The Track Record consists of the calculated performances of all Asensio & Company, Inc. publicly verifiable short selling recommendations. The methods used for calculating the returns of Asensio & Company, Inc.'s Track Record is not indicative and does not reflect any individual investor's actual results. Results vary depending on each investor's capital allocation among the Asensio recommendations and the timing of their entry and exit points. Results in individual accounts advised by Asensio & Company, Inc. varied in amounts greater than and less than those results calculated using the methods described below.

The Track Record is a measurement of the predictive quality of Asensio & Company, Inc.'s research by measuring the change in the stock price of all of the firm's Investor Advocacy investments during the firm's entire period of operation. The change was derived using the variance between the stock's reported last sales price (closing price) on the day before Asensio & Company, Inc. published its initial sell recommendation and research report and that company's lowest closing stock price for terminal cases (18 of 29 recommendations). Other specifically generated criteria were used for non-terminal cases. The firm's operation as a dedicated short seller NASD firm member occurred from January 1996 (the date Asensio commenced its public short selling operation) through October 31, 2003 (the closing date of the Asensio fund). All open positions are marked-to-market at year end using the year's closing stock price. The date of the initial report sets the price of the entire position.

Multimedia Games, Inc. and NVE Corporation whose coverage was initiated in and after October 2003 but before the re-launch of the asensio.com web site are included in Selected Performances and Activist Shorts but not in the Track Record calculation.