HONG KONG, 12 January 2009 — Asian companies with established depositary receipt (DR) programmes can gain significant value and liquidity advantages, and have been resilient even in these turbulent markets, concludes a new study conducted by independent research firm Oxford Metrica in association with The Bank of New York Mellon.

In analysing the DR programmes of 596 Asian companies over the period 1980-September 2008, the study provides compelling evidence suggesting that DR programmes offer Asian firms considerable value and liquidity benefits. In particular, Chinese companies with DR programmes outperformed those peers without.

Findings from the study also showed that listed (Levels II & III) DRs more than double the liquidity in Asian local markets, as the local shares increase their visibility and are covered more widely by equity analysts. OTC (Level I) DRs improve local Asian liquidity by 31% on average.

A significant insight from the research is that not only were Chinese companies (not including Taiwan or Hong Kong) rewarded with a significant increase in value for establishing DRs, but the value differential over other Chinese listed companies was retained in the recent market retreat. Not only have DR programmes added around 35% in value to Chinese companies as a direct consequence of the establishment of the programme, but this value has been retained relative to non-DR Chinese listed firms. The report's findings powerfully demonstrate the benefits of DRs in difficult times.

Over the last five years, DR performance for Asia companies has outperformed the S&P 500 Composite Index. The report highlighted that Asian firms delisting a DR programme from listed status to the over-the-counter market destroy 25% of value on average, as the greater financial disclosure is withdrawn.

"Set against a backdrop of extraordinary volatility in the financial markets in the last few months, the results from our analysis provided compelling evidence for the benefits of establishing a DR programme," said Christopher Kearns, Head of Depositary Receipts — Asia Pacific, The Bank of New York Mellon. "Chinese companies are a dramatic example of this success, adding approximately 40% of value from listed programmes and over 30% of value from OTC programmes."

Dr. Rory Knight, Chairman of Oxford Metrica, said: "The results from the study are striking. DR programmes clearly yield significant benefits for both issuers and investors. There is clear evidence that when Asian firms establish DR programmes, they receive considerable value and liquidity advantages as the market welcomes the voluntary increase in financial disclosure and reporting standards."

For the purposes of the research, Asia is defined as the following countries: Bangladesh, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan and Thailand.

The Bank of New York Mellon acts as depositary for more than 1,300 sponsored American and global depositary receipt programs, acting in partnership with leading companies from 64 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.bnymellon.com/dr.

The Bank of New York Mellon has been conducting business in the Asia Pacific region for over 50 years. The company and its affiliates have 16 offices in 12 countries in the region, including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul and Taipei, and employs around 4,000 employees. Businesses represented in the Asia Pacific region include asset servicing, asset management, issuer services and treasury services.

This release is for informational purposes only. The Bank of New York Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.

The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.4 trillion in assets under custody and administration, approximately $1.1 trillion in assets under management and services approximately $12 trillion in outstanding debt. Additional information is available at www.bnymellon.com.

Oxford Metrica is an independent research and analytics firm in international investments. The firm focuses on risk, value, reputation and governance — the strategic aspects of financial performance. Oxford Metrica aims to provide evidence-based support for key management decisions. Oxford Metrica also provides research and analytics to several hedge fund managers particularly those involving emerging markets and multi-manager strategies. Additional information on the firm is available at www.oxfordmetrica.com.

Glossary of Terms

Depositary Receipt (DR)
A negotiable receipt denominated in US dollars and issued as a certificate that represents some of a non-US firm's publicly-traded shares in its home market and is sponsored by a US depositary bank.

Delisting
The downgrading of a DR programme from listed (Levels II/III) status to OTC (Level I) status.

Listed (Levels II/III) DRs
Depositary receipts that are listed on a US exchange (NYSE, NASDAQ or AMEX) and require, therefore, full SEC regulation, reconciliation with US GAAP and annual reporting with a Form 20F filing. Level III DRs additionally raise capital.

OTC (Level I) DRs
Depositary receipts that trade in the ‘over-the-counter' OTC market and are exempt from US reporting requirements and from complying with US GAAP.