<?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
  --><!--
  == This example describes an allocated client trade in its "short form" representation, i.e. not fully expanded for confirmation purposes - rather, stating the economics once and giving a proposed breakdown.  Please note the short form representation is implicit for Fees in the block .
  -->
<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="DataDocument" 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">
   <trade>
      <tradeHeader>
         <partyTradeIdentifier>
            <partyReference href="party2"/>
            <tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">10000</tradeId>
         </partyTradeIdentifier>
         <tradeDate>2002-12-03Z</tradeDate>
      </tradeHeader>
      <creditDefaultSwap>
         <generalTerms>
            <effectiveDate>
               <unadjustedDate>2002-12-04Z</unadjustedDate>
               <dateAdjustments>
                  <businessDayConvention>NONE</businessDayConvention>
               </dateAdjustments>
            </effectiveDate>
            <scheduledTerminationDate>
               <adjustableDate>
                  <unadjustedDate>2007-09-06Z</unadjustedDate>
                  <dateAdjustments>
                     <businessDayConvention>MODFOLLOWING</businessDayConvention>
                     <businessCenters>
                        <businessCenter>GBLO</businessCenter>
                        <businessCenter>USNY</businessCenter>
                     </businessCenters>
                  </dateAdjustments>
               </adjustableDate>
            </scheduledTerminationDate>
            <sellerPartyReference href="party3"/>
            <buyerPartyReference href="party2"/>
            <dateAdjustments>
               <businessDayConvention>MODFOLLOWING</businessDayConvention>
               <businessCenters>
                  <businessCenter>GBLO</businessCenter>
                  <businessCenter>USNY</businessCenter>
               </businessCenters>
            </dateAdjustments>
            <referenceInformation>
               <referenceEntity id="referenceEntity">
                  <entityName>Agrium Inc.</entityName>
                  <entityId entityIdScheme="http://www.fpml.org/spec/2003/entity-id-RED-1-0">008HA7</entityId>
               </referenceEntity>
               <referenceObligation>
                  <bond>
                     <instrumentId instrumentIdScheme="http://www.fpml.org/spec/2002/instrument-id-CUSIP-1-0">008916AB4</instrumentId>
                     <couponRate>0.077</couponRate>
                     <maturity>2017-02-01</maturity>
                  </bond>
                  <primaryObligorReference href="referenceEntity"/>
               </referenceObligation>
               <referencePrice>1.0</referencePrice>
            </referenceInformation>
         </generalTerms>
         <feeLeg>
            <periodicPayment>
               <paymentFrequency>
                  <periodMultiplier>3</periodMultiplier>
                  <period>M</period>
               </paymentFrequency>
               <firstPaymentDate>2003-03-06Z</firstPaymentDate>
               <rollConvention>6</rollConvention>
               <fixedAmountCalculation>
                  <calculationAmount>
                     <currency>USD</currency>
                     <amount>100000000.0</amount>
                  </calculationAmount>
                  <fixedRate>0.01</fixedRate>
                  <dayCountFraction>ACT/360</dayCountFraction>
               </fixedAmountCalculation>
            </periodicPayment>
         </feeLeg>
         <protectionTerms>
            <calculationAmount id="notional">
               <currency>USD</currency>
               <amount>100000000.0</amount>
            </calculationAmount>
            <creditEvents>
               <bankruptcy/>
               <failureToPay>
                  <paymentRequirement>
                     <currency>USD</currency>
                     <amount>1000000.0</amount>
                  </paymentRequirement>
               </failureToPay>
               <restructuring>
                  <restructuringType>ModR</restructuringType>
               </restructuring>
               <defaultRequirement>
                  <currency>USD</currency>
                  <amount>10000000.0</amount>
               </defaultRequirement>
               <creditEventNotice>
                  <notifyingParty>
                     <buyerPartyReference href="party2"/>
                     <sellerPartyReference href="party3"/>
                  </notifyingParty>
                  <publiclyAvailableInformation>
                     <standardPublicSources/>
                     <specifiedNumber>2</specifiedNumber>
                  </publiclyAvailableInformation>
               </creditEventNotice>
            </creditEvents>
            <obligations>
               <category>BorrowedMoney</category>
            </obligations>
         </protectionTerms>
         <physicalSettlementTerms>
            <settlementCurrency>USD</settlementCurrency>
            <physicalSettlementPeriod>
               <maximumBusinessDays>30</maximumBusinessDays>
            </physicalSettlementPeriod>
            <deliverableObligations>
               <accruedInterest>false</accruedInterest>
               <category>BondOrLoan</category>
               <notSubordinated/>
               <specifiedCurrency/>
               <notContingent/>
               <assignableLoan/>
               <consentRequiredLoan/>
               <transferable/>
               <maximumMaturity>
                  <periodMultiplier>30</periodMultiplier>
                  <period>Y</period>
               </maximumMaturity>
               <notBearer/>
            </deliverableObligations>
            <escrow>true</escrow>
         </physicalSettlementTerms>
      </creditDefaultSwap>
      <otherPartyPayment>
         <payerPartyReference href="party3"/>
         <receiverPartyReference href="party2"/>
         <paymentAmount>
            <currency>USD</currency>
            <amount>20000</amount>
         </paymentAmount>
         <paymentDate>
            <unadjustedDate>2003-03-06Z</unadjustedDate>
            <dateAdjustments>
               <businessDayConvention>FOLLOWING</businessDayConvention>
               <businessCenters>
                  <businessCenter>GBLO</businessCenter>
                  <businessCenter>USNY</businessCenter>
               </businessCenters>
            </dateAdjustments>
         </paymentDate>
         <paymentType>Premium</paymentType>
      </otherPartyPayment>
      <otherPartyPayment>
         <payerPartyReference href="party2"/>
         <receiverPartyReference href="party1"/>
         <paymentAmount>
            <currency>USD</currency>
            <amount>10000</amount>
         </paymentAmount>
         <paymentDate>
            <unadjustedDate>2003-03-08Z</unadjustedDate>
            <dateAdjustments>
               <businessDayConvention>FOLLOWING</businessDayConvention>
               <businessCenters>
                  <businessCenter>GBLO</businessCenter>
                  <businessCenter>USNY</businessCenter>
               </businessCenters>
            </dateAdjustments>
         </paymentDate>
         <paymentType>External Party Payment</paymentType>
      </otherPartyPayment>
      <calculationAgent>
         <calculationAgentPartyReference href="party2"/>
      </calculationAgent>
      <calculationAgentBusinessCenter>USNY</calculationAgentBusinessCenter>
      <documentation>
         <masterAgreement>
            <masterAgreementType>ISDA</masterAgreementType>
            <masterAgreementVersion>1992</masterAgreementVersion>
         </masterAgreement>
         <contractualDefinitions>ISDA1999Credit</contractualDefinitions>
         <contractualSupplement>ISDA1999CreditRestructuring</contractualSupplement>
         <contractualSupplement>ISDA1999CreditSuccessorAndCreditEvents</contractualSupplement>
         <contractualSupplement>ISDA1999CreditConvertibleExchangeableAccretingObligations</contractualSupplement>
      </documentation>
      <allocations>
         <allocation>
            <allocationTradeId>
               <partyReference href="party2"/>
               <tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">30001</tradeId>
            </allocationTradeId>
            <accountReference href="ACC2"/>
            <allocatedFraction>0.40</allocatedFraction>
            <collateral>
               <independentAmount>
                  <payerPartyReference href="party3"/>
                  <receiverPartyReference href="party2"/>
                  <paymentDetail>
                     <paymentAmount>
                        <currency>USD</currency>
                        <amount>2400000</amount>
                     </paymentAmount>
                  </paymentDetail>
               </independentAmount>
            </collateral>
            <creditChargeAmount>
               <currency>USD</currency>
               <amount>20000</amount>
            </creditChargeAmount>
            <approvals>
               <approval>
                  <type>Treasury</type>
                  <status>Pre-Approved</status>
               </approval>
               <approval>
                  <type>Credit</type>
                  <status>Manual Review</status>
                  <approver>Robert Smith</approver>
               </approval>
            </approvals>
         </allocation>
         <allocation>
            <allocationTradeId>
               <partyReference href="party2"/>
               <tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">30002</tradeId>
            </allocationTradeId><!-- rule ref-25 is invalid  as the @href attribute is not equal to the @id attribute of an "account" element of type Account
<accountReference href="ACC3"/>-->
            <accountReference href="party3"/>
            <allocatedFraction>0.60</allocatedFraction>
            <collateral>
               <independentAmount>
                  <payerPartyReference href="party3"/>
                  <receiverPartyReference href="party2"/>
                  <paymentDetail>
                     <paymentAmount>
                        <currency>USD</currency>
                        <amount>1200000</amount>
                     </paymentAmount>
                  </paymentDetail>
               </independentAmount>
            </collateral>
            <approvals>
               <approval>
                  <type>Treasury</type>
                  <status>Pre-Approved</status>
               </approval>
               <approval>
                  <type>Credit</type>
                  <status>Pre-Approved</status>
               </approval>
            </approvals>
         </allocation>
      </allocations>
   </trade>
   <party id="party1">
      <partyId partyIdScheme="http://www.fpml.org/ext/iso9362">BGIUS42</partyId>
      <partyName>Barclays Global Investors</partyName>
      <account id="ACC1">
         <accountId>bgcf22j</accountId>
         <accountName>Barclays Global Investors 2</accountName>
      </account>
   </party>
   <party id="party2">
      <partyId partyIdScheme="http://www.fpml.org/ext/iso9362">BANKBUS33</partyId>
      <partyName>Bank B US Global Risk Management</partyName>
      <account id="ACC0">
         <accountId accountIdScheme="http://www.bankB.com/bondifre">5462346</accountId>
         <accountName>LDF Main Fund</accountName>
      </account>
   </party>
   <party id="party3">
      <partyId partyIdScheme="http://www.fpml.org/ext/iso9362">CALPERS</partyId>
      <partyName>California Public Employees' Retirement System</partyName>
      <account id="ACC2">
         <accountId>cvgh44h</accountId>
         <accountName>CALPERS A/C 1</accountName>
      </account>
      <account id="ACC3">
         <accountId>cvgh45h</accountId>
         <accountName>CALPERS Account 23</accountName>
      </account>
   </party>
</FpML>