2008 Quebecor CDS Protocol Auction Timeline Initial Bidding Period Subsequent Bidding Period SUBMIT Valid Inside Market Submission Dealer Physical Settlement Req Customer Physical Settlement Req SUBMIT Limit Bids / Limit Offers (Dealer & Customer) Final Price etc. PUBLISHED Open Interest, Inside Market Midpoint, Adjustment Amount, Limit Offer Cap (if applicable) PUBLISHED 9.45 10.00 10.30 11.00 12.00 12.45 1.00 2.00 This timeline is a summary of certain settlement procedures set forth in the 2008 Quebecor CDS Protocol (the “Protocol"), as published by The International Swaps and Derivatives Association, Inc. on January 30, 2008, and is provided for information purposes only. It does not summarize all provisions set forth in the Protocol. The user must refer to the Protocol document itself for the specific details concerning the auction timeline and other elements of the Protocol. Copyright © 2008 by The International Swaps and Derivatives Association, Inc.