ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, August 14, 2002

For More Information, Please Contact:

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

ISDA PUBLISHES MEXICAN PESO FLOATING RATE OPTION DEFINITION: “ MXN-TIIE-Banxico”

NEW YORK, Wednesday August 14, 2002 - The International Swaps and Derivatives Association (“ISDA”), published today the new Mexican Peso Floating Rate Option definition “MXN-TIIE-Banxico” and a side letter for the parties to facilitate the implementation of the new definition. Publication of the new definition constitutes a formal amendment and thus, a supplement to, the 2000 ISDA Definitions. The side letter allows parties to bilaterally amend existing contracts by referencing the new definition.

“Development of the definition for the Mexican Peso rate option increases certainty for the institutions active in the Mexican market. Absence of the definition was identified by the ISDA Operations Committee as an important reason for confirmation backlogs in this market,” said Robert G. Pickel, CEO and Executive Director of ISDA. “The side letter should facilitate the adoption of the new definition.”

The Floating Rate Option and the side letter can be found under the “What’s New” section on the ISDA website: http://www.isda.org/whatsnew/whatsnew_nav.html.

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.

###