Markit Announces Hawaiian Telcom Communications, Inc. Credit Event

2 December 2008

Markit today announced that a credit event occurred at Hawaiian Telcom Communications, Inc. and Markit LCDX index dealers voted to conduct a Credit Event Auction to facilitate the settlement of loan-only credit derivative trades referencing the company, which is a constituent of the Markit LCDX index.

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

Hawaiian Telcom Communications, Inc. is a constituent of series 8, 9 and 10 of the Markit LCDX index.

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 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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