ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Monday, May 12, 2003

For More Information, Please Contact:

Louise Marshall, ISDA New York, (212) 901-6000; Fax (212) 901-6001;

ISDA Publishes Provisions for Monoline Insurers

NEW YORK, May 12, 2003 - The International Swaps and Derivatives Association (ISDA) today published provisions to be used in confirmations where the Reference Entity is a monoline insurer in cases of a physically-settled credit default swap. The provisions are intended to be used for transactions where a monoline insurer has issued financial guaranty insurance policies or similar financial guarantees to which a Reference Entity irrevocably guarantees or insures the scheduled payments of principal and interest of an obligation for which another party (including a special purpose entity or trust) is the obligor.

“This is a further example of ISDA’s efforts to help enhance and standardize available credit derivatives documentation,” said Robert Pickel, Executive Director and CEO of ISDA. “These Provisions build on the foundation created by the publication of the 2003 ISDA Credit Derivatives Definitions and further assist in the smooth development of this rapidly growing market sector.”

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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