The Revised 2005 Delphi CDS Index Protocol (the “Protocol”) relates to settlement issues concerning Delphi Corporation (“Delphi”), a U.S. company that filed for bankruptcy on October 8, 2005. Delphi is an automotive parts supplier that is included in various credit derivative indices, including those 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 Delphi. The Protocol will offer institutions the ability to amend their documentation for the index trades in order to utilize an auction process scheduled for November 4, 2005 to determine the final price for a Delphi bond. Markit Group Limited and Creditex, Inc. 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 Revised 2005 Delphi CDS Index Protocol.

The Revised 2005 Delphi CDS Index Protocol is open to ISDA members and non-members. The Protocol will be open between October 28, 2005 and November 2, 2005.