Free Objection to Exhibit List - District Court of Federal Claims - federal

Case 1:05-cv-00956-CCM

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IN THE UNITED STATES COURT OF FEDERAL CLAIMS DAVID S. LITMAN And MALIA A. LITMAN, Plaintiffs-Counterdefendants, v. THE UNITED STATES, Defendant-Counterplaintiff ____________________________________ ROBERT B. DIENER And MICHELLE S. DIENER, Plaintiffs-Counterdefendants, v. THE UNITED STATES, Defendant-Counterplaintiff ____________________________________ HOTELS.COM, INC. and Subsidiaries (f/k/a HOTEL RESERVATIONS NETWORK, INC.) Plaintiffs, v. THE UNITED STATES, Defendant ____________________________________ ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

No. 05-956T

No. 05-971T

No. 06-285T (Judge Christine O.C. Miller)

HOTELS.COM AND SUBSIDIARIES' OBJECTIONS TO DAVID S. LITMAN, MALIA A. LITMAN, ROBERT B. DIENER AND MICHELLE S. DIENER'S TRIAL EXHIBITS Plaintiffs Hotels.com and Subsidiaries ("Hotels.com") object as follows to Plaintiffs-Counterdefendants, David S. Litman, Malia A. Litman, Robert B. Diener and Michelle S. Diener's Trial Exhibits. To the extent Hotels.com designated exhibits to which we now object, such designations were protective in nature in the event our objections (which were anticipated at the time of our designations and are set forth herein) were overruled.

1

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Litman/Diener Trial Exhibit Number 1 2

Objection Bates range not properly identified: LD 005374-94 Bates range not properly identified: LD005439-59 Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine None, but note that certain information on US1147 has been blacked out which is inconsistent with the original document Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

Bates Range LD 005374 - LD 005459 LD 005374 - LD 005459

Litman/Diener Description Notice of Deficiency to Dieners Notice of Deficiency to Litmans Letter from Susan Weiss to David and Malia Litman re: assignment of federal income tax return for examination; Attachments Form 4564 - IDR Letter from John Porter to Susan Weiss re: 2000 Form 1040 for David S. Litman and Malia A. Litman, response to 4/6/04 IDR Letter from Susan Weiss to Robert and Michelle Diener re: assignment of Federal Income tax return for examination; Attachments: Form 4564 - IDR Letter from John Porter to Susan Weiss re: 2000 Form 1040 for Robert B. and Michelle S. Diener, response to 4/6/04 IDR

3

LD 005433 - LD 005434

4

LD 005495 - LD 005497

5

LD 05365 - LD 005366

6

LD 005549 - LD 005551

7

8

Form 8594 - HRN, Inc. Email from Jennifer China to Eric DeGraw re: Hotels.com IRS Audit Update; cc: Les HC 00477 - HC 00478 Evans

US1144 - US1147

2

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Litman/Diener Trial Exhibit Number

9 10 11

Objection Misidentified: US1021 is a cover letter, Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine. US1022 - US1061 is the February 25, 2000 valuation report - Object (Relevance, IRS Administrative Process, FRE 408) only to the extent it relates to discussions or actions taken during the IRS audit process. Foundation, Relevance Foundation, Relevance Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

Bates Range

Litman/Diener Description

US1021 - US1061 HC 00116 - HC 00117 HC 00222 - HC 00223

Deloitte & Touche Valuation Report Discount Study - Consideration Shares in Hotel Reservations Network, Inc. (Valuation as of February 25, 2000), dated October 18, 2001 2000 Form 1120X - Hotel Reservations Networks Inc. & Subsidiary 2000 Form 1120X - Hotel Reservations Networks Inc. & Subsidiary

12

US1019 - US1020

13

Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

US1062 - US1066

14

US1068 - US1071

Notes/Questions for Eric DeGraw Fax from Susan Weiss to Eric DeGraw re: HRN, Inc. IDR #7 enclosing Form 4564 and IRS Memo from Ruth Haney to Susan Weiss re: Consultation Referral, limited scope valuation of restricted stock, dated January 5, 2005 Deloitte & Touche Memo from Frederick Kautz to Christine Ziekel re: analysis of HRN volatility and impact on implied marketability discount

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Litman/Diener Trial Exhibit Number

Objection Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine None

Bates Range

15

US1072 - US1078

16 17

US0363 - US0369 LD 005301 - LD 005306

18

None

LD 005307

19 20

None None

LD 005308 - LD005310 LD 005311

21 22 23 24

None Relevance None None

LD 005312 - LD 005313 LD 005279 - LD 005287

LD 005329 - LD 005345

Litman/Diener Description IRS Memo from Ruth Haney to Susan Weiss re: March 23, 2005 Letter from Deloitte & Touche, LLP - HRN Analysis, dated April 11, 2005 IRS Memo from Ruth Haney to Susan Weiss re: Value of Restricted Stock, dated April 28, 2005 Payment Agreement from David Litman to Andy Pells dated May 7, 1999 Letter from Robert Diener to Andy Pells re: correction to Severance Agreement dated 8/24/99 Amendment to Payment Agreement from David Litman to Andy Pells dated February 21, 2000 Letter of Representations from Andy Pells to HRN, Inc. Letter from Andy Pells to Hotels Reservations Network, Inc. re: TMF Liquidating Trust and Andy Pells stock certificates of Hotels Reservations Network, Inc. dated March 7, 2000 Stock Option Agreement for Members of Management 2000 Form 1040 - Andrew S. and Jodie A. Pells Payroll records of Andy Pells

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Litman/Diener Trial Exhibit Number

Objection

25

None

26

27

None Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

28

None

29

30

31

None Misidentified: IAC 000841 - IAC 000846 is the HRN Earnout for equity trade, no objection. IAC 000847 - IAC 000848 is the HRN Options Analysis, no objection. IAC 000849 - IAC 000857 is HRN Pricing Analysis, no objection. IAC 000858 is Goodwill Rollforward, Objection: Foundation, Hearsay. Foundation, Relevance. Document also excludable under FRE 1003 as a defective duplicate.

Litman/Diener Description Form 8822 - Change of Address Form for Robert and Michelle Diener dated September 30, 2004 Form 8822 - Change of Address Form for David and Malia Litman dated September 30, 2004 Letter from Susan Weiss to John Porter re: Ruth Haney's valuation of Restricted LD 005411 - LD 005412 Shares dated May 18, 2005 Hotel Reservations Network PowerPoint presentation - Offering Summary: DT000442 - DT000467 5,400,000 Class A Shares Email from David Litman to Brian Lidji re: Earnout for equity (forwarding 1/8/00 email from Dara Khosrowshahi to Robert Diener; cc: David Litman) dated January LD 002653 - LD 002657 23, 2000

Bates Range

IAC 000841 - IAC 000858

HRN Earnout for equity trade

IAC 000839 - IAC 000840 5

HRN Comparable Volatility Analysis

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Litman/Diener Trial Exhibit Number 32 33

Objection None None

Bates Range HC 00483 - HC 00543 LD 002268 - LD 002315

34

35 36

None Object to description - No indication this return is a true and correct copy of what was actually filed, Foundation None

LD 006018 - LD 006021

Litman/Diener Description Hotel Reservations Network 2000 Annual Report Amended and Restated Purchase Agreement dated February 2, 2000 Amendment to Amended and Restated Asset Purchase Agreement dated November 13, 2003

LD 00996 - LD 001076

37 38

None None

39

None

1999 Form 1120S for TMF, Inc. 2000 Form 1041 - TMF Liquidating Trust Letter from Bo-Yee R. Fung to Viren Gandhi re: Income Tax Returns for HRN, Inc. and Subsidiary dated September 19, HC 00471 - HC 00472 2001 2000 Form 1120 - HRN, Inc. & Subsidiary Email from Bob Diener to Viren Gandhi re: Improper advice from E&Y; cc: Mel Robinson, David Litman dated September HC 00837 24, 2001

6

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Litman/Diener Trial Exhibit Number

40 41 42

Objection Bates Range Misidentified document. LD 005349 - LD 005355, no objection. LD 005356 - LD 005357 is a separate document, foundation objection. LD 005358 is a separate document, no objection. LD 005359 - LD 005360 is a separate document, foundation objection. LD 005361 - LD 005364 is a separate document, foundation objection. LD 005349 - LD 005364 Hearsay (subject of Motion in Limine) KPMG 00248 - KPMG 00250 Object: document is incomplete. L 00184 - L 00269

Litman/Diener Description

43

None

LIJ006671

44

None

HC 00560 - HC 00660

45 46

Hearsay, Foundation (subject of Motion in Limine) KPMG 00243 - KPMG 00250 None Object to description - This version of the document was modified at R. Diener's direction before filing. LD 003461

Handwritten note from Bob Diener to Jim Horan enclosing proposed Form 8594 for TMF Liquidating Trust and notes KPMG Invoices for Robert and Michelle Diener. Asset Purchase Agreement dated April 13, 1999. Email string between Brian Lidji and Robert Diener regarding Urgent - IPO; cc: David Litman, dated November 7, 1999 Prospectus for Hotel Reservations Network: 5,400,000 Shares of Class A Common Stock, dated February 25, 2000 KPMG Memo regarding "Various Tax Discussions Relating to TMF Liquidating Trust," dated April 6, 2001 Email from Robert Diener to Mark Mitchell Re: Contingency payments 2000 Form 1120 for HRN, Inc. & Subsidiary

47

HC 00063 - HC 00115 7

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Litman/Diener Trial Exhibit Number

48

Objection Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

Bates Range

Litman/Diener Description Letter from Deloitte & Touche to Eric DeGraw Re: proposal to prepare appraisal Email from Christine Zeikel to Kevin Fitzgibbon Re: FW: Valuation (forwarding email from Eric DeGraw to Christine Zeikel; Cc: Mark Goldstein) Email string between Greg Porter, Mel Robinson, Bill Severance, Eric DeGraw, Adler, and Viren Gandhi Re: Amended & Restated Purchase Agreement for HRN_v1.DOC Deloitte & Touche Valuation Report Discount Study - Consideration Shares in Hotel Reservations Network, Inc. (Valuation as of February 25, 2000), dated October 18, 2001. Email from Eric DeGraw to Fung Bo Yee regarding FW: HRN Restricted Stock Discounts (forwarding email string between Eric DeGraw and Bill Severance (forwarding October 17, 2001 email from Kevin Fitzgibbon to Eric DeGraw; Cc: Christine Zeikel, Graeme Coll)), dated October 19, 2001.

DT000243 - DT000250

49

DT00222

50

None Relevance, IRS Administrative Process, FRE 408, only to the extent it relates to discussions or actions taken during the IRS audit process.

HC00938 - HC00939

51

IAC 000317 - IAC 000355

52

53

Foundation, Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine Foundation, Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

IAC 000870 - IAC 000871

IAC 000866 - IAC 000869

Amendment workpapers

8

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Litman/Diener Trial Exhibit Number 54

Objection Foundation, Relevance

Bates Range HC 00116 - HC 00221

55

None

LIJ003553 - LIJ003555

56 57

None None

HC 00544 - HC 00559 LD 005607 - LD 005609

58 59 60 61 62

None Foundation None None None LD 006052

63

None

LD 003595

Litman/Diener Description 2000 Form 1120X - Hotel Reservations Networks Inc. & Subsidiary Email from David Litman to Brian Lidji regarding Fwd: HRN earnouts (enclosing July 30, 1999 email string between Dara Khosrowshahi and David Litman; Cc: Robert Diener), dated August 2, 1999 Form 10-Q - Quarterly Report for Hotel Reservations Network dated March 31, 2000 USPS Delivery Notice/Reminder/Receipt BVS Valuation Analysis as of February 24, 2000 - Restricted Stock, Hotel Reservations Network, Inc., dated February 24, 2000 Contingent Payment Calculation - Hotel Reservations Network, Inc. Mark Mitchell Expert Report, dated June 20, 2006 Mark Mitchell Rebuttal Report regarding Burns, dated July 12, 2006. Mark Mitchell Rebuttal Report regarding Bajaj, dated July 12, 2006 Email from Bob Diener to Mel Robinson regarding 2000 HRN Tax Return; Cc: Dave Litman dated March 19, 2002

9

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

64

Incomplete document - Draft, Hearsay, Foundation

HC003372 - HC003374

65

Hearsay, Foundation

HC002804 - HC002807

66

None

LD 003647 - LD 003659

67

None

LD 005288 - LD 005297

68 69 70

None KPMG 00236 - KPMG 00242 None None

Litman/Diener Description Minutes of Meeting of the Audit Committee of the Board of Directors of Hotel Reservations Network, Inc., dated October 19, 2001 Minutes of Meeting of the Audit Committee of the Board of Directors of Hotel Reservations Network, Inc., dated January 25, 2002. Memorandum from Brian Lidji to TMF Liquidating Trust File regarding Hotel Reservations Network/TMF Liquidating Trust - Final Stock Restriction Summary, dated March 1, 2000 Letter from Brian Lidji to David Litman, Robert Diener, and Andy Pells enclosing transmittal memo from Paul, Weiss, stock certificates delivered to Salomon Smith Barney, and receipts for certificates, dated March 15, 2001 Handwritten note from Bob Diener to Jim Horan (and Brian Lidji) enclosing proposed Form 8594 for TMF Liquidating Trust Mukesh Bajaj Expert Report, dated June 21, 2006 Mukesh Bajaj Rebuttal Report, dated July 12, 2006

10

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

71

None

BAJAJ00154 - BAJAJ00181

72

Hearsay

73

None

BAJAJ00966

74

None

BAJAJ00979

75

None

BAJAJ00182 - BAJAJ00183

76 77 78

None None None

BAJAJ00996 BAJAJ0I099 - BAJAJ01207 BAJAJ01246 - BAJAJ01275

Litman/Diener Description Firm Value and Marketability Discounts, by Mukesh Bajaj, David Denis, Stephen Ferris, and Atulya Sarin, The Journal of Corporation Law, Vol. 27, Number 1, Fall 2001 Trial Transcript, Volume 111, Estate of Annette N McDonald, et al., v. Commissioner of the Internal Revenue, dated May 1, 2002 Email from Kim Boylan to Mukesh Bajaj regarding Expedia/Hotels.com; Cc: Kari Larson, dated April 10, 2006 Email from Mukesh Bajaj to Kim Boylan regarding Materials attached; Attachments: Bajaj's paper on marketability discount; Cc: Sumon Mazumdar, dated May 4, 2006 Email string between Kim Boylan, Sumon Mazumdar, and Kari Larson regarding Hotels.com: documents request; Cc: Mukesh Bajaj, dated June 2, 2006, Email from Mukesh Bajaj to Kim Boylan regarding Draft Report; Cc: Sumon Mazumdar, dated June 12,2006. Prospectus Companies Vol Calc. spreadsheet; Volatility. (125 after IPO) Expert Report of Dr. Mukesh Bajaj, dated June 13,2006.

11

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

79

None

BAJAJ0I046 - BAJAJ0I066

80

None

BAJAJ00251

81

None

82 83

None None

BAJAJ01070 - BAJAJ01088

84

None

BAJAJ00925 - BAJAJ00933

85

None

BAJAJ00922 - BAJAJ00924

Litman/Diener Description Bajaj et al Raw Data, Sample of Private Placements (January 1, 1991 through December 31, 1995) Email from Kim Boylan to Mukesh Bajaj and Sumon Mazumdar regarding Simultaneously with the closing; Cc: Tammi Walker, Kari Larson, dated June 16, 2006. A Review of IPO Activity, Pricing, and Allocations, by Jay R. Ritter and Ivo Welch, The Journal of Finance, Vol. LVII, No. 4, August 2002. The Block Pricing Puzzle, by Michael J. Barclay, Clifford G. Holderness, and Dennis P. Sheehan, University of Rochester, The Bradley Policy Research Center Financial Research and Policy Working Paper No. FR 01-05, March 2001. Bajaj Direct Report spreadsheet. Bajaj Invoice - Expedia.com and Hotels.com (Pre-Bill through June 30, 2006), dated July 2, 2006. LECG, LLC Invoice - Expedia.com and Hotels.com, Litman/Diener, dated June 30, 2006.

12

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

86

None

BAJAJ00219 - BAJAJ00249

87

None

88

Hearsay, Foundation (subject of Motion in Limine) KPMG 00112 - KPMG 00168 Hearsay, Foundation (subject of Motion in Limine)

89

LD 003586 - LD 3590

90

91

Foundation- no indication that documents are related KPMG 00169 - KPMG 00172 Underlying document, no objection. Handwriting on first page of document, Hearsay (subject of Motion in Limine). KPMG 00237 is a separate document, objections Relevance, Hearsay (subject of Motion in Limine) KPMG 00173 - KPMG 00237 13

Litman/Diener Description Email from Mukesh Bajaj to Kim Boylan regarding Preliminary and Incomplete Draft Report; Attachment: highlighted draft report; Cc: Kari Larson, Sumon Mazumdar, Tammi Walker, L. Indrieri, N. Caswell, S. Bennett, dated June 14, 2006. The Impact of Transfer Restrictions on Stock Prices, by John D. Finnerty, dated June 2003. Letter from Mark Mitchell to Robert Diener enclosing draft BVS Valuation Analysis for Restricted Stock of Hotel Reservations Network, Inc. (as of February 24, 2000), dated March 23, 2000 KPMG memo regarding "Various Tax Discussions Relating to TMF Liquidating Trust," dated April 3, 2001 TMF, Inc. Stock Issuance chart with handwritten notes and letter from Mark Mitchell to Robert Diener regarding BVS valuation analysis for Hotel Reservations Network, Inc., dated February 24, 2000 Letter from Mark Mitchell to Robert Diener enclosing draft BVS Valuation Analysis for Restricted Stock of Hotel Reservations Network, Inc. (as of February 24, 2000), dated March 23, 2000, and handwritten notes regarding Form 8594 - Acquisition Statement for HRN

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Litman/Diener Trial Exhibit Number 92 93

Objection None None

Bates Range

94

None

95 96 97 98

None Hearsay, Foundation Hearsay, Foundation Hearsay, Foundation

99

Hearsay, Foundation

100

Hearsay, Foundation

Litman/Diener Description Francis Bums Expert Report, dated June 20,2006. Francis Bums Addendum, dated July 25, 2006. Email from Francis Burns to Brian Potter and Gabriel Ratliff regarding Litman v. US, dated March 17, 2006. Email from Gabriel Ratliff to Jeff Snell regarding Monte Carlo, dated March 1, 2006. SEC Institutional Investor Study. Valuing a Business: The Analysis and Appraisal of Closely Held Companies. Analysis of Restricted Stocks of Public Companies: 1980-1995. Restricted Stock Discounts, 1991-95, by Bruce Johnson, Business Valuation Library, March 1999. Pegasus Systems, Inc. Reports Record Fourth Quarter and Year-End Operating Results Internet Hotel Bookings Increase by 165% Over the Fourth Quarter 1998, Financial News, Dallas, dated February 1, 2000.

14

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Litman/Diener Trial Exhibit Number

Objection

101

Hearsay, Foundation

102

Hearsay, Foundation

103 104

Hearsay, Foundation Foundation, Relevance

105 106 107

None None None

108

None

Litman/Diener Description Option Pricing as a Proxy for Discount for Lack of Marketability in Private Company Valuations, by David B.H. Chaffe III, Business Valuation Review, December 1993. Valuation of Restricted Stocks: An Option Theory Approach, by Reynolds Griffith, ASA Valuation, February 1988, Vol. 33, No. 1. Modern Financial Engineering and Discounts: The Collar Message, by Les Barenbaum and Walter Schubert, March 2004. Standard Option Valuations. Fax from Francis Burns to Cory Johnson regarding Litman/Diener v. US, Attachments: list of potential deposition questions relating to valuation issues, dated March 28, 2006. Potential Deposition Questions - David Bohlmann Proposed Deposition Questions. Consent to Action by the Board of Directors of HRN. Inc., dated November 5, HC003038 - HC003049 1999

Bates Range

15

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

109

None

HC003050 - HC003055

110

None

HC003056 - HC003067

111 112 113 114 115

None None None None None

HC002015 - HC002024 HC002041 - HC002115

HC003971 - HC003972

116 117

None Foundation HC003980 - HC004005

118

None

Litman/Diener Description Consent to Action by the Sole Stockholder ­ HRN, Inc. (Attachments: Resignations from the board of directors of Michael Durney and Thomas Kuhn), dated November 6, 1999. Consent to Action by the Board of Directors - Hotel Reservations Network, Inc., dated December 23,-1999. Memorandum of Closing -5,400,000 Shares of Hotel Reservations Network, Inc. Class A Common Stock (Par Value $0.01 Per Share), dated March 1, 2000. 2000 Form 1120 HRN, Inc. & Subsidiary. Mark Mitchell Addendum, dated June 22, 2006. Mukesh Bajaj Addendum, dated July 27, 2006. Letter from Mary Reidy to Jason Meier dated February 18, 2000. David Bohlmann Valuation Report for Hotel Reservations Network, Inc. as of February 25, 2000, dated July 21, 2000 Draft Form 10-Q for Hotel Reservations Network with handwritten notes Claim for Refund and Request for Abatement for David S. and Malia A. Litman

16

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Litman/Diener Trial Exhibit Number

Objection

Bates Range

119

120

None Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine

Litman/Diener Description Claim for Refund and Request for Abatement for Robert B. and Michelle S. Diener

LFOIA 000484 - LFOIA 000495

121

None

122

None

123 124

None None

125

None

126

127

None Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits

Revenue Agent's Report of Susan Weiss The United States' Responses to the Litmans' and Dieners' First Requests for Admissions The United States' Responses to the Litmans' and Dieners' Second Requests for Admissions Hotels.com's Responses to the Litmans' and Dieners' First Requests for Admissions to Hotels.com The United States' Responses to the Litmans' and Dieners' First Sets Hotels.com's Response to the United States' First Set of Interrogatories to Hotels.com Hotels.com's Responses to the Litmans' and Dieners' First Sets of Interrogatories to Hotels.com Charts showing volatility of stock prices of comparables and indices based on Bajaj volatility analysis data; S&P 500; and Dow Jones Internet Composite Index

17

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Litman/Diener Trial Exhibit Number

128

129

130

131

Objection Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits Mischaracterizes Mitchell/BVS, Deloitte and Touche, and Bajaj valuation reports, Foundation, Hearsay (also see objections to documents concerning purported KPMG review of Mitchell valuation), Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits, Certain underlying documents: Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine (see objections to Deloitte and Touche and Haney reports)

Bates Range

Litman/Diener Description

Chart showing comparison of volatility of comparable stocks and S&P 500

Chart showing comparison of volatility of comparable stocks and S&P 500 Chart showing comparison of volatility of Dow Jones Internet Composite Index and S&P 500

Timeline of Appraisals

18

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Litman/Diener Trial Exhibit Number

132

133

Objection Mischaracterizes Mitchell/BVS, Deloitte and Touche, and Bajaj valuation reports, Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits, Certain underlying documents: Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine (see objections to Deloitte and Touche and Haney reports) Mischaracterizes Mitchell/BVS, Deloitte and Touche, and Bajaj valuation reports, Foundation, Hearsay, Failure to comply with RCFC Appendix A 13(a) requirements for Summary Exhibits, Certain underlying documents: Relevance, IRS Administrative Process, FRE 408, Subject of Motion in Limine (see objections to Deloitte and Touche and Haney reports)

Bates Range

Litman/Diener Description

Chart of Appraised Values of Restricted Shares

Chart of Discounts Applied to Restricted Shares

19

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Respectfully submitted, April 2, 2007 s/ Kim Marie K Boylan Latham & Watkins, LLP 555 11th Street, NW Washington, DC 20004 (202) 637-2235 Attorney of Record for Plaintiffs Hotels.com and Subsidiaries Kari M. Larson Latham & Watkins, LLP 555 11th Street, NW Washington, DC 20004 Of Counsel

20