On June 28, 2006, the day after the Tenth Anniversary of the Commencement of Asensio & Company, Inc.'s ("ACO") Initial Activists Short Sell, Manuel P. Asensio, the Founder and Former Chairman, President and Chief Executive Officer of ACO, provided testimony to the United States Senate Committee on the Judiciary on a hearing "Hedge Funds and Independent Analysts: How Independent are Their Relationships?" The hearing dealt with short selling. A letter outlining Mr. Asensio's testimony is available at www.asensio.com.

In response to publicity about lawsuits by Biovail Corporation and Overstock.com, Inc. against short sellers, and the success that opponents of Naked Short Selling have had in garnering attention, Mr. Asensio stated: "The problem is that there exist outdated regulation that create obstacles to Naked Short Selling. Naked Short Selling frees capital flows and creates more efficient market. The elimination of outdated borrowing rules and restriction on the application of free speech to analyst's report would solve these issues and serve all Americans well."