The 2012 ISDA U.S. Municipal Reference Entity Supplement to the 2003 ISDA Credit Derivatives Definitions is designed for use in trades where a U.S. Municipal Entity is the Reference Entity for a credit default swap where the documentation also incorporates the 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restricting Supplement to the 2003 ISDA Credit Derivatives Definitions (the “2009 July Restructuring Supplement”) and makes specific amendments to the 2003 ISDA Credit Derivatives Definitions and the 2009 July Restructuring Supplement for purposes of Muni CDS transactions.

(With effect from April 3, 2012, this document, published on March 5, 2012, supersedes the “Additional Provisions for use with U.S. Municipal Reference Entities”, published in 2004)