ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Friday, October 3, 2008

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 PUBLISHES EUROPEAN LCDS INDEX DOCUMENTATION AND REVISED EUROPEAN LCDS SINGLE-NAME DOCUMENTATION INCORPORATING AUCTION SETTLEMENT

LONDON, Friday, October 3, 2008 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of a revised documentation template for credit default swaps referencing the iTraxx® LevX® index of European leveraged loans, an index administered by Markit Group Limited. The revised template incorporates provision for settlement by reference to an auction following a credit event, bringing the European documentation in line with the North American Loan CDS documentation in this regard.

“Market participants have seen the benefit of auction settlement in the North American Loan CDS market and in senior unsecured CDS and were keen to incorporate it into this product. ISDA is pleased to be able to respond to this and to have facilitated the continued evolution of this market,” said David Geen, General Counsel, ISDA.

The ISDA iTraxx® LevX® Standard Terms Supplement for Use with Credit Derivative Transactions on Leveraged Loans is designed to document credit default swap transactions where the reference obligation and the deliverable obligation are a European syndicated secured loan listed in the index. The form is primarily intended for use in the European market.

This version is based closely on the documentation template for credit default swaps referencing the iTraxx® LevX® index of European leveraged loans that ISDA published in March 2008.

ISDA also announced today that it has published a revised version of the (single-name) Standard Terms Supplement for Use with Credit Derivative Transactions on Leveraged Loans. This template has been updated to include auction settlement on the same terms as the index version, providing consistency for those entering into single-name loan CDS trades on reference obligations that are listed in the index.

The European LCDS index templates 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 approximately 850 member institutions from 56 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.