The 2008 Tembec CDS Protocol (the “Protocol”) relates to settlement issues concerning Tembec Industries Inc. ("Tembec"), a unit of Tembec Inc. that filed a Chapter 15 petition in the United States on September 4, 2008. Tembec is a forest products 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 Tembec. 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 2, 2008 to determine the final price for the Tembec loan. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2008 Tembec CDS Protocol is open to ISDA members and non-members. The Protocol will be open between September 17, 2008 and September 26, 2008.

More information on the Tembec loan is available by clicking here