ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Friday, November 9, 2001

For More Information, Please Contact: Stacy Carey, scarey@isda.org,

ISDA New York, Tel (212) 332-1200; Fax (212) 332-1212

ISDA PUBLISHES CREDIT DERIVATIVES

CONVERTIBLES SUPPLEMENT

NEW YORK, Friday, November 9, 2001 – The International Swaps and Derivatives Association (ISDA) announced today that it has finalized and published the Supplement Relating to Convertible, Exchangeable or Accreting Obligations. The Supplement and Commentary can be accessed under the What’s New section of ISDA’s web site.

The Convertibles Supplement addresses the treatment under the 1999 ISDA Credit Derivatives Definition of certain types of convertible and exchangeable obligations, as well as the treatment of accreting obligations, such as zero-coupon bonds, low coupon bonds issued at a discount and non-discounted bonds that accrete during their term. “The Convertibles Supplement represents the consensus of a diverse range of constituents in the credit derivatives markets, including portfolio managers, credit protection sellers and dealers,” said Robert G. Pickel, Executive Director and CEO of ISDA.

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