ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC

NEWS RELEASE

For Immediate Release Monday, July 23, 2007

For More Information, Please Contact:

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

George Handjinicolaou Joins ISDA as Deputy CEO

And Regional Director for Europe, Middle East and Africa

NEW YORK, Monday, July 23, 2007 – The International Swaps and Derivatives Association (ISDA) today announced the appointment of George Handjinicolaou as Deputy Chief Executive Officer and Regional Director for Europe, Middle East and Africa effective immediately.

In this new position, which is based in ISDA’s European headquarters office in London, Mr. Handjinicolaou will serve as the Association’s primary representative in EMEA. He will coordinate with the Association’s CEO, Board of Directors, staff and members to develop and lead ISDA’s activities and strengthen ISDA’s relationships with key constituencies in the region. He reports to Robert Pickel, ISDA’s CEO and Executive Director.

“George’s leadership skills and broad experience in finance, particularly in privately negotiated derivatives, will enhance ISDA’s ability to effectively represent the interests of our members and our industry,” said Mr. Pickel. “We welcome him and look forward to his contributions to the ongoing success of ISDA.”

Over the course of his 25-year career, Mr. Handjinicolaou has held senior management positions in the derivatives and fixed income markets in Europe and the U.S. at several global financial institutions, including Dresdner Kleinwort Benson, Union Bank of Switzerland, the World Bank, Merrill Lynch and Bank of America. He most recently was Founder and Managing Partner of Etolian Capital Management, LLC, where he provided consulting services to asset management firms with a focus on initiatives related to municipal derivatives and distressed credit derivatives.

Mr. Handjinicolaou received his PhD in Finance from the graduate school of business at New York University, where he also earned his MBA. He holds a BS degree from the Law School at the University of Athens in Athens, Greece.

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 800 member institutions from 54 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.