ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Friday, September 14, 2001

For More Information, Please Contact:

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

Rebecca Johnson; Allen & Overy; Tel: +44 (0) 20 7330 4321; rebecca.johnson@allenovery.com

ISDA, DERIVATIVES INDUSTRY ADDRESS MARKET ISSUES

IN TERRORIST ATTACK AFTERMATH

NEW YORK, Friday, September 14, 2001 – The International Swaps and Derivatives Association (ISDA) today announced that more than 400 representatives from derivatives dealers and their legal counsel are gathered in talks to identify and resolve derivatives industry issues that may have arisen in the aftermath of the terrorist attacks in the United States.

ISDA is facilitating these discussions, which have focused on the impact of the closure of the US equity markets, settlement and valuation, and documentation and legal issues. ISDA has also established an information clearinghouse on its web site for disaster recovery and alternative notice addresses at http://www.isda.org/event/infoevent.html. ISDA is also posting useful links at http://www.isda.org/event/usefullinks.html and various statements regarding market practice issues on the main web site: www.isda.org.

“ISDA’s directors, members and staff offer our deepest sympathies for those affected by last Tuesday’s terrible tragedy,” said Robert Pickel, ISDA CEO and executive director. “The industry is now united in efforts to work together to identify and resolve issues that may affect the functioning of the derivatives markets. Those markets are strong, sound and stable, and we are confident that the combined efforts of our members, regulators and others in the financial industry will ensure that the markets function smoothly in the days and weeks ahead.”

Talks began at ISDA's Member Update meeting in London on Wednesday after the impact of the terrorism was realized. The discussions, taking place at One New Change, the London office of law firm Allen & Overy, are expected to continue for several days. Meetings are being held in New York and are being planned for Tokyo. Channels of communication with regulators supporting this industry initiative have also been opened. Many ISDA members are conferencing in from other locations around the world to join various discussions.

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