The 2009 Station Casinos CDS Protocol (the “Protocol”) relates to settlement issues concerning Station Casinos, Inc., ("Station Casinos"), which was reported to have failed to make a payment due February 1 on $450 million of 6.5 percent notes due in 2014.  The 30 day grace period expired on Tuesday, March 3. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Station Casinos. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for March 31, 2009 to determine the final price for certain Station Casinos bonds. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2009 Station Casinos CDS Protocol is open to ISDA members and non-members. The Protocol will be open between March 18, 2009 and March 25, 2009.