Pursuant to the SEC Emergency Orders (Release Nos. 34-58592 and 58611), Kellogg – when acting as a specialist or market-maker – may not knowingly effect a short sale as part of bona fide market making and hedging activity related directly to bona fide market making in a derivative security based on a Covered Security, if a customer's or counterparty's transaction will result in such customer or counterparty establishing or increasing an economic net short position (i.e., through actual positions, derivatives, or otherwise) in the issued share capital of a firm covered by the Order.