To the Members of the ISDA 2001 Nominating Committee:

A quick progress report on the things I was asked to do by the Committee
when we convened last month in NY:

1.  I have spoken a couple of times with Frederic Jambon of BNP Paribas
(most recently today).  Fred is interested in serving on the Board and both
he and his firm are willing to make the commitment that Board membership
would entail.

2.  I have also spoken several times with Azam Mistry of HSBC (again most
recently today).  Azam is likewise interested in serving on the Board and
both he and his firm are willing to make the commitment that Board
membership would entail as well.

3.  I have set up a lunch for NY-based members of the Committee on Dec. 6
with Kaushik Amin of Lehman Brothers.  Dennis Oakley will host the lunch at
Chase and several members of the Committee will attend.

4.  I have not heard anything further from Socitie General, but I have
e-mailed Sebastien today to see if they intend to put some up for the Board.

At this point, it would be appropriate for members of the committee who
would like to meet or speak by phone with any of these candidates to do so.
Fred Jambon is London-based.  Azam Mistry is Hong Kong-based, but will be
spending New Year's in the U.K. and could be in London just prior to, or
immediately after, Jan. 1.  Kaushik Amin is New York-based.  Please let me
know if you would like any of their phone numbers in order to set up a
face-to-face meeting or a phone conversation.

Rick