ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Friday, January 25, 2002

For More Information, Please Contact:

Stacy Carey, ISDA New York, (212) 332-1200; Fax (212) 332-1212; scarey@isda.org

ISDA AND FpML.ORG INTEGRATION FINALIZED

NEW YORK, Friday, January 25, 2002 - The International Swaps and Derivatives Association (ISDA) announced today the completion of the integration of Financial products Markup Language (FpML) into ISDA’s organizational structure. FpML.org and ISDA finalized documents assigning assets related to the FpML standard to ISDA. Today’s action is the final step in the integration process initiated last year to combine ISDA’s organizational strengths with FpML’s technology base for sharing information on, and dealing in, OTC derivatives.

In recent activity, a Trial Recommendation was issued last week for FpML Version 2.0, the XML-based, freely licensed, e-commerce standard supporting OTC trading of financial derivatives. FpML Version 2.0 extends interest rate product coverage to include interest rate options such as swaptions, caps and floors, and extends the swap definition to include FX resetables, cancelables and early termination provisions.

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 550 member institutions from 42 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. Additional information about FpML is available at www.fpml.org.

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