<<AGR IN PRINCIPLE.DOC>>  <<PTOP EXPLANATION.DOC>>
A potential agreement with the Chicago futures exchanges on CEA Legisation
has been outlined.

Attached are drafts of (i) the summary Agreement in Principal
outlining a conceptual agreement with the Chicago futures exchanges
and (ii) proposed explanatory language for the "bona fide principal
to principal" requirement for transactions conducted on trading facilties
the principal to principal requirement will not apply to transactions that
are not conducted on a trading facility).

We need to discuss ISDA's support of this proposal and our time for sign-off
is extremely short. To that end, we will have a special conference call at
9:00 tomorrow to determine our position on this agreement.

Please call 888-390-1011 and give passcode "US REG" and leader is Stacy
Carey.

Many thanks!

Stacy

 - AGR IN PRINCIPLE.DOC
 - PTOP EXPLANATION.DOC