ISDA®

ISDA - INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Thursday, November 19, 2009

For More Information, Please Contact:

Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@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 Auction Terms for Hellas II

NEW YORK, Thursday, November 19, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) announced that its EMEA Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of Hellas Telecommunications (Luxembourg) II, a Greek telecom operator. The Committee also voted to hold an auction for Hellas II.

On November 17, the Board of Hellas II resolved to apply to the English High Court for an administration order in respect of Hellas II and an application for administration was made.

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.

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