Alerts

Countries Limiting Short Selling or Imposing Disclosure Requirements (Excluding USA and United Kingdom)

September 21, 2008

Current as of 6:00 pm EDT, September 21, 2008. Please note that Schulte Roth & Zabel LLP and Schulte Roth and Zabel International LLP (together, "Schulte Roth & Zabel") are providing the following information as a convenience to its clients and others based on information of which it is aware, from sources it has no reason to believe are unreliable. Schulte Roth & Zabel has not sought further verification with local counsel or any other persons of the information contained herein. Schulte Roth & Zabel is not providing legal advice herein and does not provide legal advice with respect to the laws or regulations of the jurisdictions below. Also, consider this Alert in light of prior advice you may have received, and consider that further information and clarifications may become available subsequent to publication of this Alert. Finally, this Alert does not and is not intended to serve as a list of short sale restrictions in all global jurisdictions.

In response to the disclosure measures and short selling restrictions imposed on September 18th and 19th by the U.K. Financial Services Authority ("FSA" ) and the U.S. Securities and Exchange Commission, regulators around the world have either banned short selling, added restrictions on short selling or added disclosure requirements with respect to short positions in their home jurisdiction. By banning, restricting and disclosing short sales, regulators are seeking to maintain confidence in their own markets and complement the measures taken by U.K. and U.S. regulators. As a result, short sellers will face fewer alternative jurisdictions as the trading week opens. Furthermore, according to press reports, regulators in other countries, such as Austria and Portugal, are currently considering measures similar to those that have been passed by other regulators. Clients and others who may be affected by the requirements below are encouraged to seek advice from local counsel.