The 2009 Ecuador CDS Protocol (the “Protocol”) relates to settlement issues concerning the Republic of Ecuador ("Ecuador").  Ecuador's government did not make a $30.6 million interest payment within the 30 day grace period that started after the country failed to make its payment for the original due date which was November 15. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing the Republic of Ecuador. 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 14, 2009 to determine the final price for certain Ecuador bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2009 Ecuador CDS Protocol is open to ISDA members and non-members. The Protocol will be open between January 6, 2009 and January 12, 2009.