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RegulationsJuly 1 2004

Treasurers’ views on IAS39, credit derivatives and FX services

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Treasurers’ questions:

1. How will IAS39 impact your treasury operations and your use of different financial instruments?

2. Why have corporates been reluctant to make use of credit derivatives and what will change this?

3. How would you rate the overall standard of banks’ FX service and how is technology impacting this aspect of treasury operations?

Riyaz Peermohamed Senior vice president, corporate treasury Emirates Group

Neil Sorahan Head of treasury Ryanair

Lars Berggren Finance Director CVRD

Kurt Bock Corporate Treasurer BASF

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