ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION
NEWS RELEASE

For Immediate Release Thursday, May 30, 2002
For More Information, Please Contact:
Stacy Carey, ISDA New York, (212) 901-6000; Fax (212) 901-6001; scarey@isda.org

ISDA PUBLISHES NOVATION AGREEMENT
AND USER'S GUIDE

NEW YORK, Thursday, May 30, 2002 - The International Swaps and Derivatives Association (ISDA), in its ongoing effort to improve standardization and to reduce costs in the privately-negotiated derivatives industry, published today the Novation Agreement and User's Guide. The Novation Agreement is intended to be used in cases where two parties have entered into one or more transactions and one of those parties subsequently transfers its rights, liabilities, duties and obligations to a new counterparty. The Agreement is applicable under both New York and English law.

"Development of the Novation Agreement was a high priority for the ISDA Operations Committee," said Robert G. Pickel, CEO and Executive Director of ISDA. "The backlogs in documentation of novations and assignments should be greatly reduced along with the time spent on completing these agreements and the documentation cost."

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