ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release Wednesday, November 8, 2006

For More Information, Please Contact:

Scott Marra, ISDA New York, 212-901-6013, smarra@isda.org

ISDA PUBLISHES DURA CDS PROTOCOL

NEW YORK, Wednesday, November 8, 2006 – The International Swaps and Derivatives Association (ISDA) today announced its publication of a protocol created to facilitate settlement of credit derivative trades involving Dura Operating Corp. Dura, a U.S. auto parts manufacturer, filed for bankruptcy on October 30, 2006.

The 2006 Dura CDS Protocol is the first protocol published by ISDA that permits cash settlement of single-name, index, tranche and other credit derivative transactions. Previous ad hoc protocols enabled cash settlement only of index trades.

The Dura Protocol offers market participants an efficient way to settle credit derivatives trades involving Dura. It enables counterparties to amend credit derivatives documents on a multilateral basis rather than through one-on-one negotiations, and to participate in an auction, scheduled for November 28, 2006, which will determine the final price for Dura bonds. Markit and Creditex will administer the auction. The Protocol is open to ISDA members and non-members alike. The adherence period for the Protocol runs from November 8 to November 17, 2006.

“ISDA’s work to develop the new alternative settlement mechanism and incorporate it into our Protocol framework underscores our commitment to increase efficiency and reduce risk in privately negotiated derivatives,” said Robert Pickel, Chief Executive Officer and Executive Director, ISDA. “It further strengthens the legal and operational infrastructure of the credit derivatives business, a dynamic and innovative segment of our industry.”

The text of the Protocol and form of adherence letter, guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are all available at www.isda.org. Details on the auction are included in the Protocol.

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has over 750 member institutions from 52 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.