ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, October 3, 2001

For More Information, Please Contact:

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

ISDA INTRODUCES NETALYTICS, A NEW LEGAL AND DOCUMENTATION SOLUTION FOR ISDA MEMBERS

NEW YORK, Wednesday, October 3, 2001 – The International Swaps and Derivatives Association (ISDA) has introduced netalytics, a new online information resource for its members covering the validity and enforceability of the early termination and close-out netting provisions of the ISDA Master Agreement in 35 jurisdictions.

“netalytics is another example of ISDA’s commitment to using technology to facilitate the business of our members,” said Robert Pickel, Executive Director and CEO of ISDA. “Its easy-to-use features make it a cost-effective and time-saving mechanism that will help our members reduce their legal and credit risks.”

Expected to be available in the fourth quarter of 2001, netalytics was developed by Allen & Overy, an international law firm, and will be offered to ISDA members on a subscription basis. The netalytics web site will contain all the netting opinions and updates commissioned by ISDA, as well as additional information, such as an overview of the legal position with respect to netting and relevant original netting legislation (if available), with an unofficial English translation.

Jeffrey Golden, co-head of Allen & Overy's US law and Derivatives practices commented, "We believe netalytics will compliment ISDA's efforts over the past years to ensure for its members the benefits and a clear understanding of netting as a risk management tool. We are delighted to be working once again with ISDA to foster an information resource for the derivatives market."

netalytics enables members to determine at a glance whether they can enter into transactions with a counterparty organized in any of the jurisdictions covered by the ISDA Netting Opinions under the protection of the netting provisions of the Master Agreements. In addition, netalytics features cross-jurisdictional comparative analysis, which allows one or more of the key issues highlighted in the Netting Reports -- such as automatic early termination -- to be compared across one or more jurisdictions.

ISDA plans to discuss the initiative at its Updates in Hong Kong on October 15 and Tokyo on October 18. The introduction of netalytics is the latest in a number of e-commerce initiatives by ISDA in the last year, including an online facility that would enable members to streamline the process of drafting, negotiating and executing agreements with counterparties; the Library of Interactive ISDA Documentation; and a web site dedicated to the online sale of the full library of ISDA documentation, www.isdadocs.org.

The International Swaps and Derivatives Association

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 540 member institutions from 41 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.

Allen & Overy

Allen & Overy is a premier international law firm with over 390 partners and some 4,400 staff working in 25 major cities worldwide. The derivatives group is consistently ranked as a global leader in the market. Legal 500 and Chambers independent legal directories both rank Allen & Overy as one of the leading international capital markets practices and as the leading derivatives practice. The latter describes Allen & Overy as "the clear leaders in derivatives work".

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