Garage Lists 2007

Dear Eric:

I see that many changes were made to the recently published Garage Waiting List -- as compared to the last published version, there have been many subtle changes in names and order, and various names have been added or removed.

I am given to understand that the subtle changes might be the result of your consolidation of so many versions of the list, that new requests to be added to the waiting list were rightfully added to the end of the list, and that the rationale for removing others from the list was presented in the "recent graduates" section. However, there remains one anomoly -- one shareholder, [name deleted], whose name appeared on at least five versions of the list with a sign-up date of 10/23/2001 appears to have jumped at least 38 positions on the list to obtain a spot.

Might you be able to explain this?

Dan Strum

Good Evening, Dan,

Your diligence is impressive.

In fact, [name deleted] appeared on 8 lists that were published for all to see from 04/19/2004 to 09/8/2006, invariably with an entry date of 10/23/2001. One time, however, he was listed as "[misspelled name deleted]".

I, too, noticed that he seemed to have been ushered into the Garage sooner than others who were waiting as long -- if not longer -- than him, and asked the same question of Jerry.

With my inquiry, Jerry shared that he, too, had noticed this seeming anomaly.

If memory serves me well, Jerry mentioned that he was unable to learn the specifics. However, I've learned not trust my memory on things like this, and so it would be best to speak with Jerry.

However, I imagine there is a good reason for his invitation to the garage...

But I can tell you that I was asked to remove [name deleted] from the "Recent Graduates" section of the final draft of the January GWL, which I did.

Again, your diligence is impressive.

-Eric

Dear Jerry:

I discovered two discrepancies with regard to the most recently published Garage lists. First of all, Shareholder [name removed] was listed on all versions of our Garage Waiting List with an entry date of 10/23/2001, but was recently given a spot ahead of between 63 and 38 shareholders who were on the list longer. Second, his name does not appear along with those of other "graduates" of the Garage Waiting List.

I wrote to Eric Mandelbaum to inquire about this. He acknowledged the anomoly, and suggested I contact you for the specifics. Eric also stated that he was explicity asked to remove reference to this spot having being awarded.

I appreciate the great strides you have taken to improve transparency by making Garage Lists available to shareholders, and I ask that, in the same spirit, you provide clarification with regard to these issues.

Dan Strum