NEWS RELEASE

For Immediate Release, Thursday, January 21, 2010

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 Japan Airlines Corporation

NEW YORK, Thursday, January 21, 2010 

The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Japan Credit Derivatives Determinations Committee resolved that a bankruptcy credit event has occurred in respect of Japan Airlines Corporation (JAL). The Committee also voted to hold an auction for JAL.

The Japan Credit Derivatives Determinations Committee separately voted that a bankruptcy credit event occurred with respect to Japan Airlines International Company Limited but that no auction would be held for CDS referencing this entity.

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 810 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 & Derivatives Association, Inc.