CDS IndexCo and Markit Launch TABX - The ABX Tranche Indices

New York, NY - 14 February, 2007 - CDS IndexCo LLC ("CDS IndexCo"), a consortium of 16 investment banks licensed as market makers in the ABX, CDX and CMBX indices, and Markit Group Limited ("Markit"), the leading provider of independent data, portfolio valuations and OTC derivatives trade processing, announced today the launch of TABX, standardized tranches of the ABX indices, the synthetic asset backed benchmark indices referencing U.S. sub-prime residential mortgages.

TABX will provide investors with a universe of tradable instruments that will open up a range of new trading strategies to suit individual risk appetites. For the first time, investors will be able to hedge or gain leveraged exposure to the BBB and BBB- tranches of the ABX indices through a transparent, multi-dealer product.

Brad Levy, Managing Director, Firmwide eBusiness Group at Goldman Sachs and acting Chairman of CDS IndexCo, said: "The launch of TABX gives investors another way to gain or hedge exposure to specific types of ABS risk. TABX now allows the market to target a precise risk profile within the ABS portfolio and express a view by going long or short, much like the CDX and iTraxx tranches."

"TABX was designed to provide clients with synthetic, leveraged exposure to the ABS markets. These standardized ABX tranches offer greater operational efficiency than bespoke tranches, and will have the dual benefit of increasing liquidity and transparency in the synthetic ABS marketplace, particularly in terms of the valuation of these bespoke instruments. This is an exciting new product, and we will continue to see innovation in CDS of ABS over the coming months," stated Kevin Gould, Executive Vice President and Head of Data Products and Analytics at Markit.

TABX will reference the underlying names of the ABX BBB and BBB- sub-indices. Both sets of tranches will consist of the same 40 reference entities which constitute the current ABX 07-1 and the previous ABX 06-2 index vintages; the 40 ABX BBB reference obligations underlie the six BBB Tranche Indices while the ABX BBB- underlie the six BBB- Tranche Indices.

Attachment points for the TABX.HE BBB tranches will be 0, 3, 7, 12, 20, 35 and 100%. The BBB- tranches will have attachment points at 0, 5, 10, 15, 25, 40 and 100%. Much like the iTraxx and CDX indices, ABX tranches will trade at fixed coupons. They will be quoted on price and will roll every six months, two weeks after each ABX roll.

The indices will account for Writedowns, Principal Shortfalls, and their respective Reimbursements in a Pay As You Go (PAYG) format, similar to the cash and ABX markets. Unlike ABX, TABX will not recognize Interest Shortfalls as a trigger for floating or contingent payments.

Markit will act as administration, calculation, and marketing agent for TABX. This broad remit includes capturing weekly price fixings, and publishing index-level fixed and floating payments monthly; handling operations, marketing, and analytics; negotiating dealer and data licenses; and communicating information to the wider market.

The investment banks that are both launching and acting as market-makers of TABX are: ABN AMRO; Bank of America; Barclays Capital; Bear Stearns; BNP Paribas; Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; JPMorgan; Lehman Brothers; Merrill Lynch; Morgan Stanley; RBS Greenwich Capital; UBS; and Wachovia.

For information on TABX, see www.markit.com or contact:

CDS IndexCo
Michael Mandelbaum
Tel: +1 310 785-0810
Email: michael@mandelbaummorgan.com

Markit
Teresa Chick
Tel: +44 20 7260 2094
Email: teresa.chick@markit.com

About CDS IndexCo

CDS IndexCo is a consortium of 16 investment banks which are licensed as market makers in the ABX, CMBX and CDX indices. The market makers include: ABN AMRO, Bank of America, Barclays Capital, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Lehman Brothers, Merrill Lynch, Morgan Stanley, UBS, and Wachovia.

About Markit

Markit Group Limited is the leading provider of independent data, portfolio valuations and OTC derivatives trade processing to the global financial and commodities markets. The company receives daily data contributions from over 70 dealing firms, and its services are used by almost 1,000 institutions to enhance trading operations, reduce risk and manage compliance.

Markit's position in the derivatives markets has been acknowledged by the industry with numerous awards. In 2006, the company won Operations Management's Vendor of the Year award (Trade Processing); Financial News' Best Derivatives Data Solution and Best New Vendor Solution (Portfolio Valuations); Credit's Best Operational Support Services Provider; Inside Market Data's Reference Data Provider of the Year, and Company to Watch; Risk's Trading Initiative of the Year (Credit Event Fixings); and Structured Finance International's Editor's Award for Advancing Structured Finance. In 2005, Markit received International Securitisation Report's Editor's Award for Innovation; International Financing Review's Innovation of the Year (Credit Event Fixings); Financial News' Best Derivatives Data Provider; and Operations Management's Vendor of the Year award.