ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Wednesday, October 14, 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 NJSC Naftogaz of Ukraine

NEW YORK, Wednesday, October 14, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) announced that its EMEA Credit Derivatives Determinations Committee resolved on October 8 that a failure to pay credit event had occurred in respect of the National Joint Stock Company (NJSC) Naftogaz of Ukraine. Naftogaz, a leading enterprise in Ukraine’s fuel and energy complex, is reported to have failed to repay principal on a $500 million Eurobond that was due on September 30. The Committee also voted to hold an auction for Naftogaz.

ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, 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.