The 2008 Lehman CDS Protocol (the “Protocol”) relates to settlement issues concerning Lehman Brothers Holdings Inc. ("Lehman"), that filed for Chapter 11 Bankruptcy Protection on September 15, 2008. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Lehman. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for October 10, 2008 to determine the final price for certain Lehman obligations. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2008 Lehman CDS Protocol is open to ISDA members and non-members. The Protocol will be open between October 6, 2008 and October 8, 2008.