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Japan – short selling notice

The Financial Services Agency of Japan has tightened controls regarding Short Selling and announced restrictions prohibiting Naked Short Selling effective October 30th, 2008. Consequently, all clients placing short sell orders must have the required borrow arrangement in advance to ensure delivery on settlement date.

This notice is to inform you of the terminology change whereby Credit Suisse shall not be able to accept any Naked Short Sell orders and therefore will be redefining "Short Sell" order as "Short Sell with Locates" order.

Any settlement failure linked to Short Selling will be treated with the highest attention.

We appreciate your full understanding and cooperation to ensure compliance with the new regulation that has been placed on short sell orders.

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