Sara, long time no see.  I won't be over for this autumn's ECT conference but 
hope to be around next year.  

Please do me a favour and look through the doc attached below, which is 
governed by New York law (in particular the reps under Section 2(d) and the 
governing law language/jurisdiction language).  The contract gives rise to 
some issues (e.g. deficient default language), which I thought I could 
address myself.  The matter is somewhat urgent.  Tks.

Martin



Dear Mrs. Woolgar

We would like to confirm that your company has successfully registered as a
member of ELRiX Weather Derivatives.

Upon receipt by Swiss Re Financial Products (?SRFP?) of the documents
listed hereinafter your company?s account on ELRiX will be activated:

   Two copies of the attached Weather Derivatives Master Agreement bearing
   the signature(s) of the person(s) authorized to sign on behalf of your
   company.
   A US tax form duly filled as according to section 2 g) to i) of the
   Weather Derivatives Master Agreement. You may find these forms and the
   instructions pertaining thereto on the freely accessible website of the
   Internal Revenue Service (http://www.irs.gov/forms_pubs/forms.html or
   http://www.irs.gov/forms_pubs/fillin.html [fill-in-forms only]) by
   clicking on the appropriate file from the list provided on the bottom of
   the website.
   A customary document indicating who are the persons authorized to sign
   on behalf of your company as well as an excerpt of your company's
   signatures book or such other customary documentation acceptable to SRFP
   (such as a list of authorized persons with signatory samples) evidencing
   the authority and genuineness of the signatures of such persons
    A certificate of incumbency specifying the names and signatures of
   persons authorized to execute the Master Agreement and Confirmations on
   behalf of the counterparty, and a certified copy of resoutions of the
   Board of Directors authorizing the counterparty to enter into weather
   derivatives transactions.
   A legal opinion issued by your legal counsel stating the authority of
   your company to enter into the contemplated derivative agreement.

(See attached file: wd_Master_agreement.pdf)

We kindly ask you to send these documents to the following address:

Swiss Re Financial Products Corporation
Attention: Clare Power
55 East 52nd Street
New York, NY 10055 USA.

In the meantime, two letters will be mailed to you by regular surface mail,
one containing a user ID and main password and the other enclosing a
strike-list of single-use passwords. Upon activation of your account you
will be able to access the restricted area of the ELRiX website with your
user ID, your main password and the single-use password.

Should you have any questions please do not hesitate to call the ELRiX Help
Desk on
+ 800 35 74 92 66 or send an e-mail to Contact_ELRiX@Swissre.com.



Best regards,

ELRiX Operations
 - wd_Master_agreement.pdf