ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Thursday, October 2, 2003

For More Information, Please Contact:

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

ISDA Opens Washington Office;

Appoints New Staff

New York, Thursday, October 2, 2003 – The International Swaps and Derivatives Association (ISDA) has announced the opening of its Washington, DC office and the appointment of several key regulatory and policy staff in North America and Europe.

“Opening a dedicated governmental advocacy office in Washington underscores ISDA’s commitment to serving the needs of its members in this important seat of legislative and regulatory power,” said Robert Pickel, Chief Executive Officer and Executive Director of ISDA. “Furthermore, our new staff additions enhance an already strong staff and enable us to continue to serve our membership and promote the goals of the industry.”

John Anderson joins as Head of Government Affairs, based in Washington. Prior to joining ISDA, Mr. Anderson was a senior policy advisor to Senator Mike Crapo (R-ID), where he managed legislative initiatives sponsored by Senator Crapo and served as senior advisor on finance, trade and transportation issues. Mr. Anderson previously worked as a legislative assistant to Jack Metcalf (R-WA) and, prior to that, for the Senate Committee on Foreign Relations.

ISDA has also appointed Daniela Marilungo as a policy director in charge of the Association’s European regulatory and advocacy activities from its Brussels office. Ms. Marilungo joins ISDA from the Italian Bankers’ Association (ABI) in Rome, where she served as junior director. There, her responsibilities encompassed regulatory and advocacy activities on behalf of ABI member banks, as well as legal and compliance support, research and consultancy activity.

In other areas of its industry efforts, ISDA has appointed Julian Day as a policy director in its European office. Mr. Day’s focus will be on trading practice as well as operational and documentation issues, capitalizing on experience from his career in the investment banking industry. Most recently, he served as a director at Credit Suisse First Boston in London. Mr. Day managed CSFB’s European OTC derivatives operations department before becoming director of compliance training.

Johanna Schwab has joined ISDA as a policy director in its New York office. Ms. Schwab joins from a position as vice president at AIG Trading Group, Inc., where she negotiated master trading agreements, collateral agreements, and proprietary master trading agreements relating to FX, interest rates, metals and energy products. Ms. Schwab will focus on a number of policy areas, including energy, collateral and equity derivatives.

ISDA’s Washington office is located at:

1101 Pennsylvania Avenue

Suite 600

Washington

DC 20004

Tel: +1 202 756 2980

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 600 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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