Indiana University Select Career Opportunities Orientation Program September 14, 2004

1. Financial Opportunities in Consulting Indiana University Select Career Opportunities Orientation Program September 14, 2004 Presented by: Mike Newell Matt Vold Lindsey Whitehead www.intecap.com www.crai.com

2. Introduction to InteCap/CRA • InteCap is a subsidiary of Charles River Associates (“CRA”), an international economic consulting firm with 18 offices worldwide and over 700 employees. • First consulting firm to launch an integrated practice dedicated to helping companies manage and extract value from their intellectual property • Areas of expertise include Intellectual Property, Commercial Damages, Valuation, Securities Fraud, Anti-trust, Business Strategy, Transfer Pricing and Mergers and Acquisitions. • InteCap’s consultants have backgrounds in accounting, finance, economics, engineering, marketing and statistics • Clients include Fortune 500 corporations, high-tech start-ups, preeminent law firms, government entities, leading universities and providers of capital involved in “IP-rich” transactions

3. Presenter Backgrounds • Mike Newell, Director • Graduated with a B.S. in Mechanical Engineering from University of Notre Dame (1990) • Worked as a Capital Project Manager in the Refining & Marketing Departments of Amoco Oil Company • MBA from University of Chicago’s Graduate School of Business in Finance, Strategy, and Operations Mgmt (1996) • Principal of Tangram Partners, a private equity firm • Joined InteCap in February 2001 • Matt Vold, Analyst • Graduated with a B.S. in Finance and Accounting from Indiana University • Joined InteCap in June 2003 • Lindsey Whitehead, Analyst • Graduated with a B.S. in Finance and Accounting from University of Dayton • Joined InteCap in September 2003

4. Introduction to Financial Consulting • Who are financial consultants? • What do financial consultants offer their clients? • In what types of projects are financial consultants engaged? • What are typical tasks performed during the course of an engagement? • Self-assessment • Financial consulting as a career platform

5. Who are Financial Consultants? Financial Services Litigation Support Investment Consulting Services Intellectual Asset Management

6. What do Financial Consultants Offer Their Clients? • Specialized expertise • Outsourcing/resources • Fresh perspective and objective third-party opinion • Quick turn-around and focused attention • Structured solutions to unstructured problems • The “why” behind the numbers

7. In What Types of Projects are Financial Consultants Engaged? Litigation What the value should have been Valuation What the value is Strategy What the value could be

8. What are the Results/Deliverables of These Projects? Litigation Expert report, analysis, and testimony Written report, analysis, and presentation Valuation Written assessment, recommendation and implementation Strategy

9. The Patent The Infringers Infringer 1 A Better Mousetrap! = Infringer 2 Infringer 3 Lost Sales Depressed Prices Opportunity Cost Litigation Case StudyPatent Infringement Damages What is the economic injury to the patent owner?

10. Litigation Case StudyThe Role of an Analyst • Participate in team meetings to discuss overall approach to assignment • Review client documents • Perform industry research • Research and compare established royalty rates • Build financial models • Perform quality control • Create trial exhibits

11. Retained by a global manufacturer of household appliances to perform a trademark portfolio valuation Total Enterprise Value 100% Total Value of Intangibles 56% Other Intangibles Value 32% 56% Fair Market Value 24% Valuation Case StudyTrademark Valuation for Tax Purposes

12. Valuation Case StudyThe Role of an Analyst • Participate in brainstorming discussions with team members • Customize questionnaires for client interviews • Research comparable companies in the industry • Forecast cash flows and prepare a cost of capital analysis • Assist in the preparation of a valuation report/narrative • Create graphical presentations of financial analysis

13. Strategic Options Client dilemma Form a NEWCO? Exclusively License? How can we commercialize our intellectual property? Non-Exclusively License? Partner? Strategy Case StudyCommercialization of Early Stage Technology

14. Strategy Case StudyThe Role of an Analyst • Participate in initial kick-off meetings with client • Research potential technology applications and markets • Develop valuation analysis • Participate in commercialization strategy brainstorming discussions with team members • Assist in communication of findings with client

15. Structured environment? • Unstructured environment? • Finance only? • Finance, accounting, economics, marketing? • Concentrate in a single industry? • Variety of industries? • Compartmentalized work? • Team work? • Functional work? • Project work? • Corporate culture? • Consulting culture? Other financial career Financial consultant Self-AssessmentWould you Enjoy Being a Financial Consultant? Do you prefer . . .

16. Consulting as a Career Platform • Various skills acquired as a financial consultant • CPA, CFA, MBA opportunities • Client contact and industry exposure • Foundation for many other careers

17. Consulting as a Career PlatformExamples of InteCap Careers Consulting:Managing Director, InteCap Investment Banking:Managing Director, Bear Stearns Marketing:Brand Manager, Procter & Gamble Sales:Account Executive, Warner Lambert Graduate School:MBA - Kellogg, Chicago, UCLA, Columbia, etc. Law - Michigan, UVA, Wisconsin, etc.

18. In Summary... Financial consultants provide: • Clients with… • expertise and objectivity • creative solutions • clarity and structure • Consultants with… • use and development of a wide range of skills • broad career platform