<?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="ValuationReport" 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>
      <messageId messageIdScheme="http://www.bbbbbb.org/message-id">RESP001</messageId>
      <inReplyTo messageIdScheme="http://www.abcdef.org/message-id">VAL001</inReplyTo>
      <sentBy>BBBBBB</sentBy>
      <sendTo>ABCDEF</sendTo>
      <creationTimestamp>2004-06-14T12:47:50Z</creationTimestamp>
   </header>
   <party id="party1">
      <partyId>ABCDEF</partyId>
   </party>
   <party id="party2">
      <partyId>BBBBBB</partyId>
   </party>
   <tradeValuationItem>
      <trade>
         <tradeHeader>
            <partyTradeIdentifier>
               <partyReference href="party1"/>
               <tradeId tradeIdScheme="http://www.newbank.com/trade-id">CDX1234</tradeId>
            </partyTradeIdentifier>
            <partyTradeIdentifier>
               <partyReference href="party2"/>
               <tradeId tradeIdScheme="http://www.massivebank.com/trade-id">1234A6</tradeId>
            </partyTradeIdentifier>
            <tradeDate>2005-01-24Z</tradeDate>
         </tradeHeader>
         <creditDefaultSwap>
            <generalTerms>
               <effectiveDate>
                  <unadjustedDate>2004-03-23Z</unadjustedDate>
               </effectiveDate>
               <scheduledTerminationDate>
                  <adjustableDate>
                     <unadjustedDate>2009-03-20Z</unadjustedDate>
                  </adjustableDate>
               </scheduledTerminationDate>
               <sellerPartyReference href="party1"/>
               <buyerPartyReference href="party2"/>
               <indexReferenceInformation id="index-1">
                  <indexName>Dow Jones CDX NA IG.2</indexName>
                  <indexSeries>2</indexSeries>
                  <indexAnnexDate>2004-07-06Z</indexAnnexDate>
                  <indexAnnexSource>Publisher</indexAnnexSource>
               </indexReferenceInformation>
            </generalTerms>
            <feeLeg>
               <initialPayment>
                  <payerPartyReference href="party1"/>
                  <receiverPartyReference href="party2"/>
                  <paymentAmount>
                     <currency>USD</currency>
                     <amount>16000</amount>
                  </paymentAmount>
               </initialPayment>
               <periodicPayment>
                  <fixedAmountCalculation>
                     <fixedRate>0.0060</fixedRate>
                  </fixedAmountCalculation>
               </periodicPayment>
            </feeLeg>
            <protectionTerms>
               <calculationAmount>
                  <currency>USD</currency>
                  <amount>25000000</amount>
               </calculationAmount>
            </protectionTerms>
         </creditDefaultSwap>
         <documentation>
            <masterConfirmation>
               <masterConfirmationType>DJ.CDX.NA</masterConfirmationType>
               <masterConfirmationDate>2004-10-18Z</masterConfirmationDate>
            </masterConfirmation>
         </documentation>
      </trade>
      <valuationSet id="val1">
         <assetValuation>
            <objectReference href="index-1"/><!--quote value and NPV-->
            <quote>
               <value>1487.5</value>
               <measureType>CleanNetCurrentMarketPrice</measureType>
            </quote>
         </assetValuation>
      </valuationSet>
   </tradeValuationItem>
</FpML>