Richard Hern, NERA Regulatory Finance Expert, Promoted to Director

12 February 2009

12 February/New York -- NERA Economic Consulting, a leading global provider of economic advice and analysis in business, legal, and regulatory matters, today announced that Dr. Richard Hern has been promoted to Director.

Dr. Hern leads NERA's Regulatory Finance team in London. He has over twelve years' experience with private sector consulting, following university research and teaching. He has directed and managed projects on competition, pricing, financing, and valuation for many businesses, regulators, and public sector bodies worldwide. Dr. Hern has assisted regulated industries, governments, and the World Bank on regulatory disputes, proposed financing plans, cost of capital analysis, and tariffs.

"We congratulate Richard on his new role at NERA," said Dr. Michael Rosenzweig, Senior Vice President and Chair of NERA's Global Energy, Environment, and Network Industries Practice. "Richard's distinct expertise in regulatory finance is a vital part of NERA's continuing ability to deliver high-level services to the firm's private and public clients who are facing unique challenges in the current economic climate."

For additional information on Dr. Richard Hern and other NERA consultants, please visit the expert section of NERA's website.

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.