Abstract. The Dafermos regularization of a system of n hyperbolic conservation laws in one space dimension has, near a Riemann solution consisting of n Lax shock waves, a self-similar solution u = u (X/T ). In [19] it is shown that the linearized Dafermos operator at such a solution may have two kinds of eigenvalues: fast eigenvalues of order 1/ and slow eigenvalues of order one. The fast eigenvalues represent motion in an initial time layer, where near the shock waves solutions quickly converge to traveling-wave-like motion. The slow eigenvalues represent motion after the initial time layer, where motion between the shock waves is dominant.In this paper we use tools from dynamical systems and singular perturbation theory to study the slow eigenvalues. We show how to construct asymptotic expansions of eigenvalue-eigenfunction pairs to any order in . We also prove the existence of true eigenvalue-eigenfunction pairs near the asymptotic expansions.