Timeline for the Physical Settlement of a Credit Derivative Transaction Following a Credit Event

(published February 7, 2006)

This timeline is a summary of certain settlement procedures set forth in the 2003 ISDA Credit Derivatives Definitions (the “2003 Definitions”) and is for informational purposes only. It does not seek to incorporate all provisions set forth in the 2003 Definitions, nor will it amend or alter individual contracts.

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