(published March 7, 2005)

The 2005 Matrix Supplement amends the 2003 ISDA Credit Derivatives Definitions by the incorporating a new Article XI – the Credit Derivatives Physical Settlement Matrix. The Credit Derivatives Physical Settlement Matrix sets out certain elections that apply to certain Reference Entities under Credit Derivatives Transactions for which Physical Settlement applies as the relevant Settlement Method. Parties may express the elections set out in the Credit Derivatives Physical Settlement Matrix to apply to a Credit Derivative Transaction by referencing the 2005 Matrix Supplement in their Confirmation and including and identifying a Transaction Type in the Confirmation for that Credit Derivative Transaction.