The 2009 ISDA AEJ Derivatives Protocol (the “Protocol”) offers market participants an efficient way to amend certain derivatives transactions. The amendments provided for in this Protocol are set forth in Annexes 1 to 4, and each Adhering Party may specify in its Adherence Letter that one or more of these Annexes (and in the case of Annexes 2 to 4, part (a) or part (b) thereof) are applicable or not applicable by checking the relevant box in such Adherence Letter.

Annex 1 provides for amendments to equity derivatives transaction entered into under the AEJ Interdealer MCA, AEJ 2008 Open Markets MCA, and AEJ Variance Swap MCA. Annex 2 provides for incorporation of the Revised Additional Provisions for Use with Indian Underliers. Annex 3 provides for revised Market Disruption Event terms for certain equity derivatives transactions entered into under the AEJ Variance Swap MCA or certain covered cash-settled index variance swap transactions or cash-settled share variance swap transactions. Annex 4 provides for revised Equity Amount terms for equity derivatives transactions entered into under the AEJ Variance Swap MCA or covered cash-settled index variance swap transactions or cash-settled share variance swap transactions.

The Protocol is open to ISDA members and non-members. The Protocol is open from 9:00 a.m. New York time on Monday, March 9, 2009 to 5:00 p.m. New York time on Friday, March 27, 2009. A party must email its Adherence Letter to ISDA by 5:00 p.m. New York Time on March 27, 2009, or it will not be able to participate in the Protocol.

The 2009 ISDA AEJ Derivatives Protocol (the “Protocol”) offers market participants an efficient way to amend certain derivatives transactions. The amendments provided for in this Protocol are set forth in Annexes 1 to 4, and each Adhering Party may specify in its Adherence Letter that one or more of these Annexes (and in the case of Annexes 2 to 4, part (a) or part (b) thereof) are applicable or not applicable by checking the relevant box in such Adherence Letter.

Annex 1 provides for amendments to equity derivatives transaction entered into under the AEJ Interdealer MCA, AEJ 2008 Open Markets MCA, and AEJ Variance Swap MCA. Annex 2 provides for incorporation of the Revised Additional Provisions for Use with Indian Underliers. Annex 3 provides for revised Market Disruption Event terms for certain equity derivatives transactions entered into under the AEJ Variance Swap MCA or certain covered cash-settled index variance swap transactions or cash-settled share variance swap transactions. Annex 4 provides for revised Equity Amount terms for equity derivatives transactions entered into under the AEJ Variance Swap MCA or covered cash-settled index variance swap transactions or cash-settled share variance swap transactions.

The Protocol is open to ISDA members and non-members. The Protocol is open from 9:00 a.m. New York time on Monday, March 9, 2009 to 5:00 p.m. New York time on Friday, March 27, 2009. A party must email its Adherence Letter to ISDA by 5:00 p.m. New York Time on March 27, 2009, or it will not be able to participate in the Protocol.

Pursuant to Section 2 of the 2009 ISDA AEJ Derivatives Protocol (the “Protocol”), ISDA having determined that market interest justifies reopening adherence to the Protocol, ISDA hereby gives notice that the Protocol will be reopened for adherence from and including 27 July 2009 to and including 5:00 p.m. New York time on 27 October 2009.  If you wish to adhere to the Protocol when it reopens, please deliver the Adherence Letter by email to aejprotocol@isda.org.