Creditex and Markit Determine Price of Glitnir Subordinated Debt to Settle Credit Derivative Trades

6 November 2008

Markit and Creditex, in partnership with 14 major credit derivative dealers, today announced the results of a Credit Event Auction that determined a price to facilitate the settlement of credit derivative trades referencing the subordinated debt of Glitnir Banki hf.

At 3:45 pm GMT today, the final price for Glitnir subordinated debt for the purpose of settling credit derivative transactions was determined to be 0.125%.

At 2:00 pm GMT today, the final price for Glitnir senior debt for the purpose of settling credit derivative transactions was determined to be 3%.

The auctions were conducted in accordance with the International Swaps and Derivatives Association (ISDA) 2008 Glitnir CDS Protocol. Markit and Creditex are the official administrators of Credit Event Auctions.

Credit Event Auctions enable market participants to cash settle credit derivative transactions. During a Credit Event Auction, dealers submit orders electronically on the Creditex platform. The auction submissions are delivered to Markit electronically.

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