Survey Results: Rule 144 Practices

1. If asked to render a legend removal opinion regarding restricted securities of a reporting issuer that is current in filing its 1934 Act reports, where the securities have been held more than six months but less than twelve months, we are: (Total responses: n=74)
(select only one)
n=26 (35.14%) Not willing to provide such a legend removal opinion until the end of the twelve month period
n=12 (16.22%) Willing to provide a legend removal opinion
n=16 (21.62%) Undecided regarding what our practice will be
n=20 (27.03%) Depends on the circumstances of each situation

2. Where a pre-February 15, 2008 registration rights agreement provides that a holder of restricted securities may demand registration of the securities until all of the securities may be resold in a single sale under Rule 144(k), we are taking the following position in the case of reporting issuers: (Total responses: n=67)
(select only one)
n=37 (55.22%) If the securities have been held for at least six months but less than twelve months, the issuer is not obligated to register the securities so long as the issuer is current in filing its 1934 Act reports
n=30 (44.78%) The issuer must register the securities unless they have been held for at least twelve months