ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Friday, April 19, 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 LAUNCHES NETALYTICS, AN ONLINE TOOL THAT STANDARDIZES NETTING ANALYSIS AND DECISION-MAKING

BERLIN, GERMANY, Friday, April 19, 2002 – At its 17^th Annual General Meeting here today, the International Swaps and Derivatives Association (ISDA) formally launched netalytics (www.netalytics.org), an online netting analysis tool that enables ISDA member firms to determine more quickly and efficiently whether a particular transaction is eligible for netting. In doing so, netalytics helps firms save time and money and reduce legal and credit risk.

“netalytics combines the power of technology with thorough legal research to provide our members with a more cost-effective and efficient netting analysis solution,” said Robert Pickel, Executive Director and CEO of ISDA. “It reduces credit and legal risk by ensuring a consistent approach to netting across a firm’s office network and optimizing the quality of decision-making.”

Mr. Pickel also said that four ISDA primary members that have been using the service during its pre-launch testing have agreed to subscribe to netalytics.

Accessible 24 hours a day, seven days a week by all employees of a subscribing firm, netalytics is a user-friendly and interactive tool that can be easily used by anyone, from someone with little or no legal training or experience to general counsel. The tool distills netting eligibility decisions down to 13 key issues that have been standardized across over 35 jurisdictions and legal opinions. Instant, color-coded answers are provided for each of these issues, along with quick and comprehensive cross-referencing to the relevant sections of the actual netting opinion, legislation and/or regulation. netalytics also enables users to easily conduct cross-jurisdictional analysis, so answers to one or more of the 13 key issues can be compared across one or more jurisdictions. The most complete netting law library in the world, netalytics contains all ISDA netting opinions, as well as relevant netting legislation and regulation. netalytics was developed by Allen & Overy, an international law firm, and is available exclusively to ISDA members.

By standardizing netting analysis and decision-making, netalytics reduces resources spent on outside or in-house counsel previously devoted to determining a transaction’s eligibility for netting. In addition, the netalytics web site will be regularly updated to reflect new netting opinions and updates commissioned by ISDA, thus sparing firms the expense of updating their own analysis.

netalytics is a joint venture of ISDA and the Derivative Services LLP affiliate of Allen & Overy.

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