The 2009 Smurfit CDS Protocol (the “Protocol”) relates to settlement issues concerning Smurfit-Stone Container Enterprises, Inc., ("Smurfit").  Smurfit, the Chicago-based integrated containerboard and corrugated packaging producer announced on January 26, 2009 that it and its Canadian subsidiaries had filed voluntary petitions for reorganization under Chapter 11 in the US Bankruptcy Court in Wilmington, Delaware.  The Canadian subsidiaries also filed to reorganize under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice in Canada.

The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Smurfit. 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, 2009 to determine the final price for certain Smurfit bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2009 Smurfit CDS Protocol is open to ISDA members and non-members. The Protocol will be open between Wednesday February 11, 2009 and Tuesday February 17, 2009.