ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, March 31, 2004

For More Information, Please Contact:

ISDA AGM Press Room, The Fairmont Chicago (312) 565-7961

Louise Marshall, ISDA New York, (212) 901-6000; lmarshall@isda.org

ISDA DELEGATES ELECT 14 BOARD MEMBERS;

NEW DIRECTORS FROM EUROPE, JAPAN

CHICAGO, WEDNESDAY MARCH 31, 2004 – Delegates to the Annual General Meeting of the International Swaps and Derivatives Association (ISDA) in Chicago elected fourteen directors today, ten of whom currently serve on the Association’s Board.

The four new directors are:

· Marcelo Castro, Head of Treasury for Europe, Grupo Santander Central Hispano, Madrid

· Yusaku Manabe, Chief Manager, Derivatives & Structured Products Division, Bank of Tokyo-Mitsubishi, Ltd., Tokyo

· Eraj Shirvani, Managing Director, Head of European and Pacific Credit Trading, Credit Suisse First Boston Europe Limited, London

· Benoit de Vitry, Managing Director, Global Head of Commodities and Emerging Markets Rates, Barclays Capital, London

The re-elected directors are:

· Douglas Bongartz-Renaud, Head of Structured Risk – Financial Market / Derivatives, ABN Amro Bank, N.V., Amsterdam

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

· Michele Faissola, Managing Director and Global Head of Rates, Global Markets Division, Deutsche Bank, London

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

· Jonathan Moulds, Managing Director and Global Head of Liquid Products, Bank of America, London

· Sean Notley, Managing Director, Co-Head of Global Interest Rate Derivatives & Government Bond Trading, Morgan Stanley, London

· Riccardo Rebonato, Global Head of CBFM Market Risk and Head of Quantitative Research & Quantitative Sales, FM, Royal Bank of Scotland, London

· Thomas Riggs, Managing Director, Goldman Sachs, New York

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

· Kenneth Tremain, Managing Director, Head of North American Interest Rate Derivative Trading and Government Bond Trading, Citigroup, New York

The directors continuing on the Board are:

· Kaushik Amin, Managing Director, Co-Head of Global 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

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

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

· Ernest Patrikis, Senior Vice President and General Counsel, American International Group, Inc., 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 600 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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