This will confirm our conversation today regarding which European 
jurisdictions are approved for trading credit derivatives:  the U.K., Sweden, 
Norway, Finland and Switzerland.

The European jurisdictions which are not approved to trade credit derivatives 
include:  France, Germany, Gibraltar, Ireland, Italy, Scotland, Spain, and 
The Netherlands.   For banks incorporated in a non-approved jurisdiction, it 
may be possible for them to trade out of a branch located in an approved 
jurisdiction (i.e. U.S. and U.K. branches).   This would have to be 
determined on a case by case basis.

Per our conversation, Canada is also not an approved jurisdiction for credit 
derivatives.

Please let me know if there are any changes to this list.