The 2008 Washington Mutual CDS Protocol (the “Protocol”) relates to settlement issues concerning Washington Mutual Inc ("Washington Mutual"), that filed for Chapter 11 Bankruptcy Protection on September 26, 2008 EST (September 27, 2008 GMT). The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Washington Mutual. 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 23, 2008 to determine the final price for certain Washington Mutual bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2008 Washington Mutual CDS Protocol is open to ISDA members and non-members. The Protocol will be open between October 15, 2008 and October 20, 2008.