completeness or accuracy of such information, the
Custodian will identify any dividend or interest payment for which withholding
reclaims may be filed.
Where applicable, the Custodian will arrange for completion of the
necessary documentation and its forwarding to:
(a) the Client;
(b) the United States Internal Revenue Service;
(c) the Subcustodian in the jurisdiction concerned;
(d) the local taxing authority in the jurisdiction; and
(e) concerned other parties as may be required.
The documentation may need to be passed to one or more than one of the
above, based on the jurisdiction concerned.
Funds received by the Custodian from tax reclaims will be reconciled with
the amount of the expected tax reclaim in local currency and credited to the
Client upon reconciliation. If the Client requests the Custodian to convert the
local proceeds to another currency, the Client will provide the Custodian
standing instructions as set forth in Appendix 8.
On or before the 15th day of each calendar month, the Custodian will
provide information on the status of all outstanding reclaim items relating to
dividend and interest payments made on or before the 15th day of the second
preceding calendar month. The
-13-
Custodian makes no representation as to the effectiveness of its pursuit of
information from any foreign or U.S. taxation authorities.
ARTICLE X
SECURITIES LENDING
[Under Separate Cover]
ARTICLE XI
REPORTING
SECTION 11.1. Daily Transmission of Information. The Custodian will
transmit to the Client on a daily basis the reports shown in Appendix 13 so as
to provide the Client with the informational means of reconciling Trades, cash,
and accruals on a daily basis. The Client will reconcile these reports daily and
communicate all inquiries concerning this reconciliation to the Coverage Officer
at the Custodian by Electronic Transmission (or, if electronic mail is
unavailable, by facsimile).
The reports will be transmitted so as to reach the Client by approximately
6:00 am on the business day of transmission and will relate to activity as of
the close of business on the previous business day.
SECTION 11.2. Monthly Report Delivery. On the first business day of each
month, the Custodian will provide the Client with a draft of the month end
reports shown on Appendix 13 (the "Monthly Reports"). The Client will review and
reconciliation of the Monthly Reports. This Client will confirm the accuracy of
the information contained in such Monthly Report, including without limitation,
the Securities held in the Account and the valuation of such Securities. Upon
receipt of Instructions confirming that all late Trades and any applicable
Client requests have been transmitted by the Client to the Custodian, the
Custodian will initiate the production of the final Monthly Reports which will
be provided to the Client on the following business day.
ARTICLE XII
CLIENT WORKSTATION
SECTION 12.1. Client Inquiry System. The Custodian may provide clients
with the Custodian's Client Inquiry System. This electronic communication
service provides a direct link between the Custodian and the Client involving
groups of personnel specifically selected to meet our Client's needs.
-14-
This service is provided with the understanding that its use will be as
instructed by the Custodian. The Client may direct all inquiries through the
Client Inquiry System thereby creating a database which the Custodian will use
to monitor a variety of issues. Such information may be presented to the Client
on a regular basis.
In addition, the Custodian may assign a unique mail identification for the
client allowing the Custodian to respond to inquiries from specific areas at the
Client when applicable. Communication sent to this mail ID will constitute
confirmed delivery of the message to the Client.
As needed, additional mail grouping or personnel changes to the current
groupings can be established on two weeks notice.
SECTION 12.3. Client Workstation Technical Support. The Custodian supports
the Client Workstation applications from 9:00 AM to 5:00 PM every business day
and distributes technical information for user applications. It should be noted
that this communication link to the Custodian using SIMPC is through a public
data network. This application is the foundation of the Custodian's network to
brokers and agent banks worldwide.
Prior to the delivery of any Property to the Custodian under the Custodian
Agreement, training will be provided to the Client on use of the Customer
Workstation. In addition, user documentation will be provided to the Client for
its use.
ARTICLE XIII
MISCELLANEOUS
SECTION 13.1. Amendments. This Service Guide and any Appendix hereto may
be amended or supplemented by the Custodian from time to time by notice to the
Client. This may be done by the addition of a Service Enhancement Letter.
SECTION 13.2. Time. All references in this Procedure Manual or in any
Appendix to a time of day are to Eastern Standard Time unless otherwise stated.
-15-
APPENDICES
TO
CLIENT SERVICES GUIDE
-16-
APPENDIX 1
Trade Settlement Deadlines
(Note: All trades must be received by 4:00 pm on the deadlines stated below,
unless otherwise specified. All times are New York time.)
Country: Normal Settlement Cycle: MSTC Deadline:
Argentina Trade date plus 5 business 11:00 am on settlement date
days minus 2 business days
Australia Trade date plus 5 business Settlement date minus 2
days business days
Austria Trade date plus 5 business 11:00 a.m. on settlement date
days minus 2 business days
Bangladesh Trade date plus 4 business Settlement date minus 3
days business days
Belgium Shares: Trade date plus 3 Shares: Settlement date
business days minus 2 business days
Bonds: Trade date plus 7 Bonds: Settlement date
business days minus 1 business day
Botswana Trade date plus 4 business Settlement date minus 3
days business days
Brazil Trade date plus 2 business 11:00 a.m. on settlement date
days minus 1 business day
Canada Trade date plus 3 business Settlement date minus 2
days business days
*T-Bills Trade date plus 1 business Settlement date minus 1
day business day
Chile Trade date plus 2 business 11:00 a.m. on settlement date
days minus 1 business day
China - Shanghai Trade date plus 3 business Settlement date minus 2
days business days
-1-
- Shenzhen Trade date plus 3 business Settlement date minus 2
days business days
Colombia Trade date plus 2 business 11:00 a.m. on settlement date
days minus 1 business day
Czech Republic Trade date plus 3 business Settlement date minus 2
days business days
Denmark Trade date plus 3 business 11:00 a.m. on settlement date
days minus 2 business days
Finland Trade date plus 4 business 11:00 a.m. on settlement date
days minus 2 business days
France Rolling Settlement Cycle Settlement date minus 1
business day
Germany Trade date plus 2 business Settlement date minus 2
days business days
Ghana Trade date plus 14 business Settlement date minus 12
days business days
Greece Bearer: Trade date plus 2 Bearer: Settlement date
business days or trade date minus 2 business days
plus 3 business days with
agreement getween broker
and client
Registered: Trade date plus Registered: Settlement date
9 through 12 plus 1 business day
Hong Kong Trade date plus 2 business Settlement date minus 1
days business day
Hungary Trade date plus 3 business Settlement date minus 2
days business days
India - A shares Trade date plus 29 business Settlement date minus 28
days business days
- B shares Trade date plus 32 business Settlement date minus 31
days business days
Indonesia Trade date plus 4 business Settlement date minus 4
days business days
-2-
Israel Trade date Trade date
Italy Rolling settlement - settlement 3 business days prior to
date minus 2 business days Reporting Day
Ireland 10 day rolling settlement Settlement date minus 5
business days
Japan Trade date plus 3 business Settlement date minus 2
days business days
*JGB's Trade date plus 4 business Settlement date minus 3
days business days
Jordan Trade date plus 3 business Settlement date minus 2
days business days
Kenya Trade date plus 7 business Settlement date minus 6
days business days
Korea Trade date plus 2 business Settlement date minus 1
days business day
Malaysia
Buys Trade date plus 7 business Settlement date minus 2
days business days
Sales Trade date plus 4 business Settlement date minus 2
days business days
Mexico Trade date plus 2 business Equity: settlement date
days minus 1 business day
Bonds: 12:00 p.m. on
settlement date minus 1
business day
Morocco Trade date plus 1 business Settlement date minus 1
day business day
Netherlands Trade date plus 5 business Settlement date minus 2
days business days
New Zealand Trade date plus 5 business Settlement date minus 3
days business days
Norway Trade date plus 3 business 11:00 a.m. on settlement
days date minus 2 business days
-3-
Papua New Trade date plus 5 business Settlement date minus 4
Guinea days business days
Pakistan Following Monday Settlement date minus 2
business day - closed
Fridays
Peru Trade date plus 2 business 11:00 a.m. on settlement
days date minus 1 business day
Philippines Trade date plus 3 business Settlement date minus 2
days business days
Poland Trade date plus 3 business Settlement date minus 2
days business days
Portugal Trade date plus 4 business Settlement date minus 3
days business days
Singapore Trade date plus 5 business Settlement date minus 2
days business days
South Africa Equity - First Tuesday of the Settlement date minus 2
week following trade date. business days
Gilts - Second Thursday after Settlement date minus 2
the trade date. business days
Spain Trade date plus 7 business Settlement date minus 2
days business days
Sri Lanka
Buys Trade date plus 5 business Settlement date minus 2
days business days
Sales Trade date plus 7 business Settlement date minus 2
days business days
Swaziland Trade date Trade date
Sweden Trade date plus 3 business 11:00 a.m. on settlement
days date minus 2 business days
Switzerland Trade date plus 3 business Settlement date minus 2
day business days
-4-
Taiwan Trade date plus 1 business Settlement date minus 1
day business day - open
Saturdays
Thailand Trade date plus 3 business Settlement date minus 2
days business days
Turkey Trade date plus 2 business Settlement date minus 1
days business day
United Kingdom Rolling 10 day settlement Settlement date minus 5
business days
*Gilts Trade date plus 1 business Settlement date minus 1
day business day
United States Trade date plus 5 business Settlement date minus 2
days business days
CP and Trade date plus 1 business 11:00 a.m. on settlement
T-Bills day date
Uruguay Trade date plus 1 business 11:00 a.m. on settlement
day date minus 1 business day
Venezuela Trade date plus 5 business 11:00 a.m. on settlement
days date minus 1 business day
Zambia Trade date plus 3 business Settlement date minus 2
day business days
Zimbabwe Trade date plus 7 business Settlement date minus 2
days business days
Euroclear Trade date plus 5 business
days
Settlement date minus 2
*Euroclear/Cedel business days
Settlement date minus 2
*Kassenverein business days
*Physical 11:00 a.m. on settlement
date minus 2 business days
-5-
11:00 a.m. on settlement date
minus 3 business days for
Italian Government Bonds.
EuroCDs Trade date plus 1 business Settlement date minus 1
day business day for USD and
GBP.
Settlement date minus 2
business days for all other
currencies.
EuroCommercial Trade date plus 1 business Settlement date minus 1
Paper day business day
-6-
(XXXXXX XXXXXXX TRUST COMPANY USE ONLY)
APPENDIX 2
Broker Information
Client Name: _______________________
Client Contact:_______________________
Contact Tel. No.:____________________
Broker: ____________________
Address: ____________________
Broker Contact:_______________________
Contact Tel. No.:____________________
Country: ____________________
Circle One: ____________________
Equities Fixed Income (Bonds) Other
Broker's Local Settlement Instructions
Agent: _____________________
Agent Address: _____________________
Beneficiary: __________________
Beneficiary Account No.:__________________
Cedel Account No.: _____________________
Euroclear Account No.:____________________
-7-
APPENDIX 3
Broker FX Delivery Instructions
Broker Name: _____________________
Broker A/C# or Mnemonic: _____________________
Currency: _____________________
Agent Name: _____________________
Agent BIC, ABA, CHIPs or
CHAPS No.: _____________________
Beneficiary: _____________________
_____________________
Bank A/C#: _____________________
Completed and/or approved by: _____________________
Client
Completed and/or approved by: _____________________
Client Data Services
-8-
APPENDIX 4
Foreign Exchange Information
Instructing the Custodian concerning the trading of foreign currency with a
third party, the Client must specify:
- Value date ___________ M/DD/YY_
- Currency Sold and Amount
- Currency Bought and Amount
- Exchange Rate
- Remitting and Delivering Banks including City
- by order of/for account of ________
Example,
value 02/01/93
Sold JPY 25,000,000
at 140.00
Bought USD 178,571.43
Deliver JPY to:
ABC Bank, Tokyo
F/A/O XYZ Bank, NY
ref. forex
Receive USD from:
ABC Bank, NY
ABA 000000000
B/O x company
-9-
APPENDIX 5
Currencies Earning Interest
Currency Minimum Deposit Amount
-------- ----------------------
GBP 50,000
USD 100,000
IEP NONE
CHF 100,000
DEM 100,000
NLG 100,000
JPY 20,000,000
-10-
APPENDIX 6
Client SWIFT Delivery Instructions
Client Name: ____________________
Client A/C No.: ____________________
Currency: ____________________
Agent Name: ____________________
Agent BIC, ABA,
CHIPS or CHAPS No.: ____________________
Beneficiary: ____________________
Bank A/C No.: ____________________
Completed and/or approved by: ____________________
Client
Completed and/or approved by: ____________________
Client Data Services
Mnemonic Assigned: ____________________
NOTE: The mnemonic assigned to these instructions can be chosen by the client by
the MSTC Controllers Group.
-11-
APPENDIX 7
Cash Disbursement/Deposit Information
Instructing the Custodian to receive currency, the Client must specify:
- Value date ____ M/DD/YY_
- Currency Sold and Amount
- Currency Bought and Amount
- Exchange Rate
- Remitting and Delivering Banks including City
- by order of/for account of _______
Instructing the Custodian to pay currency, the Client must specify:
- Value date ____ M/DD/YY_
- Currency Sold and Amount
- Currency Bought and Amount
- Exchange Rate
- Remitting and Delivering Banks including City
- by order of/for account of _______
account number when applicable
Instructions concerning the receipt or payment of funds in the currencies
indicated below must be received by the Custodian before the deadline specified:
Deadline Currencies
-------- ----------
2:30 p.m. (EST) USD
on value date
9:00 a.m. (GMT) GBP
4:00 p.m. (EST) ATS, DKK, FIM, NON, SEN
on value date
- 2 Business Day
4:00 PM (EST) ALL OTHER CURRENCIES
on value date
- 1 Business Day
-12-
APPENDIX 8
Client Standing Instructions
The Custodian will act according to the standing instructions that the Client
has included below.
1. Convert Corporate Actions to USD and perform FX on Subscriptions
2. Convert Dividend Proceeds
3. Convert Monthly Debit/Credit Interest
4. Convert Corporate Action Proceeds
5. Convert Coupon Interest Proceeds
6. Convert Maturities
7. Convert Tax Reclaim Proceeds
8. Other Standing Instructions
-13-
APPENDIX 9
Assured Dividend Schedule
Effective August 1994
Countrv Pavment Schedule
------- ----------------
Argentina PD +10
Australia PD + 1
Austria PD + 1
Belgium PD + 1
Canada PD
Chile PD + 10
Denmark PD + 1
Finland PD + 1
France PD + 1
Germany PD
Hong Kong PD + 1
Indonesia PD + 10
Ireland PD + 2
Italy PD + 5
Japan PD + 2
Korea (South) PD + 5
Malaysia PD + 4
Netherlands PD + 1
New Zealand PD + 1
Norway PD + 1
Portugal PD + 5
Singapore PD + 4*
Spain PD + 5
Sweden PD + 1
Switzerland PD
Thailand PD + 5
Turkey PD + 5
United Kingdom PD + 1
United States PD**
NOTE: * Malaysian securities that trade on the Singapore Stock Exchange will
be paid in MYR at the Malaysian tax rate.
** For equities only.
-14-
EXCEPTIONS:
OPTIONAL DIVIDENDS: The cash portion will NOT be included in this schedule.
Securities Paying out of issued currency will not be part of this schedule, e.g.
Mandarin Oriental - This is safekept as US Security but issued in Hong Kong.
The following Countries are NOT on the Assured Dividend Schedule but MSTC will
continue to review market practice in countries and work with our agents to add
these to the schedule as soon as possible:
Botswana
Brazil
China
Colombia
Czech Republic
Ghana
Greece
Hungary
India
Xxxxxx
Xxxxxx
Luxembourg
Mexico
Morocco
Pakistan
Papua New Guinea
Peru
Philippines
Poland
South Africa
Sri Lanka
Taiwan
Uruguay
Venezuela
Zimbabwe
-15-
APPENDIX 10
Proxy Procedures
NOTIFICATION:
2. Meeting dates will be loaded into XXXX (International Reorg
Calendar) via Telekurs and manually. Manual update information will
come from our sub-custodians and ISS.
3.
3. Agenda items and materials will be requested from the respective
agent. Agenda items will be distributed via XXXX and materials will
be distributed upon request.
4. Clients will receive basic details of each upcoming meeting via mail
or fax instructions initiated through XXXX.
5. Upon receipt of the agenda items, the client will receive final
details of the meeting: meeting dates, agenda items, MSTC response
deadline and details of any fees.
CLIENT RESPONSE:
MSTC will recap the clients proxy vote upon receipt. The clients vote(s)
will be input into XXXX for reporting.
MSTC will not endeavor to follow-up with clients if they do not send a
proxy vote prior to the deadline. (Clients will be reminded of this with
each announcement.)
AGENT RESPONSE:
On MSTC response deadline, the votes will be tallied and forwarded to our
sub-custodian via mail, SWIFT or TELEX.
BILLING:
Proxy voting fees will be added to the monthly Custody Fee Bill as a
separate line item. Attached to this line item will be the details
of each vote.
-16-
Reporting will be available to the client monthly, quarterly,
semi-annually, or annually upon request. The client will be able to
choose from two versions of the repoft:
Version A will include: company name, meeting date, and quantity of
shares voted.
Version B will include: company name, meeting date, quantity of
shares voted, agenda items, and the client's voted choice.
BLOCKING OF SHARES FOR VOTING:
For the countries that require blocking of the shares being voted at
the AGM or EGM, the sub-custodian will place a restriction ('block')
on these shares upon receipt of our voting instructions and will
remain until one business day following the meeting. To reflect this
block on MSTC records we will place a memo reference on the position
which will be tracked by the edit check system in MTUA. This memo
reference will remain until the shares are released by the
sub-custodian.
Memo reference entries will be made manually until system
enhancements are made available.
REGISTRATION OF SHARES FOR VOTING:
For the countries that require the shares to be registered in the
name of the beneficial owner, we will need to provide the name and
address of the beneficial owner at the same time we give the voting
instructions. Time is critical, as the shares are usually required
to be registered by a specified time period prior to the meeting
date (one to several weeks). The shares will be re-registered to the
sub-custodian's nominee name on one business day after the AGM or
EGM. To reflect this block on MSTC records we will place a memo
reference on the position which will be tracked by the edit check
system in MTUA. This memo reference will remain until the shares are
fully re-registered by the sub-custodian.
Memo reference entries will be made manually until system
enhancements are made available.
-17-
COUNTRY SPECIFIC PROCEDURES
Australia As detailed above.
Austria Shares must be blocked prior to the meeting and will be
unblocked on meeting date + 1. Shares will be unavailable for
trade settlement during this period.
Cut memo reference journals to restrict the shares from trade
settlement.
Xxxxxx fees will be charged for a vote against or to abstain.
The sub-custodian will make arrangements for the lawyer.
Belgium As detailed above.
Canada Votes will be tallied and forwarded directly to the registrar
or company rather than the sub-custodian. A proxy card must be
completed for each company.
Denmark Shares need to be registered 3 1/2 months prior to the
meeting. Upon receipt of instructions to vote the proxy, MSTC
will instruct our agent (via SWIFT or Telex) to register the
required shares. Shares will be unavailable for trade
settlement until the shares are returned to the previous
registration. Details and agenda will not be available until
at least 6 weeks prior to the meeting. (varies)
Cut memo reference journals to restrict the shares from trade
settlement.
** NOTE: Since shares must be registered prior to the provision
of the meeting details and agenda, instructions for intent to
vote at the meeting must be received 3 1/2 months prior to the
meeting date.
Service is provided for the 50 major companies only.
Baltica Baltica Holding
Bang & Olufsen Hldg Xxxxxxxxxx & Xxxx Hldg
Carlsberg Cheminova Holding
Coloplast Danisco
-18-
Danske Luftfartselkab Denske Trelastompagni
Den Danske Bank DFDS
D/S AF 1912 D/S AF Svendborg
D/S Torm F. Junckers Industrier
Fls Industries Ford Motor Company
GN Store Nord H&H Industri Holding
Hafnia Holding Incentive
ISS - Int Service System X. Xxxxxxxxx Holding
Jyske Bank Korn Og FoderstofKomp
Kryolitselskabet Oresund Micro Matic
Monberg & Xxxxxxx Hldg NKT
Novo Nordisk Phonix
Radiometer Royal Copenhagen
SCS Holding Xxxxxx Xxxxxxxxx
Sparekassen Bikuben Superfoss
Tele Danmark Topdanmark
Unidanmark Varde Bank
Villadsens Fabr Xxxxxx & Vett
O.K. Holding Co. Ostasiatisk Kompagni
Aalborg Portland Aarhus Oliefabrik
Finland Shares must be registered at least 1 month prior to the meeting.
Upon receipt of instructions to vote the proxy, MSTC will instruct
our agent (via SWIFT or Telex) to register the required shares and
lodge the vote. Shares will be unavailable for trade settlement
until the shares are returned to the previous registration.
Cut memo reference journals to restrict the shares from trade
settlement.
Registration fees will vary based upon the type of registration;
book- entry or share certificate. Book-entry registration will be
250fim and the share certificate registration will be 5fim per share
with a minimum of 50fim.
France Shares must be blocked prior to the meeting and will be unblocked on
meeting date + 1. Shares will be unavailable for trade settlement
during this period.
Cut memo reference journals to restrict the shares from trade
settlement.
Germany Once all votes are tallied we will provide one general vote which
must be an original proxy form with two authorized signatures from
MSTC. Shares must be blocked upon receipt of the proxy form and will
be unblocked on
-19-
meeting date + 1. Shares will be unavailable for trade settlement
during this period.
Cut memo reference journals to restrict the shares from trade
settlement.
Hong Kong As detailed above.
Ireland As detailed above.
Italy Once all votes are tallied we will provide Studio Caleselle with our
voting instructions. The fee will be divided by the number of
clients that choose to vote.
Singapore As detailed above. Shares which are not duly registered on or before
the meeting date will not carry voting rights. Shares under
registration or blocking of shares held in "Street Name" will not
have voting rights.
Spain As detailed above. Shares must be purchased 5 days prior to the
meeting, in order to be eligible to vote.
Sweden Registration instructions must be sent to our sub-custodian first
via facsimile and confirmed by telex 12 days prior to the meeting.
Voting instructions, Power of Attorney, and cover letter must be
received by our sub-custodian seven days prior to the meeting. After
the meeting the shares are returned to their original registration.
The shares will be unavailable for trade settlement during this
period.
Cut memo reference journals to restrict the shares from trade
settlement.
There is a fee for registration in and out of the clients' name,
voting, and translation.
Our sub-custodian is prepared to vote for the following companies
only, but has plans to extend this service to smaller companies in
the future:
Aga Sandvik
Asea Skandia
Astra X-X Xxxxxx
Atlas Copco Skanska
Electrolux SKF
Ericsson Stora
Incentive SCA
Industrivarden Handelsbanken
Investor Sydkraft
Nobel Trelleborg
Procordia Volvo
-20-
APPENDIX 11
Fixed Income Collections
Assured Payment Schedule
Effective October 1994
Countrv Schedule
------- --------
Australia PD
Austria PD
Belgium PD
Canada PD
Denmark PD
Finland PD
France PD
Germany PD
Hong Kong PD
Italy PD
Ireland PD
Japan PD
Netherlands PD
New Zealand PD
Norway PD
Spain PD
Sweden PD
Switzerland PD
United Kingdom PD
United States PD + 1
NOTE: All other Euroclear eligible bonds will also be paid on PD.
United States bonds which are held at DTC are paid with clearing house funds and
therefore will be paid PD + 1. However, bonds held at Chemical Bank will
continue to be paid on PD.
-21-
APPENDIX 12
Daily Transmission of Client Reports
Each business day, the Custodian will electronically transmit the following
reports listed to the Client's mainframe and/or workstation as agreed with the
Custodian.
Report Title Report ID
Cash Balance Forecast Summary AI7441
Cash Balance Forecast Detail AI7442
Fail Trade Report AI765M
Daily Interest Report BI6000
Monthly Interest Report BI6001
Valuation Summary by Industry Sector with Security Type MT5014
Valuation by Holding Location MT5016
Valuation Investment Summary MT5019
Holdings Extract MT502X
Security Holding Listed Alphabetically MT5022
Cash Summary MT503A
Client Statement of Cash MT5038
Dividend Announcements MT506C
Accrual Income Due Recap MT506J
Accrual Income Due Summary MT506K
Reclaim Income Due Recap MT506L
Reclaim Income Due Summary MT506M
Ex-date Repor (Month-to-Date) MT5062/65
Pay-date Report (Month-to-Date) MT5064/66
Schedule of Purchases MT5122
Schedule of Sales MT5123
Corporate Action Recap MT5134
Transaction Detail Report MT5306
Positions/Prices Extract MT533X
Market Prices in Client Currency MT5332
-22-
APPENDIX 13
Monthly Transmission of Client Reports
Report Title Report ID
------------ ---------
Monthly Interest Report BI600l
Valuation Summary by Industry Sector with Security Type MT50l4
Valuation by Holding Location MT5016
Valuation Investment Summary MT5019
Holdings Extract MT502X
Security Holding Listed Alphabetically MT5022
Cash Summary MT503A
Client Statement of Cash MT5038
Dividend Announcements MT506C
Accrual Income Due Recap MT506J
Accrual Income Due Summary MT506K
Reclaim Income Due Recap MT506L
Reclaim Income Due Summary MT506M
Ex-date Repor (Month-to-Date) MT5062/65
Pay-date Report (Month-to-Date) MT5064/66
Schedule of Purchases MT5122
Schedule of Sales MT5123
Corporate Action Recap MT5134
Transaction Detail Report MT5306
Positions/Prices Extract MT533X
Market Prices in Client Currency MT5332
-23-
APPENDIX 14
Contacts at the Custodian
Client Service Team
-------------------
Xxxxxxxxx, Xxxxx (MIST) (000) 000-0000
Xxxxxxxx, Xxxxxxx (MCRIN) (000) 000-0000
Xxxx, Xxxxxxx (SBUCK) (000) 000-0000
Xxxxxxx, Xxxxxx (DROCC) (000) 000-0000
NAME COUNTRY EXTENSION MAILBOX ID
---- ------- --------- ----------
Operations Team
(Cash/Securities/Reconciliation)
Xxxxx, Xxxxx VP-Settlements (000) 000-0000 GERRYR
North America
Xxxxxx, Xxx (Luxembourg) VP-Settlements 352-463-46-215 TIMJ
Europe
Xxxx, Xxxxxxx Latin America (000) 000-0000 XXXX
Xxxx, Kitty (Hong Kong) Far East 000-000-000-0000 XXXXX
Xxxxxxx, Xxxxxx USA, Canada (000) 000-0000 XXXXXXX
Commaille, Guy (Australia) Far East 000-000-000-0000 GCOM
Xxxxxx, Xxxxx Xxx Xxxx (000) 000-0000 XXX
Xxxxxx, Xxx (Luxembourg) Europe 352-346-46-233 XXXXXX
Goes, Xxxx (Luxembourg) Europe 352-346-46-234 GOES
Xxxxxx, Xxxxx USA/Canada (000) 000-0000 XXXX
Xxxxxxxx, Xxxxx (Australia) Far East 000-000-000-0000 XXXXX
Xxxxxx, Xxxxxx Europe (000) 000-0000 XXXX
Xxxxxxxxxx, Thambo Europe 352-346-46-213 THAMBO
(Luxembourg)
Xxxxx, Xxxxx (Luxembourg) Europe 352-346-46-256 XXXXX
Xxxxxx, Xxx Latin America (000) 000-0000 XXX
Xxxxxx, Xxxx Europe (000) 000-0000 XXXXX
Xxxxx, Xxxxx (Luxembourg) Europe 352-463-46-235 XXXXX
Xxxxxxxxx, Xxxx USA/Canada (000) 000-0000 BROB
Skrodanes, Xxxxx Latin America/Far (000) 000-0000 SKROD
East/Europe-TL
Xxxxxxxx, Xxxxx USA/Canada (000) 000-0000 KRS
Xxxxxx, Xxx Xxx East (000) 000-0000 TELL
Xxxxx, Xxxx (Luxembourg) Europe 352-463-46-210 XXXX
Trade Processing
----------------
Xxxxxxxxxx, Xxxxxx Xxx (000) 000-0000 TRAC
Xxxxxx, Xxxxx All (000) 000-0000 XXXXX
Xxxxxxx, Xxxxxxx All (000) 000-0000 ROUSA
-24-
Corporate Actions Team
----------------------
Xxxxx, Xxxxxxx Xxx Xxxx (000) 000-0000 MSCOHEN
Xxxxxxxx, Xxxx USA/Canada (000) 000-0000 CONTA
Xxxxxxxx, Xxxxx Europe (000) 000-0000 XXXXXX
Xxxxxx, Xxxxx Team Leader (000) 000-0000 GIR
Hands, Xxxxx Europe (000) 000-0000 HAND
Xxxxxxxxx, Xxxxxxx Proxy (000) 000-0000 PORI
Xxxxx, Xxxx Europe/Far East (000) 000-0000 MSTER
Security Lending
----------------
Xxxxx, Xxxxxx Vice President (000) 000-0000 XXXXXX
Xxxxx, Xxx Xxx (000) 000-0000 JBRUN
Xxxxxxx, Xxxxx All (000) 000-0000 XXXXXXX
Xxxxx, Xxxxxxxxx Xxx (000) 000-0000 XXXXXX
Xxxxxx, Xxx Xxx (000) 000-0000 XXXX
Xxxxxxx, Xxx Xxx (000) 000-0000 XXXXXXX
Xxxxxx, Xxxxx Xxx (000) 000-0000 XXXXX
Dividends/Tax Reclaim Team
--------------------------
Xxxxxx, Xxxx (000) 000-0000 WCOM
Xxxxxxxxx, Xxx (000) 000-0000 XXXX
Xxxxxxxxx, Xxxx (000) 000-0000 XXXXXXX
XxXxxxx, Xxxxx (000) 000-0000 XXXXXX
X'Xxxxx, Xxxxxxxx (000) 000-0000 MOB
X'Xxxxxx, Xxxxx (000) 000-0000 XXXXX
Xxxxxxxxx, Xxxxxxx (000) 000-0000 MPAL
Xxxxxx, Xxxxx (000) 000-0000 XXXXXX
Xxxxx, Xxxxxxx (000) 000-0000 XXXXX
Xxxxxxxxx, Xxxxxx (000) 000-0000 ZIMME
Fixed Income Team
-----------------
Xxxxxx, Xxxxxxx All (000) 000-0000 CLIFB
Xxxxxxx, Xxxx All (000) 000-0000 CORE
Xxxxx, Xxxx All (000) 000-0000 BMAUER
Foreign Exchange Team
---------------------
Xxxxx, Xxxxxxx All (000) 000-0000 TRUSTFX
Xxxxxx, Xxxxx Xxx (000) 000-0000 TRUSTFX
Xxxxxxx, Xxxxx All (000) 000-0000 TRUSTFX
Cash and Claims Team
--------------------
Xxxx, Xxxxx (Luxembourg) Europe 352-346-46-250 DK
Xxxx, Xxxxx (Luxembourg) Europe 352-463-46-250 KKING
Xxxxxxx, Xxx Xxx (000) 000-0000 CASHPROD
Xxxxxx, Xxxxxx Xxx (000) 000-0000 CASHPROD
Pulakhandan, Xxxxxx All (000) 000-0000 CASHPROD
Xxxxx, Xxxx All (000) 000-0000 CASHPROD
Wing, Xxxxxxx All (000) 000-0000 CASHPROD
-25-
Client Data Services
--------------------
Xxxxx, Xxxxxxxx (000) 000-0000 XXXXXX
Xxxxxxx, Xxxxx (000) 000-0000 XXXXXX
Xxxxxxxx, Xxxx (000) 000-0000 JLDIII
Xxxx, Xxxxxxx (000) 000-0000 XXXXXXX
Xxxxxx, Xxxxx (000) 000-0000 JMURPHY
Xxxxxxxxxx, Xxxx (000) 000-0000 XXXX
Xxxxxx, Xxxxxxx (000) 000-0000 XXXXXXX
Xxxxxxxxx, Xxxxx (000) 000-0000 XXXXXX
Xxxxx, Xxxxx (000) 000-0000 XXXXXX
Xxxxx-Xxxx, Xxxxxx (000) 000-0000 SCHIN
Network Management Team
-----------------------
XxXxxxx, Xxxx (London) Europe/Middle East 011-4471-425-8455 XXXX
Xxxxxxxx, Xxxxx All (000) 000-0000 XXXXX
Xxxxxxx, Xxxxxxx Vice President (000) 000-0000 AI
Xxxxxxx, Xxxxx (London) Europe/Middle East 011-4471-425-8456 PITCHER
Xxxxxxx, Xxxxx Emerging Markets (000) 000-0000 KSEI
Xxxxx, Xxxxx Latin America (000) 000-0000 XXXXX
Bohchalian, Ara All (000) 000-0000 ARA
Xxxxxxx, Xxxxxxx Xxx (000) 000-0000 XXXXX
Xxxxxx, Xxxxx Europe 011-4471-425-4736 INTURN
Xxx, Xxxxxxxx (Hong Kong) Far East 000-000-0000 XXXX
Xxxxxx, Xxxxx (Hong Kong) Far East 000-000-0000 DGLOVER
Technical Support Team
----------------------
MSTC Help Desk (NY) (000) 000-0000 MSTCHD
-26-
APPENDIX 15
Directed Securities Lending Transaction
Settlement Deadlines
(Note: All times listed are New York Time)
Country: Preferred Date of Deadline:
-------- ------------------ ---------
Receipt:
--------
Australia Trade date Settlement date minus 1 business day
Austria Trade date Settlement date minus 1 business day (10 AM)
*Non-Euroclear/Cedel Settlement date minus 2 business days
Belgium Trade date Settlement date minus 1 business day
Canada Trade date Settlement date minus 1 business day
Denmark Trade date Settlement date minus 1 business day (12 PM)
*Non-Euroclear/Cedel Settlement date minus 2 business days
France Trade date Settlement date minus 1 business day
Germany Trade date Settlement date minus 1 business day
*Registered Shares Trade date Settlement date minus 3 business days
Hong Kong Trade date Settlement date minus 1 business day
Japan Trade date Settlement date minus 1 business day
*JGB's Trade date Settlement date minus 2 business days
Malaysia Trade date Settlement date minus 2 business days
Netherlands Trade date Settlement date minus 2 business days with
"STOCK LOAN" on instructions
New Zealand Trade date Settlement date minus 3 business days
*Outside Wellington Settlement date minus 4 business days
Norway Trade date Settlement date minus 1 business day (12 PM)
*Non-Euroclear/Cedel Settlement date minus 2 business days
Singapore Trade date Settlement date minus 2 business days
Sweden Trade date Settlement date minus 2 business days (12 PM)
*Non-Euroclear/Cedel Settlement date minus 2 business days (4 PM)
Switzerland Trade date Settlement date minus 2 business days
*Registered Shares Settlement date minus 3 business days
-27-
United States Trade date Settlement date
(10 AM)
(including Canadian DTC eligible)
It is not recommended that trades be transmitted at the deadline as MSTC cannot
proactively advise the Client of any settlement problems prior to contractual
settlement day.
Add One business day to the settlement period for any instructions received
between 12:00 PM and 4:00 PM.
-28-
