ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Tuesday, March 31, 2009

For More Information, Please Contact:

Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@isda.org

Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org

Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org

ISDA to Publish Protocol and Auction Terms for Idearc

New York, Tuesday, March 31, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Idearc Inc., the Dallas-based phone-directory publisher, which announced today that it had filed voluntary petitions to reorganize under Chapter 11 of the US Bankruptcy Code.

ISDA will facilitate the process by publishing the Protocol and auction terms on its website www.isda.org, in due course. The Protocol will be open to ISDA members and non-members alike. Markit and Creditex will administer the auction, which has tentatively been scheduled for Thursday, April 23.

In addition, LCDX dealers are expected to vote today on whether to hold an auction for loan-only CDS transactions referencing Idearc. If those firms vote to hold an auction, ISDA will publish auction terms for this auction, similar to the documentation for recent loan-only CDS auctions.

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 820 member institutions from 57 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 and Derivatives Association, Inc.