ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Monday, April 28, 2003

For More Information, Please Contact:

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

ISDA PUBLISHES WEATHER INDEX SWAP

TRANSACTION CONFIRMATION

NEW YORK, MONDAY, APRIL 28, 2003 - The International Swaps and Derivatives Association (ISDA) today published a Confirmation of an OTC Weather Index Swap Transaction.

In light of increased usage of weather derivatives globally, ISDA members from Asia, Australia, Europe, Japan and North America participated in preparing the new long-form Confirmation. The Weather Risk Management Association also participated in the Confirmation. A new part of the ISDA Master Agreement, the long-form Confirmation is intended to address Heating Degree Day transactions and supplements. The Confirmation addresses disruption events that may occur in the collection of meteorological data and acknowledges multiple providers of such data by offering 28 different Meteorological Offices in a Definitions Appendix. ISDA commissioned separate studies on methods for estimating missing data.

ISDA anticipates addressing documentation for additional types of weather derivatives transactions later this year.

ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has 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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