North American Energy and Developing Proucts Committee Conference Call

ISDA International Swaps and Derivatives Association, Inc.
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-1200
Fax: (212) 332-1212
EMail: isda@isda.org
Website: www.isda.org

During the North American Energy and Developing Products Committee meeting
on November 2, the group discussed NYMEX's intention to close on Friday,
November 23. This date appears to be an unscheduled holiday. The issue we
pose to the Committee is the following:

1. Should ISDA issue a market practice statement on the November 23 closing
of NYMEX?

2. If ISDA should issue such a statement, what treatment should result for
November 23?

3. If ISDA should issue such a statement, how should options that expire on
November 23 be treated? (This may be less of an issue for European style
options).

4. What types of Market Disruption Events are typically included in your
contracts?

I would direct your attention to Section 1.4 of the 1993 ISDA Commodity
Derivatives Definitions (definition of Commodity Business Day) and ISDA's
Market Practice Statement on Equity Derivatives (available on our website),
where September 11, 12, 13 and 14 were not considered trading days for
equity derivatives purposes.

I would be grateful if you could respond to Kimberly Summe (ksumme@isda.org)
on each of the four questions above. Also, I propose to have a conference
call on Friday, November 9 at 10:30 a.m. New York Time. The call-in details
are set forth below:

Non-US Callers: 865 523 8154
US Callers: 800 281 4634

Participant Code: 503 399

Please respond to the four questions and your availability for the call on
Friday. If the group decides to go forward with a market practice
statement, I would propose finalizing a market practice statement next
week.

Thank you in advance.

Kimberly Summe
General Counsel