ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, September 5, 2001

For More Information, Please Contact:

Stacy Carey, ISDA New York, (212) 332-1200; Fax (212) 332-1212; scarey@isda.org

ISDA ANNOUNCES

ADDITIONAL POSTING OF ONE-YEAR U.S. DOLLAR SWAP RATE

NEW YORK, Wednesday, September 5, 2001 – The International Swaps and Derivatives Association (ISDA) announced today the publication of a 3:00 p.m. one-year swap rate on a semi-annual bond basis in addition to the current 11:00 a.m. EST poll. As of September 5, 2001, Reuters will post the additional rate publication daily at 3:45 p.m. on Reuters page ISDAFIX3.

Responding to industry requests as the one-year Treasury Bill has been withdrawn, ISDA’s Trading Practice Committee established a new poll of the one-year swap rate at 3 p.m. The new posting allows dealers with spreadlock deals on one-year CMT (constant maturity treasury) transactions to amend the reference to the underlying one-year Treasury Bill that formerly acted as a price mechanism for such deals.

The U.S. dollar par swap rates are part of a series of rates for different currencies sponsored by ISDA and published by Reuters Limited based on information obtained from dealers by Garban Intercapital plc. Rates for 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.

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