The 2008 Tribune Company CDS Protocol (the “Protocol”) relates to settlement issues concerning Tribune Company ("Tribune"), that announced on December 9, 2008 that it was voluntarily restructuring its debt obligations under the protection of Chapter 11 of the US Bankruptcy Code. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Tribune. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for January 6, 2009 to determine the final price for certain Tribune bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2008 Tribune Company CDS Protocol is open to ISDA members and non-members. The Protocol will be open between December 16, 2008 and December 19, 2008.