ISDA®

ISDA - INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Thursday, December 3, 2009

For More Information, Please Contact:

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

Financial Guaranty Insurance Company

NEW YORK, Thursday, December 3, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of Financial Guaranty Insurance Company (FGIC), a company that provides credit enhancement on public finance, structured and global infrastructure and utility securities. The Committee also voted to hold an auction for FGIC.

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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