NEWS RELEASE For Immediate Release

ISDA to Publish Auction Terms for Pages Jaunes

LONDON, June 12, 2014 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that loan-only credit default swap (LCDS) dealers voted to hold an auction for European LCDS transactions referencing a €2,350,000,000 facility agreement entered into by French group Pages Jaunes on October 24, 2006 (with subsequent amendments).

European LCDS transactions refer to reference obligations rather than reference entities, as is the case in regular CDS and North American LCDS.

Markit iTraxx LevX market-makers have determined that a failure-to-pay credit event has occurred with respect to the referenced facility agreement based on publicly available information.

ISDA will facilitate the process by publishing the auction terms on its website http://dc.isda.org/http://dc.isda.org/lcds-management/ in due course. The auction will be administered by Markit and Creditex.

For Media Enquiries, Please Contact: Nick Sawyer, ISDA London, +44 203 088 3586, nsawyer@isda.org Lauren Dobbs, ISDA New York, +1 212 901 6019, ldobbs@isda.org Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org

About ISDA

Since 1985, ISDA has worked to make the global over-the-counter (OTC) derivatives markets safer and more efficient. Today, ISDA has over 800 member institutions from 64 countries. These members include a broad range of OTC derivatives market participants including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure including exchanges, clearinghouses and repositories, as well as law firms, accounting firms and other service providers. 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 and Derivatives Association, Inc.