TIMOTHY H. SAVAGE, PH.D.

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1 TIMOTHY H. SAVAGE, PH.D. CURRENT POSITION Finance Scholars Group, New York Principal ( present) PAST POSITIONS Navigant Consulting, New York Director ( ) CRA International, New York Principal ( ) ERS Group, Washington DC Principal ( ) CRA International, Washington DC Senior Associate, Principal ( ) EDUCATION Ph.D., Economics, The University of North Carolina at Chapel Hill, 1999 B.A., Economics, University of Maryland, College Park, 1990 PROFESSIONAL ASSOCIATIONS AND AWARDS American Bar Association, Associate Member American Economics Association Phi Beta Kappa, 1990 PUBLICATIONS AND PRESENTATIONS The Adverse Impact of Particulate Matter on Property Values, International Real Estate Review, Vol. 15, Issue 2 (Summer) With Mark Berkman and Kyle Hubbard.

The Credit Crisis and WARN s Unforeseeable Business Circumstances Exception, Employment & Labor Relations Law, Spring 2009. With Ross Friedman.

Presented to the Clear Air Science Advisory Committee (CASAC) and the U.S. Environmental Protection Agency, July 2008. The Long-Term Effects of Youth Unemployment, Journal of Human Resources, Vol.

2 The Credit Crisis and WARN s Unforeseeable Business Circumstances Exception, Employment & Labor Relations Law, Spring With Ross Friedman. Comments on Risk and Exposure Assessment to Support the Review of the SO2 Primary National Ambient Air Quality Standards: First Draft. Presented to the Clear Air Science Advisory Committee (CASAC) and the U.S. Environmental Protection Agency, July The Long-Term Effects of Youth Unemployment, Journal of Human Resources, Vol. 41, No. 2, pp With Thomas A. Mroz. Methods and Results from a New Survey of Values for Eastern Regional Haze Improvements, Journal of the Air and Waste Management Association, Vol. 55, No. 11. With Michael Kemp and Anne Smith. Nonuser Valuation of Haze Reduction in Eastern National Parks, September WORKING PAPERS Forecasting Land Use from Estimated Markov Transitions, draft, June The Union Wage Effect as Treatment Effect, draft, January, Finite Sample Overfitting and Biases in Nonparametric Kernel Regressions, draft, November, TESTIMONY AND EXPERT REPORTS Comments on the Risk and Exposure Assessment to Support the Review of the SO2 Primary National Ambient Air Quality Standards: First Draft. Prepared on behalf of the Utility Air Regulatory Group, August With Anne Smith. Expert Witness Report on damages in the matter of Betty Jean Turner v. Michael Chertoff, Secretary of Department of Homeland Security, on behalf of the Plaintiff regarding an alleged wrongful termination, August Further Analysis of Econometric Evidence that Satellite Radio and Terrestrial Radio Are Demand Substitutes. Submitted in Federal Communications Commission Media Bureau Docket No , January With Steven Brenner and Martino De Stefano. Econometric Analysis of the Relationship between Satellite Radio Penetration and Terrestrial Radio Coverage. Submitted in Federal Communications Commission Media Bureau Docket No , November With Steven Brenner and Martino De Stefano. Submission to the U.S. International Trade Commission in the matter of Softwood Lumber from Canada, Investigation Nos. 701-TA 416 and 731-TA-928, Section 129 Consistency Determination, on behalf of the Canadian Lumber Trade Alliance regarding analytical and Resume of Timothy H. Savage, Ph.D. Page 2 of 5

3 statistical analyses of the domestic effects of the Softwood Lumber Agreement, October With Richard Boltuck. Expert Statement in the matter of Douglas Turner v. Applera Corporation, on behalf of Applera Corporation regarding alleged termination based on age, September Deposition testimony in the matter of Alica Jurisova v. D. Andrej Juris, on behalf of the defendant regarding wage determination and job search efforts, June Supplemental Expert Rebuttal Report in the matter of Stephen Sneeringer v. National Electronics Warranty Corporation, on behalf of the National Electronics Warranty Corporation regarding an alleged termination based on age, February Expert Rebuttal Report in the matter of Stephen Sneeringer v. National Electronics Warranty Corporation, on behalf of the National Electronics Warranty Corporation regarding an alleged termination based on age, February Expert Witness Rebuttal Report on Damages in the matter of Tyson Foods, Inc. v. ConAgra Foods, Inc., on behalf of ConAgra Foods, Inc. regarding a Lanham Act counterclaim, August Expert Disclosure of Timothy H. Savage in the matter of Gloria Oliver-Simon v. Anthony Principi, Secretary, U.S. Department of Veterans Affairs on behalf of Gloria Oliver-Simon regarding alleged failures to promote based on age and race, June Expert Witness Report on Damages in the matter of Tyson Foods, Inc. v. ConAgra Foods, Inc., on behalf of ConAgra Foods, Inc. regarding a Lanham Act counterclaim, June SELECTED CONSULTING ASSIGNMENTS ANTITRUST Class Certification: In a series of cases alleging employer collusion in labor markets for registered nurses, conducted analyses of commonality and typicality of the putative class. Analyses demonstrated that the putative class lacked commonality because of the lack of a common effect and the presence of intra-class rivalry. Also demonstrated the lack of predominance as there was no uniform method to evaluate the wage effects of the alleged collusive actions. Horizontal Analyses: Performed economic and statistical analyses of geographic and product market definition to assess the competitive effects of horizontal mergers and to evaluate allegations of monopolization and attempted monopolization. Experience includes numerous consumer products, such as baby food, chocolate, television programming, recorded music, satellite radio, and beer, as well as mergers of large retailers. Empirically examined issues regarding price transparency to assess the impact of mergers on the ability to coordinate. Resume of Timothy H. Savage, Ph.D. Page 3 of 5

4 Vertical Analyses: Performed economic and statistical analyses to assess whether vertical integration would give rise to profitable incentives for exclusion of upstream or downstream rivals. Demonstrated the sensitivity of the analyses to the potential elimination of the double markup post-merger. For a large soft-drink manufacturer, conducted economic and statistical analyses of the effects of exclusion from efficient distribution methods. Bundling: In a major commercial litigation involving blood products, assisted an economics expert in conducting an analysis of whether multiproduct discounts were anticompetitive. The affirmative analysis showed little or no change in pricing absent bundling. The analysis also demonstrated that the opposing expert s theory of preclusion posed no anticompetitive threat because it was equivalent to saying that lower prices harmed consumers. Price Fixing: Conducted statistical and economic analyses of alleged price fixing in the production of amino acids and the sales of luxury automobiles. FINANCIAL SERVICES Fair Lending and Access to Credit: Conducted numerous statistical analyses for fair-lending regulatory compliance at major federal regulatory authorities, including the Federal Reserve Board and the Federal Deposit Insurance Corporation. Assisted experts to evaluate claims of discrimination in mortgage underwriting and pricing. Conducted analyses to evaluate whether credit scoring mechanisms have disparate impacts on the credit scores of minorities. Evaluated whether an affirmative responsibility to report credit utilization and to update bankruptcies on credit reports affect individual credit scores Secondary Mortgage Markets and Servicing Rights: Performed economic analysis of the role of secondary mortgage markets and their affects on the access and pricing of credit. Assisted an expert to evaluate the responsibilities of loan servicers to maintain and certify the accuracy and integrity of mortgage loan files and in the bankruptcy process. Alleged Redlining: Conducted economic and statistical analyses to evaluate claims of redlining against several large insurance companies. Rebutted a number of different analyses sponsored by the Department of Justice to support allegations of redlining in the provision and sale of homeowners insurance. Materiality: Using event studies in informationally-efficient markets, examined the issue of materiality in the performance of a number of financial instruments, including equities, assetand mortgage-backed securities, and the private placements of publicly traded equity (so-called PIPEs). These analyses have been used as the foundation of expert opinion in both civil and criminal matters. Resume of Timothy H. Savage, Ph.D. Page 4 of 5

5 EMPLOYMENT LITIGATION Statistical Analyses of Workplace Practices: Conducted statistical analyses of numerous workplace practices, including hiring, termination, promotion, training, and discipline. Filed testimony examining whether a reduction in force had a disparate age impact and whether a failure to promote was associated with race. Provided deposition testimony regarding whether job search efforts were reasonable. Damages: Filed expert testimony calculating lost wages associated with the failure to extend an employment contract. Using publicly available data, calculated lost wages and benefits in numerous wrongful termination suits. ENERGY AND ENVIRONMENT Land Use: To assist several counties in California to meet requirements under the Endangered Species Act, developed a sophisticated econometric model to forecast land use. In particular, the model uses as is basis a multinominal logit specification to yield Markov transition probabilities. Air Quality Standards: Conducted a major study to estimate consumer willingness-to-pay (WTP) for haze reduction in national parks, demonstrating material bias in prior WTP estimates used by the Environmental Protection Agency for rule making. Conducted analyses to critique proposed EPA rule makings in 2.5 µg particulate matter and SO2. Alleged Market Manipulation: Assisted an expert to evaluate allegations by the Federal Energy Regulation Commission regarding the manipulation of California energy markets through the use of specific practices involving interstate flows of electricity, congestion pricing, and maintenance outages. Damages: Using hedonic regression methods, calculated expected diminution in land and house values associated with ongoing pollution. CONTACT INFORMATION Timothy H. Savage Principal Finance Scholars Group August 2012 Phone: Fax: Cell: tsavage@fsgexperts.com Resume of Timothy H. Savage, Ph.D. Page 5 of 5

MARC HUNTLEY. M.B.A. in Finance, University of Washington, B.A. in Business Economics, University of California, Santa Barbara, 1991.

MARC HUNTLEY. M.B.A. in Finance, University of Washington, B.A. in Business Economics, University of California, Santa Barbara, 1991. MARC HUNTLEY OFFICE ADDRESS Compass Lexecon 55 South Lake Avenue, Suite 650 Pasadena, CA 91101 Direct: (213) 416-9922 Fax: (213) 416-9945 Email: mhuntley@compasslexecon.com EDUCATION M.B.A. in Finance,