ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

NEWS RELEASE

For Immediate Release Wednesday, April 9, 2003

For More Information, Please Contact:

Louise Marshall, ISDA Tokyo, 813.3943.7839; Fax 813.3943.7819; lmarshall@isda.org

Or Jennifer Iannibelli, Kennedy & Company New York 914.961.2436; Fax 914.961.2476; jennifer@kennedycom.com

OVER 90% OF THE WORLD’S 500 LARGEST COMPANIES USE DERIVATIVES TO HELP MANAGE THEIR RISKS, ACCORDING TO NEW ISDA SURVEY

TOKYO, JAPAN, WEDNESDAY APRIL 9, 2003 - At its annual general meeting today, the International Swaps and Derivatives Association announced the results of a survey of derivatives usage by the world’s 500 largest companies.

According to the survey, 92% of these companies use derivative instruments to manage and hedge their risks more effectively. The companies using derivatives are located in 26 countries around the world and represent a broad variety of industries, ranging from aerospace to wholesalers of office and electronic equipment.

Of the companies using derivatives, 92% use them to help manage interest rate risk. This represents 85% of the total sample. 85% of the companies (78% of the total) use derivatives to help manage currency risk, 25% (23.5% of the total) to help manage commodity price risk and 12% (11% of the total) to help manage equity price risk.

On a geographic basis, 94% of the 196 U.S. companies included among the world’s 500 largest use derivatives, as do 91% of the 89 Japanese companies, 92% of the 37 French companies, 100% of the 35 U.K. companies, and 94% of the 34 German companies.

“The survey demonstrates that derivatives today are an integral part of corporate risk management among the world’s leading companies,” said Robert Pickel, executive director and chief executive officer of ISDA. “Across geographic regions and industry sectors, the vast majority of these corporations rely on derivatives to hedge a range of risks to which they are exposed in the normal course of business.”

About the Survey

The survey was conducted by ISDA in March and April, 2003 and covers the world’s 500 largest companies ranked by revenues as of year-end 2001. Of the 500, three no longer exist as independent companies and are excluded from the results. In conducting the survey, ISDA examined publicly available information, including annual reports and regulatory filings. Companies for which no disclosure is available are counted for purposes of the survey results as not using derivatives.

About ISDA

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 590 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.

### (CHARTS ATTACHED) ISDA SURVEY RESULTS: DERIVATIVES USAGE BY WORLD’S 500 LARGEST COMPANIES
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