2007 AEJ Master Variance Swap Confirmation Agreement

The Second Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares. The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand.

The Amendment to the Revised 2007 AEJ Master Variance Swap and 2007 AEJ Master Variance Swap allows parties who have entered into the Revised 2007 AEJ Master Variance Swap Confirmation Agreement published on March 9, 2009 or the 2007 AEJ Master Variance Swap Confirmation Agreement published on February 12, 2007 to incorporate the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares.

The Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the amendments that were made to the 2007 AEJ Master Variance Swap Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore and Taiwan.

The Amendment to Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement published on August 11, 2008 revises the Settlement Price term of Annex SO (Share Option) of the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by fixing the Strike Price as the Settlement Price for Physically Settled Options. The Amendment also revises the Related Exchange term and the Market Disruption Event term of Annex SVS (Cash-settled Share Variance Swap) of the 2007 AEJ Master Variance Confirmation Agreement by determining Scheduled Trading Days with regard only to the Exchange and not the Related Exchange.

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