On a daily basis, major stock exchanges publish a list of securities that are not available to short. This list is known as the threshold list. A security is identified as a threshold security when it goes above a specified level of delivery failures for five consecutive settlement days. When the security goes below the specified level of delivery failures, it is no longer considered a threshold security and is removed from the list*.

An order for a security that is not available for shorting will be rejected by the trade platform. We encourage investors to review the threshold lists on a regular basis.

For additional information about short selling, visit the U.S. Securities and Exchange Commission (SEC) website at:

• http://www.sec.gov/divisions/marketreg/mrfaqregsho1204.htm
• http://www.sec.gov/spotlight/keyregshoissues.htm

For your convenience, we have provided links to published threshold lists. Click on the links to review the threshold list for the exchanges listed below:

*These rules are specific to U.S. markets.

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