ISDA HOLDS ELECTIONS AT ANNUAL MEETING

VANCOUVER -- Wednesday, March 24, 1999 - Mark D. Harding of Warburg Dillon Read, the investment banking division of Union Bank of Switzerland, was re-elected as chairman of the International Swaps and Derivatives Association (ISDA) for the coming year at its three-day annual general meeting that began here today. ISDA is the the industry association for the world's leading participants in swaps and other privately negotiated derivatives.

The board voted ISDA's other officers to continue serving as well. They are:

• Vice chairman - Thomas K. Montag, partner and managing director in charge of the fixed income, currency and commodities division at Goldman Sachs & Co. in London.
• Treasurer - Charles Smithson, managing director for financial products at CIBC World Markets in New York.
• Secretary - Douglas Bongartz-Renaud, adjunct directeur-global head of structured products, directorate fixed income and derivatives, at ABN Amro Bank in Amsterdam.
• Chief executive officer - Richard E. Grove, Jr., executive director, based at ISDA headquarters in New York.

Mr. Harding, European counsel at Warburg Dillon Read, has been ISDA's chairman since last July. An authority on the laws and regulations of Europe's financial services industry, he oversees legal and compliance affairs for his firm throughout Europe. Mr. Harding has been an ISDA board member since 1997 and chairs the association's European Regulatory Committee.

ISDA's primary members elected 12 directors, 6 of them currently serving on the 23-member board. The new directors are:

• Jerry del Missier, managing director, Barclays Bank PLC, London
• Diane Genova, managing director and associate general counsel, J.P. Morgan & Co., New York
• Jose Manuel Hernandez-Benevto, director general adjunto, Banco Santander, Madrid
• Ernest T. Patrikis, special adviser to the chairman, American International Group, Inc., New York
• Maurits Schouten, managing director and head of European equity derivatives, Credit Suisse Financial Products, London
• Teruo Tanaka, senior manager, The Industrial Bank of Japan, Limited, Tokyo.

The re-elected directors are:

• Keith A. Bailey, managing director, Merrill Lynch Capital Services, Inc., Sydney
• Derk P. Brouwer, senior vice president, Trinkaus & Burkhardt KgaA, Dusseldorf
• Sebastien Cahen, global interest rates derivatives director, Société Générale, Paris
• Mark D. Harding, European general counsel, Warburg Dillon Read, London
• Bill Hirschberg, managing director, Bankers Trust Company, New York
• Thomas K. Montag, managing director-partner, Goldman Sachs, London

Current directors not up for election this year are:

• Shigeru Asai, deputy general manager, The Sanwa Bank Limited, Tokyo
• Suneel Bakhshi, head of derivatives trading, Citibank, N.A., London
• Douglas Bongartz-Renaud, adjunct directeur-global head of structured products, ABN Amro Bank N.V., Amsterdam
• Henning Bruttel, senior manager-head of foreign exchange/commodities, Dresdner Bank AG, Frankfurt
• Richard E. Grove, Jr., ISDA executive director and chief executive officer, New York
• Mark Haedicke, managing director & general counsel, Enron Capital & Trade Resources Corp., Houston
• George James, managing director, Morgan Stanley & Co. Inc., New York
• Jonathan Moulds, head of global rates, Bank of America, London and Chicago
• Dennis Oakley, managing director, The Chase Manhattan Bank, New York
• Charles Smithson, managing director, CIBC World Markets, New York
• Luciano Steve, head of fixed income, Banca Commerciale Italiana, Milan