ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, April 9, 2003

For More Information, Please Contact:

Louise Marshall, ISDA Tokyo, 813.3943.7839; Fax 813.3943.7819; lmarshall@isda.org

Or Jennifer Iannibelli, Kennedy & Company New York 914.961.2436; Fax 914.961.2476; jennifer@kennedycom.com

ISDA DELEGATES ELECT ELEVEN BOARD MEMBERS;

NEW DIRECTORS FROM JAPAN, ENERGY FIRM

TOKYO, JAPAN WEDNESDAY APRIL 9, 2003 – Delegates to the Annual General Meeting of the International Swaps and Derivatives Association (ISDA) in Tokyo, Japan elected eleven directors today, nine of whom currently serve on the Association’s Board.

The two new directors are:

· Hidetaka Hara, Co-head of Business Management and Planning, Global Fixed Income, Nomura Securities Co, Ltd., Tokyo.

· Uday Narang, President, Entergy-Koch Trading Europe Ltd., London.

The re-elected directors are:

· Kaushik Amin, Global Co-Head Interest Rate Products; Lehman Brothers Inc, New York

· Keith Bailey, Managing Director, Merrill Lynch Capital Services, Inc, New York

· Michael Bass, Global Head, Interest Rate Derivatives, Standard Chartered Bank, Singapore (Mr. Bass, who joined the Board in January 2003, was elected to a two-year term)

· Dixit Joshi, International Head of Index Arbitrage, Statistical and Program Trading; Credit Suisse First Boston Europe, Ltd, New York

· Jerry del Missier, Managing Director, Barclays Capital, London

· Tim Fredrickson, Global Head of Fixed Income Derivatives & Government Bonds, UBS Warburg, London

· Jose Manuel Hernandez-Beneyto, Director General Adjunto; Banco Santander, Madrid

· Frederic Janbon, Global Head of Interest Rates Group, BNP Paribas, London

· Ernest Patrikis, Senior Vice President & General Counsel; American International Group, Inc, New York

The directors continuing on the Board are:

· Douglas Bongartz-Renaud, Global Head of Foreign Exchange Options, Global Financial Markets Division, ABN Amro Bank, NV, Amsterdam

· Henning Bruttel, Managing Director, Capital Markets, Dresdner Kleinwort Wasserstein, Frankfurt

· Jonathan Chenevix-Trench, Global Head of Interest Rates and Foreign Exchange, Head of Fixed Income, Europe; Morgan Stanley, London

· Michele Faissola, Global Head of OTC Derivatives and Commodities Trading, Deutsche Bank, London

· Diane Genova, Managing Director and Associate General Counsel, J.P. Morgan Chase & Co, New York

· Masahiro Hosomi, Senior Manager, Derivatives & Structured Products Division; The Bank of Tokyo-Mitsubishi, Ltd., Tokyo

· Robert Mancini, Managing Director, Deputy General Counsel, Fixed Income, Currency & Commodities Division; Goldman, Sachs & Co, New York

· Jonathan Moulds, Head of Global Rates; Bank of America, London

· Riccardo Rebonato, Head of Group Market Risk; Royal Bank of Scotland, London

· Luciano Steve, Head of Fixed Income, BCI Intesa, Milan

· Kenneth Tremain, Managing Director and Head of North American Fixed Income Derivative Trading; Citigroup Salomon Smith Barney, New York

The officers of ISDA, who were re-elected at a meeting of the Board of Directors held at the annual general meeting, are:

· Keith Bailey, Chairman

· Henning Bruttel, Vice Chairman

· Douglas Bongartz-Renaud, Secretary

· Diane Genova, Treasurer

About ISDA

ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 590 member institutions from 46 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.

^®ISDA is a registered trademark of the International Swaps & Derivatives Association, Inc.

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