The 2008 Quebecor CDS Protocol (the “Protocol”) relates to settlement issues concerning Quebecor World Inc. ("Quebecor"), a Canadian company that filed for creditor protection under the Canadian Companies’ Creditors Arrangement Act on January 21, 2008. Quebecor is a printing company that is included in various CDX credit derivative indices and is also the subject of single name trades and other credit derivative transaction types. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Quebecor. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for February 19, 2008 to determine the final price for certain Quebecor bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

It should be noted that there is no adherence fee required for ISDA members or non-ISDA members submitting Adherence Letters in connection with the 2008 Quebecor CDS Protocol.

The 2008 Quebecor CDS Protocol is open to ISDA members and non-members. The Protocol will be open between January 30, 2008 and February 8, 2008.