ISDA ELECTS 12 BOARD MEMBERS

VIENNA, Thursday, April 17, 2008 – At its 23^rd Annual General Meeting in Vienna today, the International Swaps and Derivatives Association, Inc. (ISDA) elected 12 Board Directors, nine of whom currently serve on the Association’s Board.

For the first time in the history of the Association, a Chinese institution is serving on the ISDA Board. ICBC Ltd is the first ISDA member firm to fulfill this role, in which it is represented by ISDA Director Lili Wang, Senior Executive Vice President, ICBC, who was originally appointed to the ISDA Board in January and was elected to a two-year term by the ISDA members today.

The addition of ICBC to the ISDA Board highlights the increased importance to the privately negotiated derivatives business of the Asia-Pacific region in general and of China in particular. The growing significance of the region will be further exemplified and explored at ISDA’s 24^th Annual General Meeting, which will be held in Beijing in April 2009.

As previously announced, Eraj Shrivani was elected Chairman of ISDA at today’s Board meeting.

The three new directors are:

Dixit Joshi, Managing Director, Head of Equity-Linked Products, Barclays Capital
Stephen O’Connor, Global Head of Counterparty Portfolio Management, Morgan Stanley
Atsushi Takahashi, General Manager of Derivative Products Division, Mizuho Corporate

The re-elected directors are:

Joseph Elmlinger, Managing Director, Head of Global Equity Derivatives, Citigroup Corporate and Investment Bank
Michele Faissola, Managing Director and Global Head of Rates, Global Markets Division, Deutsche Bank
Diane Genova, Managing Director & General Counsel, Investment Bank, J.P. Morgan Chase & Company
Sotaro Kato, Head of Macro-Risk Derivatives, Financial Products Department, Nomura Securities Co., Ltd
Jonathan Moulds, President, Europe, the Middle East, Africa (EMEA) and Asia, Bank of America
Riccardo Rebonato, Global Head of CBFM Market Risk and Head of Quantitative Research & Quantitative Sales, Royal Bank of Scotland
Thomas Riggs, Managing Director, Goldman Sachs
Eraj Shirvani, Managing Director, Head of European and Pacific Credit Sales and Trading, Credit Suisse
Lili Wang, Senior Executive Vice President, ICBC

The directors continuing on the Board are:

Kaushik Amin, Global Head of Interest Rate Products, Lehman Brothers Inc.
Michael Bass, Global Head, Commodities, Standard Chartered Bank
David Carlson, Global Co-head of Credit Trading, Bear Stearns
Thibaut de Roux, Global Head of Structured Rate Products and Head of Interest Rate Options for Europe & Americas, HSBC Bank Plc
Frederic Janbon, Global Head of Fixed Income, BNP Paribas
Robert Lawson, Global Business Leader, Finance & Energy Risk Management, BP Plc
Eric Litvack, Managing Director, Global COO Volatility Trading, Société Générale

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 825 member institutions from 55 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 and Derivatives Association, Inc.