<?xml version="1.0" encoding="utf-8"?>
<!--
  == Copyright (c) 2002-2005. All rights reserved.
  == Financial Products Markup Language is subject to the FpML public license.
  == A copy of this license is available at http://www.fpml.org/documents/license
  -->
<!--
  == This example describes an allocated client trade in its "short form" representation, i.e. not fully expanded for confirmation purposes - rather, stating the economics once and giving a proposed breakdown.  Please note the short form representation is implicit for Fees in the block .
  -->
<FpML version="4-2" xsi:type="DataDocument" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.fpml.org/2005/FpML-4-2 ../../fpml-main-4-2.xsd" xmlns="http://www.fpml.org/2005/FpML-4-2">
	<!--The block trade (100 MM), protection bought by CHASE from CALPERS.  Note there are two fees, one that will be broken down ($20,000), and one that will not ($10,000).-->
	<trade>
		<tradeHeader>
			<partyTradeIdentifier>
				<partyReference href="CHASE"/>
				<tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">10000</tradeId>
			</partyTradeIdentifier>
			<tradeDate>2002-12-03</tradeDate>
		</tradeHeader>
		<creditDefaultSwap>
			<generalTerms>
				<effectiveDate>
					<unadjustedDate>2002-12-04</unadjustedDate>
					<dateAdjustments>
						<businessDayConvention>NONE</businessDayConvention>
					</dateAdjustments>
				</effectiveDate>
				<scheduledTerminationDate>
					<adjustableDate>
						<unadjustedDate>2007-09-06</unadjustedDate>
						<dateAdjustments>
							<businessDayConvention>MODFOLLOWING</businessDayConvention>
							<businessCenters>
								<businessCenter>GBLO</businessCenter>
								<businessCenter>USNY</businessCenter>
							</businessCenters>
						</dateAdjustments>
					</adjustableDate>
				</scheduledTerminationDate>
				<sellerPartyReference href="CALPERS"/>
				<buyerPartyReference href="CHASE"/>
				<dateAdjustments>
					<businessDayConvention>MODFOLLOWING</businessDayConvention>
					<businessCenters>
						<businessCenter>GBLO</businessCenter>
						<businessCenter>USNY</businessCenter>
					</businessCenters>
				</dateAdjustments>
				<referenceInformation>
					<referenceEntity id="referenceEntity">
						<entityName>Agrium Inc.</entityName>
						<entityId entityIdScheme="http://www.fpml.org/spec/2003/entity-id-RED-1-0">008HA7</entityId>
					</referenceEntity>
					<referenceObligation>
						<bond>
							<instrumentId instrumentIdScheme="http://www.fpml.org/spec/2002/instrument-id-CUSIP-1-0">008916AB4</instrumentId>
							<couponRate>0.077</couponRate>
							<maturity>2017-02-01</maturity>
						</bond>
						<primaryObligorReference href="referenceEntity"/>
					</referenceObligation>
					<referencePrice>1.0</referencePrice>
				</referenceInformation>
			</generalTerms>
			<feeLeg>
				<periodicPayment>
					<paymentFrequency>
						<periodMultiplier>3</periodMultiplier>
						<period>M</period>
					</paymentFrequency>
					<firstPaymentDate>2003-03-06</firstPaymentDate>
					<rollConvention>6</rollConvention>
					<fixedAmountCalculation>
						<calculationAmount>
							<currency>USD</currency>
							<amount>100000000.0</amount>
						</calculationAmount>
						<fixedRate>0.01</fixedRate>
						<dayCountFraction>ACT/360</dayCountFraction>
					</fixedAmountCalculation>
				</periodicPayment>
			</feeLeg>
			<protectionTerms>
				<calculationAmount id="notional">
					<currency>USD</currency>
					<amount>100000000.0</amount>
				</calculationAmount>
				<creditEvents>
					<bankruptcy/>
					<failureToPay>
						<paymentRequirement>
							<currency>USD</currency>
							<amount>1000000.0</amount>
						</paymentRequirement>
					</failureToPay>
					<restructuring>
						<restructuringType>ModR</restructuringType>
					</restructuring>
					<defaultRequirement>
						<currency>USD</currency>
						<amount>10000000.0</amount>
					</defaultRequirement>
					<creditEventNotice>
						<notifyingParty>
							<buyerPartyReference href="CHASE"/>
							<sellerPartyReference href="CALPERS"/>
						</notifyingParty>
						<publiclyAvailableInformation>
							<standardPublicSources/>
							<specifiedNumber>2</specifiedNumber>
						</publiclyAvailableInformation>
					</creditEventNotice>
				</creditEvents>
				<obligations>
					<category>BorrowedMoney</category>
				</obligations>
			</protectionTerms>
			<physicalSettlementTerms>
				<settlementCurrency>USD</settlementCurrency>
				<physicalSettlementPeriod>
					<maximumBusinessDays>30</maximumBusinessDays>
				</physicalSettlementPeriod>
				<deliverableObligations>
					<accruedInterest>false</accruedInterest>
					<category>BondOrLoan</category>
					<notSubordinated/>
					<specifiedCurrency/>
					<notContingent/>
					<assignableLoan/>
					<consentRequiredLoan/>
					<transferable/>
					<maximumMaturity>
						<periodMultiplier>30</periodMultiplier>
						<period>Y</period>
					</maximumMaturity>
					<notBearer/>
				</deliverableObligations>
				<escrow>true</escrow>
			</physicalSettlementTerms>
		</creditDefaultSwap>
		<otherPartyPayment>
			<payerPartyReference href="CALPERS"/>
			<receiverPartyReference href="CHASE"/>
			<paymentAmount>
				<currency>USD</currency>
				<amount>20000</amount>
			</paymentAmount>
			<paymentDate>
				<unadjustedDate>2003-03-06</unadjustedDate>
				<dateAdjustments>
					<businessDayConvention>FOLLOWING</businessDayConvention>
					<businessCenters>
						<businessCenter>GBLO</businessCenter>
						<businessCenter>USNY</businessCenter>
					</businessCenters>
				</dateAdjustments>
			</paymentDate>
			<paymentType>Premium</paymentType>
		</otherPartyPayment>
		<otherPartyPayment>
			<payerPartyReference href="CHASE"/>
			<receiverPartyReference href="BGI"/>
			<paymentAmount>
				<currency>USD</currency>
				<amount>10000</amount>
			</paymentAmount>
			<paymentDate>
				<unadjustedDate>2003-03-08</unadjustedDate>
				<dateAdjustments>
					<businessDayConvention>FOLLOWING</businessDayConvention>
					<businessCenters>
						<businessCenter>GBLO</businessCenter>
						<businessCenter>USNY</businessCenter>
					</businessCenters>
				</dateAdjustments>
			</paymentDate>
			<paymentType>External Party Payment</paymentType>
		</otherPartyPayment>
		<calculationAgent>
			<calculationAgentPartyReference href="CHASE"/>
		</calculationAgent>
		<calculationAgentBusinessCenter>USNY</calculationAgentBusinessCenter>
		<documentation>
			<masterAgreement>
				<masterAgreementType>ISDA1992</masterAgreementType>
			</masterAgreement>
			<contractualDefinitions>ISDA1999Credit</contractualDefinitions>
			<contractualSupplement>ISDA1999CreditRestructuring</contractualSupplement>
			<contractualSupplement>ISDA1999CreditSuccessorAndCreditEvents</contractualSupplement>
			<contractualSupplement>ISDA1999CreditConvertibleExchangeableAccretingObligations</contractualSupplement>
		</documentation>
		<allocations>
			<allocation>
				<allocationTradeId>
					<partyReference href="CHASE"/>
					<tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">30001</tradeId>
				</allocationTradeId>
				<accountReference href="ACC2"/>
				<allocatedFraction>0.40</allocatedFraction>
				<collateral>
					<independentAmount>
						<payerPartyReference href="CALPERS"/>
						<receiverPartyReference href="CHASE"/>
						<paymentDetail>
							<paymentAmount>
								<currency>USD</currency>
								<amount>2400000</amount>
							</paymentAmount>
						</paymentDetail>
					</independentAmount>
				</collateral>
				<creditChargeAmount>
					<currency>USD</currency>
					<amount>20000</amount>
				</creditChargeAmount>
				<approvals>
					<approval>
						<type>Treasury</type>
						<status>Pre-Approved</status>
					</approval>
					<approval>
						<type>Credit</type>
						<status>Manual Review</status>
						<approver>Robert Smith</approver>
					</approval>
				</approvals>
			</allocation>
			<allocation>
				<allocationTradeId>
					<partyReference href="CHASE"/>
					<tradeId tradeIdScheme="http://www.swapswire.com/spec/2001/trade-id-1-0">30002</tradeId>
				</allocationTradeId>
				<accountReference href="ACC3"/>
				<allocatedFraction>0.60</allocatedFraction>
				<collateral>
					<independentAmount>
						<payerPartyReference href="CALPERS"/>
						<receiverPartyReference href="CHASE"/>
						<paymentDetail>
							<paymentAmount>
								<currency>USD</currency>
								<amount>1200000</amount>
							</paymentAmount>
						</paymentDetail>
					</independentAmount>
				</collateral>
				<approvals>
					<approval>
						<type>Treasury</type>
						<status>Pre-Approved</status>
					</approval>
					<approval>
						<type>Credit</type>
						<status>Pre-Approved</status>
					</approval>
				</approvals>
			</allocation>
		</allocations>
	</trade>
	<party id="BGI">
		<partyId partyIdScheme="http://www.fpml.org/ext/iso9362">BGIUS42</partyId>
		<partyName>Barclays Global Investors</partyName>
		<account id="ACC1">
			<accountId>bgcf22j</accountId>
			<accountName>Barclays Global Investors 2</accountName>
		</account>
	</party>
	<party id="CHASE">
		<partyId partyIdScheme="http://www.fpml.org/ext/iso9362">CHASUS33</partyId>
		<partyName>Chase Global Risk Management</partyName>
		<account id="ACC0">
			<accountId accountIdScheme="http://www.chase.com/bondifre">5462346</accountId>
			<accountName>LDF Main Fund</accountName>
		</account>
	</party>
	<party id="CALPERS">
		<partyId partyIdScheme="http://www.fpml.org/ext/iso9362">CALPERS</partyId>
		<partyName>California Public Employees' Retirement System</partyName>
		<account id="ACC2">
			<accountId>cvgh44h</accountId>
			<accountName>CALPERS A/C 1</accountName>
		</account>
		<account id="ACC3">
			<accountId>cvgh45h</accountId>
			<accountName>CALPERS Account 23</accountName>
		</account>
	</party>
	
</FpML>
