ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Wednesday, August 12, 2009

For More Information, Please Contact:

Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org

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

ISDA Determinations Committee Votes Thomson a Restructuring

NEW YORK, Wednesday, August 12, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Thomson, a Paris-headquartered company that provides a range of communications products and services.

The Thomson Restructuring is the first Restructuring Credit Event that will be settled under the terms of the Restructuring Supplement, published by ISDA on July 27 and implemented via the 'Small Bang Protocol'. The Committee determined today that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity 'buckets'.

ISDA will publish the initial list of deliverable obligations for each maturity bucket on its website, www.isda.org/credit, in due course.

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 830 member institutions from 58 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.