ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Thursday, October 8, 2009

For More Information, Please Contact:

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

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

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

ISDA to Publish Auction Terms for Thomson

NEW YORK, Thursday, October 8, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that three auctions will be held with respect to Thomson, a Paris-headquartered company that provides a range of communications products and services.

On August 12, ISDA's EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event had occurred in respect of Thomson. 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'.

Auction Settlement Terms will be published for each of the following designated range of Scheduled Termination Dates:

· Up to 20 June 2012;

· 21 June 2012 – 23 October 2014; and

· 24 October 2014 onwards.

The final list of deliverable obligations for each designated range of Scheduled Termination Dates is available on the ISDA website, www.isda.org/credit. The auction date and terms will be published in due course. The auction will be administered by Markit and Creditex.

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.