Analysis Group Inc.

Mr. Gorin, who is Chief Financial Officer and Managing Principal of Analysis Group, has held several senior executive-level financial, strategic, and marketing positions in both industry and banking. Prior to joining the firm, he was Vice President of Finance and Chief Financial Officer of Avant Immunotherapeutics, Inc., a publicly-traded biotechnology company. Mr. Gorin also held a series of senior positions with UST Corp., a multi-billion dollar commercial bank holding company. Previously, he was Senior Vice President of Finance for Sotheby's Inc., and Vice President with the Financial and Information Services and Merchant Banking Groups of Citicorp. Mr. Gorin received his M.B.A. fom the Wharton School at the University of Pennsylvania and his B.A. from Harvard.

Mr. Decter has worked on a range of business, economics, technology, and new product development strategy projects. Recent economics engagements have included multiple indirect purchaser class action cases involving both consumer and business products, as well as pharmacoeconomic studies related to the treatment of anemia. Recent business strategy engagements have included developing a value capture strategy in information technology services for a leading global telecommunications service provider; developing an integrated new product portfolio management system for a storage product manufacturer; and creating and synthesizing a diabetes and metabolics franchise development strategy for a leading pharmaceutical company. Prior to joining Analysis Group, Mr. Decter was an engagement manager at the Cambridge Strategic Management Group where he led telecommunications and high-technology growth strategy cases. In addition, he has several years of experience in the telecommunications industry in functional areas including strategic planning, new product marketing, business development, and product management.

Dr. White has assisted clients and worked with academic experts through multiple litigations, including support in preparing expert reports, testimony, and rebuttal analyses and arguments. His work spans a variety of industries including banking, computer hardware and software, and vitamins. His consulting experience includes analyses of economic issues relevant to class certification, quantification of lost profits due to false advertising, estimation of damages as a result of price-fixing by a vitamin manufacturer, and the calculation of but-for prices of PC hardware arising from an alleged patent infringement. Dr. White's research and publications have focused on economic measurement, including the theory and practice of consumer and producer price indexes and the construction of stock market indexes and national income statistics. Before joining Analysis Group, he was a Research Economist at Statistics Canada, where he did research on sources of mismeasurement in the Canadian consumer price index.

Andrew Wong specializes in corporate finance, venture capital, securities, and company valuation. He has extensive experience in SEC investigations into mutual fund industry practices, including allegations of market timing and front running, as well as legal disputes relating to structured debt products. He also works on intellectual property matters including lost profits and reasonable royalty analyses, suitability disputes, and pricing matters involving infrequently traded securities such as municipal bonds.

Dr. Bazelon is leading the expansion of Analysis Group's telecommunications practice. His consulting experience includes litigation, regulatory, and arbitration engagements in the wireless, wire line, and video sectors. As a principal analyst in the Microeconomic and Financial Studies Division of the Congressional Budget Office from 1995-2001, Dr. Bazelon covered telecommunications issues and developed extensive expertise in all aspects of radio spectrum license auctions. His responsibilities also included researching reforms of radio spectrum management; estimating the budgetary and private sector impacts of spectrum-related legislative proposals; and advising on auction design and privatization issues for all research at CBO. He is an expert on the federal government's use of discount rates for policy and regulatory analysis. Dr. Bazelon is a frequent writer and speaker on telecommunications issues. He also has experience with intellectual property valuation and damages.

Dr. Heavner applies his background in economics and finance to a wide variety of litigation matters and complex business problems. His antitrust experience includes leading case teams in matters related to market definition, monopolization, price fixing, predatory pricing, price discrimination, concerted refusals to deal, exclusive dealing, joint ventures, franchising, and mergers. His finance and securities experience includes directing case teams in engagements related to securities fraud, mutual fund fees, investment suitability/portfolio management, ERISA, valuation, mergers, efficiency of financial markets, corporate governance, securitization, investment manager compliance, and damage calculations. Dr. Heavner has also consulted on matters related to sports league governance, lost revenues, trade secrets, complex damage calculations, and telecommunication regulation.

Dr. Mishol specializes in econometrics, microeconomic theory, statistics, and pharmacoeconomics. He has managed large, complex damages analyses for Fortune 500 companies, consulted in the areas of antitrust, class certification, breach of contract, securities, and intellectual property, and provided expert testimony in general commercial litigation and damages cases. His work has included development of econometric models to assess price erosion and estimate lost profits in the personal computer market; development of economic arguments related to antitrust issues in the medical device and pharmaceutical industries; and development of optimization models used in auctions for government-owned mortgages. In addition, Dr. Mishol has provided economic and quantitative analyses in securities fraud lawsuits and merger analysis. In non-litigation activities, he has used sophisticated econometric modeling techniques to help major pharmaceutical companies make product entry decisions by assessing the impact of market factors on the demand for prescription pharmaceuticals.

Dr. Sosa specializes in the economics of network industries, law and economics, and industrial organization. He has consulted to telecommunications and electric utility clients on a broad range of litigation and regulatory issues including industry restructuring, technical standardization, operational and financial benchmarking, mergers and acquisitions, market power analysis, and competitive strategy. Dr. Sosa has served as an expert witness before several state and federal agencies. His work has also spanned industries such as computer software, publishing, air freight, and video rentals. He has provided clients with damages and valuation analyses in a broad range of litigation matters including consumer class action suits, intellectual property, employment, and commercial contracts. He is a frequent public speaker and has published a number of articles in industry and professional journals. Before joining Analysis Group, he consulted to the California Energy Commission and Telcordia.

Ms. Evans is an economist and lawyer specializing in finance and accounting. She has 20 years of experience analyzing the internal accounting systems of various firms for litigation purposes. She has supervised and performed general damage analyses and developed discount rate and cash-flow analyses to determine lost profits or royalties and value assets, projects, and/or firms.

A specialist in accounting, financial analysis, and valuation, Dr. Eccher has served as an expert in commercial disputes involving proper application of accounting principles. Her consulting experience includes damages estimation for lost sales, cost analyses, business valuations, financial analyses for transfer pricing, and interpretation and application of financial accounting standards and terminology. Her work has spanned such industries as computer software, biotechnology, automotive, financial services, agriculture, retailing, and utilities. Examples of her consulting work include calculation of lost profits in breach of contract and unfair competition cases in the high-speed rail, software, and pharmaceuticals industries; analysis of organizational and financial aspects of a service supply contract for a U.S. Department of Transportation hearing; and evaluation of interdivisional transfer prices for an automotive firm. Before joining Analysis Group, Dr. Eccher taught financial and managerial accounting at the Sloan School of Management, Massachusetts Institute of Technology. Her research has been published in leading academic accounting journals.

Mr. Jetley specializes in securities litigation, corporate finance, and valuation of derivative instruments. His securities litigation experience includes working on behalf of large corporations across a variety of industries, including electric utilities, office equipment, biotechnology, and health care. His corporate finance work includes detailed analysis of factors underlying the insolvency of several large property and casualty companies. He has also worked on several matters that involved the valuation of over-the-counter and exchange-traded equity, fixed income, foreign exchange, and mortgage-backed derivative securities. Mr. Jetley has conducted research in risk management, the application of real option techniques to value drug development projects, and the application of simulation techniques to value path-dependent American equity options.

Dr. Rosberg advises clients on finance and health care economics. He supports experts and attorneys in all phases of litigation and advises senior executives on economic and strategic issues. He has worked in a wide variety of industries, including financial services, health care, media, professional sports, and telecommunications. Dr. Rosberg's work in finance has included supporting leading experts in several major securities cases with billions of dollars of exposure and advising investors in a $700 million private equity transaction. He has particular expertise in the analysis of fixed income securities and credit quality. In health care economics, Dr. Rosberg has co-authored peer-reviewed articles and abstracts integrating clinical and economic data, including numerous pharmacoeconomic cost-effectiveness analyses and a meta-analysis of the relative effectiveness of two anemia medications. Before joining Analysis Group, Dr. Rosberg was a consultant at The Parthenon Group and taught at Dartmouth and Boston College.

Mr. McLean specializes in the application of finance and economics to problems in complex business litigation, including intellectual property, antitrust, valuation, and securities. He has served as an expert witness and has provided assistance in many phases of litigation, including development, presentation, and review of pretrial discovery; preparation of testimony; and critique of analyses of opposing experts. His work has included development of models to assess price erosion and estimate lost profits; analysis of hedge fund performance and margin calls; valuation of privately-held businesses; and calculation of antitrust damages stemming from delayed entry of generic alternative pharmaceuticals. Prior to joining Analysis Group, Mr. McLean was employed as an analyst for Putnam, Hayes & Bartlett, Inc., and also has assisted start-up companies in developing financial projections, business plans and marketing strategies.

Dr. Van Audenrode is an expert in labor economics, antitrust, econometrics, and public economics. He has consulted to clients in Canada including law firms and government agencies. He has a broad range of experience in earnings and compensation, employment practices, public policy, and data analysis. His recent work in public economics includes evaluating the economic rent from hydro-electricity to the Canadian economy; measuring the effect on drug prices of restrictions to competition in the health sector; and the impact on wages and employment of rules restricting the right to sub-contract for unionized firms in Quebec. In the antitrust field, he has helped develop a methodology to evaluate the price of desktop software. His labor economics work includes an expert report assessing a fair compensation for Quebec provincial judges. Dr. Van Audenrode's scientific research has been published in numerous peer-reviewed academic journals. He has also written articles for trade journals and is a frequent presenter at industry and academic conferences.

Mr. Howrey has conducted economic and financial analyses in a number of 10b-5 related litigations involving GAAP violations as well as other matters regarding alleged omissions or misstatements. In addition, he has been involved in the estimation of damages for numerous contract disputes. He has supported both damages and liability experts through deposition and trial, prepared numerous analyses for settlements, and has managed teams in large cases, including several Enron-related litigations. His client work has included the development of models to test the significance of various income statement and cash-flow measures on stock price; estimation and critique of plaintiff-style damages and settlement predictions for 10b-5 matters; and identification of multiple cash streams relating to the sublicensing of a patent to help attorneys understand sources of potential damages. Mr. Howrey's experience spans many industries, including banking, consumer products, telecommunications, and oil and gas.

Ms. Moore specializes in the application of financial and econometric techniques to valuation, litigation, and other complex business matters. She has provided damages analysis in securities fraud, breach of contract, intellectual property, and investment suitability cases. In non-litigation assignments, she has evaluated the risk exposure of institutional investment portfolios containing complex derivative instruments such as CMOs and inverse floating rate notes. In addition, she has performed valuations of business enterprises that are used for strategic advisory and litigation settings. Examples of her work include evaluation of medical claims data for false billing by physician and durable medical equipment providers; valuation of financial assets for corporations in the insurance, Internet provider, apparel, membership services, food, technology, and health care industries; and analysis of investment portfolio risk components.

Dr. Quinn specializes in the application of economics to issues in the natural gas and electricity industries. He has served as an expert on matters involving natural gas transportation, distribution, and storage as well as electricity transmission and distribution. He has also worked with leading academic experts from prominent institutions on cases involving issues ranging from access to essential facilities to antitrust proceedings. In addition, he has conducted damages assessments in cases involving market power disputes and contract interpretation; analyzed issues related to the valuation of contract portfolios; and provided advice and testimony on performance-based regulation proposals and total factor productivity studies. Before joining Analysis Group, Dr. Quinn was a Senior Consultant in the energy practice of National Economic Research Associates, where he managed projects involving performance-based regulation, market design, gas demand studies, and damages analysis. He is a frequent speaker at industry conferences and has taught microeconomic theory, statistics, and econometrics at Princeton and Tufts universities.

Dr. Crew applies his background in finance and mathematics to matters involving valuation and damages calculation, with particular emphasis on the valuation and risk analysis of complex financial securities and derivatives including corporate bonds, currency derivatives, and mortgage-backed securities. He also specializes in analyses related to 10b-5 securities fraud cases and stock price behavior. Dr. Crew has also worked on cases in the entertainment industry. In non-litigation matters, Dr. Crew has performed pricing analyses, risk assessment, and real option valuation for clients in the pharmaceutical and electric utility industries. He has published research on regulatory policy and risk management.

Dr. Simon specializes in applied microeconomics and econometrics. He has performed analyses in areas such as securities, price fixing, statistical sampling, business valuation, intellectual property and general damages. Dr. Simon's past projects have involved valuation of complex currency derivatives, analysis of volatility in the mutual fund industry, and extensive investigation of pharmaceutical markets related to a price-fixing claim. His statistical sampling work has ranged from analysis of small samples drawn from large datasets, which are used for planning purposes, to the design of complex cluster sampling plans for the investigation of a nationwide medical practice. His empirical research has explored the determinants of consumer lending and the price effect of mergers. Prior to joining Analysis Group, Dr. Simon was a lecturer at Princeton University.

Ms. Kirk has conducted economic analysis and managed case teams in support of academic experts in a broad range of cases, including major antitrust litigation, intellectual property, and tax litigation. Over the last eleven years, she has provided support for academic experts in cases involving bankruptcy, contract disputes, the valuation of privately held companies, the valuation of intellectual property, and the valuation of various products and services. In addition, Ms. Kirk has extensive experience in the development, administration, and analysis of surveys. In recent years, Ms. Kirk has participated in multiple litigations on behalf of MasterCard International and has analyzed market structure, business strategy, and financial performance of both the software and general purpose card industries in class action, government, and antitrust litigations.

Dr. Mortimer has conducted economic analyses and supported experts in antitrust and intellectual property litigation along with addressing complex business issues. The majority of his experience has focused on the computer software, banking, pharmaceutical, Internet, and telecommunication industries. Dr. Mortimer's casework includes the evaluation of profitability and estimation of damages for antitrust litigation in the computer software industry, an assessment of market definition and collusion in the banking industry, and an assessment of market definition and patent litigation in the pharmaceutical industry. His research has also addressed the nature of competition and incentives for firm cooperation in the Internet and telecommunication industries.

Mr. Stafford specializes in the application of economic and mathematical tools to problems in complex business litigation. His finance-related experience includes calculating market shares in the Nasdaq market-maker litigation and estimating settlement costs in several life insurance sales practices class-action suits. He has worked extensively with clients and counsel to identify, transfer, and use information from clients' business systems to provide support for attorneys in business litigation. He has developed models of decision-making under uncertainty for use in insurance coverage litigation and in support of climate change policymaking. His experience includes damage assessments in cases involving intellectual property issues; analysis of potential market effects of proposed mergers and acquisitions; and analysis of allegations of dumping in an international trade dispute. Mr. Stafford also has extensive experience in applying decision analysis techniques to regulatory issues in the public utilities and environmental industries.

Dr. Rudkin specializes in the application of finance, economics and statistics to a wide range of litigation issues and consulting problems. He has extensive consulting experience in the energy and public utility sectors. His expertise includes public utility pricing, the solution of issues associated with restructuring the electric utility industry and strategic planning. His expertise also includes the use of derivative techniques ("real option techniques") to value assets (e.g., generation units) and to make improved operating and strategic decisions. He is an expert in the valuation of non-traded financial instruments, including employee stock options (ESOs), restricted stock, and stock appreciation rights, and is the developer of Analysis Group's Equity and Stock Option Valuation (ESOVAL ) Model. The ESOVAL Model is a binomial lattice-based model that explicitly addresses the unique features of ESOs and other equity-base instruments, including lack of transferability, vesting restrictions, time varying inputs, caps, indexed strike prices and performance triggers.

Dr. Mangum has more than ten years of experience in economic research and analysis. He has served as a consulting and testifying economist and expert both in private sector consulting and for the U.S. Federal Trade Commission. His practice focuses on economic analysis and litigation support in a wide range of cases involving intellectual property, antitrust, and damage quantification. Examples of his work as an expert include estimation of lost profits and reasonable royalty in patent infringement matters, analysis of relevant antitrust markets; evaluation of exclusive dealing; valuation of intellectual property used in consumer products, advertising, and theme parks. He has taught courses in economics, statistics, and econometrics at three colleges and universities, and is an Adjunct Assistant Professor, Department of Economics, University of Southern California. Before joining Analysis Group, he was a Manager in PricewaterhouseCoopers' Financial Advisory Services group.

Dr. Weglein specializes in the application of economic theory and econometrics to the analysis of complex business matters in litigation and non-litigation settings. His research has covered numerous industries, including automotives, steel, real estate, investment and commercial banking, asset management, agribusiness, biotechnology, and computer software. Recent cases he has managed include: estimating the impact of short-term trading in a number of mutual fund complexes; examining alternative methods of car and truck distribution and their potential welfare effects; measuring the effect of financial restatements on equity and fixed-income share prices for a Fortune 500 company; and analyzing financial crises in Latin America, policy responses to those crises, and their collective impact on foreign investors. In several large litigations involving alleged anticompetitive practices by Microsoft, Dr. Weglein co-managed projects to assess potential damages.

Dr. Ornstein specializes in applied microeconomics, industrial economics, and their application to issues of competition and general business litigation. He has served as an economic consultant and developed and managed analyses on a broad range of liability and damages issues including antitrust, intellectual property, false advertising, and other matters. Dr. Ornstein has published 28 articles, books, and chapters in books on issues in industrial economics, including papers on market structure and performance, advertising and competition, joint ventures, exclusive dealing and vertical restraints, resale price maintenance, the demand for alcoholic beverages, and competition in the motion picture industry.

Dr. Schurman specializes in microeconomics and finance. Through his academic research, he has examined mergers and acquisitions in the context of antitrust opposition as well as broader issues in corporate finance. Dr. Schurman's litigation case work encompasses a wide range of topics including finance, securities, intellectual property, insurance, valuation, and employment matters. He has analyzed the impact of allegedly fraudulent investment information on a company's stock price; examined relevant geographic and product markets for computer software; evaluated the impact of disparaging comments on sales of a major consumer products company; analyzed issues involving claims handling and estimation practices for a major workers' compensation insurer; and evaluated sales practices of leading life insurers. He has served as the designated expert in securities valuation and employment litigation and has provided both deposition and trial testimony. Dr. Schurman has also lectured in graduate-level financial economics courses at the University of Chicago.

Dr. Borek specializes in the application of microeconomic theory, finance, and statistics to litigation and complex business problems. He has managed economic analyses involving breaches of contract, intellectual property misappropriation, antitrust violations, tax disputes, and other litigated matters. His consulting experience includes projects involving the media and entertainment, telecommunications, Internet, life sciences, and financial services sectors. Recent assignments have included examination of economic damages stemming from misappropriation of trade secrets involving Wi-Fi technologies; investigation of antitrust issues in patent infringement disputes involving software for financial securities auctions and photolithography equipment; and examination of economic damages stemming from breach of contracts covering provision of long distance calls. Dr. Borek previously held positions with Ernst & Young's Corporate Finance practice and Chernivtsi State University in Ukraine, where he taught international trade and international finance. His research, presented in journals and before professional and academic audiences, has focused on issues in industrial organization, international trade, and labor economics.

Ted Laguerre is a certified public accountant with MBA- and Ph.D.-level training in finance, economics, and accounting. Mr. Laguerre's broad-based academic training and experience allow him to help develop creative and robust solutions to complex litigation matters and effectively manage teams consisting of members with a variety of different specializations. At Analysis Group, he has managed case teams in matters involving securities (equity, fixed income, and derivative), valuation, financial analysis, mutual funds, accounting, and general damages.

Mr. Ortenzi specializes in financial analysis and valuation, damages assessment, and economic modeling. His recent projects include working on behalf of the UK's Financial Services Authority to quantify the effects of Basel II and the European Union's MiFID on the UK financial services sector, and leading multiple econometric damages studies to quantify overcharges for market leaders in cartel price-fixing cases. Mr. Ortenzi has also managed consulting projects involving intellectual property disputes and analysis of commercial damages. In both the energy and high-tech sectors, he has assessed patent infringement allegations and estimated the resulting harm. In commercial litigations, he has designed hedonic price models to quantify losses in value for residential and commercial properties and computed damages to various agricultural products from pesticides and other chemical contaminants.

A co-founder of Analysis Group, Dr. Stangle has more than 25 years experience directing large research and consulting projects in numerous industries, in such areas as antitrust, regulation, intellectual property, and damages. He has provided expert testimony on market definition, entry conditions, competitive effects, security valuation, and damages. Dr. Stangle serves as a member of the Board of Trustees of Bates College, the Visiting Committee for the Economics Department at MIT, and the Board of Directors of Wellington Trust Company, a subsidiary of the private money management firm Wellington Management Company. He has also served as a member of the Board of Directors of a venture capital firm.

Mr. Greenberg is the co-director of the firm's Health Care practice, and specializes in the economics of the health care sector, both in complex business litigation and in health outcomes research. He has consulted in a variety of cases involving claims of anticompetitive behavior, patent infringement, drug-related injury, and inappropriate marketing and pricing practices, and has developed damage assessments in a range of commercial litigation matters. He has consulted to pharmaceutical and biotechnology companies concerning the pharmacoeconomic profile of specific diseases and medical products and performed pharmacoeconomic studies for major biopharmaceutical companies. Mr. Greenberg's health economics research has been published in key medical, health economics, and managed care journals. He was the lead author of the landmark cost-of-illness study that estimated the annual costs of depression, the most widely cited health economics article to appear in the medical literature since its publication. He currently serves on the editorial boards of PharmacoEconomics, Expert Review of Pharmacoeconomics and Outcomes Research, and Expert Opinion on Pharmacotherapy.

Ms. Lau Brooks specializes in the application of microeconomics, finance, accounting, and statistics to solving complex problems in business litigation. Her consulting experience includes antitrust and merger analyses, securities fraud litigation casework, and regulatory analyses for the energy industry. In litigation, Ms. Lau Brooks has been involved in all phases of the litigation process, from pretrial discovery to expert report and deposition/trial preparation. In antitrust and merger cases, she has conducted competitive market share analyses and has investigated predatory and price-fixing claims. In the energy industry, she has performed FERC screens for market-based rate authority, conducted delivered price test analyses, and provided statistical analysis for major utility companies in conjunction with Clean Air Act litigation. Ms. Lau Brooks also has experience in calculating damages in 10b-5 securities fraud litigation. Prior to joining Analysis Group, Ms. Lau Brooks worked at NERA, CRA International, and the Economic Analysis Group of the Department of Justice's Antitrust Division.

Mr. Dasgupta has significant experience in conducting transfer pricing studies, financial analyses, and related consulting assignments in various industries. He has participated in empirical research involving determination of royalty rates and valuation of brand names. His experience also includes identification of key economic issues and development of relevant analytical frameworks for use in complex litigation and regulatory proceedings. Mr. Dasgupta previously worked as R&D manager for Cadence Design Systems, a leading software company. He has extensive experience in product management, as well as in-depth understanding of issues related to intellectual property and technology development in the hi-tech industry.

Ms. Filipek has expertise in microeconomics, business strategy, finance, and mergers and acquisitions. She has experience in several industries including telecommunications, software, hardware and biotechnology. Her casework has covered economics and strategy engagements and has included assessment of damages for litigation, valuation, economic impact, and strategic growth analyses. She has also conducted cost/benefit analyses of public policies, including California Proposition 71, the Stem Cell Research and Cures Initiative. Prior to joining Analysis Group, Ms. Filipek was an Investment Associate at International Finance Corp. (World Bank), where she focused on the development and financing of wireless and telecommunications projects within emerging global markets. In addition, Ms. Filipek has experience in corporate development for a wireless enterprise software start-up and in valuation and finance for Broadview International, a technology-focused financial services firm.

Ms. Hoag has provided assistance to attorneys on many aspects of trial practice and arbitration, including development of models to value complex financial instruments, assessment of damages, and critique of analyses put forth by opposing experts. She has also prepared expert reports and cost-benefit analyses in industries including financial services, pharmaceuticals and health care, wireless cable television, and computer hardware and software, among others. Prior to joining Analysis Group, Ms. Hoag worked with J. Fred Weston and Associates at the Research Program in Competition and Business Policy at the University of California, Los Angeles. In addition to consulting assignments, she co-authored a widely-used graduate level textbook on mergers and acquisitions, and participated in the early development of computer models for teaching managerial finance.

Ms. Perry-Failor specializes in the application of economic principles to firms, industries and markets. Over the past 20 years, she has specialized in practical application of economic principles over a wide range of energy-related issues including: the appropriate institutional structure of competitive industries, tariff design under a regulatory regime, privatization of governmental functions, effects of environmental regulation on electricity prices, and estimation of damages in the context of litigation. In the course of her activities, she has managed numerous large-scale cases in the electric utility, petroleum and natural gas industries, and written reports and articles on these matters. Ms. Perry-Failor also has worked internationally, principally in India, assisting with developing regulatory expertise of local authorities. She has taught courses in the principles of setting tariffs for electric service and assisted regulators in their evaluation of the issues facing newly privatized companies. In addition to her work on regulatory matters, Ms. Perry-Failor has directed research efforts and written confidential reports for several states regarding economic barriers to development of targeted industries and identified solutions to creating conditions conducive to industrial development.

Mr. Parece specializes in business strategy, pricing, marketing and market research for clients primarily in the pharmaceuticals, biotech and energy industries. He has more than 20 years of experience managing large-scale projects covering a wide range of clients and business issues. His work with pharmaceuticals and biotech clients has focused on pricing and marketing issues, and he has managed competitive assessments and product launch strategy assignments for several high-profile products in a wide range of therapeutic areas. For clients in the energy industry, he has managed assignments related to industry deregulation and restructuring including asset divestitures and auctions for competitive procurement of supply as well as studies to analyze customers' choices of fuels and providers, evaluate the impact of demand-side management and real-time pricing programs, develop long-range integrated resource plans, and model the impact of rate changes on investments. He is a frequent speaker and writer on pharmaceuticals and energy industry topics.

Dr. Strombom is an expert in applied microeconomics, finance, industrial organization, and the economics of health care. His experience includes valuation of more than 100 privately held businesses and ownership interests in firms in a range of industries, assessment of the risk-adjusted performance of investment portfolios, and estimation of damages stemming from business interruption and lost earnings. He has conducted damages assessments in cases involving intellectual property, antitrust, fraud, securities valuation, and contract issues. Within the health care sector, Dr. Strombom has examined the competitive impact of mergers in markets for hospital and medical laboratory services, analyzed the impact of managed care on markets for medical services, and evaluated the effects of health insurance reforms on affordability and access. He has examined the claims payment practices of managed care organizations and evaluated the statistical sampling methods used to assess quality care. Dr. Strombom has served as an expert witness in both business litigation and public policy matters.

Dr. Kahn specializes in electricity competition and regulation. He has consulted to numerous domestic and international private and public sector clients including The Federal Energy Regulatory Commission, the World Bank and the U.S. Congress. His expert testimony, presented in both regulatory proceedings and civil litigation, has covered issues ranging from competitive market pricing to market power mitigation to electricity industry restructuring. He has lectured widely to academic, industry, and professional groups. Dr. Kahn is co-author of the books Electric Utility Planning and Regulation and International Comparisons of Electricity Regulation, several book chapters, and nearly one hundred articles and reports. Before joining Analysis Group, he was a Vice President with National Economic Research Associates. Dr. Kahn was previously Senior Staff Scientist at the Lawrence Berkeley National Laboratory, Co-director of the Program on Workable Energy Regulation at the University of California Energy Institute, and Lecturer in the Energy and Resources Program at the University of California, Berkeley.

Mr. Tuttle specializes in helping both new and established companies grow. He is expert in evaluating market and customer needs, developing new products and services, adapting business structures to meet changing competitive requirements, and employing acquisition and divestiture to improve performance. In the area of new product and service development, he has worked with clients to identify the portfolio of innovations that will create the most value and to enhance the effectiveness with which those innovations are developed and brought to market. Mr. Tuttle has assisted clients in expanding their presence in both new and existing markets, evaluating potential investments, and supporting the acquisition and integration of target companies and product lines. For Fortune 100 clients in health care, transportation and technology, as well as many smaller clients, his projects have often included development of sophisticated models for evaluating market demand, product success, and business options. He writes and speaks frequently on growth and innovation.

Professor Berndt's primary fields of interest are econometrics, applied microeconomics, health economics, and productivity growth in industries. He is a recognized expert in pricing in the pharmaceutical industry and has been retained as an expert witness in several pharmaceutical cases. Professor Berndt has worked with Analysis Group on numerous assignments, including several health outcomes research projects involving the analysis of prescription drugs, econometric studies on pharmaceutical price growth, and testimony on international drug prices for a Congressional health care subcommittee. Professor Berndt is also an expert in energy economics and has published extensively on the application of econometric analyses to energy topics.

Analysis Group Managing Principal John Jarosz testified at a post-trial damages hearing on behalf of the defendant in a patent infringement case involving coaxial cable connectors. The plaintiff had prevailed at the original trial, at which Analysis Group did not testify, and was awarded $1.4 million in damages for the infringement period. Following the trial, a hearing was held to account for subsequent damages. Mr. Jarosz, working with Analysis Group Vice President Christopher Borek, submitted an expert report and testified as to the nature and amount of appropriate direct and indirect costs to be deducted from the infringing revenues. The court adopted Mr. Jarosz's approach and calculations, awarding plaintiff less than half of what it had requested. Analysis Group worked with attorneys from Troutman Sanders.

An expert in antitrust, intellectual property, and securities, Mr. Arnold has worked on behalf of numerous Fortune 500 companies and with most of the nation's top law firms. He regularly manages complex civil litigation matters in which he has assessed arguments submitted by multiple expert witnesses and prepared multiple experts in rebuttal covering aspects of accounting, economics, and finance. In addition, he testifies on liability and damages issues in antitrust, intellectual property, securities, and complex business tort disputes. He is currently advising a top financial institution in connection with its Enron-related litigations and recently assisted Honeywell in a $1 billion case involving alleged accounting fraud and fraudulent conveyance. His experience also includes leading the expert work and attendant analysis in Winstar cases for the U.S. Department of Justice, serving as an expert witness for the Chicago Board of Trade in a matter involving electronic trading patents, and advising a large asset management/investment fund firm regarding an SEC investigation into trading practices.

Dr. Newhouse is the John D. MacArthur Professor of Health Policy and Management at Harvard University, Director of the Division of Health Policy Research and Education, chair of the Committee on Higher Degrees in Health Policy, and Director of the Interfaculty Initiative in Health Policy. He is a member of the faculties of the John F. Kennedy School of Government, the Harvard Medical School, the Harvard School of Public Health, and the Faculty of Arts and Sciences, as well as a Faculty Research Associate of the National Bureau of Economic Research. He received B.A. and Ph.D. degrees in Economics from Harvard University. Following his Bachelors degree, he was a Fulbright Scholar in Germany. Dr. Newhouse spent the first twenty years of his career at RAND, where he designed and directed the RAND Health Insurance Experiment, which studied the consequences of different ways of financing medical services. From 1981 to 1985 he was Head of the RAND Economics Department.

Dr. Ugone specializes in the application of economic principles to complex business disputes and is experienced in economic and damages-related analyses. He has provided financial and economic consulting services in cases involving antitrust, breach of contract, business interruption, lost earnings, intellectual property, lender liability, and securities-related issues. He has frequently evaluated lost profits and valuation-related issues using large databases and complex computer models. Damage models constructed or analyzed by Dr. Ugone have included such components as lost sales analyses, incremental cost analyses, assessments of profitability, assessments of the capacity to produce additional units, the competitive business environment in which a damage claim is made, claimed lost business value, and claimed reasonable royalties. In addition to damages-related analyses, he has conducted economic impact assessments, cost/benefit and risk assessments, and multiple fraud and criminal-related engagements involving alleged embezzlement, Medicare fraud, and overcharge damages. Dr. Ugone has testified at trial and in deposition more than 100 times.

Mr. Christensen is an expert in finance, valuation, and damages analyses, with more than a decade of experience in litigation matters. Mr. Christensen has developed specific expertise in valuation, private equity, and structured finance transactions. He has managed economic analyses in lawsuits involving Lehman Securities in a private equity transaction dispute; the trustee for MJK Securities in the largest liquidation ever ordered by the Securities Investor Protection Corporation; StorageTek in a dispute with an independent service provider; and numerous cases involving pharmaceutical competition and pricing. In the structured finance arena, Mr. Christensen has managed projects in numerous lawsuits, including high-profile cases involving commodity-based structures. He has also served as an expert witness in many phases of litigation, including preparation of testimony; development, presentation and review of pretrial discovery; and critique of analyses of opposing experts.

Mr. Egland specializes in financial and environmental issues pertaining to litigation, with a focus on investment suitability. He directs the firm's risk management consulting work, which provides comprehensive risk analyses of investment portfolios for private and public clients. He led the team that valued the failed Orange County derivatives portfolio for the California State Auditor's Office. Mr. Egland has conducted numerous analyses requiring calculation of discounted cash flows for determining lost earnings, profits, and asset and business values. He has valued a broad range of financial instruments and evaluated the impact of various factors on stockholder wealth. In the environmental area, he has conducted studies to evaluate the impact of hazards such as asbestos, lead, and soil contamination on property values. He has provided expert testimony in many environmental matters and published his research in leading environmental and real estate journals. Mr. Egland is a Chartered Financial Analyst.

Paul J. Feldstein has served as one of our directors since May 2002. Professor Feldstein is a Professor and Robert Gumbiner Chair in Healthcare Management at the Paul Merage School of Business at the University of California, Irvine. Professor Feldstein has taught at the University of California, Irvine since July 1987, and at the University of Michigan from 1964 to 1987. During several leaves from the University, Professor Feldstein has worked at the Office of Management and Budget, Social Security Administration and the World Health Organization. Professor Feldstein is a member of the Compensation Committee, the Compliance Committee and the Nominating & Governance Committee of our Board of Directors.

Dr. Cremieux has a broad range of expertise in industrial organization, health economics and health policy, antitrust, econometrics, and labor economics. He has consulted to numerous clients in the United States and Canada and testified in bench and jury trials, arbitrations, and administrative proceedings. His work has included analyses of damages in some of the largest recent U.S. antitrust cases, calculation of damages in general commercial litigation, probability analysis of bank failure, and calculation of damages in large 10b-5 cases. He has also analyzed whether damages can be accurately evaluated on a class wide basis. In health and labor economics, he has published extensively on the value of pharmaceuticals, hospital performance, quality and cost of care, drug cost-effectiveness, medical and workplace costs of various illnesses, and litigation strategy. Dr. Cremieux is an Adjunct Professor at the University of Quebec at Montreal.

Mr. Malinak specializes in financial economics, with particular expertise in damages estimation, applied finance theory, and business and asset valuation. He has provided deposition and arbitration testimony on economic damages issues and directed litigation projects in many industries on issues related to securities (including derivative securities), antitrust, breach of contract, taxation, regulatory economics, and intellectual property claims. Mr. Malinak has frequently addressed class certification and damages issues in securities fraud cases, as well as the myriad economic, financial, and accounting issues common to most damages calculations, such as cost of capital and prejudgment interest. He has considerable experience in financial institutions and risk management, having been heavily involved in the Winstar savings and loan litigations, and having also recently completed a major project on the risk of Fannie Mae. Mr. Malinak has also acted as a management consultant to clients in the energy, environmental, and health care industries, and as an economic valuation and business strategy consultant to clients with new technology, intellectual property, and intangible assets. Prior to joining Analysis Group, he was a Principal at Putnam, Hayes & Bartlett, Inc.

Mr. Starfield specializes in the application of economics, finance, and accounting to problems in complex business litigation. He has provided assistance to attorneys in all phases of litigation including case strategy, the discovery process, quantification and rebuttal of damages, expert testimony, and settlement negotiations. Mr. Starfield has a broad range of experience in cases involving antitrust, banking, bankruptcy, construction, fraud, intellectual property, real estate, and contract disputes. He was responsible for the overall management of all aspects of the financial and economic analysis in a fraudulent conveyance litigation involving one of the largest bank failures in US history. He is a Chartered Accountant of South Africa, a member of the South African Institute of Chartered Accountants, and an Authorized Public Accountant in the United Kingdom. Previously, he was Senior Manager in the Dispute Analysis and Corporate Recovery Services Group of Price Waterhouse LLP.

Dr. Langer has served as a scientific consultant and director since June 2002. Dr. Langer is currently the Chairman of the Company s Scientific Advisory Board. Dr. Langer is a co-founder of Sontra Medical, Inc. Since 1979, Dr. Langer has been Germeshausen Professor of Chemical and Biomedical Engineering at the Massachusetts Institute of Technology. Dr. Langer is also currently a director of Momenta Pharmaceuticals, Inc., a biotechnology company developing drugs based on sugar sequencing technology, Boston Life Sciences, Inc., a company focused on research and development of therapeutic and diagnostic products, and Wyeth, a pharmaceutical and consumer healthcare products company. Dr. Langer received his B.S. from Cornell University in 1970 and his Ph.D. from MIT in 1974, both in chemical engineering.

Mr. Frame has consulted with a broad range of electric industry clients on matters including market power and mergers, wholesale bulk power markets and competition, retail competition, industry restructuring, transmission access and pricing, contractual terms for wholesale service, contracting for non-utility generation and power plant valuation. He has testified as an expert witness on numerous occasions, on these and related topics, before the Federal Energy Regulatory Commission, state regulatory commissions, federal and local courts and the Commerce Commission of New Zealand. He frequently speaks before industry groups on competition-related topics. Mr. Frame was previously a Vice President at National Economic Research Associates.

Dr. Herscovici specializes in the application of microeconomic theory, econometrics, and data analysis to litigation and complex business problems. He has testified as an expert witness in antitrust and commercial litigation and has provided economic analyses and damages estimates in antitrust, finance and securities, environmental, employment, and general business litigation. His experience spans a variety of industries including banking and financial services, travel, agricultural products, food retailing, and entertainment. He also has performed analyses measuring the impact of market timing on shareholders for mutual fund companies, fund trustees, and regulators. In addition, he has directed analyses addressing issues related to class certification, and has provided analysis of a client's wage structure and adverse impact analysis of corporate restructurings. Dr. Herscovici has also designed statistical surveys to address issues such as market definition, market shares, and damages. Before joining Analysis Group, Dr. Herscovici was an NIH pre-doctoral fellow at the University of Chicago's Population Research Center. His research has been published in several academic journals.