ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Thursday, April 16, 2009

For More Information, Please Contact:

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

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

ISDA CDS Determinations Committee Holds First Meeting;

ISDA to Publish Auction Terms for Bowater

New York, Thursday, April 16, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Credit Derivatives Determinations Committee for the Americas held its first meeting. The Committee determined that a credit event occurred for General Growth Properties, Inc., the second-largest U.S. mall owner, and Bowater Incorporated., the newsprint manufacturer. Each company announced today that it had voluntarily filed under Chapter 11 of the US Bankruptcy Code.

The Committee also determined that a CDS auction will be held for Bowater. ISDA will facilitate the process by publishing the auction terms on its website www.isda.org, in due course. This will be the first auction terms published pursuant to the Determinations Committees Rules that went into effect on April 8.

On April 8, ISDA announced the successful implementation of its 2009 ISDA Credit Derivatives Determinations Committees and Auction Settlement CDS Protocol (‘Big Bang’ Protocol). The Protocol incorporates the resolutions of the Determinations Committees into the terms of standard CDS contracts, which will make binding determinations for issues such as whether a Credit Event has occurred; whether an auction will be held; and whether a particular obligation is deliverable.

Information related to the Determinations Committees is available at www.isda.org/credit.

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.