ADVISORY/ISDA North American Regional Member Conference and Press Briefings.

News Editors/Assignment Desks

ADVISORY...for Mon. (Sept. 22)

--(BUSINESS WIRE)

The International Swaps and Derivatives Association (ISDA) will hold two press briefings in New York on Monday, September 22nd, 2003 in conjunction with its annual North American Regional Member Conference. Accredited journalists are invited to attend the full day's events, as well as the press briefings.

WHAT:   ISDA NORTH AMERICAN REGIONAL MEMBER CONFERENCE AND
        PRESS BRIEFINGS
        The press briefings will offer members of the press insight
        into the day's sessions, as well as recent and upcoming
        activities of the Association. The Conference will feature a
        full day of sessions detailing the Association's recent
        activities and key projects. Topics include:

    --  Global Derivatives Public Policy Issues: recent and proposed
        legislation, international accounting regulations, energy
        markets issues, and financial innovation in the global
        derivatives business.

    --  Global Market Perspectives on Derivatives Industry Business
        Issues: tests faced by the privately negotiated derivatives
        markets in further fostering stability in the financial
        marketplace.

    --  Collateral, Technology and Operations Issues: the current ISDA
        collateral agenda, efforts to increase automation and the role
        of FpML to enable electronic communication both internally and
        between firms.

    --  Documentation, Netting and Risk Management: discussion of the
        Association's ongoing documentation initiatives, as well as
        review of the Association's discussions with Basel on the New
        Accord. The upcoming review of the counterparty risk treatment
        of derivative transactions will also be discussed.

WHO:    The 2003 North American Regional Member Conference will
        feature leading industry executives and public policy makers,
        including a keynote address by William J. McDonough, Chairman,
        Public Company Accounting Oversight Board.

        ISDA Executive Director and CEO, Robert Pickel and ISDA
        Chairman, Keith Bailey and other senior ISDA Board Members and
        staff will be on hand to answer questions at the press
        briefings. View the complete Conference Agenda at
        www.isda.org.

WHEN:   SEPTEMBER 22, 2003, 8:15 AM - 5 PM
        PRESS BRIEFINGS: Robert Pickel and Keith Bailey:
                          10:45 AM - 11:10 AM
                         ISDA Board Members:
                          12:30 PM - 1:00 PM

WHERE:    THE ROOSEVELT HOTEL
          MADISON AT 45TH
          NEW YORK, NY 10017

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.

Members of the media planning on attending this invitation-only event, please RSVP to: Jennifer Iannibelli, Kennedy & Company, 914/961-2436 or [e-mail].