ISDA Credit Derivatives Determinations Committee: SEAT PAGINEGIALLE Credit Event

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Failure to Pay Credit Event occurred in respect of SEAT PAGINEGIALLE S.P.A.

The Committee determined that an auction will be held in respect of outstanding CDS transactions. ISDA will publish further information regarding the potential auction on its website, www.isda.org/credit, in due course.

The Committee also determined to withdraw the previous question in respect of SEAT PAGINEGIALLE S.P.A., which had been submitted for external review, on the basis that the more recent submission of a question as to whether or not a Credit Event has occurred in relation to SEAT PAGINEGIALLE S.P.A. has now been addressed. The withdrawal should not be taken to imply any decision as to the issue that had been referred to External Review.