Dual Auction Timeline Subordinate Auction Senior Auction Open Interest Inside Market Midpoint Adjustment Amount PUBLISHED 9.45 10.00 SUBMIT Valid Inside Market Submission Dealer Physical Settlement Req Customer Physical Settlement Req 11.00 Adjustment Amount 12.00 Senior Auction Initial Bidding Period Limit Bids / Limit Offering (Dealer & Customer) Subsequent Bidding Period 1.00 2.00 Final Price etc…… 3.00 Final Price 11.15 11.30 10.45 This timeline is a summary of certain settlement procedures set forth in the 2006 Dura CDS Protocol (the "Dura Protocol"), as published by the International Swaps and Derivatives Association, Inc. on November 8, 2006, and is provided for information purposes only. It does not summarize all provisions set forth in the Dura Protocol. The user must refer to the Dura Protocol itself for the specific details concerning the auction timeline and other elements of the Dura Protocol. Copyright © 2006 by International Swaps and Derivatives Association, Inc.