Positions of Asensio Clients West Highland and Blue Ridge Capital in on2holdings
During 3 quarters of 2000 and three quarters of 2001, West Highland Capital reported small long
positions in ON2 consistent with the long/short strategy of having a short position protected by
a smaller long one.
A history of West Highland's long positions, from its SEC filings.
                               CUSIP         $ Value    # of shares
Q2 2000
ON2.COM INC   COMMON STOCK     68338A107      149,000    29100 SH      
Q3 2000
ON2.COM INC   COMMON STOCK     68338A107      441,000   177100 SH  
Q4 2000
ON2.COM INC   COMMON STOCK     68338A107       35,000    60800 SH        
Q1 2001
ON2.COM INC   COMMON STOCK     68338A107       37,000    60800 SH  
Q2 2001
ON2 TECH INC  COMMON STOCK     68338A107       53,000   122400 SH        
Q3 2001
ON2 TECH INC  COMMON STOCK     68338A107       44,000   122400 SH    

Blue Ridge Capital held a long position in the second quarter of 2000 as well.
Q2 2000
ON2.COM INC   COMMON STOCK     68338A107     1,198,000  233700 SH  

Needless to say, Asensio never mentioned these client positions when he commented about the
company to the SEC.