ISDA APPLAUDS FASB'S DECISION TO DELAY NEW DERIVATIVES RULES

NEW YORK, Wednesday, May 19, 1999 - The International Swaps and Derivatives Association (ISDA) issued the following statement on the Financial Accounting Standards Board's vote to delay for one year the effective date of FAS 133, the new standard for reporting derivatives and hedging on quarterly and annual financial statements. Richard E. Grove, Jr., executive director and chief executive officer of ISDA, stated:

"The Financial Accounting Standards Board is to be applauded for this constructive response to its constituents. In the debate leading up to the issuance of FAS 133, in which ISDA actively participated, we expressed concerns regarding the relatively short implementation period for such a complex standard when firms also faced the challenges of European Monetary Union and Y2K. We are pleased to see that FASB has acknowledged and acted on their concerns."