ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Monday, December 17, 2001

For More Information, Please Contact:

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

ISDA 2001 EURO PROTOCOL ATTRACTS 242 ADHERENTS

NEW YORK, Monday, December 17, 2001 – The International Swaps and Derivatives Association (ISDA) today announced that a total of 242 dealers and end-user entities signed on to the 2001 Euro Protocol by the November 30, 2001 deadline.

The vast majority of firms elected all four annexes covering issues such as payments, rate fixings, redenomination of notional amounts, accounts for payments and payment netting related to the end of the euro transition period, which occurs on December 31, 2001. The 2001 Euro Protocol -- together with accompanying material and information, as well as the list of adhering parties -- is published in the dedicated section of ISDA’s web site: http://www.isda.org/protocol/2001-euro-protocol.html.

“The Protocol approach proved once again to be an efficient and cost effective means of amending existing contracts,” said Robert G. Pickel, ISDA’s Executive Director and Chief Executive Officer. “We are pleased with the process and outcome of the 2001 Euro Protocol.”

The 2001 Euro Protocol is closely modeled on the successful 1998 EMU Protocol and the 2000 EMU Protocol (Greece) which also attracted a significant following. By signing up to the Protocol, individual firms agreed to amend their contracts with all other signatories in accordance with the particular provisions they elect to apply. To the extent that other signatories have elected the same provisions to apply, the contracts between those signatories are amended accordingly. The amendments take effect from January 1, 2002, or in the case of payments and rate fixings, from today, December 17, 2001. The ISDA web site proved critical to the Protocol process, serving as agent for receipt and posting of letters submitted by parties who wished to adhere. Adherents can access the list of other signatories via the site in order to ascertain with whom they in fact mutually amended outstanding contracts.

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