ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Wednesday, October 8, 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 TO PUBLISH PROTOCOL FOR LANDSBANKI ISLANDS

AND GLITNIR BANKI

LONDON, Wednesday, October 8, 2008– The International Swaps and Derivatives Association, Inc. (ISDA) today announced that, after consultation with industry participants, it will launch protocols to facilitate settlement of credit derivative trades involving Landsbanki Íslands hf and Glitnir Banki hf, for each of which a “receivership committee” was appointed on Tuesday, October 7, 2008.

The Protocols will be open to ISDA members and non-members alike. ISDA will publish further details in due course and these will be available at www.isda.org.

ISDA’s protocol mechanism has helped facilitate a seamless settlement procedure for other trades. Recently, ISDA announced it had successfully implemented Protocols for credit derivative transactions referencing Tembec, Fannie Mae and Freddie Mac. The adherence period for the Lehman Brothers Holdings Protocol closes today, October 8. The auction date is scheduled for October 10. Markit and Creditex administered the 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 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.