ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Tuesday, October 28, 2003

For More Information, Please Contact:

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

ISDA PUBLISHES NEW WEATHER INDEX CONFIRMATIONS

New York, Tuesday, October 28, 2003 – The International Swaps and Derivatives Association (ISDA) has published a range of new confirmations and appendices addressing swaps and options on weather indices.

ISDA has published confirmations for a weather index put/floor and a weather index call/cap. In addition, ISDA has revised the form of confirmation for a weather index swap, originally published in April 2003. These confirmation templates are complemented by two new weather index appendices for Critical Precipitation Day (CPD) and Cooling Degree Day (CDD) indices, which accompany the previously published appendix for a Heating Degree Day (HDD) index.

The publication of these documents reflects the growing use and importance of weather derivatives globally. ISDA members from Asia, Australia, Europe, Japan and North America participated in preparing ISDA’s standard form documents for weather derivatives.

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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