<?xml version="1.0" encoding="UTF-8"?><!--
  == Copyright (c) 2002-2010. All rights reserved.
  == Financial Products Markup Language is subject to the FpML public license.
  == A copy of this license is available at http://www.fpml.org/license/license.html
-->
<FpML xmlns="http://www.fpml.org/2010/FpML-4-9" xmlns:fpml="http://www.fpml.org/2010/FpML-4-9" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" version="4-9" xsi:type="TradeConfirmed" xsi:schemaLocation="http://www.fpml.org/2010/FpML-4-9 ../fpml-main-4-9.xsd http://www.w3.org/2000/09/xmldsig# ../xmldsig-core-schema.xsd">
   <header>
      <conversationId conversationIdScheme="http://www.example.com/conversationId">CS/2006/07/02/32-09</conversationId>
      <messageId messageIdScheme="http://www.example.com/messageId">MS/2006/04/07/15-99</messageId>
      <sentBy>PARTYABICXXX</sentBy>
      <sendTo>PARTYBBICXXX</sendTo>
      <creationTimestamp>2006-07-02T16:38:00+05:00</creationTimestamp>
   </header>
   <trade>
      <tradeHeader>
         <partyTradeIdentifier>
            <partyReference href="party1"/>
            <tradeId tradeIdScheme="http://www.partyA.com/eqs-trade-id">1234</tradeId>
         </partyTradeIdentifier>
         <partyTradeIdentifier>
            <partyReference href="party2"/>
            <tradeId tradeIdScheme="http://http://www.partyB.com/eqs-trade-id">5678</tradeId>
         </partyTradeIdentifier>
         <tradeDate id="TradeDate">2002-07-17+05:00</tradeDate>
      </tradeHeader>
      <returnSwap>
         <productType>CompositeBasketSwap</productType>
         <returnLeg>
            <payerPartyReference href="party1"/>
            <receiverPartyReference href="party2"/>
            <effectiveDate id="EffectiveDate">
               <adjustableDate>
                  <unadjustedDate>2002-07-20+05:00</unadjustedDate>
                  <dateAdjustments>
                     <businessDayConvention>NotApplicable</businessDayConvention>
                  </dateAdjustments>
               </adjustableDate>
            </effectiveDate>
            <terminationDate id="TerminationDate">
               <adjustableDate>
                  <unadjustedDate>2004-07-20+05:00</unadjustedDate>
                  <dateAdjustments>
                     <businessDayConvention>FOLLOWING</businessDayConvention>
                     <businessCenters>
                        <businessCenter>EUTA</businessCenter>
                        <businessCenter>GBLO</businessCenter>
                     </businessCenters>
                  </dateAdjustments>
               </adjustableDate>
            </terminationDate>
            <underlyer>
               <basket>
                  <openUnits>1</openUnits>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">67812345</instrumentId>
                        <description>Telecom Italia spa</description>
                        <currency>EUR</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/exchangeId">Milan Stock Exchange</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>432000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">56781234</instrumentId>
                        <description>Nokya Oyj</description>
                        <currency>EUR</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/4.0/exchangeId">Helsinki Stock Exchange</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>227000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">45678123</instrumentId>
                        <description>Telecom Italia Mobile spa</description>
                        <currency>EUR</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/exchangeId">Milan Stock Exchange</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>783000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">34567812</instrumentId>
                        <description>Telefonica de Espana</description>
                        <currency>EUR</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/exchangeId">Madrid Stock Exchange</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>344000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">23456781</instrumentId>
                        <description>Portugal Telecom SA</description>
                        <currency>EUR</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/exchangeId">Interbolsa</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>340000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <bond>
                        <instrumentId instrumentIdScheme="http://www.abc.com/instrument-id-ISIN-1-0">12345678</instrumentId>
                        <description>Vodafone Group</description>
                        <currency>GBP</currency>
                        <exchangeId exchangeIdScheme="http://www.abc.com/exchange-id-REC-1-0">L</exchangeId>
                     </bond>
                     <constituentWeight>
                        <openUnits>2486000</openUnits>
                     </constituentWeight>
                  </basketConstituent>
                  <basketConstituent>
                     <index>
                        <instrumentId instrumentIdScheme="http://www.bloomberg.com">MSCIWGBI</instrumentId>
                        <description>MSCI World Government Bond Index.</description>
                        <currency>USD</currency>
                     </index>
                  </basketConstituent>
               </basket>
            </underlyer>
            <rateOfReturn>
               <initialPrice>
                  <determinationMethod>CalculationAgent</determinationMethod>
                  <valuationRules>
                     <valuationDate>
                        <relativeDateSequence>
                           <dateRelativeTo href="EffectiveDate"/>
                           <dateOffset>
                              <periodMultiplier>0</periodMultiplier>
                              <period>D</period>
                              <businessDayConvention>NotApplicable</businessDayConvention>
                           </dateOffset>
                        </relativeDateSequence>
                     </valuationDate>
                     <valuationTimeType>Close</valuationTimeType>
                     <valuationTime>
                        <hourMinuteTime>17:32:00</hourMinuteTime>
                        <businessCenter>EUTA</businessCenter>
                     </valuationTime>
                  </valuationRules>
               </initialPrice>
               <notionalReset>true</notionalReset>
               <valuationPriceInterim>
                  <determinationMethod>ValuationTime</determinationMethod>
                  <valuationRules>
                     <valuationDates id="InterimValuationDates">
                        <adjustableDates>
                           <unadjustedDate>2002-07-26+05:00</unadjustedDate>
                           <unadjustedDate>2002-08-28+05:00</unadjustedDate>
                           <unadjustedDate>2002-09-26+05:00</unadjustedDate>
                           <unadjustedDate>2002-10-27+05:00</unadjustedDate>
                           <unadjustedDate>2002-11-28+05:00</unadjustedDate>
                           <unadjustedDate>2002-12-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-01-29+05:00</unadjustedDate>
                           <unadjustedDate>2003-02-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-03-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-04-28+05:00</unadjustedDate>
                           <unadjustedDate>2003-05-28+05:00</unadjustedDate>
                           <unadjustedDate>2003-06-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-07-29+05:00</unadjustedDate>
                           <unadjustedDate>2003-08-27+05:00</unadjustedDate>
                           <unadjustedDate>2003-09-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-10-29+05:00</unadjustedDate>
                           <unadjustedDate>2003-11-26+05:00</unadjustedDate>
                           <unadjustedDate>2003-12-29+05:00</unadjustedDate>
                           <unadjustedDate>2004-01-28+05:00</unadjustedDate>
                           <unadjustedDate>2004-02-25+05:00</unadjustedDate>
                           <unadjustedDate>2004-03-26+05:00</unadjustedDate>
                           <unadjustedDate>2004-04-28+05:00</unadjustedDate>
                           <unadjustedDate>2004-05-27+05:00</unadjustedDate>
                           <unadjustedDate>2004-06-28+05:00</unadjustedDate>
                           <dateAdjustments>
                              <businessDayConvention>NotApplicable</businessDayConvention>
                           </dateAdjustments>
                        </adjustableDates>
                     </valuationDates>
                     <valuationTimeType>Close</valuationTimeType>
                  </valuationRules>
               </valuationPriceInterim>
               <valuationPriceFinal>
                  <determinationMethod>HedgeUnwind</determinationMethod>
                  <valuationRules>
                     <valuationDate id="FinalValuationDate">
                        <adjustableDate>
                           <unadjustedDate>2004-07-15+05:00</unadjustedDate>
                           <dateAdjustments>
                              <businessDayConvention>NotApplicable</businessDayConvention>
                           </dateAdjustments>
                        </adjustableDate>
                     </valuationDate>
                  </valuationRules>
               </valuationPriceFinal>
               <paymentDates id="EquityPaymentDate">
                  <paymentDatesInterim id="InterimEquityPaymentDate">
                     <relativeDates>
                        <periodMultiplier>3</periodMultiplier>
                        <period>D</period>
                        <dayType>Calendar</dayType>
                        <businessDayConvention>FOLLOWING</businessDayConvention>
                        <businessCenters id="primaryBusinessCenter">
                           <businessCenter>EUTA</businessCenter>
                        </businessCenters>
                        <dateRelativeTo href="InterimValuationDates"/>
                     </relativeDates>
                  </paymentDatesInterim>
                  <paymentDateFinal id="FinalEquityPaymentDate">
                     <relativeDate>
                        <periodMultiplier>3</periodMultiplier>
                        <period>D</period>
                        <dayType>Calendar</dayType>
                        <businessDayConvention>FOLLOWING</businessDayConvention>
                        <businessCentersReference href="primaryBusinessCenter"/>
                        <dateRelativeTo href="FinalValuationDate"/>
                     </relativeDate>
                  </paymentDateFinal>
               </paymentDates>
            </rateOfReturn>
            <notional>
               <notionalAmount id="EquityNotionalAmount">
                  <currency>EUR</currency>
                  <amount>10500000.00</amount>
               </notionalAmount>
            </notional>
            <amount>
               <paymentCurrency href="ReferenceCurrency"/>
               <referenceAmount>ISDA Standard</referenceAmount>
               <cashSettlement>false</cashSettlement>
            </amount>
            <return>
               <returnType>Total</returnType>
            </return>
            <notionalAdjustments>Execution</notionalAdjustments>
            <fxFeature>
               <referenceCurrency id="ReferenceCurrency">EUR</referenceCurrency>
               <composite>
                  <determinationMethod>CalculationAgent</determinationMethod>
               </composite>
            </fxFeature>
         </returnLeg>
         <interestLeg>
            <payerPartyReference href="party2"/>
            <receiverPartyReference href="party1"/>
            <interestLegCalculationPeriodDates id="InterestLegPeriodDates">
               <effectiveDate>
                  <relativeDate>
                     <periodMultiplier>3</periodMultiplier>
                     <period>D</period>
                     <dayType>ExchangeBusiness</dayType>
                     <businessDayConvention>NotApplicable</businessDayConvention>
                     <dateRelativeTo href="TradeDate"/>
                  </relativeDate>
               </effectiveDate>
               <terminationDate>
                  <relativeDate>
                     <periodMultiplier>0</periodMultiplier>
                     <period>D</period>
                     <businessDayConvention>NotApplicable</businessDayConvention>
                     <businessCentersReference href="primaryBusinessCenter"/>
                     <dateRelativeTo href="FinalEquityPaymentDate"/>
                  </relativeDate>
               </terminationDate>
               <interestLegResetDates>
                  <calculationPeriodDatesReference href="InterestLegPeriodDates"/>
                  <resetRelativeTo>CalculationPeriodStartDate</resetRelativeTo>
               </interestLegResetDates>
               <interestLegPaymentDates>
                  <relativeDates>
                     <periodMultiplier>0</periodMultiplier>
                     <period>D</period>
                     <businessDayConvention>NotApplicable</businessDayConvention>
                     <businessCentersReference href="primaryBusinessCenter"/>
                     <dateRelativeTo href="EquityPaymentDate"/>
                  </relativeDates>
               </interestLegPaymentDates>
            </interestLegCalculationPeriodDates>
            <notional>
               <relativeNotionalAmount href="EquityNotionalAmount"/>
            </notional>
            <interestAmount>
               <paymentCurrency href="ReferenceCurrency"/>
               <referenceAmount>Standard ISDA</referenceAmount>
            </interestAmount>
            <interestCalculation>
               <floatingRateCalculation>
                  <floatingRateIndex>EUR-EURIBOR-Telerate</floatingRateIndex>
                  <indexTenor>
                     <periodMultiplier>3</periodMultiplier>
                     <period>M</period>
                  </indexTenor>
                  <spreadSchedule>
                     <initialValue>0.0050</initialValue>
                  </spreadSchedule>
               </floatingRateCalculation>
               <dayCountFraction>ACT/365.FIXED</dayCountFraction>
            </interestCalculation>
            <stubCalculationPeriod>
               <initialStub>
                  <stubRate>0.02125</stubRate>
                  <stubStartDate>
                     <relativeDate>
                        <periodMultiplier>0</periodMultiplier>
                        <period>D</period>
                        <businessDayConvention>NotApplicable</businessDayConvention>
                        <dateRelativeTo href="EffectiveDate"/>
                     </relativeDate>
                  </stubStartDate>
                  <stubEndDate>
                     <adjustableDate>
                        <unadjustedDate>2002-08-01+05:00</unadjustedDate>
                        <dateAdjustments>
                           <businessDayConvention>NotApplicable</businessDayConvention>
                        </dateAdjustments>
                     </adjustableDate>
                  </stubEndDate>
               </initialStub>
               <finalStub>
                  <floatingRate>
                     <floatingRateIndex>EUR-EURIBOR-Telerate</floatingRateIndex>
                     <indexTenor>
                        <periodMultiplier>1</periodMultiplier>
                        <period>W</period>
                     </indexTenor>
                     <spreadSchedule>
                        <initialValue>0.0050</initialValue>
                     </spreadSchedule>
                  </floatingRate>
                  <stubStartDate>
                     <adjustableDate>
                        <unadjustedDate>2004-07-01+05:00</unadjustedDate>
                        <dateAdjustments>
                           <businessDayConvention>NotApplicable</businessDayConvention>
                        </dateAdjustments>
                     </adjustableDate>
                  </stubStartDate>
                  <stubEndDate>
                     <relativeDate>
                        <periodMultiplier>0</periodMultiplier>
                        <period>D</period>
                        <businessDayConvention>NotApplicable</businessDayConvention>
                        <dateRelativeTo href="TerminationDate"/>
                     </relativeDate>
                  </stubEndDate>
               </finalStub>
            </stubCalculationPeriod>
         </interestLeg>
         <extraordinaryEvents>
            <additionalDisruptionEvents>
               <changeInLaw>true</changeInLaw>
               <failureToDeliver>true</failureToDeliver>
               <insolvencyFiling>false</insolvencyFiling>
               <hedgingDisruption>true</hedgingDisruption>
               <lossOfStockBorrow>true</lossOfStockBorrow>
               <increasedCostOfStockBorrow>false</increasedCostOfStockBorrow>
               <increasedCostOfHedging>false</increasedCostOfHedging>
               <determiningPartyReference href="party1"/>
            </additionalDisruptionEvents>
         </extraordinaryEvents>
      </returnSwap>
      <calculationAgent>
         <calculationAgentPartyReference href="party1"/>
      </calculationAgent>
      <documentation>
         <masterAgreement>
            <masterAgreementType>ISDA</masterAgreementType>
            <masterAgreementVersion>2002</masterAgreementVersion>
         </masterAgreement>
         <contractualDefinitions>ISDA2000</contractualDefinitions>
         <contractualDefinitions>ISDA2002Equity</contractualDefinitions>
      </documentation>
      <governingLaw>GBEN</governingLaw>
   </trade>
   <party id="party1">
      <partyId>Party A</partyId>
   </party>
   <party id="party2">
      <partyId>Party B</partyId>
   </party>
</FpML>