MICHAEL QUINN, Ph.D. Senior Advisor

Phone: 617.425.8188 111 Huntington Avenue Fax: 617.425.8001 14th Floor [email protected] Boston, MA 02199

Michael Quinn specializes in the application of economics and finance to issues in the natural gas industry, as well as investment management. He has served as an expert on matters involving natural gas transportation, distribution, storage, and commodity markets, as well as electricity transmission and distribution. He has worked with leading academic experts from prominent institutions on cases involving issues such as commodity market manipulation, risk management practices, and hedging strategies.

On natural gas matters, he has consulted to governments and government regulators (including the U.S. Federal Energy Regulatory Commission, Mexico’s energy regulator, the government of Singapore, the state of Victoria in Australia, Argentina’s energy regulator, and New Zealand’s Treasury Department, among others), non-governmental organizations (“NGOs,” including the World Bank and the Asian Development Bank), and numerous private companies all over the world. He has provided training sessions for energy market regulators. He has advised on both physical gas market issues as well as on futures and derivatives trading to government entities, NGOs, and private firms. Dr. Quinn has advised governments on prices and pricing methodologies for natural gas, natural gas price negotiations, industry restructuring, contractual disputes over pricing, and rate design for pipeline systems. For such clients, he has analyzed issues of market power in natural gas matters involving potential acquisitions as well as the effects of industry restructuring on the potential for the exercise of market power.

He has supported academics and managed case teams involving mutual fund market-timing, management fee litigation, side-by-side portfolio management, and portfolio trading costs. He has led case teams in support of academic experts on mutual fund market-timing matters before the Securities and Exchange Commission, the Massachusetts Secretary of the Commonwealth, and the New York Attorney General’s office. This work has involved large-scale analyses of identifying market-timing activity, measuring dilution, and analyzing fund portfolio trading costs. On mutual fund 36(b) excessive fee cases, he has supported experts examining issues of competition, scale economies, 12b-1 fees, profitability, retail vs. institutional comparisons, and governance.

Prior to joining Analysis Group, Dr. Quinn also taught micro-economic theory, statistics, and econometrics at the graduate and undergraduate levels at Princeton and Tufts Universities.

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EDUCATION Ph.D. Economics, Princeton University, 1995. M.A. Economics, Princeton University, 1992. S.B. Economics, Massachusetts Institute of Technology, 1986.

EMPLOYMENT HISTORY 2001- Analysis Group, Inc., Boston, MA 1994-2001 National Economic Research Associates, Inc., Cambridge, MA 2000 Tufts University, Medford, MA Lecturer, Intermediate Microeconomics 1993-1994 Woodrow Wilson School, Princeton University, Princeton, NJ Lecturer. Graduate Econometrics and Public Policy; Graduate Quantitative Analysis: Advanced. 1991-1994 Computing Information and Technology, Princeton University, Princeton, NJ Statistical Consultant: SAS and Stata. 1986-1989 National Economic Research Associates, Inc., Cambridge, MA

PROFESSIONAL AFFILIATIONS & FELLOWSHIPS Member, American Economics Association, Econometrics Society. Referee for The American Economic Review. Bradley Foundation Fellowship, September 1992 - June 1994 Princeton University Fellowship, September 1989 - June 1993

EXPERT REPORTS, TESTIMONIES, AND AFFIDAVITS . J.P. Morgan Securities Inc., J.P. Morgan Clearing Corp., and The Bear Stearns Companies LLC, vs. Vigilant Insurance Company, The Travelers Indemnity Company, Federal Insurance Company, National Union Fire Insurance Company of Pittsburgh, PA., Liberty Mutual Insurance Company, Certain Underwriters at Lloyd’s, London, and American Alternative Insurance Corporation, Supreme Court of the State of New York, County of New York, Index No. 600979/09, Deposition, October 27, 2015. . J.P. Morgan Securities Inc., J.P. Morgan Clearing Corp., and The Bear Stearns Companies LLC, vs. Vigilant Insurance Company, The Travelers Indemnity Company, Federal Insurance Company, National Union Fire Insurance Company of Pittsburgh, PA., Liberty Mutual Insurance Company, Certain Underwriters at Lloyd’s, London, and American Alternative Insurance Corporation, Supreme Court of the State of New York, County of New York, Index No. 600979/09, Expert Report, June 26, 2015. . EnCana Oil and Gas (USA) Inc. v. Zaremba Family Farms Inc., Zaremba Group, LLC, and Walter Zaremba, United States District Court, Western District of Michigan, Southern Division, Civil No. 1:12-cv-369-PLM, Deposition, August 21, 2014. . EnCana Oil and Gas (USA) Inc. v. Zaremba Family Farms Inc., Zaremba Group, LLC, and Walter Zaremba, United States District Court, Western District of Michigan, Southern Division, Civil No. 1:12-cv-369-PLM, Expert Report, June 20, 2014. Michael Quinn, page 3

. United States Commodity Futures Trading Commission v. Worth Group, Inc., Andrew Wilshire, and Eugenia Mildner, United States District Court, Southern District of Florida, Civil No., 13-CV-80796-KLR, Deposition, May 8, 2014 . United States Commodity Futures Trading Commission v. Worth Group, Inc., Andrew Wilshire, and Eugenia Mildner, United States District Court, Southern District of Florida, Civil No., 13-CV-80796-KLR, Expert Report, April 25, 2014 . Great Lakes Gas Transmission Limited Partnership, Plaintiff, v. Essar Steel Minnesota, LLC; Essar Steel Holdings, Ltd.; Essar Steel Limited; and Essar Global Limited, a/k/a Essar Group, Defendants, United States District Court, District of Minnesota, Civil No. 09-CV-3037, Deposition, August 22, 2013. . Great Lakes Gas Transmission Limited Partnership, Plaintiff, v. Essar Steel Minnesota, LLC; Essar Steel Holdings, Ltd.; Essar Steel Limited; and Essar Global Limited, a/k/a Essar Group, Defendants, United States District Court, District of Minnesota, Civil No. 09-CV-3037, Expert Report, August 15, 2013. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management Limited Partnership, Amaranth International Limited, Amaranth Partners LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe) Docket No. IN07-26-004, Direct and Cross Examination, August 27-28, 2009 and September 2, 2009. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management Limited Partnership, Amaranth International Limited, Amaranth Partners LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe) Docket No. IN07-26-004, Prepared Surrebuttal Testimony, August 13, 2009. . U.S. Commodity Futures Trading Commission v. Amaranth Advisors, L.L.C., Amaranth Advisors (Calgary) ULC and Brian Hunter, United States District Court, Southern District of New York, Case No. 07 Civ. 6682 (DC), Deposition, July 2, 2009. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management Limited Partnership, Amaranth International Limited, Amaranth Partners LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe) Docket No. IN07-26-004, Deposition, July 2, 2009. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management Limited Partnership, Amaranth International Limited, Amaranth Partners LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe) Docket No. IN07-26-004, Prepared Direct Testimony, June 5, 2009. . E. & J. Gallo Winery vs. EnCana Corporation, and WD Energy Services Inc., United States District Court, Eastern District of California, Case No.: CV F 03-5412 AWI LJO, Deposition, May 22, 2009. Michael Quinn, page 4

. William White, R. Carleen Cordwell, Ken Bailey, Nadine Monaco, Henry Kriegstein, Joan Kriegstein, Hilary Schultz, Ann Buttrick Floyd, and Sandcastle Realty, Inc. v. R.M. Packer Company, Inc., Drake Petroleum Co., Inc., Kenyon Oil Company, Depot Corner, Inc., and Francis J. Paciello d/b/a Edgartown Mobil, United States District Court, District of Massachusetts, Case No. 07 Civ. 11601 (RWZ), Expert Report, April 30, 2009. . U.S. Commodity Futures Trading Commission v. Amaranth Advisors, L.L.C., Amaranth Advisors (Calgary) ULC and Brian Hunter, United States District Court, Southern District of New York, Case No. 07 Civ. 6682 (DC), Expert Report, March 27, 2009. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: National Fuel Marketing Company, LLC, et al.) Docket No. IN09-10, Affidavit, February 17, 2009. . Before the Federal Energy Regulatory Commission, Office of Enforcement, Notice of Intent to Recommend the Commission Issue an Order to Show Cause (Respondents: National Fuel Marketing Company, LLC, et al.) Affidavit, December 5, 2008. . City Oriente v. Ecuador, Expert Report in response to: “Evaluation of Damage to City Oriente Limited in Ecuador,” ICSID Arbitration Case ARB/06/21, July 14, 2008. . Before the Federal Energy Regulatory Commission, Order to Show Cause and Notice of Proposed Penalties (Respondents: Amaranth Advisors L.L.C., Amaranth LLC, Amaranth Management Limited Partnership, Amaranth International Limited, Amaranth Partners LLC, Amaranth Capital Partners LLC, Amaranth Group Inc., Amaranth Advisors (Calgary) ULC, Brian Hunter, Matthew Donohoe) Docket No. IN07-26, Affidavit, December 14, 2007. . Nelson Brothers, LLC v. Cherokee Nitrogen v. Dynegy Marketing & Trade; Dynegy, Inc., Circuit Court of Colbert County, State of Alabama, File No. CV-2003-142JMH, Deposition, June 1, 2007. . Nelson Brothers, LLC v. Cherokee Nitrogen v. Dynegy Marketing & Trade; Dynegy, Inc., Circuit Court of Colbert County, State of Alabama, File No. CV-2003-142JMH, Expert Report, March 15, 2007. . Nelson Brothers, LLC v. Cherokee Nitrogen v. Dynegy Marketing & Trade; Dynegy, Inc., Circuit Court of Colbert County, State of Alabama, File No. CV-2003-142JMH, Affidavit, August 22, 2006. . E. & J. Gallo Winery vs. EnCana Corporation, and WD Energy Services Inc., United States District Court, Eastern District of California, Case No.: CV F 03-5412 AWI LJO, Declaration, August 10, 2005 . E. & J. Gallo Winery vs. EnCana Corporation, and WD Energy Services Inc., United States District Court, Eastern District of California, Case No.: CV F 03-5412 AWI LJO, Deposition, July 12, 2005. . E. & J. Gallo Winery vs. EnCana Corporation, and WD Energy Services Inc., United States District Court, Eastern District of California, Case No.: CV F 03-5412 AWI LJO, Supplemental Expert Report, June 24, 2005. . E. & J. Gallo Winery vs. EnCana Corporation, and WD Energy Services Inc., United States District Court, Eastern District of California, Case No.: CV F 03-5412 AWI LJO, Expert Report, May 31, 2005. Michael Quinn, page 5

. Sierra Pacific Resources and Nevada Power Company vs. El Paso Corporation et al, Case No.: CV-S-03-0414-JCM-RJJ, Affidavit, November 6, 2003. . Before the New Jersey Board of Public Utilities, In the Matter of Public Service Electric and Gas Company’s Proposal to Transfer its Rights and Obligations Under its Gas Supply and Capacity Contracts and Operating Agreements to an Unregulated Affiliate and for Other Relief, Oral Rebuttal Testimony on behalf of Public Service Electric & Gas, June 15, 2001. Docket GM00080564.

SELECTED REPORTS . “Final Report on Price Manipulation in Western Markets: Fact-Finding Investigation of Potential Manipulation of Electric and Natural Gas Prices,” Prepared by the Staff of the Federal Energy Regulatory Commission, March 2003, Docket No. PA02-2-000. Principal contributor to Chapter 2, “Analysis of Gas Trading Activity in Southern California.” . “Potential Adverse Consequences of Poor Transmission Pricing,” prepared for Southern Company Services, October 23, 2001. . Consulting Services for Restructuring of the Gas Industry in Singapore, July 2000 – August 2001, for the Energy Markets Authority and the Ministry of Trade and Industry, Singapore. Proposing and implementing a framework for gas market competition and regulation. . Evaluation of EPCOR Water Services, Inc.’s Draft PBR Proposal, for EPCOR Water Services Inc. (Alberta, Canada), Dec. 2000. . “Asset Stranding within Regulated Utilities,” for BG Transco (UK), September 2000. . “Ideal Unbundling,” 1 May 2000, review of tariff terms and conditions still needed for gas competition in Mexico. . Review of application, draft testimony, and TFP study of electricity transmission for Ontario Hydro Services Corporation (Canada), February 2000. Subject: PBR plans for electricity transmission and distribution. . “Seeking Genuine Gas Competition in New South Wales,” submitted to the National Competition Council, Australia, on behalf of BHP, 18 February 2000. . “Gas Transmission System Capacity Allocation,” for Bord Gáis Éireann (Ireland), 30 June 1999. . “Total Factor Productivity: a Better Way to Set X,” for Seeboard (UK), 12 March 1999. . “Interruptible Transportation and Revenue Sharing in the US,” for BG Premier (UK), October 1998. . “The Compatibility of Retail Competition and Contract Carriage,” August 1998, prepared for Broken Hill Proprietary Petroleum, Australia. . “Gas Retail Access,” a paper on retail gas competition for Houston Industries, April 1998. . Market power and regulatory analysis for acquisition of Illini Carrier pipeline by Mississippi River Transportation, March 1998. . “Resolving the Question of Escalation of Phases (bb) and (cc) Under the Maui Gas Sale and Purchase Contract,” December 1997, a report prepared for the New Zealand Treasury on issues pertaining to a long-term gas contract and capital works planned but not built. Michael Quinn, page 6

. “Producer Access to Gas Retail Markets: Issues for Victoria,” October 1997, prepared for Broken Hill Proprietary Petroleum, examining the role of gas producers as retail gas competitors in Victoria, Australia’s restructured gas industry. . “Victoria’s Choice of Gas Industry Carriage Regimes,” September 1997, prepared for Broken Hill Proprietary Petroleum, examining the relative merits of common, contract, and “market” carriage on gas transport pipelines. . “Ghana Natural Gas Market Assessment,” July 1997, prepared for the Ministry of Mines and Energy, Ghana, Africa. Assessing prospective gas demand usage and netback prices for a number of proposed pipeline project alternatives. . “Russian Oil Transportation and Export Study: Commercial, Contractual and Regulatory Component,” June 1997, for the World Bank. Evaluating the framework for strategic and economic elements of proposed oil export projects for Russia. . “Market Models for Victoria’s Gas Industry: A Review of Options,” April 1997, prepared for Broken Hill Proprietary Petroleum, to propose an alternative model for gas industry restructuring in Victoria, Australia. . “New Market Arrangements for the Victorian Gas Industry,” March 13, 1997, prepared for Broken Hill Proprietary Petroleum, to propose and assess alternative models for gas industry market reform. . “Estimación del Factor de Eficiencia (X),” total factor productivity study for gas transportation and distribution prepared for ENARGAS, the Argentinean gas regulatory authority, January 1997. . “Determination of Rates for Natural Gas Transmission and Determination of the Cost of Service.” (September-December, 1996). A series of four reports presenting the development of a methodology for tariffs, prices, and the cost of services for PEMEX Gas y Petroquímica Básica (Mexico). . “Evaluating the Shell Camisea Project,” for Perupetro S.A., Government of Peru, December 8, 1995. . Towards a Permanent Pricing and Services Regime, for British Gas TransCo, November 1995. . Gas Competition in Victoria, for the Gas Industry Reform Unit, Office of State Owned Enterprises, Victoria, Australia, June 1995. . “Economic Implications of the Proposed Enerco/Capital Merger,” for Natural Gas Corporation of New Zealand, December 1994, assessing the ramifications of a potential merger between gas and electric utilities.

PAPERS “Live Prices and Stale Quantities: T+1 Accounting and Mutual Fund Mispricing,” with Peter Tufano and Ryan Taliaferro, Journal of Investment Management, Vol. 10, No. 1, 2012. “Large RTOs and Traditional Transmission Pricing Don’t Mix,” with Rodney Frame, Electricity Journal, January/February 2002. “Large RTOs May Have Implications for Gas Pipeline Investments,” Natural Gas, January 2002 “Performance-Based Regulation Options for Electricity Distribution in Alberta,” white paper for UtiliCorp Networks Canada, 19 July 2000. Michael Quinn, page 7

“Incentive Regulation Meets Electricity Transmission on a Grand Scale: FERC Order No. 2000 and PBR,” with Jeff D. Makholm and Cesar Herrera, Electricity Journal, May 2000. “PBR Possibilities in Order 2000,” EnergyResource2000, May 2000. “Worldwide Experience with Electricity Transmission PBR Plans,” EnergyResource2000, May 2000. “Disappearing Differentials: Basis Differentials and New Pipeline Construction,” mimeograph, May 1999. “‘X’ Marks the Spot,” Public Utilities Fortnightly, Vol. 135, No. 22, December 1997. “Price Cap Plans for Electricity Distribution Companies Using TFP Analysis,” NERA Working Paper, October 1997. “Gas in México: Tariff, Infrastructure Affect Strategies,” Natural Gas, June 1997. “United States: Gas,” Utility Regulation 1997, edited by Ilka Luwington, Privatisation International / Centre for the Study of Regulated Industries, with C. Augustine and J. Makholm. “Profit Sharing and Sliding Scale Regimes,” with J. Makholm and C. Augustine, February 1996. “Incremental Pricing: Not a Quantum Leap,” NERA Working Paper, February 1995.

PRESENTATIONS “Natural Gas Supply: Update on New Supplies,” Speech given at the Law Seminars International “Energy in the Northeast” conference, Boston, MA November 10, 2009 “Transmission Pricing for Super-RTOs,” Speech given at the EUCI Dec 2001 Electric Utility Consultants, Inc Electricity Power Market Performance Conference,” Denver, Colorado, December 14, 2001. Conference chair. “Energy Market Opportunities in the US Sunbelt,” April 5, 2001. “PBR Workshop,” presented to Alberta’s electricity industry stakeholder with UtiliCorp Networks Canada, Edmonton, Alberta, June 23, 2000. “Disappearing Differentials: Basis Differentials and New Pipeline Construction,” Speech given at the CRRI 18th Annual Conference, Meeting the Competitive Challenge in Network Industries, Newport, RI, May 27, 1999. “Electricity Distribution Post-Restructuring: Options for the Future,” Speech given at the Electric Utility Consultants, Inc Electricity Distribution Conference,” Denver, Colorado, January 27, 1999. “Pricing Electricity Distribution Service: A TFP-Based Approach for a Price Cap Plan,” Speech given at the Electric Utility Consultants, Inc Electricity Distribution Conference, “Opportunities and Challenges for the Distribution Company in the New Millennium,” Denver, Colorado, April 29, 1998. “Electricity Industry Restructuring and What It Means for Cambridge,” moderator for panelist discussion held by the Cambridge City Democratic Committee, Cambridge, MA, January 14, 1998. “Pemex Gas Transportation Tariffs: What Can We Expect?” Speech given at the Executive Enterprises Conference, “Opening Mexico’s Natural Gas Market,” Houston, Texas, March 10, 1997. Michael Quinn, page 8

“Gas Rate Design,” Speech given at the International Training Program on Utility Regulation and Strategy: A Collaboration Between the World Bank and the Public Utility Research Center at the University of Florida, Gainesville, Florida, January 21, 1997. “Regulatory Reform in the Global Village: Is Anybody Really Ahead of the US or Fear of FERC,” Speech given at the DOE/NARUC Natural Gas Conference, St. Louis, Missouri, April 30, 1996. “Purchasing Practice Experiments: Is There Any Point in Going Halfway?” Speech given at the DOE/NARUC Natural Gas Conference, St. Louis, Missouri, April 29, 1996. “North American Natural Gas Supply and Demand Outlook: Implications for Mexico,” Speech given at the Executive Enterprises Conference, “Opening Mexico’s Natural Gas Market,” Houston, Texas, March 11, 1996. “Retail Open Access Experience: Lessons from the Gas Industry,” Speech to NERA Marginal Cost Working Group, San Francisco, California, October 24, 1995. 3/1/16