NERA Economic Consulting Announces Eight Officer-Level Promotions: Appoints New Practice Chairs in Securities & Finance and Communications

16 February 2006

NEW YORK, Feb. 16/ -- NERA Economic Consulting, an international firm of over 550 professionals operating in 20 offices worldwide, announces the following officer-level promotions:

Neil Dryden, Paul Hofer, David Matthew, and Dr. Fernando Barrera have been promoted to Associate Director, and Thomas Bornholdt, Dr. Christine Meyer, Satoshi Nakashima, and Takefumi Suzuki have been promoted to Vice President. The firm has also named Dr. Vinita Juneja Chair of its Global Securities and Finance Practice, and Dr. William Taylor as Chair of its Global Communications Practice.

Neil Dryden, based in NERA's London office, has ten years of experience in competition policy and at its interface with related areas including litigation and IP. In the past 18 months he has advised on five "phase II" merger cases at the UK Competition Commission. He has also worked on a wide range of other competition matters including Article 101, Article 102 and their domestic equivalents, and litigated competition matters. He has extensive experience in regulatory economics, most notably advising the UK postal regulator in relation to its historic decision to open the market fully to competition. Mr. Dryden's sectoral experience includes chemicals, financial services, media and publishing, postal services, retailing, and oil refining.

Operating from NERA's London, Brussels, and Frankfurt offices, Paul Hofer works on a wide range of competition policy matters across Europe, and also in Africa and Asia. He has provided economic advice in both merger control proceedings (including European phase II cases) and investigations under Article 101, Article 102, and the regimes of various European Member States. Matters on which he has contributed his economic expertise include Mars (Masterfoods)/Royal Canin, Carnival/P&O Princess, the Carlton/Granada ITV merger, Nuon/Reliant, and the linked Anglo American/Avmin and Anglo American/Kumba mergers. His industry experience includes energy, FMCG, media, and mining, among others.

David Matthew, based in NERA's London office, focuses on competition policy, mergers, airport regulation, and intellectual property cases. He regularly testifies before regulatory agencies and has submitted several expert reports in commercial litigation, including for Stolt in the IP damages inquiry, Coflexip SA v. Stolt Offshore Ltd. He has worked on cases in many areas of economic activity such as pharmaceuticals, chemicals, retailing, consumer goods, financial services, professional services, gambling, energy, construction, and food. He has worked particularly extensively in media and entertainment, sports, communications, aviation, and on competition issues arising in liberalizing sectors.

Dr. Fernando Barrera, a senior member of NERA's Energy, Environment, Transport, and Water Global Practice based in Madrid, is an energy expert with over ten years of experience in consulting, government, and academia. He advises clients in Europe and South America on issues including wholesale electricity market design and remuneration of regulated activities. Furthermore, he has analyzed energy-related environmental policies, the design of mechanisms to introduce competition at the retail level, the design of regulatory institutions and governance arrangements, and general regulatory strategy and policy in liberalized electricity markets. Dr. Barrera has served as an expert witness in gas supply contract disputes and has experience with intellectual property studies in the media and pharmaceutical industries.

Based in the firm's White Plains, NY headquarters, Thomas Bornholdt works in NERA's Information Systems Group. He has extensive programming experience in several computer languages. An expert SAS analyst with 19 years of experience, he has developed several large databases for analysis. Mr. Bornholdt's cases span the spectrum of NERA's practice areas. He has particular expertise in estimating future liability in several mass torts projects, including many asbestos-related and silica related cases. He has also worked extensively in the field of securities litigation, especially in the analysis of many different forms of securities trading data.

Also based in White Plains, Dr. Christine Meyer conducts economic research and analysis in the areas of antitrust, intellectual property, commercial damages, business valuation, and labor economics. In antitrust, Dr. Meyer has evaluated the competitive effects of mergers and acquisitions and evaluated damages in cases involving alleged resale price maintenance and price discrimination. In the areas of IP, commercial damages, and business valuation, Dr. Meyer has written expert reports on economic damages arising from patent infringement, and has calculated economic damages from the misappropriation of trade secrets and breaches of contract. In labor economics, she has evaluated economic losses for families of 9/11 victims and published several papers in peer-reviewed journals.

Satoshi Nakashima is an economist in our Tokyo office, with nearly a decade of experience providing consulting services in the fields of transfer pricing and IP. He has provided assistance to multinational corporations in managing transfer pricing risks, creating business strategies, and restructuring business organization and transaction flows. Mr. Nakashima's expertise covers a variety of industries such as automotive, construction equipment, consumer electronics, trading, scientific and medical equipment, and pharmaceuticals.

Also based in Tokyo, Takefumi Suzuki provides economic consulting services to clients in Japan, with specializations in transfer pricing and IP in the health care and pharmaceutical industries. He has more than ten years of management consulting experience, including operation and supply chain management, business strategy, business process reengineering, and transfer pricing.

Based in New York City, Dr. Vinita Juneja directs projects chiefly in the areas of securities economics, finance, and valuation. She has been retained on hundreds of securities and financial valuation matters involving securities fraud claims, valuation of restricted or illiquid stock, derivative actions, stock repurchases, insider trading, manipulation, broker/customer disputes, ERISA related claims, market timing, fund advisor fee structures, and valuation of businesses and financial assets. She has testified and submitted affidavit and expert report testimony in US federal district and state court proceedings, in Canadian court, and in hearings including broker/customer dispute arbitrations. She is also an arbitrator for the NASD. Dr. Juneja replaces Dr. Andrew Carron, recently named President of the firm, as Chair of the Global Securities and Finance Practice.

Dr. William Taylor, named Global Communications Practice Chair, is based in Boston. He specializes in the economics of state and federal regulatory reform, competition policy, issues concerning broadband network architectures, quantitative analyses of state and federal price cap and incentive regulation proposals, mergers and antitrust, and contract litigation in telecommunications markets. He has applied economic theories of price squeezes and cross-subsidization to long distance telephone, Centrex, and public telephone markets.

Additional biographical and contact information for these practice members is available on our website.

NERA Economic Consulting (www.nera.com), founded in 1961 as National Economic Research Associates, is a subsidiary of Mercer Specialty Consulting, an MMC 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.