2005715_r02d_0204483
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2005715_r02d_0204483

Course Number: OMC 1024, Fall 2009

College/University: Stanford

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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE OMNICOM GROUP, INC . SECURITIES LITIGATION Docket No . 02-CV-4483 (RCC) DECLARATION OF J. ERIK SANDSTED T IN SUPPORT OF THE AMENDED MOTION OF LEAD PLAINTIFF NEW ORLEANS EMPLOYEES' RETIREMENT SYSTE M FOR CLASS CERTIFICATION I, J. ERIK SANDSTEDT, declare as follows : I am a member of the Bar of this Court and a member of the law firm Bernstei n...

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STATES UNITED DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE OMNICOM GROUP, INC . SECURITIES LITIGATION Docket No . 02-CV-4483 (RCC) DECLARATION OF J. ERIK SANDSTED T IN SUPPORT OF THE AMENDED MOTION OF LEAD PLAINTIFF NEW ORLEANS EMPLOYEES' RETIREMENT SYSTE M FOR CLASS CERTIFICATION I, J. ERIK SANDSTEDT, declare as follows : I am a member of the Bar of this Court and a member of the law firm Bernstei n Litowitz Berger, & Grossmann LLP, Counsel for Lead Plaintiff New Orleans Employees ' Retirement System and Lead Counsel for the Class in the above-referenced Action . I submit thi s declaration in support of the Amended Motion of Lead Plaintiff New Orleans Employee s Retirement System (1) to certify this Action as a class action pursuant to Fed . R. Civ . P . 23(a) and (b)(3) on behalf of the Class as defined in the accompanying Notice of Motion ; (2) to certify New Orleans Employees' Retirement System as Class Representative ; and (3) to appoint the law firm of Bernstein Litowitz Berger & Grossmann LLP as Lead Counsel for the Class . I am full y familiar with the facts set forth herein . 2 . Attached as exhibits hereto are true and correct copies of the following : Exhibit 1 : Declaration of Scott D . Hakala, Ph.D, CFA Exhibit 2 : Declaration of Jerome D . Davis, Chairman New Orleans Employees' Retirement System Exhibit 3 : Firm Resume of Bernstein Litowitz Berger & Grossman LLP 167288 I declare that the foregoing is true and correct to the best of my knowledge . Execut this 15th day of July, 2005, New , New York J. Er4I1 NA NDSTEDT 167288 2 EXHIBIT 1 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE OMNICOM GROUP, INC SECURITIES LITIGATION CIVIL ACTION NO . 03-CV-8917 (RO) DECLARATION OF SCOTT D . HAKALA, PH.D, CFA 1. Background and Qualifications of the Exper t 1 . I am a director of CBIZ Valuation Group, LLC, a national business valuation an d consulting firm that operates as a wholly owned subsidiary of Century Business Services , Inc., a publicly traded business services firm (NASDAQ: CBIZ). CBIZ Valuation Group is one of the largest business valuation and consulting firms in the United States wit h offices in Dallas, Chicago, Atlanta and Princeton (New Jersey) . CBIZ Valuation Group employs approximately 80 individuals providing business valuation services to publi c and private companies . 2. I received a Doctor of Philosophy degree in Economics and a Bachelor's degre e in Economics from the University of Minnesota. I have earned the professional designation of Chartered Financial Analyst, awarded by the Association for Investmen t Management and Research . I have taught courses on asset p ri cing and market efficienc y at the doctorate (Ph .D .) level in a Ph .D . granting institution . In addition, I have served a s a consultant and expert witness on numerous occasions regarding economic issues simila r Expert Report and Declaration on Market Efficiency by Scott D. Hakala, Ph .D., CFA to those in this litigation . A detailed summary of my qualifications, including prior testimony and articles, is provided on the curriculum vitae attached hereto as Exhibit A . Plaintiffs are being charged fees for my services in this engagement based on my hourly billing rate of $450 per hour . I have received assistance from other staff employed by CBIZ Valuation Group . II . Information Considered 3 . My opinions are based on my professional experience, as well as a thoroug h review of a substantial amount of available materials, including : (a) The Corrected Consolidated Class Action Complaint ("Complaint") in thi s matter ; (b) Securities filings of Omnicom Group, Inc . ("Omnicom") with the Securities and Exchange Commission (SEC) from February 2000, through June 2003 ; (c) Published news articles and press releases and other public news regarding Omnicom from February 2000, through June 2003, found on Factiva and Bloomberg, L .P .; (d) Institutional trade data provided by Thomson Analytical Research ; (e) Publicly available financial information and public trading price information on Omnicom, market indices and similar public companies as found on Bloomberg . L.P.; and (f) Various academic texts and published articles as cited in the text . Expert Report and Declaration on Market Efficiency by Scott D . Flakala, Ph .D ., CFA 2 III . Summary of the Analyses and Conclusion s 4. In addressing the factors outlined in Cammer v. Bloom, 711 F . Supp . (D .N.J. 1989), I found strong evidence for the level of market efficiency required for clas s certification . (a) There was more than adequate trading volume, public float and market value to attract substantial investor interest and to ensure market efficiency . The trading fundamentals and reasonably high turnover of the public float led to substantial market maker and analyst coverage during the proposed Class Period . (b) Omnicom was widely followed by a number of institutional investors throughout the Class Period. (c) The fact that Omnicom's shares are actively traded on the New York Stock Exchange and in good standing is, by itself, usually sufficient to conclude that the market for its shares is reasonably efficient . (d) Omnicom's securities filings were timely and consistent with an efficiently traded security . Omnicon was eligible to file and did file a Form S-3 during the proposed Class Period. Omnicom also issued regular press releases and information regarding its earnings, guidance and commercial developments . (e) Finally, there is a "cause and effect relationship" between unexpected corporate events and financial releases and movements in the security price . For example, Omnicom's share price fell dramatically and its trading volume increased substantially in response to the news on June 12, 2002 . Expert Report and Declaration on Market Efficiency by Scott D. Hakala, Ph.D ., CFA 3 5 . The public shares of Omnicom were traded in an efficient market .' Omnicom's shares were actively traded throughout the Class Period on the New York Stock Exchange (NYSE) . By itself, the listing on the NYSE is usually sufficient to ensure market efficiency . Omnicom had a substantial number of shares outstanding (198,669,254 shares outstanding as of December 31, 2001, according to Omnicom's Form 10-K filed in March 2002)2 and a substantial public float (insiders held 2 .86% o f the common shares outstanding as of 3/31/2001) . The reported average daily trading volume during the proposed Class Period was 1,396,708 shares and trading rose substantially on days of important news events (such as 31 .26 million shares traded on June 12, 2002) . (See Exhibit B for daily price and volume data and a price chart .) Omnicom was actively followed by institutional investors and there were substantial institutional holdings of shares by institutional investors throughout the Class Period (as of December 31, 2001, a total of 459 identified institutions held more than 155 million shares of Omnicom according to Thompson Financial, as shown in Exhibit C) . Omnicom was generally covered by the financial and general media . Omnicom's filings with the SEC were timely and allowed for the registration of shares . As such the statements made by the Defendants and the financial performance of Omnicom were regularly evaluated and effectively incorporated in the market price for Omnicom's shares . 6 . When the alleged fraudulent nature of the transaction involving Seneca cited i n the Complaint ( as sustained by the court) was revealed ( at least in part) on June 12, 2002 , 1 In assessing the type of market efficiency required for the fraud-on-the-market presumption, I relied on two decisions in the United States District Court, District of Massachusetts, in September 2004, In re PolyMedica Corp . Securities Litigation (Civil Action No . 00-1 242 6-REK) and In re Xcelera .com Securities Litigation (Civil Action No. 00-11649-RWZ) . 2 Approximately 188 million of these shares were available for public trading . Expert Report and Declaration on Market Efficiency by Scott D. Hakala, Ph .D., CFA 4 the share price of Omnicon fell 19.7% (as compared with a 3 .4% decline in the Standard and Poor's Supercomposite Media Index, S15MEDAX) and trading increased to over 31 million shares (as compared with an average volume of only 1 .4 million shares during the proposed Class Period) . These changes are significant and evidence the fact that Omnicom's share price reacted quickly to the relevant news . 7 . 1 may perform additional analyses and review discovery . I, therefore, may amen d and supplement my conclusions based on subsequent analyses . I declare under penalty of perjury under the laws of the State of Texas and the Unite d States that the foregoing is true and correct . If called as a witness I could and woul d competently testify thereto . Executed this 2' day of June, 2005, at Dallas, Texas . Z66L~T)94~ Sco tt D . Hakala, Ph .D., CFA Expert Report and Declaration on Market Efficiency 5 by Scott D . Hakala, Ph .D., CFA EXHIBIT A Exhibit A Scott D . Hakala , Ph.D., CFA Employment History 1992 - Jan 1998, March 1998 to Present CBIZ Valuation Group, Inc . (formerly Business Valuation Services), Dallas, Texa s Director/Principal. As a financial economist and financial analyst, Dr . Hakala brings to the firm extensive practical knowledge of finance, economics and statistics . His expertise includes : corporate finance, restructuring and cost of capital ; the valuation of securities and business interests (transactions, mergers, acquisitions, fairness opinions) ; the valuation of intangible assets (patents, trademarks) ; analysis of publicly traded securities (insider trading studies, trading analyses, event analyses, materiality, damages in securities litigation) ; economic loss analyses (commercial litigation) ; wage and compensation determination (reasonable compensation studies, lost personal income, wrongful termination) ; transfer pricing ; derivative securities (options pricing and valuation) ; and antitrust and industry structure, strategic pricing, marketing and cost allocation analyses . Jan 1998 - March 1998 Laser BioTherapy, Inc ., Dallas, Texa s Interim President . Dr . Hakala served as the Chief Executive Officer of Laser BioTherapy, Inc . His decision-making authority involving issues of marketing, employment, negotiating with investors, pricing, product planning, financial planning and all other corporate decisions . 1988 - 1992 Dept . of Economics, Southern Methodist University, Dallas, Texa s Assistant Professor. Dr. Hakala taught graduate and undergraduate courses in macroeconomics, moneta ry/financial economics, financial institution regulation and international financial management . He supervised dissertations on international money, commodity options and forward markets, and foreign exchange rates . His research interests included moneta ry policy, the causes of fluctuations in employment and output , capital stock estimation, aggregate production theory, foreign currency movements (futures, options and forward contracts ), inflation, interest rate movements and the term structure of interest rates, asset pricing and consumption . 1983 - 1988 Dept . of Economics, University of Minnesota, Minneapolis , Minnesot a Lecturer. Dr . Hakala designed course materials and taught large classes in macroeconomics and international economics . He served on hiring committees and evaluated other instructors . Formal Education Doctor of Philosophy , Economics - 1989 University of Minnesota , Minneapolis , Minnesota Graduate School Fellowshi p (Graduate/dissertation advisor Edward Prescott was awarded the Nobel Prize in Economics in 2004 . ) Bachelor-of Arts, Economics -198 3 Minor in Business Administration and Pre-Law Emphasis University of Minnesota, Duluth, Minnesota Graduated Summa Cum Laud e Whiteside Scholarship, full tuition and expense s Scott D . Hakala, Ph.D., CFA Page 1 Honors and Awards Distinguished Instructor, Department of Economics, University of Minnesota, 1987-1988 Earhart Foundation Award, Department of Economics,, University of Minnesota, 198 5 Graduate School Fellowship, 1983 and 198 4 Cecil H . Meyers Outstanding Economics Student Award, 198 2 Perfect Scores on Quantitative Analysis' and Verbal Analysis sections of Graduate Record Examination (GRE), 1982 Alice Touhy Tweed Award, High School Valedictorian, 197 9 Lee Krough Award (outstanding character), American Legion's Minnesota Boy's State, 1978, elected Lt . Governor and invited to represent state at other events Centrum Award, 1979 (for outstanding character and contributions) Professional Association s CFA Charter, The Institute of Chartered Financial Analysts, completed all tests and requirements for a CFA designatio n Member, American Economic Association Member, American Finance Association Publication s "Estimating and Applying Economic Value Added," Chapter 13E - Financial Valuation : Businesses and Business Interests - 1998 Update. Publisher : Warren, Gorham & Lamon t "Valuation for Smaller Capitalization Companies" (with Dr . Mukesh Bajaj), Chapter 12A - Financial Valuation : Businesses and Business Interests - 1998 Update . Publisher : Warren, Gorham & Lamont . "Analysis and Valuation of Distressed Equity Securities" (with Mr . M . Travis Keath), Chapter 13F Financial Valuation : Businesses and Business Interests - 1999 Update. Publisher : Warren, Gorham & Lamont . "Analysis and Valuation of Distressed Equity Securities" (with Mr . M . Travis Keath), Valuation Strategies, September/October 1999, pp . 24-34 . Publisher : Warren, Gorham & Lamont . Contributing author in The Art of M&A Integration : A Guide to Merging Resources, Processes and Responsibilities. October 1997 . Publisher: McGraw-Hill . Contributed on valuation of tangible and intangible assets (patents, trade secrets, customers, goodwill, employment agreements, non-competes, etc .), allocation of purchase price issues, accounting treatment of acquisitions, international valuation and transfer pricing and general valuation and due diligence issues . Assisted editor in commenting on and editing first half of text . Provided live and taped hterviews pertaining to economic issues for television, including lengthy interviews for CNN (July 1990), WFAA-TV (July 1990 ; July 1991 ; March 1992), and radio (Internet radio on November 9, 1999, discussing Microsoft anti-trust issues) . Scott D . Hakala, Ph .D., CFA Page 2 Lectures Presente d Dr . Hakala is a frequent public speaker on valuation, economics, ethics, and monetary policy . Examples include : "Valuation of Options for Litigation Purposes" - New York University CLE Presentation-October 200 0 "Valuation Issues-Family Limited Partnerships" - Professional Financial Service, LP's Family Limited Partnership Alert and Update ; Dallas/Fort Worth - February 200 0 "PPOs for Sale : the Valuation of Managed Care Entities" - Caesars Palace ; Las Vegas, Nevada September 199 2 "Equilibria in Continuous-Time Models of Money" - refereed paper presented to the Sixth World Congress of the Econometric Society ; Barcelona, Spain - August 199 0 "The Use and Holding of Currency" - Feature Presentation - Western Economic Association Meeting ; San Diego, California - July 199 0 "Values and Economics" - Dallas Philosophical Forum ; Dallas, Texas - March 1990 "Ethics and the Role of Government" - ARCO Oil and Gas Research Center ; Piano, Texas - October 1989 "Continuous-Time Models of Money : Policy Implications" - paper presented to the Division of Research and Statistics of the Board of Governors of the Federal Reserve ; Washington, DC - January 1988 Expe rt Witness/Litigation Support Dr . Hakala has undertaken various assignments involving litigation support and has testified as an expert witness . He has been qualified as an expert and has testified in both U .S . District Court and in U .S . Tax Court . The following is a list of testimony on record : David Graben and Frank Strickler v . Western Reserve Life Assurance Company of Ohio ; Intersecurities, Inc . and Timothy Hutton ; State District Court, 271st Judicial District, Wise County, Texas ; deposition testimony March 29, 2005 ; trial testimony May 18, 2005 ; testified as to economic losses and prudent investment management involving the management of investment portfolios for two retired individuals . Wechsler & Co ., Inc. v. Commissioner of Internal Revenue, United States Tax Court (Docket No . 966704) ; trial testimony March 24, 2005 ; prepared a written report and rebuttal report as testimony in a matter involving the determination of the reasonable compensation of a Chief Executive Officer of a broker-dealer specializing in trading convertible debt securities as a dealer and on its own account . Stephen T. Davis, Individually and as Owner of Lone Star Phones v. Dobson Cellular Systems Inc. dlbla CellularOne and Dobson Communications Corporation and Kelly Lane ; In the United States District Court for the Northern District of Texas, Dallas Division (Case No . 3-04-CV-0465 B) ; deposition testimony February 25, 2005 ; testified as to lost income associated with allegations of a breach of contract and wrongful termination of a dealership agreement . In re : PE Corporation Securities Litigation; In the United States District Court, District of Connecticut (Master File No . 3 :00CV705(CFD))) ; deposition testimony February 23, 2005 ; testified as to materiality, inflation per share and aggregate damages in a class action securities case involving allegations of inadequate and misleading disclosures relating to a secondary offering of tracking shares . Scott D. Hakala, Ph .D., CFA Page 3 Alpine International Corp. v. Texas Health Resources; State District Court, 101St Judicial District, Dallas County, Texas ; deposition testimony February 21, 2005 ; testified as to lost profits associated with a breach of a non-solicitation provision in a contract . Michael Gloster and Victoria Gloster, tla Gloster Marketing v. Relics, Inc., H. William Pollack, ///, and Carolyn Po/lack; In the United States District Court, Eastern District of Pennsylvania (Cause No . 02-CV7140) ; deposition testimony February 11, 2005 ; testified as to issues of valuation and profits involving claims of trademark and copyright infringement . In re: Clarent Corporation Securities Litigation ; In the United States District Court, Northern District of California, San Francisco Division (Master File No . C-0103361CRB(JCS)) ; deposition testimony January 11, 2005 ; trial testimony January 31 and February 9, 2005 ; testified as to materiality, inflation per share and aggregate damages in a class action securities case involving allegations of accounting fraud against former officers of the company and the accounting firm for its audit . In re: DQE, Inc. Securities Litigation; In the United States District Court, Western District of Pennsylvania (Master File No . 01-1851) ; deposition testimony November 23, 2004 ; testified as to materiality, inflation per share and aggregate damages in a class action securities case . In re: Worldcom, Inc . ERISA Securities Litigation; In the United States District Court, Southern District of New York (Master File No . 02 Civ . 4816 (DLC)) ; deposition testimony November 15, 2004 ; testified as to discounts related to block size and information effects associated with the possible sale of shares of Worldcom and MCI tracking stock in the first half of the 2002 . Adele Brody, et al., on behalf of themselves and all others similarly situated, vs . Peter S . Hellman, et al. ; District Court, City and County of Denver, State of Colorado ; deposition testimony September 3, 2004, and May 27, 2005 ; hearing testimony November 30, 2004 ; testified as to the ability to measure damages to a class of shareholders via a plan of allocation . In re : Broadcom Corp. Securities Litigation; In the United States District Court, Central District of California, Southern Division (No . SACV 01-275 GLT (MLGx)) ; deposition testimony August 27 and 29, September 10, December 1 and 2, 2004, and January 21, 2005 ; testimony during hearing April 21 and May 25, 2005; testified as to materiality, valuation of customer contracts, valuation, inflation per share and aggregate damages in a securities class action and damages in a related private action . Burt L. Schmidt, Individually and d/bla Diamond S Trucking vs . Navistar Financial Corporation; State District Court, Hamilton County, Texas ; deposition testimony July 28, 2004 ; trial testimony August 30, 2004 ; testified in rebuttal as to claims of lost profits associated with the repossession of tractor trucks by the defendant in 2001 . Basic Management Inc, et al., vs. United States of America, et al. ; In the United States District Court, District of Nevada (No . CV-S-02-0884-RCJ-(RJJ)) ; deposition testimony July 22 and 23, 2004 ; testified in rebuttal as to appropriate assumptions and methods (including discount rates and appreciation rates) for a real estate development company in Nevada . In re. JTS Corporation, Suzanne L. Decker, Trustee, vs . Roger W. Johnson, et al . ; In the United States Bankruptcy Court, Northern District of California, (No . 98-59752 MM ; A .P . No . 00-5423) ; deposition testimony July 15, 2004 ; trial testimony April 11, 2005 ; testified in rebuttal to trustee's expert as to economic losses to creditors and reasonable value associated with certain business decisions . Randy S. Myers, Individually and on Behalf of all others Similarly Situated, vs . Progressive Concepts, Inc . d/b/a Hawk Electronics; 352nd Judicial District, Tarrant County, Texas (Cause No . 352-201156-03) ; deposition testimony July 2, 2004 ; testified as to the appropriate measure of damages involving allegations of improper billing involving cell phone services . Scott D . Hakala, Ph.D ., CFA Page 4 On Site Technology LLC vs . Duratherm, Inc . et al. ; In the United States District Court for the Southern District of Texas (Civil Action No . H-02-2624) ; trial testimony June 10, 2004 ; testified as to lost profits and reasonable royalties as a result of allegations of patent infringement . A TS Telecommunications Systems, Inc. and A TS Liquidating, Inc. f/k/a Advanced Telecommunications Systems, Inc., by and through its Plan Agent H. Malcolm Lovett, Jr. vs. Philip R . Lacerte and Four LC Trust vs . Stan M. Gorman, Sr., and D . Scott Pool; 113th Judicial District, Harris County, Texas (Cause No . 2001-00997) ; deposition testimony May 25, 2004 ; testified as to reasonable and customary terms and consideration for the provision of performance guarantees, reasonable start-up and operating expenses, and issues of fraud and breach of fiduciary duty . ISG State Operations, Inc. vs. National Heritage Insurance Company, Inc . ; 250th Judicial District, Travis County, Texas (Cause No . 95-11014) ; deposition testimony May 11, 2004 ; trial testimony April 25, 2005 ; testified as to appropriate measures for calculation lost profits in a breach of contract claim involving data processing . Xperex Corporation, et al. vs . Viasystems Technologies Corp ., LLC ; Court of Chancery, New Castle County, State of Delaware (Civil No . 20582-NC) ; deposition testimony April 23, 2004 ; testified as to the valuation of intangible assets and business related to allegations of fraudulent conveyance and breach of fiduciary duty to creditors . Richard Marcoux, on behalf of himself and all others similarly situated, v . Billy D . Prim, Andrew J. Filipowski, et al. ; County of Forsyth, State of North Carolina (No . 04 CvS 920) ; deposition testimony April 12, 2004 ; testified as to errors in a fairness opinion issued in a proposed acquisition of a public company . Houston Saba, L.P. vs . Nick Hernandez and Boyd Page Inc. dlbla Boyd Page & Associates ; 280th Judicial District, Harris County, Texas (Cause No . 2003-07457) ; deposition testimony March 31, 2004 ; testified as lost profits associated with disruption of a restaurant due to street repairs and construction . Autoland of New Jersey, Inc ., et al . v. Commissioner of Internal Revenue ; U .S . Tax Court (Docket number 12639-02) ; testified in trial February 19, 2004 ; testified as to issues related to the reasonable compensation of executives in the auto retail business . Soils Control International, Inc. vs . Martin Marietta Magnesia Specialties, L .L . C. and Midwest Industrial Supply, Inc; United States Court, District of Massachusetts (Civil Action No . A-03-CA-531 H) ; deposition testimony January 30, 2004 ; testified as to lost profits in a dispute relating to allegations of deceptive trade practices . In re Raytheon Company Securities Litigation ; United States Court, District of Massachusetts (Civil Action No . 99-12142 (PBS)) ; deposition testimony January 27, 2004 ; testimony in hearings May 3 and 7, 2004 ; testified as to materiality, causation, inflation per share and aggregate damages . In re : AT&T Corp Securities Litigation ; United States District Court of New Jersey (MDL No . 1399, Civil Action No . 01-1883 (GEB)) ; Consolidation Class Action on Behalf of the Purchasers of AT&T Wireless Tracking Stock Shares between April 27 and May 1, 2000 ; deposition testimony January 16, 2004 ; testified as to materiality, causation, inflation per share and aggregate damages . Robert Rodgers vs . Johnson Health Tech. Co ., Ltd., Epix, Inc. d/b/a Vision Fitness, et al . . ; United States District Court for the Western District of Texas, Austin Division (Civil Action No . A 02 CA 731 SS); deposition testimony January 7, 2004 ; testified as to reasonable royalties and damages for alleged patent infringement . Scott D . Hakala, Ph.D ., CFA Page 5 In re. Xcelera .Com Securities Litigation . ; United States District Court, District of Massachusetts, Boston, Massachusetts (Civil Action No . 00- CV-11649(RWZ)) ; hearing testimony November 20 and 21, 2003 ; testified as to materiality, reliance and market efficiency in a hearing on class certification . C. F. Jordan, L .P. v. Argosy Gaming Company, Laneco Construction Systems, and Louisiana Glass, AAA Arbitration (Case Number 71 110 01059 01) ; deposition testimony November 18, 2003 ; testified in rebuttal to allegations of lost income from hotel construction and remediation activities . ELIZABETH M . KURECKA, Individually and as Representative of the estate of Edward Kurecka, Deceased, MICHAEL KURECKA, TIM KURECKA, and MELANIE KURECKA POWELL v. DAVID H. AMMONS, M.D., GARY R. GODSIN, M.D., and MICHAEL PETTIBON, M.D. ; 342d Judicial District, Tarrant County, Texas ; deposition testimony September 2003 ; testified as to the loss of income to the survivors in a wrongful death case . Betsy Gross v. David Halbert and AdvancePCS ; 352"d Judicial District, Tarrant County, Texas (Cause No . 352-196123-02) ; deposition testimony August 26, 2003 ; testified at trial November 10 and 11, 2004 ; testified as to the valuation of executive stock options . Michael Aldridge, Individually and on Behalf of All Other Similarly Situated, vs . A . T. Cross Corporation; Bradford R . Boss; Russell A . Boss; et al. ; United States District Court, District of Rhode Island (C .A . No . 00-203 (ML)) ; deposition testimony August 19, 2003 ; testified as to materiality, causation and damages in a securities class action . In Re Broadcom Corp . Securities Litigation ; United States District Court, Central District of California, Southern Division (Master File No . SACV 01-275 GLT (Eex)) ; deposition testimony July 29 and 30, 2003 ; testified as to the market efficiency of the trading of Broadcom shares and aggregate damages calculations relating to class certification . J. Bryan Pickens vs . John T. Pickens, J. Michael Tiner, Michael K. Pickens, C . Robe rt Milner, Jr., Pickens Financial Group, L.L.C., Pickens Resource Corp ., and Pickens, Ltd . ; 298th Judicial District, Dallas County, Texas (Cause No . 02-01105) ; deposition testimony July 11, 2003 ; testified as to the overall financial performance of certain companies and the fairness (or benefits to the plaintiff) of certain transactions involving the defendant companies and affiliated trusts . In re Arthur Franklin Tyler, Jr., Debtor; Arthur Franklin Tyler, Jr., v. Tywell Manufacturing Corporation ; U .S . Bankruptcy Court, Northern District of Texas, Dallas Division (Case No . 01-80343-SAF-13 ; Adversary No . 02-3530) ; trial testimony July 1, 2003 ; testified as to net asset value under various assumptions in an involuntary shareholder foreclosure/shareholder oppression dispute . FFP Partners, L.P . v. Jack J. Ceccarelli, Restructure Petroleum Marketing Services, Inc . flkla E-Z Serve Petroleum Marketing Company and Environmental Corporation of America, Inc . ; American Arbitration Association (Case No . 71-Y-198-00167-02) ; hearing testimony May 19, 2003 ; testified as to the value of gas-only operations related to allegations of breach of contract, breach of fiduciary duty and theft of business opportunities . RadioShack Corporation, and TE Electronics, L .P . vs . Fried, Frank, Harris, Shriver & Jacobson and Harvey Pitt United States District Court, Northern District of Texas, Ft . Worth Division (Civil Action No . 4 :02-CV-0639-TV) ; deposition testimony May 9, 2003 ; testified as to causation and damages as a result of allegations of legal malpractice . Printwrap, Inc . v. Printwrap Sales, Inc . and Maxine Ammon ; 134th Judicial District, Dallas County, Texas (Cause No . 02-5064-G) ; deposition testimony May 6, 2003 ; testified as to the valuation and economic losses of a purchase of a specialty printing business as a result of allegations of material misrepresentations on the part of the seller . Scott D . Hakala, Ph .D ., CFA Page 6 In re Theregenics Corp. Securities Litigation ; United States District Court, Northern District of Georgia, Atlanta Division (Civil Action No . 1 :99-CV-141-TWT) ; deposition testimony April 2, 2003, and August 14, 2003 ; testified as to materiality, causation, inflation per share and damages as a result of allegations of securities fraud (violations of the Securities Exchange Act of 1934, Rule 10b-5) . Teleplus, Inc., v. Avantel, S.A . ; United States District Court, Western District of Texas, San Antonio Division (Civil No . SA-98-CA-0849 FB) ; deposition testimony March 26, 2003 ; trial testimony September 25, 26 and 29, 2003 ; testified as to the valuation of a reseller and marketer of long-distance telephone services (primarily for domestic and international service in Mexico) . Russell Grigsby vs. ProTrader Group Management, L .L.C ., et al. ; American Arbitration Association (Cause No . 70-180-00648-02) ; deposition testimony March 7, 2003 ; arbitration hearing testimony October 17 and November 3, 2003 ; testified in a fraud and shareholder oppression case as to the fair value of a brokerage firm with specialization in day trading . Donald P. Williams vs . Peter O. Holliday, Ill, MD, and Open MRI of Decatur ; Circuit Court of Morgan County, Alabama (Case Number : CV-00-974) ; testified at trial March 4, 2003 ; testified as to the value of loan guarantees and the value of a business operating an MRI in a shareholder oppression lawsuit . Menard, Inc . v. Commissioner of Internal Revenue; U .S . Tax Court; testified in trial February 27, 2003 ; testified as to the compensation of executives in comparable and guideline companies and the proper valuation of incentive compensation benefits . Richard Strauss, Sovereign Texas Homes, ltd., et al . vs . Wallace Sanders & Company, et al . ; 191s1 Judicial District, Dallas County, Texas (Cause No . 02-2562-J) ; deposition testimony February 14 and 20, 2003; testified as to materiality, causation, and damages as a result of allegations of improper accounting . Paul Dzera, Philip J. Gund and Stephen Marotta v . Zolfo Cooper, L.L.C.; American Arbitration Association (Arbitration no . 18Y180143301), Newark, New Jersey ; hearing testimony February 11, 2003 ; testified as to measures of economic loss associated with claims brought by defendant . In re VISIONAMERICA, INC . SECURITIES LITIGATION ; United States District Court, Middle District of Tennessee, Nashville Division (Master File No . 3-00-0279) ; deposition testimony December 12, 2002 ; testified as to materiality, causation, inflation per share and damages as a result of allegations of securities fraud involving accounting misstatements (violations of the Securities Exchange Act of 1934, Rule 10b-5) . In re National Golf Properties, Inc. Shareholder Litigation ; (Masseo Investment Partners, Ltd., Anne Marie Rouleau, Thomas Feiman, IRA and Robert Lewis, On Behalf of Themselves and All Others Similarly Situated, vs . James M. Stanich, et al. ; Superior Court of the State of California, County of Los Angeles (Lead Case No . BC268215) ; deposition testimony November 22, 2002 ; testified as to fairness and problems with a fairness opinion involving a proposed acquisition of the public REIT, including process, disclosure and allocations of proceeds problems . Ralph R . Unstead, Jr., On behalf of Himself and All Other Similarly Situated, v. Intelect Communications, Inc ., et al. ; U .S . District Court for the Northern District of Texas, Dallas Division (No . 3 :99-CV-2604-M) ; deposition testimony October 31, 2002 ; testified as to materiality, causation and damages in a class action securities case . Physicians Resource Group, Inc . and EyeCorp, Inc. ., vs. Dr. David Meyer, et al. . ; U .S . Bankruptcy Court, Northern District of Texas, Dallas Division ; deposition testimony October 22, 2002 ; trial testimony February 7, 2002 ; testified as to issues of solvency and reasonably equivalent damages as a result of certain transactions between the defendants and the plaintiffs prior to bankruptcy . Scott D. Hakala, Ph.D ., CFA Page 7 Maximicer, L.L.C., vs. PepsiCo, Inc. ; U .S . District Court for the Eastern District of Texas, Marshall Division (No . 2-01-CV-132(tjw)) ; deposition testimony October 21, 2002 ; trial testimony December 10, 2002 ; testified as to damages arising from claims of commercial defamation and other causes . HALCYON INVESTMENTS INC ., f/k/a B.A .S.S.,Inc ., et al. . vs B .A .S .S ., LLC, flkla LIVEWELL ACQUISITION,LLC, B.A .S.S. (IP) ., et al. ; AAA Arbitration (File No . 30 E 181 00434 02) ; deposition testimony October 10, 2002 ; testified as to due diligence, disclosures and economic damages estimates involving an agreement to sell a business between the parties (subject to confidentiality agreement) . Jerry Krim, et al. v. pcOrder.com, Inc., et a/. ; U .S . District Court for the Western District of Texas, Austin Division (Master File No . A :00-CA-776-SS) ; hearing testimony September 20, 2002 ; testified in a class certification hearing on the trading of shares and source of shares purchased by proposed lead plaintiffs . APA EXCELSIOR II/ L .P., APA EXCELSIOR 111 OFFSHORE, L .P .,APAIFOSTIN PENNSYLVANIA VENTURE CAPITAL FUND, C/N VENTURE NOMINEES LIMITED, STUARTA . EPSTEIN and DAVID EPSTEIN, v. PREMIERE TECHNOLOGIES, INC .,BOLAND T. JONES, PATRICK G .JONES, GEORGE W. BAKER, SR., and RAYMOND H. PIRTLE, JR, U .S . District Court for the Northern District of Georgia (Civil Action No . 1 :99-CV-1377-JOF) ; deposition testimony September 4, 2002 ; testified as to the materiality of certain representations and damages in a securities case . Microtune, L .P. v. Broadcom Corporation ; U .S . District Court for the Eastern District of Texas, Sherman Division (Civil Action No . 4 :01-CV-023) ; deposition testimony August 29, 2002 ; testified as to the reasonable royalty in a patent infringement case . John F. Havens, On Behalf of Himself and All Others Similarly Situated, vs . James L. Pate, et al. ; and Howard Lasker, On Behalf of Himself and All Others Similarly Situated, vs. James L . Pate, at al., 295th Judicial Dstrict, Harris County, Texas (Cause No . 2002-16085) ; deposition testimony July 15, 2002 ; hearing testimony July 18, 2002 ; testified as to the materiality of certain information omitted from a proxy to Pennzoil-Quaker State shareholders, issues with respect to the fairness opinion analysis by Pennzoil's financial advisor, the determination of fairness and issues with respect to mergers and acquisitions . Lawrence D . Poliner, M.D . v. Texas Health Systems, et al. ; U .S . District Court, Northern District of Texas, Dallas Division (Civil Action No . 3 :000V1007-P) ; deposition testimony May 20, 2002 ; testified as to certain anti-competitive issues involving a specialist medical practice . In re: Chartwell Health Care, Inc. ; John H. Litzler, Chapter 7 Trustee, vs . Irving D . Boyes, et al. ; U .S . Bankruptcy Court, Northern District of Texas, Dallas Division (Case No . 398-38546-SAF-7) ; deposition testimony April 25, 2002 ; testified as to solvency and economic losses of a nursing home operator . Leonard Sauls,Jr. v. The Estate of William Lee Hatch, Jr., Deceased, et a l. ; In the Probate Court Number One, Travis County, Texas (Cause No . 75278-A) ; deposition testimony March 22, 2002 ; testified as to the measurement of lost future earning capacity, case settled before issuance of deposition transcript . Leland Stenovich, et a/ ., vs. Spencer F. Eccles, et a!. ; Third Judicial District Court, Salt Lake County, State of Utah (Class Action, Case No . 000907870) ; deposition testimony February 5 and 6, 2002 ; testified as to standards of practice, fairness and adequacy of consideration in a class action lawsuit relating to the acquisition of First Security Corporation by Wells Fargo . In re Computer Associates Class Action Securities Litigation ; U .S . District Court for the Eastern District of New York (Master File No . 98-CV-4839) ; deposition testimony January 23 and 24, 2002 ; testified as to materiality, causation and damages in a securities fraud lawsuit . Scott D . Hakala, Ph.D ., CFA Page 8 Pamela Graham Reeves vs. VIJ, Inc. d/bla National Utilities Co./NUCO and Greer Industries, Inc. ; U .S . District Court for the Northern District of Texas-Fort Worth Division (Case No . 400=CV-1671-BE) ; trial testimony January 9, 2002 ; testified as to market wages, current job market and likelihood of employment for an individual alleged to have been wrongfully terminated . Patricia E. Vincent and James R. Vincent v. Bank of America Texas, N.A. . ; In the 68th Judicial District Court, Dallas County, Texas (Cause No . DV99-00745) ; testimony in hearing in December 2000 and trial testimony December 18, 2001 ; testified as to the proper calculation of interest on a home mortgage and common standards and practices for calculating mortgage interest . Joan C . Howard and Charles A. Anderson , on behalf of themselves and all others similarly situated. v. Everex Systems, Inc ., and Steven L .W. Hui, et al. .; U .S . District Court for the Northern District of California ( Case No . C 92 3742 CAL) ; deposition testimony November 19 and 20 and December 17, 2001 ; testified as to materiality, causation and damages in a securities fraud lawsuit . Reinsurance International Services Company, L .L .C . v. Lambert Fenchurch Group Limited, et at. ; in the 98th Judicial District Court, Travis County Texas (Civil Action No . 99-00745) ; deposition testimony September 20, 2001 ; testified as to lost profits and lost business value experienced by a reinsurance broker relating to allegations of misrepresentations and breach of duty . Robert Alpert, James Ventures, L .P., Markus Investments, Inc . and James Investments, Inc. vs Innovative Valve Technologies, Inc ., et al. . ; U .S . District Court for the Southern District of Texas, Houston Division (Civil Action No . H-01-076) ; deposition testimony September 19, 2001 ; testified as to materiality, causation and damages in a securities fraud lawsuit . Premier Lifestyles International Corporation vs . Electronic Clearing House, Inc . ; XpresscheX, Inc ., et al . ; Superior Court for the State of California, County of Los Angeles (Case No . BC230691) ; deposition testimony September 17 and 27, 2001 ; trial testimony November 27 and 28, 2001 ; testified as to lost business opportunities and damages arising from various causes of action . In re Phycor Corporation Securities Litigation ; U .S . District Court for the Middle District of Tennessee, Nashville Division (Civi I Action No . 3-98-0834) ; deposition testimony August 9 and November 6, 2001 ; testified as to materiality, causation and damages in a securities class action lawsuit . Ben Higbee and Bridgestone Healthcare Management, Inc. vs . Bridgestone Healthcare Management, Inc., . . .and David E. Sones; 101st Judicial District, Dallas County, Texas (Cause No . 00-7365-3) ; deposition testimony June 21, 2001 ; testified as to preliminary findings as to fairness of certain transactions involving a workers' compensation and rehabilitation business . Auto Wax Co ., Inc. v. Mark V Products, Inc. . . ; U .S . District Court for the Northern District of Texas, Dallas Division (Civil Action No . 3-99 CV 0982-T) ; deposition testimony April 25, 2001 ; trial testimony June 29, 2001 ; testified as b the reasonable royalty and lost profits in a patent infringement and trademark infringement case . Robert K. Bell, et al. v. Fore Systems, Inc ., et al . . ; U .S . District Court for the Western District of Pennsylvania, (Civil Action No . 97-1265) ; deposition testimony February 1, 2 and 14, 2001, as to the materiality of various alleged accounting misrepresentations and as to damages in a class action shareholder lawsuit . Scott Cunningham and Elizabeth Cunningham v . Gutierrez, Mitchell & Colmenero, L .L.P., et al. ; 201st Judicial District, Travis County, Texas (Cause No . GNO-00849) ; deposition testimony January 12, 2001 ; trial testimony March 7, 2001 ; testified as to the economic loss and value to the owners of a temporary services business . Scott D . Hakala, Ph .D., CFA Page 9 EXHIBIT B Price per Share o N W o A C) o 4 00 C) cA o 0 a 0 0 0 0 o O C) O 0 O o O o O o 2/20/2001 3/6/200 1 3/20/2001 4/3/2001 4/17/2001 5/l/2001 5/15/2001 5/29/2001 6/12/2001 6/26/2001 7/10/2001 7/24/200 1 C M. a' C . 8/7/2001 8/21/2001 9/4/200 1 9/18/2001 10/2/2001 10/16/200 1 CD 10/30/2001 11/13/2001 11/27/2001 12/11/2001 12/25/200 1 O 0 0 0 N3 O m x 0 3 C- 0 P. o cD 3 j2 N CD c N O 03 CD U) 1/8/2002 1/22/2002 2/5/200 2 2/19/2002 3/5/2002 3/19/200 2 4/2/2002 4/16/2002 4/30/2002 5/14/2002 5/28/2002 6/11/2002 Exhibit B : Price and Trading Volume Information for Omnicom Common Shares Date Px Open Px High Px Low Px Last Px Volum e 2/20/2001 2/21/2001 2/22/2001 2/23/2001 2/26/2001 2/27/2001 2/28/2001 3/1/2001 3/2/2001 3/5/2001 3/6/2001 3/7/2001 3/8/2001 3/9/2001 3/12/2001 3/13/2001 3/14/2001 3/15/2001 3/16/2001 3/19/2001 3/20/2001 3/21/2001 3/22/2001 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 89 .60 94 .30 94 .30 91 .75 90 .35 90 .00 92 .00 90 .69 90 .45 91 .00 89 .98 89 .90 91 .40 90 .00 88 .00 83 .49 82 .00 82 .00 83 .75 83 .11 82 .85 82 .60 81 .55 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 94 .91 95 .45 95 .25 92 .10 91 .00 92 .75 92 .00 90 .95 91 .94 91 .01 91 .45 93 .45 92 .00 90 .50 88 .01 84 .10 83 .15 84 .20 84 .10 83 .19 84 .15 83 .30 81 .55 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 89 .60 93 .00 92 .50 88 .85 89 .51 89 .87 89 .65 89 .21 89 .80 89 .27 89 .90 89 .90 90 .50 88 .04 83 .10 81 .30 80 .65 82 .00 81 .65 80 .70 82 .20 81 .65 77 .10 $ 94.51 $ 94 .30 $92.90 $ 90 .20 $ 90 .15 $ 92.00 $ 90 .69 $ 90 .70 $ 91 .52 $ 89 .73 $ 91 .12 $ 92 .40 $ 91 .88 $ 88 .35 $ 83 .50 $ 83 .00 $ 81 .20 $ 83 .97 $ 83 .10 $ 82 .31 $ 82 .60 $ 81 .95 $79 .60 1,989,200 1,515,00 0 1,415,20 0 1,631,30 0 1,422,70 0 1,094,30 0 1,003,50 0 1,415,40 0 966,30 0 987,20 0 1,303,10 0 1,170,30 0 1,043,300 1,206,400 1,516,100 1,977,700 1,724,100 1,024,600 1,306,000 1,143,800 1,037,400 1,222,000 1,854,00 0 3/23/2001 3/26/2001 3/27/2001 3/28/2001 3/29/2001 3/30/2001 4/2/2001 4/3/2001 4/4/2001 4/5/2001 4/6/2001 4/9/2001 4/10/2001 4/11/2001 4/12/2001 4/16/2001 4/17/2001 4/18/2001 4/19/2001 4/20/2001 4/23/2001 4/24/2001 4/25/2001 4/26/2001 4/27/2001 4/30/2001 5/1/2001 5/2/2001 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 80 .00 81 .65 80 .65 84 .48 84 .75 82 .74 83 .00 82 .86 80 .57 80 .20 82 .70 81 .50 83 .27 84 .25 83 .40 86 .50 86 .05 89 .08 91 .00 92 .00 90 .50 88 .20 89 .20 89 .50 90 .75 89 .60 87 .84 86 .50 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 81 .75 82 .65 84 .74 84 .95 84 .90 83.85 84 .40 82 .95 80 .65 82 .70 82 .70 83 .40 84 .17 84 .85 86 .95 87 .40 88 .30 92 .70 92 .50 92 .00 90 .50 89 .84 90 .38 92 .10 90 .80 89 .60 87 .84 87 .85 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 79 .50 79 .80 80 .49 83 .50 81 .50 81 .55 82 .27 80 .16 78 .00 80 .05 80 .01 81 .30 82 .95 82 .80 83 .30 85 .70 86 .00 88 .90 90 .50 89 .48 87 .95 88 .20 88 .60 89 .25 87 .75 87 .40 86 .15 86 .44 $ 81 .75 $ 80 .60 $ 84 .48 $ 84 .50 $ 82 .74 $82 .88 $ 83 .11 $ 80 .69 $ 79 .50 $ 82 .70 $81 .15 $ 83 .26 $ 83 .32 $ 84 .20 $ 86 .50 $ 87 .00 $ 88 .30 $ 91 .15 $ 92 .50 $ 90 .69 $ 88 .08 $ 89 .20 $ 90 .11 $ 92 .02 $ 88 .45 $ 87 .85 $ 86 .43 $ 87 .51 1,024,300 1,309,000 995,50 0 1,305,80 0 1,035,20 0 914,30 0 694,20 0 1,041,30 0 1,624,50 0 1,231,20 0 763,60 0 771,10 0 765,30 0 1,193,90 0 980,70 0 769,90 0 651,50 0 2,730,60 0 753,70 0 874,10 0 1,186,40 0 951,60 0 1,040,70 0 1,246,10 0 1,985,90 0 921,80 0 1,376,50 0 1,022,10 0 Source : Bloomberg , L .P ./NYSE Page 1 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Commo n Shares Date Px Open Px High Px Low Px Last Px Volum e 5/3/2001 5/4/2001 5/7/2001 5/8/2001 5/9/2001 5/10/2001 5/11/2001 5/14/2001 5/15/2001 5/16/2001 5/17/2001 5/18/2001 5/21/2001 5/22/2001 5/23/2001 5/24/2001 5/25/2001 5/29/2001 5/30/2001 5/31/2001 6/1/2001 6/4/2001 6/5/2001 6/6/2001 6/7/2001 6/8/2001 6/11/2001 6/12/2001 6/13/2001 6/14/2001 6/15/2001 6/18/2001 6/19/2001 6/20/2001 6/21/2001 6/22/2001 6/25/2001 6/26/2001 6/27/2001 6/28/2001 6/29/2001 7/2/2001 7/3/2001 7/5/2001 7/6/2001 7/9/2001 7/10/2001 7/11/2001 7/12/2001 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 87 .52 86 .40 88 .75 89 .25 89 .45 90 .41 89 .95 89 .74 89 .95 91 .10 92 .40 94 .52 93 .35 94 .90 96 .00 97 .32 94 .75 94 .00 93 .80 93 .00 92 .90 92 .61 93 .10 93 .66 93 .80 91 .00 89 .55 89 .50 87 .55 84 .00 81 .80 82 .50 82 .20 82 .90 82 .15 83 .25 84 .05 82 .35 83 .30 84 .00 85 .12 86 .00 86 .86 86 .75 85 .45 83 .00 83 .80 81 .50 82 .85 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 87 .80 89 .10 88 .99 90 .75 91 .39 91 .25 90 .50 89 .99 92 .50 92 .59 94 .64 95 .00 96 .00 96 .95 98 .20 97 .33 94 .75 94 .60 94 .10 93 .45 92 .91 93 .42 93.80 94 .10 94 .08 91 .30 89 .97 89 .60 87 .55 84 .55 83 .40 82 .50 84 .00 83 .35 83 .40 84 .86 84 .45 83 .20 84 .90 84 .99 86 .97 87 .50 87 .45 86 .80 85 .49 84 .80 84 .00 83 .01 84 .54 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 85 .05 85 .85 87 .11 88 .70 89 .26 89 .70 89 .50 89 .30 89 .75 89 .70 92 .40 93 .15 93 .10 94 .35 94 .90 93 .76 93 .10 93 .65 92 .50 92 .60 91 .50 92 .00 92 .56 93 .35 91 .00 90 .12 89 .10 86 .50 85 .20 82 .15 80 .80 81 .00 82 .20 80 .81 81 .50 83 .10 82 .56 81 .30 83 .19 83 .83 84 .75 85 .35 85 .57 84 .76 82 .65 82 .95 80 .75 81 .00 82 .80 $ 86 .82 $ 88 .93 $88 .88 $ 90 .39 $ 90 .40 $ 89.89 $89 .75 $ 89 .80 $91 .00 $ 92 .40 $ 94 .27 $ 93 .85 $ 95 .81 $ 96 .23 $ 97 .57 $ 94 .05 $ 93 .95 $ 93 .89 $ 92 .85 $ 93 .08 $ 92 .36 $ 93 .20 $ 93 .66 $ 93 .58 $ 91 .86 $ 90 .36 $ 89 .48 $ 87 .10 $ 85 .70 $ 82 .52 $ 82 .45 $81 .00 $ 83 .40 $ 81 .95 $ 82 .52 $ 84 .05 $ 82 .75 $83 .08 $ 83 .69 $ 84 .12 $ 86 .00 $ 86 .86 $ 87 .31 $ 85 .00 $ 82 .79 $ 84 .55 $ 81 .50 $ 82 .95 $ 84.51 811,50 0 665,10 0 414,900 823,40 0 792,300 874,700 665,000 368,700 1,046,700 844,400 880,300 785,200 686,900 1,484,400 1,702,100 1,790,500 847,50 0 625,700 818,600 1,141,80 0 892,900 407,30 0 689,70 0 698,40 0 701,90 0 759,70 0 758,50 0 2,116,40 0 1,974,70 0 1,594,60 0 3,427,10 0 1,052,30 0 1,572,10 0 1,866,70 0 1,142,00 0 1,389,80 0 1,169,80 0 1,175,30 0 847,50 0 708,70 0 1,577,80 0 878,60 0 463,30 0 816,00 0 676,20 0 597,30 0 2,004,50 0 2,789,40 0 1,195,60 0 7/13/2001 $ 7/16/2001 $ 84 .51 85 .20 $ $ 85 .25 86 .25 $ $ 83 .85 84 .70 $ 85 .20 $ 86 .12 831,00 0 1,150,00 0 Source : Bloomberg, L .P ./NYSE Page 2 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Common Shares Date 7/17/2001 7/18/2001 7/19/2001 7/20/2001 7/23/2001 7/24/2001 7/25/2001 7/26/2001 7/27/2001 7/30/2001 7/31/2001 8/1/2001 8/2/2001 8/3/2001 8/6/2001 8/7/2001 8/8/2001 8/9/2001 8/10/2001 8/13/2001 8/14/2001 8/15/2001 8/16/2001 8/17/2001 8/20/2001 8/21/2001 8/22/2001 8/23/2001 8/24/2001 8/27/2001 8/28/2001 8/29/2001 8/30/2001 8/31/2001 9/4/2001 9/5/2001 9/6/2001 9/7/2001 9/10/2001 9/17/2001 9/18/2001 9/19/2001 9/20/2001 9/21/2001 9/24/2001 9/25/2001 9/26/2001 9/27/2001 9/28/2001 10/1/2001 10/2/2001 Px Open $ 85 .90 $ 84 .70 $ 84.25 $ 82 .75 $ 81 .30 $ 80.00 $ 82.90 $ 85 .17 $ 87 .71 $ 87 .30 $ 88 .20 $ 87 .38 $ 87 .15 $ 86 .98 $ 86 .30 $ 86 .03 $ 85 .48 $ 84 .85 $ 84 .95 $ 85 .00 $ 84 .91 $ 83 .49 $ 82 .50 $ 81 .90 $ 81 .30 $ 81 .82 $ 80 .40 $ 81 .05 $ 81 .90 $ 82 .30 $ 82 .60 $ 81 .74 $ 79 .00 $ 76 .70 $ 76 .85 $ 75 .40 $ 72 .65 $ 74 .90 $ 73 .90 $ 67 .25 $ 66 .50 $ 67 .00 $ 63 .70 $ 59 .50 $ 60 .90 $ 64 .82 $ 64 .50 $ 64 .08 $ 64 .26 $ 63 .50 $ 62 .50 Px High Px Low $ 86 .30 $ 85 .10 $ 85 .20 $ 82 .01 $ 84 .70 $ 82 .10 $ 83 .06 $ 80 .40 $ 81 .45 $ 78 .25 $ 83 .15 $ 79.80 $ 85 .55 $ 82 .40 $ 88 .00 $ 84 .90 $ 88 .50 $ 87 .25 $ 88 .42 $ 87 .20 $ 89 .20 $ 87 .00 $ 87 .40 $ 86 .65 $ 87 .60 $ 86 .25 $ 86 .98 $ 84 .99 $ 86 .30 $ 85 .55 $ 86 .08 $ 85 .20 $ 87 .00 $ 84 .56 $ 85 .15 $ 84 .06 $ 85 .00 $ 83 .77 $ 85 .20 $ 83 .93 $ 85 .40 $ 83 .20 $ 83 .60 $ 82 .25 $ 82 .50 $ 81 .30 $ 82 .20 $ 81 .04 $ 82 .32 $ 80 .78 $ 81 .90 $ 78 .35 $ 81 .23 $ 80 .40 $ 81 .69 $ 80 .80 $ 83 .25 $ 81 .05 $ 82 .85 $ 81 .65 $ 82 .65 $ 81 .31 $ 81 .74 $ 79.14 $ 79 .00 $ 75 .91 $ 78 .00 $ 76 .04 $ 77 .79 $ 75 .75 $ 75 .85 $ 72 .62 $ 73 .80 $ 72 .00 $ 75 .06 $ 73 .00 $ 75 .36 $ 73 .26 $ 70 .06 $ 66 .98 $ 67 .50 $ 65 .70 $ 68 .40 $ 62 .03 $ 64 .70 $ 62 .40 $ 62 .20 $ 59 .10 $ 65 .68 $ 60 .90 $ 65 .58 $ 62 .15 $ 65 .06 $ 62 .80 $ 64 .50 $ 61 .60 $ 64 .90 $ 61 .30 $ 64 .10 $ 62 .73 $ 62 .84 $ 61 .31 Px Last $ 85 .66 $ 83 .27 $ 82 .75 $ 80.62 $ 78.52 $82.90 $ 85.17 $ 87 .71 $ 87 .48 $ 87 .65 $ 87 .37 $ 87 .00 $ 86 .98 $ 86 .54 $ 86 .03 $ 85 .73 $ 84 .84 $ 84 .77 $ 84 .75 $ 84 .90 $ 83 .49 $ 82 .50 $ 82 .25 $ 81 .28 $ 82 .30 $80 .29 $ 80 .89 $ 81 .29 $ 83.10 $ 82 .06 $ 81 .74 $ 79.32 $ 76 .39 $ 77 .79 $ 75 .87 $ 72 .90 $ 73 .43 $ 73 .93 $ 73 .54 $ 67 .01 $ 66 .65 $ 64 .70 $ 62 .95 $ 60 .01 $64 .82 $ 64 .24 $ 63 .54 $ 64 .26 $ 64 .90 $ 63 .80 $ 62 .35 Px Volum e 783,80 0 1,671,30 0 1,765,000 1,939,400 2,059,800 3,923,300 1,605,900 1,952,400 1,475,300 637,600 1,027,10 0 822,300 592,40 0 721,60 0 733,30 0 480,90 0 927,70 0 655,90 0 570,90 0 778,700 561,80 0 1,152,40 0 1,689,100 978,60 0 1,198,700 4,004,900 1,659,800 789,500 553,600 519,400 593,100 964,20 0 1,822,800 1,084,20 0 1,016,200 2,813,20 0 2,856,50 0 1,499,10 0 1,441,70 0 2,299,40 0 1,562,20 0 2,465,10 0 1,763,20 0 2,895,80 0 2,356,10 0 1,862,50 0 1,609,30 0 1,461,60 0 2,858, 50 0 1,281,30 0 1,643,50 0 Source : Bloomberg , L.P ./NYSE Page 3 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Commo n Shares Date 10/3/2001 10/4/2001 10/5/2001 10/8/2001 10/9/2001 10/10/2001 10/11/2001 10/12/2001 10/15/2001 10/16/2001 10/17/2001 10/18/2001 10/19/2001 10/22/2001 10/23/2001 10/24/2001 10/25/2001 10/26/2001 10/29/2001 10/30/2001 10/31/2001 11/1/2001 11/2/2001 11/5/2001 11/6/2001 11/7/2001 11/8/2001 11/9/2001 11/12/2001 11113/2001 11/14/2001 11/15/2001 11/16/2001 11/19/2001 11/20/2001 11/2112001 11/23/2001 11/26/2001 11/27/2001 11/28/2001 11/29/2001 11/3012001 12/3/2001 12/4/2001 12/5/2001 12/6/2001 12/7/2001 12/10/2001 12/11/2001 12/12/2001 12/13/2001 Px Open $ 62 .35 $ 66 .50 $ 68 .00 $ 66.90 $ 66 .98 $ 68 .23 $ 71 .80 $ 73 .90 $ 73.30 $ 73 .85 $ 73 .80 $ 69 .45 $ 69 .25 $ 70 .89 $ 76 .70 $ 77 .30 $ 76 .00 $ 78 .90 $ 80 .02 $ 78 .25 $ 77 .07 Px High $ 66 .65 $ 69 .25 $ 68 .00 $ 67 .00 $ 68 .21 $ 70 .46 $ 74 .90 $ 74 .50 $ 74 .00 $ 73 .98 $ 73 .80 $ 70 .50 $ 71 .35 $ 73 .93 $ 79 .45 $ 77 .33 $ 79 .95 $ 80 .99 $ 80 .25 $ 78 .80 $ 77 .92 Px Low Px Last $ 61 .25 $ 65 .91 $ 65 .90 $ 67 .67 $ 66 .43 $ 67 .10 $ 65 .60 $ 66 .52 $ 66 .50 $ 67 .63 $ 68 .00 $ 70 .37 $ 71 .80 $74 .57 $ 72 .53 $ 74 .40 $ 72 .20 $ 73.85 $ 73 .05 $ 73 .44 $ 70 .35 $ 70 .94 $ 68 .94 $70 .45 $ 69 .15 $ 70 .89 $ 70 .34 $73.93 $ 75 .90 $78 .10 $ 76 .42 $76 .88 $ 75 .80 $ 79 .40 $ 78 .90 $ 80 .57 $ 78 .81 $ 79 .35 $ 76 .65 $ 77 .06 $ 76 .70 $ 76 .78 Px Volum e 1,824,40 0 2,216,50 0 1,490,300 1,101,800 1,503,000 1,465,600 2,486,100 1,428,400 1,172, 500 1,407,300 2,146,300 2,189,800 1,434,10 0 1,003,20 0 3,477,10 0 1,175,50 0 1,409,90 0 1,168,20 0 1,256,30 0 1,096,00 0 974,60 0 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 76 .55 78 .55 78 .75 78 .70 80 .35 80 .25 81 .40 81 .12 80 .66 84 .90 87 .20 85 .90 84 .67 85 .30 84 .55 84 .86 86 .85 87 .05 86 .60 84 .30 85 .25 85 .05 84 .45 85 .50 89 .22 89.00 87 .20 86 .20 88 .03 86 .58 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 78 .68 78 .99 79 .75 80 .72 81 .50 82 .60 81 .50 81 .18 83 .93 87 .98 87 .75 85 .99 85 .49 86 .50 85 .09 86.90 87 .74 87 .70 86 .74 85 .58 86 .40 85 .18 85 .49 90 .47 90 .69 89 .30 87 .87 89 .20 88 .63 86 .58 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 76 .15 77 .83 78 .65 78 .60 80 .00 80 .25 80 .02 79 .50 80 .66 84 .51 85 .09 84 .00 83 .82 84 .91 83 .69 84 .86 86 .50 86 .60 85 .30 83 .20 84 .25 83 .76 84 .02 85 .50 89 .04 86 .65 85 .88 85 .75 86 .04 84 .85 $78 .55 $ 78 .30 $79 .40 $ 80 .70 $ 80 .37 $ 81 .39 $81 .32 $ 80 .51 $ 83 .60 $ 87 .98 $ 85 .40 $ 84 .53 $ 85 .35 $ 85 .20 $ 84 .16 $ 86 .39 $ 87 .70 $ 87 .07 $ 85 .47 $ 85 .18 $ 85 .86 $ 83 .98 $ 85 .28 $ 89 .42 $ 89 .70 $87 .40 $ 86 .20 $ 88 .43 $ 86 .83 $ 85 .30 1,110,00 0 982,60 0 907,20 0 1,214,70 0 788,90 0 1,178, 000 955,40 0 988,200 1,333,00 0 3,032,300 2,183,000 1,678,900 1,202,000 1,333,300 1,373,700 541,300 1,312,400 820,100 1,248,100 1,636,200 868,500 1,097,900 1,143,600 2,304,900 1,488,800 1,294,400 1,048,900 1,444,500 1,008,50 0 1,103,600 Source : Bloomberg, L.P ./NYSE Page 4 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Commo n Shares Date 12/14/2001 12/17/2001 12/18/2001 12/19/2001 12/20/2001 12/21/2001 12/24/2001 12/26/2001 12/27/2001 12/28/2001 12/31/2001 1/2/2002 1/3/2002 1/4/2002 1/7/2002 1/8/2002 1/9/2002 1/1012002 1/11/2002 1/14/2002 1/15/2002 1/16/2002 1/17/2002 1/18/2002 1/22/2002 1/23/2002 1/24/2002 1/25/2002 1/28/2002 1/29/2002 1/30/2002 1/31/2002 2/1/2002 2/4/2002 2/5/2002 2/6/2002 2/7/2002 2/8/2002 2/11/2002 2/12/2002 2/13/2002 2/14/2002 2/15/2002 2/19/2002 2/20/2002 2/21/2002 2/22/2002 2/25/2002 2/26/2002 2/27/2002 2/28/2002 Px Open $ 85 .55 $ 83 .80 $ 86 .80 $ 86 .55 $ 87 .55 $ 87 .21 $ 88 .20 $ 88 .20 $ 88 .21 $ 89 .95 $ 89 .05 $ 88 .40 $ 89 .50 $ 89 .50 $ 89 .03 $ 89 .80 $ 90 .19 $ 90 .23 $ 89 .86 $ 88 .91 $ 89 .24 $ 88 .15 $ 86 .50 $ 87 .05 $ 88 .35 $ 87 .00 $ 86 .75 $ 87 .64 $ 87 .71 $ 88 .01 $ 85 .80 $ 85 .95 $ 87 .38 $ 88 .25 $ 86 .62 $ 85 .10 $ 85 .05 $ 85 .70 $ 86 .48 $ 86 .15 $ 85 .30 $ 87 .98 $ 88 .60 $ 86 .99 $ 87 .25 $ 87 .98 $ 87 .06 $ 89 .35 $ 90 .00 $ 92 .70 $ 92 .95 Px High $ 85 .55 $ 86 .80 $ 87 .14 $ 88 .40 $ 88 .26 $ 88.54 $ 88 .69 $ 89.20 $ 89 .49 $ 90.10 $ 90.01 $ 90.11 $ 90.49 $ 90.40 $ 90.13 $ 92 .00 $ 91 .34 $ 90.30 $ 90 .25 $ 89.70 $ 89.65 $ 88.50 $ 87 .95 $ 87 .24 $ 88.95 $ 87 .23 $ 88 .50 $ 87 .95 $ 88.70 $ 88 .28 $ 86 .70 $ 87 .99 $ 88 .50 $ 88 .26 $ 86 .62 $ 86 .11 $ 87 .00 $ 86 .50 $ 87 .20 $ 86 .42 $ 88 .00 $ 89 .48 $ 89 .18 $ 87 .44 $ 87 .98 $ 88.20 $ 89.92 $ 89.99 $ 92 .25 $ 94 .20 $ 94.76 Px Low Px Last $ 83 .15 $ 84 .39 $ 83 .75 $ 85 .60 $ 85 .51 $86 .77 $ 85 .73 $ 88 .07 $ 86 .84 $ 87 .20 $ 86 .52 $88 .51 $ 88 .10 $ 88 .30 $ 88 .00 $ 88 .20 $ 88 .05 $ 89 .48 $ 89 .25 $ 89 .77 $ 89 .01 $ 89 .35 $ 88 .15 $ 90 .11 $ 88 .60 $ 88 .89 $ 88 .52 $ 89 .03 $ 89 .03 $89 .45 $ 89 .50 $ 90.19 $ 88 .76 $ 90.43 $ 89 .21 $ 89 .85 $ 88 .85 $ 88.90 $ 87 .88 $ 89.04 $ 88 .20 $ 89 .02 $ 86 .09 $ 86.47 $ 85.40 $87 .72 $ 86 .21 $ 87 .00 $ 87 .10 $ 87 .42 $ 86.40 $ 86.55 $ 86 .73 $87 .89 $ 86 .99 $ 87 .71 $ 87 .50 $ 87.76 $ 85 .92 $ 85 .95 $ 84 .61 $ 85 .62 $ 85 .61 $87 .37 $ 86 .14 $ 88 .39 $ 85 .75 $ 86 .62 $ 84 .26 $ 85 .10 $ 83 .66 $ 85 .44 $ 84 .77 $ 85 .66 $ 85 .30 $ 86 .13 $ 86 .18 $87 .04 $ 85 .01 $85 .37 $ 84 .75 $ 87 .51 $ 87 .02 $ 88 .50 $ 86 .95 $ 87 .18 $ 84 .73 $ 86 .20 $ 86 .22 $ 87 .80 $ 87 .10 $87 .27 $ 86 .80 $ 89 .24 $ 88 .90 $ 89 .79 $ 89.90 $92 .05 $ 91 .68 $ 92 .18 $ 92 .66 $ 93 .54 Px Volum e 853,60 0 1,730,70 0 1,217,30 0 1,234,00 0 978,90 0 1,089,400 274,80 0 721,40 0 1,018,80 0 536 ,000 471,800 1,076,90 0 1,049,600 1,483,300 726,000 1,224,900 1,869,300 851,500 620,800 1,128,800 1,448,000 1,369,400 1,005,900 864,100 1,047,500 612,50 0 627,900 746,30 0 804,50 0 1,066,80 0 1,403,10 0 2,035,60 0 1,361,60 0 1,798,20 0 2,039,90 0 1,801,80 0 1,123,10 0 884,60 0 655,20 0 1,459,00 0 1,623,00 0 1,426,30 0 1,396,30 0 1,748,30 0 1,426,90 0 779,80 0 1,437,30 0 1,445,70 0 1,878,30 0 2,366,30 0 2,293,70 0 Source : Bloomberg , L .P ./NYSE Page 5 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Common Shares Date 3/1/2002 3/4/2002 3/5/2002 3/6/2002 3/7/2002 3/8/2002 3/11/2002 3/12/2002 3/13/2002 3/14/2002 3/15/2002 3/18/2002 3/19/2002 3/20/2002 3/2112002 3/22/2002 3/25/2002 3/26/2002 3/27/2002 3/28/2002 4/1/2002 4/2/2002 4/3/2002 4/5/2002 4/8/2002 4/9/2002 4/10/2002 4/11/2002 4/12/2002 4/15/2002 4/16/2002 4/17/2002 4/18/2002 4/19/2002 4/22/2002 4/23/2002 4/24/2002 4/25/2002 4/26/2002 4/29/2002 4/30/2002 5/1/2002 5/2/2002 5/3/2002 5/6/2002 5/7/2002 5/8/2002 5/9/2002 5/10/2002 5/13/2002 Px Open $ 93 .95 $ 94 .51 $ 97 .22 $ 92 .00 $ 93 .95 $ 92 .10 $ 93 .65 $ 93 .20 $ 93 .00 $ 92 .30 $ 92 .06 $ 93 .70 $ 94 .90 $ 95 .20 $ 96 .00 $ 95 .22 $ 95 .46 $ 93 .90 $ 93 .00 $ 93 .98 $ 93 .40 $ 94 .07 $ 93 .40 92 .20 Px High $ 94 .51 $ 97 .35 $ 97 .22 $ 94 .28 $ 93 .95 $ 94 .07 $ 94 .29 $ 94 .45 $ 93 .19 $ 92 .62 $ 94 .20 $ 94 .70 $ 96 .48 $ 96 .50 $ 96 .01 $ 95 .59 $ 95 .46 $ 94 .40 $ 94 .22 $ 94 .90 $ 94 .25 $ 94 .07 $ 93 .90 $ 92 .43 Px Low $ 91 .00 $ 93 .90 $ 94 .95 $ 91 .75 $ 90 .84 $ 91 .92 $ 92 .65 $ 92 .80 $ 91 .55 $ 91 .76 $ 91 .55 $ 93 .37 $ 94 .65 $ 95 .03 $ 94 .06 $ 94 .21 $ 93 .35 $ 92 .01 $ 92 .55 $ 93 .60 $ 93 .07 $ 92 .75 $ 92 .00 $ 91 .13 Px Last $ 94 .51 $ 97 .21 $ 95 .05 $ 93 .05 $ 91 .33 $ 93 .70 $ 93 .62 $ 93 .82 $ 92 .70 $ 92 .05 $ 93 .77 $ 94 .53 $ 96 .09 $ 96 .35 $ 95 .22 $ 95 .46 $ 93 .44 $ 92 .27 $ 93 .94 $ 94 .40 $ 94 .07 $ 93 .08 $ 92 .60 $ 91 .49 Px Volum e 5,518,40 0 1,952,30 0 2,219,00 0 2,847,60 0 2,046,40 0 1,744,10 0 1,136,20 0 726,70 0 958,30 0 700,30 0 1,274,80 0 1,011,10 0 1,285,80 0 1,122,80 0 1,198,80 0 1,078,40 0 671,70 0 1,708,90 0 1,047,40 0 621,30 0 595,20 0 689,300 1,154,600 2,557,80 0 4/4/2002 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 91 .55 91 .00 92 .75 93 .80 94 .51 93 .31 93 .70 92 .60 93 .55 93 .52 94 .00 94 .40 94 .00 93 .25 93 .00 92 .70 89 .85 87 .58 87 .70 89 .45 87 .98 87 .10 85 .20 86 .30 88 .02 88 .00 87 .40 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 92 .89 $ 92 .72 $ 94 .06 $ 94 .89 $ 94 .72 $ 94 .29 $ 94 .60 $ 94 .19 $ 93 .95 $ 94 .17 $ 94 .93 $ 94 .45 $ 94 .92 $ 94 .00 $ 93 .29 $ 92 .71 $ 89 .85 $ 88 .24 $ 89 .26 $ 89 .49 $ 88 .00 $ 87 .48 $ 86 .15 $ 88 .18 $ 88 .25 $ 88 .15 $ 87 .70 $ 91 .55 90 .54 92 .67 93 .70 93 .30 92 .80 92 .20 92 .53 93 .22 93 .05 93 .80 93 .50 93 .25 92 .80 92 .00 89 .40 87 .15 85 .15 87 .10 87 .57 86 .76 84 .20 84 .66 86 .20 86 .75 86 .05 86 .26 $ 92 .06 $ 92 .65 $ 93 .56 $ 94 .56 $ 93 .31 $ 94 .20 $ 92 .20 $ 93 .80 $ 93 .52 $ 93 .64 $ 94 .80 $ 94 .14 $ 93 .25 $ 93 .00 $ 92 .89 $ 89 .60 $ 87 .53 $ 87 .24 $88 .99 $ 87 .80 $ 87 .01 $ 84 .39 $ 85 .40 $ 88 .02 $ 87 .84 $ 86 .34 $ 87 .50 1,320,90 0 1,001,200 937,400 777,100 1,151,900 1,051,000 1,236,000 1,111,900 645,000 696,600 1,553,600 981,300 928,700 655,400 1,186,800 2,255,10 0 2,717,000 3,951,20 0 2,579,00 0 1,524,500 1,283,00 0 1,651,30 0 1,648,70 0 1,976,40 0 1,458,80 0 877,30 0 879,10 0 Source : Bloomberg , L .P ./NYSE Page 6 of 7 Exhibit B : Price and Trading Volume Information for Omnicom Common Shares Date 5/14/2002 5/15/2002 5/16/2002 5/17/2002 5/20/2002 5/21/2002 5/22/2002 5/23/2002 5/24/2002 5128/2002 5/29/2002 5/30/2002 5131/2002 6/3/2002 6/4/2002 6/5/2002 6/6/2002 6/7/2002 6/11/2002 6/12/2002 6/13/2002 6/14/2002 Px Open $ 88 .35 $ 90 .05 $ 91 .29 $ 89 .60 $ 89 .60 $ 88 .90 $ 85 .65 $ 87 .80 $ 89 .10 $ 90 .65 $ 89 .60 $ 87 .55 $ 85 .80 $ 86 .37 $ 83 .40 $ 81 .75 $ 79 .90 $ 74 .51 74 .75 Px High $ 91 .10 $ 91 .96 $ 92 .20 $ 90 .40 $ 89 .60 $ 88 .95 $ 86 .94 $ 88 .90 $ 91 .05 $ 90 .68 $ 90 .20 $ 89 .32 $ 86 .98 $ 86 .60 $ 83 .41 $ 81 .80 $ 80 .40 $ 75 .45 $ 79 .75 Px Low Px Last $ 88 .25 $ 90 .99 $ 90 .00 $ 91 .28 $ 90 .40 $ 90 .95 $ 88 .72 $ 89 .77 $ 87 .55 $ 88 .13 $ 86 .05 $ 86 .46 $ 85 .65 $ 86 .82 $ 87 .32 $ 88 .82 $ 88 .76 $ 90 .15 $ 88 .76 $ 89 .00 $ 89 .26 $ 89 .32 $ 85 .99 $86 .34 $ 85.56 $ 86 .37 $ 83.39 $ 83 .41 $ 81 .21 $82 .00 $ 80 .07 $ 80 .37 $ 74 .65 $ 75 .52 $ 72 .30 $ 72 .69 $ 74 .60 $ 77 .01 Px Volum e 1,562,800 1,431,60 0 1,226,40 0 1,768,30 0 1,501,20 0 1,908,80 0 821,60 0 1,346,100 1,280,500 916,700 938,800 2,272,100 1,591,90 0 1,808,50 0 3,108,80 0 3,354,80 0 6,620,70 0 9,065,60 0 7,205,800 6/10/2002 $ $ $ $ $ 79 .25 71 .00 61 .10 54 .00 $ $ $ $ 79.78 72 .49 61 .11 56 .50 $ $ $ $ 77 .26 51 .51 50 .94 51 .75 $77 .56 $ 62 .28 $ 54 .62 $ 55 .05 3,001,500 31,260,900 16,168,600 8,630,100 Source : Bloomberg, L .P ./NYSE Page 7 of 7 EXHIBIT C Exhibit C Institutional Holdings on Omnicom Common Shares Reported on Form 13-F's filed with the SE C Quarter End Date 30-Jun-02 31-Mar-02 31 -Dec-01 30-Sep-01 30-Jun-01 31-Mar-01 31-Dec-00 Total 13F Institution Holdings 151,000,933 153, 598,448 155,909,288 150,096,471 145,818,799 150,009,229 142,159,685 Total % Held Total # of 13F Institutions 410 80 .71% 478 82 .65% 459 83 .89% 418 .87% 80 420 78 .73% 411 .36% 81 402 80,29% Omnico m Shares Ou t 187,100,000 185,850,000 185,849,000 185,607,000 185,221,00 0 184,373,000 177,060,000 Source : Thompson Financial ITR report/SEC 13-F filings EXHIBIT 2 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE OMNICOM GROUP, INC . SECURITIES LITIGATION Docket No . 02-CV-4483 (RCC) DECLARATION OF JEROME D . DAVIS IN SUPPORT OF LEAD PLAINTIFFS' REVISED MOTION FOR CLASS CERTIFICATION I, Jerome D . Davis, pursuant to 28 U .S .C . 1746, declare as follows : 1 . I am the Chairman of the New Orleans Employees Retirement System ("NORS" or "the~Fund") . I respectfully submit this Declaration in support of the motion of NORS to have (i) this action certified as a class action ; (ii) NORS certified as Class Representative ; and (iii) the law firm of Bernstein Litowitz Berger & Grossmann LLP ("Bernstein Litowitz") appointed as Class Counsel pursuant to Federal Rule of Civil Procedure 23(g) . I have personal knowledge of the facts set forth in this Declaration . 2 . NORS is a public pension fund organized for the benefit of active and retired employees of the City of New Orleans . The Fund is located in New Orleans, Louisiana and, as of June 30, 2005, has total assets exceeding $386 million under management . During the Class Period, NORS purchased 8,700 shares of Omnicom Group, Inc . common stock and suffered a substantial loss as a result of the securities law violations alleged in this Action . (See accompanying declaration and certification of Jerome D . Davis, dated August 12, 2002 and July 22, 2002, respectively, attached hereto as Exhibit A . ) 3 . In my capacity as Chairman of the Board of NORS, I supervise and monitor the progress of this litigation and actively participate in its prosecution . For example, I : (a) receive periodic status reports from Bernstein Litowitz on case developments ; (b) engage in regular discussions with Bernstein Litowitz concerning the conduct of this litigation ; (c) review all pleadings submitted in this matter ; (d) review all briefs submitted in this matter ; (e) coordinate NORS's efforts to identify and provide relevant document s during the discovery process; and (f) participate in hearings and court conferences in this matter, as appropriate . 4 . I understand that NORS owes a fiduciary duty to all members of the propose d Class to provide fair and adequate representation, and to continue to work actively with Class counsel to o :,itain the largest recovery for the proposed Class consistent with good faith and meritorious advocacy . In view of our responsibilities, we retained Bernstein Litowitz to serve as Lead Counsel because we believe that this law firm possesses the requisite expertise in nationwide securities class action litigation and has sufficient legal and fiscal resources to vigorously prosecute this action on behalf of all Class members . It is my intention to continue to actively monitor and participate in the ongoin g prosecution of this action and to take all necessary steps to ensure that NORS's fiduciar y obligations ,!is Lead Plaintiff and Class Representative are fulfilled . I declare under penalty of perjury that the foregoing is true and correct . Executed this Ie day of j uly 2005. jqz-) OME D . DAVI S airman, Board of Trustee s .New Orleans Employees' Retirement System 167045 EXHIBIT A IN RE OMNICOM GROUP, INC SECURITIES LITIGATION JEROME DAVIS, pursuant to 28 U .S.C . 1746, declares as follows: I am the Chairman of the New Orleans Employees' Retirement System ("NORS " or the "Fund") . I respectfully submit this declaration in support of the application of NORS to b e appointed Lead Plaintiff in this Action pursuant to the Private Securities Litigation Reform Ac t of 1995 ("PSLRA") . I am fully familiar with the facts set forth herein . 2. NORS is a public pension fund system organized for the benefit of the current an d retired public employees of the City of New Orleans . The Fund is located in New Orleans , Louisiana and has total assets of approximately $330 million . As reflected in the accompanyin g certification. NORS purchased a significant amount of OmniCom Group Inc .' s common stoc k during the period from April 2 5 , 2000 to June 11 . 2002 ("Class Period") and suffered substantia l losses as a result of the violations of the federal securities laws alleged in this action . 3 . As Chairman of NORS . I monitor outside litigation matters for the Fund . As part of my responsibilities . I help supervise outside litigation counsel and participate i n making decisions on behalf of the Fund . The Fund possesses the sophistication . expertise an d resources to supervise this litigation and its counsel effectively having effectively served as lead plaintiff in the Pediatrix Securities Litigation and having sought to serve as lead plaintiff in th e Waste Management Securities Litigation. In the Pediatrix case we managed to supervise the cas e from inception to settlement of $12 million on the verge of trial . As a result . I have significan t knowledge and experience in this area . NORS understands that it owes a fiduciary duty to all members of the proposed Class to provide fair and adequate representation and to work activel \ with class counsel to obtain the largest recovery for the proposed Class consistent with good fait h and meritorious advocacy . 4. 1 am familiar with the provisions of the Reform Act and understand that Congres s enacted the Reform Act to place responsibility for managing securities class actions in the hand s of established institutional investors . such as NORS . I have educated myself about the enactmen t of the Reform Act and the important role that institutional investors serve in improving th e quality of representation in securities class actions . 5 . NORS will remain fully informed at all times concerning the status and progres s of this Action, the strengths and weaknesses of this Action, and the prospects for settlement . As Lead Plaintiff. NORS will consult with class counsel in advance with respect to each majo r litigation event . such as important motions, settlement discussions, trial and trial preparation, and shall have the authority and responsibility to direct counsel with respect to each of these events after receiving the benefit of counsel's advice . To the extent necessary, either myself or othe r representatives of NORS will also attend major hearings and trial . 6. 1 have met with representatives from various firms that handle these types of case s and have been solicited by numerous law firms that practice in this area . After due consideration , NORS selected the law firm of Bernstein Litowitz Berger K. Grossmann LLP ("Bernstei n Litowitz") to represent it in this Action . and respectfully requests that the Court approve NORS ' choice of counsel to serve as lead counsel . 7 . As Lead Plaintiff in this Action . NORS will work diligently to maximize th e recovery for the Class . NORS has also taken steps to ensure . if it is appointed as Lead Plaintiff, that the attorneys' fees to be paid out of the recover' will be fair and reasonable under the circumstances and substantially less than percentages typically awarded in cases of this type . NOBS has already negotiated a fee agreement with our proposed Lead Counsel that provides fo r varying percentages depending on the stage of the proceeding . NORS is prepared to disclose th e fee agreement to the Court in camera should the Court so request . I declare under penalty of perjury that the fo regoing is true and correct. Executed this/' day o f August, 2002. Dated- A .~Z. Jerome Davis Chairman, Board of Trustees NEW ORLEANS EMPLOYEES' RETIREMENT SYSTEM 59621 .1 CERTIFICATIO N Jerome Davis, Chairman of the New Orle ans Employees' Retirement System ("NOBS") declares , as to the, claims asserted under the federal securities laws, that : He has reviewed a complaint filed in this matter . 2 . NORS did not purchase the securities that are the subject of this action at the direction of its counsel or to participate in this private action . 3 . NORS is willing to serve as a Lead Plaintiff and class representative on behalf of the Class, including providing testimony at deposition and trial, if necessary . NORS fully understands all of its duties and responsibilities as a Lead Plaintiff under the Private Securities Litigation Reform Act including its duties as to the selection of counsel and overseeing the prosecution of the action for the class . 4 . NORS' transactions in Omnicom Group, Inc . securities that are the subject of this action are in the chart attached hereto . 5 . NORS initially sought to serve as a representative party for a class in the following action filed under the federal securities law during the three years preceding the date of this Certification but was not appointed in favor of other investors with far more significant losses : TV,ste ,Vanagemeni Securities Litigatio n 6. NORS will not accept any payment for serving as a representative party on behalf of the class beyond its pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) relating to the representation of the class as ordered or approved by the court . I declare under penalty of perjury that the foregoing is true and correct . Executed this-2, day of July 2002 ----~ Jei*ome Davis Chairma n NEW ORLEANS EMPLOYEES' RETIREMENT SYSTEM 59173 . New Orleans Retirement Omnicom Group (ODIC ) Class Period : 4/225/00-6/ 11/02 Transaction Buy Buy Dat e 03/0610 1 01/11/0 2 Amount Price ter share 4,900 2,000 1,500 -8,7 00 S90 .37S G $90.8500 892 .8 .>5 3 S5~? .8798 Buy, Sate o3/06/02 06119102 EXHIBIT 3 RIBS I LI ` I. ` BE E . GROSS ANN LL P ATTORNEYS AT LAW NEW YORK a CALIFORNIA @ NEW JERSEY a LOUISIAN A FIRM RESUME Visit our web site at www .blbglaw .com for the most up-to-date information on the firm, its lawyers and practice groups . Bernstein Litowitz Berger & Grossmann LLP, a firm of over 40 attorneys in offices located in New York, California, New Jersey and Louisiana, prosecutes class and private actions, nationwide, on behalf of individual and institutional clients . The firm's litigation practice concentrates in the areas of securities class actions in federal and state courts ; corporate governance litigation, including claims for breach of fiduciary duty and proxy violations ; antitrust ; prosecuting violations of federal and state anti-discrimination laws and vindication of employee rights ; and consumer class actions . We also handle, on behalf of major institutional clients and lenders, more general complex commercial litigation involving allegations of breach of contract, accountants' liability, breach of fiduciary duty, fraud and negligence . We are the nation's leading firm in representing institutional investors in securities frau d class action litigation . The firm's institutional client base includes the New York State Common Retirement Fund, the California Public Employees Retirement System (Ca1PERS), and the New York City Pension Funds, the largest public pension funds in the United States, collectively managing over $300 billion in assets ; the Los Angeles County Employees' Retirement Association (LACERA) ; the Chicago Municipal , Police and Labor Retirement Systems ; the State of Wisconsin Investment Board ; the Retirement Systems of Alabama ; the Connecticut Retirement Plans and Trust Funds ; the City of Detroit Pension Systems ; the Houston Firefighters' and Municipal Employees ' Pension Funds ; the Louisiana School, State , Teachers and Municipal Police Retirement Systems ; the Public School Teachers ' Pension and Retirement 1285 AVENUE OF THE AMERICAS e NEW YORK e NY 10019-6028 TELEPHONE : 212-554-1400 - www.t----,-Ia-,v .com - FACSIMILE : 212-554-1444 f i ' ilti Z i tI1 TZ II ' c cx GROSSMANN LL P Fund of Chicago ; the New Jersey Division of Investment of the Department of the Treasury ; TIAA-CREF and other private institutions ; as well as numerous other public and Taft-Ha rtley pension entities . Since its founding in 1983, Bernstein Litowitz Berger & Grossmann LLP has litigate d some of the most complex cases in history . Unique among its peers, the firm has obtained th e five largest securities recoveries in history . We are currently Co-Lead Counsel for the Class representing Lead Plaintiff the Ne w York State Common Retirement Fund in In re WorldCom, Inc. Securities Litigation, arising fro m the financial fraud and subsequent bankruptcy at WorldCom, Inc ., now the largest securities fraud action in history . Settlements with the investment bank defendants who underwrot e WorldCom bonds total more than $6 billion , by far the largest securities recovery in history . Additionally, all of the former WorldCom Director Defendants agreed to pay over $60 million t o settle the claims against them . An unprecedented first for outside directors, $24 .75 million o f that amount is coming out of the pockets of the individuals - 20% of their collective net worth . Also, after four weeks of trial, Arthur Andersen, WorldCom's former auditor and the sol e remaining defendant in this case, settled for $65 million . The firm was also Co-Lead Counsel in In re Cendant Corporation Securities Litigation , which settled for more than $3 billion in cash . This settlement is the largest ever recovered from a public company and a public accounting firm and includes some of the most significant corporate governance changes ever achieved through securities class action litigation . The firm represented Lead Plaintiffs Ca1PERS, the New York State Common Retirement Fund, and the New York City Pension Funds on behalf of all purchasers of Cendant securities during the clas s period . 2 BERNSTEI N ? ITOWITZ BERGER & GROSSMANN LL P In January 2005, the firm announced the $960 million settlement of In re McKesso n HBOC Inc . Securities Litigation . Additionally, the firm was lead counsel in the celebrated In re Washington Public Power Supply System Litigation , which, after seven years of litigation an d three months of jury trial, resulted in what was then the largest securities fraud settlement ever over $750 million. In 2003, the firm, as Co-Lead Counsel representing numerous public pension fund an d institutional investor Lead Plaintiffs, obtained two more of the largest securities settlements in history . A settlement package composed of cash, stock and warrants currently valued at greate r than $600 million resolved the In re Lucent Technologies, Inc . Securities Litigation, and DaimlerChrysler agreed to pay $300 million to settle the In re DaimlerChrysler Securitie s Litigation. The firm's prosecution of Arthur Andersen LLP, for Andersen' s role in the 1999 collaps e of the Baptist Foundation of Arizona ("BFA"), received intense national and international medi a attention . As lead trial counsel for the defrauded BFA investors, the firm obtained a cas h settlement of $217 million from Andersen in May 2002, after six days of what was scheduled t o be a three month trial . In combination with prospective BFA asset sales and a settlement with BFA's former law firm, it is expected that the over 11,000 retirees and investors will recove r over 70% of their losses. The case was covered in great detail by The Wall Street Journal, Th e New York Times, The Washington Post, 60 Minutes II, National Public Radio and the BBC as well as various other international news outlets . Equally important, Bernstein Litowitz Berger & Grossmann LLP has successfull y advanced novel and socially beneficial principles by developing important new law in the area s in which we litigate . BERNSTEIN I-ITOWIsZ BERGER & GROSSMAN N' L L P The firm served as co-lead counsel on behalf of Texaco's African-American employees in Roberts v. Texaco Inc ., which similarly resulted in the largest settlement ever in a race discrimination case . The creation of a Task Force to oversee Texaco's human resources activities for five years was unprecedented and will, undoubtedly, serve as a model for public companies into the next century . On behalf of twelve public pension funds, including the New York State Common Retirement Fund, Ca1PERS, LACERA and other institutional investors, the firm successfull y prosecuted McCall v. Scott, a derivative suit filed against the directors and officers of Columbia/HCA Healthcare Corporation, the subject of the largest health care fraud investigation in history . This settlement, announced in February 2003, included a landmark corporate governance plan which went well beyond all recently enacted regulatory reforms, greatly enhancing the corporate governance structure in place at HCA . In the consumer field, the firm has gained a nationwide reputation for vigorously protecting the rights of individuals and for achieving exceptional settlements . In several instances, the firm has obtained recoveries for consumer classes that represented the entirety of the class' losses - an extraordinary result in consumer class cases . Additionally, the firm has become a leader in the area of Internet Privacy and is counsel in several of the seminal cases that have been brought on behalf of Internet users whose personal information is being intercepted and sent to Web-based companies . Our firm is dedicated to litigating with the highest level of professional competence, striving to secure the maximum possible recovery for our clients in the most efficient and professionally responsible manner . In those cases where we have served as either lead counse l 4 BERNSTEIN LI a OWITE BERGER & GROSSMAN N or as a member of plaintiffs' executive committee, the firm has recovered billions of dollars fo r our clients . THE FIRM'S PRACTICE AREA S Securities Fraud Litigatio n Securities fraud litigation is the cornerstone of the firm's class action litigation practice . Since its founding, the firm has tried and settled many high profile securities fraud class action s and continues to play a leading role in major securities litigation pending in federal and stat e courts . Moreover, since passage of the Private Securities Litigation Reform Act of 1995, whic h sought to encourage institutional investors to become more pro-active in securities fraud clas s action litigation, the firm has become the nation's leader in representing institutional investors i n securities fraud and derivative litigation . The firm has the distinction of having prosecuted many of the most complex and highprofile cases in securities law history, recovering billions of dollars and obtaining unprecedented corporate governance reforms on behalf of our clients . Several of the firm's high-profile current prosecutions and outstanding accomplishments as class counsel are detailed in our Recen t Actions and Significant Recoveries section beginning on page 14 . The attorneys in the securities fraud litigation practice group have extensive experience i n the laws that regulate the securities markets and in the disclosure requirements of corporation s that issue publicly traded securities . Many of the attorneys in this practice group also hav e accounting backgrounds and one is a certified public accountants . The group has access to stateof-the-art, online financial wire services and databases, which enable them to instantaneously BERMS T SIN LI 1 O ITZ BERGER & GROSSMANN LL P investigate any potential securities fraud action involving a public company's debt and equit y securities . Corporate Governance and Shareholders' Right s The corporate governance and shareholders' rights practice group prosecutes derivativ e actions, claims for breach of fiduciary duty and proxy violations on behalf of individual an d institutional investors in state and federal courts throughout the country . The group has prosecuted actions challenging numerous highly publicized corporate transactions which violate d fair process and fair price, and the applicability of the business judgment rule . The group has also addressed issues of corporate waste, shareholder voting rights claims, and executiv e compensation . As a result of the firm's high profile and widely recognized capabilities, th e corporate governance practice group is increasingly in demand by institutional investors who are exercising a more assertive voice with corporate boards regarding corporate governance issues and the board's accountability to shareholders . A major component of the Cendant settlement referenced above is Cendant's agreement to adopt the most extensive corporate governanc e changes in history . Employment Discrimination and Civil Right s The employment discrimination and civil rights practice group prosecutes class and mult i plaintiff actions, and other high impact litigation against employers and other societal institution s that violate federal or state employment, anti-discrimination and civil rights laws . The practice group represents diverse clients on a wide range of issues including Title VII actions, race , gender, sexual orientation and age discrimination suits, sexual harassment and "glass ceiling " 6 BERNS " EIN .ITOWITZ BERGER & GROSSMANN LL P cases in which otherwise qualified employees are passed over for promotions to managerial o r executive positions . Bernstein Litowitz Berger & Grossmann LLP is committed to effecting positive socia l change in the workplace and in society . The practice group has the necessary financial and human resources to ensure that the class action approach to discrimination and civil rights issue s is successful . This litigation method serves to empower employees and other civil rights victims , who are usually discouraged from pursuing litigation because of personal financial limitations , and offers the potential for effecting the greatest positive change for the greatest number o f people affected by discriminatory practice in the workplace . As stated, the firm's practice grou p recently settled the Texaco Inc . racial discrimination lawsuit for $176 million, the largest settlement in the history of employment discrimination cases . Consumer Advocacy The consumer advocacy practice group at Bernstein Litowitz Berger & Grossmann LL P prosecutes cases across the entire spectrum of consumer rights, consumer fraud and consume r protection issues. The firm represents victimized consumers in state and federal courts nationwide in individual and class action lawsuits that seek to provide consumers and purchaser s of defective products with a means to recover their damages . The attorneys in this group are well versed in the vast array of laws and regulations that govern consumer interests and ar e aggressive, effective, court-tested litigators . The consumer practice advocacy group ha s recovered hundreds of millions of dollars for millions of consumers throughout the country . Most notably, in a number of cases, the firm has obtained recoveries for the class that were th e 7 BERN?STEIN L I T OWITZ BERGER & GROSSMANN LL P entirety of the potential damages suffered by the consumer . For example, in recent actions against MCI and Empire Blue Cross, the firm recovered all of the damages suffered by the class . The group has achieved its successes by advancing innovative claims and theories o f liabilities, such as obtaining recent decisions in Pennsylvania and Illinois appellate courts that adopted a new theory of consumer damages in mass marketing cases . Bernstein Litowitz Berger & Grossmann LLP is, thus, able to lead the way in protecting the rights of consumers . For example, the firm has recently become a recognized leader in the new area of Internet privacy, where it is prosecuting several seminal cases on behalf of Web users whose personal information has been unwittingly intercepted and sent to Internet companies in violation of federal statute s and state law . THE COURTS SPEAK Throughout the firm's history, many courts have recognized the professional competenc e and diligence of the firm and its members . A few examples are set forth below . Judge Denise Cote (United States District Court for the Southern District of New York) , has noted, several times on the record, the quality of BLB&G's ongoing representation of the Class in In re WorldCom, Inc. Securities Litigation . Judge Cote on December 16, 2003 : "I have the utmost confidence in plaintiffs' counsel . . . they have been doing a superb job . . . . The Class is extraordinarily well represented in this litigation ." More recently, in granting final approval of the $2 .575 billion settlement obtained from the Citigroup Defendants, Judge Cote again praised BLB&G's efforts : "The magnitude of this settlement is attributable in significant part to Lead Counsel's advocacy and energy ... .The quality of the representation given by Lead Counsel . . .has been superb . . . and is unsurpassed in this Court's experience with plaintiffs' counsel in securities litigation . Lead Counsel has been energetic and creative . . . . Its negotiations with the Citigroup Defendants have resulted in a settlement of historic proportions ." 8 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P In granting the Court's approval of the resolution and prosecution of in McCall v. Scott, a shareholder derivative lawsuit against certain former senior executives of HCA Healthcare (formerly Columbia/HCA), Senior Judge Thomas A . Higgins (United States District Court, Middle District of Tennessee) said that the settlement "confers an exceptional benefit upon the company and the shareholders by way of the corporate governance plan . . . . Counsel's excellent qualifications and reputations are well documented in the record, and they have litigated this complex case adeptly and tenaciously throughout the six years it has been pending . They assumed an enormous risk and have shown great patience by taking this case on a contingent basis, and despite an early setback they have persevered and brought about not only a large cash settlement but sweeping corporate reforms that may be invaluable to the beneficiaries ." Judge Walls (District of New Jersey), in approving the $3 .2 billion Cendant settlement, said that the recovery from all defendants, which represents a 37% recovery to the Class, "far exceeds recovery rates of any case cited by the parties ." The Court also held that the $335 million separate recovery from E&Y is "large" when "[v]iewed in light of recoveries against accounting firms for securities damages ." In granting Lead Counsel's fee request, the Court determined that "there is no other catalyst for the present settlement than the work of Lead Counsel . . . . This Court, and no other judicial officer, has maintained direct supervision over the parties from the outset of litigation to the present time . In addition to necessary motion practice, the parties regularly met with and reported to the Court every five or six weeks during this period about the status of negotiations between them . . . . [T]he Court has no reason to attribute a portion of the Cendant settlement to others' efforts ; Lead Counsel were the only relevant material factors for the settlement they directly negotiated ." The Court found that "[t]he quality of result, measured by the size of settlement, is very high . . . . The Cendant settlement amount alone is over three times larger than the next largest recovery achieved to date in a class action case for violations of the securities laws, and approximately ten times greater than any recovery in a class action case involving fraudulent financial statements . . . . The E&Y settlement is the largest amount ever paid by an accounting firm in a securities class action ." The Court went on to observe that "the standing, experience and expertise of the counsel, the skill and professionalism with which counsel prosecuted the case and the performance and quality of opposing counsel were high in this action . Lead Counsel are experienced securities litigators who ably prosecuted the action ." The Court concluded that this Action resulted in "excellen t 9 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P settlements of uncommon amount engineered by highly skilled counsel with reasonable cost t o the class ." In February 2005, at the conclusion of trial of In re Clarent Corporation Securities Litigation, The Honorable Charles R . Breyer of the United States District Court for the Northern District of California praised the efforts of counsel : "It was the best tried case I've witnessed in my years on the bench . . . . [A]n extraordinarily civilized way of presenting the issues to you [the jury] . . . .We've all been treated to great civility and the highest professional ethics in the presentation of the case . . . . The evidence was carefully presented to you . . . .They got dry subject matter and made it interesting . . . [brought] the material alive . . . good trial lawyers can do that . . . . I've had fascinating criminal trials that were far less interesting than this case . [I]t's a great thing to be able to see another aspect of life . . . It keeps you young . . . vibrant . . . [and] involved in things . . . These trial lawyers are some of the best I've ever seen ." After approving the settlement in Alexander v . Pennzoil Company, the Honorable Vanessa D . Gilmore of the United States District Court for the Southern District of Texas ende d the settlement hearing by praising our firm for the quality of the settlement and our commitment to effectuating change in the workplace . " . . . the lawyers for the plaintiffs . . . did a tremendous, tremendous job . . . . not only in the monetary result obtained, but the substantial and very innovative programmatic relief that the plaintiffs have obtained in this case ... treating people fairly and with respect can only inure to the benefit of everybody concerned . I think all these lawyers did an outstanding job trying to make sure that that's the kind of thing that this case lef t behind." On February 23, 2001, the United States District Court for the Northern District of California granted final approval of the $259 million cash settlement in In re 3Com Securities Litigation, the largest settlement of a securities class action in the Ninth Circuit since the Private Securities Litigation Reform Act was passed in 1995, and the fourth largest recovery ever obtained in a securities class action . The district court, in an Order entered on March 9, 2001 , specifically commented on the quality of counsel's efforts and the settlement, holding that "counsel's representation [of the class] was excellent, and . . . the results they achieved were substantial and extraordinary ." The Court described our firm as "among the most experienced and well qualified in this country in [securities fraud] litigation ." 10 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P United States District Judge Todd J . Campbell of the Middle District of Tennessee hear d arguments on Plaintiffs' Motion for Preliminary Injunction in Cason v. Nissan Motor Acceptance Corporation Litigation, the highly publicized discriminatory lending class action, on September 5, 2001 . He exhibited his own brand of candor in commenting on the excellent work of counsel in this matter : "In fact, the lawyering in this case . . . is as good as I've seen in any case . So y'all are to be commended for that ." In approving the $30 million settlement in the Assisted Living Concepts, Inc . Securities Litigation, the Honorable Ann L . Aiken of the Federal District Court in Oregon, praised the recovery and the work of counsel . She stated that, " . . .without a doubt . ..this is a . . .tremendous result as a result of very fine work . . .by the . . .attorneys in this case. " The Honorable Judge Edward A . Infante of the United States District Court for the Northern District of California expressed high praise for the settlement and the expertise of plaintiffs' counsel when he approved the final settlement in the Wright v. MCI Communications Corporation consumer class action . "The settlement . . . . is a very favorable settlement to the class. . . . to get an 85% result was extraordinary, and plaintiffs' counsel should be complimented for it on this record . . . . The recommendations of experienced counsel weigh heavily on the court . The lawyers before me are specialists in class action litigation . They're well known to me, particularly Mr . Berger, and I have confidence that if Mr . Berger and the other plaintiffs' counsel think this is a good, well-negotiated settlement, I find it is." The case was settled fo r $14 .5 million . At the recent In re Computron Software, Inc. Securities Litigation settlement hearing , Judge Alfred J . Lechner, Jr . of the United States District Court for the District of New Jersey approved the final settlement and commended Bernstein Litowitz Berger & Grossmann's efforts on behalf of the Class . "I think the job that was done here was simply outstanding . I think all of you just did a superlative job and I'm appreciat[ive] not only for myself, but the court system and the plaintiffs themselves . The class should be very, very pleased with the way this turned out, how expeditiously it's been moved ." In In re Computron Software, Inc . Securities Litigation was a securities fraud class action filed on behalf of shareholders who purchased Computron I1 BERNSTEIN LITOWITZ BERGER & GROSSMANN LLB ' common stock at inflated prices due to alleged misrepresentation about the company's financial . obligation The case settled for $15 million dollars . * * * The In re Louisiana -Pacific Corporation Securities Litigation , filed in the United State s District Court, District of Oregon, was a securities class action alleging fraud an d misrepresentations in connection with the sale of defective building materials . Our firm, together with co-lead counsel, negotiated a settlement of $65 .1 million, the largest securities fraud settlement in Oregon history, which was approved by Judge Robert Jones on February 12, 1997 . The Court there recognized that ". . . the work that is involved in this case could only be accomplished through the unique talents of plaintiffs' lawyers . . . which involved a talent that is not just simply available in the mainstream of litigators . " Judge Kimba M . Wood of the United States District Court for the Southern District o f New York, who presided over the six-week securities fraud class action jury trial in In re ICN/Viratek Securities Litigation , also recently praised our firm for the quality of th e representation afforded to the class and the skill and expertise demonstrated throughout the litigation and trial especially . The Court commented that ". . . plaintiffs' counsel did a superb job here on behalf of the class . . . This was a very hard fought case . You had very able, superb opponents, and they put you to your task. . . The trial work was beautifully done and I believe very efficiently done . . . " Similarly, the Court in the In re Prudential-Bache Energy income Partnership Securities Litigation, United States District Court, Eastern District of Louisiana, recognized Bernstein Litowitz Berger & Grossmann LLP's ". . . professional standing among its peers ." In that case, which was settled for $120 million, our firm served as Chair of Plaintiffs' Executive Committee . In the landmark securities fraud case, In re Washington Public Power Supply Syste m Litigation (United States District Court, District of Arizona), the district court called the quality of representation "exceptional," noting that "[t]his was a case of overwhelmingly uniqu e proportions . . . a rare and exceptional case involving extraordinary services on behalf of Class plaintiffs ." The Court also observed that "[a] number of attorneys dedicated significant portions of their professional careers to this litigation . . . . champion[ing] the cause of Class members in 12 BE tNS i EIN s ITOWI T Z BERGER GROSSMANN LL P the face of commanding and vastly outnumbering opposition . . . [and] in the face of uncertain victory . . . . [T]hey succeeded admirably ." Likewise, in In re Electro-Catheter Securities Litigation, where our firm served as colead counsel, Judge Nicholas Politan of the United States District Court for New Jersey said : Counsel in this case are highly competent, very skilled in this very specialized area and were at all times during the course of the litigation . .. always well prepared, well spoken, and knew their stuff and they were a credit to their profession . They are the top of the line . In our ongoing prosecution of the In re Bennett Funding Group Securities Litigation, the largest "Ponzi scheme" fraud in history, partial settlements totaling over $140 million have been negotiated for the class . While the action continues to be prosecuted against other defendants, the United States District Court for the Southern District of New York has already found our firm to have been "extremely competent" and of "great skill" in representing the class . Judge Sarokin of the United States District Court for the District of New Jersey, afte r approving the $30 million settlement in In re First Fidelity Bancorporation Securities Litigation, a case in which were lead counsel, praised the ". . . outstanding competence and performance" of the plaintiffs' counsel and expressed "admiration" for our work in the case . 13 BERNST EIN LI TOWITZ BERGER & GROSSMANN LL P RECENT ACTIONS & SIGNIFICANT RECOVERIE S Currently, Bernstein Litowitz Berger & Grossmann LLP is counsel in many divers e nationwide class and individual actions and has obtained many of the largest and most significan t recoveries in history . Some examples from our practice groups include: Securities Class Actions In re WorldCom, Inc. Securities Litigation -- (United States District Court for the Southern District of New York) The largest securities fraud class action in history . The court appointed BLB&G client the New York State Common Retirement Fund as Lead Plaintiff and the firm as Lead Counsel for the class in this securities fraud action arising from the financial fraud and subsequent bankruptcy at WorldCom, Inc . The complaints in this litigation allege that WorldCom and others disseminated false and misleading statements to the investing public regarding its earnings and financial condition in violation of the federal securities and other laws . As a result, investors suffered tens of billions of dollars in losses . The Complaint further alleges a nefarious relationship between Citigroup subsidiary Salomon Smith Barney and WorldCom, carried out primarily by Salomon employees involved in providing investment banking services to WorldCom (most notably, Jack Grubman, Salomon's star telecommunications analyst), and by WorldCom's former CEO and CFO, Bernard J . Ebbers and Scott Sullivan, respectively . On November 5, 2004, the Court granted final approval of the $2 .575 billion cash settlement to settle all claims against the Citigroup defendants . In mid-March 2005, on the eve of trial, the 13 remaining "underwriter defendants," including J.P . Morgan Chase, Deutsche Bank and Bank of America, agreed to pay settlements totaling nearly $3 .5 billion to resolve all claims against them, bringing the total over $6 billion . Additionally, by March 21, 2005, the day before trial was scheduled to begin, all of the former WorldCom Director Defendants had agreed to pay over $60 million to settle the claims against them . An unprecedented first for outside directors, $24 .75 million of that amount is coming out of the pockets of the individuals 20% of their collective net worth . The case generated headlines across the country - and across the globe - and is changing the way Wall Street does business . In the words of Lynn Turner, a former SEC chief accountant, the settlement sent a message to directors "that their own personal wealth is at risk if they're not diligent in their jobs ." After four weeks of trial, Arthur Andersen, WorldCom's former auditor and the sole remaining defendant in this case, settled for $65 million . In re Cendant Corporation Securities Litigation -- (United States District Court, District of New Jersey) Securities class action filed against Cendant Corporation, its officers and directors and Ernst & Young, its auditors . Cendant settled the action for $2 .8 billion and Ernst & Young settled for $335 million . The settlements are the second largest in history in a securities fraud action . Plaintiffs allege that the company disseminated materially false and misleading financial statements concerning CUC's revenues, earnings and expenses for its 1997 fiscal year . As a result of company-wide accounting irregularities, Cendant has restated its financial results for its 1995, 1996 and 1997 fiscal years and all fiscal quarters therein . The firm represents Lead Plaintiffs Ca1PERS - the Californi a 14 BERNSTEiN LI T OWITZ BERGER & GROSSMANN LI Public Employees Retirement System , the New York State Common Retirement Fund and the New York City Pension Funds , the three largest public pension funds in America, in this action . Baptist Foundation ofArizona v. Arthur Andersen, LLP -- (Superior Court of the State of Arizona in and for the County of Maricopa) Firm client, the Baptist Foundation of Arizona Liquidation Trust ("BFA") filed a lawsuit charging its former auditors, the "Big Five" accounting firm of Arthur Andersen LLP, with negligence in conducting its annual audits of BFA's financial statements for a 15-year period beginning in 1984, and culminating in BFA's bankruptcy in late 1999 . Investors lost hundreds of millions of dollars as a result of BFA's demise . The lawsuit alleges that Andersen ignored evidence of corruption and mismanagement by BFA's former senior management team and failed to investigate suspicious transactions related to the mismanagement . These oversights of accounting work, which were improper under generally accepted accounting principles, allowed BFA's undisclosed losses to escalate to hundreds of million of dollars, and ultimately resulted in its demise . On May 6, 2002, after one week of trial, Andersen agreed to pay $217 million to settle the litigation . The court approved the settlement on September 13, 2002 and, ultimately, investors are expected to recover 70% of their losses. HealthSouth Corporation Bondholder Litigation -- (United States District Court for the Northern District of Alabama {Southern Division}) On March 19, 2003, the investment community was stunned by the charges filed by the Securities and Exchange Commission against Birmingham, Alabama based HealthSouth Corporation and its former Chairman and Chief Executive Officer, Richard M . Scrushy, alleging a "massive accounting fraud ." Stephen M . Cutler, the SEC's Director of Enforcement, said "HealthSouth's frau d represents an appalling betrayal of investors ." According to the SEC, HealthSouth overstated its earnings by at least $1 .4 billion since 1999 at the direction of Mr . Scrushy. Subsequent revelations have disclosed that the overstatement actually exceeded over $2 .4 billion, virtually wiping out all of HealthSouth's reported profits for the last five years . A number of executives at HealthSouth, including its most senior accounting officers -including every chief financial officer in HealthSouth's history -- have pleaded guilty to criminal fraud charges . In the wake of these disclosures, numerous securities class action lawsuits have been filed against HealthSouth and certain individual defendants . On June 24, 2003, the Honorable Karon O . Bowdre of the District Court appointed the Retirement Systems of Alabama to serve as Lead Plaintiff on behalf of a class of all purchasers of HealthSouth bonds who suffered a loss as a result of the fraud . Judge Bowdre appointed BLB&G to serve as Co-Lead Counsel for the bondholder class . During the period of the fraud, HealthSouth issued over $3 billion of bonds to the unsuspecting investment community . In re Legato Systems, Inc. Securities Litigation -- (United States District Court for the Northern District of California {San Jose}) This securities fraud class action alleges that Legato Systems, Inc . and certain of its officers overstated the Company's fiscal 1999 financial results . The resultant need for a restatement of the company's financial reports caused by improper accounting practices led to a loss in the value of the stock and the plaintiff class of shareholders seek recovery of said losses . In April 2002, Legato agreed to settle the case for $85 million and the Court granted final approval of the settlement o n 15 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P July 31, 2002 . The firm represents the Policemen and Firemen Retirement System of the City of Detroit as Lead Plaintiff in the action . In re Bristol-Myers Squibb Securities Litigation -- (United States District Court for the Southern District of New York) Securities fraud class action filed on behalf of purchasers of Bristol-Myers Squibb's securities . On July 30, 2004, the Court preliminarily approved a settlement of this action, which includes Bristol-Myers' agreement to pay $300 million cash to the class . This litigation pertains to the Company's statements about the strength of Bristol-Myer's sales and the Company's investment in ImClone, the developer of Erbitux . In March 2003, Bristol-Myers Squibb announced a restatement of its earnings for years 1999, 2000, 2001 and 2002, reducing sales revenues for the period by more than $2 billion . The Company also announced that it would write-down $367 million of its investment in ImClone . The firm, as Co-Lead Counsel, represents Co-Lead Plaintiffs the Teachers ' Retirement System of Louisiana and the General Retirement System of the City of Detroit in this action . Independent Energy Holdings Litigation -- (United States District Court for the Southern District of New York) Securities fraud class action against Independent Energy Holdings PLC filed on behalf of all persons or entities who, from February 14, 2000 through September 8, 2000 (the "Class Period") : (1) purchased or acquired Independent Energy American Depository Shares ("depository shares") that were issued in a secondary offering pursuant to the Registration Statement and Prospectus filed with the SEC on form F-3 that was declared effective on March 28, 2000 ; (2) otherwise purchased or acquired those depository shares ; (3) if residing in the United States or its territories, purchased or acquired ordinary shares of Independent Energy ; (4) or any combination thereof. The Complaint alleges that the registration statement and prospectus for the Secondary Offering, declared effective on or about March 28, 2000 failed to disclose an investigation of the Company by the Office of Gas and Electricity Markets ("OFGEM"), an energy regulator in the United Kingdom, and contained materially false and misleading facts and omitted certain material facts relating to the Company's billing and customer service problems as well as problems relating to it's third party service provider . The Complaint also alleges that various other statements prior and subsequent to the Registration Statement which are attributable to certain of the Defendants were also materially false and misleading for many of the same reasons . In May 2002, the Court certified the Class . BLB&G, Court-appointed Lead Counsel for the Class, represents the Court-appointed Lead Plaintiffs and Class Representatives in this action . On September 26, 2003, the Court granted final approval of two settlements totaling $48 million . In re DaimlerChrysler Securities Litigation -- (United States District Court for the District of Delaware) A securities class action filed against defendants DaimlerChrysler AG, Daimler-Benz AG and two of DaimlerChrysler's top executives, charging that Defendants acted in bad faith and misrepresented the nature of the 1998 merger between Daimler-Benz AG and the Chrysler Corporation . According to plaintiffs, defendants framed the transaction as a "merger of equals," rather than an acquisition, in order to avoid paying an "acquisition premium ." Plaintiffs' Complaint alleges that Defendants made this representation to Chrysler shareholders in the August 6, 1998 Registration Statement, Prospectus, and Proxy, leading 97% of Chrysler shareholders to approve th e 16 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P merger. BLB&G is court-appointed Co-Lead Counsel for Co-Lead Plaintiffs the Chicago Municipal Employees Annuity and Benefit Fund and the Chicago Policemen's Annuity and Benefit Fund . BLB&G and the Chicago funds filed the action on behalf of investors who exchanged their Chrysler Corporation shares for DaimlerChrysler shares in connection with the November 1998 merger, and on behalf of investors who purchased DaimlerChrysler shares in the open market from November 13, 1998 through November 17, 2000 . On August 22, 2003, BLB&G, as Co-Lead Counsel for Plaintiffs, obtained an agreement in principle to settle the action for $300 million . In re McKesson HBOC, Inc . Securities Litigation -- (United States District Court, Northern District of California) Securities fraud litigation filed on behalf of purchasers of HBOC, McKesson and McKesson HBOC securities . On April 28, 1999, the Company issued the first of several press releases which announced that, due to its improper recognition of revenue from contingent software sales, it would have restate its previously reported financial results . Immediately thereafter, McKesson HBOC common stock lost $9 billion in market value. On July 14, 1999, the Company announced that it was restating $327 .8 million of revenue improperly recognized in the HBOC segment of its business during the fiscal years ending March 31, 1997, 1998 and 1999 . The complaint alleges that, during the Class Period, Defendants issued materially false and misleading statements to the investing public concerning HBOC's and McKesson HBOC's financial results, which had the effect of artificially inflating the prices of HBOC's and the Company's securities . On January 12, 2005, BLB&G and its client, Lead Plaintiff the New York State Common Retirement Fund, announced a $960 million settlement of this action . In re Lucent Technologies , Inc. Securities Litigation -- (United States District Court for the District of New Jersey) A securities fraud class action filed on behalf of purchasers of the common stock of Lucent Technologies, Inc. from October 26, 1999 through December 20, 2000 . In the action, BLB&G served as Co-Lead Counsel for the shareholders and Lead Plaintiffs, the Parnassus Fund and Teamsters Locals 175 & 505 D&P Pension Trust , and also represented the Anchorage Police and Fire Retirement System and the Louisiana School Employees ' Retirement System . Lead Plaintiffs' complaint charged Lucent with making false and misleading statements to the investing public concerning its publicly reported financial results and failing to disclose the serious problems in its optical networking business . When the truth was disclosed, Lucent admitted that it had improperly recognized revenue of nearly $679 million in fiscal 2000 . On September 23, 2003, the Court granted preliminary approval of the agreement to settle this litigation, a package which is currently valued at approximately $517 million composed of cash, stock and warrants . The appointment of BLB&G as Co-Lead Counsel is especially noteworthy as it marks the first time since the 1995 passage of the Private Securities Litigation Reform Act that a court has reopened the lead plaintiff or lead counsel selection process to account for changed circumstances, new issues and possible conflicts between new and old allegations . In re Washington Public Power Supply System Litigation -- (United States District Court, District of Arizona) Commenced in 1983, the firm was appointed Chair of the Executive Committee responsible for litigating the action on behalf of the class . The action involved an estimated 200 million pages of documents produced in discovery ; the 17 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P depositions of 285 fact witnesses and 34 expert witnesses ; more than 25,000 introduced exhibits ; six published district court opinions ; seven appeals or attempted appeals to the Ninth Circuit ; and a three-month jury trial, which resulted in a settlement of over $750 million - then the largest securities fraud settlement ever achieved . In re Conseco, Inc. Securities Litigation -- (United States District Court for the Southern District of Indiana) Securities fraud class action . On March 31, 2000, Conseco Inc . had announced that it would take a $350 million charge as a result of losses on its interestonly securities . Additionally, the company announced that it would also take a substantial charge on the future sale of Conseco Finance . Conseco Finance, formerly known as Greentree, is a wholly-owned subsidiary of Conseco that was acquired in 1998 for over $6 billion, and specializes in the consumer financing business . On April 14, 2000, Conseco restated its earnings for the,first three quarters of 1999 and the second quarter of 1998 . Various complaints, subsequently consolidated, allege violations of the Securities Act of 1933 and the Exchange Act of 1934 . The action has recently settled for $120 million . The firm was appointed Lead Counsel in this action on behalf of its clients, the Anchorage Police & Fire Retirement System and the State of Louisiana Firefighters' Retirement System , Lead Plaintiffs in the case . In re Bennett Funding Group Securities Litigation -- (United States District Court, Southern District of New York) . Investor class action involving the sale of $570 million in fraudulent investments, described as the largest "Ponzi" scheme in United States history . The action was prosecuted against over fifty defendants including Bennett's former auditors, insurers and broker-dealers who sold Bennett investment . The class includes all purchasers of Bennett securities from March 29, 1992 through March, 29, 1996 . The action settled with multiple defendants for over $165 million . In re 3Coin Securities Litigation -- (United States District Court, Northern District of California) . Class action on behalf of purchasers of 3Com common stock, alleging that defendants knowingly and recklessly caused 3Com to issue materially false and misleading statements to the financial community regarding the company's products, inventory and distribution . The complaint further alleges insider trading on these publicly disseminated materially false and misleading statements. The firm represented Lead Plaintiffs the Louisiana School Employees ' Retirement System and the Louisiana Municipal Police Employees ' Retirement System. This action resulted in the largest settlement - $259 million - ever obtained from a corporate defendant in a securities fraud class action in the Ninth Circuit . 18 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P Corporate Governance and Shareholders ' Rights McCall v. Scott -- (United States District Court, Middle District of Tennessee) . A derivative action filed on behalf of Columbia/HCA Healthcare Corporation -- now "HCA" -- against certain former senior executives of HCA and current and former members of the Board of Directors seeking to hold them responsible for directing or enabling HCA to commit the largest healthcare fraud in history, resulting in hundreds o f millions of dollars of loss to HCA . The firm represents the New York State Common Retirement Fund as Lead Plaintiff, as well as the California Public Employees' Retirement System ("Ca1PERS"), the New York City Pension Funds , the New York State Teachers ' Retirement System and the Los Angeles County Employees' Retirement Association ("LACERA") in this action . Although the district court initially dismissed the action, the United States Court of Appeals for the Sixth Circuit reversed that dismissal and upheld the complaint in substantial part, and remanded the case back to the district court . On February 4, 2003, the Common Retirement Fund, announced that the parties had agreed in principle to settle the action, subject to approval of the district court . As part of the settlement, HCA will adopt a corporate governance plan that goes well beyond the requirements both of the Sarbanes-Oxley Act and of the rules that the New York Stock Exchange has proposed to the SEC, and also enhances the corporate governance structure presently in place at HCA . HCA also will receive $14 million . Under the sweeping governance plan, the HCA Board of Directors will be substantially independent, and will have increased power and responsibility to oversee fair and accurate financial reporting . In granting final approval of the settlement on June 3, 2003, the Honorable Senior Judge Thomas A . Higgins of the District Court said that the settlement "confers an exceptional benefit upon the company and the shareholders by way of the corporate governance plan ." Official Committee of Unsecured Creditors of Integrated Health Services, Inc . v. Elkins, et al . -- (Delaware Chancery Court) The Official Committee of Unsecured Creditors (the "Committee") of Integrated Health Services ("HIS"), filed a complaint against the current and former officers and directors of IHS, a health care provider which declared bankruptcy in January 2000 . The Committee, on behalf of the Debtors Bankruptcy Estates, seeks damages for breaches of fiduciary duties and waste of corporate assets in proposing, negotiating, approving and/or ratifying excessive and unconscionable compensation arrangements for Robert N . Elkins, the Company's former Chairman and Chief Executive Officer, and for other executive officers of the Company . BLB&G is a special litigation counsel to the committee in this action . 19 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P Employment Discrimination and Civil Right s Roberts v. Texaco, Inc. -- (United States District Court for the Southern District of New York) Six highly qualified African-American employees filed a class action complaint against Texaco Inc . alleging that the Company failed to promote African-American employees to upper level jobs and failed to compensate them fairly in relation to Caucasian employees in similar positions. Two years of intensive investigation on the part of the lawyers of Bernstein Litowitz Berger & Grossmann LLP, including retaining the services of high level expert statistical analysts, revealed that African-Americans were significantly under-represented in high level management jobs and Caucasian employees were promoted more frequently and at far higher rates for comparable positions within the Company . Settled for over $170 million . Texaco also agreed to a Task Force to monitor its diversity programs for five years . The settlement has been described as the most significant race discrimination settlement in history. GMAC/NMAC/Ford/Toyota/Chrysler Consumer Finance Discrimination Litigation The cases involve allegations that the lending practices of General Motors Acceptance Corporation, Nissan Motor Acceptance Corporation, Ford Motor Credit, Toyota Motor Credit and Chrysler Financial cause black and Hispanic car buyers to pay millions of dollars more for car loans than similarly situated white buyers . At issue is a discriminatory kickback system under which minorities typically pay about 50% more in dealer mark-up which is shared by auto dealers with the defendants . On February 24, 2003, the Honorable Todd J . Campbell of the States District Court for the Middle District of Tennessee granted preliminary approval of the settlement of the class action pending against Nissan Motor Acceptance Corporation ("NMAC") . Under the terms of the settlement, NMAC will offer pre-approved loans to hundreds of thousands of current and potential black and Hispanic NMAC customers, and will limit how much it raises the interest charged to car buyers above the company's minimum acceptable rate . The company will also contribute $1 million to America Saves, to develop a car financing literacy program targeted toward minority consumers . The settlement also provides for the payment of $5,000 to $20,000 to the 10 people named in the class-action lawsuit . Other car buyers wishing to recover damages will still be able to sue NMAC separately . BLB&G continues to prosecute the actions against the other auto lenders . Alexander v. Pennzoil Company -- (United States District Court, Southern District of Texas) A class action on behalf of all salaried African-American employees at Pennzoil alleging race discrimination in the Company's promotion, compensation and other job related practices . The action settled for $6 .75 million. Butcher v. Gerber Products Company -- (United States District Court, Southern District of New York) Class action asserting violations of the Age Discrimination in Employment Act arising out of the mass discharging of approximately 460 Gerber sales people, the vast majority of whom were long-term Gerber employees aged 40 and older . Settlement terms are confidential . 20 BERNS 1 EIN LITOWITZ BERGER & GROSSMANN LL P Consumer Class Action s E*Trade Group, Inc. -- (Superior Court of California, Santa Clara County) A class action filed on behalf of all individuals who have or had accounts with E*Trade from September 1996 to the present . The complaint alleges that E*Trade's representations to customers regarding the manner in which their accounts would be handled were false and misleading ; that the electronic trading systems were inadequate to meet customer demands ; and that, as a result of these misrepresentations, customers suffered significant losses and have been deprived of the benefits which E*Trade had represented they would receive. General Motors Corporation -- (Superior Court of New Jersey Law Division, Bergen County) A class action consisting of all persons who owned W-body cars with defective rear disc brake caliper pins which tended to corrode, creating both a safety hazard and premature wearing of the front and rear disc brakes, causing extensive economic damage . BLB&G is co-lead counsel in this case where a proposed settlement would provide $19 .5 million to the class for reimbursement of brake repairs . Rent-A-Center -- (Supreme Court of the State of New York, Bronx County) Deceptive sales and marketing in "rent-to-own" transactions . In this case, BLB&G recently obtained a landmark ruling upholding a rental-purchasers' right to bring suit . Empire Blue Cross -- (United States District Court, Southern District of New York) Overcharging health care subscribers . BLB&G was lead counsel in a recently approved $6 .6 million settlement that represented 130% of the class' damages and offered all the overcharged subscribers 100 cents on the dollar repayment . DoubleClick -- (United States District Court, Southern District of New York) . Internet Privacy . A class action on behalf of Internet users who have had personal information surreptitiously intercepted and sent to a major Internet advertising agency . In the settlement agreement reached in this action, DoubleClick commits to a series of industry-leading privacy protections for online consumers while continuing to offer its full range of products and services . This is likely the largest class action there has ever been - virtually every, if not every, Internet user in the United States . 21 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P Toxic/Mass Tort s Fen/Phen Litigation ("Diet Drug" Litigation) -- (Class action lawsuits filed in 10 jurisdictions including New York, New Jersey, Vermont, Pennsylvania, Florida, Kentucky, Indiana, Arizona, Oregon and Arkansas) The firm played a prominent role in the nationwide "diet drug" or "fen-phen" litigation against American Home Products for the Company's sale and marketing of Redux and Pondimin . The suits allege that a number of pharmaceutical companies produced these drugs which, when used in combination, can lead to life-threatening pulmonary hypertension and heart valve thickening . The complaint alleges that these manufacturers knew of or should have known of the serious health risks created by the drugs, should have warned users of these risks, knew that the fenlphen combination was not approved by the FDA, had not been adequately studied, and yet was being routinely prescribed by physicians . This litigation led to one of the largest class action settlements in history, the multi-billion dollar Nationwide Class Action Settlement with American Home Products approved by the United States District Court for the Eastern District of Pennsylvania . In this litigation, BLB&G was involved in lawsuits filed in the 10 jurisdictions and was designated Class Counsel in the Consolidated New York and New Jersey state court litigations . Additionally, the firm was Co-Liaison Counsel in the New York litigations and served as the State Court Certified Class Counsel for the New York Certified Class to th e Nationwide Settlement . 22 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P CLIENTS AND FEE S Most of the firm's clients are referred by other clients, law firms and lawyers , bankers, investors and accountants . A considerable number of clients have been referred to th e firm by former adversaries . We have always maintained a high level of independence and discretion in the cases we decide to prosecute . As a result, the level of personal satisfaction an d commitment to our work is high . As stated, our client roster includes many large and well known financial an d lending institutions and pension funds, as well as privately held corporate entities which are attracted to our firm because of our reputation, particular expertise and fee structure . We are firm believers in the contingency fee as a socially useful, productive and satisfying basis of compensation for legal services, particularly in litigation . Wherever appropriate, even with our corporate clients, we will encourage a retention where our fee is at least partially contingent on the outcome of the litigation . This way, it is not the number of hours worked that will determine our fee but, rather, the result achieved for our client . 23 BERNSTEIN LITOWI T L BERGER & GROSSMANN LL P IN THE PUBLIC INTERES T Bernstein Litowitz Berger & Grossmann LLP is guided by two principles : excellence in legal work and a belief that the law should serve a socially useful and dynamic purpose . Attorneys at the firm are active in academic, community and pro bono activities, as well as participating as speakers and contributors to professional organizations . In addition, the firm endows a public interest law fellowship and sponsors an academic scholarship at Columbia Law School . The Bernstein Litowitz Berger & Grossmann Public Interest Law Fellowship , Columbia Law .School. BLB&G is committed to fighting discrimination and effecting positive social change . In support of this commitment, the firm donated funds to Columbia Law School to create the Bernstein Litowitz Berger & Grossmann Public Interest Law Fellowship . This newly endowed fund at Columbia Law School will provide two or three Fellows with 100% of the funding needed to make payments on their law school tuition loans so long as such graduates remain in the public interest law field . The Bernstein Litowitz Berger & Grossmann Fellows will be able to leave law school free of any law school debt if they make a long term commitment to public interest law . Firm sponsorship of inMotion , New York, NY . BLB&G is a sponsor of inMotion, a non-profit organization in New York City dedicated to providing pro bono legal representation to indigent women, principally battered women, in connection with the myriad legal problems they face . The organization trains and supports the efforts of New York lawyers, typically associates at law firms or inhouse counsel, who provide pro bono counsel to these women . Several members and associates of the firm volunteer their time and energies to help women who need divorces from abusive spouses, or representation on legal issues such as child support, custody and visitation. To read more about inMotion and the remarkable services it provides, visit the organization's website at www .inmotiononline .org . The Paul M. Bernstein Memorial Scholarship , Columbia Law School . Paul M . Bernstein was the founding senior partner of the firm . Mr . Bernstein led a distinguished career as a lawyer and teacher and was deeply committed to the professional and personal development of young lawyers . The Paul M . Bernstein Memorial Scholarship Fund is a gift of the firm of Bernstein Litowitz Berger & Grossmann LLP, and the family and friends of Paul M . Bernstein . Established in 1990, the scholarship is awarded annually to one or more second-year students selected for their academic excellence in their first year, professional responsibility, financial need and contributions to fellow students and the community . 24 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P Firm sponsorship of City Year New York, New York, NY . BLB&G is also an active supporter of City Year New York, a division of AmeriCorps . The program was founded in 1988 as a means of encouraging young people to devote time to public service and unites a diverse group of volunteers for a demanding year of full-time community service, leadership development and civic engagement . Through their service, corps members experience a rite of passage that can inspire a lifetime of citizenship and build a stronger democracy . 25 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P THE MEMBERS OF THE FIRM MAX W. BERGER, a founding partner of the firm, supervises the firm's litigation practice and prosecutes class and individual actions on behalf of shareholders, consumers and institutional clients . Mr . Berger has litigated many of the firm's most high profile and significant cases . Together, with other partners at the firm, he has negotiated the three largest securities fraud recoveries in history - In re Worldcom, Inc. Securities Litigation (cash settlements of over $6 .1 billion), In re Cendant Corporation Securities Litigation (cash settlements of nearly $3 .2 billion), and In re McKesson HBOCInc. Securities Litigation (partially settled for $960 million in cash) . Although Mr. Berger is an active, practicing attorney, he is a member of Columbia Law School's recently inaugurated Center on Corporate Governance . He also serves the academic community in numerous capacities as a member of both the Dean's Council and the Board of Visitors, the senior alumni advisory groups to Columbia Law School, and a member of the Board of Trustees of Baruch College. Additionally, Mr . Berger has taught Profession of Law, an ethics course at Columbia . Mr. Berger is past chairman of the Commercial Litigation Section of the Association of Trial Lawyers of America and lectures before the Practicing Law Institute, the American Bar Association and the Federal Judicial Center, as well as numerous other professional associations . In 1997, Mr . Berger was honored for his outstanding contribution to the public interest by Trial Lawyers For Public Justice, where he was a Trial Lawyer of the Year Finalist for his work in Roberts v . Texaco, the celebrated race discrimination case on behalf of Texaco's AfricanAmerican employees. Mr. Berger received an Accounting degree from City College of New York in 1968. At City College, he was President of the student body, a member of the national honor accounting society and won numerous awards . Mr. Berger received his J .D. from Columbia Law School in 1971, where he was an editor of the Columbia Survey of Human Rights Law . ADMISSIONS : Admitted to bar, 1972, New York . 1973, U .S . District Court, Southern District of New York. 1973, U .S. Court of Appeals, Second Circuit . 1975, U.S . District Court, Eastern District of New York. 1992, U .S . District Court, District of Arizona . EDWARD A . GROSSMANN, one of the firm's founding partners, graduated cum laude from the University of Wisconsin in 1970 and the University of Michigan School of Law in 1973 . Mr . Grossmann served as lead counsel in the Prudential-Bache Energy Income Limited Partnership and the Bennett Funding Group class actions, well-publicized cases which have each settled for in excess of $120 million . He is a past chairman of the Class and Derivative Action Trials Subcommittee of the Litigation Section of the American Bar Association as well as the Commercial Litigation section of the Association of Trial Lawyers of America, an organization for which he has lectured . Mr . Grossmann is a member of the Committee of Visitors of the University of Michigan Law School . He is a past President of the JCC on the Palisades and is currently the Treasurer of the UJA Federation of Bergen County . 26 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P ADMISSIONS : Admitted to bar, 1974, New York . 1974, U .S. District Court, Southern and Eastern Districts of New York . 1975, U .S . Court of Appeals, Second Circuit . 1990, U.S. Court of Appeals, Third Circuit . 1991, U .S . Court of Appeals, Ninth Circuit . 1993, U .S. Court of Appeals, Fifth Circuit . 1996, U.S . Court of Appeals, Eleventh Circuit . DANIEL L . BERGER, graduated from Haverford College in 1976 and Columbia Law School in 1979, where he was a Harlan Fiske Stone Scholar . Mr . Berger served as an Assistant Attorney General of the State of New York, Civil Rights Division, from 1979 through 1983, where he was active in prosecuting many important civil rights cases, including State of New York v. OFCCP, a suit to compel the OFCCP to enforce affirmative action goals and timetables in the construction industry in New York . Mr. Berger is the partner principally responsible for the firm's New York-based securities and employee rights practice groups . In 1997, he was honored for his outstanding contribution to the public interest by Trial Lawyers For Public Justice, where he was a Trial Lawyer of the Year Finalist for his work as co-lead counsel on behalf of African-American employees in Roberts v. Texaco, the celebrated discrimination litigation . Recently, Mr . Berger served as the lead trial attorney on the team that prosecuted Rainforest Cafe, Inc . v. State of Wisconsin Investment Board, et al., a shareholders' dissenter rights action tried in Hennepin County, Minnesota on behalf of firm clients, the State of Wisconsin Investment Board, Central Florida Investments Inc ., and 70 other former investors in Rainforest Cafe . In addition, Mr . Berger was lead trial attorney in the ICN/Viratek Pharmaceuticals Securities Litigation and the Datapoint Securities Litigation, two of the few securities class actions to be tried to jury verdict . Mr . Berger has also been lead counsel responsible for prosecuting some of the firm's largest and most significant recent securities class actions, including cases against Cendant Corporation, McKesson HBOC, Inc . and Conseco, Inc . ADMISSIONS : Admitted to bar, 1980, New York . 1980, U .S. District Court, Southern District of New York . 1983, U .S. Court of Appeals, Second Circuit. 1989, U.S. Court of Appeals, Fifth Circuit . 1991, U .S . Court of Appeals, Ninth Circuit. 1992, U .S . District Court, Eastern District of New York . 1999, U .S. Court of Appeals, Sixth Circuit . 2001, U.S . Court of Appeals, Seventh Circuit . ALAN SCHULMAN is the partner in charge of the firm's West Coast office in San Diego . He specializes in complex class action litigation and has been practicing in that field for more than 20 years . Mr . Schulman received his B .A. from New York University in 1971 and his J.D. from Louisiana State University School of Law in 1974, where he was Order of the Coif and Associate Editor of the Louisiana Law Review. Mr . Schulman was the co-chair of the Securities Law Committee of the American Bar Association's Litigation Section (1998-2001) and served as President (2001) and as a member of the Board of Governors of the Association of Business Trial Lawyers of San Diego (1995-2001) . He was co-chair of the Southern District of California Lawyer Representatives to the Ninth Circuit Judicial Conference (2000-2001) and currently serves on the Ninth Circuit Judicial Conference Executive Committee . 27 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P Mr. Schulman has served as lead counsel in some of the largest and most significant securities class actions litigated over the past 20 years, including the largest recoveries in Ninth Circuit history . Media reports have referred to him as among "the most influential" west coast plaintiffs' securities litigators (The RecorderlCal Law, January 3, 2000) and as a "heavy hitter nationally who is on everyone's short list of top securities lawyers" (New York Law Journal, January 4, 2000) . Mr. Schulman was one of the firm partners responsible for successfully prosecuting and settling BFA Liquidation Trust v. Arthur Andersen LLP which resulted in a payment by Andersen of $217 million -- the largest ever settlement by Andersen and the second largest by any accounting firm in history . In May 2004, Mr . Schulman was appointed Co-Chair and Chief Administrative Counsel of the Mutual Fund Investment Multi-District Litigation by the United States District Court for the District of Maryland . In this capacity, he is responsible for coordinating the prosecution of the securities lawsuits brought against the mutual fund industry . Mr. Schulman is Adjunct Professor of Law at the University of San Diego School of Law where he teaches Complex Litigation . ADMISSIONS : Admitted to bar, 1974, Louisiana and Texas . 1982, Washington . 1986, California. 1995, United States Supreme Court ; U . S . Court of Appeals : 1981, Fifth, and Eleventh Circuits ; 1982, Ninth Circuit; U.S. District Courts : 1987, Southern District of California; 1989, Northern and Central Districts of California . DOUGLAS M . MeKEIGE, received a B .A., cum laude, in Economics from Tufts University in 1979 and a J .D., magna cum laude, from Tulane University in 1986, where he was Order of the Coif and Articles Editor of the Tulane Law Review. Mr . McKeige prosecutes securities fraud class actions on behalf of the firm and counsels institutional investors with respect to the prosecution of federal and state securities claims . He has successfully prosecuted many significant federal securities class actions including In re 3Com Securities Litigation, which settled for $259 million, the largest settlement of a securities fraud class action in the history of the Ninth Circuit . Mr . McKeige is a popular speaker and lecturer and is a member of the National Association of Public Pension Attorneys, the Society of Pension Professionals, the National Association of State Treasurers, the National Council on Teacher Retirement and the National Conference on Public Employee Retirement Systems . ADMISSIONS : Admitted to bar, 1987, New York . 1988, U.S. District Courts, Southern and Eastern Districts of New York . JOHN P. ("SEAN") COFFEY is a graduate of the United States Naval Academy, receiving a B .S. in Ocean Engineering, with merit, in 1978 . He received his J .D., magna cum laude, from Georgetown University Law Center in 1987, where he was Articles Editor of the Georgetown Law Journal, a member of the Order of the Coif, and recipient of the Charles A . Keigwin Award for academic excellence . 28 BERNSTEIN LI T OWITZ BERGER & GROSSMANN LL P Before graduating from law school, Mr . Coffey was a Commissioned Officer in the United States Navy where he served as a P-3C Orion patrol plane mission commander, an Intern in the Organization for the Joint Chiefs of Staff and the personal military aide to then Vice President George H .W . Bush . After leaving active duty to pursue his legal career, Mr. Coffey continued to serve in the Naval Reserve, where he commanded a P-3C squadron and the Reserve component of the Enterprise carrier battle group staff, and served for four years as a Captain in the Office of the Secretary of Defense at the Pentagon . He was one of two naval reservists profiled in the New York Law Journal in November 2001 (see "Lawyers Bolster National Defense") . In August 2004, he retired from the Navy after thirty years of uniformed service . Mr . Coffey served as an Assistant United States Attorney for the Southern District of New York from 1991 to 1995, where he conducted numerous complex fraud investigations and tried many cases to verdict . Since joining BLB&G in 1998, Mr. Coffey has served as the lead trial attorney in two of the most notable fraud cases ever to go to trial . In April 2005, Mr . Coffey and his BLB&G team completed their prosecution of the WorldCom securities class action-a prosecution that yielded a record-breaking $6 .128 billion recovery for defrauded investors-by taking the lone nonsettling defendant, WorldCom's former auditor Arthur Andersen LLP, to trial ; Andersen agreed to settle in the fifth week of trial, shortly before closing arguments . Mr . Coffey's role in obtaining a partial $2 .575 billion settlement with the Citigroup-related defendants in WorldCom in May 2004, was featured in an American Lawyer article-"Taking Citi To School" in December 2004 . In 2002, in another trial against Andersen, this time arising out of the collapse of the Baptist Foundation of Arizona, BFA Liquidation Trust v . Arthur Andersen LLP, the largest nonprofit bankruptcy in U.S . history, Mr . Coffey obtained a $217 million settlement, one of the largest amounts ever paid by an accounting firm . A frequent commentator for the news media, Mr . Coffey appears in The Wall Street Journal, The New York Times, and other periodicals, and on NBC Nightly News, and the Today show . He was recently profiled in The Wall Street Journal, American Lawyer, and Business Week, and was featured on "The Wall Street Fix" on PBS' Frontline . Prior to joining BLB&G, Mr . Coffey was a litigation partner with Latham & Watkins and an Adjunct Professor of Law at Fordham University . ADMISSIONS : Admitted to bar, 1988, New York . 1989, U .S . District Court, Southern District of New York . 1992, U .S . Court of Appeals, Second Circuit . 1995, U.S . District Court, Western District of New York . 1998, U .S . District Court, Eastern District of New York. 1999, New Jersey . ROBERT S. GANS, received an A .B ., cum laude, in Government, from Dartmouth College in 1987 and a J .D . from New York University School of Law in 1990, where he was a member of the Order of the Barristers, an editor of the Moot Court Board, and a recipient of the Securities Regulation Award . Mr. Gans primarily focuses in the areas of securities fraud, accountants' liability and corporate governance, and he has successfully prosecuted many of the firm's significant cases . In January 2000, Mr . Gans left New York after seven years to join Alan Schulman in opening the firm's San Diego office . He was part of the trial team which successfully prosecuted BFA Liquidation Trust v . Arthur Andersen LLP, resulting in a $217 million settlement -- the largest settlement ever by Andersen and the second largest by a public accounting firm in history . 29 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL E Mr . Gans frequently lectures to groups concerning shareholder rights, and has authored several articles on this subject as well . He is a member of the Association of the Bar of the City of New York, the New York State Bar Association, the California State Bar Association and the American Bar Association . Mr . Gans is currently Co-Chair of the Rule 23 Subcommittee of the ABA Litigation Section's Class Actions and Derivative Suits Committee . ADMISSIONS : Admitted to the bar, 1991, New York . 1992, U.S . District Courts, Southern and Eastern Districts of New York . 2001, California. DARNLEY D . STEWART, graduated from Princeton University in 1984 and received her J.D . from Northeastern University School of Law in 1990 . She served as law clerk to the Hon . R. Ammi Cutter and the Hon . Mel Greenberg of the Massachusetts Court of Appeals from 1990 to 1991 . Ms . Stewart, along with senior partner Daniel L . Berger, is the partner principally responsible for the firm's employment discrimination and employee rights practice group . She has acted as co-lead counsel in many of the firm's high profile discrimination cases, including Rapier, et al. v . Ford Motor Company, Inc ., which resulted in one of the largest sexual harassment class action settlements in history . More recently, Ms . Stewart has achieved major victories on behalf of minority car buyers with the landmark settlements of class action consumer discrimination lawsuits against General Motors Acceptance Corporation and Nissan Motor Acceptance Corporation . At issue in these actions is a discriminatory credit pricing system under which minorities typically pay as much as 50% more in dealer "mark-up ." Ms . Stewart is a member of the Title VII Committee of the National Employment Lawyers Association and serves on the Executive Board of the New York affiliate (NELA/NY) of that organization . She is a member of the Individual Rights and Responsibilities Committee of the New York State Bar Association and serves as Plaintiffs' Co-Chair of the Class Action Subcommittee of the American Bar Association's Employment Rights and Responsibilities Committee and Programs Co-Chair of the Technology Committee of the American Bar Association's Labor and Employment Section . Ms. Stewart regularly lectures and writes on employment class action litigation . ADMISSIONS : Admitted to the bar, 1990, Massachusetts . 1993, New York . 1993, U.S. District Court, Southern District of New York . 1998, U.S. District Court, Western District of Michigan. 2000, U.S . Court of Appeals, Sixth Circuit . 2001, U .S. Court of Appeals, Second Circuit . 2001, U .S . Court of Appeals, Third Circuit . STEVEN B . SINGER has been a partner of the firm since 2001 . He received his B.A., cum laude, from Duke University in 1988 and his J .D. from Northwestern University School of Law in 1991 . Since joining BLB&G in 1994, Mr . Singer has been responsible for prosecuting many of the largest securities fraud cases in history . Mr . Singer recently served as one of the lead trial lawyers on the WorldCom Securities Litigation, which culminated in a four-week trial against WorldCom's auditors, and resulted in the historic recovery of over $6 .1 billion from th e 30 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL B professionals associated with the WorldCom debacle - the largest recovery in history . Mr . Singer has also been responsible for numerous additional high-profile litigations, including In re Lucent Technologies Securities Litigation, which resulted in the fifth largest settlement of all time, In re 3Com Securities Litigation, the largest recovery in securities fraud class action settlement in Ninth Circuit history, and a multi-million dollar private action arising out of the demise of Lernout & Hauspie . Mr . Singer has also distinguished himself in the Firm's other practice areas, securing large recoveries for victims of discrimination and consumer fraud . In 1997, the Trial Lawyers for Public Justice named Mr . Singer as a finalist for "Trial Lawyer of the Year" for his role in the prosecution of the celebrated race discrimination litigation, Roberts v . Texaco, which resulted in the largest discrimination settlement in history . Mr . Singer frequently lectures at the Firm's Institutional Investor Forum and is an active member of the New York State and American Bar Associations . ADMISSIONS : Admitted to the bar, 1992, New York . 1992, U .S . District Courts, Eastern and Southern Districts of New York. CHAD JOHNSON is involved in all areas of the firm's litigation practice, with particular emphasis on prosecuting securities fraud actions, complex commercial litigation and trial practice . Prior to joining the firm, Mr . Johnson was a partner with Latham & Watkins, where he practiced for ten years . While with Latham & Watkins, he represented investment banks, accounting firms, law firms, boards of directors, and both publicly and privately held companies . Mr . Johnson has extensive experience in the areas of securities and professional liability litigation, complex commercial litigation, and international arbitration . He has handled a variety of matters before federal and state courts, as well as arbitration tribunals both in the United States and abroad, including the International Chamber of Commerce, the London Court of International Arbitration, the Netherlands Arbitration Institute, the Permanent Court of Arbitration, the American Arbitration Association, and JAMS/Endispute . Mr. Johnson graduated from Harvard Law School, cum laude, where he was president of the Harvard Law School Forum . He also graduated from the University of Michigan, with high distinction, where he was an Angell scholar . Among other matters, he is currently prosecuting the In re WorldCom, Inc. Securities Litigation with fellow partners Max Berger, Sean Coffey and Steven Singer . ADMISSIONS : Admitted to the bar, 1993, Illinois and District of Columbia ; 1998, Ne w York . J . ERIK SANDSTEDT has been a partner with the firm since 2003 . He received his B .A ., with distinction, from the University of North Carolina at Chapel Hill, and his J .D . from Columbia University School of Law, where he was a Harlan Fiske Stone Scholar and an Editor of the Columbia Journal of Law and Social Problems . Mr. Sandstedt has represented public pension funds and other institutional investors in a number of high-profile securities fraud litigations . Most recently, he was one of the lead tria l 31 BERNSTEIN LITOWITZ BERGER & GROSSMANN LL P lawyers representing the New York State Common Retirement Fund in In re WorldCom, Inc . Securities Litigation, which culminated in a five-week trial against Arthur Andersen LLP and a recovery for investors of over $6 billion-the largest securities fraud recovery in history . Other significant results Mr . Sandstedt has achieved for firm clients include the $300 million settlement of the Bristol-Myers Squibb Securities Litigation, a $48 million recovery in In re Independent Energy Holdings Securities Litigation, and a multi-million dollar recovery in a private action arising out of the massive securities fraud perpetrated at Lernout & Hauspie . Mr. Sandstedt is currently one of the lead trial attorneys in In re Nortel Networks Corp . Securities Litigation and the Omnicom Securities Litigation, both of which are currently pending in the Southern District of New York. Before joining the firm, Mr . Sandstedt wa...

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Perspectives in Assistive Technology E110/210Professor Drew Nelson David L. Jaffe, MS Alex Tung, PhD CandidateJanuary 9, 2007Todays Agenda Welcome to the Class Professor Drew Nelson Introduction to Assistive Technology David L. Jaffe, MS H
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This is page 200 Printer: Opaque thisLecture 31 Lower Bounds for Constant Depth CircuitsIn this lecture we present the details of the result of Furst, Saxe, and Sipser [46] that Parity is not in AC 0 . Recall that a formula or circuit is in t-con
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E209A: Analysis and Control of Nonlinear Systems Problem Set 3 SolutionsMichael Vitus Stanford University Winter 2007Problem 1: Planar phase portraits.Part aFigure 1: Problem 1a This phase portrait is correct. Consider the closed contour shown
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Inside FirefoxRobert O'Callahan robert@ocallahan.orgMozillaAn open Internet An open WebA level playing field Our tool: FirefoxOverview Why Web browsers are hard Mozilla development processes and tools Running a successful open source
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Case 4:02-cv-01486-CWDocument 1477Filed 09/20/2007Page 1 of 8Exhibit 6L.db'+.uc-uv-u I'+ov-L.VVuuuunMIIL I'+1 Irnrdu uz?icuicuuirdyrd c ui 01OkWIZARD 1 1 1. .FORM 1 0- KJDS UNIPHASE CORP ICAI - JDSUExhibit:Filed: September 3
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http:/securities.milberg.com/mw-cgi-bin.55;E/56;E/57;E/58;E/59;&story_numb=10/20Declaration of Jason Baker in Support of Plaintiffs' Opposition to Individual Defendants' Motion to DismissSource: Milberg Weiss Date: 11/15/01 Time: 9:40 AMMILBERG
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3:06-cv-03936-MJJDocument 76Filed 08/13/2007Page 1 of 224 5 6 7 8 9 10 11 12 13 14LATHAM & WATKINS LLP Patrick E. Gibbs (SBN 183174) Jennie Foote Feldman (SBN 248375) 140 Scott Drive Menlo Park, California 94025 Telephone: (650) 328-4600
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORKTEAMSTERS LOCAL 807 LABOR MANAGEMENT PENSION FUND, Individually and on Behalf of All Others Similarly Situated, Plaintiff, vs. MBIA INC., GARY C. DUNTON, C. EDWARD CHAPLIN and JOSEPH W. BROW
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US District Court Civil Docket as of 1/12/2009 Retrieved from the court on Tuesday, March 17, 2009U.S. District Court Southern District of New York (Foley Square) CIVIL DOCKET FOR CASE #: 1:04-cv-07897-DLCIn Re: SCOR Holding (Switzerland) AG Litig
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US District Court Civil Docket as of 12/15/2008 Retrieved from the court on Tuesday, December 16, 2008CENTRAL DISTRICT OF CALIFORNIA (Western Division - Los Angeles) CIVIL DOCKET FOR CASE #: 2:07-cv-00931-DDP-FMOAvi Gold v. Brad A Morrice et alDa
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CS156: The Calculus of ComputationZohar Manna Autumn 2008Chapter 9: Quantifier-free Equality and Data StructuresPage 1 of 48The Theory of Equality TEE : {=, a, b, c, . . . , f , g , h, . . . , p, q, r , . . .} uninterpreted constants functio
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4:02-cv-01486-CWDocument 1527Filed 09/25/2007Page 1 of 91 2 3 4 5 6 7 8 9JAMES P . BENNETT (BAR NO . 65179) JORDAN ETH (BAR NO . 121617) TERRI GARLAND (BAR NO . 169563) PHILIP T . BESIROF (BAR NO . 185053) MORRISON & FOERSTER LLP 425 Market
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UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK x SELMA STONE, Individually and On Behalf of : All Others Similarly Situated, : : Plaintiffs, : : vs. : : STRONG ADVISOR COMMON STOCK FUND, : STRONG ADVISOR SMALL CAP VALUE : FUND, ST
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ww2 3, 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28MICHAEL J . SHEPARD ( Bar No . 91281) MICHAEL L . CHARLSON ( Bar No . 122125) HOWARD S . CARO ( Bar No . 202082 ) MICHAEL A. ZWIBELMAN (Bar No. 224783)HELLER EHRMAN WHI
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Overview Recursion and Induction Recursion a strategy for writing programs that compute in a divide-and-conquer fashion solve a large problem by breaking it up into smaller problems of same kind Induction a mathematical strategy for proving sta
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U R S 3 4 2 6 1 5 7 8N S3 4 2 1 5 6 7 8N S4 2 3 1 5 6 7 8 XS YW W ` V U S T PE SW3 4 2 1 7 5 6 8S NN3 4 2 1 5 6 7 82 3 1 4 5 6 7 8W EWEState Transition Graph of 8-PuzzleEW3 2 1 4 5 6 7 8a3 4 2 1 5 6 7 83
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CS611 Lecture 26Strong Normalization1 November 2006Lecturer: Dexter Kozen1 IntroductionIn Lecture 24, we proved that each term in the simply typed -calculus would never get stuck. Today, we want to show that it will actually terminate. This p
Cornell - CS - 611
CS611 Lecture 1617Denotational Semantics of IMPOctober 46, 2004Lecturer: Andrew MyersScribe: Andrew Myers (based on earlier student notes)These notes cover the denotational semantics of IMP, partial orders, and the fixed-point theorem.1 Op
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CS611 Lecture 5IMP: Big-Step and Small-Step Semantics8 September 2006Lecturer: Dexter Kozen1 The IMP LanguageToday we present a very simple imperative language, IMP, along with small-step and big-step rules for evaluation. We will give the I
Maryland - ECE - 312
ENEE312HSpring 2002Extra Credit Project due Thursday, May 16, 2002http:/www.ece.umd.edu/~pabshire/enee312h.htmFor this extra credit assignment you may choose between three types of projects: simulation, implementation, or research. Simulation
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^-A^was'mia re.capY^r F ^ Y^BERNSTE I N LIEBHARD & LWFSHITZ., LLP Sandy A. Liebhard , Esq. (SL-0835) 10 East 40th Street New York , New York 10016 Telephone ! (212) 779- 1414 Attorrneys for Plaintiff (Additional counsel on signature p
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK SANDRA BAUMAN, on behalf of herself and all others similarly situated, Plaintiff, vs. X : : : : : : : : : : : : : XIndex No. CLASS ACTION COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK JIMMY CHIN, on behalf of himself and all others similarly situated, CIVIL ACTION NO. Plaintiff, v. ENGAGE TECHNOLOGIES, INC.; PAUL SCHAUT; DAVID FISH; STEPHEN ROYAL; DAVID WETHERELL; BEAR STE
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK X : : : : : : : : : : : XANTHONY PERI, on behalf of himself and all others similarly situated, Plaintiff, vs. FLEETBOSTON ROBERTSON STEPHENS, INC. and LEHMAN BROTHERS, INC., Defendants.In
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK X DOMINICK CAPUANO, on behalf of himself and all : others similarly situated, : : Plaintiff, : : vs. : : MORGAN STANLEY & CO. INCORPORATED, : BANCBOSTON ROBERTSON STEPHENS INC., : and LEHMAN
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J U N . 13.20019:llQMBERNSTEIN,LIEEHWD&LNo. 767F. 21 1Plaintiff, by its undersigned attorneys, individually and on behalf of the Class describedbelow, upon information and belief, based upon, inter alia, the investigation of counsel, whi
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A K I N , GUMP, STRAUSS, HAUER& FELD, L.L.P.Steven M. Pesner, Esq. Stephen M. Baldini,Esq. Nancy Chung, Esq. Sean E. O'Donnell, Esq. 590 Madison Avenue New York, N.Y. 10022 (2 12) 872- 1000 -andHELLER EHRMAN WHITE & McAULIFFE LLP Laurence A. Weis
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Case 5:02-cv-04497-RMWDocument 151Filed 12/02/2005Page 1 of 81 2 3 4 5 6 7 8 9 10MEREDITH N. LANDY (S.B. #136489) LORI E. ROMLEY (S.B. #148447) JOSHUA D. BAKER (S.B. #214389) SARA M. FOLCHI (S.B. #228540) OMELVENY & MYERS LLP 2765 Sand Hill
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UNITED PATES DISTRICT COURT SOUTHEI N DISTRICT OF NEW YORK01tV10 12 2VJOSEPH C kPECE, on behalf of himself and all others x similarly si uated, Plaintiff, yrs. -Issuer: Hoover's, Inc. Related To; In re Initial Public Offering Securitie
Cornell - CS - 381
COMS 381, Summer 2005 Supplementary Handout 3 Quick introduction to the Unix regular expressions Tuesday, June 7th As mentioned earlier in the course, regular expresssions are commonly used in real-world settings. They are built-in in some programmin
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CS 381 Assignment 9 due Friday, Nov. 10, 2006 Please write your name and net id on all pages turned in. We need net id to record your grade. If you turn in each problem on a separate sheet we will grade your problems in parallel and get your assignme
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-81-FRY10. 11. 12. 13. 14. 15. 16.K J. KUlJler, W.Paul, and .II).Tri nks, Phy5. Lett. 72R, 4/.2 (1978). "DYNAMICAL FRICTION AND MASSIVE NEUTRINOS J.N. Fry Astronomy and Astrophysics Center Enrico Fermi Institute The University of Chicago C
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CS100J Spring 2008 Assignment A7. Due Friday, 2 May, on the CMS0. Introduction This assignment deals with .jpg images. You will learn about how images are stored; write code to transpose images; and learn about filtering images. You will learn how a
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So youve built a quantum computernow what?Dr. Geordie Rose, Founder and CTO, D-Wave Stanford University Department of Electrical Engineering Computer Systems Colloquium 4:14PM-5:30PM in Gates B01Act I: Prologue2Working in the garage c.1938B
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Find the MI/X X Windows client Look for the MI/X application on your Mac. It will probably be in the following location:HD:Internet:MI/X (PPC) Using X Windows (MI/X) on Macs in Meyer 143 Linguistics 233B 22 January 2002 Launch MI/X (you may wis
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CS100J, Lab 069/27/07 9:29 PMCS100JName _ _Lab 06. RecursionSection time _Fall 2007Section instructorIn this lab, you will gain experience with writing recursive functions. Remember that creating/understanding a recursive function involv
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Desynchronization MetricsOctober 24, 20071One-hopWe begin with a description of the metric optimized. In the one hop case, we have a complete graph with N motes. If we consider the ring time of each mote globally, we denote them t0 < t1 < . .
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Sensornet Programming ModelsFeng Zhao Microsoft Research http:/research.microsoft.com/zhaoCS321 lectures, Nov 14-16, 2005Readings Chapter 7 of Zhao&Guibas book Jie Liu, Maurice Chu, Juan Liu, James Reich, and Feng Zhao, State-Centric Programmi
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Case 1 :04-cv-03840-JSR-GWGDocument 122Filed 11/07/2006Page 1 of 9DOCMENT1 FILEDDOC 4:UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORKxDATE FILED: Z2_- Z- C6IN RE BISYS SECURITIES LITIGATIONCivil Action No. 04-CV-3840 (
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Stanford - HOMS - 1022
r,. . . 1 ., 05/25/2005 13:54 FAX 650 697 2495 ._Cotchett Pit,re Simon McCFILED CLERK, U S DISTRICT COURT : i I . - , . .-, - Q0021I NN 2 7 2005 1 JOSEPH W. COTCHETT (436324) BRUCE L. SIMON (#96241) 2 NANCY L. FINEMA
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US District Court Civil Docket as of 02/05/2003 Retrieved from the court on Monday, August 01, 2005U.S. District Court Southern District of California (San Diego)CIVIL DOCKET FOR CASE #: 00-CV-812In re On Point, et al v. , et alFiled: 04/20/00
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r2:00-cv-02674-MMMVJDocument 68Filed 10/3V 01Page 1 of 31 2 3Kevin J . Yourman (147159) Vahn Alexander ( 167373) WEISS & YOURMAN 10940 Wilshire Boulevard, 24th Floor Los Angeles, CA 90024Telephone : (310) 208-2800 Michael D. Braun ( 1674
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UNITE D S.I,.v I M:4 li I SI ld I ( I ('Q UI I' NOR`i'liE RN DISTRIC"I OF TEXAS [).l I ,AS DIVISIONTDII PARTNERS I.I.P. Individually and onBehalf of All Others Similarl y Si(uated, PhLintiff V. C o nsolidated wilh:C')VIL ACTION No. 3 : 04-C V -
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Case 1:03-md-01539-CCBDocument 764Filed 06/16/2006Page 1 of 17IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND -x Civil No.: 1:03-MD-01539 IN RE ROYAL AHOLD N.V. SECURITIES & ERISA LITIGATION -x FINAL JUDGMENT AND ORDER OF DIS
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FLED ihl CHAMBERSf%N01-v STORY EX-LmaWUNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF GEORGIA ATLANTA DIVISION IN RE : JDN REALTY CORPORATION SECURITIES LITIGATIONLUTH r ~ . EhVAS , GlOrk rk) )Master File No . 1 :00-CV-0396
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1 2 3 4 5 6[SEE SIGNATURE BLOCK FOR COUNSEL]*E-FILED - 7/21/08*7 8 9 10 UNITED STATES DISTRICT COURT 11 NORTHERN DISTRICT OF CALIFORNIA 12 SAN JOSE DIVISION 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28STIPULATION SUBMITTING REVISED [PROPOSED
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UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IN RE ADELPHIA COMMUNICATIONS 03 - MD - 1529 (LNLM) CORPORATION SECURITIES AND DERIVATIV E LITIGATIONThis Document Relates to : Consolidated Class Action Complaint (Nos . 03-CV5755 ; 03-CV-
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;; Commands ;;; Reminder (see input.ss) : a command has three parts:; - a specification list that holds Scheme values or predicates,; or a predicate that will be called on the whole
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CS100M Fall 2007 Project 3due Thursday 10/4 at 6pmYou must work either on your own or with one partner. You may discuss background issues and general solution strategies with others, but the project you submit must be the work of just you (and yo