Exhibit 3 to the 2005 CDS Index Protocol set forth the Auction Methodology that will be utilized to determine the Final Price for the Reference Obligation. The auction is scheduled for June 14, 2005. Markit Partners and Creditex will administer the auction.

In connection with this aspect of the Protocol, the following is a list of entities that submitted Participating Bidder Letters, as defined in the 2005 CDS Index Protocol. Each one of the following names will be linked to its own separate page, which has their conformed copy of a two page letter.

Banc of America Securities LLC

Barclays Bank PLC

Bear, Stearns & Co. Inc.

Citigroup Global Markets Inc.

Credit Suisse First Boston LLC

Deutsche Bank Securities Inc.

Goldman, Sachs & Co.

J.P. Morgan Securities Inc.

Lehman Brothers Inc.

Merrill Lynch, Pierce, Fenner & Smith, Incorporated

Morgan Stanley & Co. Incorporated

UBS Securities LLC

Wachovia Capital Markets, LLC