Preliminary Agenda for Short Sale Restrictions Roundtable

May 5, 2009

U.S. Securities and Exchange Commission
100 F St., N.E.
Washington, D.C. 20549

Format: Chairman and Commissioners will question several panelists
(with a staff member facilitator).

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Welcome from the Chairman
10:00 a.m. - 10:10 a.m.

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Panel 1
10:10 a.m. - 11:20 a.m.
Market Changes and Investor Confidence; Are short sale price tests or short sale circuit breakers necessary or effective?

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Break
11:20 a.m. - 11:30 a.m.

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Panel 2
11:30 a.m. - 12:45 p.m.
Bid versus Tick versus Circuit Breakers; Discussion of short sale price tests and views on short sale circuit breakers.

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Lunch
12: 45 p.m. - 1:45 p.m.

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Panel 3
1:45 p.m. - 3:00 p.m.
Lessons and Insights from Empirical Data; Short sale price tests and short sale circuit breakers by the numbers.

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Closing Remarks
3:00 p.m. - 3:15 p.m.

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