The 2005 Delta & Northwest CDS Index Protocol relates to settlement issues concerning Delta Air Lines, Inc. and Northwest Airlines, Inc., two U.S. companies that filed for bankruptcy on September 14, 2005 which are 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 include Delta Air Lines, Inc. and Northwest Airlines, Inc. The Protocol will offer institutions the ability to amend their documentation for the index trades in order to utilize an auction process scheduled for October 11, 2005 to determine the final price for certain Delta Air Lines, Inc. and Northwest Airlines, Inc. bonds. Markit Partners and Creditex will administer the auction.

It should be noted that, unlike other ISDA Protocols, there is no adherence fee in connection with the 2005 Delta & Northwest CDS Index Protocol.

The 2005 Delta & Northwest CDS Index Protocol is open to ISDA members and non-members. The Protocol will be open between September 23 and September 30, 2005.