Dr. Andrew S. Carron, Noted Authority in Securities and Financial Economics, Named President of NERA Economic Consulting

19 December 2005

NEW YORK -- NERA Economic Consulting, a leading global provider of economic research and analysis in business, legal, and regulatory matters, announced today that Dr. Andrew S. Carron will become President on January 1, 2006.

Dr. Carron has chaired NERA's Securities and Finance Practice since 2003. He has been a driving force behind the growth of that practice and its continued preeminence as the largest among economic consultancies. In a business climate of increased scrutiny and accountability, companies and their counsel have come to rely on NERA's expert economic analyses and testimony on matters ranging from shareholder class actions to the impact of market timing.

Dr. Carron will become the firm's first new president in 18 years, replacing longtime President Dr. Richard T. Rapp, who will assume the role of Chairman.

Dr. Rapp became NERA's President in 1988. He spearheaded NERA's expansion into new economic disciplines and worldwide markets -- endeavors that have helped increase revenues six-fold over the past two decades. Today NERA operates as a global consultancy, with 500 professionals in 20 offices in North and South America, Europe, Asia, and Australia. The firm advises multinational corporations and governments on a range of issues such as predicting the likely impact of proposed mergers; forecasting claims resulting from mass tort litigation; applying game theory to power auctions; and allocation methods for emissions trading schemes. Dr. Rapp will return to full-time consulting, continuing to advise the firm's clients on complex commercial litigation and antitrust matters.

Dr. Carron said: "I am deeply honored to be named as President of NERA, and I look forward to building upon Dick Rapp's outstanding work. Trends in global markets point to new and complex legal, regulatory, and business challenges. Large scale business combinations demand the multinational and multidisciplinary approach at which NERA excels. Our intellectual property experts assist in the resolution of issues that arise from technological advances and complexities in the global organization of production. Changes in legal and regulatory regimes will present business opportunities in both new and existing markets. The application of economic research and analysis to these issues has become increasingly vital to high-level decision-making and problem solving. I am excited by the prospect of working with our distinguished colleagues and clients to guide the firm at a time when the need for what we do has never been greater."

Dr. Carron joined NERA in 1996 as a Senior Consultant. In addition to chairing the Securities Practice, he has served on the firm's Board of Directors since 2004. Dr. Carron will continue to be based in NERA's New York City office. Prior to joining NERA, he spent 10 years at Credit Suisse First Boston, where he served as a Director of Global Risk Management, and held senior management positions in its Fixed Income Research department in New York and London. He also worked as a manager in bond analysis at Lehman Brothers and was a Senior Fellow at The Brookings Institution. Dr. Carron has authored books and articles on regulatory economics and on financial products, institutions, and markets. He holds M.A., M.Phil. and Ph.D. degrees in Economics from Yale University and a B.A. from Harvard University.

Dr. Rapp said: "All of us at NERA warmly congratulate Andrew, whose keen intelligence and management experience make him a superb choice as President. I am proud to pass the baton to him."

Dr. Rapp joined NERA in 1977. He specializes in complex commercial litigation, antitrust, intellectual property, and international economics. Prior to joining NERA he was an Associate Professor at the State University of New York at Stony Brook.

NERA Economic Consulting (www.nera.com), founded in 1961 as National Economic Research Associates, is a subsidiary of Mercer Inc., a Marsh & McLennan company.

About NERA

NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 25 offices across North America, Europe, and Asia Pacific.