ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, April 4, 2001

For More Information, Please Contact:

Ruth Ainslie, ISDA New York, (212) 332-1200; Fax (212) 332-1212; rainslie@isda.org

Jennifer Iannibelli, Kennedy & Company, ISDA AGM Pressroom in Washington, D.C., (202) 756-5243

ISDA DELEGATES ELECT 11 BOARD MEMBERS

WASHINGTON, D.C. - Wednesday, April 4, 2001 - Delegates to the Annual General Meeting of the International Swaps and Derivatives Association (ISDA) in Washington, D.C. elected eleven directors today, eight of them currently serving on the Association's 23-member board.

The new directors are:

¨ Kaushik Amin, Managing Director and Co-Head of Global Fixed Income, Lehman Brothers, New York

¨ Frederic Janbon, Global Head of Fixed Income Interest Rates Group, BNP Paribas, London

¨ Azam Mistry, Director, Head of Risk Management Advisory, Treasury and Capital Markets, HSBC, Hong Kong, and Co-Chair of ISDA's Asia-Pacific Steering Committee

The re-elected directors are:

¨ Keith A. Bailey, Chief Operating Officer, Global Enterprise Solutions Group, Merrill Lynch, New York, and ISDA Chairman

¨ Henning Bruttel, Senior Manager, Head of Foreign Exchange/Commodities, Dresdner Bank AG, Frankfurt

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

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

¨ Thomas K. Montag, Managing Director, Goldman Sachs, Tokyo, and ISDA Vice-Chairman

¨ Ernest T. Patrikis, Senior Vice President and General Counsel, American International Group, Inc., New York

¨ Maurits S. Schouten, Managing Director and Head of Global Equity Derivatives Trading, Credit Suisse Financial Products, London

¨ Teruo Tanaka, Senior Manager, International Treasury Department, The Industrial Bank of Japan, Limited, Tokyo

The directors continuing on the Board are:

¨ Douglas Bongartz-Renaud, Adjunct Directeur-Global Head of Structured Products, ABN AMRO Bank N.V., Amsterdam, and ISDA Secretary

¨ Timothy J. Fredrickson, Managing Director and Global Head of Fixed Income Derivatives and Government Bonds, UBS Warburg, London

¨ Diane Genova, Managing Director and Associate General Counsel, JP Morgan Chase & Co., New York

¨ Mark E. Haedicke, Managing Director and General Counsel, Enron Wholesale Services, Houston

¨ George James, Head of Global Fixed Income Derivatives, Morgan Stanley Dean Witter, New York

¨ J. Damian Kissane, Managing Director and Global Head of Derivatives eBusiness, Deutsche Bank, London

¨ Kazuhiko Koshikawa, Senior Vice President, The Sanwa Bank Limited, Tokyo

¨ Robert Mark, Senior Executive Vice President/Chief Risk Officer, Canadian Imperial Bank of Commerce, Toronto

¨ Jonathan P. Moulds, Managing Director and Head of Global Rates, Bank of America, London and Chicago

¨ Robert G. Pickel, Executive Director and Chief Executive Officer, ISDA, New York

¨ Luciano Steve, Head of Fixed Income, Banca Commerciale Italiana, Milan

¨ Stephen Targett, General Manager, Global Markets Division, National Australian Bank, Melbourne

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