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MEMBER CONFIDENTIALITY POLICY

As a member of ISDA, you, as a representative of your firm, are invited to
participate in numerous working groups and committees. To ensure the
free-exchange of ideas in order to gain industry-wide consensus to better
promote safe and efficient derivatives markets, ISDA requires that discussions
and materials, unless otherwise made publicly available by ISDA, should remain
confidential.

By participating in ISDA working groups and committees, except as reasonably
necessary to establish any legitimate legal claim or defense or in response to
any validly-issued subpoena, you agree to keep the contents of the calls and
other materials distributed to you as part of your membership confidential and
not disseminate these materials outside of your organization without ISDA’s
permission.

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