ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, April 17, 2002

For More Information, Please Contact:

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

Jennifer Iannibelli, Kennedy & Company, ISDA AGM Pressroom in Berlin, Germany

49 30 2602, ext. 4126; jennifer@kennedycom.com

ISDA DELEGATES ELECT 12 BOARD MEMBERS

BERLIN, GERMANY, Wednesday, April 17, 2002 – Delegates to the Annual General Meeting of the International Swaps and Derivatives Association (ISDA) in Berlin, Germany elected 12 directors today, six of whom currently serve on the Association’s board.

The new directors are:

¨ Jonathan Chenevix-Trench, Global Head of Interest Rates and Foreign Exchange, European Head of Fixed Income, Morgan Stanley, London

¨ Masahiro Hosomi, Senior Manager, Derivatives and Structured Products Division, Bank of Tokyo-Mitsubishi, Tokyo

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

¨ Robert Mancini, Managing Director, Deputy General Counsel, Fixed Income, Currency and Commodities Division, Goldman Sachs, New York

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

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

The re-elected directors are:

¨ Mark Beeston, COO, OTC Derivatives, Deutsche Bank, London

¨ Douglas Bongartz-Renaud, Global Head of Foreign Exchange Options, Global Financial Markets Division, ABN AMRO Bank N.V., Amsterdam, and ISDA Secretary

¨ Henning Bruttel, Managing Director, Global Debt Head of FX/LM, Dresdner Kleinwort Wasserstein, Frankfurt

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

¨ Jonathan Moulds, Head of Global Rates, Bank of America, London

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

The directors continuing on the Board are:

¨ Keith A. Bailey, Chief Operating Officer for Global Rate Markets Management Group, Merrill Lynch Capital Services, New York, and ISDA Chairman

¨ Kaushik Amin, Managing Director and Global Co-Head of Interest Rate Products, Lehman Brothers, New Jersey

¨ Jerry del Missier, Managing Director & Head of Global Markets, Barclays Capital, London

¨ Tim Fredrickson, Managing Director and Global Head of Fixed Income Derivatives and Government Bonds, UBS Warburg

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

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

¨ Azam Mistry, Director, Head of Risk Management Advisory, Treasury and Capital Markets, HSBC, Hong Kong

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

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

¨ Teruo Tanaka, Head of Legal and Regulatory Affairs, International Treasury Department, The Industrial Bank of Japan, Tokyo

The officers of ISDA are:

¨ Keith A. Bailey, Chairman

¨ Henning Bruttel, Vice-Chairman, replacing Thomas Montag

¨ Diane Genova, Treasurer

¨ Douglas Bongartz-Renaud, Secretary

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