We have sent out invitations for the upcoming pre-strategic planning
lunches. I have attached a brief set of issues that accompanied the
invitation that will serve as a framework for our discussions.

The dates and locations are as follows:

Wednesday, May 2--London--UBS, 1 Finsbury Avenue
Friday, May 11--New York--AIG, 70 Pine Street
Tuesday, May 15--Tokyo--Royal Park Hotel, hosted by Sanwa Bank.

Each of the lunches is scheduled from 12:00 to 2:00.

I hope that you will, at a minimum, be able to attend the lunch that is
closest to your office. If you cannot attend in either New York or London,
we would be happy to invite someone in your office there who is responsible
for a significant area of the derivatives business. If so, please let me
have their contact details.

The Tokyo luncheon has traditionally focused on issues more specific to the
Tokyo market. Accordingly, with the exception of the chairman and
occasionally other Board members who happen to be in Tokyo at the time, past
attendees at the Tokyo luncheon have been the principal Japanese firms only.
This year, with the strategic planning session starting the next day in
Kyoto, we are hopeful that a number of you will be able to attend the
luncheon. Local Tokyo representatives of firms will not, however, be invited
to the Tokyo luncheon.

Please RSVP to Cynthia Richards to let us know which lunches you will be
attending.

If you have any questions, please call or email me.

Bob

 - QUESTIONS FOR ISDA ROUNDTABLE DISCUSSION.doc