The 2005 CDS Index Protocol relates to settlement issues concerning Collins & Aikman Products Co., a U.S. company that filed for bankruptcy on May 17, 2005. Collins & Aikman Products Co. is an auto parts supplier that is included in various credit derivative indices published by Dow Jones CDX and TRAC-X. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to trades on credit derivative indices that included Collins & Aikman Products Co. The Protocol will offer institutions the ability to amend their documentation for the index trades in order to utilize an auction process scheduled for June 14, 2005 to determine the final price for a Collins & Aikman bond maturing on December 31, 2011. Markit Partners and Creditex will administer the auction.

It should be noted that, unlike other ISDA Protocols, there is no adherence fee associated with ISDA members or non-ISDA members submitting Adherence Letters in connection with the 2005 CDS Index Protocol.

The 2005 CDS Index Protocol is open to ISDA members and non-members. The Protocol will be open between May 26 and June 3, 2005.