KASOWITZ, BENSON, TORRES & FRIEDMAN LLP

101 CALIFORNIA STREET, SUITE 2300 SAN FRANCISCO, CALIFORNIA 94111

Case 2:

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-cv-09198-JVS-RNB Document 398 Filed 02/15/13 Page1of3 Page ID #:17714

KASOWITZ, BENSON, TORRES & FRIEDMAN LLP

CHARLES N. FREIBERG (SBN 70890) BRIAN P. BROSNAHAN (SBN 112894)

JACOB N. FOSTER (SBN 250785) 101 California Street, Suite 2300 San Francisco, California 94111 Telephone: (415) 421-6140 Facsimile: (415) 398-5030

LEVINE & MILLER

HARVEY R. LEVINE (SBN 61879) CRAIG A. MILLER (SBN 116030) LEVINE & MILLER

550 West C Street, Suite 1810

San Diego, CA 92101-8596 Telephone: (619) 231-9449 Facsimile: (619) 231-8638

Attorneys for Plaintiffs

JOYCE WALKER, KIM BRUCE HOWLETT, and MURIEL SPOONER, on behalf of themselves

and all others similarly situated

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA

JOYCE WALKER, KIM BRUCE HOWLETT, and MURIEL SPOONER, on behalf of themselves and all others similarly situated,

Plaintiffs, V. LIFE INSURANCE COMPANY OF THE SOUTHWEST, a Texas corporation,

Defendant.

CLASS ACTION CASE NO.: CV 10-9198 JVS (RNBx)

Formerly Case No.: 3:10-cv -04852 JSW from Northern District of California

PLAINTIFFS’ EVIDENTIARY OBJECTIONS TO THE DECLARATION OF CRAIG SMITH IN OPPOSITION TO PLAINTIFFS’ MOTION FOR LEAVE TO FILE THIRD AMENDED COMPLAINT

Judge James V. Selna Date: March 4, 2013

Time: 1:30 p.m. Courtroom: 10C

OBJECTIONS TO SMITH DECLARATION IN OPPOSITION TO MOTION FOR LEAVE TO FILE TAC

Case No. CV 10-9198 JVS (RNBx)

1

KASOWITZ, BENSON, TORRES & FRIEDMAN LLP

101 CALIFORNIA STREET, SUITE 2300 SAN FRANCISCO, CALIFORNIA 94111

Case 2:

Nn Nn BB W WN

-cv-09198-JVS-RNB Document 398 Filed 02/15/13 Page 2of3 Page ID #:17715

Plaintiffs Joyce Walker, Kim Bruce Howlett, and Muriel Spooner

(“Plaintiffs”) hereby object to the Declaration of Craig Smith, submitted by

Defendant Life Insurance Company of the Southwest (“LSW’’) in opposition to

Plaintiffs’ motion for leave to file Third Amended Complaint:

Evidence

Grounds for Objection(s)

Pg. 1, 73:

“T disagree with Plaintiffs’ characterization of my testimony as stating that LSW lacked the intent to provide those non- guaranteed enhancements.”

1. Argumentative and misleading. The proffered material is not testimony but argument, and it misstates Plaintiffs’ motion papers and proposed Third Amended Complaint. Plaintiffs do not characterize Mr. Smith as “stating that LSW lacked the intent to provide” non-guaranteed benefits. Plaintiffs rely on Mr. Smith’s testimony as to facts from which Plaintiffs argue that inferences can be drawn about LSW’s intent. FRE 403.

Pg. 1, 94:

“LSW’s GAAP accounting anticipates a 1.25% increase in the interest credited under the Provider policy beginning in policy year ten.”

1. Lacks foundation. Mr. Smith provides no foundation for or explanation of “GAAP accounting” or the purpose of that accounting as used by LSW in this instance. FRE 602.

2. Vague, ambiguous. Fails to explain what aspect of “GAAP accounting” he refers to or the purpose of such accounting. Fails to specify what it means for the GAAP accounting to “anticipate” a 1.25% increase. FRE 403 and 611 (a).

3. Irrelevant. Irrelevant to LSW’s actual intent to provide the Account Value Enhancement to the extent that the purpose of GAAP accounting 1s, like illustration actuary testing, simply to quantify what LSW’s costs and revenues would be if all illustrated non- guaranteed benefits were provided. FRE 403.

OBJECTIONS TO SMITH DECLARATION IN OPPOSITION TO MOTION FOR LEAVE TO FILE TAC

Case No. CV 10-9198 JVS (RNBx)

2

KASOWITZ, BENSON, TORRES & FRIEDMAN LLP

101 CALIFORNIA STREET, SUITE 2300 SAN FRANCISCO, CALIFORNIA 94111

Case 2:110-cv-09198-JVS-RNB Document 398 Filed 02/15/13 Page 3of3 Page ID #:17716

!! DATED: February 15,2013 ©KASOWITZ BENSON TORRES & FRIEDMAN LLP

By: _s/Brian P. Brosnahan Brian P. Brosnahan

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OBJECTIONS TO SMITH DECLARATION IN OPPOSITION TO MOTION FOR LEAVE TO FILE TAC Case No. CV 10-9198 JVS (RNBx) 5