Compass Lexecon Corporate Brochure

ANTITRUST & COMPETITION ANTITRUST

& COMPETITION ANTITRUST & COMPETITION

SECURITIES & FINANCIAL MARKETS FINANCIAL ANALYSIS

VALUATION & FINANCIAL ANALYSIS

TELECOMMUNICATIONS

DERIVATIVES & STRUCTURED FINANCE

ERISA LITIGAT I O N

C L A S S C E R T I F I C AT I O N ENERGY

ENERGY DAMAGES

R EG U L ATO RY IN VE S TIGATIONS AUCTIONS

AUCTIONS

CO RPO RATE G O VERNANC E

DAMAGES

INTERNATIONAL ARBITRATION

ARBITRATION ACCOUNTING LITIGATION SERVICES

LITIGATION

R E G U L ATO RY INTERNATIONAL

ACCOUNTING LITIGATION SERVICES

INTELLECTUAL PROPERTY

BANKRUPTCY & FINANCIAL DISTRESS

INSTITUTIONS FINANCIAL

ENERGY

DAMAGES REGULATORY INVESTIGATIONS

REGULATORY INVESTIGATIONS

AUCTIONS

INTELLECTUAL PROPERTY

E R I S A L I T I G AT I O N C L A S S C E R T I F I C AT I O N

C L A S S C E R T I F I C A T I O N C OR P OR ATE G O V E R N A N C E

CORPORATE G O V E R N A N C E C O R P O R AT E ENERGY

FINANCIAL ANALYSIS

TELECOMMUNICATIONS FINANCIAL INSTITUTIONS FINANCIAL

DERIVATIVES & STRUCTURED FINANCE ERISA LITIGATION

SECURITIES & FINANCIAL MARKETS

INTELLECTUAL PROPERTY BANKRUPTCY & FINANCIAL

INSTITUTIONS TRANSPORTATION TRANSPORTATION

PHARMACEUTICALS ENTERTAINMENT ENTERTAINMENT HEALTHCARE AUCTIONS SPORTS

SPORTS

& MEDIA ENTERTAINMENT & MEDIA

INTELLECTUAL PROPERTY

PUBLIC POLICY

EMPLOYMENT HEALTHCARE HEALTHCARE HEALTHCARE PHARMACEUTICALS

TABLE OF CONTENTS About Us . . . . . . . . . . . . . . . . . . . . . . 1 Our Global Reach . . . . . . . . . . . . . . . . . 2 Clients . . . . . . . . . . . . . . . . . . . . . . 3 Practice Areas . . . . . . . . . . . . . . . . . . . 4 Accounting Litigation Services . . . . . . . . . 5 Antitrust & Competition . . . . . . . . . . . . . 6 Auctions . . . . . . . . . . . . . . . . . . . . . 7 Bankruptcy & Financial Distress Litigation . . . 8 Class Certification . . . . . . . . . . . . . . . . 9 Corporate Governance . . . . . . . . . . . . 10 Damages . . . . . . . . . . . . . . . . . . . . 11 Derivatives & Structured Finance . . . . . . . 12 Employment . . . . . . . . . . . . . . . . . . 14 Energy . . . . . . . . . . . . . . . . . . . . . 15 Entertainment & Media . . . . . . . . . . . . 16 ERISA Litigation . . . . . . . . . . . . . . . . 17 Financial Institutions . . . . . . . . . . . . . . 18 Healthcare . . . . . . . . . . . . . . . . . . . 19 Intellectual Property . . . . . . . . . . . . . . 20 International Arbitration . . . . . . . . . . . . 21 Pharmaceuticals . . . . . . . . . . . . . . . . 22 Public Policy . . . . . . . . . . . . . . . . . . 23 Regulatory Investigations . . . . . . . . . . . 24 Securities & Financial Markets . . . . . . . . 25 Sports . . . . . . . . . . . . . . . . . . . . . 26 Telecommunications . . . . . . . . . . . . . . 27 Transportation . . . . . . . . . . . . . . . . . 28 Valuation & Financial Analysis . . . . . . . . 29 Professionals . . . . . . . . . . . . . . . . . .

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Case Studies . . . . . . . . . . . . . . . . . .

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Offices . . . . . . . . . . . . . . . . . . . . . 72

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ABOUT US One of the world’s leading economic consulting firms, Compass Lexecon provides law firms, corporations and government clients with clear analysis of complex issues. We have been involved in a broad spectrum of matters related to economics and finance—providing critical insight in legal and regulatory proceedings, strategic decisions and public policy debates. Our experience and expertise apply to virtually any question of economics, in virtually any context of the law or business.

At Compass Lexecon, we believe that critical economic issues—whether in connection with litigation, regulatory review, strategic planning or other corporate activities—are best understood when subjected to a rigorous empirical analysis. Our firm is known for developing a thorough understanding of the issues that face our clients, relating those issues to relevant economic theory, and then supporting our analysis with solid and persuasive empirical evidence. One of our most valuable assets is our ability to present complex concepts and data in an understandable manner. Our successes in the courtroom and before regulatory agencies over the years have validated our approach.

Compass Lexecon was formed in January 2008 through the combination of Competition Policy Associates (COMPASS) and Lexecon, two of the premier economic consulting firms in the world.

For the past seven years, Compass Lexecon has been ranked as one of the leading antitrust economics firms in the world by the Global Competition Review.

Founded in 1977, Compass Lexecon’s Chicago office pioneered the application of economics to legal and regulatory matters. We currently have a professional staff of more than 325 individuals, including 120 highly skilled Ph.D. economists and econometricians and more than 110 other individuals with advanced degrees located in fourteen offices.

Our practices are led by some of the most recognized and respected economic thinkers in the world including six former chief economists of the Department of Justice Antitrust Division. We maintain relationships with numerous high-profile academic affiliates, including Nobel Prize winners.

Antitrust, our founding practice area, remains a central part of our business. Our practice areas have expanded to include other areas of litigation including securities and financial markets, intellectual property, accounting, valuation and financial analysis, ERISA, corporate governance, bankruptcy and financial distress, derivatives and structured finance, class certifications and employment matters. In all these areas, we often provide detailed damages analyses. Our non-litigation-related practice areas include matters such as business consulting, regulatory investigations and public policy.

Compass Lexecon is a wholly owned subsidiary of FTI Consulting, Inc., a global business advisory firm.

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OUR GLOBAL REACH

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CLIENTS Since 1977, Compass Lexecon has been involved in many of the largest and most complex antitrust litigation and transactions and financial market cases and transactions.

Our clients include a wide variety of large international law firms as well as widely recognized smaller law firms with specialized litigation practices. Compass Lexecon’s corporate clients include leading corporations engaged in a broad range of industries including manufacturing, telecommunication, technology, private equity and venture capital, financial services and insurance, entertainment, health care, pharmaceuticals, consumer products and retail, transportation, real estate, mining, chemicals, energy, professional services, and agribusiness.

We also advise boards of directors, trade associations, and local and national governmental agencies, such as the U.S. Department of Justice, the Federal Trade Commission, the European Commission, the Internal Revenue Service, the U.S. Department of Transportation, the Securities and Exchange Commission, the U.K. Competition Commission, and the Federal Communications Commission.

Compass Lexecon has also worked extensively for, or assisted clients in matters before regulatory agencies and courts in dozens of countries, including the United States, Canada, the United Kingdom, and other member states of the European Union, Australia, New Zealand, Brazil, Argentina, Korea, Japan, China, South Africa, India, and others. For the past seven years, Compass Lexecon has been recognized by the Global Competition Review as one of the world’s leading competition economics firms.

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PRACTICE AREAS Compass Lexecon’s practices were developed by some of the most respected economic thinkers in the world. Antitrust, our founding practice area, remains a central part of our business. Our practice areas have expanded to include other areas of litigation including securities, intellectual property, accounting, risk management, valuation, corporate governance and employment matters. In each of these areas, we often provide detailed damages analyses. Our non-litigationrelated practice areas include matters such as business consulting and public policy.

Compass Lexecon Practice Areas

• Accounting Litigation Services • Antitrust & Competition • Auctions • Bankruptcy & Financial Distress Litigation • Class Certification • Corporate Governance • Damages • Derivatives & Structured Finance • Employee Retirement Income Securities Act (ERISA) Litigation

• Employment • Energy • Entertainment & Media

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• Financial Institutions • Healthcare • Intellectual Property • International Arbitration • Pharmaceuticals • Public Policy • Regulatory Investigations • Securities & Financial Markets • Sports • Telecommunications • Transportation • Valuation & Financial Analysis

ACCOUNTING LITIGATION SERVICES Careful examination of any recent significant corporate litigation reveals a close relationship between accounting and economic issues. Combining accounting expertise with practical economic analysis, Compass Lexecon experts offer effective, targeted advice and testimony for high-profile litigation, regulatory (including SEC) investigations, and internal inquiries.

Our forensic accountants and financial economists examine a company’s financial accounting and public disclosures—including internal evidence and external audit documentation—to estimate damages, evaluate materiality, establish business purpose, benchmark to industry practice, and opine on compliance with GAAP. We also analyze alleged misrepresentations to determine whether disclosure would have significantly affected investors in the market. No matter how complex the transaction, we deliver clear, concise analysis to help clients investigate and resolve accounting and disclosure issues.

Compass Lexecon accounting experts have provided consulting and testimonial services in a broad range of matters, including:

• Securities Litigations • SEC Investigations • Board Investigations • Financial Restatements • Dispute Resolution • Forensic Accounting • Mergers and Acquisitions • Options Backdating

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ANTITRUST & COMPETITION One of our founding practices, antitrust remains a key area of expertise at Compass Lexecon. We have provided expert advice and testimony in hundreds of complex antitrust matters and have assisted clients with many of the highest-profile U.S. antitrust actions of the last 30 years.

Our staff of economists, econometricians, accountants, and industry experts use a combination of leading industrial organization theory and sophisticated economic and econometric analyses to analyze a variety of issues that often arise in antitrust cases, including: defining relevant markets, assessing the ease and likelihood of entry, performing complex merger simulations, evaluating merger-related efficiencies, and estimating damages.

Compass Lexecon has evaluated hundreds of proposed mergers and acquisitions on behalf of both private parties and government agencies. Using rigorous analytical methods applied to complex data combined with careful attention to detail, we evaluate the likely effects of proposed mergers and acquisitions on prices, costs, and competition.

Compass Lexecon regularly assists both defendants and plaintiffs in antitrust litigation, including cases involving issues such as price fixing, predatory pricing, bundling, and various forms of allegedly exclusionary conduct. An integral part of Compass Lexecon’s role in many of these cases involves the estimation of lost profits or damages from elevated prices and output restrictions.

In the U.S., we have provided expert testimony or presentations before state and federal courts, federal regulatory agencies (including the Department of Justice, the Federal Trade Commission, the Federal Communications Commission, the Federal Energy Regulatory Commission, the Department of Transportation, the International Trade Commission, and the Surface Transportation Board), state regulatory agencies, and arbitrators. Internationally, we have provided expert testimony and analysis in a variety of jurisdictions, including Canada, the United Kingdom, the European Union, Australia, New Zealand, and others.

Compass Lexecon economists have extensive expertise in antitrust areas, including:

• Mergers and Acquisitions • Price Fixing • Monopolization and Abuse of Dominant Position • Exclusionary Conduct • Bundling and Tying • Predatory Pricing

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AUCTIONS The trend toward deregulation and greater reliance on market-based mechanisms has raised global interest in the use of auctions as a transparent, fair, and efficient means of allocating scarce resources. Whether selling off state assets in a deregulated industry or allocating commodities such as wireless spectrum, financial instruments, airport access rights, or energy, governments and the private sector have increasingly turned to auctions as a way to transfer resources. Auctioneers’ implementation of appropriate auction designs and bidders’ choice of profit-maximizing bidding strategies have become critical issues facing government policymakers and business leaders in an increasing number of industries across the globe.

Compass Lexecon’s auction experts have assisted clients around the world and in numerous industries by providing auction design services, bid strategy advice, litigation support, and customized software to both bidders and sellers in many of the world’s largest auctions. Comprised of leading academic game theorists, recognized and highly credentialed auction consultants, and specialized software developers, our team delivers superior advisory services and strategic advice in high-stakes auctions.

Whether consulting with potential bidders attempting to navigate the complexities of their first auction, experienced bidders seeking to refine their bidding strategies, or a government or industry group considering whether or not auctions are an appropriate means of allocating or procuring resources, Compass Lexecon’s team of auction experts provides the experience, expertise, and straightforward advice clients require.

We have provided auction-related consulting and advisory services to a broad range of clients, including the following:

• Global Telecommunications Corporations • Internet Companies • Large Energy Firms • Major Airlines

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BANKRUPTCY & FINANCIAL DISTRESS LITIGATION Combining broad academic expertise in related areas – including credit and lending, accounting, finance, deal structuring, economics, and industrial organization – with an amalgam of industry and marketplace familiarity, Compass Lexecon economists and consultants have the experience and skill set to help senior creditors, Boards of Directors, and management teams successfully navigate the distressed landscape.

Our experts have performed solvency and insolvency test work both for companies facing bankruptcy proceedings and for entities securing financing, and have assisted businesses and creditors to businesses facing failed or troubled corporate transactions – including leveraged buyouts, mergers, acquisitions, and restructurings – both as advisors and in interim management roles. We also have assisted clients in all aspects of distressed company disputes, both in and out of bankruptcy.

Compass Lexecon assists clients with the following:

• Syndicated Leveraged Loans and High-Yield Bond Finance • Failed Corporate Transactions • Bankruptcy Workouts • Debtor-in-Possession Financing Disputes • Company-Side or Stakeholder-Side Advisory • Interim Management or Officer Roles for Distressed Companies

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CLASS CERTIFICATION In various litigation matters, Compass Lexecon is retained by plaintiffs or defendants to evaluate economic evidence pertaining to a motion for class certification.

In the antitrust area, our work typically examines whether common evidence can be used to establish class-wide impact:

• Compass Lexecon experts employ rigorous empirical analyses of the theory of harm and market realities that affect the business or competitive interactions between plaintiff(s) and defendant(s).

• Our analyses highlight the specific issues most relevant to determining whether a class should or should not be certified.

• Compass Lexecon assesses whether material differences across members of a proposed class require individualized analysis of class members’ putative antitrust injury, as well as the feasibility of computing damages for each class member.

In the securities area, Compass Lexecon is retained to analyze subjects including:

• Market efficiency in connection with claims of fraud-on-the-market.

• Loss causation.

• Class conflicts.

• The ability to utilize a single model to reliably estimate individual class member damages.

In the area of ERISA class action litigation, Compass Lexecon originated the concept of analyzing data on participant holdings and transactions in company stock funds to evaluate potential conflicts between class members.

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CORPORATE GOVERNANCE Compass Lexecon’s corporate governance capabilities are drawn from a combination of handson experience and theoretical financial economics. Our ability to combine financial and economic expertise with clear, independent analysis sets Compass Lexecon apart in this field. Our methods for assessing corporate structures and actions involve a combination of evaluation of contemporaneous economic evidence, including large empirical studies, and benchmarking actions to contemporaneous standards and best practices. Our expertise is derived from theoretical research as well as practical experience from direct Board service.

Compass Lexecon economists have evaluated the structures, processes, and actions of management, Boards of Directors, and Board committees relating to subjects such as the issuance and restatement of corporate financial statements, the compensation of executives, and the fiduciary duties of the Board of Directors and committees of the Board.

Our experience includes:

• Evaluating

corporate and Board structures and processes relative to contemporaneous benchmarks and best practices.

• Analyzing executive compensation, including determination of comparator group, evaluation of corporate performance and incentive compensation, and valuation of total compensation.

• Evaluating corporate and Board of actions in light of relevant fiduciary duties.

• Evaluating corporate officer and director actions relating to corporate control

transactions including anti-takeover and deal protection provisions, executive compensation, corporate financing decisions, conflicts of interest, insider trading, and related party transactions.

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DAMAGES Damages are a critical element in nearly all civil litigation. Compass Lexecon’s expertise in damages analyses applies to litigation in antitrust, securities, intellectual property, employment discrimination, and breach of contract cases. Compass Lexecon’s economists use a combination of thorough analysis and clear exposition to evaluate damages and proposed settlements. Experts from Compass Lexecon have testified on a wide range of damages issues in state and federal courts as well as before U.S. and international arbitration panels.

Compass Lexecon delivers independent, objective analysis underscored by a high level of economic and statistical expertise. The firm has the capacity to handle and evaluate very large volumes of data. Our experts apply economic and econometric techniques to estimate profits, prices, earnings, or asset valuations that would have existed absent the alleged wrongful conduct. Economic losses are then estimated by comparing these values to actual observed profits, prices, earnings, or asset valuations. Our experts also provide a thorough financial analysis to determine the appropriate present value of those losses.

Compass Lexecon economists provide damages analyses in virtually any context, including:

• Antitrust • Securities Fraud • Intellectual Property • Punitive Damages • Transfer Pricing • Employment and Labor

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DERIVATIVES & STRUCTURED FINANCE Transactions involving derivatives and structured finance can be complex and often require the specialized knowledge of experts deeply familiar with the products and markets in which the products trade. Compass Lexecon economists offer that in-depth familiarity, knowledge and experience. Our expertise involving derivatives, structured finance and related financial instruments encompasses litigation, consulting and regulatory compliance.

With a combination of academic and industry expertise, we have been involved in cases pertaining to the operation and structure of the markets in which derivatives and structured products are traded, the valuation of financial instruments, disputes over the rights of different classes of securities holders and derivatives counterparties, disputes concerning credit assessments, cash flow waterfall modeling, and analyzing complex structured financial instruments.

Our expertise involving derivatives and structured finance also includes assessments and analyses of how different market participants use derivatives and structured financing techniques. Clients have engaged Compass Lexecon in litigation and regulatory investigations involving internal controls and risk management processes related to the use of derivatives and structured finance. In addition, we have performed analyses of firms’ derivatives and structured finance activities involving hedging effectiveness, economic substance, tax, accounting, disclosure and regulatory compliance.

Our vast warehouse of experience with—and knowledge of—products and markets, along with our economic and accounting expertise, enables us to uniquely address problems in this area. We have deep familiarity with derivatives and structured products based on credit and interest-rate markets, foreign exchange, commodities, equities and insurance-linked derivatives and securities. We bring our interdisciplinary skills to bear on disputes concerning any of these products.

Compass Lexecon has experience with a number of derivatives product types and structured financing vehicles, including:

• Futures, forwards, options and swaps • Exotic and compound options • Collateralized debt obligations (CDOs), synthetics, and structured notes • Structured credit, correlation, and relative-value trading practices • Mortgage-backed securities (“MBS”) • Asset-backed securities (“ABS”) • Insurance-linked securities and catastrophe (“cat”) bonds • Special purpose entities/vehicles (“SPEs”, “SPVs”) • Asset-backed commercial paper programs and Structured Investment Vehicles (“SIVs”) • Auction rate securities (ARS) and contingent liquidity instruments

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• Financial guaranties and monoline bond insurance • Structured insurance and alternative risk transfer (e.g. buyouts, runoff solutions, finite risk and finite reinsurance, captives, protected cell companies, dual-trigger insurance, multiline integrated cover)

• Bulk annuity transactions, longevity/mortality trades, bank- and company- owned life portfolios (“BOLI” and “COLI”), and structured settlements

• Trust-issued securities (e.g., trust-preferred stock and trust-issued contingent capital) We offer expertise in the following areas:

• Financial instrument valuation • Financial product design • Assessments of the strategic uses of derivatives and structured finance by dealers, end users and other market participants

• Common market practices and trading conventions • Cash flow waterfall modeling for structured product • Risk management processes • Market and credit risk measurement • Evaluations of hedging effectiveness • Derivatives clearing and settlement • Analysis of the design and economic substance of financial products and structures • Accounting, tax and disclosures issues • Regulatory compliance

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EMPLOYMENT Compass Lexecon professionals consult extensively and offer expert testimony on a wide variety of employment matters for clients ranging in size from individuals to large corporations. These matters include claims based on age, race, and gender discrimination in hiring, promotion, compensation, and termination; employment contract violations; and violations of the Employee Retirement Income Security Act of 1974 (ERISA). Compass Lexecon experts also analyze a variety of issues relating to executive compensation, which requires the valuation of complex elements including fringe benefits, retirement programs, and incentive payments such as awards of restricted stock and stock options.

Our approach centers on extensive statistical analyses of information from a variety of sources, including company, industry, government, and survey data. Our experts apply economic analysis and econometric techniques, which can be decisive tools both in assessing the merit of employmentrelated claims and in evaluating potential economic damages.

Compass Lexecon professionals have applied their expertise in employee compensation, statistical data analysis, and the economic analysis of liability and damages issues arising in employment cases in the following areas:

• Arbitrations Invoked by Employment Contract Disputes • ERISA Litigation • Employment Discrimination Litigation, including Class Actions • Challenges to Government Affirmative Action Programs • Workforce Affirmative Action Reviews • Class Certifications

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ENERGY Compass Lexecon has developed a deep knowledge of the economics and institutional structures of all segments of the energy industry. We have completed numerous economic studies on issues related to competition, pricing, and the impact of regulation. Our strength lies within our teams of experts with differing backgrounds, creating extensive familiarity with domestic and global energy markets. This depth of experience, combined with our staff’s strong academic training, provides clients in business and government with high-quality analysis and high-value advice and litigation support.

Because of our intimate knowledge of the energy industry, we ask the right questions, pursue the appropriate analyses, and develop solid conclusions and recommendations that address the challenges and opportunities facing our clients. We combine this with the ability to comprehend and synthesize often complex issues on the cutting edge of industry transition and to communicate them effectively to both clients and policymakers.

We have helped an array of global clients operating in all aspects of the energy industry, including crude oil, natural gas, refined products, chemicals, coal, and electric power. Our experience in international arbitrations spans pricing and power purchase agreement disputes, valuation matters, electricity price regulation, and cases concerning oil and gas production and expropriation.

Compass Lexecon economists have advised clients on a wide array of matters in the energy industry, including:

• Antitrust and Market Power • International Arbitration • Regulatory Design and Market Design • Transmission Strategy and Infrastructure Development • Generation Strategy, Development, and Procurement • Transaction Advisory • Transfer Pricing

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ENTERTAINMENT & MEDIA Leveraging the in-depth understanding of antitrust issues across our roster of economists, Compass Lexecon has been engaged in a wide range of projects for clients in the entertainment and media industries. Such matters have included alleged exclusive dealing with respect to the distribution of first-run films, alleged coordinated conduct covering advertising in regional newspapers, and a merger involving online recruitment and job search services.

In markets characterized by multiple platforms—whether two-sided or multi-sided—assessment of the competitive effects resulting from a firm’s actions is often a complex exercise. Compass Lexecon has the experience and economic insight to identify the set of competitive constraints operating on each side of the market and to determine the net effect of firm conduct on competition and consumer welfare. Similarly, in the context of mergers, Compass Lexecon brings a high level of sophistication to the assessment of likely consumer benefits and possible competitive concerns across all affected markets.

Compass Lexecon economists also have applied their economic expertise in numerous regulatory matters involving entertainment and media clients. We have been retained on several cases concerning the determination of market-based rates for digital performance royalties and have provided testimony before the Copyright Review Board. In such matters, the central thrust of our work has been to develop an economic framework to model hypothetical arm’s-length negotiations between record labels and distributors of digital music content.

With a top roster of competition policy economists, our professional staff stand apart in their analytical expertise and ability to handle complex engagements that require a creative approach backed by rigorous economic modeling methodologies.

Compass Lexecon economists have extensive expertise in media and entertainment areas, including:

• Mergers and Acquisitions • Coordinated Conduct • Monopolization • Exclusionary Conduct • Rate Determinations for Mechanical Royalties • Rate Determinations for Performance Royalties

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EMPLOYEE RETIREMENT INCOME SECURITIES ACT (ERISA) LITIGATION Compass Lexecon has vast experience in a variety of issues related to Employee Retirement Income Security Act (ERISA) litigation on behalf of both plaintiffs and defendants. We have addressed numerous claims involving alleged breaches of fiduciary duties in ERISA cases, including claims concerning allegations of artificial inflation of stock prices, imprudent investment options, and excessive fees or costs, as well as a variety of damage claims.

Compass Lexecon originated the concept of analyzing data on participant holdings and transaction data to evaluate potential conflicts between class members. We have developed sophisticated techniques with which to assess relative fund performance on a participant-by-participant and planwide basis. Within the context of class certification, these analyses have also allowed us to quantify the extent of both intra-class and inter-claim conflicts.

We have evaluated ERISA claims involving both defined contribution plans and defined benefit plans. We have the capacity to process and analyze participant-level data for plans of all sizes and any number of investment options. Our experience processing and analyzing complex data sets comprising plan data is unparalleled in the field.

We have a proven track record of successful expert testimony, and our analyses have been cited favorably in a number of judicial opinions.

Compass Lexecon economists can assist clients with all phases of ERISA litigation and any economic issue that arises, including:

• Class Certification Analysis • Analysis of Prudence • Analysis of Fees and Expenses • Analysis of Fund Performance • Damages Analysis

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FINANCIAL INSTITUTIONS Compass Lexecon has a long history of helping financial institutions with the challenges posed by changing regulatory requirements, evolving complex financial instruments, and volatile market conditions. We work with our financial institution clients on both litigation and business projects, helping them to quantify exposure, assess risks, and manage increasing data flows.

Previous engagements have addressed a variety of financial institution types, including:

• Commercial, Retail, and Investment Banks • Broker-Dealers, Specialist and Derivative Product and Trading Firms • Insurance and Re-Insurance Companies • Asset Managers and Alternative Investment Managers • Trustees and Custodians • Securities and Derivatives Exchanges, Clearinghouses, and Settlement Agents • Consumer and Commercial Finance Companies

Compass Lexecon has an unparalleled team of expert witnesses with both regulatory and industry experience. Our experts include economists formerly employed by the U.S. Department of Justice, the Federal Reserve System, and the Securities and Exchange Commission, as well as former advisers to exchanges, the CFTC, IMF, and IOSCO, and senior practitioners and managers from leading financial services firms.

Our team has extensive experience in the collection, management, and analysis of large data sets.

Compass Lexecon economists have a broad range of experience with different financial instruments and types of financial analysis, and we maintain a strong technology infrastructure to handle the large amounts of data arising from these cases. We have helped our clients review firm-wide data integrity and have assisted them with reviews of global data systems in the context of forensic investigations, litigation analyses, and regulatory inquiries.

Clients have enlisted Compass Lexecon to perform the following:

• Securities Class Action Analysis, Including ERISA and Class Certification Issues • Valuation and Risk Analyses of Financial Products • Analysis of Derivatives and Structured Financial Instruments • Analysis of Firm-Wide Solvency and Contingent Asset-Liability Management Practices • Bankruptcy and Financial Distress Advisory • Analysis of Financial Market Manipulation Claims • Market Practice, Risk Governance, and Risk Management Reviews • Internal Investigations (e.g., Fraud, Unauthorized Trading) • Regulatory Compliance and Assessments 18

HEALTHCARE The healthcare industry continues to operate in an environment of substantial change, with healthcare reform, ongoing mergers and acquisitions, and new organizational arrangements among hospitals, physicians, and insurers. To navigate the complex healthcare landscape, clients rely on experts with a clear grasp of fundamental issues and healthcare economics. Staying abreast of the latest industry developments and relevant academic research, as well as undertaking independent research on various aspects of health economics, Compass Lexecon has experience with many of the most prominent healthcare cases in the industry and before the courts. Our experts bring in-depth healthcare industry experience ranging from traditional antitrust matters to broader (and emerging) policy issues.

We have testified before the antitrust agencies and authored seminal articles on key issues across the healthcare industry. In addition, we have been involved in numerous agency and litigation matters, including class certification in alleged wage suppression, hospital mergers, and alleged monopolization matters. Our expert analyses are enhanced by our ability to combine cutting-edge economics honed across a range of industries and issues with deep knowledge of the healthcare industry.

Our familiarity with industry data sets and extensive use of empirical analysis, econometrics, and modeling set Compass Lexecon apart in our ability to inform and present economic analyses of mergers, healthcare reform, efficiency analyses, and recent developments with health insurance and provider pricing and reimbursement. Merger analyses have expanded, with growing numbers of insurer, physician, and hospital transactions and development of new organizational forms; these analyses include increasingly sophisticated competitive effects analyses and extensive efficiencies and benefit analyses.

We assist clients in all segments of the healthcare industry, including:

• Providers (including Hospitals, Physician Groups, Specialty Hospitals, and Clinics) • Health Insurers • Medical Equipment and Device Companies Compass Lexecon economists in the healthcare practice area have particular expertise in the following areas:

• Mergers and Acquisitions • Efficiency Analysis • Organizational Change • Class Certification

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INTELLECTUAL PROPERTY Building on principles of economics and finance, Compass Lexecon professionals have deep experience valuing intellectual property, estimating damages resulting from infringement of intellectual property, and determining reasonable royalty rates relating to patents, trademarks, copyrights, and trade secrets. Our analysis in intellectual property matters can be an excellent complement to, or a substitute for, testimony from licensing practitioners.

Our expertise in antitrust and industrial organization bolsters the above capabilities, allowing our experts to offer sophisticated analysis related to price erosion and lost profits, as well as monopolization issues as they might arise with respect to copyright or patent misuse.

In addition to litigation, Compass Lexecon has applied its expertise in intellectual property cases to other valuation matters, including economic analysis of transfer pricing.

Compass Lexecon economists have expertise in intellectual property areas including:

• Damages • Determination of Reasonable Royalties • Valuation • Antitrust • Transfer Pricing • Joint Ventures

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INTERNATIONAL ARBITRATION Complex arbitration proceedings require experts with specialized insight into the economic and financial issues at the center of these disputes. With considerable expertise in a wide range of arbitration matters as well as deep industry experience, our international arbitration practice provides authoritative analysis in complex arbitration cases involving multinational parties.

Bringing to bear our extensive experience in all areas of international arbitration, Compass Lexecon’s economists and financial experts deliver independent economic analysis, valuation opinions, damages assessments, regulatory opinions, expert reports and arbitration testimony.

Because many of our professionals have held senior-level positions with government regulatory agencies or have consulted extensively on global regulatory issues, they possess critical first-hand knowledge of government decision-making processes related to a wide range of matters—including commercial, investor-state, and political risk insurance disputes.

Compass Lexecon’s senior experts are leaders in their fields. Our international arbitration team includes economists based in Europe, Latin America and the U.S. A number of members of our team are listed among the most renowned expert witnesses in Who’s Who Legal. In addition, we have the capability of drawing upon an extensive network of specialist affiliates for additional capabilities in specific industries and niche areas.

Our expertise in international arbitration work includes:

• Extensive testimony experience under treaty and commercial arbitration rules (ICSID, ICC, LCIA, NAFTA, SCC, UNCITRAL and AAA)

• Experience in natural resources, energy, environmental economics and infrastructure industries • Experience in manufacturing, service and distribution industries • Experience in financial industries, including leasing, insurance and banking • Regulatory and contract analysis from commercial and economic perspectives • More than 80 recent international arbitration cases with written or oral testimony submitted

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PHARMACEUTICALS Combining antitrust expertise with in-depth industry knowledge, Compass Lexecon has assisted branded and generic pharmaceutical manufacturers, distributors, and networks in a broad range of matters, including merger, antitrust, fraud litigation, intellectual property, and commercial damages cases.

Our familiarity with the standardized pharmaceutical data sets coupled with our expertise in econometric analysis sets us apart in our ability to bring large quantities of data to bear on issues of market definition and other relevant issues. We have testified before the U.S. Congress and in court on reverse payment patent settlements, as well as authored seminal articles on the subject.

In addition, we have been involved in a series of litigations over pricing and reimbursement benefits involving average wholesale price (AWP).

Compass Lexecon economists can assist pharmaceutical industry clients with any aspect of a case, including:

• Class Certification • Damages • Mergers and Acquisitions • Monopolization and Abuse of Dominant Position • Intellectual Property • Patent Litigation • Fraud Litigation

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PUBLIC POLICY Compass Lexecon has performed numerous public policy studies on behalf of individual companies, trade associations, and governmental agencies in the U.S. and abroad. Our economists have performed studies on such topics as the impact of airline pricing practices, credit card regulations, the effect of environmental regulation on U.S. and international competitiveness, the deregulation of natural gas purchasing practices, mortgage industry issues related to Government Sponsored Enterprises (GSEs), subprime lending, mortgage-backed securities, alleged redlining by property insurers and racial profiling by police departments, and the consumer benefits of broadband service.

Compass Lexecon public policy studies have been submitted to a wide range of agencies, including the Department of Justice, the Department of Transportation, the Securities and Exchange Commission, the National Association of Securities Dealers, the Federal Communications Commission, the Federal Energy Regulatory Commission, the Department of Labor, and the Department of Commerce.

Compass Lexecon economists assist clients with public policy issues in areas including:

• Strategic Planning • Program Evaluation • Regulatory and Policy Reform • Analysis of Proposed Legislation • Tort Liability • Forecasting • Public Finance

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REGULATORY INVESTIGATIONS When facing a lengthy, comprehensive inquiry, enlisting a team of experts with the resources and staying power to deal with complicated and protracted issues is critical. Compass Lexecon is routinely engaged by clients facing investigations and ongoing regulatory compliance issues. We also are regularly called upon by regulators to assist in conducting investigations and examinations on their behalf. Our economists have investigated allegations of futures and securities market manipulation, insider trading, tax fraud and economic substance, internal fraud, accounting fraud, and unauthorized trading activities.

Having been retained both by the government and by clients dealing with government investigations, we have developed a reputation for offering dispassionate and independent advice valued by all parties. Leveraging our extensive IT knowledge and resources, we have the unique capability to process and make sense of large data sets. With an understanding of various institutions’ information technology systems, we can conduct the extensive, detailed empirical analyses that particular regulatory problems often necessitate.

Compass Lexecon counts among our professionals a number of experts with previous experience as regulators. Combining academic expertise with practical experience in the trenches, our professionals have worked at the Department of Justice, the Federal Reserve System, and the Securities and Exchange Commission.

Compass Lexecon professionals have assisted with investigations involving the Commodity Futures Trading Commission, Department of Justice, Federal Energy Regulatory Commission, Internal Revenue Service, and Securities and Exchange Commission. In addition to our U.S. engagements, we have also been retained on cases involving European regulatory bodies, such as the U.K. Financial Services Authority.

Our experience in this area includes assisting clients and regulators with investigations and analyses of issues such as the following:

• Financial Market Manipulation • Insider Trading • Tax Fraud and Economic Substance • Internal Fraud • Accounting Fraud • Internal Controls • Unauthorized Trading Activity

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SECURITIES & FINANCIAL MARKETS Compass Lexecon pioneered the application of the modern theory of finance to issues relating to securities fraud, insider trading, market manipulation, and other forms of securities litigation. We are a leader in the use of statistical methods in securities litigation.

Compass Lexecon’s economists provide consulting assistance and testify regularly in securities cases on issues relating to market efficiency, causation, materiality, class certification, and damages.

We provide consulting assistance and testimony in tax litigation on issues relating to economic effects, economics substance, risk management, transfer pricing, and valuation. Our economists have authored articles on the use of financial economics in securities litigation that have been cited favorably by numerous courts, including the U.S. Supreme Court. Compass Lexecon has been retained in matters in the U.S. and Canada as well as in Europe, Asia, South America, Australia, and New Zealand.

Compass Lexecon has been involved in some of the most prominent issues facing corporate America in recent years including:

• Mutual Fund Market Timing • Options Backdating • IPO Allocations • Contested Mergers • Class Action Litigation Brought Under Securities Laws • Class Action Litigation Brought Under ERISA – Compass Lexecon originated the concept of analyzing data on participant holdings and transactions in company stock funds to evaluate potential conflicts between class members that are relevant to class certification.

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SPORTS In matters relating to sports, Compass Lexecon economists combine deep antitrust experience with extensive knowledge of labor economics. Our experts are uniquely positioned to bring analytical skills and economic tools to bear on all aspects of sports-related antitrust, competition, and valuation issues encompassing players, tournaments, team movements, TV rights, and sports memorabilia/collectibles.

Clients have enlisted our expertise in matters involving a variety of sports-related issues, including the alleged monopolization of the post-season college basketball market; disputes about the value of regional sports networks to distributors; and the question of whether restrictions on the number of scholarships offered by colleges limited competition in a labor market.

Our experts have also conducted research on sports-related issues, including assessing the financial performance of athletic departments at Division I schools, the financial impact of switching from Division II to Division I, and potential changes in revenue associated with athletic expenditures by colleges and universities.

Compass Lexecon economists provide clients with expert testimony (both in court and in arbitration), regulatory support, and consulting and policy research in sports-related matters in areas including:

• Class Certification • Market Definition • Price Fixing • Monopolization and Abuse of Dominant Position • Exclusionary Conduct • Damages • Asset Valuation

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TELECOMMUNICATIONS In the rapidly changing communications environment, independent, reliable economic analysis is fundamental to address the complex business and regulatory matters and regulations involving the telecommunications and media industries. Compass Lexecon performs a wide variety of economic analyses related to voice and data services, the Internet, fiber-optic networks, telecommunications equipment, and other areas. Our work in these matters involves the evaluation of mergers and acquisitions, intellectual property analysis, the pricing of network interconnection and network elements, the evaluation of the impact of new products and services on consumer welfare, and the estimation of damages. Our experts have presented their analyses in state and federal courts and before the Federal Communications Commission, the Department of Justice, and a wide variety of state regulatory commissions.

Compass Lexecon has telecommunications and media expertise in a broad range of areas, including:

• Antitrust – Compass Lexecon has performed a wide variety of antitrust analyses related to

telecommunications and media. We have provided critical analysis of mergers and acquisitions as well as private antitrust actions involving telecommunications, wireless services, and regulatory obligations.

• Civil Litigation – Compass Lexecon economists have been involved in a variety of civil lawsuits

related to telecommunications and media. These cases include private antitrust suits, breach of contract issues, and estimation of damages.

• Intellectual Property – Compass Lexecon has been involved in intellectual property proceedings

such as patent, trade, copyright, and royalty cases as well as licensing negotiations and strategy.

• Mergers and Acquisitions – Compass Lexecon has been involved in many of the largest and

most influential mergers in the telecommunications industry, including the AT&T-BellSouth, SBCAT&T, Verizon-MCI, SBC-Ameritech, Bell Atlantic-GTE, and Qwest-US West mergers. Compass Lexecon also provides analyses of the antitrust implications of mergers being considered by potential acquirers.

• Regulatory Proceedings – Compass Lexecon has been involved in regulatory proceedings

at all levels, including presenting before the Federal Communications Commission and state regulatory commissions. These proceedings have involved such matters as cost calculations, pricing, Section 271 applications, spectrum allocations and regulation, ownership requirements, and many other regulatory issues.

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TRANSPORTATION With deep economic expertise, particularly in antitrust issues, combined with transportation industry experience, we apply sophisticated methods to evaluate relevant markets, competitive effects, and potential damages in cases involving the airline, automobile, trucking, ocean shipping and railroad industries.

Compass Lexecon economists have evaluated the competitive impact of many mergers and alliances in the airline industry using complex data and analytics. We have used cutting-edge econometric techniques to analyze the costs and benefits of domestic airline mergers to determine whether those mergers would be pro-competitive or anti-competitive and have presented our economic analyses to the U.S. Department of Justice and in federal court. We have analyzed the competitive impact of granting antitrust immunity to international airline alliances. We also have assisted with price-fixing investigations and litigation concerning the setting of air cargo rates and fuel surcharges.

With extensive experience in the rail industry, both in the U.S. and abroad, we have been involved in a number of high-profile railroad mergers, providing competitive and cost-saving analyses and evaluating claims by specific shippers. Compass Lexecon has been retained on antitrust cases involving railroads, including price-fixing allegations for the transportation of bulk chemicals on tanker ships, and in fuel surcharge antitrust litigation. The breadth of our railroad experience makes us uniquely qualified to testify in rate cases and stand-alone cost proceedings. We also have provided policy testimony in hearings before Congress and the STB and regularly present seminars on the railroad industry for regulators. When a matter calls for in-depth knowledge of rail costing or engineering, we have the unique ability to call upon our colleagues at FTI Consulting Network Industries Strategies for assistance with quantitative analysis.

Compass Lexecon aviation experts provided independent expert testimony and analysis throughout the Chapter 11 restructurings of United Air Lines, Delta Air Lines, Northwest Airlines, US Airways, Atlas, Comair and Mesaba. Our experts have testified on behalf of the debtors in U.S. Bankruptcy Court during numerous Section 1113(c), 1113(e) and Section 1114 hearings.

Compass Lexecon aviation experts have provided independent expert testimony and litigation support for numerous airlines in labor arbitrations, Presidential Emergency Boards and in Federal Court. Our aviation experts have unparalleled experience at analyzing issues related to scope clause challenges, labor productivity and costing and statistical analyses of potential job actions.

We have experience addressing the following areas for the transportation industry:

• Antitrust Litigation • Mergers and Acquisitions • Price Fixing • Damages • Valuation • Regulatory Work

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VALUATION & FINANCIAL ANALYSIS Valuation is integral to most of the matters with which Compass Lexecon is involved, from litigation and other disputes to mergers and acquisitions. Compass Lexecon stands apart from other valuation professionals in our use of market evidence, such as the contemporaneous actions and analyses of market participants, in valuation exercises.

Taking an economic approach to valuation, Compass Lexecon economists are proficient in the full spectrum of standard valuation methods, including discounted cash flow analysis models and comparable company/comparable transaction methodologies. Because of our expertise in using market evidence, Compass Lexecon economists have the ability to provide insight in cases where standard valuation methods may be less appropriate.

We understand that, while valuation frequently involves judgments and assumptions, improper (or incomplete) assumptions can lead to improper valuations. Reasonable and appropriate assumptions must be based on careful economic analysis and the systematic review of available evidence. Our economists test assumptions against market evidence and, where possible, compare findings from valuation models against any and all market evidence as a check on our conclusions.

Our economists have testified or advised clients on valuation issues in a range of matters, including:

• Disputes Concerning the Value of Interests in Privately Held Companies • Solvency • Fraudulent Conveyance • Viability of Proposed Plans of Reorganization • Transfer Pricing • Appraisals and Entire Fairness Disputes

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PROFESSIONALS Compass Lexecon’s staff includes more than 325 professional consultants, analysts, and practice support personnel including Nobel Prize winners and former chief economists at the Department of Justice’s antitrust division. In addition to our full-time professional staff, Compass Lexecon maintains affiliate relationships with distinguished academics. An affiliate is a nonemployee independent contractor who under certain circumstances may pursue commercial engagements outside Compass Lexecon.

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DANIEL R. FISCHEL Chairman and President Daniel Fischel’s areas of expertise are securities, corporation law, regulation of financial markets, and the application of the economics of corporate finance to problems in these areas.

He has been cited by state and federal courts at all levels including the United States Supreme Court. Fischel has given expert testimony on numerous occasions in federal and state courts, before arbitration panels, and in regulatory proceedings in the areas of securities, commodities, corporation law, regulation of financial markets, and the application of the economics of corporate finance. He was, for example, the principal damages witness for the United States Department of Justice in a series of breach of contract cases involving over $100 billion, commonly called the Winstar cases. Fischel has published widely in books and scholarly journals. His article “Use of Modern Finance Theory in Securities Fraud Cases Involving Actively Traded Securities,” Business Law 1 (1982), is the seminal article describing the application of financial economics to securities fraud litigation. He is also co-author of The Economic Structure of Corporate Law with Judge Frank H. Easterbrook. He is the Professor of Law and Business at Northwestern University School of Law and Kellogg School of Management (by courtesy) and the Lee and Brena Freeman Professor of Law and Business, Emeritus at the University of Chicago.

JONATHAN M. ORSZAG Senior Managing Director Jonathan Orszag is a Senior Managing Director and member of the Executive Committee of Compass Lexecon, LLC, an economic consulting firm. As a consultant, Orszag has conducted economic and financial analysis on a wide range of complex issues in antitrust, regulatory, policy, and litigation matters for corporations and public-sector entities. These engagements have involved a wide array of mergers and other economic matters in various markets, such as the sports, media, telecommunications, financial services, and high-tech industries. He has testified before the United States Congress, U.S. and international courts, the European Court of First Instance, and U.S. and international regulatory authorities on competition and economic policy issues.

In 2004, Orszag was named by the Global Competition Review as the youngest member of “the world’s 40 brightest young antitrust lawyers and economists” in its “40 under 40” survey. In 2006, the Global Competition Review named Orszag as one of the world’s “Best Young Competition Economists.” Since 2007, Orszag has been named one of the foremost competition economists in The International Who’s Who of Competition Economists.

Prior to entering the private sector, Orszag served as the Assistant to the U.S. Secretary of Commerce and Director of the Office of Policy and Strategic Planning. In this capacity, Orszag was the Secretary of Commerce’s chief policy adviser and was responsible for coordinating the development and implementation of policy initiatives, from telecommunications issues to international trade issues. Previously, Orszag served as an Economic Policy Advisor on President Clinton’s National Economic Council. In 1999, the Corporation for Enterprise Development awarded Orszag its leadership award for “forging innovative public policies to expand economic opportunity in America.”

Orszag also serves as a Senior Fellow at the Center for American Progress and a Fellow at the University of Southern California’s Center for Communication Law & Policy. He is a member of the board of directors of JMP Group, Inc. (NYSE: JMP) and the Tiger Woods Foundation Board of Governors.

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Orszag received a M.Sc. from Oxford University, which he attended as a Marshall Scholar. He graduated summa cum laude in Economics from Princeton University, was elected to Phi Beta Kappa, and was named a USA Today All-USA College Academic Team. He is also a graduate of Phillips Exeter Academy.

Orszag has two Cavalier King Charles Spaniels (Fenway and Lincoln). Orszag is an avid golfer and a lifelong Boston Red Sox and New England Patriots fan.Jorge Padilla

JORGE PADILLA Senior Managing Director and Head of Compass Lexecon Europe Jorge Padilla is a Senior Managing Director and Head of Compass Lexecon Europe.

Previously the European Chief Executive Officer at LECG, Dr. Padilla advises clients on a variety of competition policy and intellectual property issues, covering a wide range of industries, including electricity, entertainment, media, retailing, technology, telecommunications and transportation. He has advised on various cases and given expert testimony before the Cypriot, Dutch, French, German, Irish, Italian, Portuguese, Spanish, and UK competition authorities, as well as in cases before the European Commission. Dr. Padilla has also submitted written testimony to the European Court of First Instance and the UK Competition Appeals Tribunal in state aid, cartel, merger control and abuse of dominance cases. He has also given expert testimony in various civil litigation (damages) and international arbitration cases.

Dr. Padilla earned M.Phil. and D.Phil. degrees in Economics from the University of Oxford.

He is a research fellow of the Centre for Economic Policy Research (CEPR, London) and the Centro de Estudios Monetarios y Financieros (CEMFI), and is or has been member of the editorial boards of Competition Policy International, the Review of Economic Studies, the Spanish Economic Review and Investigaciones Econ贸micas (which he directed for more than three years).

Dr. Padilla has written several papers on competition policy and industrial organization in the Antitrust Bulletin, the Antitrust Law Journal, the Boston University Journal of Science and Technology Law, the Economic Journal, the European Competition Law Review, the European Economic Review, the Fordham International Law Journal, the International Journal of Industrial Organization, the Journal of Competition Law and Economics, the Journal of Economics and Management Strategy, the Journal of Economic Theory, the RAND Journal of Economics, the Review of Financial Studies, the University of Chicago Law Review, and World Competition. He is also co-author of The Law and Economics of Article 82 EC, Hart Publishing, 2006.

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JONATHAN B. BAKER Senior Consultant (Affiliate) Jonathan B. Baker joined Compass Lexecon as a Senior Consultant and a member of our Advisory Committee. Baker is Professor of Law at American University’s Washington College of Law, where he teaches courses primarily in the areas of antitrust and economic regulation.

From 2009 to this past summer, Professor Baker served as the Chief Economist at the Federal Communications Commission. In addition, from 1995 to 1998, Baker served as the Director of the Bureau of Economics at the Federal Trade Commission. Previously, he had worked as a Senior Economist on the President’s Council of Economic Advisers, Special Assistant to the Deputy Assistant Attorney General for Economics in the Antitrust Division of the Department of Justice, an Assistant Professor at Dartmouth’s Amos Tuck School of Business Administration, an Attorney Advisor to the Acting Chairman of the Federal Trade Commission, and an antitrust lawyer in private practice. He is a co-author of an antitrust casebook, a past Editorial Chair of the Antitrust Law Journal, and a past member of the Council of the American Bar Association’s Section of Antitrust Law. Professor Baker has published widely in the fields of antitrust law and policy and industrial organization economics.

In 2004, he received American University’s Faculty Award for Outstanding Scholarship, Research, and Other Professional Accomplishments, and in 1998 he received the Federal Trade Commission’s Award for Distinguished Service. He has a J.D. from Harvard and a Ph.D. in Economics from Stanford University.

DENNIS W. CARLTON Senior Managing Director Dennis W. Carlton is the Katherine Dusak Miller Professor of Economics at the Booth School of Business at the University of Chicago where he teaches in the Business School, Law School and Economics Department. His teaching and research centers on microeconomics, industrial organization, and antitrust. He has published more than 100 articles and two books, including one of the leading textbooks in industrial organization. He is the co-editor of The Journal of Law and Economics and serves on the Editorial Board of Competition Policy International, and on the advisory board of The Journal of Competition Law and Economics.

In addition to his academic credentials, Carlton recently served as the Deputy Assistant Attorney General in the Antitrust Division of the Department of Justice. He also served as the sole economist on the recent Antitrust Modernization Commission, a Congressional commission that published its findings in 2007. Carlton is a Senior Managing Director of Compass Lexecon.

He has served as an expert in numerous domestic and foreign cases involving issues in antitrust, contract damages, regulation, and intellectual property in industries ranging from telecommunications, energy, airlines, railroads, insurance, computers, credit cards, chemicals, organized exchanges to automobiles. He has also served as a consultant for the Department of Justice and Federal Trade Commission on cases and general antitrust policy, and as an advisor to the Department of Justice and FTC in the revision of the Merger Guidelines. He lectures frequently on antitrust issues.

Carlton earned his Ph.D. in Economics in 1975 from MIT, his M.S. in Operations Research from MIT in 1974, and his A.B. (summa cum laude) in 1972 from Harvard College, where he majored in Applied Mathematics and Economics and was a member of Phi Beta Kappa.

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BRADFORD CORNELL Senior Consultant (Affiliate) Dr. Bradford Cornell is a Visiting Professor of Financial Economics at Caltech and a Senior Consultant and Advisory Committee member at Compass Lexecon. He previously served as a Senior Consultant at Charles River Associates from 1999-2011. Prior to joining the Caltech faculty, Dr. Cornell was the Bank of America Professor of Finance at the Anderson Graduate School of Management, University of California, Los Angeles, where he taught for 26 years. He was also the founder of FinEcon, a financial economic consulting firm that merged with CRA in 1999.

In his academic capacity, Professor Cornell has published approximately 100 peer reviewed articles on a wide variety of financial topics. He is also the author of Corporate Valuation: Tools for Effective Appraisal and Decision Making, published by Business One Irwin, and The Equity Risk Premium and the Long-Run Future of the Stock Market, published by John Wiley. Professor Cornell has served as an associate editor of numerous academic journals including Journal of Finance, Journal of Financial Economics, Financial Analysts Journal, and the Journal of Portfolio Management. He is a past Director and Vice‐President of the Western Finance Association and a past Director of the American Finance Association. He has won a wide variety of awards for his research including the Graham and Dodd Award from the Financial Analysts Society in 2006 and 2010 and the Bernstein/Fabozzi Award from the Journal of Portfolio Management in 2010.

As a consultant, Professor Cornell is one of most experienced expert witnesses in the field of complex financial litigation working with Fortune 100 companies and the leading law firms that advise them as well as various agencies of the United States Government. Since 1984, Professor Cornell has provided testimony and expert analysis in many of the largest and most widely publicized finance related cases in the United States. Virtually all of the corporate matters in which Professor Cornell provided assistance involved director level decision making on issues including mergers and acquisitions, accounting and auditing, and reporting and corporate governance.

Professor Cornell’s public service activities include writing articles for the Wall Street Journal and the Los Angeles Times as well as lecturing to a wide variety of civic groups on subjects ranging from personal finance to the causes of the recent financial crisis. Following the collapse of Communism, Professor Cornell was one of the original instructors at the U.S. Business School in Prague. He has provided pro bono financial consulting to a number of local government organizations, including the City of Los Angeles.

Professor Cornell was a member o f the Board of Directors of Forms Engineering Company from 1976 to 1997 and the Kellow‐Brown Company from 1980 to 1990. From 1985 until 2008, he served as a member of the Pension Policy Board of the Aerospace Corporation. He enjoys competing in senior golf tournaments and bicycle races.

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CHRISTOPHER L. CULP Senior Advisor (Affiliate) Christopher Culp is an expert on structured finance, derivatives, structured insurance, credit risk and credit markets, and risk management. He provides advisory consulting services and testimonial expertise on issues such as credit and capital market conditions, derivatives valuation and use, risk measurement, clearing and settlement, and structured credit products (e.g., collateralized debt obligations, asset-backed securities, auction-rate securities, insurancelinked securities, asset-backed commercial paper programs). He authored Structured Finance & Insurance; Risk Transfer: Derivatives in Theory and Practice; The ART of Risk Management; and The Risk Management Process, and co-edited Corporate Aftershock: The Public Policy Lessons from the Collapse of Enron and Other Major Corporations (with William Niskanen) and Corporate Hedging in Theory and Practice (with Merton Miller).

Culp is an Adjunct Professor of Finance at The University of Chicago’s Booth School of Business, a visiting Professor at Université de Genève (Faculté des Sciences Economiques et Sociales, Section de Hautes Études Commerciales), and an Honorarprofessor at Universität Bern in the Institut für Finanzmanagement. He taught graduate-level courses on structured finance, insurance/reinsurance, and derivatives. He earned his Ph.D. with a concentration in Finance from The University of Chicago’s Booth School of Business and his B.A. in Economics from The Johns Hopkins University.

Culp is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

ROBERT F. ENGLE Academic Affiliate Robert Engle is the Michael Armellino Professor of Finance at New York University Stern School of Business. Professor Engle was awarded the 2003 Nobel Prize in Economics for his research on modeling the volatility of asset returns.

Dr. Engle is an expert in econometrics with a long-standing interest in financial markets. His statistical model and its generalizations have become indispensable tools for analysts of financial markets who use them in asset pricing and in evaluating portfolio risk. Professor Engle has consulted with several national and international financial institutions and has also provided expert testimony.

In addition, Professor Engle also serves as Director of the Volatility Institute at New York University Stern School of Business. The group’s purpose is to develop and communicate research on risks in financial markets and other topics in financial econometrics. He also serves as Director of the Society for Financial Econometrics (SoFiE), a global network of academics and practitioners dedicated to the study of financial econometrics.

Dr. Engle holds a Ph.D. in Economics and an M.S. in Physics from Cornell University.

Dr. Engle is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

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ALLEN FERRELL Academic Affiliate Allen Ferrell, an economist with a Ph.D. from MIT (fields in econometrics and finance) and a JD from Harvard Law School, is the Greenfield Professor of Securities Law at Harvard Law School.

He is also a faculty associate at the Kennedy School of Government, a research associate at the European Corporate Governance Institute, a fellow at Columbia University’s Program on the Law and Economics of Capital Markets, and a member of the ABA Task Force on Corporate Governance. He has served in the past on the Board of Economic Advisors to the Financial Industry Regulatory Authority (FINRA) and as an academic fellow at FINRA. He has published widely in the area of empirical law and finance with a focus on securities regulation, securities damages, and corporate governance.

He has extensive consulting and testimonial experience in the area of empirical finance, including numerous cases involving securities litigation issues (damages, loss causation, materiality), valuation issues, and corporate governance.

Allen Ferrell is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

RICHARD GILBERT Senior Consultant (Affiliate) Richard Gilbert is Emeritus Professor of Economics and Professor of the Graduate School at the University of California at Berkeley. He was Chair of the Department of Economics at Berkeley from 2002 to 2005 and is currently Chair of the Berkeley Competition Policy Center.

From 1993 to 1995 he was Deputy Assistant Attorney General in the Antitrust Division of the U.S. Department of Justice where he led the effort that developed joint Department of Justice and Federal Trade Commission Antitrust Guidelines for the Licensing of Intellectual Property.

Before serving in the Department of Justice, Professor Gilbert was the director of the University of California Energy Institute and Associate Editor of The Journal of Industrial Economics, The Journal of Economic Theory, and The Review of Industrial Organization. He is a past president of the Industrial Organization Society. Professor Gilbert’s research specialties are in the areas of competition policy, intellectual property, and research and development. He has lectured widely and testified in proceedings before state and federal courts, regulatory commissions, the California Legislature, and the U.S. Congress. Professor Gilbert holds a Ph.D. in Engineering-Economic Systems from Stanford University and B.S. and M.S. degrees in Electrical Engineering from Cornell University.

Richard Gilbert is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

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MARGARET E. GUERIN-CALVERT Senior Consultant Margaret Guerin-Calvert, a founding director of Compass Lexecon (formerly, Competition Policy Associates), is a Senior Consultant to Compass Lexecon and a member of the Advisory Committee. She is also President of FTI Consulting’s Center for Healthcare Economics and Policy (a separate business unit in FTI Consulting’s Economics Consulting Practice).

She has an active practice before federal and international antitrust agencies and in litigation, including class certification, damages, health care, and network industries. She has been involved in numerous merger reviews in regulated, service, and manufacturing industries and in various non-merger matters, including damages. She has served as an expert witness in the U.S., Canada, New Zealand, and Europe; including as economic expert in healthcare litigation, financial services, airlines and CRS. She served as the expert witness for Arch Coal in the merger challenge by the FTC. She was formerly Principal at Economists Incorporated and Assistant Chief of the Economic Regulatory Section at the Antitrust Division, U.S. Department of Justice. At the Antitrust Division, she served as Chair of the Inter-agency Task Force on Bank Competition and worked on the 1993 Health Care Policy Statements. She also served as Economist at the Federal Reserve Board and as adjunct lecturer at Duke University’s Institute of Policy Sciences.

She has testified before the FTC and/or DOJ on B2Bs, intellectual property, healthcare, and Merger Guidelines and before Congress on banking, and has written extensively on network industries, healthcare, banking, and coordinated effects. Among other publications, she coauthored “Assessment of Cost Trends and Price Differences for U.S. Hospitals,” authored “The Role of the Economist/Economics in ‘Proving’ Coordinated Effects,” Columbia Business Law Review, co-edited “Electronic Services Networks: A Business and Public Policy Challenge,” and authored “Coordinated Effects Analysis: Cruise Line Mergers,” in J. Kwoka Jr. and L. White, eds. The Antitrust Revolution.

She is former ABA Section of Antitrust Law Council member, former Chair of Exemptions and Immunities Task Force and of the Membership and Equal Opportunity Committee, former CoChair of the Economics Task Force, and member of the Section of Antitrust Law International Task Force.

JOSEPH P. KALT Senior Economist Joe Kalt is Senior Economist with Compass Lexecon and is based in Boston, Massachusetts and Tucson, Arizona. He is also the Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University and a Visiting Professor at The University of Arizona. He is a world-renowned expert on antitrust economics and regulated industries, with special emphasis on the energy, natural resource, transportation, and communications sectors. His publications include: The Economics and Politics of Oil Price Regulation; Drawing the Line on Natural Gas Regulation (with Frank C. Schuler); Petroleum Price Regulation: Should We Decontrol? (with Kenneth Arrow); and New Horizons in Natural Gas Deregulation (with Jerome Ellig). Professor Kalt has testified frequently before the U.S. Congress, federal and state regulatory commissions and in state and federal legal proceedings on matters of competition policy, mergers and industry regulation. In addition, he has consulted and published widely in the area of natural resource economics and policy, the political economy of regulation, and economic development.

Professor Kalt is also co-director of the award-winning Harvard Project on American Indian Economic Development. He is a principal author of the Harvard Project’s The State of the Native Nations and co-editor with Stephen Cornell of What Can Tribes Do? Strategies and 37

Institutions in American Indian Economic Development. Since 1987, the Harvard Project has worked for and with indigenous governments, enterprises, organizations and communities world-wide, providing research, advisory services and executive education on issues of nation building and economic development.

Professor Kalt joined the faculty at Harvard in 1978. He has served as the Kennedy School’s academic dean for research, chair of degree programs, chair of Ph.D. programs, and chair of the economics and quantitative methods section. He is a member of the board of directors of the Sonoran Institute, a member of the National Advisory Council of the Big Sky Institute, and a member of the boards of trustees of the Fort Apache Heritage Foundation of the White Mountain Apache Tribe (Arizona) and The Communications Institute. He served as advisor to Canada’s Royal Commission on Aboriginal Peoples, a commissioner on the President’s Commission on Aviation Safety, and on the Steering Committee of the National Park Service’s National Parks for the 21st Century.

Professor Kalt received his Ph.D. and M.A. in Economics from the University of California at Los Angeles, and his B.A. in Economics from Stanford University.

DANIEL M. KASPER Senior Consultant (Affiliate) Dan Kasper joined Compass Lexecon in its Boston office. He was previously Managing Director and founder of LECG, LLC’s Cambridge, MA office. Dan has frequently served as an expert witness on a range of economic and competitive issues in the aviation and broader transportation industries, including mergers, code-sharing, alliances, alleged anti-competitive practices, airline bankruptcies, and damages as well as Presidential Emergency Boards and other significant labor disputes. He has also served as a consultant on transportation industry matters to the US Departments of Transportation, State and Defense.

Prior to LECG, he headed the National Transportation Industry Program at Coopers and Lybrand Consulting. He was also one of 15 appointed Members of the US National Airline Commission in 1993. He previously held several high level positions at the US Civil Aeronautics Board, including Director of International Aviation, where he led US government’s efforts to deregulate international air service markets.

Earlier in his career, Dan served on the faculties of the Harvard Business School and the University of Southern California. He has authored two books as well as numerous articles, case studies and research papers on various transportation and public policy issues. He holds MBA and J.D. degrees from the University of Chicago.

Dan Kasper is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

MICHAEL L. KATZ Senior Consultant (Affiliate) Michael L. Katz holds the Sarin Chair in Strategy and Leadership at the University of California, Berkeley’s Haas School of Business. He is a four-time finalist for the Earl F. Cheit award for outstanding teaching and has won it twice. Dr. Katz served as Deputy Assistant Attorney General for Economic Analysis in the Antitrust Division of the U.S. Department of Justice from September 2001 through January 2003. He directed a staff of approximately fifty-five economists and oversaw the analysis of economic issues arising in both merger and nonmerger enforcement.

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Dr. Katz also served as former Chief Economist of the Federal Communications Commission from January 1994 through January 1996. He participated in the formulation and analysis of policies toward all industries under Commission jurisdiction, including broadcasting, cable, telephone, and wireless communications.

Dr. Katz has published numerous articles on the economics of networks industries, intellectual property, telecommunications policy, and antitrust enforcement. He is a member of the editorial boards of Information Economics and Policy, The Journal of Economics & Management Strategy, and The Journal of Industrial Economics.

Dr. Katz holds an A.B. summa cum laude from Harvard University and D.Phil. from Oxford University. Both degrees are in Economics.

Dr. Katz is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

BENJAMIN KLEIN Senior Consultant (Affiliate) Benjamin Klein is a Senior Consultant and member of Compass Lexecon’s Advisory Committee.

He also is Professor Emeritus of Economics at UCLA. Over the past 25 years, Dr. Klein has consulted extensively on antitrust issues and has made numerous presentations to state, federal and foreign regulatory agencies and courts. A Professor of Economics at UCLA since 1968, he has taught at the Economics Institute for Federal Judges and has served as a consultant to the U.S. Federal Trade Commission and the Antitrust Division of the U.S. Department of Justice.

Dr. Klein has published widely on antitrust, contract and intellectual property issues, making landmark economic contributions in the area of vertical restraints and the economics of the firm. His work has appeared in leading journals including the American Economic Review, the Journal of Political Economy, the Journal of Law and Economics, the Antitrust Law Journal and the Supreme Court Economic Review. Dr. Klein received a B.A. in 1964 from the City University of New York and an M.A. in 1966 and Ph.D. in 1970 from the University of Chicago. He has held visiting appointments at the University of Washington, the National Bureau of Economic Research and the University of Chicago Law School.

Benjamin Klein is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

KENNETH M. LEHN Senior Consultant (Affiliate) Kenneth M. Lehn is a Senior Consultant with Compass Lexecon. He also is the Samuel A. McCullough Professor of Finance in the Katz Graduate School of Business of the University of Pittsburgh and a Professor of Law in the School of Law at the University of Pittsburgh. Dr. Lehn served as chief economist of the U.S. Securities and Exchange Commission from 1987 to 1991.

Dr. Lehn’s expertise focuses on topics in corporate finance, including mergers and acquisitions, corporate governance, and capital structure. In addition, he has written on topics relating to the economics of professional sports. Dr. Lehn has published in leading academic journals, including the Journal of Financial Economics, Journal of Finance, Journal of Political Economy, American Economic Review, and Journal of Law and Economics. Dr. Lehn is a founding editor of the Journal of Corporate Finance. He serves on the Shadow Financial Regulatory Committee at the American Enterprise Institute. He has served as a consultant for numerous firms and 39

government agencies, including JPMorgan Chase & Co., Lehman Brothers, The Walt Disney Company, Marriott International, Inc., Procter & Gamble, AT&T Wireless, the National Hockey League, the U.S. Department of Justice, and the U.S. Securities and Exchange Commission.

Dr. Lehn’s previous consulting experience was primarily with Cornerstone Research. In addition, he has taught at Washington University, UCLA, Miami University, and the Georgetown University Law Center and has won numerous teaching awards. He holds a Ph.D. in Economics from Washington University and an M.A. in Economics from Miami University.

Dr. Lehn is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

DOUG LICHTMAN Senior Consultant (Affiliate) Doug Lichtman is a tenured professor of law at UCLA. He joined the faculty in 2007, having spent the previous ten years teaching and writing at the University of Chicago. His areas of specialty are patent and copyright law, although he also covers a variety of more general issues pertaining to technology firms and the Internet. Lichtman’s academic work has been featured in journals including the Journal of Law & Economics, the Yale Law Review, and the Harvard Business Review. He writes for mainstream publications like the Wall Street Journal and the Los Angeles Times. In addition to his academic pursuits, Mr. Lichtman maintains an active consulting practice, advising Fortune 100 clients on the economics of patent and copyright strategy. He also hosts a popular monthly audio news magazine at www.ipcolloquium.com.

His previous consulting experience was with LECG. Professor Lichtman has undergraduate degrees in Electrical Engineering and Computer Science from Duke University, and a J.D. from Yale Law School.

Doug is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

DAVID K. A. MORDECAI Senior Advisor (Affiliate) David K. A. Mordecai is an expert on fixed income securities and structured products, including over-the-counter derivatives (in particular fixed income and credit derivatives), complex insurance and reinsurance liabilities, as well as asset-liability and risk management models and practices. He provides advisory services and testimonial expertise on complex issues related to financial instrument valuation models and practices, risk management, trading, and hedging practices for OTC derivatives and structured products, as well as structured investment vehicles and derivative product companies, structured credit and correlation trading activities, and master swap and repurchase agreements and broker-dealer functions related to financing derivative trading, hedging, and (e.g. clearance and settlement). Formerly a senior executive at the leading insurance company, global reinsurance company, and the largest fixed income hedge fund, he was also a senior rating agency official, and within several global banks, over a period of ten years, specialized as a banker in credit analysis and the origination, structuring, and trading of leveraged loans for non-recourse project finance and highly leveraged transactions involving corporations and financial institutions.

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Dr. Mordecai has served as an advisor on systemic risk issues to the Federal Reserve, the IMF, and the Commodities and Futures Trading Commission (CFTC) and an advisor on hedge fund valuation issues to the International Organization of Securities Commissions (IOSCO). He has been a member of the Investment Advisory Committee of the New York Mercantile Exchange.

He is the founding Co-Chair of the International Association of Financial Engineers’ (IAFE) Liquidity Risk Committee, and actively served on the Steering Committee of their Investor

Risk Working Group on hedge fund and CTA disclosure issues as well as the IAFE Advisory Board. The founding Editor-in-Chief of the Journal of Risk Finance, a quarterly peer-reviewed research periodical, which addresses topics in financial risk intermediation, Dr. Mordecai remains a senior member of the journal’s advisory board (after its sale by Institutional Investor/ Euromoney to Emerald Publications). He has published numerous articles on topics related to hedge fund strategies, structured credit, and weather and insurance derivatives. He has also been an invited guest lecturer at Columbia University, at the Graduate Business School, the Engineering/Operations Research Division, and the School for Public Policy and New York University Courant Institute.

Dr. Mordecai earned a Ph.D. with concentrations in Economics/Industrial Organizations and Econometrics/Statistics from the University of Chicago Booth School of Business and an MBA in Finance from the NYU Stern School of Business. His doctoral research focused on the limits of arbitrage, and how market shocks trigger contagion via the financing of highly leveraged financial institutions during periods of extreme market volatility. His biography has been published in Who’s Who in the World, Who’s Who in America, and Who’s Who in Finance and Business (Formerly Who’s Who in Business and Industry).

Dr. Mordecai is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

JANUSZ A. ORDOVER Senior Consultant (Affiliate) Janusz A. Ordover is a Professor of Economics and a former Director of the Masters in Economics Program at New York University. He served as the Deputy Assistant Attorney General for Economics in the Antitrust Division of the U.S. Department of Justice under President George W. Bush. While at the Antitrust Division, Professor Ordover served on the White House de-regulation task force, guided economic analyses of antitrust enforcement and acted as a liaison between the Justice Department and various regulatory agencies. At the Division, he was one of the main drafters of the 1992 Horizontal Merger Guidelines. Professor Ordover served as an advisor to the Organization for Economic Cooperation and Development (OECD) in Paris, the World Bank, and the Inter-American Bank for Development on matters of privatization, regulation, international trade policy, and competition policy. He has advised the governments of Poland, Czech Republic, Russia, Hungary, Argentina, and others on regulation and competition matters, as well as on privatization strategies.

He has published many articles in economics and law journals on various antitrust issues, including predation, access to bottleneck facilities, vertical integration, as well as overlap between intellectual property rights and competition policy. He is a frequent lecturer on antitrust policy in the U.S. and abroad.

Professor Ordover has acted as a consultant to the Department of Justice, Federal Trade Commission, State Attorneys General, as well as corporations and law firms in the United States, Australia, New Zealand, South Africa, Poland, and Hong Kong. Some of his more recent private clients include US Airlines, Yahoo!, IBM, Oracle, Rio Tinto, Peabody Coal, Northwest Airlines, Carnival Cruise Lines, United Technologies, Hewlett Packard, AT&T, Exxon/Mobil, American Electric Power, Barnes and Noble, American Express, NASDAQ, Comcast, numerous movie studios and recording companies, various airlines, and divisions of Tyco. He was an expert witness in several important class certification matters including Allied Orthopedic Alliances v.

Tyco Health Group, In re Hydrogen Peroxide; and Rodney v. Northwest Airlines.

Professor Ordover has been voted “The Economist of the Year, 2010” in the poll organized by the Global Competition Review.

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DANIEL L. RUBINFELD Senior Consultant (Affiliate) Daniel Rubinfeld is the Robert L. Bridges Professor of Law and Professor of Economics at the University of California, Berkeley. He served from June 1997 through December 1998 as Deputy Assistant Attorney General for Antitrust in the U.S. Department of Justice. Rubinfeld is the author of a variety of articles relating to antitrust and competition policy, law and economics, and public economics, and two textbooks, Microeconomics, and Econometric Models and Economic Forecasts. He has consulted for private parties for a range of public agencies including the Federal Trade Commission, the Antitrust Division of the Department of Justice, and the State of California Attorney General. In the past he has been a fellow at the National Bureau of Economic Research (NBER), the Center for Advanced Studies in the Behavioral Sciences, and the John Simon Guggenheim Foundation. Rubinfeld teaches courses in law and economics, antitrust, and law and statistics, and is a member of the American Academy of Arts and Sciences and a research fellow at NBER. He is the past President of the American Law and Economics Association.

Rubinfeld is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

ATANU SAHA Senior Vice President and Head of New York Office Atanu Saha is a Senior Vice President and the Head of the New York Office. He has nearly 20 years of experience in the area of economic and litigation consulting. He specializes in the application of economics and finance to complex business litigation. He has provided expert testimony in numerous securities matters involving 10b-5 claims, valuation of investment portfolios, and commercial damages. In the area of antitrust economics, he has served as an expert in cases entailing market definition, vertical restraints, and price-fixing allegations.

Prior to joining Compass Lexecon, Dr. Saha held senior positions at other consulting firms.

Additionally, Dr. Saha was a tenure-track professor at Texas A&M University where he taught Ph.D.-level courses in econometrics and applied economics. Dr. Saha is the author of many refereed journal articles, monographs and book chapters. His published research has dealt with antitrust economics, financial economics, applied econometrics and statistics. His research has been cited in numerous publications, including The Wall Street Journal, The Economist, The New York Times, and The Chicago Tribune. He is the recipient of the prestigious Graham Dodd Award for financial research. Dr. Saha holds a Ph.D. from the University of California, Davis, and an M.A. from the University of Alberta, Canada.

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WALTER TOROUS Senior Consultant (Affiliate) Walter Torous joined Compass Lexecon in February 2012 as a Senior Consultant. Dr. Walter Torous is the Founding Director of the Ziman Center for Real Estate and serves as the Lee and Seymour Graff Professor of Finance at the UCLA John E. Anderson School of Management where he teaches managerial finance, real estate finance, and empirical methods in finance.

His research interests include the pricing of financial instruments (options, future, risky debt, mortgages), the reorganization of financially distressed firms, as well as statistical issues in finance. Dr. Torous previously taught at the University of Michigan, the London Business School, and MIT. Dr. Torous holds a Ph.D. in Economics from the University of Pennsylvania and a B.Math in Economics from the University of Waterloo.

Walter Torous is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

ROBERT D. WILLIG Senior Consultant (Affiliate) Robert Willig is Professor of Economics and Public Affairs at the Woodrow Wilson School and the Economics Department of Princeton University. Earlier, he was Supervisor in the Economics Research Department of Bell Laboratories. His teaching and research have specialized in the fields of industrial organization, government-business relations, and welfare theory. From 1989 to 1991, Dr. Willig served as Deputy Assistant Attorney General for Economics in the Antitrust Division of the U.S. Department of Justice, where he led the development of the 1992 Merger Guidelines. Dr. Willig is the author of Welfare Analysis of Policies Affecting Prices and Products, Contestable Markets and the Theory of Industry Structure (with William Baumol and John Panzar), and numerous articles, including Merger Analysis, IO Theory, and Merger Guidelines.

Dr. Willig is also co-editor of The Handbook of Industrial Organization, Can Privatization Deliver?

Infrastructure for Latin America and Second Generation Reforms in Infrastructure Services, and has served on the editorial boards of The American Economic Review, The Journal of Industrial Economics and the MIT Press Series on regulation. He is also an elected Fellow of the Econometric Society and an associate of The Center for International Studies. Dr. Willig has served as a consultant and advisor for the Federal Trade Commission and the Department of Justice on antitrust policy, for OECD, the Inter-American Development Bank, and the World Bank on global trade, competition, regulatory and privatization policy, and for governments of diverse nations on microeconomic reforms. He has advised many corporations on antitrust and regulatory issues, and on pricing, costing, and business organization.

Dr. Willig is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

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MANUEL A. ABDALA Senior Vice President Manuel A. Abdala has a Ph.D. in Economics from Boston University and is a Senior Vice President with Compass Lexecon. He was previously a Director at LECG since 1998, where he was co-chair of its international arbitration practice group. He has provided written and oral expert testimony in more than 85 international arbitration cases, many of them involving treaty disputes between private investors and governments on topics related to damage valuation, as well as opinions on government conduct vis-a-vis investors’ expectations and regulatory standards. He also has substantial experience in commercial arbitrations in shareholder disputes, property damages, and political risk insurance claims. He is currently a member of the Institute for Transnational Arbitration (ITA), the International Society of the New Institutional Economics (ISNIE) and has been engaged as guest professor at the International Arbitration Program in American University.

He has published extensively on topics covering infrastructure economic regulation, institutional design, utility privatization and valuation, industry structure, and competition policy. Dr. Abdala has completed projects on ex-post privatization analysis in several countries, including various research studies led by the World Bank. He has also served as key economic advisor to Argentina’s Secretariat of Energy on the energy sector reform that took place in the 1990s.

He has conducted numerous works and studies for private companies and public institutions related to business valuation, damage analysis, and regulatory analysis of infrastructure projects in several countries, including Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Dominican Republic, Ecuador, Egypt, El Salvador, Guatemala, Hungary, India, Italy, , Mexico, Netherlands, New Zealand, Paraguay, Peru, the Philippines, Poland, Puerto Rico, Russia, Senegal, South Korea, Spain, Trinidad and Tobago, Turkey, the United States, the United Kingdom, Ukraine, Uruguay, and Venezuela.

GUSTAVO E. BAMBERGER Senior Vice President Gustavo Bamberger’s areas of expertise include industrial organization and applied microeconomics. He has extensive experience in the economics of antitrust, merger analysis, regulated industries, damage analysis and the evaluation of asbestos liabilities. Bamberger has conducted and participated in economic studies of numerous industries, including airlines, pharmaceuticals, telecommunications, cable and satellite TV, insurance, payment systems, health care, education, and electric utilities. He has provided expert witness testimony to the U.S. Senate, the Federal Energy Regulatory Commission, the Federal Communications Commission, the International Trade Commission, the Department of Transportation, the Canadian Competition Bureau, the High Court of New Zealand, the New Zealand Commerce Commission, federal district and bankruptcy courts, various state regulatory agencies and arbitrators. Bamberger has published articles on the economics of airlines, higher education and vertical restrictions.

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ELISABETH A. BROWNE Senior Vice President Elisabeth A. Browne has over a decade of experience in financial analysis and litigation support working with clients, attorneys and experts in all phases of the litigation process. She has led teams in analyzing liability, causation and damages issues in intellectual property, corporate governance, executive compensation and breach of contract disputes, including several international arbitrations. She has worked on multiple high value cases in industries including financial institutions, internet and high technology, real estate, media and telecommunications, pharmaceuticals, and manufacturing.

Working with multiple experts in a wide variety of disciplines, Dr. Browne brings a synergistic and creative approach to complex disputes where there is often no single perfect expert. She works with attorneys and clients to consider possible strategies and approaches, including analysis of settlement options and arbitration/trial risk. She has expertise in modeling lost profits, unjust enrichment, reasonable royalties, expectancy and reliance damages, mitigation claims, injunction/irreparable harm issues, and apportionment issues.

Dr. Browne earned her Ph.D. in Engineering-Economic Systems in 1996 from Stanford University.

DUNCAN CAMERON Senior Vice President Duncan Cameron is a leading expert in antitrust, damage analysis and intellectual property. He has extensive experience in applying economic analysis to the competitive effects of mergers, joint ventures, vertical restraints, monopolization, tying, price fixing, price discrimination, market definition, damage assessment, breach of contract, securities fraud, patent infringement and regulatory matters. His analyses have covered a wide range of industries, including basic manufacturing (e.g. paper, mining, oil and gas, food processing and distribution, chemicals), high-tech manufacturing (e.g. aircraft and avionics, surgical and diagnostic equipment, precision optical equipment, computer hardware, software and peripherals) and services (e.g. professional sports, banking). Dr. Cameron has testified before Federal agencies, State and Federal courts, Competition Bureau Canada, and the European Commission in a number of these matters. In addition, he has provided economic advice in non-litigation matters related to business valuation, franchising, marketing, medical care cost containment, and corporate strategy.

Dr. Cameron has published papers on the proper treatment of vertical integration in antitrust analysis, market definition, the relationship between market share and market power, hospital mergers, and medical care cost containment. He is a Research Professor of Economics at the University of Utah and holds a Ph.D. in Economics from the University of California Los Angeles. Prior to joining Compass Lexecon (formerly COMPASS), Dr. Cameron served as a Managing Director at LECG and a Senior Vice President of Capital Economics. He has taught at UCLA, California State University Long Beach, George Mason University, and California State University Los Angeles.

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EUDALD CANADELL Senior Vice President Eudald Canadell is a Senior Vice President in the Madrid office of Compass Lexecon. He has spent most of his career working in the international regulatory and financial markets field. He holds a degree in Economics from the University of Barcelona and an M.Sc. in Economics from the University of Minnesota, where he specialized in Financial Economics and Econometrics, and taught (T.A) Managerial Economics and Microeconomics. He has also completed advanced management courses at several business schools including the prestigious INSEAD (AMP 2008).

Eudald was a Director at the Spanish Securities Regulatory Authority, where he was responsible for economic analysis and international relations, having intervened in the negotiation of several European directives in finance. Subsequently he was appointed Secretary General of IOSCO, a position he held for four years. During his tenure IOSCO developed and approved, among other policies, the first Principles for the Regulation and Supervision of Securities Markets (1998), adopted subsequently by the IMF to assess the quality of regulatory and supervisory systems around the world.

Eudald has also served as a senior executive at financial markets and international financial companies, including the Financial Derivatives Exchange in Spain (MEFF), and Standard & Poor’s Index Services, where he held the position of Managing Director for Europe during 6 years.

Eudald has lived and worked for many years in several different countries and cultures, providing him a broad international experience and outlook, including his mastering of four different languages (Spanish, English, French and CatalĂĄn), as well as a basic comprehension of Italian.

AMY BERTIN CANDELL Senior Vice President Amy Candell is a Senior Vice President with Compass Lexecon and is based in Boston, MA. For over fifteen years, Dr. Candell has applied microeconomic theory and econometric modeling to complex business problems. She has advised clients and provided expert testimony on antitrust economics, competitive analysis, and regulatory policy. She has conducted market analyses, measured damages, and analyzed regulation in a number of industries, including railroads, metals, pipeline transportation, oil and natural gas. In the area of intellectual property, her assignments have included the valuation of copyrights, particularly in the area of music licensing.

For a wide variety of clients, Dr. Candell provides economic analysis and damages estimates in antitrust and business litigation. She has extensive experience in complex, data-intensive projects requiring modeling to assess economic arguments and to quantify potential damages.

She applies economic and statistical tools to analyze market structure, firm behavior, and competitive outcomes.

Dr. Candell has worked on many projects involving the network industries such as railroads and pipeline transportation. In the railroad industry, she has participated in the policy debates by providing in-depth analysis of the competitive effects of mergers and the economics of access regimes. In addition, she has analyzed rail transportation markets in market dominance proceedings, examined the economics of long-term contracts, and assessed productivity since deregulation. For other network industries including pipelines, natural gas LDCs and electricity, she has addressed a broad range of policy issues including performance-based ratemaking, unbundling of vertical integrated industries, and market structure.

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In the area of music licensing, Dr. Candell has extensive experience in cases involving the music and entertainment/media industries. She has participated in copyright and rate setting cases on behalf of broadcast and cable television, background music services, and Internet and digital radio. She has developed analyses to value copyrights for litigation and for negotiation.

Additionally, she has created statistically valid surveys to measure the use of music. She has also consulted on the valuation of copyrights of printed materials.

Dr. Candell holds a Ph.D. in Economics from Harvard University, an M.A. in Economics from Harvard University, and an S.B. in Economics from MIT.

JOSEPH CAVICCHI Senior Vice President Joe Cavicchi is a Senior Vice President with Compass Lexecon and is based in Boston, Massachusetts. His expertise is conducting economic analyses of US electricity markets.

In particular, he advises clients in Federal Energy Regulatory Commission matters, state regulatory proceedings, and arbitration and court proceedings. He files testimony, affidavits and expert reports supported by economic analyses.

Mr. Cavicchi’s work focuses extensively on analyzing the U.S. wholesale electricity markets and developing an in-depth understanding of the operations of the wholesale markets. His work involves market power screening, analyzing the competitive impact of mergers and acquisitions, power and fuel contract dispute analysis, power procurement analysis, and overseeing the application of complex analytical modeling to assess electricity system operations. Mr. Cavicchi combines extensive knowledge of wholesale market operations with general economic theory of contracting and electricity generation plant dispatch in order to provide companies with detailed analyses that can impact regulatory, business, and litigation decisions. He has been actively involved in the electricity industry both before and after its restructuring for a total of more than 20 years.

Prior to joining Compass Lexecon, Mr. Cavicchi was a staff mechanical engineer and a project manager at the Massachusetts Institute of Technology, overseeing the development, permitting, engineering, construction, and start-up of a $40 million, 20 megawatt gas turbinebased cogeneration facility at the Cambridge campus.

Mr. Cavicchi holds an S.M. in Technology Policy from MIT, an S.M. in Environmental Engineering from Tufts University and a B.S. in Mechanical Engineering from the University of Connecticut.

He is a registered professional engineer in the Commonwealth of Massachusetts and is fluent in Spanish.

MARY T. COLEMAN Senior Vice President Mary T. Coleman is a Senior Vice President with Compass Lexecon. Dr. Coleman previously served as the Deputy Director for Antitrust in the Bureau of Economics of the Federal Trade Commission from 2001 to 2004.

Dr. Coleman’s expertise focuses on competitive analysis of mergers and acquisitions as well as antitrust and intellectual property litigation and regulatory proceedings. Her case work has also included price fixing, predation, vertical restraints, foreclosure, tying, and exclusive dealing.

Dr. Coleman has testified before regulatory agencies in the U.S., Europe and Australia. Her experience covers a wide variety of industries including petroleum and natural gas, chemicals, consumer products, retailing, shopping malls, cable and broadband television, pharmaceuticals, medical devices, healthcare providers (including hospitals and physicians), telecommunications, and computer hardware and software.

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During her tenure at the FTC, she was instrumental in the efforts in the Bureau of Economics to increase the empirical content of antitrust investigations at the FTC. Dr. Coleman has published widely in academic journals including International Antitrust Bulletin, Global Competition Review, Industrial and Labor Relations Review, Trade Practices Journal, and Journal of Human Resources.

From 1990 to 1993, she held the title of Staff Economist at the FTC where she was the Lead Economist on the Commission’s investigation of Microsoft. Dr. Coleman holds a Ph.D. in Economics from Stanford University and a B.A. in Economics from Stonehill College.

JUSTIN COOMBS Senior Vice President Justin Coombs is a Senior Vice President in Compass Lexecon’s European Competition Policy practice. Justin has 20 years’ experience as an applied economist specializing in competition policy and economic regulation.

During his economic consulting career Justin has advised clients in cases before the UK Competition Commission, Office of Fair Trading, European Commission and numerous national competition authorities. He has provided expert reports to the Competition Appeal Tribunal and the European Union General Court. During his career he has given oral evidence at numerous Competition Commission hearings as well as before Parliamentary select committees.

Prior to his career as an economic consultant Justin was a Director at the Office of Fair Trading where he was in charge of the enforcement of UK and EC antitrust law in the service sector of the UK economy. During his career at the OFT, he advised on a wide range of competition policy cases and drafted many of the OFT’s guidelines on UK competition law, including its guidelines on market definition and abuse of dominance. Justin has also worked at Ofgem, the UK energy regulator, where he was the Director responsible for regulation of the gas and electricity transmission networks in Great Britain.

LORENZO COPPI Senior Vice President Lorenzo Coppi has over thirteen years of experience in the application of economics to competition law cases and regulation.

Having spent a number of years practicing in London and Washington, DC, Dr. Coppi has worked on a variety of EU, US, and UK mergers as well as on cases involving various allegations of anticompetitive practices under EU, US, and UK competition law, in litigation and regulatory settings.

Dr. Coppi’s analytic focus has been on merger analysis, State aid, market definition, assessment of market power, abusive pricing practices, and the market impact of cartels.

His sector expertise includes financial markets, various high technology industries, media and telecommunications, chemicals, retailing, beverage and distilled spirits industries, and several consumer goods industries.

Dr. Coppi’s merger experience includes several important cases: Procter & Gamble/Gillette; General Electrics/Instrumentarium; Hewlett Packard/Compaq; Bass/Interbrew; MCI-WorldCom/ Sprint. Dr. Coppi’s experience on anticompetitive practices include monopolization and abuse of dominance cases (e.g., ENI; Sun Microsystems v. Microsoft), as well as cartels (e.g. Rubber Chemicals; Hydrogen Peroxide). Dr. Coppi has also been involved in several State aid cases, especially involving the restructuring of financial institution as a result of the global financial crisis.

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Dr. Coppi is Visiting Professor at the College of Europe (Bruges), where he teaches Economics of Competition Law. He is also a frequent speaker at conferences and has published widely on the economics of competition law and regulation. Dr. Coppi holds a Ph.D. from the London School of Economics.

CHARLES C. COX Senior Vice President Charles Cox’s areas of expertise include securities and financial markets, industrial organization, and money and banking. Cox has testified as an expert witness in cases related to securities markets, class certification, valuation, damages, ERISA, accounting litigation, and corporate governance in federal and state courts, the U.S. Securities and Exchange Commission, arbitration panels, and congressional committees. He has consulted and directed studies on a variety of industries, including securities, banking, media, communications, insurance, and investment. His research focuses on the regulation of economic activity and the operation of financial markets. In addition, he has published numerous articles on financial markets and securities including publications in scholarly journals such as The Journal of Political Economy, The Journal of Money, Credit and Banking, and The Journal of Private Enterprise.

Prior to joining Lexecon in 1989, Cox served as commissioner (from 1983 to 1989) and acting chairman (in 1987) of the Securities and Exchange Commission. In those positions, he was responsible for enforcing and interpreting the federal securities laws. From 1982 to 1983, Cox was chief economist of the SEC, with responsibility for analyzing the economic effects of proposed rules and legislation and for evaluation of established SEC policy.

KEVIN F. DAGES Senior Vice President Kevin Dages is a CPA with extensive testimonial experience before Delaware Chancery, State and Federal courts. He has testified and directed litigation matters regarding securities fraud, valuation, mergers and acquisitions disputes, shareholder/management fraud, accounting, and general damages issues. Prior to joining Compass Lexecon (formerly Lexecon), Dages was a Principal at two litigation consulting firms (Chicago Partners and Fort Dearborn Partners) and a Vice President and Director of Consulting for the Alcar Group, a financial consulting firm specializing in shareholder value issues.

PETER DAVIS Senior Vice President Peter Davis has substantial and varied experience in economic consulting applied to competition policy and also regulatory investigations. Most recently he served as Deputy Chairman of the UK Competition Commission, 2006-2011. In that role he was a board member of the CC and acted as Chairman for inquiry groups investigating mergers, markets, reviews of undertakings and also considering appeals against regulatory price control decisions. He has also recently served as President of the Association of Competition Economists (2009-2011).

Merger cases at the CC included the Mid Kent Water/South East Water, Stonegate Farmers Ltd/Deans Food Group Ltd, Sportech plc/Vernons, Eastbourne-Cavendish-Stagecoach and Preston-Stagecoach, Zipcar/Streetcar and Stena/DFDS. Market investigations include the Payment Protection Insurance (PPI) market investigation and serving as a member of the group considering the material change of circumstance question in the BAA investigation. Reviews of undertakings include the review of the Kemira/Terra merger undertakings, as well as a wide

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variety of other review cases that came before the CC’s Remedies Standing Group (RSG) of which Peter was a member. Regulatory appeal experience includes chairing the CC group considering BT and H3G appeals against OFCOM’s 2007-2011 price controls for mobile phone termination rates, and also Sutton and East Surrey Water’s appeal against OFWAT’s decision in its application for a Substantial Adverse Effect Interim redetermination.

Peter received his Ph.D. in Economics from Yale in 1999 and served on the faculties of MIT (1998-2002) and LSE (2002-2006) before joining the CC. While an academic he contributed to a variety of antitrust cases in the UK and his experience included testifying before both the High Court and also the OFT. He also provided advice to the CC on a variety of cases via membership of their panel of expert academic economists (2004-2006). His academic work includes contributions to a number of leading academic journals and his book, Quantitative Analysis for Competition and Antitrust Investigations (joint with Eliana Garces), was published

by Princeton University Press in 2010.

BRET M. DICKEY Senior Vice President Bret Dickey’s areas of expertise include industrial organization, public economics, and econometrics. He has testified at deposition and at trial in Federal court and before the U.S. Congress on issues relating to industrial organization, public economics, econometrics, and competition policy. He has extensive experience in health care economics, including pharmaceuticals, medical devices, Medicaid and Medicare. More generally, he has conducted economic analyses across a wide range of antitrust issues, including market definition, monopoly power, exclusive dealing, bundling, price fixing, predatory pricing, and price discrimination, as well as class certification and damages. These analyses have covered a variety of industries, including health care, subsidized housing, office supplies, ticketing services, banking, insurance, and transportation.

Dr. Dickey earned an M.A. and a Ph.D. in Economics from Stanford University and a B.A. in Economics from the University of Pennsylvania. Dr. Dickey joined Compass Lexecon from LECG, where he was a Principal. Previously, he held positions at the SPHERE Institute and the Council of Economic Advisers.

NEIL DRYDEN Senior Vice President Neil Dryden is a Senior Vice President in Compass Lexecon’s European competition policy practice, based in the firm’s London office. Neil has worked as an economist since 1996. During that time he has advised on cases under UK merger control, ECMR, Article 101 and Article 102, and in the context of market investigations.

Neil’s extensive UK merger case experience includes Safeway, National Express/Greater Anglian, Bucher/Johnston, British Salt/New Cheshire Salt Works, Sports Direct/JJB Sports and Asda/Netto. The salt case was the first UK merger to see a reversal of provisional findings (to unconditional clearance). Neil also advised the Competition Commission during its analytical review of merger control processes.

Neil is acting as an expert in two current cases at the Competition Appeal Tribunal: BT vs Ofcom and Asda vs OFT. Neil’s other UK non-merger case experience includes the groceries and payment protection insurance market investigations, and the OFT dairy pricing investigation.

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Outside the UK, Neil’s work has included Copper Fittings (Article 101), Mažeikių Nafta (Article 102) and the EC retail banking sector inquiry on payment cards. Neil also has extensive experience in regulatory economics, including a series of projects for the UK postal industry regulator, Postcomm, connected with mail market liberalization. Neil has prepared submissions in the context of a number of UK government inquires including the Barker review of land use planning.

Neil was educated at Oxford University where he obtained a B.A. in Philosophy, Politics and Economics (first class) and an M.Phil. in Economics, and held a college lectureship for two years. At King’s College, London, he obtained a postgraduate diploma in EC competition law (with distinction). Neil co-authored “What makes firms perform well?” published in the European Economic Review. Prior to joining Compass Lexecon, Neil worked as a Director at LECG and prior to that as an Associate Director in NERA’s European competition policy practice for seven years. Neil spent the first six years of his career in Arthur Andersen’s economic and financial consulting practice, where he was a Senior Manager.

JAY EZRIELEV Senior Vice President Jay Ezrielev is a Senior Vice President at Compass Lexecon and a member of the faculty at Johns Hopkins University. Dr. Ezrielev specializes in economic analysis of complex litigation and regulatory matters. His areas of expertise include industrial organization, applied microeconomics, econometrics, and financial economics. Dr. Ezrielev has led economic analyses and assisted in the preparation of expert reports and testimony in a wide range of matters, including merger review, monopolization, price fixing, transfer pricing, intellectual property, and contractual disputes. He has developed sophisticated economic models, developed and analyzed auction models, and performed econometric analyses of large data sets. Dr. Ezrielev has experience in analyzing a broad spectrum of industries, including media, pharmaceuticals, financial services, energy, airlines, telecommunications, paper products, and automobiles. Prior to joining Compass Lexecon, Dr. Ezrielev was a senior economist at Competition Economics, Inc. Dr. Ezrielev also worked as a software developer and scientist at Siemens Medical Systems and Goldman Sachs. Dr. Ezrielev holds a Ph.D. in Economics from New York University, an M.S. in Electrical Engineering from Rutgers University, and a B.S. in Electrical Engineering from Rutgers University.

ELIZABETH FARINA Senior Consultant (Affiliate) Elizabeth Farina joined Compass Lexecon as a Senior Consultant in August 2011. Dr. Farina served as President of CADE (The Brazilian Competition Commission) from 2004 to 2008.

She is a Full Professor at the University of Sao Paulo and Vice-Chair of the Department of Economics. She holds a Ph.D. in Economics from the University of Sao Paulo. Dr Farina has worked as an economic consultant in Brazil and other Latin America countries and specifically as an economic expert in food and agribusiness strategies and antitrust litigation and mergers and acquisition analysis. She is widely published in both national and international journals.

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DAVID A. FENICHEL Senior Vice President David Fenichel is a Senior Vice President with Compass Lexecon. Mr. Fenichel has more than 20 years of experience in conducting economic and financial analyses to support litigation (class certification, liability, and damages phases), arbitration/settlement discussions, and efforts to secure regulatory approval for mergers and other transactions. His experience spans a wide variety of industries, including the energy, financial, health care, sports, technology, and transportation sectors. Mr. Fenichel has provided expert testimony in state regulatory commission and court proceedings on energy issues.

Mr. Fenichel holds a B.A. in Mathematics/Computer Science from Duke University, where he graduated summa cum laude and was elected to Phi Beta Kappa, and master’s degrees in Economics and Engineering-Economic Systems from Stanford University. Prior to joining Compass Lexecon, Mr. Fenichel was a Principal with The Brattle Group and Competition Economics, Inc.

FREDRICK A. FLYER Senior Vice President Fredrick Flyer’s writings and testimony have been on microeconomic analysis, with a focus on the economics of antitrust, industrial organization, labor, applied econometrics, damage analysis, and intellectual property. He has testified in both state and federal court proceedings, and has presented his research at various government regulatory agencies including the Federal Trade Commission and the Department of Justice. His work includes analyses of relevant market definition, gain in market power, and ability to price discriminate, predatory pricing, and leveraging of trademarks. He has conducted studies in the tobacco, health care, high technology, and consumer retail products industries. Prior to joining Compass Lexecon (formerly Lexecon) in 1999, Flyer was on the economics faculty at New York University’s Stern School of Business, and served as a visiting professor in economics at Northwestern University and a lecturer at the University of Chicago. Flyer has a Ph.D. in Economics from the University of Chicago and an M.S. in Labor and Industrial Relations from the University of Illinois. He is the recipient of numerous fellowships, grants, and honors, and has published papers on microeconomic theory, applied econometrics, labor, and industrial organization in leading scholarly journals. Flyer has also presented his work at many of the top universities and research organizations around the world and acts as a referee for many leading academic journals.

DOUG FONTAINE Senior Vice President

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Doug Fontaine is a Senior Vice President with Compass Lexecon, and a Managing Director of the firm’s Oakland, CA office. Prior to joining Compass Lexecon (formerly Competition Policy Associates) in 2004, Mr. Fontaine was a partner at AES Consulting.

He has 20 years of experience providing economic and policy consulting services to clients engaged in antitrust and intellectual property litigation, and regulatory and policy proceedings. As a partner at AES Consulting and a Managing Director at Compass, Mr. Fontaine served as an expert witness and project manager in each firm’s antitrust, intellectual property, and damages practice areas. He has managed the preparation of numerous economic reports and testimony, in matters involving monopolization, coordinated conduct, mergers, tying, predatory conduct, vertical

price and non-price restraints, class certification, damages modeling and assessment, determinations of reasonable licensing rates, and international trade. Mr. Fontaine’s consulting experience spans a broad range of industries, including airlines, durable equipment, semiconductors, recorded music, natural gas transmission and distribution, pharmaceuticals, medical devices, computer peripherals, software, automobiles, advertising, wireless telecommunications, and distribution of entertainment content.

Prior to joining AES Consulting, Mr. Fontaine held consulting and management positions with The Tilden Group (now Charles River Associates) and the Law & Economics Consulting Group (LECG). During 1995-1996, he served as the Antitrust Practice Group Coordinator for LECG.

RAJIV B. GOKHALE Senior Vice President Rajiv Gokhale’s areas of expertise include corporate finance, valuation, damages and financial statement analysis. Gokhale’s experience covers a wide range of industries including oil and gas, steel, temporary placement, retail, consumer products, cable and television, financial services and banking. Gokhale has an MBA from the University of Chicago.

KEVIN GREEN Senior Vice President Kevin Green is a Senior Vice President of Compass Lexecon. He holds a Ph.D. in Economics from UCLA. He has extensive expertise in antitrust, securities, corporate finance, intellectual property, and other commercial litigation. In the antitrust area, he has directed analysis in defining relevant geographic and product markets, determining the existence of collusion, and evaluating allegations of exclusionary or predatory conduct such as tying, bundled discounts, exclusive dealing, exclusive territories, refusals to deal, and predatory pricing.

Dr. Green also has analyzed the appropriateness of class certification and estimated damages in numerous industries. In the securities and corporate finance area, Dr. Green has consulted extensively on cases involving issues of corporate disclosure and insider trading, estimation of the cost of capital, and valuation of closely held companies, real property, stock options, intellectual property, and other assets. Dr. Green has testified in federal district court and in arbitration hearings.

DAVID B. GROSS Senior Vice President David Gross’s areas of expertise include applied microeconomics, finance, econometrics and macroeconomics. He has served as a testifying expert and conducted studies on a wide range of topics including antitrust and industrial organization, financial markets, estimation of damages, the economics of merger and acquisition transactions, intellectual property disputes, mortgage finance, and mutual funds. Before joining Lexecon, Gross served on the faculty at the University of Chicago Graduate School of Business from 1995 to 2000. He has made numerous presentations to business, government, and academic audiences and has published articles in scholarly journals including The Quarterly Journal of Economics and The Review of Financial Studies. Gross has a Ph.D. in Economics from the Massachusetts Institute of Technology and an A.B. from Stanford University.

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MARK A. ISRAEL Senior Vice President Mark Israel’s areas of expertise include antitrust, damages, econometrics, and industrial organization economics. He has substantial experience bringing state-of-the-art econometric tools to bear in merger and litigation matters. He has served as an expert in litigation, arbitration, and regulatory proceedings in industries including cable television, broadband internet service, airlines, shipping, credit cards, cigarettes, and consumer retail. He has supported clients with all aspects of merger analysis, from initial assessment through lengthy government investigations, in industries including financial markets, airlines, consumer beverages, and cable television. Israel has written numerous academic articles on merger policy, price discrimination, and competition and consumer choice in insurance and other financial service markets. His research has been published in both leading scholarly and applied journals, including The American Economic Review, The Rand Journal of Economics, Antitrust Source, and the Global Competition Review and presented to business, government and academic audiences around the world. Prior to joining Compass Lexecon, Israel was an Associate Professor at Northwestern University’s Kellogg School of Management. He received his Ph.D. in Economics from Stanford University in 2001.

JITH JAYARATNE Senior Vice President Jith Jayaratne is a Senior Vice President with Compass Lexecon. Prior to joining Compass Lexecon (formerly Competition Policy Associates), Dr. Jayaratne was a partner at AES Consulting. He specializes in antitrust analysis. He has provided testimony to regulatory agencies regarding the effects of mergers in several industries. He has published on simulating the price effects of mergers, cable television regulation, bank mergers, bank deregulation and on small business lending. He has led project teams that have supported testifying expert economists and attorney teams in several antitrust trials. Dr. Jayaratne has evaluated, in the context of a number of industries, the economic and competitive effects of mergers and joint ventures and the merits of antitrust claims of exclusive dealing, price fixing, monopolization, class certification, etc. He has experience working on antitrust issues in a number of industries, including healthcare, telecommunications, fiber optics, computers, chemicals, pre-recorded music and finance. Prior to joining AES, Dr. Jayaratne, who received his Ph.D. from Princeton University, was a research economist at the Federal Reserve Bank of New York. Subsequently, he was a Principal at Charles River Associates.

PHILIP KALMUS Senior Vice President Philip Kalmus is a Senior Vice President with Compass Lexecon’s competition policy practice.

Previously a Director at LECG, Dr. Kalmus specializes in applying economic theory to analyze relevant economic facts in competition cases. Originally with a Theoretical Economics Ph.D., he has in his professional career worked on a large number of anti-trust cases with a particular focus on complex vertical and horizontal competition issues. Vertical issues include margin squeeze cases, retroactive and share-of-demand rebates, the incentive and effect of giving access to upstream infrastructure and vertical pricing restraints in online markets. Horizontal issues regard in particular information exchange and the impact of asymmetric market structures on competition.

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Dr. Kalmus has advanced scientific computing skills which he uses frequently to analyze complex and large datasets such as component level manufacturing databases, geographic issues in retailing markets, hourly electricity bids, geographic telecoms networks, advertisers’ bids on search engines and structural econometrics of bidding markets.

Dr. Kalmus has an unusually wide experience in the telecoms industry and has recently published in Telecommunications Policy. Dr. Kalmus has co-authored auction rules for spectrum contests in Italy, Latvia, Singapore and the Netherlands. He has advised bidders on auction strategy in the U.S., the UK, Austria and Taiwan. In addition, he has worked on Article 82 cases in equipment manufacturing and mobile telephony, merger cases of mobile phone companies, regulatory cases of spectrum allocation, universal service and new generation networks, margin squeeze cases in broadband markets, theoretical issues of access regulation and MVNOs, strategy cases for new entrants, business valuation cases for mobile businesses and operations research based cost models for fixed networks.

Prior to his position at Compass Lexecon, Dr. Kalmus was a Director at LECG and was responsible for the European auctions business at NERA Economic Consulting. He advised government and commercial clients in around 20 private and public sale and procurement auctions in a variety of industries, focusing on telecoms and electricity industries, in the EU, Eastern Europe, the US and Asia.

MICHAEL A. KEABLE Senior Vice President Michael Keable specializes in securities markets, damages, corporate finance, and financial statement analysis. He has consulted on and directed numerous studies analyzing a broad range of issues in financial economics, including price movements of many types of securities, accounting restatements, market efficiency, insider trading, and calculation of damages. These studies have involved a wide variety of industries, including health care, insurance, technology, and banking. He received an MBA with a concentration in Finance from the University of Chicago Graduate School of Business.

THILO KLEIN Senior Vice President Thilo Klein is a Senior Vice President in Compass Lexecon’s European competition policy practice. Thilo has more than ten years’ experience as an economic consultant, during which he has advised clients from a wide range of industries, in all fields of competition policy and in a variety of jurisdictions including the European Union, the UK, Germany, Austria, the Czech Republic and Portugal, among others.

Selected merger work includes the cases of Kronospan/Constantia and Associated British Foods/GBI (before the European Commission), Scottish Citylink and Sports Direct/JJB (before the UK Competition Commission), Panavision/AFM (before the UK Office of Fair Trading, and Staubsaugerbeutelmarkt II (before the German competition authorities).

Thilo has ample experience in the economics of Art. 101 and Art. 102, both in an advisory function and as an expert witness. Inter alia he was involved in the UK cases of National Grid Meters, Dairy Retail Price Initiatives, and Newspaper and Magazine Distribution; several highprofile European Commission investigations (e.g. Marine Hoses); and cases in several other jurisdictions. He has also has advised clients in cartel damages litigation.

His market investigation experience includes the UK cases of Yellow Pages and Payment Protection Insurance, among others.

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Prior to his career in competition economics consulting, Thilo worked as an economist in senior positions for several public and private institutions in Peru. During that time, he was a member of the team of economic advisors at the Finance Ministry and a Commissioner at the Peruvian competition authority INDECOPI. Thilo is fluent in English, German and Spanish. He was educated at the University of Cologne and at York University, where he obtained an MSc in Economics (with distinction). He also holds a Postgraduate Diploma in EC competition law from King’s College London.

ELISABETH M. LANDES Senior Vice President Elisabeth Landes specializes in industrial organization and labor economics. She has analyzed economics in the context of litigation, antitrust regulation, and labor matters. She has conducted and participated in studies of numerous industries including computers, insurance, building products, natural gas, chemicals, sports, entertainment, waste hauling, and a variety of consumer products. Landes has provided expert testimony before the Illinois House of Representatives, the Illinois Human Rights Commission, the United States Copyright Office, and numerous federal and state courts in connection with matters involving alleged labor market discrimination, breach of contract damages, and antitrust violations. She has also served as a member of the Seventh Circuit Court of Appeals Gender Study Task Force. In addition, Landes has published articles in the fields of labor economics and industrial organization in scholarly journals including The Journal of Political Economy, The Journal of Industrial Economics, The Journal of Legal Studies, and The Journal of Law and Economics.

DARIN LEE Senior Vice President Darin Lee is a Senior Vice President in the Boston, MA office of Compass Lexecon, a Sloan Industry Affiliate, and specializes in the economics of the airline industry, auctions, labor and game theory. Dr. Lee has over 13 years of consulting experience in the airline industry and prior to joining Compass Lexecon, led LECG’s aviation team in the recently completed United/Continental merger. Dr. Lee has also advised numerous major and regional airlines (both domestic and international) on matters such as bankruptcy reorganization, alleged anticompetitive behavior, codesharing, antitrust immunity, and business interruption. Dr. Lee also has extensive experience in labor matters in the airline and related industries including seniority integration, statistical analyses of employee job actions and labor productivity analysis and has testified in several labor arbitrations. Dr. Lee has also testified in U.S. Federal Court, made presentations before the U.S. Department of Justice and has filed expert testimony before the U.S. Department of Transportation on matters related to the airline industry.

Dr. Lee is also a recognized academic researcher and has published numerous articles on various aspects of airline economics in leading peer-reviewed journals such as The Journal of Law & Economics, the Journal of Labor Economics, and the Review of Industrial Organization.

Dr. Lee is also editor of the book series Advances in Airline Economics, published by Elsevier.

Dr. Lee has been frequently in The New York Times, and has appeared on National Public Radio.

Dr. Lee received his Ph.D. in Economics from Brown University in 1998 where he specialized in Game Theory, Microeconomics and Industrial Organization. He also holds an M.A. in Economics from Queen’s University in Kingston, Ontario and a B.Sc. in Economics from the University of Victoria, Canada. Dr. Lee has taught Microeconomics, Game Theory, and Mathematical Economics at Brown University and the University of Colorado in Denver 56

H. NEAL LENHOFF Senior Vice President Neal Lenhoff’s areas of expertise include empirical analysis of very large sets of data such as airline reservation databases and securities trading records, as well as projects with complex programming issues and forensic data analysis. Lenhoff has testified as an expert witness in depositions and at trial regarding various data analyses. He has extensive experience in the securities industry and has managed the empirical work on many high-profile securities-related matters. In addition, Lenhoff manages Compass Lexecon’s extensive computer facilities. He and his staff have broad experience in converting and manipulating data from outside sources into formats that are amenable to analysis by Compass Lexecon’s professional staff.

ANDRES LERNER Senior Vice President Andres Lerner is a Senior Vice President of Compass Lexecon. He has extensive experience consulting in antitrust matters. He has conducted economic analysis on matters involving tying, bundled discounts, price squeezes, exclusive dealing, exclusive territories, refusals to deal, predatory pricing, monopolization, mergers, joint ventures, price fixing, and patent misuse. Dr. Lerner also has extensive expertise conducting econometric and statistical analysis, estimating complex damages, and assessing the appropriateness of class certification. Dr. Lerner has consulted on a wide range of industries, including payment cards, pharmaceuticals, cable television, music, motion picture, video games, semiconductors, automotive, airline, food and beverage, Internet, franchising, and energy. Dr. Lerner has published articles in leading academic journals, including the American Economic Review and the Antitrust Law Journal, and has co-edited a collection of seminal articles in antitrust economics. He has taught Economics as a Visiting Professor at the University of Southern California Marshall School of Business.

Dr. Lerner holds a Ph.D. in Economics from the University of California at Los Angeles. Prior to joining Compass Lexecon, Dr. Lerner served as a Director at LECG.

SUSAN MANNING Senior Vice President Susan Manning has over 20 years of economics and litigation consulting experience, including extensive expertise in antitrust, mergers and acquisitions, international trade, and regulatory policy analysis. Dr. Manning has provided economic analyses in support of mergers and acquisitions, filed under the Hart-Scott-Rodino Act, before the Department of Justice and Federal Trade Commission and before the European Commission in a broad range of industries, including healthcare, agricultural products, heavy construction equipment, medium and heavy duty truck components, wholesale book distribution, computer components, industrial software, storage media, bread, carbonated soft drinks, pet food, and other industrial and consumer products.

Dr. Manning has performed economic analysis for antitrust litigation involving monopolization, attempted monopolization, unfair competition, Clayton Act Section 7, vertical restraints, tortious interference, and fraud. She has also provided estimated lost profit and restitution damages for plaintiffs and defendants in antitrust, going-concern, breach of contract disputes, Lanham Act trademark and false advertising disputes, and intellectual property litigation. Dr. Manning has provided expert testimony in Section 337 litigation on irreparable harm and downstream remedies in unfair trade practices involving intellectual property, and has provided economics expert testimony in Federal District Court on competition issues.

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Dr. Manning also has testified before the International Trade Commission on injury and causation analyses in support of petitioners and respondents in anti-dumping and countervailing duty investigations, Sunset Reviews, and Section 201 investigations before the International Trade Commission. She has also performed analyses of the economic effects of U.S. trade policy and foreign market barriers on the competitiveness of various U.S. industries.

BOAZ MOSELLE Senior Vice President Boaz Moselle is a Senior Vice President at Compass Lexecon and former Director at LECG. He is an economist and former regulator who provides qualitative and quantitative analyses of regulatory and competition-related issues, with a particular focus on energy markets. He frequently advises private and public sector clients on competition, regulatory and commercial issues including analysis of mergers, assessing allegations of competitive abuse, estimating antitrust damages, developing policies to foster competition in liberalized markets, estimating the cost of capital for regulated infrastructure, and developing low-carbon technologies.

He has analyzed many EU utility mergers including Gas Natural-Union Fenosa, GdF-Suez, Gas Natural-Endesa, and Nuon-Essent. He has also provided analysis and expert witness testimony on a variety of antitrust matters outside of the energy industry, including testimony submitted to the Court of First Instance. He was previously a managing director at the UK energy regulator Ofgem, where he was responsible for Ofgem’s work on security of supply, the environment, and EU regulation. He was closely involved in the work of the European Regulators’ Group for Electricity and Gas (ERGEG), in particular in relation to the development of the Guidelines for Good Practice on Storage System Operation (GGPSSO).

Dr. Moselle holds a Ph.D. in Economics from Harvard University, and an M.A. and Ph.D. in Mathematics from the Universities of Cambridge and London. He has taught economics and statistics at Northwestern University, published a textbook on statistics, and written numerous articles on a range of economic and regulatory matters. He has provided written and oral testimony in international arbitration, and also testified before a number of parliamentary committees in the UK. .

DAVID T. PAINTER Senior Vice President David Painter specializes in accounting and financial issues in antitrust matters. He has thirty years of experience with the Federal Trade Commission (“FTC”) including eighteen years serving as the chief accountant and principal advisor to the Commission on accounting and financial issues relating to its enforcement of the antitrust laws. Painter has testified as an expert in numerous Federal Court and administrative proceedings and his expertise extends across many industries and market segments. He also has served as an Interim Monitor on behalf of the FTC and as a Deputy Monitoring Trustee for the European Union providing oversight for specific ordered divestitures. Prior to joining Compass Lexecon (formerly Lexecon), Painter served as a Director at LECG in Washington, DC for ten years.

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STEVEN R. PETERSON Senior Vice President Steven Peterson is a Senior Vice President with Compass Lexecon and is based in Boston, Massachusetts. Peterson specializes in the economics of antitrust and competition, estimation of damages, and regulation and public policy. He has worked for clients in a wide variety of industries including transportation, software, entertainment, telecommunications, chemicals and energy.

Dr. Peterson has provided consulting and expert witness testimony on a range of topics including competition matters, patent misuse, and damages, among others. In his antitrust work, Dr. Peterson has consulted with clients engaged in negotiations with the U.S. Department of Justice and customers to resolve allegations of price-fixing in both the United States and Europe. Dr. Peterson has evaluated the competitive impact of proposed mergers. He has also provided testimony on damages matters in antitrust cases and commercial disputes.

In the software industry, Dr. Peterson has provided testimony on patent misuse on behalf of a client accused of patent infringement. He has also provided testimony on behalf of a launch services provider to NASA on the client’s efforts to keep the government from releasing confidential cost information. Dr. Peterson testified that the release of that information would have a negative impact on subsequent rounds of bidding for launch services.

Dr. Peterson has a Ph.D. in Economics from Harvard University and a B.A. with highest honors in Economics from the University of California, Davis.

JAMES RATLIFF Senior Vice President James Ratliff has over 15 years of experience as an economist in academia and litigation consulting, specializing in antitrust analysis in a variety of litigation and regulatory contexts. He has provided analyses of allegations of monopolization and attempted monopolization, price fixing, predatory pricing, and patent misuse as well as of mergers and acquisitions, licensing of intellectual property, direct and indirect-purchaser class certification, antitrust counterclaims to patent infringement, and various business and contracting practices such as bundled rebates.

Dr. Ratliff’s consulting has brought him experience in dozens of industries, from pharmaceuticals to semiconductor capital equipment, from outpatient surgical services to rock-concert promotion—and with diverse products and services from IPO underwriting to fetal bovine serum, from credit-card foreign currency conversion to erbium-doped fiber amplifiers.

Dr. Ratliff holds a Ph.D. in Economics from the University of California at Berkeley and a B.A. from Oberlin College with a double major in Physics and Mathematics. Prior to joining Compass Lexecon, Dr. Ratliff had been a research physicist at the University of Texas at Austin, an Assistant Professor of economics at the University of Arizona, and a Senior Managing Economist at LECG.

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BRADLEY N. REIFF Senior Vice President Bradley Reiff’s areas of expertise include industrial organization, labor economics, applied econometrics, and computation of damages. He has provided expert testimony in damages, antitrust, and wrongful termination cases and has made presentations before the Federal Trade Commission, the Department of Justice and the European Commission regarding mergers. Reiff has performed econometric studies as part of his work on mergers and litigation in many industries including railroads, chemicals, tobacco, pharmaceuticals, health care, and various consumer products.

DAVID REISHUS Senior Vice President David Reishus is a Senior Vice President in the Economic Consulting practice with Compass Lexecon and is based in Boston, Massachusetts. He served as president of The Economics Resource Group, Inc., which merged with Lexecon in July of 1999. Since 1990, he has provided privileged consulting and supported or provided expert witness testimony on behalf of clients and/or their attorneys.

Dr. Reishus specializes in applying microeconomics to the study of markets. This application occurs in matters involving competitive analysis, antitrust, damages, valuation, and public policy of regulation and taxation. In key energy industries such as natural gas, electricity and oil, he has analyzed market structures, regulatory policies, and the economic factors affecting firm behavior and competitive outcomes on behalf of private and public clients.

Dr. Reishus began his economic career by focusing on tax policy and the effect of tax systems on firm behavior, especially in financial markets and the market for corporate control. His work evolved to encompass more broadly the interaction in markets among government policy and regulation and firm activities. In addition to energy, he has applied his expertise to industries such as forestry, railroads and pharmaceuticals. Dr. Reishus has provided testimony in state and federal courts and regulatory bodies and in international arbitrations.

Dr. Reishus has a Ph.D. and an M.A. in Economics from Harvard University, and a B.A. in Economics from Northwestern University.

ALEJANDRO REQUEJO Senior Vice President Alejandro Requejo is a Senior Vice President in Compass Lexecon’s European competition policy practice, based in Madrid. He holds a Ph.D. in Economics from Universidad Complutense in Madrid and an M.A. in Economics from CEMFI. Alejandro specializes in the application of discrete choice models and other econometric techniques to competition policy and strategic problems. Alejandro has successfully applied these powerful techniques to evaluate market power, define relevant markets, evaluate the competitive impact of mergers and estimate antitrust damages in connection with cartel investigations. His experience spans a range of industries including cement, tobacco, energy, book publishing, transportation, telecommunications, music and postal.

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Alejandro’s work has also involved the application of choice models and econometrics to the design of optimal pricing policies for complex services such as Internet, mobile telephony and pay TV. In addition, he specializes in the valuation of films catalog and in the design of tariffs for the remuneration of intellectual property rights. He has given expert testimony before the European Commission, the Spanish competition authorities and the Spanish courts.

DAVID J. ROSS Senior Vice President David Ross specializes in finance, labor economics, and the economic analysis of the law.

He has testified and authored expert reports regarding such issues as causation, materiality, damages, valuation and class conflicts in cases involving allegations of breach of contract, illegal insider trading, investment neglect, misappropriation of business opportunities, stock manipulation, unsuitable trading, securities fraud, and improper tax-avoidance schemes.

He has consulted and directed studies on a wide variety of industries, including banking and communications. Ross is the author of several academic articles on topics in finance and the economic analysis of the law in such scholarly journals as The Journal of Law and Economics, Harvard Law Review, and The Journal of Derivatives.

DAVID SEVY Senior Vice President David Sevy is a Senior Vice President in the competition policy group of Compass Lexecon Europe and previously a Managing Director in the LECG Paris office. David has advised clients on a wide variety of competition policy issues, covering sectors as diverse as oil, consumer goods, retailing, book publishing, music, industrial gases, outsourcing services, transport, automotive, healthcare, telecommunications, energy, and financial services. David has advised clients in major merger or antitrust cases at the European Commission level and at the level of the French competition authorities as well as other jurisdictions. David has also acted as economic expert in several litigation damages and arbitration cases (Treaty and ICC) involving sectors such as transportation, energy, defense systems and pharmaceuticals. He is featured in the Who’s Who of Competition Economists and in the Who’s Who of Commercial Arbitration.

David graduated from Ecole Polytechnique (1986) and received his Ph.D. in Economics from Ecole Polytechnique (1993). After a post-doc at AT&T Bell Laboratories (1994), David worked for France Télécom (1994–1999) as senior regulatory economist. He then joined McKinsey & Company in Paris, from 1999–2002, where he was involved in numerous strategy and management projects for telecommunications, high technology and pharmaceuticals companies.

David´s academic research focused mainly on theoretical and applied industrial economics.

He is currently adjunct professor of economics at Ecole Polytechnique, teaching antitrust economics, after having taught business and organization economics. David is co-author of the textbook Economie de l’entreprise, aux Editions de l’Ecole Polytechnique and is frequently invited as speaker at competition policy conferences.

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ALLAN SHAMPINE Senior Vice President Allan Shampine specializes in telecommunications, payment systems and intellectual property. He has performed analyses in major mergers, regulatory proceedings and private antitrust, patent and securities litigation, both in the U.S. and abroad. Dr. Shampine has a Ph.D. and an M.A. in Economics from the University of Chicago. He received a B.S. in Economics and Systems Analysis summa cum laude from Southern Methodist University.

Dr. Shampine has authored scholarly articles published in The Antitrust Law Journal, Antitrust Source, The Review of Network Economics, Journal of Intellectual Property Law & Practice, The Milken Institute Review, Technological Forecasting & Social Change, The Journal of Evolutionary Economics, and The American Journal of Agricultural Economics.

He has presented his research in various venues, including conferences at Harvard, Oxford and the Federal Reserve Bank of New York. He is an editor for the American Bar Association’s Antitrust Source and the editor of the book entitled Down to the Wire: Studies in the Diffusion and Regulation of Telecommunications Technologies

HAL S. SIDER Senior Vice President Hal Sider’s areas of expertise include applied microeconomics and econometrics, industrial organization, telecommunications and financial markets. Sider has testified as an expert witness before courts and in regulatory proceedings on matters relating to mergers, price fixing, exclusionary conduct, government regulation, damages, as well as discrimination in labor markets and in insurance markets. He has consulted and directed large-scale studies on a wide variety of industries, including, among others, telecommunications, futures exchanges, railroads, sports leagues, toys, and newspapers. Sider has also directed a variety of economic studies of intellectual property issues. In addition, he has published articles in a variety of scholarly journals and books including, among others, The American Economic Review, The Journal of Labor Economics, The Review of Economics and Statistics, The Journal of Human Resources, Managerial and Decision Economics, and The Journal of Competition Law and Economics.

MICHAEL SMITH Senior Vice President Michael Smith is a Senior Vice President of Compass Lexecon. Dr. Smith holds a Ph.D. in Financial Economics. In addition to his academic background in finance, Dr. Smith has more than 20 years of experience consulting and testifying as an expert on financial and economic issues in complex business litigation. He has provided consulting and expert witness services to public and private firms, the U.S. Securities and Exchange Commission, and the U.S. Department of Justice. Dr. Smith has consulted on matters involving securities trading issues, securities valuations, executive compensation, and real estate valuations.

In addition, Dr. Smith has worked on a large number of antitrust matters addressing issues including market power, alleged collusion, and the amount of damages, if any, resulting from alleged anticompetitive conduct. Dr. Smith has testified in both state and federal courts. Prior to joining Compass Lexecon, he served as a Managing Director in the Los Angeles office of LECG.

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PABLO T. SPILLER Senior Consultant (Affiliate) Pablo T. Spiller is a Senior Consultant at Compass Lexecon. He is also the Jeffrey A. Jacobs Distinguished Professor of Business and Technology at the Haas School of Business, University of California, Berkeley; Research Associate at the National Bureau of Economic Research; and the former President of the International Society for New Institutional Economics. He is currently a Visiting Professor of Law at New York University.

Dr. Spiller has written extensively on regulatory, antitrust, and institutional issues, having published more than 100 academic articles and seven books. Dr. Spiller has also extensive consulting and expert testimony experience. He has consulted on issues of regulation for both private businesses and public agencies in the US and abroad, and testified as a valuation expert in more than 85 arbitration cases involving both treaty and contractual disputes rendering opinions on damages, contract interpretation and regulatory issues in a variety of sectors. He has testified in jurisdictions such as the ICSID, ICC, LCIA, and AAA, involving investments in countries such as Argentina, Bolivia, Brazil, Canada, Chile, Colombia, Dominican Republic, Ecuador, Egypt, El Salvador, Guatemala, Hungary, Mexico, Peru, Poland, the Philippines, Russia, Senegal, Turkey, Ukraine, the United States, and Venezuela. He has consulted extensively with the World Bank, United Nations, and the Inter-American Development Bank as well as governments and private companies throughout the world.

Dr. Spiller has contributed to the design and implementation of public utility regulatory reforms in Argentina, Bolivia, Brazil, Colombia, Costa Rica, the Commonwealth of Dominica, Ecuador, El Salvador, Guatemala, Hungary, Jamaica, Malaysia, Mexico, Norway, New Zealand, Panama, the Philippines, the United States, Uruguay, and Venezuela.

Dr. Spiller is the Editor-in-Chief of the Journal of Law, Economics, and Organization, and Associate Editor of the Journal of Applied Economics, the Regulation Magazine, the Journal of Comparative Economics, and of the Utilities Project. Dr. Spiller was also the Chair of the Business and Public Policy group at the University of California, Berkeley for five years. On leave from Haas, Dr. Spiller has also been a Special Advisor to the Director at the Bureau of Economics of the Federal Trade Bureau. Dr. Spiller was also an elected member of the Board of Directors of the American Law & Economics Association.

Dr. Spiller is a nonemployee Affiliate who may pursue commercial engagements outside Compass Lexecon.

THERESA A. SULLIVAN Senior Vice President Theresa Sullivan is a Senior Vice President with Compass Lexecon and a Managing Director of the firm’s Washington, DC office. Dr. Sullivan has extensive experience in consulting to private companies and Federal agencies on antitrust matters. She has led analyses of proposed mergers and of the competitive effects of business practices. Her experience in monopolization cases includes evaluation of claims of predation, patent misuse, collusion, and exclusionary conduct. In conjunction with her work on mergers and monopolization cases, Dr. Sullivan has analyzed a wide variety of industries including credit and debit networks and processing, semiconductors, telecommunications, healthcare, health insurance, retailing, consumer durables, medical products, food products, high-speed modems, specialized business credit, mainframe servers, compact disc technology, and airlines.

Dr. Sullivan earned her Ph.D. and M.A. in Economics from Georgetown University and her A.B. in Government and Economics from Georgetown University. Prior to joining Compass Lexecon, Dr. Sullivan was a Vice President in the Competition Practice of CRA International.

She has taught at the University of San Francisco and Georgetown University.

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JEFFREY D. TRANEN Senior Vice President Jeff Tranen is a Senior Vice President of Compass Lexecon. He focuses on the significant challenges associated with electricity industry restructuring and has faced these challenges from multiple perspectives.

Prior to joining Compass Lexecon, Mr. Tranen served as President and COO of Sithe Northeast, a merchant generating company headquartered in New York. He was also the first President and CEO of the California Independent System Operator. Mr. Tranen has also held numerous top management positions in the New England Electric System (NEES). He served as Senior Vice President of NEES and as President of New England Power Company, a regulated generation and transmission company. Mr. Tranen was also Chairman of the NEPOOL Management Committee, where he was instrumental in the transformation of the New England Power Pool and the creation of the New England ISO. Mr. Tranen serves on the Board of Directors of CH Energy.

Mr. Tranen has both an S.M. and an S.B. in Electrical Engineering from the Massachusetts Institute of Technology.

VINCENT WARTHER Senior Vice President Vincent Warther’s areas of expertise include corporate finance, financial markets, banking, and industrial organization. Before joining Compass Lexecon (formerly Lexecon), Warther served on the faculty of the University of Michigan Business School, the University of Chicago Graduate School of Business, and the University of Southern California Business School. He has published widely in scholarly journals including The Journal of Finance, The Journal of Financial Economics, and The Review of Financial Studies. He received a Ph.D. from the University of Chicago Graduate School of Business.

NADINE WATSON Senior Vice President Nadine Watson is a Senior Vice President in Compass Lexecon’s European competition policy practice. She holds a Ph.D. from the University of California, San Diego.

Nadine specializes in antitrust and empirical analysis. Her advisory work for leading industry clients has included the application of sophisticated econometric techniques to evaluate market power, define relevant markets, and evaluate the competitive impact of mergers in various industries including personal care, music, retail, tobacco, and steel. Her work has also involved the use of quantitative techniques to delimit the scope and duration of cartel infringements and calculate follow-on damages in connection with cartel investigations and Art. 102 infringements.

She has provided advice and expert reports in the context of merger control and Article 101 and Article 102 proceedings. She has given expert testimony before the European Commission, the International Court of Arbitration, the Finnish and Colombian competition authorities and the Spanish courts.

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Prior to joining Compass Lexecon, she was responsible for monetary policy research at the Banco de la República of Colombia. At the Bank of Spain and the Universidad Complutense of Madrid she studied the transmission of monetary policy through credit markets and the use of firm level data to estimate the elasticity of demand for money. She also worked four years in the Competition Policy group at NERA and seven years in the European Competition practice at LECG.

DAVID WEISKOPF Senior Vice President David Weiskopf is a Senior Vice President at Compass Lexecon and a member of the faculty at Johns Hopkins University. Dr. Weiskopf specializes in industrial organization, microeconomic analysis, consumer behavior, applied econometrics and statistics, and labor economics. He has testified as an expert witness in private litigation regarding antitrust issues, economic damages, and consumer behavior. He has also published articles on merger simulation, demand estimation, and consumer complaint rates. He has presented theoretical and empirical papers at academic conferences and has co-authored numerous economic studies that were presented to antitrust enforcement agencies around the world.

He has led a number of engagements involving market definition and competitive effects analysis as part of merger reviews. He has also consulted on a number of matters involving allegations of monopolization, market foreclosure, conspiracy/price-fixing, and exclusive dealing/refusal to deal as well as on employment and consumer protection matters. He has served clients in a variety of industries including consumer products, department stores, insurance, building materials, oil field services, pharmaceuticals, hospitals, funeral homes, grocery, cruise lines, personal watercraft, petrochemicals, and flour milling.

Dr. Weiskopf received a Ph.D. in Economics from Vanderbilt University where he specialized in the fields of industrial organization and econometrics.

ELENA ZOIDO Senior Vice President Elena Zoido is a Senior Vice President in Compass Lexecon’s European competition policy practice, based in Madrid. She holds a Ph.D. from Harvard University and an M.A. in Economics from CEMFI. Elena specializes in the application of economic analysis and econometric techniques to competition policy issues. She has advised clients in a wide range of industries including manufacturing, telecommunications, transportation and consumer goods. Her work has included the application of empirical models to evaluate the competitive impact of mergers and to estimate damages in price fixing and patent infringement investigations, and she has provided advice and expert reports in the context of merger control, Article 81 and Article 82 proceedings. She has given expert testimony before the European Commission, the Spanish competition authorities and the Spanish courts.

Elena has presented on the issue of efficiencies in competition policy, mergers and competition in telecommunications at recent industry conferences and has published in a number of academic journals including The Review of Economics and Statistics.

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CASE STUDIES As in past years, we continue to be retained in a high percentage of the biggest and most complex cases and transactions. We have included some of the major recent highlights in which Compass Lexecon was retained.

These matters are:

• Compass Lexecon Expert, Professor Dennis Carlton, Testifies Successfully in Multi-Billion Dollar LCD Antitrust Trial

• Historic $2.16 Billion Award in Favor of the Dow Chemical Company in Major International Arbitration Matter

• Seagate – Samsung Transaction • AT&T Mobility • Terra Firma v. Citigroup • Southwest and AirTran Merger • Ticketmaster – Live Nation Merger • Compass Lexecon Experts Testify Successfully in DRAM Suppliers’ Stunning Victory in Rambus Antitrust Case

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Compass Lexecon Expert, Professor Dennis Carlton, Testifies Successfully in Multi-Billion Dollar LCD Antitrust Trial On Monday, June 25, 2012, Compass Lexecon expert, Dennis Carlton, testified as a damages expert in the direct-purchaser class portion of the TFT-LCD price fixing litigation, in which Toshiba was the sole remaining Defendant (all others had settled previously). The six-week trial ended on June 28, and on July 3 the jury returned a verdict. The jury found Toshiba liable for participating in a price fixing conspiracy, making Carlton’s damages testimony critical. While Plaintiffs and their economic experts argued for overcharges of nearly $900 million—and thus damages of more than $2.5 Billion after trebling, the jury determined that overcharges were only $87 million. Critically, this value was low enough that, even after trebling, it was below the settlement payments already made by other Defendants, meaning that Toshiba will likely not have to pay any damages. Polling of jurors revealed that Carlton’s testimony was “very influential in the deliberations.” Carlton was supported in writing his expert reports and developing his testimony by a Compass Lexecon team led by Mark Israel, and including Ian MacSwain, Guillermo Israilevich, Chris Cavanagh, Theresa Sullivan, Joel Papke, and Georgi Giozov. Carlton and Compass Lexecon worked closely with lawyers from White and Case, who successfully represented Toshiba, including Christopher Curran, J. Mark Gidley, Martin Toto, John Chung, and Kristen McAhren.

Historic $2.16 Billion Award in Favor of the Dow Chemical Company in Major International Arbitration Matter Compass Lexecon Expert Testifies As widely reported in the domestic and international press, a three judge panel of the International Court of Arbitration recently awarded the Dow Chemical Company $2.16 billion in a dispute with Petrochemical Industries Company (Kuwait) (“PIC”). Dow was successfully represented in the arbitration by Henry Weisburg, Jonathan Greenblatt, and Christopher Ryan and others of the law firm of Shearman & Sterling LLP. The award is reportedly one of the largest, if not the largest, arbitration award ever in a commercial dispute.

Compass Lexecon’s President, Professor Daniel R. Fischel testified as an expert witness at the hearing as did others from our corporate parent FTI Consulting. Professor Fischel’s testimony follows his testimony in five other recent major trial/arbitrations in the past year where tribunals ruled for Compass Lexecon’s clients. These and other cases are described in our recent 2011 Newsletter.

The Dow arbitration proceeding arose from Kuwait’s failure to close the K-Dow transaction in which Kuwait was to have contributed approximately $9 billion to Dow for a 50 percent stake in a petrochemical joint venture to be named K-Dow. Kuwait withdrew from the joint venture on December 28, 2008, a few days ahead of the planned January 2, 2009 closing. Dow expected to use a portion of the proceeds to finance its acquisition of Rohm & Haas, and after Kuwait’s withdrawal from the K-Dow transaction, only managed to close the Rohm & Haas transaction on disadvantageous terms. Dow launched legal action against Kuwait in January 2009 challenging its right to withdraw from the K-Dow joint venture and claiming billions of dollars in damages.

Rajiv Gokhale, Mike Keable, Kevin Hartt and others from Compass Lexecon’s Chicago office were also heavily involved in the case and provided valuable support.

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Seagate – Samsung Transaction Seagate’s acquisition of Samsung’s Hard Disk Drive (HDD) business closed in December 2011 after announcements by several regulatory authorities that their investigations closed without any determination that the transaction would harm competition. The European Commission announcement occurred in October, and the U.S. FTC voted unanimously to close their investigation in December. This transaction also required review by Chinese competition authority (the AntiMonopoly Bureau of the Ministry of Finance and Commerce, or MOFCOM), which rendered its decision in December. Seagate retained Compass Lexecon experts Daniel Rubinfeld in the U.S. and Jorge Padilla in Europe to conduct analyses of competition in the HDD industry and to provide findings to various regulators. Glenn Mitchell, in the Los Angeles office, managed the analysis, with the assistance of Duncan Cameron. Lorenzo Coppi managed the team in the London office. The Compass Lexecon team analyzed bidding and competition, pricing, and innovation among HDD manufacturers and developed a number of empirical results showing that the proposed transaction would not lessen competition, increase prices or decrease innovation. Compass Lexecon experts made presentations to regulatory authorities in the U.S., China and Europe. We worked with both U.S. and Europe based counsel, headed up by Scott Sher at Wilson Sonsini Goodrich & Rosati in Washington, DC and Philip Mansfield at Allen & Overy LLP in London and Brussels.

AT&T Mobility AT&T Mobility entered into a settlement with a proposed consumer class that claimed that AT&T had illegally charged its customers state and local taxes for mobile internet access, despite a prohibition on the collection of taxes during the period from November 1, 2003 through November 1, 2014.

Judge Amy St. Eve, of the U.S. District Court Northern District of Illinois, (Eastern Division) approved a preliminary class settlement in the case in August 2011, after which a number of objectors filed briefs in opposition to the settlement agreement. Compass Lexecon expert, Dr. Elisabeth Landes, testified on behalf of the settling parties at the fairness hearing in March 2011. In her opinion approving the settlement, the Court cited Dr. Landes’s testimony, stating that “Dr. Landes provided a convincing expert opinion” as to the value of the continuing tax savings to the class as a result of AT&T’s no longer collecting the challenged taxes. Compass Lexecon was retained by Bartimus, Frickleton, Robertson & Gorny.

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Terra Firma v. Citigroup In November 2010, a federal court jury rejected a multi-billion dollar damage claim brought by Terra Firma, a British private equity firm, and returned a defense verdict on behalf of Citigroup, represented by Ted Wells, Jay Cohen, Jack Baughman, Gary Carney, Dan Levi, George Kroup and others at the law firm of Paul, Weiss, Rifkind, Wharton & Garrison LLP. The trial, which attracted widespread publicity in both the United States and the United Kingdom, was presided over by Judge Jed Rakoff in the Southern District of New York. Terra Firma alleged that it purchased EMI as a result of misrepresentations by Citigroup. Terra Firma originally sought over $8 billion in damages plus punitive damages and hired three experts who issued reports supporting this claim. Compass Lexecon’s Daniel Fischel issued a report in response which strongly criticized plaintiff’s three experts and concluded that plaintiff suffered no damages. Both sides then filed Daubert motions. Judge Rakoff excluded two of the three plaintiff’s experts and after a hearing, limited the testimony of the third which lowered the potential recoverable damages significantly. At trial, plaintiff’s remaining expert testified that Terra Firma suffered $2 billion in damages. Professor Fischel then testified about the results of various economic studies which exposed the flaws in plaintiff’s damage claim and demonstrated that the proper measure of damages was zero. After closing arguments, the jury returned a complete defense verdict. Professor Fischel was assisted by a team in Compass Lexecon’s Chicago office including David Gross, Jessica Mandel, Rahul Sekhar, Laurel Van Allen, Jerry Lumer, Tim McAnally, Cliff Ang, David Strahlberg, Otto Hansen and Zach Frankel.

Southwest and AirTran Merger On April 26, 2011, the Department of Justice (DOJ) announced that it closed its investigation of the proposed acquisition of AirTran Airways by Southwest Airlines Company. Compass Lexecon was retained by Southwest—through its counsel Steven Sunshine at Skadden, Arps, Slate, Meagher & Flom LLP—to provide support for Southwest’s efforts to secure regulatory approval.

Our team—which included Dennis Carlton, Chip Bamberger, Theresa Sullivan, Bryan Keating, Lynette Neumann, Nancy Bonn, Antara Dutta, Deidre Ciliento, and Jeff Raileanu—quantified the consumer benefits and assessed potential competitive harms arising out of the transaction. Using sophisticated econometric modeling and working closely with network planners at Southwest, we demonstrated that the merger will result in substantial consumer benefits through the enhancement of existing service and the introduction of new service. The team also dealt with novel issues arising out of the merger of two low cost carriers (LCCs). In particular, we modified econometric models typically used by the DOJ to assess competitive effects on overlap routes to also show that the introduction of new LCC service would lower fares on many routes. The DOJ acknowledged these consumer benefits as the reason that it did not challenge the acquisition.

Ticketmaster – Live Nation Merger Compass Lexecon was retained to provide economic analysis in connection with Ticketmaster’s recent merger with Live Nation Inc. Dennis Carlton, Kevin Green and Rick Flyer—together with a team of economists from the Chicago and Los Angeles offices—analyzed both the horizontal and vertical issues raised by the acquisition. The team provided analyses in several written submissions to the DOJ and met with DOJ staff to present our empirical analysis which demonstrated that the merger would not harm competition. We worked closely with Steve Sletten and Sean Royall at Gibson Dunn as well as Karen Silverman and Joshua Holian at Latham & Watkins LLP. Other Compass Lexecon staff with substantial involvement on the project included Michael Smith and Dan Adomian of our Los Angeles office and Eugene Orlov and Dzmitry Asinski of our Chicago office.

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Compass Lexecon Experts Testify Successfully in DRAM Suppliers’ Stunning Victory in Rambus Antitrust Case In a case closely watched by the high technology industry, a California jury last week rejected Rambus, Inc.’s nearly $4 billion claim, before trebling, that Micron Technology Inc. and Hynix Semiconductor Inc. conspired to block the marketplace penetration of RDRAM, Rambus’s proprietary DRAM technology, in favor of an alternative technology, SDRAM, and its succeeding generations. The result, which received widespread international coverage, was a complete defense victory.

Compass Lexecon was retained separately by each of two law firms to undertake independent economic assessments and provide trial testimony regarding liability and impact on behalf of Micron and Hynix: Robert Willig, together with a Compass Lexecon team led by Doug Fontaine, Gilad Levin, Yair Eilat, and Rebecca Schindel, was retained by counsel for Micron—Bill Price, Jon Steiger, Robert Becher, and Kevin Teruya of Quinn Emanuel Urquhart & Sullivan, LLP—to develop a thorough economic assessment of the merits of Rambus’ liability and impact claims. Professor Willig and his team analyzed Rambus’s allegations in a rigorous framework focused on factors necessary for the successful formation and implementation of the alleged conspiracy. In his testimony, both written and at trial, Professor Willig emphasized that economic logic and the market data show that the concerted boycott as alleged by Rambus made no economic sense. To test empirically the merits of Rambus’s claim, Professor Willig and his team analyzed voluminous DRAM transactional data and devised a series of statistical tests to compare DRAM pricing across technologies, time and suppliers. Professor Willig found the results inconsistent with a concerted scheme to boycott RDRAM through manipulation of its relative prices.

Janusz Ordover, along with a Compass Lexecon team led by Jith Jayaratne, Assaf Eilat, and Brianne Limber, was retained by counsel for Hynix—Tad Allan, Kenneth Nissly, Ken O’Rourke, and Susan van Keulen of O’Melveny & Myers—to develop a comprehensive economic framework to assess the merits of Rambus’ claim that Hynix acted in concert with other DRAM manufacturers to disadvantage RDRAM. Professor Ordover and his Compass Lexecon team tested Rambus’ claims regarding Hynix’s pricing conduct through a comprehensive analysis of the RDRAM price data on record. They developed specific tests of Rambus’ claims by focusing on the rates of decline of Hynix’s RDRAM prices alone and relative to the prices of other DRAM technologies. The analyses demonstrated that Hynix’s conduct was inconsistent with Rambus’ allegations of RDRAM price manipulations and also inconsistent more generally with the cartel alleged by Rambus. Further, Professor Ordover and his team created detailed analyses of Hynix’s RDRAM pricing to a major OEM that demonstrate that Hynix’s RDRAM pricing conduct was consistent with unilateral behavior.

In addition, the Compass Lexecon team worked closely with Hynix’s counsel to provide extensive litigation support, including analyses of the massive data on the record used by Hynix counsel to create trial graphics and to develop litigation strategy.

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