Press Release July 25, 2006

Creditex and CreditTrade to Merge

BOSTON, July 25, 2006 — Creditex and CreditTrade announced that they have agreed to merge, creating a global force in the credit derivatives market. The combined company will be known as Creditex Group Inc. and will have leading market positions in various sectors of the CDS market, including European and North American indices and structured products, with positions across all single-name sectors and emerging markets globally. The merger will position Creditex Group Inc. to take advantage of the credit derivatives market, which has expanded by 100% annually in recent years, topping $17 trillion in outstanding notional in 2006.

Goodwin Procter partners John LeClaire and Kathy Fields represented Creditex in this matter.