ISDA TO OPEN SOUTH EAST ASIA OFFICE

New York, June 7, 2000 - The International Swaps and Derivatives Association (ISDA) announced today the formal opening of a full service office in Singapore on October 23, 2000. The Singapore office will support ISDA's South East Asia and Hong Kong Steering Committee and a variety of its subcommittees as well as the growing number of ISDA member organizations throughout the Asia-Pacific region, including in Australia and India. The Tokyo office, which ISDA opened in April 2000, will continue to serve Japanese members and non-Japanese members that have operations in Japan.

Richard E. Grove, Executive Director and Chief Executive Officer of ISDA, announced that Angela Papesch, an Assistant Director for European Policy in ISDA's European Office for nearly four years, will head the office, as Director of South East Asian Policy.

"ISDA's decision to open a full service office in South East Asia reflects the strong recovery of the Asian markets from the financial crises of recent years and the continuing dramatic growth in the derivatives markets throughout that region," said Mr. Grove. ISDA has had significant involvement in South East Asia through its South East Asia and Hong Kong Steering Committee, a particularly active and supportive group in terms of issues in the Asia-Pacific region.

The Singapore office will be the fourth full service ISDA office. ISDA will maintain its representative office in Hong Kong. The other full offices are located in New York, London and Tokyo.