SEC Follow Up Exhibits Part C SEC_OEA_FCIC_001760-2501

Table 7-A
Stocks: Three sampled stocks from each subgroup of stocks
Period: 09/12/2008-09/18/2008
This table summarizes the probability that an order would execute and the time to execution when we simulated the
submission of a short sell order for a group of 9 stocks of the highly traded group (>7ml shares). The price and the
volume categories for the stocks are as described in the main text of the memo. For each of these groups, 3 stocks
belonged to each of the price categories (high, medium and low price). We used the Daily TAQ’s trade and quote
reports for ARCA to simulate the market condition.
exec= percentage of the simulation which a short sale is executed.
sec = time to execution in seconds (for simulations that result in an execution).
Share Price Return # Liquidity 1 cent bid 2 cents bid 3 cents bid
Volume Group (basis Obs Provider increment increment increment
Group points) + uptick + uptick + uptick
exec sec exec sec exec sec exec sec
High low ri < -100 bp 410 68% 8.50 64% 10.62 52% 15.79 33% 22.37
(>7m) -100 bp < ri 7m) -100 bp < ri 7m) -100 bp < ri