ISDA COMMENTS ON RISK MANAGEMENT GROUP'S REPORT

NEW YORK, Monday, June 21, 1999 - The International Swaps and Derivatives Association (ISDA) applauded the substantial effort undertaken by the Counterparty Risk Management Policy Group (CRMPG), which published its report today. ISDA noted that the report contains a number of recommendations that relate to ISDA and its documentation. ISDA will study the recommendations and consult with its members regarding the implementation of those recommendations, building on such recent efforts as its 1999 Collateral Review and a general review of its documentation. ISDA said that it stands ready to work with other industry trade associations as part of its efforts.

"The CRMPG report is the product of active market practitioners scrutinizing their policies and procedures and those of their industry associations and drawing lessons from recent experience," said Richard E. Grove, ISDA's executive director and chief executive officer. "This approach, which reflects the effectiveness of market discipline, is an excellent way to foster prudent and efficient market practices."