TELECOMS, MEDIA AND TECHNOLOGY

EXPERIENCED • GLOBAL • MULTIDISCIPLINARY

BRG combines deep industry experience, leading technical expertise across a range of fields, and global reach, to assemble teams with the specific talent and insights needed to address a particular problem.

Our experts have earned an international reputation amongst network operators, service providers, law firms, governments, regulators and technology and media companies, for providing advice on regulation, antitrust and strategy, as well as expert testimony and damages quantification in litigation and international arbitration.

OVERVIEW The telecoms, media and technology (TMT) industries are evolving rapidly, and their impact on daily lives continues to grow. Maintaining a competitive advantage in these fast-changing marketplaces is a major challenge for companies. Concurrently, regulators and policymakers have to decide on the balance between competition and intervention in a market where technology, services and customer behaviour changes so significantly from year to year.

Confronted with the twin challenges of quickly evolving technology and a regulatory environment struggling to keep pace, organisations and the legal community require independent and objective expert advice across a broad range of areas. These areas include competition policy and litigation, regulation, strategy, costing and pricing, IP management, sector policy and spectrum. BRG experts have earned an international reputation in these areas through advice on liberalisation, market restructuring, regulation, commercial strategy and antitrust, as well as expert testimony and damages quantification

in litigation and international arbitration. Our clients have included network operators, service providers, governments, regulators, technology companies and media companies.

The value of BRG TMT professionals is based on their combination of deep industry experience, leading technical expertise across a range of fields and global reach, allowing them to assemble teams with the specific talent and insights needed to address a particular problem and provide highly specialised and strategic advice. Our experts are known for their ability to provide objective and independent advice on issues of critical strategic importance and issues with major financial or public policy implications. In addition to over 1000 experts and staff across more than 35 locations, BRG also has a network of connections with academics, business leaders and policymakers, providing direct access to the world’s leading thinkers and technical specialists to complement the firm’s consulting services.

OUR SERVICESThe TMT practice covers four primary areas of expertise.

REGULATION AND POLICY

Regulatory policy, including competition, infrastructure investment, co-investment and access arrangements

Design of price controls and other forms of regulatory remedy

Spectrum policy and licensing terms

FINANCIAL MODELLING AND QUANTITATIVE ANALYSIS

Cost modelling

Profitability analysis

Financial impact analysis

Econometric and statistical analysis

Economic impact modelling

COMPETITION/ANTITRUST

Mergers

Abuse of dominance, including excessive pricing, refusal to deal and discrimination

Essential facilities and other forms of wholesale access arrangements

Intellectual property

Competition regulatory risk analysis and strategy

LITIGATION AND ARBITRATION

Commercial litigation

Valuation of TMT businesses and assets, including intangible assets

Loss of profits

Regulatory litigation, including excessive pricing, refusal to deal and discrimination

ABOUT BRGBerkeley Research Group provides independent advice, data analytics, authoritative studies, expert testimony, investigations, and regulatory and dispute consulting to Fortune 500 corporations, financial institutions, government agencies, major law firms, and regulatory bodies around the world.

Named by Forbes as one of America’s Best Management Consulting Firms in 2018, BRG is headquartered in Emeryville, California, with 43 offices across the United States and in Asia, Australia, Canada, Latin America, the Middle East, and the United Kingdom.

CASE EXAMPLES*REGULATION AND POLICY

Bell Canada and Rogers Communications Partnership, Canada. Jeff Church, Len Waverman and Kalyan Dasgupta authored papers discussing the likely competitive effects of set-asides and spectrum caps in the US and Europe, including the actual long-term profitability of incumbent wireless operators.

Large converged telecoms operator, South Africa. Mark Williams advised the client on a range of regulatory decisions including LLU and call termination. These included internal financial analysis, cost modelling, preparation of consultation responses, interaction with the regulator and participation in litigation.

Bell Canada, Canada. Jeff Church prepared an analysis of the competitive effects of vertical integration and policy responses to market developments such as exclusive streaming of content on mobile platforms. The analysis provided a framework for assessing when vertical integration was likely to result in inefficient foreclosure of the market and when vertical integration and exclusivity were vital to facilitating innovation.

Large international MNO. Mark Williams led a project that reviewed the European Commission’s draft European Electronic Communications Code (EECC) in the areas of co-investment and commercial offers. This focused on the regulatory treatment of such initiatives and made recommendations for how the draft code could be made more effective at achieving its objectives.

Telecommunications industry association, UK. Mark Williams led a study into the economic impact of the current regulatory regime for access to land for the purposes of siting mobile network infrastructure. This study was performed on behalf of the UK mobile industry and formed a contribution to the consultation process into the reform of the Electronic Communications Code.

Large UK MNO, UK. Mark Williams led a detailed and extensive study into the impact of Physical Infrastructure Access (PIA) on the telecommunications market. This fed into the strategic review of the UK telecommunications sector undertaken by Ofcom in 2015-16.

Large fixed line operator, UK. Mark Williams led a study into the efficiency of the operator’s business and how this efficiency should be measured and incorporated into Ofcom’s BCMR price-control review process. The study developed a theoretical and empirical critique of Ofcom’s approach to efficiency which was submitted to Ofcom as part of the price-control process.

Telecom operator, Western Europe. Len Waverman and Kalyan Dasgupta prepared a report for a major West European incumbent fixed-line operator that provided an in-depth and critical evaluation of structural and functional separation.

Large converged operator, Qatar. Mark Williams advised on the response to the regulator’s market-review process. This involved analysis of the regulator’s consultation documents, analysis of data and preparation of detailed responses on behalf of the client.

Major mobile operator, US. Kalyan Dasgupta and Len Waverman provided an analysis of the likely economic impact of LTE investment commitments in less-densely populated regions of the United States. These investment commitments were proposed as part of a proposed merger between two major US mobile operators.

Rogers Communications Partnership, Canada. Jeff Church prepared expert analysis of competitive effects in the wireless market of proposed changes to Canada’s foreign investment rules in the telecom sector. Industry Canada was proposing to relax investment rules so that foreign firms could acquire majority stakes in small wireless and cable companies, but not larger ones.

1 Leonard Waverman and Kalyan Dasgupta, Time to Set Aside Caps that Don’t Fit: The Limits of Spectrum Policy in Canada, Appendix 1, Berkeley Research Group (February 26, 2011), available at: https://www.ic.gc.ca/eic/site/smt-gst.nsf/vwapj/smse-005-11-bell-apndix1.pdf/$FILE/smse-005-11-bell-apndix1.pdf; Jeffrey Church, Spectrum Policy as Competition Policy: A Good Choice for Canada?, University of Calgary and Berkeley Research Group (February 28, 2011), available at: https://www.ic.gc.ca/eic/site/smt-gst.nsf/vwapj/smse-018-10-jeffreychurch-rogers.pdf/$FILE/smse-018-10-jeffreychurch-rogers.pdf

* Some cases were undertaken at firms our professionals were affiliated with previously.

ETNO, Europe. Len Waverman and Kalyan Dasgupta conducted an econometric study for ETNO demonstrating the relationship between access regulation (as measured by LLU pricing) and investment in alternative infrastructures.

Global industry association, UK and worldwide. Len Waverman and Kalyan Dasgupta prepared studies for the GSMA estimating the effects of mobile broadband rollout and the adverse effects of delayed licensing of relevant spectrum.

Mobile operator, Turkey. Len Waverman and Kalyan Dasgupta prepared a study estimating the adverse impacts of taxation of mobile telecommunications for the Turkish arm of one of the largest global mobile telecommunications operators.

Telus and Bell Canada, Canada. Len Waverman and Kalyan Dasgupta authored Canada’s Broadband Performance: Relevant Considerations for a Digital Economy Strategy. This paper discussed the validity of widely used international comparative statistics on wireless and broadband deployment in highly distinct North American market conditions.

Mobile operator, EU. Dante Quaglione provided expert recommendations that the client used to develop a regulatory strategy on the renewal of the 900MHz license, as well as an independent opinion to the client for the development of its regulatory stance.

International mobile operator, Middle East. Dante Quaglione developed empirical analysis measuring the impact of competition on the performance of mobile operators.

FINANCIAL MODELLING AND QUANTITATIVE ANALYSIS

Large fixed line operator, South Africa. Mark Williams led the team that developed and implemented an internal transfer-pricing system based on a cost-allocation model. This was implemented to meet regulatory requirements

following a competition investigation and for internal management reporting in preparation for a vertical separation of the business.

Vertically integrated telecommunications operator, EU. Dante Quaglione developed an independent quantitative model to calculate the regulatory cost of the ULL for a new entrant in the market of wireline services.

Large fixed line operator, South Africa. Mark Williams and Daniel Pate provided strategic advice to the operator during their bid for South Africa’s National Broadband Plan. Daniel Pate built the financial model that underpinned the operator’s National Broadband Plan strategy, providing an analytical basis for its pricing strategy.

Vertically integrated telecommunications operator, EU. Dante Quaglione developed an independent quantitative model to investigate the costing and pricing implications of defining geographical (subnational) markets for the provision of fixed-access services.

Mobile operator, EU. Dante Quaglione developed an independent quantitative strategy model to assess the costing implications of various options for the refarming of the 900MHz and 1800MHz spectrum.

Global technology firm, Europe and US. Dante Quaglione advised on a map of a converging service ecosystem (actors, services, and flows of payments) and provided an assessment of competition and regulatory concerns in identified relevant markets. He advised on the design of a multi-module systemic model to analyse the value creation triggered by several technology, business, and regulatory options. The model captured the main interplays within the ecosystem, as triggered by firms’ strategies and regulators’ decisions, to show what regulatory intervention was required and what was instead unwarranted. The model was designed to inform the investment decision and engage interested investment partners.

CASE EXAMPLES* Shareholder, UK and Africa. Mark Williams undertook market modelling and analysis as part of a shareholder dispute over ownership of a mobile operator in a large African country. This involved developing a market model and forecasting loss of value associated with the actions of shareholders.

Mobile operator, Turkey. Mark Williams led the team that developed a top-down fully allocated cost model for the operator to submit during the mobile termination rate price control review. This model was also used for the operator’s own internal costing purposes. They also developed a current cost accounting model for the operator’s assets.

ComReg, Ireland. Daniel Pate worked on ComReg’s bottom-up LRIC and LRAIC+ model for the Irish mobile market. He wrote explanations for various aspects of the model and the positions taken when developing it. The initial model was built for a termination rate decision, but Daniel also worked on a project to extend it for use on additional issues.

Ofcom, UK. While at Ofcom, Lucia Bortolotto worked on the development of the cost model used to define the level of charges for regulated fixed line services (Leased Lines) in UK. She was in charge of the cost model design as well as the data gathering process, involving direct interaction with telecom operators.

Ofcom, UK. While at Ofcom, Lucia Bortolotto provided assistance to the legal and policy team on the Leased Lines charge control issues appealed by stakeholders that involved the use of the cost model. She provided the team with evidence on the dynamics of the cost model, simulations on alternative scenarios and elaborations on input and output data.

Telecom operator, Italy. Lucia Bortolotto carried out the validations and assistance on the design of FDC/HCA, FDC/CCA and LRIC cost accounting models for mobile and fixed termination rates charging purposes for a telecommunication firm in Italy and internationally.

COMPETITION/ANTITRUST

Fixed line operator, Slovakia. Mark Williams advised the incumbent telecommunications operator in Slovakia as part of a competition investigation into excessive pricing.

Bell Canada, Canada. Jeff Church provided an analysis of market definition and essential facilities tests for current and next-generation networks of both ILECs and cable-cos. This was part of a review of the wholesale regulatory regime by the Canadian Radio-Telecommunications Commission (CRTC).

Large media conglomerate, South Africa. Mark Williams, Kalyan Dasgupta and Justin Tonkin advised a client on competition issues in the markets in which it operates in preparation for a case.

Toronto Hydro-Electric System, Canada. Jeff Church provided an analysis of whether electric utility poles were “essential facilities” for purposes of cellular attachments made by wireless operators wishing to “complete” their urban networks using small cell and DAS technology. A thorough antitrust market definition and market power analysis effectively overturned precedent which favoured regulating utility poles in precisely the same fashion for wireless as was done for wireline.

Large incumbent telco operators, Turkey and Kenya. Mark Williams provided comprehensive reviews of the regulatory risks faced by these national operators. This involved conducting detailed analysis of the market the regulatory framework and the operators’ business practices to provide an in-depth assessment of the regulatory risks faced by the companies. This was followed by the development of a strategy to mitigate these risks.

Major mobile handset manufacturer, USA and Australia. David Teece provided expert evidence in the Northern District of California and the Federal Court of Australia on antitrust issues including patent ambush (unlawful monopolization), FRAND royalties, and foreclosure or “misuse of market power”, in the context of the patent dispute between two of the leading manufacturers of smartphones.

* Some cases were undertaken at firms our professionals were affiliated with previously.

Network operator, Italy. For an Italian vertically integrated network operator, Dante Quaglione designed and performed margin-squeeze/replicability analyses on a set of retail offers bundling together fixed voice and data services commercialised from 2005 to 2008.

Mobile operator, Greece. Dante Quaglione carried out predation analyses of bundled mobile retail services launched by the largest mobile operator in Greece. This included a preliminary assessment of the possibility to claim damages for anticompetitive conduct.

Network operator, Italy. Margin-squeeze/replicability test of retail offers and promotions. Dante Quaglione designed and performed a test on a set of stand-alone fixed voice and broadband retail offers published by Telecom Italia.

LITIGATION AND ARBITRATION

Major media rights holders, North America. Jeff Church and Kalyan Dasgupta provided advice and expert evidence in a major proceeding before the Copyright Board of Canada regarding the appropriate royalties payable by Canadian IPTV and cable operators to re-transmit “distant” signals, historically one of the building blocks of Canadian pay TV offerings. Jeff Church provided expert evidence in this matter.

Government, Eastern Europe. David Teece provided expert evidence in an international arbitration on behalf of an East European national government. The expert analysis in the government’s counterclaim estimated the loss (in terms of foregone economic growth) to the national economy stemming from the investor consortium’s failure to invest sufficiently in the national telecommunications network.

Law firm, US. Len Waverman and Kalyan Dasgupta provided analysis in the context of a potential lawsuit by investors, evaluating whether a mobile operator’s decision to invest in a particular wireless technology was prudent given market developments at the time of investment. The analysis also looked at whether risks associated with the given mobile technology had been adequately discussed and disclosed in materials provided to investors.

Telecommunications operator, India. David Saunders assisted the former Indian national telecoms company in quantifying damages in an international arbitration in relation to the impact of submarine cables in the market.

Various clients, US, EU and UK. David Teece prepared reports and provided expert testimony in litigations and investigations related to FRAND issues in mobile handsets and chipsets and semiconductors, including disputes involving Samsung, Innovatio/Cisco, Ericsson, Nokia, Qualcomm and Rambus.

Large converged operator, Oman. Mark Williams advised the client during arbitration proceedings with the regulatory authority over the regulatory accounts, including how the regulatory accounts were prepared and the standard of the regulatory audit that was applied.

David Saunders assisted in the assessment of value of a mobile telephone operator for an ICSID case. The case involved analysing the performance of the mobile company, the market within the country in question and the infrastructure that the operator had put in place.

Mobile operator, Mauritius. David Saunders assisted a mobile telecommunications company in quantifying their claim for damages against an unauthorised entrant into the market.

US operator, US and Germany. David Saunders created a quantitative model to measure the loss of value triggered by certain features of the licensing regime and the regulatory remedies in place on the provision of mobile TV services in Germany.

* Some cases were undertaken at firms our professionals were affiliated with previously.

OUR EXPERTS – SELECTED BIOGRAPHIESMARK WILLIAMSMANAGING DIRECTOR +44 (0) 7825 862 132 mark.williams@thinkbrg.com

Mark Williams is an economist with 18 years of experience in the economics, regulation and strategy of the TMT sector. This has covered a range of specialist areas including regulation, litigation, cost-modelling, spectrum, restructuring, financial analysis and business strategy. Most of this experience has been gained as a consultant working in the TMT practices of leading economic consulting firms. He also spent six years as a senior economist in the Global ICT team of the World Bank in Washington, DC. He joined BRG in 2016 to lead the global TMT practice.

Mr. Williams has advised major European telecoms operators and regulators including Vodafone, Telefonica, BT, Turk Telekom and Deutsche Telekom. Outside of Europe, his client work has included projects for Ooredoo, Omantel, Telkom South Africa, Safaricom, Telekom Indonesia and Chorus. In addition to advising telcos and media companies, he has advised governments, regulatory institutions and international organisations on regulatory and policy issues in the ICT sector. He has also supported clients during litigation and arbitration cases in the UK and overseas. This has been focused on the telecommunications sector, particularly in areas related to regulatory decisions.

LEONARD WAVERMAN

MANAGING DIRECTOR +1 289 788 0355 lwaverman@thinkbrg.com

Leonard Waverman is dean of the DeGroote School of Business at McMaster University in Hamilton, Ontario, Canada, and a former chair of the Economics department at London Business School (LBS). Dr. Waverman was a full professor of Economics at the University of Toronto until 2000. He was also a visiting professor at Stanford and INSEAD, and a visiting scholar at the Brookings Institution. From 2000 until just prior to returning to Canada in 2008, he was a professor of economics at LBS, and from 2003 to 2007 chair of the economics subject area. He was also dean of the Haskayne School of Business at the University of Calgary.

In January 2009, Dr. Waverman was cited as one of the world’s top-50 most influential thought leaders in the telecommunications industry by

Global Telecoms Business magazine. His most influential publication is “Telecommunications Infrastructure and Economic Development” (with Lars Hendrik Roeller, American Economic Review, September 2001). His research on the economic impact of mobile telecommunications appeared on the cover page and in the Economics Focus section of the Economist magazine on March 12, 2005.

Dr. Waverman has served on the editorial board of Telecommunications Policy, an Elsevier scholarly journal; as a director of the C.D. Howe Institute; and on the Chairman’s Advisory Committee of the Alberta Energy Resources Conservation Board. He is a fellow of Columbia University’s Centre for Tele-Information and of the University of California, Berkeley’s Fisher IT Center. He also served on Vodafone’s Advisory Board on the Social Importance of Mobile and as a director of the Nexus Mundi Foundation in Rome.

DANTE QUAGLIONE

MANAGING DIRECTOR +44 (0) 20 3725 8359 dquaglione@thinkbrg.com

Dr. Dante Quaglione has over 20 years of experience in economic consulting and expert work. He has designed and implemented regulatory frameworks for several regulated industries, including telecommunications, electricity, gas, airports and meteorological services, for clients in the EU, Africa, Asia, Middle East and US. He also has extensive experience in independent expert work (i.e., antitrust damages, valuations, international and domestic arbitrations, testimonies before national regulatory and competition authorities, public hearings, expert reports and opinions). Dr. Quaglione has testified before the Copyright Tribunal in the UK and has been appointed as expert in cases before the Competition Appeal Tribunal and the High Court of England and Wales.

Dr. Quaglione’s focus at BRG is to develop regulatory and competition strategy through quantitative modelling, to measure the impact of alternative remedies on market equilibria, economic welfare and companies’ profitability and value creation. Recently, he has done expert work on intellectual property and antitrust (FRAND antitrust liabilities and damages), as well as FRAND policy. His research interests focus on innovation economics and dynamic competition in network industries, ecosystemic analysis applied to competition policy and regulation, FRAND licensing and the economic regulation of differentiated services.

Dr. Quaglione has advised clients in Italy, UK, US, South Africa, Saudi Arabia, Kuwait, Pakistan, Egypt, Greece, Switzerland, Spain, Algeria, the Netherlands and Russia. In view of his broad experience across regulated and unregulated sectors, he has been involved in M&A strategy and valuation projects, as well as in public policy projects.

DAVID TEECE

CHAIRMAN AND PRINCIPAL EXECUTIVE OFFICER +1 510 285 3221 dteece@thinkbrg.com

BRG was co-founded and is led by Dr. David J. Teece, a renowned economist and an authority on matters of industrial organisation, technological change, and innovation, particularly as it relates to antitrust and competition policy and intellectual property. He is the Professor in Global Business and director of the Tusher Center on Intellectual Capital at the Haas School of Business at the University of California, Berkeley, and a former member of the board of overseers for the faculty of arts and sciences at the University of Pennsylvania. Dr. Teece has a Ph.D. in economics from the University of Pennsylvania. He is the author of more than 200 books and articles and is the co-editor of Industrial & Corporate Change (Oxford University Press). Dr. Teece was chairman and co-founder of LECG (1988-2007) and vice-chairman from 2007 to 2009.

Dr. Teece has over 30 years of experience as an active consultant performing economic, business, and financial consulting services to businesses and governments around the world. He has worked on matters in industries ranging from music recording to DRAMS, software, lumber, and petroleum, and has testified in both federal and state court, before Congress, and before the Federal Trade Commission in addition to other countries.

In the TMT sector, Dr. Teece has published papers on regulatory policy, on unbundling and competition, antitrust analysis in high-technology industries, an international comparative analysis of telecommunications sector policy and the economics of information sharing, innovation and antitrust. He has also testified in multiple cases in the sector.

LUCIA BORTOLOTTO

MANAGING CONSULTANT +39 340 4793290 lbortolotto@thinkbrg.com

Lucia Bortolotto specialises in regulatory economics and competition policy in the telecommunications sector. During her professional career, she has held positions at Ofcom, NERA and RGL Forensics, where she has worked on a range of projects in the telecommunications sector. These have covered market analysis, competition investigations, regulatory strategy, cost modelling and the design of regulatory remedies.

While at Ofcom, Ms. Bortolotto ran the leased line charge control project, which included developing and implementing the financial model used to set price control, data collection and management

and the stakeholder consultation process. She went on to be involved in the Competition Appeal Tribunal (CAT) appeal on the decision as the lead advisor to the Ofcom legal team on the workings of the model. At Ofcom, she also helped develop regulatory strategy towards remedy design for SMP operators, including the specification of cost concepts, price cap design and inclusion of quality metrics in remedy design.

In her economic consulting work, Ms. Bortolotto has worked for operators on excessive pricing cases in the wholesale market, validation and assessment of cost models and termination rate cost models (top-down FDC/HCA, FDC/CCA and LRIC), cost of capital and regulatory rates of return. In the competition and regulation area, she has worked on market definition cases, economic replicability, margin-squeeze and remedy design.

DANIEL PATE

CONSULTANT +44 (0) 20 3514 7787 dpate@thinkbrg.com

Daniel Pate specialises in economic modelling and regulatory economics. He previously worked at Deloitte Economic Consulting and IPA Energy + Water Economics, and has advised clients across the world, including in the UK, Ireland, Germany, the Netherlands, Croatia, Turkey, the UAE, Oman, Malaysia, the Philippines, Kenya and South Africa. His work in the telecommunications sector has included regulatory and pricing strategy, financial modelling, cost modelling (both bottom up and top down) and regulatory model audits. He has also worked on modelling projects in a number of other industries, including an econometric model for a price control review of Northern Ireland Electricity, a demand model and economic benefit

model for a hydropower plant in Tajikistan, a customer vulnerability analysis for a credit card company and a sustainable transformation plan model for a local health economy.

Daniel built a financial model that underpinned the pricing strategy for a South African fixed line operator during the bid process for the country’s national broadband plan. He was involved in all aspects of this strategy, from explaining the methodological approach to stakeholders at different levels of the company to gathering data, building the model and presenting and explaining the outputs. He has worked on a number of cost models, including a top-down model for an operator in Turkey that was used to set their MTR and ComReg’s bottom-up LRIC and LRAIC+ model for the Irish mobile market.

OUR EXPERTS – SELECTED BIOGRAPHIES

KALYAN DASGUPTA

DIRECTOR +44 (0) 20 3725 8369 kdasgupta@thinkbrg.com

Kalyan Dasgupta has nearly 20 years of experience in telecommunications regulation and competition policy. His work in telecommunications has spanned Europe, North America and emerging markets. It has encompassed subjects ranging from standard competition analyses applied to the telecommunications sector, regulatory issues such as the link between access regulation and investment incentives, econometric studies, and policy papers on ICT issues. A sample of his recent work in the TMT area includes evaluating efficient royalty rates for retransmitted distant TV signals in Canada, analysis of market

definition and “essential facilities” tests in fixed telecommunications, and an analysis of whether proposed royalty rates for standards-essential technology used in 3G mobile telecommunications were consistent with a licensor’s obligation to license technology on FRAND terms.

In the area of sector policy, Mr. Dasgupta has carried out a study into market structure in mobile/wireless telecommunications in the context of spectrum licensing policies such as set-asides of spectrum for new entrant, an econometric estimation of consumer surplus in the broadband sector in Bahrain and a critical analysis of international comparisons and other metrics used to address the performance of wireless and broadband markets in a cross-country context.

DANIEL RYAN

MANAGING DIRECTOR +44 (0) 20 3725 8358 dryan@thinkbrg.com

Daniel Ryan is the head of BRG’s London office. Mr. Ryan has over 20 years of experience in valuing businesses, shares, and intellectual property assets in both contentious and non-contentious matters, including sale and purchase transactions, shareholder and post-acquisition disputes, intellectual property licensing, infringement of intellectual property rights, fiscal valuation, and transfer pricing.

Mr. Ryan is regularly appointed as an expert witness and is experienced in oral testimony. His experience covers matters in the UK High

Court, before arbitral tribunals in the UK and internationally, in fiscal courts, and before the Copyright Tribunal.

Mr. Ryan has worked extensively in the TMT and related sector. A lot of this work has been focused on valuation of businesses and intangible assets in both contentious and non-contentious contexts. He has particular expertise in the valuation of media businesses and content assets such as music and other media broadcasting rights.

His TMT clients include Qualcomm, ITV, the BBC, BPI (British Phonographic Industry), EMI, Discovery Channel, Satellite Information Services and Cellcast.

JEFF CHURCH

MANAGING DIRECTOR +1 403 220 6106 jrchurch@thinkbrg.com

Dr. Jeffrey Church is a professor in the Department of Economics at the University of Calgary and an affiliated managing director at BRG. He has a Ph.D. in economics from the University of California at Berkeley and a B.A. (honours) in economics from the University of Calgary. He was the 1995–1996 T.D. MacDonald Chair in Industrial Economics at the Canadian Competition Bureau. His published research includes articles on competition policy, intellectual property and network economics. He is the coauthor of a book on the regulation of natural gas pipelines in Canada. He is also the author (with Roger Ware) of a widely used textbook on industrial organization. In addition, Dr. Church was the author

of a monograph for the European Commission on the competitive implications of vertical and conglomerate mergers. This monograph was a substantial input into the EC’s development of a set of guidelines for analyzing vertical and conglomerate mergers.

Dr. Church has testified before courts and competition tribunals on numerous occasions. He has acted as an expert on a wide range of regulatory and competition policy matters, before bodies such as the CRTC, Competition Tribunal and courts in Canada; the European Commission in the context of merger investigations; and the Federal Court of Australia. Since 1998 he has been listed in the Directory of Competition Economists in The International Who’s Who of Competition Lawyers and Economists.

OUR LOCATIONS BRG EMPLOYS OVER

1100 PEOPLE IN 43 LOCATIONS AROUND THE

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THAT SPAN THE GLOBE.

DAVID SAUNDERS

MANAGING DIRECTOR +44 (0) 20 3725 8361 dsaunders@thinkbrg.com

David Saunders works in a variety of industries, jurisdictions, and forums, including the UK courts and international arbitrations, with particular expertise in valuations and the quantification of damages. He has been appointed as expert accountant on over 70 occasions and has given oral testimony on 15 occasions both in the UK courts and to arbitral tribunals in a number of jurisdictions, including London, Stockholm, Paris, Dubai, Hong Kong and New York.

Mr. Saunders’ cases have covered a range of business sectors, including many in the TMT sector. Examples include the

impact of submarine cables on the Indian telecommunications market, valuation of a mobile operator for an ICSID case, evaluating a claim for damages against an unauthorized entrant in the telecommunications market in Mauritius, development of a strategic business plan for a mobile business in Algeria, quantification of the financial impact on a US operator of changes in the licensing and regulatory regimes in Germany, traffic forecasting and business plan review for a 2G mobile operator in Pakistan, market-entry strategy for multiple fixed and mobile operators, development of a retail pricing strategy for a UK telecoms operator and support to investors in valuating license applications.

JUSTIN TONKIN

SENIOR MANAGING CONSULTANT +44 (0) 20 3725 8368 jtonkin@thinkbrg.com

Justin is an economist with over eleven years of consulting experience. He specialises in intellectual property valuation, particularly within commercial litigation international arbitration settings, and has significant experience of regulatory and antitrust/ competition policy issues in the telecommunications and media sectors.

In the regulatory and antitrust area, he has worked on mergers in the mobile and cable TV industries in Europe and the US. He has also advised on abuse of dominance cases by mobile operators in several different countries including the UK, Canada and Saudi Arabia.

Justin has worked on a wide range of arbitration and litigation cases in the TMT sector. This includes

a complex discounted cash flow model to value an Eastern European mobile network operator and the illegal monopolisation of standards essential patents in the mobile handset sector.

In the media sector, Justin has worked on a wide range of projects in the area of IP and copyright. These include: preparing expert evidence for the Copyright Tribunal and providing advice to a major broadcaster on a reasonable licence fee for the use of music in broadcasting, advice and analysis to a major UK broadcaster in advance of licensing negotiations with a UK collecting society, a review of the distribution mechanism used to allocate certain licensing income amongst various classes of rights holders in the UK publishing sector and preparation of an expert report outlining the significance of a Copyright Tribunal reference and subsequent commercial settlement to a similar reference in the United States.

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