Markit Announces Tribune Company Credit Event

10 December 2008

Markit today announced that a credit event has occurred at Tribune Company and Markit LCDX index dealers have voted to participate in a Credit Event Auction to facilitate the settlement of loan credit default swap (LCDS) trades referencing the company, which is a constituent of the Markit LCDX index.

The auction terms, including the auction date, will be determined by Markit LCDX dealers according to LCDS Auction Rules published on the International Swaps and Derivatives Association (ISDA) website. Markit and Creditex are the official administrators of Credit Event Auctions.

A separate Credit Event Auction will be held to facilitate the settlement of CDS trades referencing Tribune Company, which is a constituent of the Markit CDX index.

The auction dates, once they have been determined, will be posted on www.creditfixings.com.

The Credit Event Auction process was launched in 2005 by Markit and Creditex in collaboration with ISDA and major credit derivative dealers. Auctions have been held to facilitate settlement of credit derivative trades referencing Masonite International Corporation, Kaupthing Banki hf, Glitnir Banki hf, Landsbanki Islands hf, Washington Mutual Inc., Lehman Brothers Holdings Inc., Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, Tembec Industries Inc., Quebecor World Inc., Movie Gallery, Collins & Aikman, Delta Air Lines, Northwest Airlines, Delphi Corporation, Calpine Corporation, Dana Corporation and Dura.

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