ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Monday, October 27, 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 LAUNCHES PROTOCOLS FOR THREE ICELANDIC BANKS

LONDON, Monday, October 27, 2008 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced the launch of protocols to settle credit default swaps (CDS) referencing Landsbanki Islands hf, Glitnir Banki hf and Kaupping Banki hf.

The purpose of the protocols is to offer market participants an efficient mechanism to settle credit derivative transactions referencing Landsbanki Islands hf, Glitnir Banki hf and Kaupping Banki hf.

“These are the first credit events to occur in the European market since ISDA started publishing Protocols for settlement,” said David Geen, General Counsel, ISDA. “The experience of running these protocols successfully for over a dozen North American credit events will be of enormous benefit in ensuring that the process runs equally smoothly in Europe.”

The protocols, which are open until October 31, offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize auctions scheduled for November 4, 5 and 6, 2008 (for Landsbanki, Glitnir and Kaupping respectively) to determine the final price for certain obligations of those entities. Markit and Creditex will administer the auctions.

The Protocols are open to ISDA members and non-members alike.

A complete list of deliverable obligations that are included in each protocol and a list of adherents to date are available at www.isda.org. The text of each protocol and form of adherence letter, guidance on the mechanics of the protocol, and answers to frequently asked questions are also available on the Association’s website. Details on the auction are included in the protocol.

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.