<SUBMISSION>
<ACCESSION-NUMBER>0000891020-06-000328
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20061109
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20061109
<DATE-OF-FILING-DATE-CHANGE>20061109
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Expedia, Inc.
<CIK>0001324424
<ASSIGNED-SIC>4700
<IRS-NUMBER>202705720
<FISCAL-YEAR-END>1205
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-51447
<FILM-NUMBER>061202634
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3150 139TH AVENUE SE
<CITY>BELLEVUE
<STATE>WA
<ZIP>98005
<PHONE>(425)679-7200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3150 139TH AVENUE SE
<CITY>BELLEVUE
<STATE>WA
<ZIP>98005
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v25023e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 18pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of report (Date of earliest event reported): November&nbsp;9, 2006</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Expedia, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact Name of Registrant as Specified in Charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>000-51447</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>20-2705720</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>(State or Other Jurisdiction <BR>
of Incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(IRS Employer<BR>
Identification Number)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>3150 139th Avenue S.E., Bellevue, Washington</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>98005</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B>(Address of Principal Executive Offices)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(Zip Code)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->


<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD align="right" valign="top"><B>Registrant&#146;s telephone number, including area code:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(425)&nbsp;679-7200</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))</TD>
</TR>
</TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))</TD>
</TR>
</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>













</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;9, 2006, Expedia, Inc., a Delaware corporation (&#147;Expedia&#148;), issued a press release
announcing its financial results for the quarter ended September&nbsp;30, 2006. The full text of this
press release, appearing in Exhibit&nbsp;99.1 hereto, is incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia makes reference to non-GAAP financial information in the press release. Information
regarding these non-GAAP financial measures is contained in the attached press release.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">99.1&nbsp;&nbsp;&nbsp;&nbsp;Press release of Expedia, Inc., dated November&nbsp;9, 2006.
</DIV>


</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">EXPEDIA, INC.<BR>
&nbsp;<BR>&nbsp;<br>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:&nbsp;&nbsp;&nbsp;November 9, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Michael B. Adler
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael B. Adler&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
release of Expedia, Inc., dated November&nbsp;9, 2006.
</DIV>


</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v25023exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;99.1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="v25023v2502300.gif" alt="(Expedia Banner)">
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>Expedia, Inc. Reports Third Quarter 2006 Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BELLEVUE, Wash.&#151;November&nbsp;9, 2006&#151;Expedia, Inc. (NASDAQ: EXPE) today announced financial
results for its third quarter ended September&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Much progress has been made, though it&#146;s been ever slow to come through in the performance of our
largest point of sale, Expedia.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,&#148; said Barry Diller, Expedia, Inc.&#146;s Chairman and Senior
Executive. &#147;But behind the scenes&#151;where it all happens (or doesn&#146;t)&#151;there is
growing confidence that our investments and operational improvements are sound, and will begin to
show returns in the new year.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We made positive strides this quarter in stabilizing the company&#146;s operating profitability as we
continued to lay groundwork in the technology, supply partnerships and traveler features that we
believe will result in sustained transaction and bookings growth over the longer-term,&#148; said Dara
Khosrowshahi, Expedia, Inc.&#146;s CEO and President. &#147;Our new
loyalty program rewarding
Expedia.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>
customers with TankYou points is just the
latest ground-breaking innovation for our travelers as we look to re-ignite top line
growth going into the new year. In the meantime, we are encouraged by rock-solid execution at
hotels.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, our international points of sale, TripAdvisor&#153; and Expedia Corporate Travel<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Summary &#038; Operating Metrics (figures in $MM&#146;s, except per share amounts)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3 Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>3 Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Y/Y</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Measure</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>9.30.06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>9.30.05</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Change</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross bookings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,261.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,937.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">584.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue / gross bookings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">(44 bps)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income before
amortization *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net income *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted EPS *</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted EPS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>%)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>*&nbsp;&#147;Operating income before amortization,&#148; &#147;Adjusted net income&#148; and &#147;Adjusted EPS&#148; are
non-GAAP measures as defined by the Securities and Exchange Commission (the &#147;SEC&#148;). Please see
&#147;Definitions of Non-GAAP Measures&#148; and &#147;Tabular Reconciliations for Non-GAAP Measures&#148; for an
explanation of non-GAAP measures used throughout this release. Please also see &#147;Basis of
Presentation&#148; below for additional information on financial results presented throughout this
release.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discussion of Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Gross Bookings &#038; Revenue</I><BR>
Gross bookings increased 8% for third quarter 2006 compared with third quarter 2005. Domestic gross
bookings increased 2% and international gross bookings increased 29%, or 23% excluding the impact
of foreign exchange rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue increased 5% for the third quarter, primarily driven by increased worldwide merchant
hotel revenue, partially offset by a decline in our domestic air revenue. Domestic revenue
decreased 3% and international revenue increased 30%, or 19% excluding the impact of foreign
exchange rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Worldwide merchant hotel revenue increased 14% for the third quarter. The growth was primarily
driven by a 9% increase in room nights stayed, including rooms delivered as a component of vacation
packages, as well as by a 5% increase in revenue per room night. Revenue per room night increased
due to a 7% increase in worldwide average daily rates, partially offset by a decrease in hotel raw
margin (defined as hotel net revenue as a percentage of hotel gross revenue), as hotel room
suppliers have taken advantage of higher occupancies and the efficacy of their own online
distribution to negotiate more favorable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Worldwide air revenues decreased 23% for the third quarter due to a 17% decrease in revenue per air
ticket and a 6% decrease in air tickets sold. The decrease in revenue per air ticket reflects
reduced economics stemming from recently negotiated global distribution systems (&#147;GDS&#148;) and airline
agreements as well as continued reductions in agency compensation by domestic carriers. The decline
in air tickets sold reflects continued challenges in obtaining air inventory in light of record
industry load factors and the reduction in relative capacity of carriers participating in our
worldwide marketplace. Excluding merchant air, worldwide air tickets sold would have decreased 1%.
Lower availability of merchant air inventory also impacted our packages revenue, which was down 2%
compared with the prior year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue as a percentage of gross bookings (&#147;revenue margin&#148;) was 14.41% for the third quarter,
down 44 basis points compared with third quarter 2005. Domestic revenue margin was down 70 basis
points to 14.03%, while international revenue margin grew 19 basis points to 15.40%. Excluding the
impact of foreign exchange, international revenue margin would have decreased 40 basis points. The
third quarter decline in worldwide revenue margin was primarily due to the decline in domestic air
revenue per ticket, coupled with an increase in average worldwide airfares of 11%, as our
remuneration generally does not vary with the price of the ticket. Worldwide merchant hotel raw
margins decreased compared with third quarter 2005, but the increased mix of merchant hotel revenue
offset the impact on overall revenue margin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Profitability</I><BR>
Gross profit for the third quarter of 2006 was $481&nbsp;million, up 4% compared to the third quarter of
2005 primarily due to a 5% increase in revenue, partially offset by a 47 basis point decline in
gross margin. The gross margin decline was primarily due to higher stock-based compensation expense
related to cost of revenue, partially offset by an increased mix of merchant hotel revenue, which
has a higher gross margin than our overall business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating Income Before Amortization (&#147;OIBA&#148;) for the third quarter decreased 2% to $180
million, driven by higher operating expenses, particularly selling and marketing expense, partially
offset by higher gross profit excluding stock-based compensation expense. OIBA as a percentage of
revenue was down 207 basis points to 29.32%, primarily reflecting higher growth in sales and
marketing expense compared to revenue growth during the quarter, partially offset by a higher gross
margin excluding stock-based compensation expense. Operating income decreased 40% during the
quarter to $89&nbsp;million, driven by a $47&nbsp;million non-cash impairment charge of an indefinite life
intangible asset related to Hotwire<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, higher stock-based compensation expense and the same factors
which impacted OIBA, partially offset by lower amortization expenses. Stock-based compensation
increased due to a $30&nbsp;million net credit in the prior year expense primarily related to a change
in estimated forfeiture assumptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adjusted net income for the third quarter decreased by $10&nbsp;million compared to the same period in
2005 due to the elimination of interest income from IAC/InterActiveCorp (&#147;IAC&#148;), interest expense
related to our senior notes issue and lower OIBA, partially offset by an increase in other interest
income. Net income decreased by $23&nbsp;million compared to the same period in 2005 due to lower
operating income, elimination of interest income from IAC and increased interest expense, partially
offset by a lower provision for income taxes and a prior year write-off of a long-term investment.
Adjusted EPS and diluted EPS were $0.34 and $0.17 for the third quarter. These measures decreased
3% and 26%
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">respectively due to the same factors impacting adjusted net income and net income, partially offset
by lower share counts due to our share repurchases during the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cash Flows &#038; Working Capital</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the nine months ended September&nbsp;30, 2006, net cash provided by operating activities was $747
million and free cash flow was $679&nbsp;million. Both measures include $376&nbsp;million from net changes in
operating assets and liabilities, primarily driven by our merchant hotel business. Free cash flow
for the nine months ended September&nbsp;30, 2006 decreased $224&nbsp;million from the prior year period due
to a decrease in net changes in operating assets and liabilities primarily related to the timing of
merchant hotel payment processing in the prior-year period, increased cash taxes, lower OIBA and
increased capital expenditures. &#147;Free cash flow&#148; is a non-GAAP measure as defined by the SEC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Highlights</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Global Presence</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia, Inc.&#146;s international points of sale in Canada, the United Kingdom, Germany,
France, Italy, the Netherlands, China, Australia and other countries accounted for 27% of
gross bookings and 29% of revenue in the third quarter, up from 23% of gross bookings and
24% of revenue in the prior year period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the first time Expedia, Inc.&#146;s international points of sale have exceeded $4&nbsp;billion
of gross bookings on a trailing twelve month basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia.com.au&#153; expanded its site offerings with the launch of holiday packages,
domestic and international flights, and car rentals to complement the site&#146;s existing hotel
and attraction offerings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia, Inc. continued to expand its international presence with the launch of three
new Expedia-branded sites dedicated to serving the Scandinavian markets in Denmark, Norway
and Sweden.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Brand Portfolio</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Hotwire<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </B>and Orbitz Worldwide, a brand of Travelport, signed a strategic partnership
designating Hotwire the exclusive opaque booking partner for Orbitz.com and
Cheaptickets.com, both brands of Orbitz Worldwide, beginning in 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expedia.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </B>celebrated its 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> anniversary with a 10-week sale in its top
10 destinations as well as a $50,000 dream vacation sweepstakes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Expedia<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Corporate Travel </B>(&#147;ECT&#148;) has grown year-to-date worldwide gross bookings 50%,
exceeding $800&nbsp;million. ECT increased its geographic footprint with the launch of its sixth
international presence in Germany.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>WWTE<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </B>private-label technology was selected by Air China to provide online booking
services for airline tickets, hotel rooms, packages and in-destination activities for Air
China customers in North America.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Hotels.com </B>grew worldwide gross bookings by 19%, including 59% growth at its European
points of sale.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Content &#038; Innovation</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia.com became the exclusive travel partner of <B>ThankYou Network</B>, a division of
Citigroup, and launched a customer rewards program enabling travelers to accumulate points
on top of their existing point programs regardless of which credit card they use. Expedia
travelers can redeem their points for travel or for thousands of products and services from
hundreds of retailers, e-tailers and catalogers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia.com partnered with <B>TerraPass </B>to become the first online travel agency to offer
travelers the ability to mitigate greenhouse gas emissions that lead to global warming.
Since late August, Expedia travelers have already purchased enough credits to offset <B>more
than 12&nbsp;million pounds </B>of carbon dioxide emissions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia travelers have created <B>over 280,000 qualified reviews </B>of hotel stays covering
<B>more than 24,000 </B>worldwide properties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Hotels.com, the experts in booking hotels online and via the phone, announced the
availability of a new &#147;<B>Groups</B>&#148; tab on its home page, providing a clear and easy path for
starting the booking process for group travel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TripAdvisor&#153; continued its Web 2.0 innovation with the introduction of <B>TripAdvisor&#153;
Maps</B>, mashing hotel-based content including traveler reviews onto its destination maps,
enabling travelers to find the perfect hotel, at the right price, in exactly the right
location.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Partner Services Group (&#147;PSG&#148;)</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia, Inc. announced new five-year strategic partnership agreements with <B>US Airways</B>
and <B>United Airlines </B>under which all published fares and inventory will be available through
Expedia.com and its affiliate sites.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPEDIA, INC.<BR>
CONSOLIDATED STATEMENTS OF INCOME</B><BR>
(in thousands, except per share data)<BR>
(Unaudited)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">613,942</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">584,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,706,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,624,706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of revenue (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">460,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,325,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,257,099</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating expenses:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Selling and marketing (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">General and administrative (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Technology and content (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of intangible asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of non-cash distribution and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest income from IAC/InterActiveCorp</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,316</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(384</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Write-off of long-term investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,426</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,426</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total other income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,766</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,942</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,523</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(143,895</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in (earnings)&nbsp;losses of consolidated
subsidiaries, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(374</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(623</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">58,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings per share available to common stockholders:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shares used in computing earnings per share:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340,660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,833</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,819</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(1)&nbsp;Includes stock-based compensation as follows:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cost of revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(4,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Selling and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(861</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,527</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Technology and content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,612</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,009</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">79,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPEDIA, INC.<BR>
CONSOLIDATED BALANCE SHEETS</B><BR>
(in thousands, except share and per share amounts)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2">(Unaudited)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="9" align="center"><B>ASSETS</B><BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">945,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts and notes receivable, net of allowance of $4,365 and $3,914</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid merchant bookings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,655</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,295,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,244</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term investments and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,050,764</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,856,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,859,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,384,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,756,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="9" align="center"><B>LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B><BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable, merchant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">658,452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">534,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable, other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,755</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred merchant bookings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,944</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">406,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,068</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,178</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,409</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,627,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,438,225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments and contingencies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stockholders&#146; equity:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock $.001 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Authorized shares: 100,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Series&nbsp;A shares issued and outstanding: 846 and 846</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock $.001 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Authorized shares: 1,600,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shares issued: 327,428,245 and 323,184,577</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shares outstanding: 305,293,547 and 321,979,486</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Class&nbsp;B common stock $.001 par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Authorized shares: 400,000,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shares issued and outstanding: 25,599,998 and 25,599,998</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,865,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,695,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury stock &#151; Common stock, at cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(320,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,464</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Shares: 22,134,698 and 1,205,091</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,598</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,794,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,733,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>TOTAL LIABILITIES AND STOCKHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,384,232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,756,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPEDIA, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS</B><BR>
(in thousands)<BR>
(Unaudited)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net income to net cash provided by operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Amortization of intangible assets, non-cash distribution and marketing,
and stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,702</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain on derivative instruments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in earnings of unconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,331</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(870</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest in earnings (losses)&nbsp;of consolidated subsidiaries, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(106</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Write-off of long-term investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Impairment of intangible asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in operating assets and liabilities, net of effects from acquisitions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts and notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,767</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,468</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Prepaid merchant bookings and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,178</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,047</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts payable, other and other current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Accounts payable, merchant</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred merchant bookings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,911</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Deferred revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash provided by operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">746,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">943,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acquisitions, net of cash acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,580</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,859</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Increase in long-term investments and deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,820</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,379</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Transfers to IAC/InterActiveCorp, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(753,613</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,967</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99,230</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(787,303</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repayment of short-term borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(230,649</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from issuance of long-term debt, net of issuance costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Changes in restricted cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,604</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,173</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Proceeds from exercise of equity awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess tax benefit on equity awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury stock activity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(295,105</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Distribution to IAC/InterActiveCorp, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,991</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,601</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net cash used in financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,535</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(71,307</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Effect of exchange rate changes on cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net increase in cash and cash equivalents</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at end of period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">945,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">227,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow information</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash paid for interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax payments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,115</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Income Statement Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Gross Bookings / Revenue</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia, Inc. makes travel products and services available on a merchant and agency
basis. Merchant transactions typically produce a higher level of net revenues per
transaction and are generally recognized when the customer uses the travel product or
service. Agency revenues are typically recognized at the time the reservation is booked.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Agency bookings accounted for 58% of total bookings for the three months ended September
30, 2006 and 2005, as the increase in average worldwide airfares and decrease in domestic
merchant air bookings was offset by an increase in our worldwide merchant hotel bookings.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cost of Revenue</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of revenue primarily consists of: (1)&nbsp;costs of our data and call centers; (2)
credit card merchant fees; (3)&nbsp;fees paid to fulfillment vendors for processing airline
tickets and related customer services; (4)&nbsp;costs paid to suppliers for certain destination
inventory; and (5)&nbsp;reserves and related payments to airlines for tickets purchased with
fraudulent credit cards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of revenue was 21.7% of revenue for the three months ended September&nbsp;30, 2006 and
21.2% for the prior year period. The increase was primarily due to increased stock-based
compensation related to cost of revenue, partially offset by an increased mix of merchant
hotel revenue, which has a higher gross margin than our overall business. Cost of revenue
excluding stock-based compensation was 21.4% of revenue for the three months ended
September&nbsp;30, 2006 and 21.9% for the prior year period. The decrease was primarily due to
an increased mix of merchant hotel revenue, which has a higher gross margin than our
overall business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cost of revenue includes depreciation expense of $3&nbsp;million for the three months ended
September&nbsp;30, 2006 and 2005.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operating Expenses (non-GAAP)</I><BR>
<I>(stock-based compensation expense has been excluded from all calculations and discussions below;
see note (1)&nbsp;to the Consolidated Statements of Income for stock-based compensation by line
item)</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating expenses as a percentage of revenue for the three months ended September&nbsp;30,
2006 and 2005 were as follows <I>(some numbers may not add due to rounding)</I>:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Change</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selling and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">General and administrative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.4</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Technology and content</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">49.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Operating expenses include depreciation expense of $10&nbsp;million and $12&nbsp;million for the three months ended September&nbsp;30, 2006 and 2005, respectively.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Selling and Marketing (non-GAAP)</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Selling and marketing expense relates to direct advertising and
distribution expense, including television, radio and print spending, as well as
traffic generation from internet portals, search engines, private label and
affiliate programs. Approximately 20% of the third quarter 2006 expense relates to
personnel costs, including our PSG staff, marketing teams and destination services
desk personnel, compared with 19% for the prior year period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The 2.8% year-over-year increase in selling and marketing expense as a
percentage of revenue was largely due to marketing spend at our European points of
sale, due in part to a shift of marketing spend from the second quarter to the third
quarter driven by the timing of the World Cup. The year-over-year increase was also
due in part to marketing at Hotels.com to drive merchant hotel bookings and
increased personnel costs, partially offset by a decline in marketing spend for our
Expedia.com point of sale.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We expect selling and marketing to increase as a percentage of revenue
for full-year 2006 due to continued expansion of our earlier stage international
businesses, inflation in search-related and other traffic acquisition vehicles,
lower marketing efficiencies and increased fixed personnel costs versus 2005.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>General and Administrative (non-GAAP)</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>General and administrative expense consists primarily of
personnel-related costs for support functions that include our executive leadership,
finance, legal, tax and human resources functions, and fees for professional
services that include legal, tax and accounting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The 0.4% year-over-year decrease in general and administrative expense as
a percentage of revenue was primarily due to lower compensation expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We expect general and administrative expense to increase as a percentage
of revenue for full year 2006 due to the incremental costs as a stand-alone public
company and increased legal costs.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Technology and Content (non-GAAP)</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Technology and content expense includes product development expenses such
as payroll and related expenses for localization, and depreciation of website
development costs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The 0.2% year-over-year increase in technology and content expense as a
percentage of revenue was due to increases in our software development and
engineering teams, and increased website innovation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Given the increasing complexity of our business and our investments in
geographic expansion, an enterprise data warehouse, call center technology, site
merchandising, content, corporate travel, supplier integration, service-oriented
architecture and other initiatives, we expect absolute amounts spent in technology
and content to increase as a percentage of revenue for full year 2006 and 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The $27&nbsp;million increase in capital expenditures for the nine months
ended September&nbsp;30, 2006 compared with the prior year period is primarily due to
capitalized software costs, which will be expensed as technology and content over a
three year period subsequent to the software being put into service.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Stock-Based Compensation Expense</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock-based compensation expense relates primarily to expense for stock options and
restricted stock units (&#147;RSUs&#148;). Since February&nbsp;2003, we have awarded RSUs as our primary
form of employee stock-based compensation. Our stock-based awards generally vest over five
years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock-based compensation expense for the three months ended September&nbsp;30, 2006 was $16
million, consisting of $10&nbsp;million in stock options expense and $6&nbsp;million in expense
related to RSUs and other equity compensation. Stock-based compensation increased $17
million from the prior year amount due to a $30&nbsp;million net credit in the prior year period
related to a change in the forfeiture assumptions associated with our equity awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assuming, among other things, no modification of existing awards or significant award
grants, we expect stock-based compensation expense for full-year 2006 will be less than $85
million and will decrease further in 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The adoption of SFAS 123(R) on January&nbsp;1, 2006 did not have a material impact on our
financial position as we have been accounting for stock-based awards in accordance with
SFAS 123 since January&nbsp;1, 2003. Under SFAS 123(R), less than $1&nbsp;million of &#147;excess tax
benefit on equity awards&#148; is included in &#147;cash flow from financing activities&#148; for the nine
months ended September&nbsp;30, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other, Net</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The $4&nbsp;million decrease in other, net primarily relates to a $1&nbsp;million unrealized loss
related to our AskJeeves, Inc. (&#147;Ask&#148;) derivative liability (see Balance Sheet Notes),
compared with a $12&nbsp;million unrealized gain in the prior year period. This change was
partially offset by a foreign exchange gain of $2&nbsp;million in the current period compared
with a $5&nbsp;million loss in the prior year period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Income Taxes</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective tax rate on pre-tax adjusted income was 37.5% for the three months ended
September&nbsp;30, 2006 compared with 35.5% in the prior year period. The effective tax rate in
both periods was higher than the federal statutory rate of 35% principally due to state
income taxes, partially offset in the 2005 period by tax credits related to research and
development costs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective tax rate on GAAP pre-tax income was 38.8% for the three months ended
September&nbsp;30, 2006 compared with 45.8% in the prior year period. The effective tax rate was
higher than the federal statutory rate of 35% in the third quarter of 2006 principally due
to state income taxes and the valuation allowance on certain foreign losses. In the prior
year period, in addition to state taxes and the valuation allowance on certain foreign
losses, the write down of a long-term investment also contributed to a higher tax rate.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash paid for income taxes for the nine months ended September&nbsp;30, 2006 was $64&nbsp;million,
an increase of $59&nbsp;million compared with the prior year period primarily due to IAC&#146;s
payment of taxes related to Expedia prior to our becoming an independent public company
after which time we became responsible for our tax obligations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the third quarter of 2006 we utilized substantially all of our net operating
losses and expect to be a full cash taxpayer going forward.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Foreign Exchange, Acquisitions (some numbers may not add due to rounding)</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As Expedia, Inc.&#146;s reporting currency is the U.S. Dollar (&#147;USD&#148;), reported financial results are affected by the
strength or weakness of the USD in comparison to the currencies of our international
operations. Management believes investors may find it useful to assess our growth rates with
and without the impact of foreign exchange. The estimated impact on growth rates during the
third quarter from foreign exchange is as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact on Y/Y growth</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>September 30, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>excluding foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>rates from foreign</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange movements</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange movements</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Bookings:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Worldwide</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">International</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">28.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">22.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Worldwide</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">International</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">30.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">19.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Income</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39.9</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(41.4</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating Income
Before Amortization</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.9</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3.1</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In preparing our financial statements for the third quarter of 2006, we revised the
2004 and 2005 allocation of domestic and international gross bookings and revenue to
conform to our presentation of 2006 periods. There was no impact on total gross bookings
and consolidated revenue as a result of these changes. The estimated impact of foreign
exchange on growth rates during each of the three month periods beginning with the third
quarter of 2005 is as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>WORLDWIDE</B></TD>
    <TD style="border-bottom: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>INTERNATIONAL</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact on Y/Y</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Impact on Y/Y</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth rates from</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>growth rates from</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>excluding foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>foreign exchange</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>excluding foreign</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>foreign exchange</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Three months ended</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange movements</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>movements</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Y/Y growth rates</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exchange movements</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>movements</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000; border-right: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Bookings:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June&nbsp;30, 2006</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">10.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March&nbsp;31, 2006</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.5</TD>
    <TD nowrap>%)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6.5</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December&nbsp;31, 2005</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">18.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.4</TD>
    <TD nowrap>%)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">35.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6.4</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September&nbsp;30, 2005</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">38.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue:</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">June&nbsp;30, 2006</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD nowrap>%</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">March&nbsp;31, 2006</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.8</TD>
    <TD nowrap>%)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">15.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">24.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9.2</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">December&nbsp;31, 2005</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.1</TD>
    <TD nowrap>%)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12.2</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">September&nbsp;30, 2005</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">16.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.7</TD>
    <TD nowrap>%)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">40.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There was no year over year impact on growth rates from acquisitions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Balance Sheet Notes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Cash, Cash Equivalents and Restricted Cash</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash, cash equivalents and current restricted cash totaled $964&nbsp;million at September&nbsp;30,
2006. This amount includes $18&nbsp;million in restricted cash and equivalents related to
merchant air revenue transactions.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The $643&nbsp;million increase in cash, cash equivalents and restricted cash for the nine
months ended September&nbsp;30, 2006 principally relates to the $496&nbsp;million in net proceeds
from our senior notes offering, $453&nbsp;million in OIBA and $376&nbsp;million increase in cash from
net changes in operating assets and liabilities, partially offset by $295&nbsp;million in
treasury stock activity primarily related to our 20&nbsp;million share repurchase, the $230
million repayment of our revolver balance, $68&nbsp;million in capital expenditures and $64
million in cash taxes.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Accounts Receivable</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounts receivable include credit card receivables generally due within two to three
days from credit card agencies, as well as receivables from agency transactions, which are
generally due within 30&nbsp;days from our airlines, global distribution partners and hotel
suppliers.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Prepaid Merchant Bookings, Prepaid Expenses and Other Current Assets</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepaid merchant bookings relate to our merchant air business and reflect prepayments to
our airline partners for their portion of the gross booking, prior to the travelers&#146; dates
of travel.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prepaid expenses and other current assets are primarily composed of prepaid marketing,
prepaid merchant fees, prepaid license and maintenance agreements and prepaid insurance.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Long-Term Investments and Other Assets</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-term investments and other assets include deferred charges, collateral deposits
related to our cross-currency swap agreements, investments in joint ventures and debt
issuance costs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-term investments and other assets increased $17&nbsp;million from December&nbsp;31, 2005
primarily due to higher collateral deposits on our cross-currency swap agreements, debt
issuance costs related to our senior notes and an increase in value of our joint venture
investment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Goodwill and Intangible Assets, Net</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Goodwill and intangible assets, net primarily relate to the acquisitions of Hotels.com,
Expedia.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> and Hotwire.com&#153;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$866&nbsp;million of intangible assets, net relates to intangible assets with indefinite
lives, which are not amortized. Our indefinite lived intangible assets relate principally
to trade names and trademarks acquired in various acquisitions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We determined that the carrying amount of our indefinite lived trade name intangible
asset related to Hotwire exceeded its fair value. As a result, we recognized an impairment
charge of $47&nbsp;million. This impairment charge is not deductible for tax purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$184&nbsp;million of intangible assets, net relates to intangible assets with definite lives,
which are generally amortized over a period of two to ten years. This amortization is
generally not deductible for tax purposes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amortization expense related to definite lived intangibles was $27&nbsp;million for the three
months ended September&nbsp;30, 2006, compared with $31&nbsp;million for the prior year period.
Assuming no subsequent impairment or acquisitions, we expect amortization expense for
definite lived intangibles of $110&nbsp;million in 2006 and $71&nbsp;million in 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Deferred Merchant Bookings and Accounts Payable, Merchant</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred merchant bookings consist of amounts received from travelers who have not yet
traveled. The payment to suppliers related to these bookings is not made until
approximately one week after booking for air travel and, for all other merchant bookings,
after the customer&#146;s use and subsequent billing from the supplier, which billing is
reflected as accounts payable, merchant on our balance sheet. Therefore, especially for
merchant hotel, there is a significant period of time from the receipt of cash to supplier
payment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As long as the merchant hotel business continues to grow and our business model does not
change, we expect that changes in working capital will continue to be positive. If this
business declines or if the model changes, it would negatively affect our working capital.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred merchant bookings generally mirror the seasonality pattern of our gross
bookings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the nine months ended September&nbsp;30, 2006, the change in deferred merchant bookings
and accounts payable, merchant contributed $339&nbsp;million to net cash flow provided by
operating activities.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Borrowings</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expedia, Inc. maintains a $1&nbsp;billion five-year unsecured revolving credit facility that
bears interest based on our financial leverage, currently priced at LIBOR&#043;0.625%. As of
September&nbsp;30, 2006 we had no balance on our revolver and were in compliance with all
financial covenants under the credit facility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2006 we completed the placement of $500&nbsp;million 7.456% Senior Notes due 2018
with plans to use the net proceeds of the offering for general corporate purposes, which
may include repurchase of common stock, repayment of debt, acquisitions, investments,
additions to working capital, capital expenditures and advances to or investments in our
subsidiaries.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The notes are repayable in whole or in part on August&nbsp;15, 2013 at the option of the note
holders. We may redeem the notes at any time at our option.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Semi-annual interest expense related to the senior notes is $18.6&nbsp;million, to be paid on
February&nbsp;15 and August&nbsp;15 of each year, beginning with February&nbsp;2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Current Liabilities</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other current liabilities principally relate to accruals for cost of service related to
our call center and internet services, accruals for service, bonus, salary and wage
liabilities and a reserve for occupancy taxes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other current liabilities increased $22&nbsp;million from December&nbsp;31, 2005, due to increased
accrued liabilities associated with the growth of our business, the reclass from other
long-term liabilities of $6&nbsp;million related to our tax-sharing agreement with Microsoft,
which we expect to pay in the fourth quarter of 2006, and accrued interest expense related
to our senior notes, partially offset by lower compensation accruals.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Derivative Liabilities</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In connection with IAC&#146;s acquisition of Ask, we issued 4.3&nbsp;million shares of Expedia,
Inc. common stock into an escrow account, which shares (or cash in equal value) were due to
holders of Ask convertible notes upon conversion. These shares have been included in
diluted shares from the date of Spin-Off.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the first six months of 2006, notes were converted for 3.0&nbsp;million shares,
leaving 1.3&nbsp;million shares of Expedia common stock (or cash in equal value) due to Ask note
holders upon conversion. Subsequent to September&nbsp;30, 2006, additional notes were converted
for 0.5&nbsp;million shares, leaving 0.8&nbsp;million shares of common stock (or cash in equal value)
due to Ask note holders upon conversion.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The estimated fair value of the Ask notes and other derivatives at September&nbsp;30, 2006
was $22&nbsp;million, recorded as derivative liabilities on our balance sheet.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the three months ended September&nbsp;30, 2006, we recorded a net unrealized loss of $1
million, principally related to the Ask notes, due to the increase in our share price
during the third quarter. This loss is reflected as an increase in derivative liabilities,
is recorded in &#147;other, net&#148; in &#147;other income&#148; on our statements of income and is excluded
from both our OIBA and Adjusted Net Income calculations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We anticipate recording a quarterly unrealized gain or loss in future quarters related
to the escrow shares as we adjust the fair value of this liability for changes in our stock
price, as measured at subsequent quarter-ends compared with the prior completed
quarter-end.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The remaining $9&nbsp;million of derivative liabilities at September&nbsp;30, 2006
relate to cross-currency swaps, an increase of $8&nbsp;million from December&nbsp;31, 2005. The
increase was due to the weakening of the USD compared with the Euro and rising interest
rates.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Other Long-Term Liabilities</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other long-term liabilities principally relate to a $30&nbsp;million payable to Microsoft in
conjunction with our tax sharing agreement, which we expect to pay in the fourth quarter of
2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Minority Interest</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our minority interest relates to our minority ownership position in eLong, results for
which are consolidated for all periods presented.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the three months ended September&nbsp;30, 2006, we paid $18&nbsp;million to complete the
purchase of the remaining minority interest in TripAdvisor&#153;.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Purchase Obligations</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At November&nbsp;9, 2006, we have agreements with certain vendors under which we have future
minimum obligations as follows: $3.4&nbsp;million for the remainder of 2006, $13.9&nbsp;million for
2007, $6.2&nbsp;million for 2008 and $6.2&nbsp;million for 2009. These minimum obligations are less
than our projected use for those periods and payments may be more than the minimum
obligations based on actual use. If certain obligations are met by our counterparties, our
obligations will increase.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Common Stock</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2006 we repurchased 9.5&nbsp;million shares of Expedia, Inc. common stock for $134
million at an average repurchase price of $14.14 per share, including transaction costs.
These repurchases completed our May&nbsp;2006 authorization to repurchase up to 20&nbsp;million shares of common stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2006 our Board of Directors authorized an additional repurchase of up to 20
million common shares. There is no fixed termination date for the repurchase and we have
not repurchased any shares under this subsequent authorization.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Class&nbsp;B Common Stock</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are approximately 26&nbsp;million shares of Expedia<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Class&nbsp;B common stock outstanding.
Class&nbsp;B holders are entitled to ten votes per share when voting on matters with the holders
of Expedia common and preferred stock.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Through the common stock our Chairman and Senior Executive Barry Diller owns directly,
as well as the common stock and Class&nbsp;B stock for which he has an irrevocable proxy, Mr.
Diller has a controlling 55% voting interest in Expedia, Inc. as of October&nbsp;31, 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Warrants</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of September&nbsp;30, 2006 we had 58.5&nbsp;million warrants outstanding, which, if exercised
in full, would entitle holders to acquire 34.6&nbsp;million common shares of Expedia, Inc. for
an aggregate purchase price of approximately $774&nbsp;million (an average of $22 per Expedia,
Inc. common share).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>32.2&nbsp;million of these warrants are privately held and expire in 2012, and 26.0&nbsp;million
warrants are publicly-traded and expire in 2009. There are 0.3&nbsp;million miscellaneous
warrants outstanding.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Stock-Based Awards</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At September&nbsp;30, 2006, there were approximately 31&nbsp;million stock-based awards
outstanding, consisting of 24&nbsp;million stock options with a $16.40 weighted average exercise
price and a weighted average remaining life of 3.6&nbsp;years, and 7&nbsp;million RSUs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the third quarter we granted 0.3&nbsp;million RSUs. Year-to-date through September&nbsp;30,
2006, we have granted 4.3&nbsp;million RSUs to employees, including approximately 1&nbsp;million
performance-related grants to certain executives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Year-to-date through September&nbsp;30, 2006 employee equity award grants net of
cancellations, expirations and forfeitures are 1.9&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Basic, Fully Diluted and Adjusted Diluted Shares</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Weighted average basic, fully diluted and adjusted diluted share counts are as
follows <I>(in 000&#146;s; some numbers may not add due to rounding)</I>:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Quarter Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Quarter Ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Quarter Ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">September 30, 2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">September 30, 2005</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">336,409</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,022</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,483</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RSUs / RSAs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fully diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RSUs / RSAs, Adjusted Net Income method</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,814</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,165</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decreases in basic, fully diluted and adjusted diluted shares since
December&nbsp;31, 2005 primarily relate to our 20&nbsp;million share repurchase completed in July
2006.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Expedia, Inc.<BR>
Operational Metrics &#151; Third Quarter 2006<BR>
(All figures in millions)</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following metrics are intended as a supplement to the financial statements found in
this press release and in our filings with the SEC. In the event of discrepancies between
amounts in these tables and our historical financial statements, readers should rely on our
filings with the SEC and financial statements in our releases.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As our business evolves and as we integrate our operations, we intend to periodically
review and refine the definition, methodology and appropriateness of each of our
supplemental metrics. As a result, these metrics are subject to removal and/or change, and
such changes could be material.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Expedia&#148; gross bookings constitute bookings from all Expedia-branded properties,
including our international sites and our worldwide Expedia<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Corporate Travel businesses.
&#147;Other&#148; gross bookings constitute bookings from all brands other than Expedia-branded
properties and Hotels.com and its international points of presence.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% of TripAdvisor&#153; revenue is included in &#147;Domestic&#148; revenue.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Metrics, with the exception of revenue items, include 100% of the results of an
unconsolidated joint-venture of which we own approximately 49.9%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These metrics do not include adjustments for one-time items, acquisitions, foreign
exchange or other adjustments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Some numbers may not add due to rounding.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Y/Y</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Growth</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Bookings by Geography</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Domestic *</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,282</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,604</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,095</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">International *</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">791</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,166</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">29</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,895</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,395</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,261</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue by Geography</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Domestic *</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">447</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">364</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-3</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">International *</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">439</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">614</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Bookings by Brand</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Expedia</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,679</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,680</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,343</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Hotels.com</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">483</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-18</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,895</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,395</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,261</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross Bookings by Agency/Merchant</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Agency</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,760</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,082</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,473</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Merchant</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,135</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,314</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,788</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,895</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,395</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,261</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Packages Revenue</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">-2</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of Transactions</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Merchant Hotel Room&nbsp;Nights</DIV></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD width="1%" style="border-right: 2px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Notes &#038; Definitions:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Gross Bookings</U> &#151; Total retail value of transactions booked for both agency and merchant
transactions, recorded at the time of booking. Bookings include the total price due for travel by
travelers, including taxes, fees and other charges, and are generally not reduced for cancellations
and refunds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Number of Transactions</U> &#151; Quantity of purchases reported as booked, net of cancellations.
Packages purchased using our packages wizard, which by definition include a merchant hotel, are
recorded as a single transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Merchant Hotel Room&nbsp;Nights</U> &#151; Worldwide merchant hotel nights, net of cancellations. With
the exception of Hotwire, which records room nights upon booking, nights are reported as stayed.
This metric includes nights stayed on both a package and stand-alone basis.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2004 and 2005 amounts have been revised, primarily to reflect adjusted gross bookings and
revenue allocations for certain points of sale to conform to our presentation of 2006 periods.
There was no impact on total gross bookings and consolidated revenue as a result of these changes.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Definitions of Non-GAAP Measures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expedia, Inc. reports Operating Income Before Amortization, Adjusted Net Income, Adjusted EPS, Free
Cash Flow and non-GAAP operating expense (non-GAAP selling and marketing, non-GAAP general and
administrative and non-GAAP technology and content), all of which are supplemental measures to GAAP
and are defined by the SEC as non-GAAP financial measures. These measures are among the primary
metrics by which management evaluates the performance of the business, on which internal budgets
are based and by which management is compensated. Management believes that investors should have
access to the same set of tools that management uses to analyze our results. These non-GAAP
measures should be considered in addition to results prepared in accordance with GAAP, but should
not be considered a substitute for or superior to GAAP. We endeavor to compensate for the
limitation of the non-GAAP measures presented by also providing comparable GAAP measures, GAAP
financial statements and descriptions of the reconciling items and adjustments, to derive the
non-GAAP measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Operating Income Before Amortization (&#147;OIBA&#148;)</I></U> is defined as operating income plus: (1)
amortization of non-cash distribution and marketing expense, (2)&nbsp;stock-based compensation expense,
(3)&nbsp;amortization of intangible assets and goodwill and intangible asset impairment, if applicable
and (4)&nbsp;certain one-time items, if applicable. OIBA represents the combined operating results of
Expedia, Inc.&#146;s businesses, taking into account depreciation, which we believe is an ongoing cost
of doing business, but excluding the effects of other non-cash expenses that may not be indicative
of our core business operations. Management believes this measure is useful to investors because it
corresponds more closely to the cash operating income generated from our core operations by
excluding significant non-cash operating expenses, it aids in forecasting and analyzing future
operating income as stock-based compensation, amortization of intangibles, assuming no subsequent
acquisitions, and non-cash distribution and marketing expenses are likely to decline going forward
and because it provides greater insight into management decision making at Expedia, Inc. as OIBA is
our primary internal metric for evaluating the performance of our businesses. OIBA has certain
limitations in that it does not take into account the impact of certain expenses to Expedia, Inc.&#146;s
statements of income, including stock-based compensation, non-cash payments to partners,
acquisition-related accounting and certain one-time items, if applicable. Due to the high
variability and difficulty in predicting certain items that affect net income, such as tax rates,
stock price and interest rates, Expedia, Inc. is unable to provide a reconciliation to net income
on a forward-looking basis without unreasonable efforts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Adjusted Net Income</I></U> generally captures all items on the statements of income that have
been, or ultimately will be, settled in cash and is defined as net income available to stockholders
plus net of tax (1)&nbsp;amortization of non-cash distribution and marketing expense, (2)&nbsp;stock-based
compensation expense, (3)&nbsp;amortization of intangible assets and goodwill or intangible impairment,
if applicable, (4)&nbsp;one-time items, (5)&nbsp;minority interest, (6)&nbsp;mark to market gains and losses on
derivative liabilities and (7)&nbsp;discontinued operations. We believe Adjusted Net Income is useful to
investors because it represents Expedia, Inc.&#146;s combined results, taking into account depreciation,
which management believes is an ongoing cost of doing business, but excluding the impact of other
non-cash expenses and items not directly tied to the core operations of our businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Adjusted EPS</I></U> is defined as Adjusted Net Income divided by weighted fully diluted shares
outstanding for Adjusted EPS purposes. We include dilution from options and warrants per the
treasury stock method and include all shares relating to RSUs in shares outstanding for Adjusted
EPS. This differs from the GAAP method for including RSUs, which treats them on a treasury method
basis. Shares outstanding for Adjusted EPS purposes are therefore higher than shares outstanding
for GAAP EPS purposes. We believe Adjusted EPS is useful to investors because it represents, on a
per share basis, Expedia&#146;s consolidated results, taking into account depreciation, which we believe
is an ongoing cost of doing business, as well as other charges which are not allocated to the
operating businesses such as interest expense, taxes and minority interest, but excluding the
effects of other non-cash expenses not directly tied to the core operations of our businesses.
Adjusted Net Income and Adjusted EPS have the same limitations as OIBA. In addition, Adjusted Net
Income does not include all items that affect our net income and net income per share for the
period. Therefore, we think it is important to evaluate these measures along with our consolidated
statements of income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Free Cash Flow</I></U> is defined as net cash flow provided by operating activities less capital
expenditures. Management believes Free Cash Flow is useful to investors because it represents the
operating cash flow that our operating businesses generate, less capital expenditures but before
taking into account other cash movements that are not directly tied to the core operations of our
businesses, such as financing activities or certain investing activities. Free Cash Flow has
certain
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->15 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">limitations in that it does not represent the total increase or decrease in the cash balance for
the period, nor does it represent the residual cash flow for discretionary expenditures. Therefore,
it is important to evaluate Free Cash Flow along with the consolidated statements of cash flows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Non-GAAP selling and marketing, general administrative and technology and content excluding
stock-based compensation</I></U> exclude stock-based compensation related to expenses for stock
options, restricted stock units and other equity compensation under FAS 123(R). Expedia, Inc.
excludes stock-based compensation expenses from these measures primarily because they are non-cash
expenses that we do not believe are necessarily reflective of our ongoing cash operating expenses
and cash operating income. These expenses are also likely to decline in the near future as we no
longer award options as our primary form of equity compensation. In addition, due to historical
accounting charges and credits related to our spin-off, changes in forfeiture estimate and other
events, stock-based compensation has been highly variable in some historical quarters, impairing
year-on-year and quarter-to-quarter comparability. Moreover, because of varying available valuation
methodologies, subjective assumptions and the variety of award types that companies can use when
adopting FAS 123(R), management believes that providing non-GAAP financial measures that exclude
stock-based compensation allows investors to make meaningful comparisons between our recurring core
business operating results and those of other companies, as well as providing management with an
important tool for financial operational decision making and for evaluating our own recurring core
business operating results over different periods of time. There are certain limitations in using
financial measures that do not take into account stock-based compensation, including the fact that
stock-based compensation is a recurring expense and a valued part of employees&#146; compensation.
Therefore it is important to evaluate both our GAAP and non-GAAP measures. See the Note to the
Consolidated Statements of Income for stock-based compensation by line item.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Tabular Reconciliations for Non-GAAP Measures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Operating Income Before Amortization</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">(in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">OIBA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">180,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">183,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">452,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">494,501</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,569</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,756</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(86,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,204</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of intangible asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(47,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(47,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,439</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,547</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(79,899</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of non-cash distribution and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(711</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,138</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,578</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,055</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">311,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Write-off of long-term investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,426</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,426</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(69,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(103,523</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(143,895</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest in (earnings)&nbsp;losses of
consolidated subsidiaries, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(374</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(623</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">58,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->16 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Adjusted Net Income &#038; Adjusted EPS</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Three months ended</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14">(in thousands, except per share data)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">58,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">82,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">203,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,756</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,204</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment of intangible asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,009</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of non-cash distribution and marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Write-off of long-term investment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss (gain)&nbsp;on derivative instruments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(535</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(720</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,448</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,930</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(863</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,068</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,643</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">117,184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">126,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">292,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">342,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GAAP diluted weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,819</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional restricted stock units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,378</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,424</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Free Cash Flow</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">Nine months ended</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">September 30,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">(in thousands)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net cash provided by operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">746,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">943,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(67,580</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,859</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Free cash flow</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">679,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">902,794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conference Call</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expedia, Inc. will audiocast its conference call with investors and analysts discussing its third
quarter financial results and certain forward-looking information on Thursday, November&nbsp;9, 2006 at
2:00 p.m. Pacific Time (PT). The audiocast will be open to the public and available via
http://www.expediainc.com/ir. Expedia, Inc. expects to maintain access to the audiocast on the IR
website for approximately three months subsequent to the initial broadcast.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This press release contains &#147;forward-looking statements&#148; within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are not guarantees of future
performance. These forward-looking statements are based on management&#146;s expectations as of November
9, 2006 and assumptions which are inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. The use of words such as &#147;anticipates,&#148; &#147;estimates,&#148;
&#147;expects,&#148; &#147;intends,&#148; &#147;plans&#148; and &#147;believes,&#148; among others, generally identify forward-looking
statements. However, these words are not the exclusive means of identifying such statements. In
addition, any statements that refer to expectations, projections or other characterizations of
future events or circumstances are forward-looking statements and may include statements relating
to future revenues, expenses, margins, profitability, net income, earnings per share and other
measures of results of operation and the prospects for future growth of Expedia, Inc.&#146;s business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Actual results and the timing and outcome of events may differ materially from those expressed or
implied in the forward-looking statements for a variety of reasons, including, among others:
Expedia, Inc.&#146;s ability to effectively update, automate and integrate disparate financial and
accounting systems and approaches among its brands and businesses; the accuracy, integrity,
security and redundancy of systems, including financial and accounting systems, and networks of
Expedia, Inc.; reliance on newly implemented systems supporting our financial planning and
projections; adverse changes in our relationships with travel suppliers or GDS partners; adverse
changes in senior management; the rate of growth of
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->17 of 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the internet and online travel; changes in the
competitive environment, the e-commerce industry and broadband access; declines or disruptions in
the travel industry (including those caused by decreased consumer and business spending, adverse
weather, bankruptcies, health risks, war, terrorism and/or general economic downturns); the rate of
online migration in the various geographies and markets in which Expedia, Inc. operates, including
Asia; fluctuations in foreign exchange rates; changing laws, rules and regulations and legal
uncertainties relating to our business; Expedia, Inc.&#146;s ability to expand successfully in
international markets; possible charges resulting from, among other events, integration and process
review activities, platform migration and shared services efforts; failure to realize cost
efficiencies; the successful completion of any pending corporate transactions and the integration
of current and acquired businesses; and other risks detailed in Expedia, Inc.&#146;s public filings with
the SEC, including Expedia, Inc.&#146;s most recent quarterly report on Form 10-Q and its annual report
on Form 10-K for the year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except as required by law, Expedia, Inc. undertakes no obligation to update any forward-looking or
other statements in this press release, whether as a result of new information, future events or
otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Basis of Presentation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;9, 2005, IAC separated into two separate companies. As a result, Expedia, Inc. became a
separate public company (the &#147;Spin-Off&#148;). These financial statements present results of operations,
financial position and cash flows on a combined basis until the Spin-Off and on a consolidated
basis thereafter. The unaudited financial statements relating to periods prior to August&nbsp;9, 2005
were prepared on a combined basis because there was no direct ownership relationship among any or
all of the businesses that comprised Expedia, Inc. upon Spin-Off.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Expedia, Inc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expedia, Inc. is the world&#146;s leading online travel company, empowering business and leisure
travelers with the tools and information they need to easily research, plan, book and experience
travel. Expedia, Inc. also provides wholesale travel to offline retail travel agents. Expedia,
Inc.&#146;s portfolio of brands include: Expedia.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, hotels.com<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, Hotwire<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>, Expedia<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Corporate Travel,
TripAdvisor&#153; and Classic Vacations<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>. Expedia, Inc.&#146;s companies also operate internationally with
sites in Canada, the United Kingdom, Germany, France, Italy, the Netherlands, Australia and China,
through its investment in eLong&#153;. For more information, visit http://www.expediainc.com. (NASDAQ:
EXPE).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Expedia, Expedia.com, Enjoy Your Trip and the Airplane logo are either registered trademarks or
trademarks of Expedia, Inc. in the U.S. and/or other countries. Classic Vacations and the Bird of
Paradise logo are either registered trademarks or trademarks of Classic Vacations, LLC in the U.S.
and/or other countries. hotels.com, the hotels.com logo and We Know Hotels Inside And Out are
either registered trademarks or trademarks in the U.S. and/or other countries of Hotels.com, L.P.,
a subsidiary of Hotels.com. Hotwire and Hotwire.com are either registered trademarks or trademarks
of Hotwire, Inc. in the U.S. and/or other countries. TripAdvisor, the Owl Logo and Get The Truth.
Then Go. are either registered trademarks or trademarks in the U.S. and/or other countries of
TripAdvisor LLC. Other logos and product or company names mentioned herein may be the property of
their respective owners.
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Contacts</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Investor Relations</I><BR>
(425)&nbsp;679-3555<BR>
ir@expedia.com
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Communications</I><BR>
(425)&nbsp;679-4317<BR>
press@expedia.com</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><SUP style="font-size: 85%; vertical-align: text-top">&#169;</SUP> 2006 Expedia, Inc. All rights reserved. CST 2029030-40.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->18 of 18<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>v25023v2502300.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 v25023v2502300.gif
M1TE&.#EAHP+<`/?_``4%!8:&AOO[]NWM[2=>'5*%ME%XJ^/CX\^9=%%F;2]4
M;F6(NM@/"F9H9M+(MJK/GMW=W7U]?9*'<U=75_;MY]/3T[*FDU1(,4=&176&
MCS-(4X=Y9+V]O;7'ULVQCNJRM.K.KXJ:J;(!$\W-S38V-CADB>W8D'*&;<7%
MQ)2FK"4E)LN[J6AYBW-F5.KEV^G.<)V=G-'<Z/;UZZN5<;2TM*RLK$19:<K5
MVJ.BH?7LVZ>YT*B;BR(Y24]K3I.KR_OW]=J*D9.3DLI)5-1H<OOW[6=92?/9
MVM7GT'%R<>7>U/;FCDB,-9"BBX>4FT186&R0P/?[]N?9R-9Z@_OVY=O4QT%K
MF/"+B:BTN_3FK56$2D=FA65S=^SUZ=7%C?;SYO?[^S:")CE@=^[U];BRJ=?.
MP^FQC6NH5]OEZ6=W9;FG<ZF06?O[[O?FS?KTW92$4DTX*'IR9(>>PVB16E=U
MG`\G.18S$F6%K8N[>KTG,\7/U9N3A>]V=$9PGH.-E5MS@>>]O<Y:9'>N9':*
MI.[KXU9K@[@5(^W(RW9L87J3J+:NH/3=R%-13LM[5GN4N:2NM<7+S]W<U#0F
M%L<W0?;AXPL7*5%,2):,@'",M828?4%,6D=32L3=NTUPBGIZ=\+'S&-L<U%L
ME_C'P.[O\]3<WN3M[O7W^Z&LKB(J-<S+Q6!\IR<Q.ZNJI7)Z<K&\OT-;@3(T
M)/CO\)&<GOA.3KV[LJ6?GBTL*G!\?O@W,IR:E<S&P>GGY%N@1-?7UN?GY^_C
MSY:6E_O[YO?[[F>7O.B>H^;UU*NTKAD8%WEU=/?[Y='7WKRUL^/NW^[1U,&E
M6]V9FW5U=>J.18('#*BFHK.VNY&;E*:FIOGQS:JFJ[.ZM#`P,"`@(%]?7SX^
M/_O[^___^_?W]_O___/S\_O_^O_[^O?W\?O[__/W]_+W\?OW^_CS\9N6E?_[
M_\?+Q^OGZ[JVNHZ.CO/S]_OS]WEU>9J6FMO7V_AA8-+/T+&NL-?;UVYM;3",
M0?72TZ6JJ/[^_O_______R'Y!`$``/\`+`````"C`MP```C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$B1H;^+&#-JW,BQH\>/($.*U-@/7#>3_?SU6\FRGS=O
MW<2=[$;39+<O.''>[#:RI\^?0(-BK$BTJ-&C2),J7<JTJ=.G4*,6%4JUJE60
M.FFN[-:/*U>9`F3*S$FV[)>K:-.JE<JVK=NW<./*G4NWK=J[>$72W-NUKU>Q
M`F+N_;*3<-F\B!-[K,NXL>/'D"-+9JRX<MY^XC![]>MMY;BP,67N'6V8IN73
MB">K7LVZM>O7<U'+IKHR[#AQMP6WW+QUZ^W?N#//'FX5MO'CR),K-TZ\^<C@
MOT%G9LFU9<J5T+.G=,Y=Y/+OX,.+_Q^/M+OYC9MO?QFKU6][EC#C5]]^OKY&
M\OCSZ]__W7Y]OYKEU)Y7[[VT%4Q]T>>???PUZ."#$,JUH'F;>?6-.>%\@U-7
M-^FT56:!=7B3@A.:%^&)**:HHD0E<O>-AEY]\:*`@UWX#4U?"##.5H7QU.)Y
M*P8IY)`H_DA</UE]0\X/`C39Y`],[O4-DP+\0,0:.F:&4REG&=D=D6"&*29X
M7@Z753=0$D$.$5="20XYWXSS39-KK,$F$4Q"H2&7))8IVYB`!BJH9'[*=A,Y
MX=R9PZ)M-.I%&T2T\6@;.;"10Z-3V"D#.1T6VMR@H(8J*EN>GD;3E'5ZL6@.
MBH"P0B(66/^PPPYZ2"#!#!Y0H4@;P*RQI#B$E3K<J,06:VQ%PE86SCEL4N`+
M"'\@,`,"U'K@P1\K=`'"MBL@H,8,(+"!S)4"Y)CLG\>FJ^ZZ!)V;V#?A)(%*
M(CL@D$89?X3+!AO6]-M&OP`KXH$%(.0`3)-Z]NDN7NPV[/"H]F7EC3\$\J9P
M1CAR]44IYA#FDCA$>.'%%*HJHL@*'B2R@@-1M#.G-Y^)@UN3P=C8S3?IY/"'
M!U&T$<PYYIBSL&4/%VVTF!$3ULW$'%:X4D>CM1<T3O"&XP4Y`DR10Q0[6\"R
M+SEX06Z3P(4EP!I0Z#0E!2>OT`874)@CQM"5'6WWW2G:=Y-)_G3_!N!H?$\\
M,<7=!`9B9MV$D^%M/\C@@@-CJ!S%HF)CB658O?TE@-^%!R-#&PZLX`L%<L]-
M=V)XIZ[Z?A'7Y!)U[KDN>$9=@2A`5X1U-D`2N9`1!053!"]I\"1?O7D_.V[6
MY'2%GS-%&XIT8807`Y#2Y>EYK:[]]OV=5]),M'-(5DT\#=ZWDS/_$!,L$)"!
M"AF#I%-GDT3((,,4]J\A\WON_8#.3>;@@@"M`8(/1$$&X>@8]E+#O08ZL#5Z
M,PDXZ,.C\<GN(C"!DNW2`8L#V",7N4B"_-ADORO5Z4Z8TQ#LN(*.%]U,#`+D
M@C50YHMX"*`4W[C8`JGRP![Z\#'VL0YU_W!DP<"I1!Q0<I(,!N&")"3!!8-@
MDCC>1"5RG&,`/UC##ZAXIMW<3$-R.T>C%*$RL>GH>CM,RP_7R$:X!%&(XNO0
MF28XN'XL3P".@T02*"#%<5C)28`4`#GT)PX!P(A_7D%'3LX1#"+D`&51``;U
MPJ'#-`:EC9C,I%/>R"/2](AB-^K,.+`F@`'H`HIF#"39/N:2SF0&<8/YPG7Z
M$@Y1?`$*L/`"!5SP`0L<4`!IXXHEUZ+)8AJ3*)QL6M2T`HYP\*0?BKL=.6`Q
M@$$,0`944F58<+.2E[A29N-8YJEF=)-SR&`-%/B#!?[`!B($(Y@^&N95CDG/
M>CKD/Z]4)F:ZHO\CKB3Q-@+P@BZL28%?N0284(`",._8RLYXHY"P)-][QB%`
M9E'`"+T473H^\X6@F4Z>Q;&G2$?:+GSNCR^8,>0/IG0[W(3#!0<XP`#2H;Z7
M(!&A"S6;S!QJ4YF))F/PL6,,?V`$9UCB`WQLTHV^(`9S/`VD/"2I5.U9'V\8
M3C#!L2.:7O2--7C!!52(PAXOYY*+X$XG."G75<42$\Q)U"7=($<ZY$J.SRG"
M`C-P@!?6`)-QR+(;'(-J2*=*V&+:AZULM4U7IA0O,N2""H,(2Q)E0A\!&:9<
MB&VK3_<R0;C^2@"+<L`,G*$(X$7I?T04;%4*R]I,5A6K6&W2S6`Q"2/_,(-E
M.;C2V`+#(9NX9SW`+62.<C0=^'`%9D\:1!2<,8,57"I3ZNOHF50;U=9:UX>'
MA2U8D$A;9F`K'7>J4Q9O4T&/:6PGP`*66HGKMV[>Q$GI2((R1JN(2[4!&6O8
MT<9P^`7U45<HUPWP`_\#"U%TB`N]@,(4@!$*#SCC`^U8AVW0D8YOH%8K6OD)
MEZB&)OL%+P<@\$`:$!"%;C[UOW<1L(JW9Y^Z"N`<7#B'+A6QLP_LPP5BX*\X
M,7R3'%8R(QR[$68:YRPRH.Q:[?PQBE>[XB;C[3R=(08QN+",^[:J#/CRA=Q(
M00HQB&%CH_G?7S=FCGB&1)!+$D`ZF!B%%5A@_P51&!FDEJP8)]OY:/:1,A>(
M@8P<E`$!9?A`#J;@92Y[N:E<XBI7!W-BD."1`H,8!.]6H(Q<&($",M#M[>C,
MP#M[FEWU$4>C\-N&%>!*$=:P$RSBED"/AC'&C"2'QQH-$B*`E0P.<$#O7(`G
MV<Z(TYW^M+"-91]DJ"H84=B!!U`-*2+D*$Y4@\(YR"%`+\@@&.304X9'XL@H
M4($*28A?.M)1.'@-P)G`SMZPUTVL_S!5EQ]`@"&V^*;;<15*,@!&H_K%+UYI
MT<<CZ8<6UR"#<:<C'!2@Y#?.W=%2I)MA[(XXJ,S#DARO81+6$@4LLGV.<,#I
M&_#0Y:+8T*HN:&MROO]284_J?38=J6^(2GMXBB5.<T!1O"M-=>0*/D`$0L.0
M"V^ZF36P`((N(``:C$@ZM4`@,B^C$2M*RUQ?;E-()<N\)S7/>IANW@\OG[/!
M;+"V%V)<LBB$V%N,`#26_^R!')##'*1PZDAH]+>9-8G65P>PUO<>I)MW0V[?
M$`?7/@`"+"C"\%B&!C00T`PLFP#+U)("`OZ0`[1].>!EX4LW`$HG`>0=+7P/
M?=ZZ4_$O@U81?T:`%:B5=,6K_>A)3WL9"E:_;Y0"[QVQ8(54^?EYBO[W#_*[
MEW_@!46$`AJ``$3L6P\--:B!6A;P``C`UH9,_P`6_K.Z2I`D];]P7ON]7PS_
M\,?/.M*OI)IMB,*?&0&-0(>B529X@0G>;RE'(6-<(DN':'#/$9I0%L.UDQNW
M4U;A=TGD=X#D87XK@7KKUPPKH`@+QB930`2P@$UJ(@.!QS$=TR$K(4L]T7*!
M1%GB$RP%J'<(>(+=$W!#I'E^H5]-DR"8,0YVD@.^0"V`]@)88`WXA6V#M$78
MM"0_H"478AB'!"!"-!^%8SGHHWER-#OFLWU'B(3G!84MP3129QU.:%:PPQ+;
M1Q()LGV;087SP84FB()F>!P]T1F%DU!-90XWT@WH@`YI0@1!,R-NR"7D\#R*
M\'@(H`<\`RG8!!,50DY(DD.%E"7`H4Q,B%;OU7EF_^,D-?(%WB0XU*$T-G$3
MX2`C2)(A&<(A^D0@+Y)$'-(WI"@X9X$DEL4_+"$C\T$6*7%35?)R?5%=9UB+
MKN$3R(,P0*,GA/$_4.(K'>6&WW!%7.`%@\`&(38M+S`Y"S9(%3-K2$)$Y68;
MP2$8FF>)<E02JG2(TR$C'C.)@K,3(Z@5"]<+&J,X+](2P^5">U$E@>$-,I*%
M%_$-HJ!M7Y")&:(T46=B?4%WA9-$(3(BM&B+!#D9N-B.3Q*$!')+,R(CX?`Y
M.4!T?]9<!X`.=])KIP*-&<-9BA@U&P(3AQ0UF!$<$`6/4*`Q&B)+6:B&N&,C
M<](-NK`*-1`.,'$`-(`""O]'$PK519_1)"\A(Z5(BOU@#S@P`GO1B=ZT1>@X
M(!IC&#)2;Z]S,QXSD`59E8YQD'N111I$1,`D-S+255-P9?:R;%Z0)M;6:ZGH
M28RH-,NTA2@Q03@"(_\G,[C#(2^2-G#4@3N!(TQB#]MP#`,@#NG`#A,0`(-P
MCTLC6\/%%56B13+SD5F(`Y4``_#R`U!`2LOS&R\")[/6D%_1D_WDB51IE:09
M&SW!(7[UBU2B@1VC(3CC!<]"+3-0!OO0!N20<&A"$W[EC3V6(;+88Z60(5R2
M,4X9EV&X$HK6EAVX4E"P4K(V$RBAAGLI)UFT!F2P"(=0EN1P`'IP#YQ"287D
M*QW_]R984R>^(@!!XX0.Q0M!8`_]0`Z%9"4R(#9:F0Y-`I44PT_$527D^0/7
M(4QE6)H"&A=8"8=0DD1QXX8)I23I(`,",RT>\'Z/,E?C0$DU,DXPLWF%(UR#
M(4Z$<9??H%#_^)G'I9R%XR14HHC(&82=L4T"<"5D4`2'0`%$X(YH0ED_$`R7
M`T@FM`:>(P8Y]!)]PSFDM"0R\*(]JD6]YI.=\06W\1+N&*6RM2/\%Q(#>J4$
M.A*=<4C^<Q,<<PY=92>JP@944`;3\@>^X`6P<",_,`@T2C4Y$A.?L4M4P`M)
MH`M[5:/WR7#644A7-`C!@$=70W`4D`20``DN,`"!-Y*%_P10>40%D#`(,I`=
MGU%7]=-$>N0"84,%10`'+F!MDCIN06A'DB1IAOI$@V8GXN5Y&/0QWG!-#XDE
M%,`%P?-520!N+@!%4K0\F>95M_IMB'JD?[1I`8JEQOH4N(AM/_"A6V(.TR8R
M%(",'H``*V`(F,8I;<4D/Y`.)D$86R0`+K`">G`(1=`"A[`!EI`+>Y5I2?`.
M[Z"N0=B8@X`#EC`+M#H+>H!K%K`!A]`",GH,JP`)Y9E%1#`(*V`)&]`""@L'
M>I`+@V">JIH$8Z`'<*"P+0`'$C`&#F"N[>0%D*`.8R`#=B0`!BL!%6NQ&&L!
M5``,%(`E[<4239(+`4`&YR0#RO_0"51PL!5;!.7:"9:``EZ`1TQ"!$EPL/WJ
MKX?`L+E@/^=4I2!QK%`+%6DH`,BP*>7",1IH)=$*`JFW`FRP1<.Y>8<8%G`I
M"O:3!#MP`2V`KGI@"8=P`460""-C:Y90"0TP"S3*)F@[`8>@KE-@`1?`K^6*
MKA+@KY70";F@"W9"M#O@K^AJ"29;KA:0!/?3<U0@`3R+L9`+!X,KHV$C`PY0
M"1&`33]P`#M0!)6PMK8BN$6P`;[PL'#2$@#U`])0"[-P3D2@!Z\`!X=0"9TJ
M`9W`N=S0`HDP"#6Z!KYPNC)J";12N*DK#4E@;>,PFE%;O5/Q@3*`#-E6.C@T
M)\47+0C_X`%EP`9ML$7LZ'\APHK7Y`5Z\`8M8`'U52EDD`A%\`9CT"M,I`>I
MFPMAXPMZ$+BS,`C&9@%OX+[-E00Y`%;*\+8;L`+`XPL64*Z)0`66X@M48`'^
MN@.^H#676PF',,$Y0*>)L`$7\`9PL$M$D`L7$`#UDPZSP+,6X#M-I`A4X`$M
M\`8SH)4^%H!-(@V1,`MB`PQZ$`DF[#50=*NY(`&+4`0HD&F#`+A%X#64,PAD
ML`.^"\0RL"/%:KU<3!%3ZP7:>PZ'9@Y00@%1\`$S``0>0'T32&^*2#64)'!_
M4`07P$[/,VC!LP)P2P53`*@NH+]PX`"^D`;EN@)>``R.M`-O_W`!HA,\%"`V
M1.``;RL!5.`%&QNWES)HE,(&*^"O;L,&IPL'SD4R(1PI9+`!)KPH*5P)$K`F
MZ9`+>N!<C4(IFTS`18`E<:P9A[@&/@S$P#`%NML"ZIJ'>;H&2:`'W+`#@S`%
M#@##E&-M!.<".V`)9(!IT[O%79S-#^$3((-M8AQCY*!+#88`SN``.5!"X<4I
MF==C-T,$!-P"()!K*T,%N$8%&_`*.W`EF/;'E;`!,Z"V'L!':^+.@9NF(F-]
M+VK+;I,(%R#*N48&N(9K*T#".Y`#]GP!.P"M2_2P4Q"N%W`(D\`FN5`$$1"T
M!3L(ON``L#(KEF`),T#"16!MZ:@9@/]D`;;+*\`<"8DP`)Z3/YKB`!<@`4DP
M!8HL`5%`,A.H16^B"P>P*41@9C^AS5+-(EHZLLX:8[\,8@@@!3SSR$TUM!,8
M&&265@)@H=\P!980">5JL>=:L7!0":\@`9LR`&^2;"7<`A[03AE2)190"180
M-F8D$^$P!3%Z`8F0`Y8`MPI["$?+N_[Z!D;=S$60"P3W@UBC2V1@KI@F`V3`
MRO6S!H.@#)C+LVNML/4+!P^+F.W8#77BPRLP!54[`Z_``4LR2)8:,IV]`0>$
MRG^]5U14+H8X)P1H@%-=W!9QFH$A;5SP.6SP9UQ-!;/*!5QUF9MRDN]%&"[U
ME420UAO@?"[_;2L!$``2L`$@JR3N*`.`&PGPW$XOHF:TP,@MJT71936*0,=_
M_;^'(`&64"NV8BMJL`$2L,8O?`CV@&U0D"'B\`WS207;$-,B@PHK+`./_,)J
MNP.)D`BYU@5N5JY!2X^CT7D6\,/WA=:1@`+G<.""&LY$T-EP$`7(``?V.P77
MFH]QN6C4:]PX+A"GV0]B=@[(T`9$EW2S%S;#MZRL>7NY^!D=:&#A\`,$/`/1
M:BE,I`LR,%`R,`"Z\R8OW+H7X`8@0`$N%`_J@`$6T+)0LB5?@`S-;-AM`+AZ
M,#HR[J:#0(.6\JG-O`VYP(M!$S1X@@HRRFM><)T;,#))D-C4G`/W_S?+UN``
MB]`"=-U1'WXVO!P)KWU_,Q`)'&`.*`X%FW+(S0P'D-`&$O`&M#`(7G`C*6D.
MP6E+8H!NV)SC.-Z16I%/,?&5G+XH(.`M93`);;!Q,+2HXX,=+]MQ-R,`>EP$
MBQ(\/7<_Y``)T-TDND`.L^"O8P`"&]"Z9#!-6).V&Q"]YT1O7T#4:KL"1+`"
M,DH&(K.NF=8&23`YR``)$7`!N!!9;[(I:_+$'SW4EDS2(T,%<'`!#L`K/S[B
MTJRVUH9M;#FV%O`*8Q`\R)#6*!`8X4`G5Q(,GQYG@'L(--LX<]4XY(`"JY`$
M#ZE?;_B%3POK*#\0J$@6"J5-<3.,7,`&X/^+IDKU8N<@$M[$*6\R#BY@"22P
M`V0P@7+6!F2`L92[!CFPY7_]`Y<;U/9@O%Z@R&^P`Y-SEFTZ!DN\`[S6\ZQ<
MS5>2[F30TE2`]/3;`F-@O)G&)H\$!^J-Q\V\`203!20L.B$C*5YPP46@WH=,
M,GN9F`+@PXG@2*+^!KD0%O)#)7;BYZ!^]RT0N.8L-M:6`T5?!`X,4ZY9+MMV
M\BF/\BN?$X&A4^N5(ZH"`C/`"!\0=H*D(7'SA"#Q#59%UP*`"J@,!XGP6%$P
M"SL`XP'@`E,`"?2["!9`Y6)#!1%0"0%`!1(.N'"[`5[C6&,0`*B;KVE_RI4`
M!](P"V1`!;E@`7#_L`@2``DA<\Q%L`UZ,`O?IOT[T+NO<`AA$\G]?#]_K+9>
M0\\.L*]TO,AC<$!MD!4I!1`"++Q*-"7'E!F1.(P3]\.A`(A$R"R"`PF9ES$M
M,!RRP(&,`V4[6BR20":))5H'NO5;V6VE/Y@Q9<;\5]/F39PY=>[DV=/G3Z!!
MA0XE6M3H4:1)E2YEVM3I4Z@[6;KL]D5<MZM7JUK]\NU<&S((9JQ@X\4++!GG
MOD#Y-M.MS'[A!'@C)U>&O0`M*A79`*?%A1:XJ!!)9V%;$6FZ9,@@1X%(E&/;
M:"6AL.."A`U%-!]J,:$21\HRB*R10<:2YFTM_"YJH8[*XM&0:+4HL@W._[%C
MM`])X.N"@A=412P1\4+!]-XB+6AKEF#!TIM*>G+(J.I27#]QXU952D1D2N$W
MJ+IY@_@#HH!@9%I$@+2&R(`5&Q;M/71H47(]9`:IC\"+:K]OONGG+;>B,O!`
M!!-4<$$&&W3P00B)FHHJ"BOL1@`9O%#$@QD\F"0'(F1(AQPHV/K"&P+?^L:J
M;LCYAAP!<N!`CP@VV,"2CGX@8I`U<L%E#%U(,X\"<L@9@99$7/#"LA4,6<&2
M#3HYYIU54!GD!]+2$8"('PZ8A18)CHD`)11<6(,<&<PC9Y!<:+'DF"@#D":7
M)#B8A8(,71@C%W*\("V)1-Z$8X,`=I@E"2^2T/_#DD3PI)`E<;SAA19(B!B-
M#%H@\,8E`7YH2`!REBEFED&"0=,+>I2A,4H)5LEEDC4H<"$7#@:HZH<`74I1
MI@A[]?578(,5=EABH<+N6)8F_*\?`=K(H0P$$%`$&0HX%8?$EW:=Z8M^NNKF
M![G2(6V0)"#1A0AR?J@+QA'-`S5==<D98(!PO*"EDC%R*,Z%)"`8Y!N'W#5/
MW4XI.`"")`8H<N#SX!W`!0@0'D2&-=3U8F%RTDD31O.\&(1?WQ;S0@#29*`@
M5G"6[<<;;P9Y-UT9V@IP'`&A`'==FS->@V18^`V-")+)(0(6<ESJZANJM(6I
M6*:;=OIIJ*.66B=OQ!'_X*IDC?[O6VM`0(`1,MKP(N:N!#@'BG'Z&5!IF,1@
M*=>B064L(NJ^R4XN;P04H!N`NV$HG&^\T9B6"\8X&5[SOM@;(JP`1KK%<,1Q
M?&\`!;#[VQ<!KDN`<&#<&PH7.9>K(;G*X[)3#-W%$%2U5VJ]6P#/<='JE5;D
M&\!OPH$B'-W-3O<\B-(YAS%WT5PQG"]<8HE;I:=V_GGHHY=^>I[(&V?3K(U.
MOI]RIE#DZS+8:.,<<U;LBBW+V8:I'W.2WVJJNCRU^H>JU$;:G^K4SGI%['Z@
M!0-ED*-BYOE6\MQ'%=MU2T!:HY#[<L4WY/'-5@'*G0(7V(UP7`@BS'I(.-1%
M_Q<M_4!_^G.).?I1"O-UBUM?2%D&OR"&`/$.AIWSU+<$T(]U`<\\`=J>\KK!
M-NH%48A#)&(1#\2L[&SM"U\H!84H4`9&>"`*!_D&%,Q1"B;.3X3JP]\!?Z@_
M;X#Q=<E"4?+\,96I;.\'-(A`+K1$.]<!R'4_O!V*U!;&9>$Q6?:;8P8#Q)(P
MDI"/@4RBVBRWJ0S2;X]IW,H2MU(_1W;%?>#X1ONP8LB57"60X_!;LL[8K1^J
MSXBC)&4I33E*9C&$DRM98BG:E\KO(0`$^JK8"\5P19=4C(O]2%DO?\@R%/F#
M93%!43&%>4QC;HI_7>*%+JZV,F$F<YC)1"8RIUE-:O]F$YO#A$DPN^F68UVG
M=0VLCA<M9*&U>5,FZN3B6T[Y3GC&4Y[":D@2J=(5%)K.$(P(7QO6@#DQW+*)
MW=#E+EO"DFK.1)O:]"%+8#3"A6)3HA&EZ$2/N4MQ9'2<6C/@.3VJO':&E%?S
M)&E)37K2I-3SGB=<T8O<DX,5,`($;2#"/0-J#G/P#2(BY6)%639"I#DT4NST
MJ46+6E2VA?$ZXIQ*RLZI%0OY,F5KXVD[47I5K&85J]=B$3JT!P79`8,"44"`
M!Q31ABEXZPLX=23?KM-3BW[SJ,?4'])H)J"5S56OR&S=IOPZ'L#^=:[8T>A'
M.74UK#SJH'&<:U6U^EC(1G;_E%\XFTM^8$#*#F\*;'#`#/Z0`U@08:WF^P;C
MJA/2B!K5J/U(V[$LETY@QE:U>B5D8K-B6]S.-IJ$)>Q2PSG"\U@M4G'<9FR-
M>]RJ^D.RRV5N<Z-&67,(0))+-(=FV\"&/\P@"E/P0CJZ$E#%6>IL6&QGU@"I
MVXI>;8/@NB$PL<.0.^Z5HLP"7GWK>YUK1C1KFQ)N1J\V#O7>]X9@+"9VE'I@
M`R=8;8YU;H,=_.`'O=!$//R&&+@0#"]80Q$@V(%CP@$+G`84P.(]!WFYN-@!
MI99M2(3(I@8,3%6^-;D$"J-];7P>]`ISA->Y6M5B;#7[6DU_Q%Q9=J[#$!\;
MF;4R_^8IA)W\9"@SA5DLPBPY@D&$-EP7!&F@P!1"!!$L+I%Q$&&RTD9XQ[CN
M$J+QU3%$9TR@,\<YSOE=K9SM?&<TTQ7/<V9PE/W\9T!3K;`5<L\4VN"+/WB`
M#5/P,F([RBTDOEG2DZ9TI7?%SFX:U](S#G2G/1WEJF64@=[0T1J0D0,0)$(1
M7O`.1)9X0.P\<].SIG6M;7WK%'W:S[CF=:]]_>M;UR34C#P1EM8`C.LZ@`P@
M`IIT.[J2JE$5V-.F=K5GK>LH6UO;V^9VKX6]5(XJCF26\D(4',`&`5[EV9G,
M#J:[_6YX:QO;4(YWO>U][US_PQOPO:<C.R4:(N3``4I:0_]&W>>^C)89WPMG
M>*7G_>2&1USBU/ZVJ,OY:M1A*`DNF-CR0*F\C%YOXB,G>?,>#N&2IUSEDJY)
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MQS_OZY\XA'`-P7"(8@"BX%T&W2W_>(,_`!Q`DLN]`HF0:ON"Z'.02D,SEA"%
M7J@`#KB':L`!&,"!&K@'#AB!`Z`7`R1`>3L_$!Q!>_,&"("!=T`!;:&_7^L%
M=PB'!6R02OL"^L$?4>``'.B$;;"!3-``#-"`3)B`!(B`=W"'"F@+$I0Z\1L6
M^8.`;."&!HB`7M@5%MRT<.B%#IR)&C`&#@@E+K*_21N`"A"%;A@`:6@`53@%
M!7`%4#"`_U18@`5(!0,`!5?0`![(A!0<@"1</`;9PZ49BO@3A4[(AUI0@6R(
M`"I$P%D[@`B8``S8!@6$B7`(`@#@AAJH@%[PPA5LOS?[A@-PAP,X@'O(AS34
M@E1X`E1\@@50Q51\@CAX`BVXPP"P!S^L-@;T0Z*(OVZX!V,@@5Z@`5_,-S#<
M-!18!&T```S00YA``1(``&-0@5J8``Y(O5M,KG"H@&H8@0I``A(X!5!(13@,
M1W&$PR?0`1]X`E?@@0F0!@&IQ5^KQB3,1??K!Q0P!AJ@@0"8@`A`P@,<1DOK
M!PYX!QB8PIC@@%HPAAW``&/(!AB@1AGD*<7I!@B@@7NH@&T@`?\%``5R',=P
MO(15A,-&B`,?:(144(!,J`%=<$=?@T<2E$?W@P!M<`=[X(`(Z`0($#I%W+1N
MD$`40($1@(EO>`=M,`9NT(0`&`$8!").%"EZ.(!PL`<4?(93<(4Y6`"/Y$AQ
ME,-P?`(?Z(`.L`,%6`084$:5#+:'W$.73+]OB(!JH(<`0()%N$EWRLE)^P(.
MJ`88D(!*4`%M>`=4J(8`4`%G;``.X$>E9$GU&8![&($!0($((`%5<(53Q$HX
MO(0GL`-0L(4(8($"@,,XT($8R(-&,$EW(,NRI#7$!,%<_`%G``+7=`9TH#8*
M<(8/J,U)B+@!"`(D0`%VX`84,$WS\T?_20N'"="&H00``-B&`Y"`XS2&=S@`
MPSS,LVPG>L`!=F@'=G@&8^"!551%RGR"5``%5NB0=Y@#[XR##HB!#IB#3(@`
M%(A$F>B&7J`'?,`'>H"`^KS/_(2`I'RW*Z0'7N#/<(``7@C0_@RZU-26;C@`
M&GB'"-#,=[@'"/C`Q,M%(Q`!#!6!0C""Y(H'9C`$9F"&'U"??AB"#!4!0!C1
MA?,&%`B`6L``#'!&$IC&F:C"X5P$%8"!2@``.,B%`ZB`=VA&;H``Z`PIX50?
M>_@%#N@%"*`%#7`%5*3,JW2%!D@#$U""56`!<8R#/"`%'P"%3`@`?)B)?AB`
M5=B&!DA3-5W3_R@<`0J=-EZ8AP;8!B2P!Q30P6T(`!6,N@1U"XD4!5X(@&V@
M2@-P0P/0@@1X!_\X/0L]T4)@AJKZ`2#04`T=`A(%A!,5@MC$MR^``>1TQF<,
M@@FHA6JH4;J4M&[PR7O8T5H@@0`0@#%HQEY<!!K]PJ5L)WL(`@D5A1$(`,G<
M2(^\2C@T@$QP@RM5@D3P@W'4`5&X@2?0@$^X!VGK!T8$56.X5FP%51*@`4W<
M-@[8AFO5!AJH!EGE!ARHNCZ-3P[`AWO(!"VP@\Z$PWB-@SFP`1B`S\IKU`S=
MT*J"!1/-4$!0GV[X5PP-V(5#@5I`SHMTQGRHA&<T31LED''8!RNH6/\K&(9X
M@+,#,(9/U8:$:0!GK`02,(95>--^G$XN@@"!1`$LQ`L;`(4Y>,./7,5+``4-
M:($N4`*=90)"&,=&Z`!1T`%0L`$D,,U^@``D^%3DQ%:F)0%IA3=WF("E785J
MX(9K-5=T15D_#0=>H`$<R(0WC%>Q78`X>$4MH(7H+#Q]Q=!'18=)F`18`*=X
M>%NX]4))/5%+A8MT>%L*H*I^P%2`I:IN@`7"S5@%I0"ZE398H%L*@+.U`2F8
M&%Q82%KD5`&%-(8(L%H`V,?@O-6W2(</J(=ZJ-A;8(!;^(!Q>(MPP(!%<%'D
M?(8!D-HBH`42Z`3@-+ET39%)#(!K"-`#&('_>8B`!,@$5]"".7!#.S``&[B`
MG-59$Y``!8C2<(P#4K@!L'2"6CVC`\B'3S6&18@`\`W?`/@%_]B__6M'?\B=
M\\4@_6LI+.P%,B33;X#`4!P`](T)#,)"IXS:I<W&7P!?&*#%,YI?_>W`^TF1
M;Q@`_>V%#'*++U#@4&1@+\2@_4.><!B`4!2%MN`;_1V`2/R//^S#70'0>V@`
M#5B`L87#.?B$JBR`/.@`+0B`M%VY"G)(H/"'"]U7*0`$/,`#(0`"#H4)9@`"
M(>AA/)"$(3"$'Z(`*3A10##<;F"&(2CB(Y:"/_@BP"W8,YJ$80`$(9`$(0`$
M(#!<MT"'/Q@"23!B_T/`'V:0`BH^8B`>$"8>`BF@8T,`@B$`A"0V@@_P8B$0
MS%I8A$KDRVV(@%]8A`808.4ZU9F8!"NXA5L(!2((A=*-9'%XBR]P!U0`5^1L
M`%1X!0#0!A5XA9^4B0,61JU5GW=H@%G$PA&`!!^!`QCM0050`![0`#?``IU5
M@BZ``VYH17*,@3-H!%?(!'6`BP.@7``@@7G@O_[+/\`9``Z89A3@A4@\`'9P
M!Q1P2A289GKH!7Q`01C@`%&8"8GD`!2<!QK@A>@,!Q3`@7>8APJH`:EU1AC`
M9G?@`%0@R"\X@'<.@B!0YS'<E4_$@2#X!1RPAW"8.Q>$9X1FS`$!D&[F`/][
M.`!>J(&#YH`#`!!>J(9W^(5[.`!)A.8!R5U0M(=L$$>Q-0!C?0<#0.$8:`0;
M>%J@7`48N&F<A@&YM#14F`<<H(=?"`(WW94!@($@H,4R58GTM>E2QMV@P.$3
MC>J";5PCP`.I%@$\^(`O``*KSE`\&(+;_("N=M0K_ELG[H=)R&*OOLVW<(9"
MB.H/^`9#>&NIEH0U_H"H'FL-Q0.ZCH9*X`9U@`!CB$9MP(!W@(``J`1-(,B(
MC0E8>&0&J(<I\`?(OH5]^#]_"`".=48J\%1G5`',)4B8*-)$S-T4L8<YK09>
M.(!>H!4'<(!$L(`9P`R_4(-C-8$74(-7T`8M``7_/G!#..R`,X@#FT7$F*!6
M[D5.;E@%`NEG#*@%;<B&"5#!<.@$;HC&"K"'ZZX%.HU1Y*R%"!AJ?^B%:L#1
M[N6&(."%F*"'(&A&Y"2!ZU[:&J"!1<B&;-@&&O`'Q*Z$A.U8;GB&"@"G+_B%
MXNQ>$D`">O#",Q7,I<V&!AB!`($`;E`!%:B$!E#(RLV'>]#1S=:&!J"!<,`'
M;88`!<S=5:`!4?@%+2B`L4V%13`!$["$EU[%&$B%;1#M`^AOI06`>YBU9W#&
M:D#.`-"6"N#8(/"'`Q!E>O"'<+B'&D`!DPWAI\[AJV;;#X`%(:ARK#8"M69;
M$)6$*L<#)298%`6'(:#K_Q/%`[:>B:J6Z@]@!C"O<DW]`#37<@R-AB)8!"#H
MAZ2MA&P@@7>PR`#(!APH:4:&"4=F``:0A5#H!R*H!]/=@[A]BWZ(@.Z-``%(
M6F,(`'4(Y>REAY`N[51690S(!QK0QD&`A-=V@"Y8`0_P@#2(]5A7@S28@=F>
M@1VP`%R(`$)PA070`5+0`?9$`B^D5F56`??LR6X>@5Y0FR\(`@;WWMP4S&P(
M`'?>;%!E<&?<AB7GA4[H;V-X[J6=`'9`\@C(AH[%=N2\!QQ@<!+``4;L<`P8
MV:7-!]'&'WIX!W57VFWHP@&@@6.44?<&@$JX!U$0[!W?<=#><6.8@!'@!1BX
M!_]K7F013A$:2&][P`$6(`10:$/E]0`E,(%#>&D6CP$?<`7F'FUT!X`US0>%
MYK\!F5_`@?E0-,P!(%)^+%,(&`!+-P9WV(8)R&\F/Q@/EHGMG8`7'(%01LI^
MX(41*&?IO&$JK_)"&`:WMG-GZ'(-E6)'K?,AZ`:U!H1)J'.O#F*90`=GN.H/
M:&([_U"RUW(\<(3[@(6`A`%^&(%\V`9NX(;"YH`O:.QQ^(#298!A6`,VL()(
M)V.9^()\&/A0O@=[0$YM&`%W<,;L1>T]Q4G33I'VUH9%P(%<0`$RB`(VH((5
MF&TWD(`94`/69_TT:(8NP.T7,`$.V0(^\($SZ("2;(#__D1NI=6&6@C^X%^$
M&D#";^@$;=^&8]QTD>8`;"<!&$`!Y:_<(P^`@$?O",P'P32&!O@&<OU4;ICF
M!@AX8V!W!N>&>V!&Y"3T'T6"S<:`S/<'49B'[EV$@ZYG`$"""G`']P8(%1%&
MH`@`X.`V%!"T'02`(<(\;@T!U)('@YNQ@]S<';C'@=X7?_]&DBQI\B3*E"3]
ML6SITM^!?!P@H."@#%<`.!-FF'CA`0,A`ZD*Z.@`ZEG+7K4H]G/YY1TW#/9$
MY>.&X^*$=RI4-#C@KUL-;MI43(#`$H=8;A,`&'-7B=NJ;S@PJ-"6[5FOEA`F
M<*.1+]M!$A,&O"Q<6&5*?T9$_S!FC$=28Q&%ADF)7$A(H<A#`$5F7(@9GL@?
M@&1F+`D6Y\:`_G06,D22$%B%)Z7V7`B/H=HB\``JS7B8(=^[0T>&+.)-@%J5
MWHYH22-;`P[<:I$8@?@Z=L2&*=1CX+W,ASVW9`V+Y\UP.(D4&Y*(<%";/1IL
MW^5E>0#)KV^&66;OWW\_@"Y!9<PIE>BQPBQCK+!"%XEXD$8::DC@AAIJN'&A
M&LTT\P*'S410A0\Q=)!*)@V(TE(_]TUT4$:!Y<=2/QPTT&*+E7`0$@<,`:!"
M)P>(L@I&;'4U048JY#/"``/,@P%;W!P0@`H'"23*`!>QR`\.2P%`PBH0!)%/
M)S#T\O^%*##HB`$'+74#`1(-80##`1"XHX(QQB#!P2\M+G)/.`.@T"(W[U2@
MHS$!\-)+!"VJ@,2AR1V433'A\`+!`-V(Y!^F*`7H3S^=1$"#/;PHLXH%%D`X
M`ZIN[#!#)X3$$8,!V[1T`&#&2(-#-36$XX\]!V%0#0!.NK<CDP!$X`T.;$VP
M2+"]])*1,<RR!2P``20+P+('O=,2+QG]L@B-)-2WJ4N9*F;9!Q_X5L@'N@U!
M@1"1`0*$<8Y)P8QO>*1C1+V2&*';:ITY$\\D%*Q3&+^1"6'$)"[$VQ@0L!#'
M&!"L169(98U)PDR\D6"@3HX8F-5-/P-,T$`O^5R$0J8M)_;_4C?[W.(=`_4,
M8\4PD_P`X``83$#++RMR0P)\[K#X#&%?S9//N(>Y_/0_Y`((%0\*:)!-"Q)8
MX$$B>DP(81==>-!%&@]J^(*&S;C10@(&A*A#*@J8B&),$]59IS;&6*4?2]_0
MH)Y&,)SH#P>`PJ`?/>"RA4%8+'*33S[/+!(E`-IP\`RT?;'DSEILW8,#Y20<
M/@`$'%031`!(2.M0FBR%@T*QQD1@SU?AX/#.+^ZP\TQ#G=#^A5+O39#CHW'Y
M`P.@.(1TC7K9W-//-U]8>BG4F&[:S3&JY%-##;.LD,@.JZ*J!H0^;?!$#`5,
M,*N6#6DS<C[OM>7/L/<,P&PV!T39_PGI$@51PT&J$8Y*L`6``'@'#B;PC'!`
M@`0`D!5+N@6`(!S`/6V!P/2DQA_K+:8QGS'$Q`KQAX<Q1@K?&()O`#$)9\C+
M'_AJ#!XFP8Q^&6$(\F)&9R3Q@0R^Y`\A=`9+$M88())0!%)05V0F`02%H0,0
MT2@"/2!`@T5,X`#="`(]^@&#P;PC%I6@1_6@-ALKT$P6%"A,/W[P@WU,PB4'
MB-XQ!+(4$D!@&]BR1Q`RP@VSL*0&1(/!?L+8,@T:)@C<T``H0,$#$E3B$!+0
MPX4VD(8N*,$$EMR$"3Q@H0NUH`B:T(064O&V.6B@`?&@6YM85`DD/.,92$#"
M.U#`0WMT#O\A')@>\8)5C9`<8!N`>D?[C*&-L=2)1=7(![1LM+G.&0-+6B(!
M#KI!CVI$8`(DJ$5=W-0Z?XB"`PZ<#Q]3!`$(]((7#6B(H;XR`,`L[AZANX=^
M<-`B#%PC)/<(4BWNX31!9F=3G=*"*Q;1`!A(8P=I,`$(3."`-'"R!81HQ`U2
ML3[[U*H!D(M`?0;PS0"$Q((8-(@Q#%@+;@2I$NY1@5DZ,:V#!.`;U6C`(H($
M07_P@B%!.%[E\$'(<G'0,LQ`HF,^4$0@=`-@S,@88X;@CS^L"Q"8T1@S``8+
MX8A`$H;8CP]A^`&6@"8R0*R7"(9@L<8P8XF-$<(WG&@+>$!@%0W_V*,HLG%3
M%%1B`.^8QR+PP<]!OF02>Z!9/=!(@0_L(QX"*,RSC@$)!W)C`';D1@6^D*<]
MMJ0&2PE`(/?ZGYVZ!`88X,$<GA`W#9#T`HMH`1P.JH35KK8+<KC`*TAP2!NX
M`A0+6(`.8A`'+?#@&4V!4=T"$P0('*"XQ`W';_WQ!0X0L"&+J`;?"N<KY<'$
METUR%%NR,8'M4G$;VXB.=8TQ`11LSHZ>`YU&NM2);!0)`]M0'.M:,@`::,D8
MOS!+/\1Y@`'0XYQL26<WUNFF&KQ3/\CSU34LU3B*Z/,EFL4.N7Z1B0440`NJ
MX,8V$H&%2G:!!!JP`2<*L(`X=$`+#6#?_XZ2VY(1M&@"N_)H/T!*K0;\(@B_
M@`$-VE2+E!906P;!5I8>R*V,W'0>.>7L!OUS+@_^-%_MBHP4BBJO&K9PK)W1
M&)4AU@_2=.8SAOG`Q/#P!Y88`JQ$E!=0&4,!LS)&"%]PX@1Z,8``P"`;]H!`
M+4Z<,B_A%0(/5O)+*/!7[\CBE/[PQCHH<+-A4.`\A3G``07,#5&L!0.\\$<O
M@A"$I/G#L@"HA%?V^6>5(-DY$SB%*Y[PA`6D0@M6TX!LU4!));Q@M6ZX@"I<
MP8DJS"$5M[UM!V)P"5>08%NH9$\U\@L@>W0"6BR:@#TLE<N]T91(;*E$-=A+
MD0A4@!<5&('I^/_ACE[,R%>MXUQ#/J<E;E0#!^RL10`44@W*H:DEWT`!X`)0
M@:^((G416`4*Y-&09S0'>/4=7H'](4]?K2(D8<E(/D4]:I.0"P6G^'4!4N&*
M'6"AXT68`(5O2Y0X*"`([:!'.'H!&/A4H.45",<7'-C<(/1C6)$])WPRLJU^
M!&$".`@"6\AK1V-0*P`2(<$W>N%`6?FHIA/$J3'H46IS==`S3?;@""-#5"FD
MD!DV;(Q2K7SEJD95,_V`Q=>+<\8>AGG,BC&S/\`:L,C`@LTB0"MGN(&/`3SC
MGBA@Q[+Z$8X`T``;W]+KQ*]3F'B$8F;>J4<H%#&,>LC""A_X@8K=6*W_/`;+
ML<&ZM'*_D5Q/`V";/$V\IDK-JWR<@@=V6+6J%S"'*FA`%7*8=6LO0`(;+$#5
MOK_M$SHP(M+BP"4IBM^C`F"/;C._V[L*AR$7UZ):P(`PTMW2.T[$@=@U8`3%
MR@9&68(/'+#R%WQO438`^855Q.YSE./&/#!W[>;(Y4RW[$441U#+;=CO`"C(
MAC;4`A*XPSLTQ#:X0S=\0P503BT\`SOH"`G`T_',4X)U6O,TV.FAWDIL2CB0
M@"N(V&W-@88IP0Z``@B"H.Q96@W@``<<0/NP!5O0`"U@RS<,'0T,"PGXUS-\
M`4AYES&H``I($'0P1$BQ%`$9PSM8US843BVP_P.1^8/1`(!VA1HA49U/I9D(
M%5&4<=U991EC`((_I)EDW`89#@$\I)T(@*$_3`)2-<96O028P9#;34(1G9EJ
MB&'=*<R;B8`*C$`X;`,.1"`*($$E]$(X=$)[;(/(:""I%08LB`?-,,!X6,$^
M^!,$"$TX8$X$=@,G=J+?L!,`8&`&,N)(J)X_V`X)J$"J_9KO&8`KN$&MM18:
M?!@+Q-ZOW=8E^$`<N`(/+,(CA,,WB%Z*I-)!C!1)':-:H$",8(0Q;`,[(-^G
M0=>?J!(-\$(^,&`0?,,S4`[X>5L$.%"T]`(,?)-XV0,*-`#E`$`Q!%FP!$&Y
M&0.:'``'6-NGH<"3+/]"/MP.C2Q"``1`<]F)/6##-PE$!12$`;H#/D"@!"Z<
M0S2<!4*<*"89*4H-+:C`'(2<`6A8&FB!R&&<`6C`/'P!#=``"O2"-9&`;*$D
M-]3`!&"`5_`"!I#`-K2)G:A`+3"-<E4#T:@`!C3'\1!-)8SC1L0D#N";7:B#
M/)#`,Z"`"D!6)9``/_C#-W3"5C@)9UDADZ49'CP9Q'0#%WZAUVG&4D4&;A@!
M,["1$<!"/P#,;\5#&X95)W9B5GF&,S0%'7J5/Z"A%(A='IY56HF`-DC#+_#%
M(O`".[P#T\A%`,S#+^@**:;>2YQ=*%C!'EB!%1A!/(Q#YA7&-_@7>WC#"##_
M"[SU(VE2Y43<E,1-I"G2DC'P0.]=`BL:@`VH02R:@!LDP$7>HF[V7BKP``8$
M`+BA@!\>WXH4YX[40"]40D9,@#OXPPC4UR(0A(YD%P:TB#9LP[ZA0@/4%P8$
MB=Z$)#U<8T,,3=ZPR`J^W^UP9P-40BW4"`K<@P-=)S8@4T,4$UL<X!<<``[H
M"$]6YT%@6R]`0(N00`W$DYNL@H*I1\0YV&-&#;F$0P.H@@&(6`%$@`1HP0EV
M9(D0QC=8D>`-`)6`Z`"$0SB(PJYP2I^(@DH9`W&]D4N0S@&<J#I!@"A\`8C:
MZ`"(GBB04P*.:(KT0C>(@BCP33?$22]LYJ9@I=7-_Z5D?``:`@*\:(87WAW#
MK,L'Q`,G_I01K*5FP,(?&,%@"<<0.(-K`((D.`.3[H8S#$/9-8843`)8`8$8
M*I'"_$#'O$$15$(_WEOD&.([F%Z#4MQ^K`,Z%.K!:-``4,0&J`<&G"(-I*-Q
M'D05&4:@EJ(I(DI[@L*J`=\3R"9MKE8S.(&F;NIN]MX3N,(I-(`[C,`\1,`O
M'&EP1:J4P(`!:8/Y*9<\$,HSN,-TMHASU4!(=`,*T.>*8,"M=@,-F!>+7%-#
MG&=@5$-HKD@V;`.]N0,_+(4Q5`($\`)\302:$$:`(<$+!@8_O)$$26&!3J"O
M[)(_7,,WU4(-I";J:=`!\/^%`=R6`>1FR(6<#4Q`%IDB_;`%'P$LP5YE3S$9
M4WG0:)!E;T#9)*#A94S"Q.S&$`"!%$"&%'`IQ)"&)`#"Q(:5;@A!F8W='Z`A
M'A21"`R#V-'I6<'#PT1#-`C!&43``/#"3!IB``!JI5IJP<H7`+P""KR#>/$-
MX6Q#?9$4!BS"(O0(#XVB:JI>/PPK`)S"ZVUJIVJ!K"F!&G!#%?1>J7(J*)R"
M5?1)!9`D<H4#!T0`::[MVLX#"MQ@`%0#%?;"-?3C.\#`*N@(-\0M7VS#._`"
MT6(:#01`2V)`/OP"X-H;+_0<AJTJ#;Q#`/QM!?R"VL(`+_1#!1!NTA+<`5P#
MY%K_[I.X5PU8R@'0P#.TI$#5`"^$A'P51.%N`PS8@WY\03L$001$``S0@Z78
M`^1&``Y<+DU50S_B@M0QZ&,2$J*H0B;85D?BJRNH0E=PUF:B0!"H`W(A:<]F
MK],J7M5)QM5YQ@>`T-BY(06@X6ZP(569G;N8K\*&[%&-W0<,0_HRV0LU!LNV
M61/)RQ?D@ST<0$PY2P-P&O54JO:ZSEKH6P`4+XR4`@Y0T3.$2HY^0],:;X,2
M[#<`'@"`EM?")BBT@!MD@1-H`:F6JJJE`AV<0C6,B[*Q1#=\03!^`3K`L`Q'
M#R?2<-/V0PL'(Z\R7("14^"Z1(<6UY`:1M)!P"#`2#`*_V,.2T_?!&@O$*D+
M,S$#C8E+I!QQ"?!+)%UQ8;%R=>)O]4,4<R*,M/`7?,%F!NI.=0,'3(XJV(`6
M@`)`:8`*+`(''"JY!$"9$`2G6$H_],((0,\]L`/MD`R*9!`.K[`9?\4J)%LB
M8YHRYE=3,''!*JGW)FQ0I8-NM`8YP,);QM!=CN\0[*%JL*]IM`/`R%#Z_L$G
M7UDAA++8O:]?RET_O,,ST$`E9,,@/@ZW14`U["S/:F\X3("->`.2'C+V4BH!
M$VPXV(-$Y)K7KIH6T)8!/`%LENHEJ)HKT('L-$T!%\;U80!U=;,XCW/VHC%G
M?8$]!,`B7!,C10`[3'"`%&4`>/\)+RPFFTS`XUI4-0`<ZI!NY)*7/T1N`VS#
M"'Q)!$!``_@<#H`)I\Q#):"`[P2!.S0`$G#SU!UL8_P!%FX5G*;OQG#*!W1&
M#"D&RH+=-Q01()`R;HA#R$Y"-S@#57W`%XCOE:E0&`H'++?9-X"5$*!"G4P`
M?*I`0L``#LR#=OFR@W;S`8R`10/LSA:LX($.@;A"U;):*J2"'7RMJ;;:*=B)
M+)&S-R?/#X,U69=U@)ASJ74#.DCP.APS@'#`]D!`+#5`]WT71.<#`N%`#1#B
MB=C#0`-20',`$N#*!'S!\,Q#NT7`-TR`?HR`H2QE$+P#[Z+")%L/!3B5$`@!
M()@E(*3_=$H;`:<8`1`(@224MA``P22(`TND@S-T]A!4[!F='660-FR,Z9:.
M=F<+`9N::6G#QEZ6@S^,=F8+@3/(Q@^4;&9WK!&`0S<P`YGV-B`,0SN<!QT.
M-R#`@E`--Q!\`6X[U3`,0#6@0([2P`1$@#M`P!=`]#P@]:9TFUE+S5/WK"A4
MPP1H`R7P@"N8JBU6\P)<LZK9`2^J0'M`P%B#-3U$0#XT0!"P`^N^MX,_^``S
M(H2_1"\\PP'T0@U4P.VRPR+(0S5L@RNY`P<4Q`+Y`P0$@#S0`$NL@CVP(`>X
M0P34P)S]*0K\&TOT0@+#P#O<@X;_@HR:HKETPP^D0SP0>3GT_\-:HT,Z-+@_
M@$,Z4``%P,(/3/"0?\.4&]\7Q$,XI$,Z$&TWQ,,W<#DX2"4L#`"4PT(&)6"8
M8ZE+?/DWP(+HH4B91WF<PP@ZQ`,\_``Z^$,Y)'$\[/F7K_4/,'G?!&[TL'>;
MXP.!L\0[H&92T,,`_%:<C!/?C-,!,'F1[EW?'``]\$V'TL.D1WI+Q'?/8G@^
MD`"!*(`K8#6G4O.JV<$<:$$FG((J8(!D$[*#AP-!!&$[P/.$_[KVHC6PJUA^
MX3CA_<*>[G%RX3"`*!LD<\JRGX>SNW456H_@)>`7A$./(E>A]X,H=,/9\K$H
M>$,"EGOT](T+\PW,2:601H^0YC`+`_]C2[BPX'G#N7^#ME\[OK=$B1(M](PY
MS`4CN&>>X.67P`>CD(:#M">I+[M$-VU#/M#`B32Z&R'!!"B?I52"TF(`"MS;
MLBS"OO4-.R1T!,0H!VS#!.`"8;B#TC+2;\HHJ??L-_`"?9,`)6@##WQ8;242
M*+B"*]3>"9N4_0P[R5`[L!\]D%<PTC<[C"S]12O98K_#;W(#"CS#0W"H.VY#
M!/#"Q2=$6`BS-08`!CAT@W5"H],L=ZT@2;EM#M(##D2`<O%%`*_X!(@"!KC2
M/;B#8%3#_<@U!E1"#8A")4Q`-;3$*M0"#?0#$FP#LD,`-PP^WZ``=U7X+Z0M
M^V7#.TPEQY__=<.WQ"QP`PP$`/_Y`^ZX1#XTYR\@P0"`PXX]!0<\2Q\/Q(KQ
M+^&,9`/HU`0`DHXK'3O\0B<,3H0_;?8*GCU4PS&T)$EE@O(O/P8D+5ZW8($[
MO?1/_TX)._5?_]-O5C[DC=X,0`-@0.)+I=!F@R@<``8P1-5OPP%HPP@(;9UH
M*TO\!0GD`PIHPS=8?,U%@!K#FS\`Q#PD_KI%6(3A@#]_,+@-X*9"6PT4$S#\
MZL4-7X0`]TA<1`)!H:AM*D@,:*#"6``(&&K4`NDOW[,#V6@T"."N@;]Y$_SU
M"["-G4*A0_W],WH4:5*E2YDN'<H!0X,&[WCY>Q>@5Z\!_9[5Z/6N_]-6%1"^
MW>Q5JU>%9R/\?0MG#PF'7BA0N<N'HM>$:OYP!#A``L4O>:*$-C5\^#!1Q8L9
M$^T6#@*'>>\B1.CT3%[E`$%J5#CPI5]CT:-)ES9]&G5JU:M-(W;]FG5LV;-I
MMWYM5"$-;A%2ALN'H5.OMN^V58I@;]NO6BAP8-A&X@"*6N^R/0NG$,D[&#*Y
M-5@$PV>$+QRR(4$%`\.\`Q'RD:CJKQH&AP$PW*L6@1N27A@@!%@TX1V'DE.H
M!@R"((&#?.A3*1MN2E((!A*0X&8];KAY9Z$)!H@`@B]&NPU$Q(;JI9I.Y/F%
M'O@600()&-[J!(D`4``-H6]^02&<>SKY+?^H"FH8@`,8C^NEAF>R`^F>7P98
M9(1JWKE.H1"E5*HVT;Z`)YQP!MAR@"R_Z:;*,,4<D\PRBYIR2C/57+.V$!7Z
M!@)1*AC@"PA08.>;G@XX(*UP\`FG@BSI8>>`?KZ9DY=>P/2'SUX*/6`$>K[I
MQ]%^PD$%A2U'J.#0$7@)S9\!\.F&EP$@&*`7=NRADY=O(+7GBVXJ0.&]7B#H
M)U$('#W@FQ%&2.A-7@CU1Q1?";/U"WN@%`W-9G$;ZAM[[/F3V`JDA0!,".PY
M8-$.^^GRFWNNRJ>J<!+Z@AY[A&N+EU5#&J`;LE`%]4QG[;T7WWSUW9???OW]
M%^"`!1[X*#8-/EC_-H*I%/,;S8(*4^&()9Z8XHHMOACCC&]#F...2ZO8X]@T
M'IGDDDT^&>64]PV9Y9;K51GFF&6>F>::;;X9YYQUWIGGGGW^&>B@A1Z:Z'Y=
M/KKEHDM&FNDQE7X:ZHR;GMK@J*6F&FO6K-Z::X&S_EK,KD$&FVS2Q#X;;7O+
M7EOKM!5F&VZBW)Z;[L3BOOO#N@/&.VZ]_?:;[\`5^_M?P=<F'/&T#5]\X<7;
MU-=QL!/'&0((]KQ\S[F"R&>;3SYI()]W4,"<]-)-/QWUU%5?'?5;TXR<[\9A
M%QGRV:F>_&8(EGTK''H6T8:01N+PP8<XXDB%!R9M)ZJ?0E]?GFW9H4=M_^7I
MD<;=9MT5ZH4#=M[))'CCQ1?_B@P(\8M>VYV7TOK#DV+LBP,JF/^S]J.LG3$X
M[>$`!773MW\VV*O9`<(QJ1K0(P(LT,$"&=A`'70`@B%XQKJ6UXM^/$\TED*5
M+L*Q*`"J27;M^$8O<+&-3-@@##:PP3;>\9+I54\HD.G&""*``1)HP!4:<%`F
M8`"L#]).@#*K'(Z>00)"C&]\C<A`!(07ASS$X!+<2-'RUN>FQ73C2Z)`02<P
MH(I3)*\3-`C'_W[X.*0HI!OW8(<T>!`&`Q0`CG%,A0:"L"S;P9!10;A'`&JA
M@50\80&!7,`3,F"A57BPC-0+HA#M,:,&<*.)2/^,@Q_4T`46&,\'O=`!(2)@
MQ[G<"06@')V:OA'*`]@I4ZIIW@79IY@ON(,#-)@`#N>0"CND8@Z@L,$$7)1(
MB+VOE#4XABKB6(`WQK$#P@C#-@8`O>KU0Q0XJ,8$>)`*05YS`3YH!0LR$0`[
M^M)LA^$%"F`)RRD.90#N@"4V.(`MOE7#)@D9`1(B@(IN<.`:`7A'+RI#P;P%
M+#*XL!4+!!%)XS5B&VEX@1*V(3X?M$,'F<!!/_KAC7[````9U6A&`X!(H=`K
M-*&QZ$='0P^.!@``QKA'2!5"1L6L$H,$Z48-<``''H`"FX-\@@X:D8E\G!.<
M0#P*!$9PCUF^\9APK(+_%M[H@PYH@9G+6UDZU;*(3-@AIW:HY0(:X8D.9*(!
M>0IJ.`W3`!*DU!C&B(!B4)#6M&KC2:N!4P5X05>QCBE'$5C%I.9!@DY,(!\<
MX,8SML&-FF0C'RK(AEG7^C&!V2D?(R#J-1+(`LL*8AL24((23("!\77@#)CE
ME3BZ,8^,DN`7J9U'$$9@*EUA<0#T(.`IX<0.7G2P&X8Z`#LD.RF*?F-0].!%
M1I]AEWQ4H!O=@!0*?I5;+$[*,54$$;3F%(#V&.`2.0UD(YRJ@'PT<ZQM0PHN
MZ%$#522U`'PH0!@V8((PP!&")?C%4""``_O>=Q6$J<T]<6`/=TB#`Z@110VD
M_P'>P4$.`O/`!S=.`<B<N@(.S[#F0U.@BGMX2"C?X!*71.'2V7QA`!W>DD>3
M=I@)J&"CSV#K1@'@S=7P`@-NU09;R/0+8V3T1XOHA#EZ88\`5`("["!!!+;!
M3&Y4HA=%M@U`(="`=M*CG;SP#PFT<0$0*.$%7=!&)'T`#Q]D@@-?*FU&MY';
M2>7V'I6H1#["T8YW8$!&$Z@$5+1!@FI0M!\CV$9:,<`!+-XSQMS`048[P8__
MS(@>#="&,;2QC0I82K+_:UXW,#B``B]"%=;$IATR`0<6##(9';!!`Q#9C^2>
M.KD>9HVIG9M;CJ5:-4IYQRI@D`$%J#>.)6B!";#@A/\XQN#+^O6'--PJ8WQ4
MZ1L32$F,27T:7F3#&/9@S,K8T0EZ!"`3VLU$>W%!B$#Z0!2"X(:T0W(2$IP;
MW7L94V(;X(X&H6`U,^V.#Q-F8A1K5,5$X<!&>[,:>YPUH\:`-YE0FE$8?,,[
M[)A'!!AR#QC4(@C;:$`X,+`(431@&TL&V*GNH0(<<"`)!Z#!+%:P@BZDH1DI
M5X,:9F"!$VPA!)JTP2_.$8R+9I0;Z@A":O'QA5X@(:-7`0`WB*0-`#0Z&QG%
M15EN/(%G&#T?][RQ"D9"Z(+?HP89!2S`574/#GQ3N:RTHD+ZPQP;:)<;:3!!
M!C1]!AWPP!V@ZL>>4UIW%=#_($S]H$%:?P'M^1YL)L;H1*R3@@(D?%P:6T!A
M"4J@B2Z8H`L:B*,/8J"`&@AE%6G-QS$X'X$#;"E/(\S2`$8X@EYX`XV0JE]/
M>GP`94<@"`W`17+;82U%66I9W:!'!490BVBSWAX=NE^^_(&*2J"`'_/@ABOF
ML(#L:J$!)E""'G`:R!C<0`,!$,H`MA%PM!H#!F1:!`"V40UMJ"#`JOE"!(9>
M`3,VY<0;E<>*-^IBU50`X!E]V)@JL(UL+`(DV&$"!K`:#N"O)J`3($`CPF$;
MD"`<+$/C_N4`M*@2RH\#.(`*<B$1-G`%/,`#T@`$N^`%3$`:[D$4\B`#P@_U
M[H$;_S"@!3'`!>T)BQX)!B=`.#A@`KBA!OH!`K8!`_*A%RH!`Y"@'08`/?@#
M/Q8!!;J!'5H0!N(#`T)).]RB!EH01TI%TBP(@YIL#*[A>T!!TQ9``=R`LUA`
MTW0@!N9@$<2J'R8@X-RJ%M)OO^[!X+C!&'``80X`Q?)-D9`BV8(`%31P!V9`
M`B1@!E[@!5K@#11``:I`&,Y@#O)!*(BM%NS(]22D'QY)7$C@D52`&U9J`/(A
M&TCB&(0#!TC`$WTO`!XI`C;D(4@B`BI`FA*B&SJA%FJ!&Q9M!'SB(6JA`1)B
M90X`SO`)!I!@`E3(%;+!`S9K&PC!#K!*!W0!%*(J5+I/K?]^(0C>H84@@!?(
M(E1TQ53X))0HZ%+NQ(?"@1?:R0TG@!<ZH1.D;0#8@7]X`<,4(ARC!2^Z8?V&
M[CT"R-Y23#'V3:/Z32C&@0(,X0,2\@^,X`>$PAM$`0+<;:/NH7*VPE8JYU2$
MHALNTG+N*GXPDBSJ!`7N870F!0+NP1TJ@!L])5U6@0:^`1]N!0)0803<H0:\
MCA>$[2$_8V!.Y0I40!`R@1NVP`%F@17<``2PP`1,``1`4`T:``,^(0YB(*+Z
MX!M`XQ<RJA:*3"KL`;KNX<92PM1JX,8N[R(`0`7X(>!(H!:,#@#Z"BU'@%0R
M2B,RB@;Z(4$<Q"WYP=0H*KK$;KK_A$(4CN$94("F?L();"`3BD#ZTF`;0`&K
M&@'8LN'8>L(-5:`&I,4>*@`2:.$=W`%..&,$YN$7[B$?\@$'\H0<.(#(.F$$
M\B0<8*`!*B.C[L$6&@`%?@`%5E%!W$DH#F`>GN$96B@T(*`8D>`7(`#U%,(%
M8"`(Z-$=WJ$&(`#%!D\4G%,.F>5]\H$;]&`5'"`-!I'EU*`%5DX-W.`-^"`&
MA`$#,(_/U*P!A,/&C"$?C&'BCB&M@J`2C*$6>&$_N4$9%L$8MH$7%FT"@F#1
M(F`_MR$`^%-'T@H':J`:JJ(:&,VZTLH><,`87J$&&I0;R&%ENN'-WN$"<>`7
M+.$=CB$`_T!P!BH!"1H@`5RA$08@%3"`W+@/`$A`=T2!3GR"!+*A&O)"!_NN
M!1>-&T:@3NKS_+B!`YH'"5`"%<F/!DB@SRJ@$LZ//P/`P`(@&RI!T;0!`VA@
M'[FA'^O-,.)/H^:/*%"`Q>S/'P3@`P`!#QB`3AE`"*S`"(0B/DC@QC2*!%H0
M!\+AS2P$SH2"'CK!0KAA`@;.'RI@$5I04;LQ!VNP*GH04C^B&D;"&/@C)%:A
MZL*2!"(K-$0!%_:I)T7!$[1!$.+@$S*!!#YA`_0`"Y02"V;@%6XH$_P@!.+@
M#'P``Z[!'*"@&[(2`";@"[X!64$#BRHTHY`@5L@2`.[2(=#2M/_0<@**K,AP
M(.FRX5.&"P#J,EIK`,4:;?P`8!7PS*,F#8.\`054H!-:P3#UP!(D8`,L(0W.
M<P,Z(0(RP0#RH`-X(/W:\.A^81KN08P&H!/0$@8JX2UKP.CX,^A^H!/2"MJ,
MX1VZ(1\R"B522CD``!M3"MJ&CMSZ`1*X`:UR=#,95@50C!L8E0.,+E`;```P
M`!_VL!UD%@/(P+'.J`%XX!3@8`<V0`+2P`.ZP`-6#AI2[@+X8!3LH#T5@MC"
MTABR(2$H+JV@HQ_PDR?&(#\U3QKJ4P5H(:5R@1R4C3X&U%0PI4$%C@-`<^Z,
M80($@!=\#Q7L<!&D01W2B@.J)^M(H"O_:@`&8``7`B``"M$09\`#9F`;4F$`
M$(%)[=$:!_`@'NT`QH\$!/2[Y"&C&D`=4&P;4`!G[X$W^A-!`:!%C(Z7&,TT
M56`"@N3HW$$HGB&C?O#&RHS]R/3]F`)--Q<"8C(F(:`:^,W^8`$(ZI1.1:!.
MA<`0>J+@6$RC(N`;WJ%/APY4:"#I-`I#%")X-8H;M&5Z58`=^L$>W#)'WX%\
M=918D(!\68Q)X^49L.)4X4$%;"`.FD@0)B`"L&"STN`"G@&)?.`&N`D?!$``
M_(%8,8`=0BF4.H0#;@P#@NX;H'6^V`'%='1V%8(#,`X?&-88:""-K"ZC#B2E
M2.\=,NH:/`RF_UI)*(8K&P)`&FK``J1!`MQ@`]S`#59N!KK`#6Q`!_*`!^ZA
MI=SP^[3AT2#`Z"JX%_8.`'#39+.A`HRN`2``Z+BA`AP8)T(8Q7Y!V:(8I51*
M(<*AX)ZA=`.`_:*UK9885!H8`*HA''"6'HRN$]0!`&KA+G>V8`)``0Q``U2A
M"&I8^I;R#5Y!!31`O6*`$S).(3)/&[8%$@Y@'!1">NE3`+H!/W-B!!8-Z!AM
M96^Q00&`5\QV04?@2K6A8E%!(_?S&+QA;HTA%WSO_%96&^Z!;RF!!_PJ".@I
M`D!0EV=@!M)@!A:!<1TW_7"4Q=)/7#,J&U"`*]!2F;O/0(PN`$;@%_]0`@>Z
MSR7\X8&W`:.T@08XH!HX@!>"X,;``SM2"D?.:@)*X7;+5*AT]]X&4FJG5Z-<
M+!VD@`'P0!(8H!#J%'GI]`_&09SE&:W@2GQK82#)K80W:AM"XQL2=I[?@GS!
M5WS)-ZTV2D<KE]\@8J.6(\%680!Z\CJN`0!657Q200^L`0NZ('PD*0Y4X1WH
MX1Y2A%B=-P!>%@#<80"$&`;`<G;[%(C%^>@>F/S\@4U3ZB%`&`#0(Z/^X][4
MC3&D:V.&PJ1LX!0600(Z06B[8!-,P`%F8.7<X`)`H0-\&(@M,Z->F5L5@@[-
MV1_VSAB"(F&U(6/GF!L,VAB`+JG%@0Z-89K_/38<5H&PSLJ+&<5DC8%7..`7
MW.&L2&!2'K@6,,RF`]69Z0'%3H',_$D[SV@63@&I2D`!+L`$1K`%T*"8A*$#
M-"#\H-885"#X,/(+<D$;8ML8I.$;M+8?,L\8<"&M<`$*(.`7<$"WWSH<]O-L
MY<P8=+2MC($M-,P;E&T;DH5N[?`8R"$<?H$6>J%ZKD$;YF`.>*`6BN!:I8^S
M3N"5-6`.+N$`4B$3;M0:`Z`&^*$:],OU,NH7\D1V:T$N42H_*#JEC''H\F0=
M88#1W`$%*@$EW'(>8G>.>\$<'G@""H(?<W<I=M=Y*[PW?N`#YE0(0F$8YK2?
M^UD(C(`7G&1](Z`:_U:A*I9DH_8"X=BWF59BHYK4'KXW?,>WPHV:%\H8YZIA
M!#)X>MEQG,(!I!DE&S(AD@1!5DW@$!"!I>.`!9*9'6``WJIA9:N\RG^!CR:`
M,.ZA%E2@$IC5P!FM`3QD0WQOM2=`VKI!T?B3.E3@':8Y#J\!)3;U'5;V\A@C
MA<>.[(RA"NS`%4XA&RY``F95";J`!+[(%:RI`WS@%`9.8)>#1T5A48BU@]LZ
MK=@"I;1!B'\0"3+#$@RN&V@`BP$@XE*J`E.JK"'@K&JA'>*%%_X"`+)A4E06
MLF^,C=W8+<,RM<FJ8,)!!4H@C@Q@`I82`?C5F(Y=&%2A!CA@57"[%K(!VO_=
M8\]HH3[=`S^U`1<$M!8JP`ZS01KV[$C3:@("8-%^S!@JP0Y?@0/VS!A0H1_>
M8=QL3!O4H3ZC39QK`0:D5QL@H'I&P!@R`9`XC0<P0/JP0`(T`9OB(!DR81O6
M!4<[XG]L3"OC[KX?P1MD=S>,#@9LI6WQP0T?9/RV8=!JX1=,%@-X@1_&&52`
M+AMZ@>**=4S96;S@[YUOG*;#X0_RF4X!01'8P`KRN1`D80^*=P^N`_\VBL;0
M:*TWUU7R+^!6RAW(MR'\P<8UML;7%P">@1UXE$BFMQ:V@J)$07.?MS`>ZSKR
M;)!)6HDL8`LNH<D)H=&[80`FL"T:)2ON7DL("(W_4.4`H/4>#F!;ZO%;K&7U
M"`)2+"@KLH1/\B0M;BM^7%XTH!HVT"D;-&`![,``<N@0HD`)HF`"MN`9!:D#
M+B$;7D)@5<`=>`$?NM%<S'QFDSBM:N`+NL_-4RH`Y(2>LJ[%KI.^42P?4+>^
M4+UW/#ZC:,6L^H!AM6$`R"'I2,!/1,&F?^$`&!8#WA@M5\&@;=".GP4)5($/
MCHDQ9\`)T,N8%"`!/16F:^$5LD']&R1"D,`;!J&ND:#:J4P'O>$`MJ$M:V$"
M`**"/W6U5%2J5"O(MEK':&735JM3MEKVNB%1<4]&`VW:)G`C44%`OEK&C&%`
MX>^?RI4L6[I\Z<]?.&X\_Q;87`!JFQ(E#B:XNG1S01P?*IY!.#!@P#8`*B*\
M>_H.`CX,QI[5`K"MESP`QF#@XX;U'@D`^7A-JX2!0R>N-$9<G0##6+8`V@`@
M&?`.```<(X)`>`:@5J]PF@!,Z!8!`#=>,1L[?@SY\<N6$U3HO8PYLUYC`<)9
M82""@>@AL-:$DF)%T9\A#`!-\E=A[&5VCWD9N\R-GKW+).H""/`MR&V]G6+:
M&\Z473][OO5N"]?X6P#,&-S1N$[C&?)*_6)._@[^.P3H,7,M4D&H49PXZM>[
M7\]"`P94D>O;]T=#A3%W]_O[_^_/`?V$-]EC_01`22HV/0&*!%A@(8$-=@2U
M0/\C&FQC'0<"3+!92<;4@D,^O\&@5P"KW*;"-G5M<P!8VN0#U@0'9,/5!%<!
M$(ME^=0UUUC&5"-<`&/HI0*-QMQSCV43+-55`,8@P<%5*G!S&P;XU)6/`'IP
M]<Y_+L4$`4U\%%"`#1O88`"9:9*I`$A?A*/+FQ!(->><NM!#W@%S(F%,`Q"@
MHDLW,?W`"RJ\D-</)",,T`L$@QP`22_]0#`")-W,^4T_`U3DSS>YC!".GM_X
M\P4]*.0BBG<$KJI28T'4\I--<S2@1!=%S$&A33:0<`\,$42@%%?"WE;-1@U\
M$Y<Q$0`6&(W:T!#./=D8HX(V?1Z`@HNUD+0-#M3"L`C_`-I40J4QORP5`)_:
MC%>)2:5,MQB`_1%8&75!0/5.$")BUAEKHH7&@#.P"$#$!T/@(9HD^\`FFUXC
M/!8.!I=IP\$]FT4`EF&]["MN-<8UIX)RS%UVI&/A<,P51RHC!P`)`ZC*:LPM
MC>=8!1)G\E[.<1"BC0H'R.M/+ZE&!@$,OT``M'W=B!(.T]T!>.F`,K?ZV`$D
M\*#@`G.<X(`EKN2Z@"NU0,`!#$$($$$V:F=#`@D88"QC.$AD4XD\)556"XO]
MT--);Z=TPDL_["RBS=MNU[`(":O,TQLW[V#`30TXJ##/-ZM4HH(*&*SRC0!C
M3-#S(IR_&L`!.#RT30/9-.!"_^)!^"/#(MEL0XY_7\8$"09T5$'FF`6L60`?
M/'#S<-(Q"7`,``T8SSR`4X?7V`#Y&`.*3:G8D$8EU>?JBC8UA#IGM+^,3\WX
MOZ`P#PX_EV(V/R+6\LXS`:#PA3_=5`!#/L]4\W(W([R#A'MX`@:M@$#ZYA2!
M?/1A!-7X1050((]'<.`7,!C`-ZX0!'YT`P5!J$8OFB>9\-3K,L^`#`HPPQDN
MU",T@'"&%(:QCTD(P`BBJ:$D#,$PS-#&,=[X!682J)=:5&!?VN!'QLCR,W\<
MYS(A6P[(=AB3<"Q%,U0$0#:0EI+G38UFCBG'/29@#&UHP`8)($0",J$*8RRB
M!J,"4/\%)A"$3B`A)M\853_Z\8TO]*,;Y.E4&[O1C?I](QQW=,<JNO.FIQT@
M")78!BX&$$B9$+(;W;DC'D?%@0!D<6J0Z88TC*$`H"Q@&\_(1*X8]+=^A&.5
MWG!!!2K`BU?"$@+V$)`_!O#*9*$`%:AX&1UY@8(1U"XFO4#!>%[I!7I48`#]
M>"`]!!#+082#':GRABY0P(XD^J,?UT2!I&2"@E0M!P7MV-0!?H"/"N@"3+#\
M@>U:XAA\;$0#O",3F:H0!E4XP1[B:)[@<(`2$`HT,EK\CF-&P(U3S`$HKK"!
M%L!&"&-LHXTQV2,@]VC1;P"R,1A%@A7M4<?'\#%3CN%C/[S_L<=M@J,[@_P!
M2@6%QTI2TGXSI>G3!DHORUQ&'I#A0&;Z)1H\*&(2'Q#"'BCP!P84`C0,D(0B
M<GB9XCD&!3<"``9D@X%%7F8AF_G%T$9&))&!+*!T9)9>%H&=ZR@#&]:9!@?(
M4U"9'8"B(AW!+R(@CV<XY1'E,-X['O:-$5@N`!&X1R\B$`![!"$(`<!!.#CP
M*QKTXAWSHT$`&"N*9^0CF`%X!PXHB@-W?`&QUGD*#FCP"W_<`P7W"$``.,#`
M3<HL,N.@"P_L\(14X(I[VH@`79-VCY)`<:#$+:Y];M<8`4Q#$QPY!0]X0(?"
MW4,`D.G'F^JW3>Q6]PO=R!1)09@I_^L^1H^0X6XDM]F=N,*$HV$RABOL<(DG
MB')!UU-6'YL7`9,(Q+C\;5Y.,5/"QYR09`&0P3`0Q@`K')@!0J"`,VHX&ECX
M@Q<-`P!9H\<AS3Q#%%35#`GP\;0EAM6)3!SN%W"!F44(JJ+?Z$4O#G"`H<E6
MO>#A8GVLN\KO&F\"4H4`!KY1@46TB%%9^<(BJK&(<'QC$1R8`#WZ@8]5O(,$
M$,#!._KQME]4@@:-:>PW3O(-7E3C'97X8C@F@()%,+86F9PQJ^HS#G=P@Q(:
M,,"$GO"$!:2B>QCY;=(.<`]WR+B_A"8N<B'&@5A0`Q>SX`(X;AP$>42`PP>H
M!@2\B8(#X/\#!:L,``WRP8$@8`MIX:C3"%`P`!34TIL!ZD4MV5&!"-#`=!40
M[(2/80^I=(,>2/D%.]11.A30`!=N5B]D@L,15=@`%*EH=B9X8`Q>W12$`^`%
M+_Q<Z&P35(0ZU0M/!?S3<!@!$*(1@A`2-HG/A"8TPUB#/^A1X6?44L;281E7
M8-"-`T@L,]OPI1*?2&(B75AP5=U/&\,!@PDL8A$3P$%C:+PJ&VO;'\_@<CAJ
MP(M*^`,"0EY$T!H@J`G\PN/^6(0[&E`_Q%8#`_3`01"Z08(@X``'6/1'`&#P
MY5X,(`)!0-P(GE&#3C1YYO-HLQ;M\X41-$`%SM5`)A2@@5.<8@+_'-"N/Z<]
M\:S+Z]#^?$<^+ML)J#0@TJZ-``?Z48T(-("RN)#?+?/1B<LVP++Y6$4`<"&X
M"$S@&>^(0.HRB80(5"`<N,@'#1C[A7<<XQW;X`"PSP6D8L<U,M]P!Q)ZHXU3
M9'Y*`1C!B@U4@?&XPX+T:TPXOOD%>_C;/OW@!8P/SH[?YMOJC>%N?7IQ#PX,
M6J#_)6%/4=B9?K#AW!"61"B&`#`&2"$=,1'%OH'/T2!G1@4HD5YFCO1Y$2<G
MX,D9[SPR@X%.](TZ4(0X@22N;>EI]A?2>0828'"`;=QR&Q&(>R_R]PR:(T%0
MG>#[(B#`#@U0#?>0#XCE;^_`.1.@<W''_WCT``'90`_!@02=``,<)'G0<Q_H
M``'5(`_Y\`GY(`\P`%):1X(E&$(L05S]P!?2T$#W@`MJ\13W\`LTH#Z\$`'N
M0($U\`ZT@#1(<"^N91T!,`MEPVD3<`_/\`M!P',3A(#7!@/'@`*(U0V9U"TH
MX')1J`SOP`OFMQ)(UPZGA@)AN$Q]!6GO@`(J4`/VD`\'P`'>5`UK>$N=\`MO
M!62Z-P#TD'IAQ@'YMPTPD"H#X%5LR"GTL`TT$%@<P$R\L(?X8`^9IH>\\`4-
MH';S8%R]YVTF%&[V\P>2P%2A,02<J%2`D`.-T0UTH1D1X!CMD!B840E(\P5Q
M@1G9L%_&@1Q-!/]63'%AS9=?5:07W.`.%,6%-79?65=3]C-M`_`,*5516&>,
M'+5BGZ<T-Z9(W7!T)FB-UY@T7-<\X?`F^39(I_<%<Z5D%B0.2K9*X<@H,O$-
MZ<`HWP`%HE!'HH`/2_,%+;9*]WB._B`*O=`-.F<_35-']W@`_1@.P?@/A(8"
M?=@`2-@)U1``$Q``YX(TR*AVU0`#SZ`O]]`)`S`!O"!RW:)FJ0(!VS`"OU()
M#U,!938-V]`)^?!S.)`6#=`)VV`/&!`$#="(!X`$E%A<E@@``395P$<>ID%\
M$,8`>'!45;,6F8&*M<<!S5$5V/64F-$`JU<!M2A6)189X?`+5949E5#_>@]G
MD"\!8TEAEF>)EFFIEFO)EFAY`)+5EG$IEW/Y8E+#2=B(EWE9'V/)EWWIE^O%
M7_'7`#6P)#7@#@'`DO<0`8*"C!.4+JO0"Q@``QLY`>R0%>]P#PW``=ZP<1.P
M"B(7`2C1"WZB=DHX1)3UD.\@#R,@(U#2#[3P#!_4D^%A#QR`'>Y`#Y`Q`-:!
M'1``C3)@",X`!%8PG!^0`^,0&:WG#C4``SA0`S5'1[9Y'1R@3>$@;-=Q#]H4
M1=))`V\E$]P93O9AG;_@6IV%`[P`C3#SE]:51^U9C^_IGO$)G_,IG_5)G^_9
M7?=IG_NIG_TIGX)2C7HIH'KYEP5JH,%(:%^`_P/K`B,C&0!PYP[;@`^W]`RA
M%@0PL`U>EY`!P`U!]I`UP'<O,Y(HX(,-(!#24PT<,'9!P`&-)&L9^@YO!`&@
MU@WW8`_\=:`YJJ,[RJ,]ZJ-O-J!!6HD_2J1%BH']%69?T"BW9$R]D'0?E&^G
MUPMA-@+<10\C``'A.`*\P#3VH&35T&_%!`&5M"G?@`^Q=R[\L`VH`(`6E*4'
M0$@0L'HX9:1U:J=WBJ=&*J1[2J=YZJ<[RJ?R$@Y%QXR043358(@F^*>+RJB-
MZJ@$$JB1FHV/2JE<**F7.JF5JJF;RJF`BJF?NI>=*JJC2JJE:JJGBJI`"JJK
M*I:IZJJO"JNQ*JNS:O^0K&JK%TBKN:JKN\JK+W$#OPJLP2JLPTJLQ1JLR7`#
MR*JLR9JLRNJLR0"MT9H,,3"MU1H#UXJMV:JMV\JMW<JM9W"MX!H#XGH&9V!0
MM[JJO:JNZ\JNM*H`[PJO\2JO\TJO]!H&[WJO87"O):``^ZH`)1`&`"NP`QNP
M)6"P!VNP55`%):"P#*NP#ZNP?%`%?$"Q$ENQ%VL`?)"Q!K"Q'.NQ'/L[:0(\
M]A0'YYJ<D<&9C8%2=\29*8NN.-JN,2NS,[NI[ZH![\H#]:JS\LJO[\JO/?NS
M_1JT/QNP_UJP!GNT"+NP#.NP#@NQ$'NQ$WNQ&*NQ'?NQOQ.R66L`J5``7%O_
M`"5;(,E)27=T4>(P#A?5#^+0#0+P!>(@#BCELB_;IS1+MW5KMT1:KSF[L_-Z
MKS[KM_\*N$,;N`2+M`AKN$R[L`_KM$\[M8VKL8_[L9&KM5C;M06P`&2B(&`+
MF`;B#2U[1P(`NJ$KN@+@MB<EMT-ZMZFKNJL[E@J@M_!:`IR@!;)+NU7`"7QP
MN[F+N[O;KX`;N+\KL/]JL$8[L(=[L$N;N(O[M%#KN!D+N58+LFG"M=+;M9?+
MM5Q[N9JKC1Q5490D"A7``=@P#9[0"^90CY2$4J>+NJS+OIQZ:1S0AO"+`O)+
MO_%KO_-[O_6+O_NKO_V;O__+OP#LOP%,P`-LP`*,_\`%;`\N$:\Y6P*(H*_Z
MF@#Z2@CZJ@47K`4)<,&<P`DIX*_#"["#6[2%:[R&F[PGK+S+Z[@4N[%5&[D>
MV[74>[V7FRL3X@,FRT/6-0"#(`XEJ0$W"Z\:D``I`$DI5:CJFZG/HS3XP`&K
M@`+SB,3,0S7&<T=1'*F0]2M9G,4GT`,]``8$4`>W<1MU4`<$``99@`9:K,9K
MS,9M[,9O#,=Q+,=S3,=L#`,,+*\<C`B"@`A]W,<^$`)^+,A^'`*]JZ^#2[P%
MF[1)J[0EH`4)F\)0*[43*[54^[P>FPK2N[65VVR<W+5V8`<%$,HW<<-AR[WV
M@PJK@`^?H`H*X+662R9SH/\`F4`#]:-'W;&R5@PTDQ<]8TH#2$`33Y<)3C<_
M1ZS+(70?WM`-*VM)S>S,_J#,<7O,)(C%6GP"64``KQ#&7&$,K^#-KQ`)UL(5
M=0`&8,`*=8S.Z:S.Z\S.;(P#>!ROG.`'<0#$\!H&B%#/^/JNB!`"'^P*8?#/
M^@JP$2S0`EV\QXNXB)NX"TW)G*"PMSNU'%NU+ARYF1S#E0O*"Y#1-S$A-W$)
MI;RY=Z11([`*,,`#6F!/*4TFPM`!@N`*"9"EEM2YTCS-H1J@N#<"`=#*KA"Y
M<V`#F0`#PUC3CC'%*$NZG,FR5?P8*!6Z0UV"',`*#8`&4IT/8!#&QO`&1:`&
MS=#_#"_@U5[-U6YP`251QDLPU0V`UB?0SNW\#M2@UFL-UW5\QRTQKQR<`O)Z
MKZU0P?;,K_<<`J[0K_D:V`1-T`*K!0&;M)S@R`H=R1/+P8[=O%4[!Q0]!Y[<
MR5P+RJ(LRAG-V0MP"4`!TH=&28*6=JI03RJ=TBRM`PF0#_P(MYWKU/<Q>4R#
M`^"B`13ML0N@`R&0"9\P`L9\S$4-&3/MS#+-S&D+NOT4VUG'`6!,QF1<$@`0
M"5K]U=5=W6*]&<\=QN3\UG&,!@20!5D`UP'P`$<0")C0QB<0"('0W7&]UN],
MUWGL!W=MS_W:"O1M`PK`"1',SX=,V`,-L/_L"J[@R(C]_\B/O-A5H`4*KMA-
M^]"V:[M3J[M\,`<96^$5;@`7[LDRG-D=/B$3`A0A'N*A#4^DV`TX\`5!H`HH
MC=H%H`6VX`<K'0,Z8`.V,$GB(``714D[#E.6!"#,Z.,Q,;8\/E/I*XT&HM1!
MOFU:]`T8YQ$*\,(&``JN``H&$`<WX`J9P!BV&DC`#1G"C>269+9J&PX#P#3B
MT`^DB^:PO=P3QP%@(,:842V7<0'6[=5OL!GBG!D$0`"=\"MHL`0$T`-L_-VW
M<<9KC0E'X`_GS<8G8`;?(`YW@-[NO=9SS1+S.M\WD`#SZ@@QD-\*D`$9H``V
M8`/\/-B$3="/'`:'S>H`R^H;_/_(BLW!L\O!#FWKMVN[NCO9<[#KO)[A<Y#)
MS0;LPWZ]H0S*Q_[AQ_[9G^W9GTWB*.@8O>`7GB`A+>X*`6`"_,`)9!(',4#/
MI@!(H"L*:I</Y5[N#8`+8_LT2=[,0LY1-^7,E2>)$'`,^0`#E>3C6*?4Z$6V
MSE-0O'`/$%`)/!#E5=`",Z`%'-L!.I`)$0#O>E(G<R*;QM4/C<(H1^$?HJ"#
MWNGO1PY(.$X.Y``!--`'$9`!,,`!$``%4)`IQ=CFA<8!2[#-5K0*+R,.!P`#
M-/(&UUTET-(I)2G&99P%A!4!/6`,==`#?J[&A4[.XLW6BL[H:WP"NW`$F[`+
M<A#76=#_WNH,WY<NKPG@!ZT0`T=P`ZW0!*3N"*3@!S;@"#0^NS;0!/V,ZF&0
M`'5/]X*PWZNN]Z\>ZWTON[.[X+=>Z[C+P7-0^)S0Z[S.Z[K%^)6M6W:0"I"/
M[,>NT?!U"9:_[,O^[%WH&**`!,$4"PK@._;$"2V`!29@`:.O`WG@!YD07@+0
M(M;B(26Q#2OFY8ZAY/Q^1_"@#M%F#].2#QA%BON.7LN(44J-MLP85R@0`.YP
M#0I0!9%;!95@`B;`TP:P`.W@`QIPHS$Q`,]W&1.P>P(E"N&"F`!0">E9-;*1
M%5MWD$B^3=WP`]4V`#20`-S@"H0`"J"@!0#A*M.61U^Z=?.7_U#A0H8-'3Z$
M&%'B1(H5'7((0`"`L0;?_'4;$*Z?OQ^=C%UX\<+-QG<(OPWPZ`_"!``$P$2(
M<"*+QCH$LNC,D@5-CYT$C!(5VH/H"9PYY3#!I+/I"4Q5Y1SQ%\B,'#E3N2YY
M<&=)UQ-RRG;%61;JS[1<J7+M<;3I7+IUY\+XEU>O`KY]_?A)X82%J3S).FCQ
M)"8#BU%^8NE(8`-1"!MA+(>QX>=*AU9Y6OG)D\*REC"DM9PFS:FT:DXZ$)WF
MI(43*$ZU;R"JS:F1CCF<_/2>$USXG%3$B=NQP\+.;>3-G=NYU/S2=.K4?>C%
MGI=AMP8P4(W)%2"3@C!5^&CHH@1+`/]"!=P+BQ&'!Z]^X@0<X&8LVSMUZMX%
MH>&;;L)!J)]N!#SPBV\@X.6;D?KI)QP&!S`0PB\FG,<8;B"8)PAW1OKF`%[H
M"<>?D1:",)P#*N@%0@C]&6#"+QS*KD8;]3I@@E]HP*$!'EQQI0I75'E!B2XR
M,2!)'R!P)8(3!\!@HVVFW.:7<+YQ,*%O#!+0FRL9^H;`A<(<@*8(?ID@@`?#
M$24FA3@```!I>AF@Q9`DT@[%!TT4``<:/N%ACDL6&'2!!9[PH1$-,NCE"P$L
M@C1222>EM"$.T##&&!P&\`>%"6KA)H(#_/%&'@#<>"$2;2(8YXL:*@$5AE%%
MJ:2F!B)8HH[_.C;JB0!=?>T)#%V7\-57;8SI:8D(LGC@B&66.>(.,P*0XXYG
MCV@VJSN.V`HG3#9YP(Q--ME%#C.:/6*3.ZB)0(YFGPTWBP"V?>"!938Q`UB?
M[.*W+AQJ5,")@`/F)(,4.&FBE61&&06'44BQ)804;AB%$_*:2(&\RQ*XP9$$
MPOB+D#Q""".!OSA)0+:0$^#$%A9J2\6/V@AAH;>9'>F`$$X(Z2`%/UA8C),Y
M_+`C@^12R4"0#.80)(\KE`X!.18$:400Y*83!!&L)VM$ZTNT;N2Z&Q=""(9M
M:H!DE41F2<223EK0PX07NBBB!_/<NT&'3&KHQU'\-(3@('_&Z><>_PPP>.:;
M"A:9@)=.,&B@`15JF:#%;PRO105NK!PPG\P9U["""2I1DX9%LM&F%@QH:.@;
M#A;)G(0(>O$GG`A(R)R;;7K!Z!X($KHQ>.SZB9P##F@)0)YM,N&FA932T`!(
M`RX9)94)2H0Q2F[H[*47%3M!@H8O.,B'`QJ>^<7L?.SIQAM1:&E@FP`.@'`$
M).2/,@`TW^GG@'>VF0`2[A&37FPC3MN@03XJ48-%P`!/_V`(A+K1CQ\<@$.?
MT(`@IF.H)QAJ`6&+0R;Z,`"$5,J$)T0AI5"@D0G,B`;&T$8#,&",6E3`'_8P
M1B16`@,"!0$`M<@'-P"`@5&A```]P54=M/_!JY[L*E/&`(-&C$&LC2`K4S5!
MPR[&M8DCG",<=]C%`[RQC`=L8AGGT%8WR'6">?E#6ESPQR[$18YQ80L'@=B$
M`+"UB7Z<(Q"!>(`_NIBN?/5*6?U"9`3PDIV^#,P/&;A!84;AF2M,,@\9:,4-
MKO`)&]B`$RD(C&4ZR9B/6>9CH0G#9O*0!Y.ML@,O<V4&.-&!$!`B!,G(PRMS
MPX(;L.!G>0#,*I.!"#\X8A2/Z(`=4M"!/)P!$2D@10PZ(`AG"N(*N(R!(S+`
MS#Q`8)B(N$$R;A`'K2&B:V*S401QN`T<*",*B=C!#.0Y@S34TP,>Z,(JT%""
M#G0@#!'HAM^XD;K_?,C#H/;XAB@:`,,`8$`;,.C&-HZUB'QH0QN+^`(,5*""
M!KR#!-KHQ!<B`,,)>$X;)*C`1_/A#HMN(PB52-WO%-*/7ZC@I`VHA3$F0(^%
MDB`(SU"!,?(1CGO\PH;^$%Y2_5&#;'3B'AQ8A27TH(<`6,(-5Y7`#"3`#0-X
M(@29L$="H/3#7^!B'NXX$$VR@8.-'N`9&^%&E%3@C@-$"0,3T`8W>-$+%?QP
MA@`(`$TJ,=8);,,8`,!%0O#1UXT$@`0;`<`['N@0"/4"!?@@02;LL(#->E`+
M)U#.`CIP!1OTP1PF2D@WZ&$/>U2@`JUMT9Y,]*`*[>E%%4JMB09@#WRT_Z,"
MO)C@!+UAD!?-%K6S==%("I3<$QWWMLR=H(N66T*&<*`.QL"&/T215PC\(0DX
MT-"!%F&,5Q@#%OX8`4<.8,9W&`,)!\I4'0*P!#"`X8CUS55\;4*`3$7QOO7=
M51W`L(1=@,4,=_`&OL)Q#C/L(A!W2(A6N@A&,T!K%[N`XR[NP(5ER/'`=W@`
M.KAUX4V<8QEWV`1)[J`5^AIE7XGLU[\8*3`:_R64'Q-8'SS1!(PUH0^QN$(K
M6G&%4'8R`8AXA!-*MF14^B$!GQC%)Q!QABU\+`-G^`3+.#&"6+"`%"$PF<QJ
M\XE6I(`0*;C"S_RP!:<A@A1-\$,J@)8!T'0@`__)T*8@2/',,X1`$-!LVBA"
M@(@#F"(%,0A!'\R)B$5?(7@,^0(*]./2-%C"`CM(PPS4,$\UN$$-7;!$%71P
M&"0(H!0"T,5'87@L8]QCN"-`G44G0"&)UF($9:(A"A:1.GL<(`)YK<`,47J`
M?(0.=4@80?(@`(%W6)0#"QD`ZK)1C6\$0',HJ,8S:"`*>WR4&P<2'%*3^F@:
M6#0?`0A`$`*P`3BTH-TM\+1*M*"#%&1B!&*-4ISB5(D9X>.PA\6!/SH!`!7@
M0Q=];8`/M7&`'R`!`!&X!P"T00,(9`.P@G5K!%X2I6TDY`LXB%,-*B!$P'(J
M(GF*8#\@L*D)@&*#''3_10NP\(XY0`?1//C=B7HQ@6QD@P0^S\8\OO"@"1IW
MIA:2H`01XHV^W8,$$X!!7`FD=`,EQ$4F*KK5B[Y<U`8TZ5U7KD$^,G2B%]=2
M,/Q=Q/.`@$+@P0BF^MT[XH2!A,!`&Z,(A#YVX0^@CBH_8$##LOC;DRP(JR9@
M(`I/_&N3PO/7&`18@K7$H1!U^8-</]D%5K2"X6Z@V!]FB'R&(T\.06KE*OW8
M2EFT*(`_^N,!Y8++@'L`8T0N$CM\H;$";!PP&B<`&Q8D13B^\(5S=,`6"6A"
M")1<&1MD8!1.4'("(A,:&R2L%6=P\A7.T(HM<.+ZC_!E!4(0`NP30F8Z(X0M
M_WN9!S@+@C-GN((ISL`"%L@9$9[HP`%T`,DK3.W+K8@!H\D`,4B!7!($:C(%
M]SN#&Q@T1C,G1QL;LK$';9B`,."!;;`$"?`T$U`"$\""+KBJ#;@`)S"`4?NG
MX?N!7OBH6MB&R,F'$3"0+V@VBZ(!A)"H;#B`;F@O%?@%$C`&S>$&'U0!#L@&
M8Z@$40B']N(&>SBV<<B%"-@&#/@H%6`=A1B!H"*B;K`L>PB'`5B%!EB$@3JI
MW`*><1L;&J@%5SB%;-@&-T`"-U"".#2!3BN""T`2'6B$)<2WC8B<[BBA@0.`
M2O"(M\(`D8B22EB$..&&@0*`4!DB>A`%F@BL(;J0`/^HA/P(1(6(.`!`!0@0
MHFWPAHE`N88X`&2[!D)PA52`CDN8@TSH`A.(`$+@K%&S@0`HAQ?I!8=2G;CB
M!AQPD*2KNH^HD."2KGX(10OI!O`B`1S@AD40B=IBKMK2NN@JH>@:.L$Y$>9"
MK:I3K@(AQHO(%%[H%`#``6;`@PV@@"CAE('3D(2H`6-`@0?0AP>@%1+@E,<"
M`Z:(`$TXHMG+E?O*"<>+HL>[B0BXKL>#,'"IEV_8A$"P/#/`B2#0/-`+I"/H
MAB,8BP?@E`O3L$V`@FX(A"4X`G+H%EPY`M9SR`?HB@"(@$Y``WFAO1BKD=R#
M/AN#OH`)@5$X!R@@ARWY!G;_:(()Z*18B`7+Z(%.\@-2R``;2``GZ*0;B`4_
MN(&_N(%/T(($X#^3L85'2+,*2($,4$J=\0/S\PW&R"3ZZX4FV`)VN((0&`#Z
M2X4^N($48(%<NK,KB,L]TX$S.,`0($`#G#)'8+1K2(9':(0KT`%'"`%'>+2C
M.P`2L($"X`,;X(%**((9,(',Q((6X(%,*`_WZ``?T`!3&+XO^!MNH`=X2`<!
M,9`!J"B+@@&#,"P2.(!O:"]M"(*/RH9C.`9YZ(1.L(=:T(9"_`9U,`828$)M
M*!_A)`$D:`!G.P@(80>;(J((@8`#\#6+6H1.*$(2:`@S'!LF=`4#J`(>T(93
MD``E_R@2.."!Z*D"`UB`$0"%P=I#NF.(<'@LB0NK@2M$?SC$1*P%&N``=Z`!
M5.!/?!"%1)S$2I`T`-"V*%D$A:"!.&$'_`"`>:"(44P(I@.);?".:3"%+5B$
M3#B<%3"2"9#%0V%`#>B%HLO%50F'*Q$^=XB`($!0&'@'>\"!`."`"&B`7R"A
M;T"!`&B`3A@!`>F%>9`?:R.!(5637L"!?-B&3@B0`A%2'XT`#A")<*"!^PD`
M&+2'`("!&LB'E:H`'WT'>C`1ION">X#"?(`![[D'6>F'$8"!9[.47:D!?_B"
M@2J&U7JK!O"';\@W8^`4"``5#A@%3Y@`8PB"03TB`F"%"/_(B$@]@7\T!DT(
MR/OB"0)8E@`3R64P@W.Y`SK:!0%8AD!HR5U`HT#`!'.!(W$(R1,HA@SCB@L+
MI(8,))4,@!.P%BYHO=>+R6&UO;V@,0U0`#0`#-QK!7-0D(`*AU;X!.CKI.J+
M!>@+`R5S`FAJ2U/P!*E,@2T8A12XOC[(`%-H@KFTA13H@SPP!3_P2C*#RJ\<
M2YK1##%PA)\A!2$[@T>(@!N8RRMH`GKP!!TX@$<0A$=(!G;M!4;#ASQP!%QJ
MUVFB)B(;LF3PJ@YX!!T(`0A,)TA[!AYP#_<P@`2P!,UL@02P@Y$M`&%()E5(
MABOI'Q\D@1I`@9M%`5Z000W1313_B"C]X(4R21U4@"D2:(=^<`>*H@=N4`$2
MN$Z)XH8*R`85Z(0)L"DNQ(4?I(%^&`!>$(5>0)V:#0<D."EK6Q5_H(>/(H'F
M*D/PS`X8V8932)(DJ0)4>8$TX`9"F-OI\0$>B(`K^8*QT@9T0[<:^(8(`(`@
M`@`2^(:!4P$40(7#.I.-X``(`"H`V0A:X("^FD0,<#@5&`!\J`4`6(1>^`5V
MV,1.%*)?R%`(BB#4P@5-J`%40(4=D(9+JR<U4(,6D`#Q2(4.T`$-L(>JJRN=
MJ@$:<`=ZZ`=>&*AGL+L`X`6\RH8)\,'$"8*>0P(,J(787*AFG%INP`45R(9>
M6*AMR(?)_X$H`_D%U-'>6M"X7^,&)*B%6N"`&F#.@6I:IHTALJNVO'J&ZD4!
M[>6`;K"V!J"N-P$#8^C/NB*X3!FJ3CFL.`D`3D&!Q\HI8_A;?YA0`6N*'M@(
MFS"\.M#4$Q!(*2*`N/A@,#@"8'VP%MD$,$@Q=0&D<L@*3.B$R.N'RXN`!\@P
M#9.C7=6*<SB'%;.6?G@`L'"]E<0)EJ348?67F>2]@+%)3<B`91"#<&J%)FA*
M:G7*ZE.^C^F!,.@!)]B"'O.#'LB`*EM76]B"$/`#C,D`DPD!=#69/F"!)^N#
M%&@"%C"_O_"#B+&%OSC7/=8F%NC8$+"%/E#,#'B:#'"$*W#D`_\\5QTPA3[X
M,S_K`U,(@2;8#$=(OD[FY,;,+6_@@%,H`98E!,PT`0L@099]CTQ8!!0(@E@8
M`/RPJ2?*E&V06FVHAAHXEFT(!XDRAD5XSF$N!W6P*`PXAH\"YF.`H478!ILB
M`5Y`G6,0Y@CP*(MRAV!>E7YH-AIR*&/8AFL03@QP!XD:0X9PVQHAE6J@A/=,
MDA*`0Q.8`#[8VR0!A5.@`5[@`%30!9+[-P#8AA$8SA$`.0"H!D`D@<=J4@BH
M%=4YSEX;715PJ(L+Q!HX((DBW2`PWL-"@<<$`-851==M"`@!+P\=@TN3)]UE
M!#5`@#3P@`WXA%'C`110B!<5WX7^!0C_"8!:\+D-F0D5>`8(L+8EQ`"JA0"-
MVH;D-"IY."D<Z#D(B(!\X`5\@*D`&#I\&*\&8(=WF-X1^+DX?4[G]6D<8$;W
MX@")6@0!J9UW:``:.(``H$`.J(0A).`88MN$0`%A,89.F)5J0((`8`>7,"#(
M$BJ$.(!YR(=WT%E_^!O(:PI,U94`&V&>H*)=@:Q@N0,A7@8NV`3/)K!EZ`8O
MNI<:II8EP)=#JM4X6@(N<&THX)8E``LNZ(9E$+Z&#"/7VP4GIKUBS0LG(``%
MT`#H2X`M2('A+H:%C0SHXV+F=@*,8>YL+1D;".,>^)@$"&/I*QGIX^[N1ADG
M2P#S,YGP]N/R_U8S7T)O^E/O]0::.<L`I!$$2SY`2Z9O1>L#^^:Q34Z^Y&/,
M"+0Z`PD''V%9/L!,!]`L5W8//J"#.8V`9SB`?]ZH"-^H;9`'%=B&,$&"R<$!
MB1)?&$+.;A"%3KCEBU)>3\P4R!G.;E,!).``X3Q.R9FK`:@$CAB0"`BJ'VP<
M8GNB"3AJ;LB2$UGGM]6N"3@%>*Z"#6B&'@"%>S8`/E`%>?B&7A@!?`@'&*B+
M5>C1"HB0>8@`7'BKS2G2P-&N'FD`Z!V)"GB&!J@&-ZW?","!+_C"8SC>+K>?
M53A341D`7(B`>QMIRC(1\+*!3)`?"=@`?.H"$%"##7"##=@&0M`!'?_@`1@T
MD1?%@"7^D'XHH-3AAV[($17@&S0D`1C(G+NJ:PSXA?EEAV^HAKP2]5KXAF2+
M'Q)0`2=!VH^J!I!@API@*VY`@7X(7PP(`)\3D?'B&QL_PFL\@""04IB:@-=Y
M7-ODJ`-."`XX@00&`$V0J84X``.ZH@CN!#=1"!00(IO0QV41EEYQL=FK=J-8
M/&")HB4X`0<#EU%=,0(#L7HQ`T`J%YR0@P([I`<[XL@K(S`:BQ,`I&:183,P
M^'AAXH;G;;J0,>P8#^@;[N*.!0U(@#/@AVUP[HXG[B9@`AMP@C$>8V6UA>.C
M[BIK@J/L[I;/@#A.@$"6OBQSLBWXA+^X^2W_6+.=9X'[;H+%V`+U?OGVSH!G
M>OFC?_G[5GK\1H3\YK$^"(%WV.1[$.7_[H81X`8%,`"2984=2("M1W`#\%M1
MX(5[F(9P0`=>&`%[6'O6L@=ZX`5[$(4)VJT1@(#9'(%[H+CH^H$*N(=K0(&C
MG:`#4(9[.`!80`5>0`?6@H!^H(=K\)UO8/M&L8=J")R^\?MJ&`&1Z(9T.)[`
MIX>UO[JV#7+7K5-CH(2Y%>[Q9')*X(91F91^X$]1&+KMJ'V%""B(R!*K^P@3
MTE#>_X)IT(8Y8(%,H`02:($5P`(L,`%-.`4,<((Y6``=B`-5J(!E^]KQ"BF9
M#2BL_\$(N)!%\/1N_P#U()C?3H"!:UAS7U:!$?B"50_U6IAFAU+S70L`$V$J
M;5B%`;$'@.`%0P6W$?U@:,,0(!NW7A`6&:O1+X"*1>'Z]0O7P!B&=Q07<5BD
MPMU$;?GZ^4NIDD,$,&#J`#"&!(5#&AL!U`%CS%@=`C!K_>+U#<*];3%S+HF@
M-$*G+#X)9`%#@`":"*RD$GAI+.M4,%E.,-WUX,X2.8',+`D@Y\Z#0+MV!5H"
M-L*));L"*#4;5\XNMF_GJGVPZ<$N.4KA[LJR=#'CQHX7P_@G>;(F#4XL:T"S
M)98&6V(.7+Z,.;23TDU".+%16O66/C<RQ&KR*86M5@F:]$G0IXF?)AD29/^X
M$BO!IRN_,VS)H-Q/GPR?FM@*$:+)%NK,6[6*E:))BFH90MB*E6%[K`[*SY]O
MGJ$/^_;LF\`_/:_)O"N3[TM6J1(CNGNJ>!A00`$&S)&*@`<*R`</MHB"T1?]
M=(/1.MUTXP]&%Z(4H3<4]K.-,20<<*&%$(X8(841]O-@-P]B5.&(+;YXXH7>
M8-ABBR;Z4R&)_N#7HX^3[7=/+92X8H"11QY9!1W<H*"?DT]"&8$QE8@"I957
M8IDEEOGIAU%*_>"C2A67+)#*'-RL@(4);G"3"IG""*,#"QI`@`,,[AR`@3$-
M<-"G.Q!\L0T)VVA3"P<03*#-.]\$H0()(Y``U!?_%>03`0HJ:%/#`!%H0P(,
MV9`P3Z<##("!"A$,P`$*&&B#Q`%!D%`)"MG44DTWG:BP#0RU<',`+YH8<TTW
M`6A3B1@#0&!/-BK@,*PV$W!@ZCT#Y&.2B_JQU(E+!`#0K;<Q92755B[!U*TQ
MWHZ;U&-*=1(!7G@IA1=,!"PACSR/P;MNONNZ"]:^^"[U+[\#,X9#CQI41L!E
MGVQQ0@;4P``#>QF<X!LFB&""W@FQE-9Q:0FPX\06*>"0QQ8<4--'"BFPDX`G
M?;22@G;#-6!<`L78<@4UK>0!\R=YI-`**]EYPO`6IJ3@B"//!-#*%9Z8XLDC
M\SQ2`P?H91!!!@%L'4``_WU\W5X3[XP]=A_SW?/C/TZBV$\\]W"C2A@(TEV`
M`J?DHXLX>ZN(8=LBIG1M.99,T,``-B)NX=]MZWCAXHY#Z#=*$)H(N9<1JJ2V
MYEQ^2:TQE&C@2A5\\.&*`I08$P`\6F;Y32\-LAZ[[*QS#N4W^:ABQP)//)%`
M%UC,8$,J"Q!/?"JJI,!+-3APT(N>VNRT4Q"X:!-!./EP5)0*M9BJ30",+HL!
MK;]<7R@&)'0Z4#;NU/+L!"J<^HLQ$011BS'9:)/-+]\0FTTE*F0#!35P5"]X
MH2=;$:L2U*H%#/3$#4%I8Q$HV$@VSJ>-!J#$22QA2E2F\A0/0N4$+LD"*WJ`
M%?^?]$0J7B$8O^JP%<6PD!5HF(M5T##"Q\@P7HPY`1K0$)6J,$:&40$#8%C(
MF!YP`PPFU`0N#E89#2`L`5O0`'&D>)D>:,()G^A!`GI@"R=H)@$<\]C'\F`+
M4_`C!3?80BNH0PU3M*('>6C"&V-!C5AL(P&M.$$"3)&S/A3C!K;`QB=N\,9/
MQ"(9?=A"/K;@"!CPXQ<9\(0[B@&#9`0A&=5P1"P\80M;9$UK\?):U[P&MCZ\
M`Y5]"`(J?^$(M3DI@RVRQS9.H0H%5,%(`ZJ"`E3!#1P<#B,TJI&%NG2E4H@"
M%E[*X)4F-[MG/LF9F=L<+&-)#W540ALQ,<8I)G"/=EC_210T^`8TRXFE<-S#
MG/JI'90.H(I,%.]F.\#`)<A4O$9D(A/H"`<-[E&!<%0C"$'X!4&#P`$<X*`7
M_>C%+X)0@_?]XAT16`4YOX""=R`A`.SX1C]$`0,DX&`$#AW!+V!@T4YT`@4H
M^`4*[#&3<+`#HT$8P1<HY(X`(.$7^/"'0'`0CE[4X!V\Z`8*'/H-&&QC!!"(
M`!)@P`N$(BL`^:@&!W#ACFNM9#'/,*$'7=(#L'0"#4L`X@FXFD*O`-&(`GM*
M%MJEPPCT<(8R%&M.9H@&KO0$#9W@(1I809>7]""N?97A"0'`C;0J!2L]&:M5
M&L"*N?9U*8(-ZPR?4@<7!N!@_P2`8F4"VT,G;",%FM!$,6S`A"U0PQ8]$$X"
MG)``:C@ABQ[K02QF8XKQ-."T2&L`Q\Z(B=D4(P-<I,853$&-8K0"$[ZA1A.0
M^S7'MJ(!GV!8$-Y!C0"P8AK8B(4M^(&$/F`#!WW@QR<_N92L>2V]ZO5(`%+Y
MCO>^(VT_LA+EQM&.BSH!`SSX#S<P\(EJ0.`'WE`G@0MLX&E2TT=0Z@<Z#D#)
M>[AC!.W`JI/PL8T!6&@`O,"P/P9PD5YTPU??\+`_#O`-7@BE'Q"`0"^^T(L*
MD#-'!Z#'`7[:C5Y\XQO_1,D`<%%B?,3X``)PL8HAT(\!?.&G)A9%E7BTMF9V
M(PBJL/]!/4'A!QO,H7@+N(0=7,$-&@B@&^$0!4=%$8XSH_D;X?C&B<:,*!7<
M(QSMX*B#?MJ@"[DN'&(.1Y+U_(5V#"#':_[S1;X@"@^CJ!LC]K"#U`PA-5-(
MS6P.!P0X.H!V\/G,%!*%B=4<#BAQ8%\!.`%D:8A#P?K5B/Q"0@,0JY03:*(G
M>)T*``C0`Z=LA0`\"9>L.]$#%X(PV)=%H:V7D@5@$[L''YQ*3YY1UIZD\++D
M@G8=,HL?*&I@LU1,P`D:H`%N4$,#K$C9S1)PA:.98K2::(*Z1SL!)TR@!^^.
M;<=D6YIXP[L'3I!W%R>0@&UP,8\-^'<"$C!P-#2@";%`N'3_T?`)Z4)\"TC8
M@L0IC@1;L.(9&C=O8]3K-?9^_+W7J":44"0.`8CC!QI.`B^24(K+,?/`,I^Y
MEA(\WP/38P(8/D`^,-H+?]#@'15XQCUZ'@!<_(+G-`C`,V"`@WP$8!L<8-I)
M_,$!).`"`RC(QP$"@(IG!*$!33I``U"14>OY(PCN"#4NF!IJ7G!`'C!02@52
MPDXG>4,`X8"!+T$A"#O8DWAVF(,&,'"%<`@`<@.>'(I&-")O'``)&*"!Y%1"
MHT17KO$D@IRB<]2/85JN<5YZT8LVW[82M6@<B0:UJ@7&&->KFH6_MBRT=9V5
M);PD*UOA"4]ZTL&<Z%HG6OG@[L&P_P3%+,$GN=>)"X=M#*UH8O;<LOU35#@5
M3/2(#J?0OO93HX$,V`(-"X^%)IAP`E*?8!O\0,,[NDV-=L-_`II8Q&@7(?_[
MPSO?\'ZWO.,]@6T`7`!V$<!UT<`9X,,97`,HX">@02/E0P,V(!)(X`0^UC.P
MPC&@5`:BU.NY2WI5`\D]B8Q03N)U`SBT2,J-PX#1W`JRH)/8G((=F(5A&/M,
M0$'X0R\L@D<TP#UTPR+@P#:X"PH@P2)('@KPP@1T`C=,``EP5`#<0S]`RS9`
MP#'0@`I,0#8$08DM0@0H(09@&"HT0"?@0*Q@`*M5``UL@RBH0#ZXR-UUB3AT
M0SQP``E00O\F?$(JI((=I`(A:,"ST$--91"-Q!*6=,,`F-CH-=.7&%/,I80@
MSMPR#6(T7<D&#8S`P(NHQ1[LK<M+-)]E@4&MW5KNH5!/Y%H=W!JW2$5.7-:P
MR5KQW1XK!%^T`1NT:44E+$'S]=ZR]<"MH8'!X`<E`&,P:D`FT`$/\(`&'&-L
M649I9)$F9$(S-@&V5<9H(0P&P%]L:<($+$+_34`W_I\W=B-H@9:_Q5L>]4``
M]H`"GF,ZIF,#M"/#*6`\.ERK-4`^(`$:3&`^(L$QL((&MHM;14!DW-R"S<CG
M40Z)>`/HM>!"LN`+]HC,T0,&E!0:!AV'-4`VC``NY`,:\D(^U$+_!2Q"-4C5
M,_1<)7S4T@T8#CP#"I``"E0"/\C*-J!``(R`%JX"T>V//X0#-U0"!&P#+@0!
M"CS#+W1"`V@DM`"8&^I'X@F``!S`/'"#"E#"*9P")5CA-X$#AS#D5G+E)+Y5
M[(%E6#J&4PQ;*G+%5`3`79TE".45+(+0"04;5V"%8IR0\<U:5TA%#R3?9=5:
M7/;`4@CD?01C,')#)E#"E=E"`F2"*FR!R&1"P7V?+7Q"P66`,1ZC96+F94*1
M9?Z'*GBF92(C9F+;:.93Q[06_\7;OZVC.1)@.AI<`CX<`TZ7`SH@(TG<Q#W6
M%CS6;E(#"%K)@`%G0OJ#"G9E<1J80^*'_\SQTRI4PP&,P"K474I```I\@3^@
MP"JL&5.56`W,0I^TUS8<P'5"0$I\0Y]4`B^@`@V@P`#T@C38PX-4``98W2H<
M@$JP`RKXPS?0@#N,V#V,0`5P0(B-`$THY9=LB`!\@SE\02FT@SUX`@I40*!]
MPQ>,0S]PE'%BZ%928NM]I5B*)1I<UKBXA%?<4%.X!.[AG@FY!"L$0`.,J%<,
M$8F^J/'=T!"AJ%>=J(SZD$_PQ(RZA&$H16!.!@``(Y&"CF$6)F9`46J\DQ/P
M0"8\Z3"R`"7006C2P972`95BZ99R*9?R0#&"*9AR)FAB6[V%1B:049HRHYJJ
M:1:AJ1.@:2:H1O\^V0)RVNF=XFF>ZNF>:DZ&ZL<!K`*'J<0!2`,,_)R5<,"G
M+1@*<,!Q/EDBKL@7@$--E4,YK,.$](TP^>FFTIP]V(F=T`(M.)VHVHG314RI
MFJK3?:JI(M2INFJJEFJKQJJKANJHP@`NH$$/5$(6!`$,4`,3X`(U"&NI,D&Q
M&BL,%"LU$*NQ`BLF%&O$,"NS1@RR,H&S4BL,..NS%BL.,($<9,%HF0$34`,F
M7*NIND./%&DPJH(@-!+#?`(+,(P?4)P?L`#%L0`+R&L(T,$M)8`&`&.67BF5
M:FF7$FS!?BF6?BF97F9F&N-H.NPQ.FS$2JS$9@(+\.G%8FS&:NS&<FS_QWKL
MQX)LR(KLR))LR9HLN@YFRJILRF:IP`+LP!9LS,ILEQJCF!9CPMYLS3(LPVZF
M9DXL%&4"M@5M/A%M)M3IR2)MTBKMTC)MTSKMTT)MU";MRK9LU;KLU;[LS,KL
MP6XISGIMF.YLV(JM9D(LMI7MS_ZLQ4KMVK)MV[KMV\)MW,KMTGI"W4J-W>)M
MWNIMW3Z"W:+`WGH"._`M.SQ"X>9!WSY"'ASNX2:NXB9NX4*NXW;`(W1`'E2N
MXBKNY6+NYMY`'G3NYFYN!72N/>0!Z9*NZ-X`ZHIN,MQ`ZK8N!,QM[,KN[-)N
M[=KN[>)N[NKN[O)N[_KN[P)O\`KO\!)O\1KO'O$B;_(J[_(R;_,Z[_-";_1*
/[_12;_5:[_5B;^P&!``[
`
end
</TEXT>
</DOCUMENT>
</SUBMISSION>
