January 12, 2001

MEMORANDUM TO PRIMARY / LEGAL OPINION CONTACTS


Netting Opinions
The legal opinion updates discussing the enforceability of the termination,
bilateral close-out netting and multibranch close-out netting provisions of
the 1987 and 1992 ISDA Master Agreements for twenty-nine jurisdictions are
now available in electronic format from the ISDA web site.   Legal opinion
updates from Bermuda, Canada, Germany, Indonesia, Italy, and The Netherlands
Antilles are expected shortly.

Collateral Opinions
Collateral opinions commissioned for Canada and Indonesia will be released
on the ISDA web site next week.

Last month each primary contact was sent a Firm ID and Password to allow
each access to electronic ISDA documentation.  The Firm ID and Password
would be required to access the legal opinion updates as well. ISDA provides
its legal opinions in electronic format to allow ISDA members to access the
opinions more readily and easily.  However, printed copies of the opinions
will be made available upon request.

Please click on the following link to access the legal opinions in PDF file
format from the ISDA web site
http://www.isda.org/docproj/netting_login.html. A free copy of Adobe Acrobat
Reader, which launches the PDF file format program, can be obtained from the
following Adobe web site:
http://www.adobe.com/products/acrobat/readstep.html.

Please note that these legal opinion updates will be available on the ISDA
web site for two weeks only.   The legal opinion updates will be removed
from the web site at the end of January.

Members are reminded that the ISDA legal opinions are intended for use by
ISDA members only.

ISDA is aware that providing these opinions is among the most important of
its member services.  If you encounter any problems accessing the legal
opinions or if you have any questions regarding the content or the process
of collecting and reviewing the opinions, please contact the ISDA office by
email at isda@isda.org by telephone on 212 332 1200.


Robert Pickel
General Counsel