1. ISDA International Swaps and Derivatives Association, Inc. Overview of ISDA Activities Sao Paulo, Brazil August 6, 2002 Ruth Ainslie Senior Policy Director www.isda.org

2. ISDAISDA What is ISDA ? ISDA is the global trade association representing leading participants in the privately negotiated derivatives industry, a business which includes interest rate, currency, commodity, credit, energy and equity swaps and options, as well as related structures such as caps, collars, floors and swaptions. ISDA International Swaps and Derivatives Association, Inc.

3. ISDAISDA ISDA’s Scope ISDA represents the over-the-counter derivatives industry through documentation, risk management, public policy and marketplace initiatives ISDA is committed to providing real value to its global constituency ISDA International Swaps and Derivatives Association, Inc.

4. ISDAISDA Who are ISDA Members? Today we have over 575 institutions from 44 countries on six continents. The membership of ISDA includes most of the world’s major financial institutions dealing in derivatives and also includes many other end users that rely on OTC derivatives to manage their financial and other risks inherent in their core economic activities. Today we have over 575 institutions from 44 countries on six continents. The membership of ISDA includes most of the world’s major financial institutions dealing in derivatives and also includes many other end users that rely on OTC derivatives to manage their financial and other risks inherent in their core economic activities. ISDA International Swaps and Derivatives Association, Inc.

5. ISDAISDA ISDA’s Membership Primary – Dealers –Banks/Investment Banks –Insurance Companies Associate – Service Providers –Law Firms –Accounting Firms Subscriber – End Users / Governmental Entities –Corporations –Central Banks –Non-dealer Financial Institutions Primary – Dealers –Banks/Investment Banks –Insurance Companies Associate – Service Providers –Law Firms –Accounting Firms Subscriber – End Users / Governmental Entities –Corporations –Central Banks –Non-dealer Financial Institutions ISDA International Swaps and Derivatives Association, Inc.

6. ISDAISDA ISDA’s Mission: The Association’s primary purpose is to encourage the prudent and efficient development of the privately negotiated derivatives business by: Promoting practices conductive to the efficient conduct of the business, including the development and maintenance of derivatives documentation. The Association’s primary purpose is to encourage the prudent and efficient development of the privately negotiated derivatives business by: Promoting practices conductive to the efficient conduct of the business, including the development and maintenance of derivatives documentation. ISDA International Swaps and Derivatives Association, Inc.

7. ISDAISDA ISDA’s Mission: Promoting the development of sound risk management practices. Fostering high standards of commercial conduct. Advancing international public understanding of the business Promoting the development of sound risk management practices. Fostering high standards of commercial conduct. Advancing international public understanding of the business ISDA International Swaps and Derivatives Association, Inc.

8. ISDAISDA ISDA’s Mission: Educating members and others on legislative regulatory, legal, documentation, accounting, tax, operational, technological and other issues affecting them. Creating a forum for the analysis and discussion of, and representing the common interest of its members on, these issues and developments. Educating members and others on legislative regulatory, legal, documentation, accounting, tax, operational, technological and other issues affecting them. Creating a forum for the analysis and discussion of, and representing the common interest of its members on, these issues and developments. ISDA International Swaps and Derivatives Association, Inc.

9. ISDAISDA ISDA Committees (good way to stay abreast of issues) Accounting Asia-Pacific Canada Steering Collateral Credit Derivatives Market Practice Documentation Central and Eastern Europe Energy and Developing Products Equity Derivatives Accounting Asia-Pacific Canada Steering Collateral Credit Derivatives Market Practice Documentation Central and Eastern Europe Energy and Developing Products Equity Derivatives ISDA International Swaps and Derivatives Association, Inc.

10. ISDAISDA ISDA Committees (Cont’d) Euro Japan Latin America Operations Regulatory Risk Management Tax Trading Practice Euro Japan Latin America Operations Regulatory Risk Management Tax Trading Practice ISDA International Swaps and Derivatives Association, Inc.

11. ISDAISDA ISDA Conferences and Seminars ISDA conducts international and regional conferences on important industry issues for derivatives providers and users throughout the Americas, Europe and Asia. Approximately 32 conferences and seminars are planned for 2002. ISDA conducts international and regional conferences on important industry issues for derivatives providers and users throughout the Americas, Europe and Asia. Approximately 32 conferences and seminars are planned for 2002. ISDA International Swaps and Derivatives Association, Inc.

12. ISDAISDA ISDA Conferences and Seminars (Cont’d) Operations Training Courses Confirmations Workshops Understanding the 1992 ISDA Master Agreements Understanding Collateral Arrangements and the ISDA Credit Support Documents Documenting and Confirming Credit Derivatives Transactions Operations Training Courses Confirmations Workshops Understanding the 1992 ISDA Master Agreements Understanding Collateral Arrangements and the ISDA Credit Support Documents Documenting and Confirming Credit Derivatives Transactions ISDA International Swaps and Derivatives Association, Inc.

13. ISDAISDA ISDA Conferences and Seminars (Cont’d) Risk Management Seminars ISDA Member Updates ISDA Annual General Meeting Tokyo - April 9 – 10, 2003 ISDA International Swaps and Derivatives Association, Inc.

14. ISDAISDA ISDA Offices New YorkLondon 360 Madison AvenueOne New Change 16 th floor London EC4M 9QQ England New York, NY 10017Telephone: 44020-7330-3550 Telephone: (212) 901-6000Facsimile: 44020-7330-3555 Facsimile: (212) 901-6001 TokyoAsia-Pacific The Chuo Building, 1 st Floor24 Raffles Place 2-17 Kagurazaka – Shinjuku-ku 162-0825# 22-00 Clifford Centre Tokyo 162-0825JapanSingapore 048621 Telephone: (8135) 227-3282Telephone: (65) 538-3879 Facsimile: (8135) 227-3283 Facsimile: (65) 538-6942 New YorkLondon 360 Madison AvenueOne New Change 16 th floor London EC4M 9QQ England New York, NY 10017Telephone: 44020-7330-3550 Telephone: (212) 901-6000Facsimile: 44020-7330-3555 Facsimile: (212) 901-6001 TokyoAsia-Pacific The Chuo Building, 1 st Floor24 Raffles Place 2-17 Kagurazaka – Shinjuku-ku 162-0825# 22-00 Clifford Centre Tokyo 162-0825JapanSingapore 048621 Telephone: (8135) 227-3282Telephone: (65) 538-3879 Facsimile: (8135) 227-3283 Facsimile: (65) 538-6942 ISDA International Swaps and Derivatives Association, Inc.

15. ISDAISDA ISDA Website www.isda.org ISDA International Swaps and Derivatives Association, Inc.