MS/2006/07/07/15-99 MS/2006/07/03/15-91 PARTYABICXXX PARTYBBICXXX 2006-07-02T16:38:00+05:00

CS/2006/07/02/32-09 6 1234 5678 2002-07-17 Equity:Swap:PriceReturnBasicPerformance:Basket 2002-07-20 NotApplicable 2004-07-20 FOLLOWING EUTA GBLO 1 67812345 Telecom Italia spa EUR XMIL 432000 56781234 Nokya Oyj EUR XHEL 227000 45678123 Telecom Italia Mobile spa EUR XMIL 783000 34567812 Telefonica de Espana EUR XMAD 344000 23456781 Portugal Telecom SA EUR XCVM 340000 12345678 Vodafone Group GBP XLON 2486000 MSCIWGBI MSCI World Government Bond Index. USD CalculationAgent 0 D NotApplicable Close true ValuationTime 2002-07-26 2002-08-28 2002-09-26 2002-10-27 2002-11-28 2002-12-26 2003-01-29 2003-02-26 2003-03-26 2003-04-28 2003-05-28 2003-06-26 2003-07-29 2003-08-27 2003-09-26 2003-10-29 2003-11-26 2003-12-29 2004-01-28 2004-02-25 2004-03-26 2004-04-28 2004-05-27 2004-06-28 NotApplicable Close HedgeExecution 2004-07-15 NotApplicable 3 D Calendar FOLLOWING EUTA 3 D Calendar FOLLOWING EUR 10500000.00 ISDA Standard false Total Execution EUR CalculationAgent 3 D ExchangeBusiness NotApplicable 0 D NotApplicable CalculationPeriodStartDate 0 D NotApplicable Standard ISDA EUR-EURIBOR-Telerate 3 M 0.0050 ACT/365.FIXED 0.02125 0 D NotApplicable 2002-08-01 NotApplicable EUR-EURIBOR-Telerate 1 W 0.0050 2004-07-01 NotApplicable 0 D NotApplicable true true false true true false false ISDA 2002 ISDA2000 ISDA2002Equity GBEN Party A Party B