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                               ENFORCEMENT BUREAU

                                NORTHEAST REGION

                                New York Office

                               201 Varick Street

                               New York, NY 10014

                                 June 21, 2006

   Sitt Asset Management, LLC.

   New York, NY

                         NOTICE OF UNLICENSED OPERATION

   Case Number: EB-06-NY-081

   Document Number: W20063238032

   The New York Office received a complaint of interference from a FCC
   licensed user affecting the frequency 840 MHz. On May 1, 2006,  agents
   from this office confirmed by direction finding techniques that radio
   signals on frequency 840 MHz were emanating from 1 Penn Plaza, New York,
   NY 10119. Upon further investigation, the interference was found to be
   coming from a bi- directional amplifier located in your office on the
   34^th floor at 1 Penn Plaza, New York, NY 10119. The Commission's records
   show that no license was issued for operation of a bi-directional
   amplifier on the frequency 840 MHz at this location.

   In view of the above, your attention is directed to the Communications Act
   of 1934, as amended, and the Commission's Rules and Regulations which
   governs the operation of radio transmitting equipment, see 47 U.S.C. S
   301. Section 301 prohibits any radio frequency transmissions without first
   obtaining a license or other form of authorization (this would include any
   waivers). Operation of a radio station without proper Commission
   authorization is a violation of Section 301 of the Communications Act of
   1934, as amended. Radio stations must be licensed by the FCC pursuant to
   47 U.S.C. S 301. The only exception to this licensing requirement is for
   certain transmitters using or operating at a power level or mode of
   operation that complies with the standards established in Part 15 of the
   Commission's rules, 47 C.F.R. SS  15.1 et seq.

   A valid FCC radio station license for your radio transmissions on 840 MHz
   was not in evidence at the time of the inspection.

   You are hereby warned that operation of radio transmitting equipment
   without a valid radio station authorization constitutes a violation of the
   Federal laws cited above and could subject the operator to severe
   penalties, including, but not limited to, substantial monetary fines, in
   rem arrest action against the offending radio equipment, and criminal
   sanctions including imprisonment. (see 47 U.S.C. SS 401, 501, 503 and

   Further, unlicensed operation may subject the operator to serious
   penalties provided for in the Communications Act, including for a first
   offense a maximum fine of $10,000 or one year imprisonment, or both and
   for subsequent offenses a fine of $10,000 or two years imprisonment, or
   both. Because unlicensed operation creates a definite danger of
   interference to important radio communications services and may subject
   the operator to the penalties provided for in the Communications Act, the
   importance of complying strictly with the legal requirements mentioned
   above is emphasized.


   You have ten (10) days from the date of this notice to respond with any
   evidence that you have authority to operate granted by the FCC. Your
   response should be sent to the address in the letterhead and reference the
   listed case and document number. Under the Privacy Act of 1974, 5 U.S.C. S
   552a(e)(3), we are informing you that the Commission's staff will use all
   relevant material information before it to determine what, if any,
   enforcement action is required to ensure your compliance with FCC Rules.
   This will include any information that you disclose in your reply.

   You may contact this office if you have any questions.

   Daniel W. Noel

   District Director

   New York Office


   Excerpts from the Communications Act of 1934, As Amended

   Enforcement Bureau, "Inspection Fact Sheet", July 2003