ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Tuesday, June 25, 2002

For More Information, Please Contact:

Angela Papesch, ISDA Asia-Pacific, (65) 6538-3879; Fax (65) 6538-6942; apapesch@isda.org,

Stacy Carey, ISDA New York, (212) 901-6000; Fax (212) 901-6001; scarey@isda.org

ISDA LAUNCHES ISDAFIX PUBLICATION OF HONG KONG DOLLAR

NEW YORK, Tuesday, June 25, 2002 - The International Swaps and Derivatives Association (ISDA) announced today the addition of a Hong Kong Dollar (HKD) ISDAFIX rate to its schedule of swap rates published daily on Reuters.

The rates will produce a series of interest rate swap fixings for HKD in the following maturities: 1,2,3,4,5,7, and 10 years. The daily 11:00 a.m. polling of mid-market rates, based on underlying HIBOR and a standard bid-offer spread of five basis points, will be mean-averaged to three decimal places. The HKD ISDAFIX rates will be published at 11:30 a.m. (Hong Kong time) on Reuters page <ISDAFIX5>.

“This addition reflects market demand for broadly accessible information about swap rates in Hong Kong dollars,” said Robert Pickel, Executive Director and CEO of ISDA. “ISDAFIX is increasingly utilized as the market accepted default rate in a number of currencies. We are pleased that the roster now includes the Hong Kong dollar.”

ISDAFIX, ISDA’s par rate screen service was introduced in 1997 to facilitate swaps terminations and the valuation of cash-settled swaptions. The Hong Kong dollar swap rates are part of a series of rates for different currencies sponsored by ISDA based on information collected by either Reuters or Garban Intercapital. Rates for U.S. dollar, euro, Sterling, Swiss francs and Japanese yen, as well as U.S. dollar swap spreads, are available on various Reuters ISDAFIX pages. Further details are provided on the Reuters ISDAINFO page.

ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry. ISDA was chartered in 1985, and today has more than 575 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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