ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC

NEWS RELEASE

For Immediate Release Tuesday, July 24, 2007

For More Information, Please Contact:

Scott Marra, ISDA New York, 212-901-6013, smarra@isda.org

ISDA PUBLISHES LCDS PROTOCOL

NEW YORK, Tuesday, July 24, 2007 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced its publication of the 2007 LCDS Protocol.

The purpose of the LCDS Protocol is to facilitate the amendment of documentation for loan CDS transactions that reference the Syndicated Secured Loan Credit Default Swap Standard Terms Supplement (the “Old LCDS Terms”), which were published on June 8, 2006. For transactions documented under the Old LCDS Terms, adhering to the LCDS Protocol will effect amendments to conform to new documentation standards under the Syndicated Secured Loan Credit Default Swap Standard Terms Supplement (the “New LCDS Terms”) published on May 22, 2007.

Adherence to the LCDS Protocol will achieve the following: (1) incorporating the New LCDS Terms in place of the Old LCDS Terms; and (2) adopting the new form of Syndicated Secured Loan Credit Default Swap Physical Settlement Rider published by The Loan Syndications and Trading Association, Inc. as of June 18, 2007.

The Protocol is open to ISDA members and non-members alike. The adherence period for the Protocol runs from July 24 to August 24, 2007. The text of the Protocol and form of adherence letter, guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are available at www.isda.org.

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 800 member institutions from 54 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.