ISDA®

INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION

PRESS STATEMENT

For Immediate Release, Friday, March 31, 2006

For More Information, Please Contact:

Louise Marshall, ISDA New York, 212-901-6014, lmarshall@isda.org

Dana Protocol Auction Outcome

New York, Friday, March 31, 2006 – The International Swaps & Derivatives Association, Inc (ISDA) today made the following statement: The auction for the 2006 Dana CDS Index Protocol was held at 10:00 a.m. New York Time today.  In connection with the submission of bids and offers, one Participating Bidder submitted an incorrect Market Order.  This submission was a genuine clerical error on the part of this Participating Bidder.  Had the relevant Participating Bidder's correct Market Order been submitted, the Final Price would have been 75%, rather than the published result of 73.5%.  The Auction Administrators published the original auction results in good faith and in accordance with the published 2006 Dana CDS Index Protocol. 

Once ISDA was notified of the situation, ISDA convened a meeting of all Participating Bidders.  It was determined that:

1. The Final Price determined pursuant to the auction methodology set forth in the 2006 Dana CDS Index Protocol is 75%.

2. Any Adjustment Amounts to be paid by Participating Bidders have been recalculated based on the Final Price of 75%.

3. It was unanimously agreed that:

(a) All trades resulting from the auction held earlier today stand at a price of 75%.

(b) Participating Bidders whose Limit Bids or Inside Market Bids formed part of a Matched Limit Order Trade will be compensated 1.5 points for the difference between the 73.5% published earlier today and the correct 75% result.  Such compensation will be provided by the Participating Bidder who submitted the incorrect order.

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has approximately 700 member institutions from 50 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.