METHODOLOGY

Asiamoney's first sub-custody poll was faxed to 400 operations managers and settlement managers at asset management firms, insurance companies, central banks, brokers/dealers and finance directors at large corporates around the world. A total of 51 replies were received. The geographic breakdown of our respondents is as follows: Asia: 35 Europe: 12 Others: 4 The questionnaire asked participants to rank the sub-custodians they have used in 12 countries: Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Singapore, Taiwan, Thailand and The Philippines. Three points were awarded to the banks with a first-place ranking, two for a second place and one for a third-place vote. The replies were weighted according to the total assets under investment in ex-Japan Asia and in Japan: 0.25=Less than $100 million 0.5=Between $100 million and $500 million 1=Between $500 million and $1 billion 2=Between $1 billion and $5 billion 4=Greater than $5 billion The service performance tables indicate what respondents think about the banks' performance in particular services. Respondents are asked to rate the banks they voted for in three main areas: (A) Core custody Settlement, safekeeping, provision of market information, corporate actions, fees, proxy voting, income collection, tax reclamation, client reporting, business-continuity planning, straight-through processing. (B) Client service and communication Account/relationship management, local/same time zone service, customized solution, experience/knowledge of personnel. (C) Value-added services Cash management, depository risk analysis, securities lending, forex trading/execution, system interface/compatibility, service delivery via the Internet, taxation reclamation, commitment to the business, English-language ability. A four-point scale is used, where four is "very satisfied" and one is "dissatisfied".