Take a look at our firm, our services, and our people.

1. ndp|consulting
Policy Economics Quantitative Analysis Expert Opinion Business & Financial Strategy

2. We translate economics, finance, and
statistics into compelling messages
Who we are
ndp|consulting is an economic analysis, business strategy and expert opinion advisory firm serving corporate,
policy, and legal clients. Founded in 2000, the group applies economic, financial, and statistical principles to
complex challenges in a variety of public and private sectors. Our leadership team and senior advisors include
economists, business managers, and policy experts with broad government, academic, international, and
industry experience. This expertise covers a range of areas, including agriculture, defense, education, energy,
finance, healthcare, innovation, tax, and trade.
Located in Washington D.C. where policy, business and the law converge, we provide practical, bottom-line
advice for executives and policymakers.
POLICY
ECONOMICS
BUSINESS & EXPERT
FINANCIAL OPINION FOR
STRATEGY LITIGATION
For more information, please contact:
Nam D. Pham ndp|consulting
Managing Partner 1301 Connecticut Avenue NW
t 202.450.1368 Suite 225
e nampham@ndpconsulting.com Washington, DC 20036
www.ndpconsulting.com

3. We value personal service, responsiveness,
and customized solutions
Our work
“We help clients get to the bottom line of
the policy debate with clear, quantitative
Economic analysis of policy conclusions.”
Nam Pham,
Managing Partner
Services
 Economic impact assessments of industries and businesses
 Cost / benefit analysis of legislation, regulations, and other policies
 Jobs and spending impact studies
 Comment letters to federal agencies
 Economics advice for executives and business associations
 Public relations support
 International development project impact and performance assessments
 Institution building support and analysis
Selected Experience
 Estimated the cost of cell-phone tax on consumers and businesses
 Assessed the impact of industry R&D spending on the U.S. economy
 Estimated direct, indirect and induced jobs by a major defense company
 Assessed public spending on higher education industries
 Constructed an index to measure economic opportunities for different
population groups in the U.S.
 Assessed the impact of NAFTA on U.S. and Mexican economies
Practice Areas (alphabetical)
 Energy and resources
 Industries
 Innovation and intellectual property
 International development
 International trade and macroeconomics
 Public policy, regulatory and taxes
 Securities, investments and finance

4. We deliver independent, objective findings and
recommendations
Our work (continued)
Expert opinions for litigation matters
Services
 Estimation of impacts of policy, legislation, or regulation on industries and
companies
 Estimation of financial or economic damages in securities disputes
 Trading record analysis and market manipulation investigation
 Market sizing and analysis for antitrust
 Trade analysis for dumping disputes
Selected Experience
 Estimated the impact of natural gas legislation and taxes in India
 Analyzed trading records in private investment in public equity (PIPE) cases
 Estimated damages in naked short selling lawsuit
“We support client positions with the data
and facts that are consistent and
defensible.”
Practice Areas (alphabetical)
Nam Pham,
 Energy and resources
Managing Partner
 International trade and macroeconomics
 Securities, investments, and finance

5. We combine creativity, data and quantitative
principles to achieve practical solutions
Our work (continued)
Business and financial strategy
Services
 Feasibility: country risk assessment; industry and sector analysis
 Marketing: market sizing and research; strategy and implementation planning
 Finance: financial analysis and valuations; bond market investing strategies;
derivatives hedging strategies; capital raising; fund design and management
 Implementation & operations: regulatory and compliance advice;
international trade and customs; partnering
 Assessment: project review and measurement; outcomes review; data and
metric visualization and reporting
Selected Experience
 Assessed overseas market opportunities for American valve manufacturers
 Advised Vietnamese computer maker on product and marketing strategy
 Advised companies on options and hedging strategies and cost of capital
calculations
Practice Areas (alphabetical)
 Energy and resources
 Industries
 International trade and macroeconomics
 Securities, investments, and finance

6. Biographies
Nam D. Pham, PhD
MANAGING PARTNER
t 202.450.1368
m 202.302.0454
nampham@ndpconsulting.com
Dr. Pham is Managing Partner of ndp|consulting. Prior to founding the firm in 2000, Dr. Pham was Vice
President at Scudder Kemper Investments in Boston, where he was responsible for research, asset
allocations and currency hedges for Scudder's global and international bond funds. Before that, he was
Chief Economist of the Asia Region for Standard & Poor's DRI in Boston. Dr. Pham has more than twenty
years of experience in multinational organizations and government agencies. This tenure includes time
as an economist at the World Bank, as well as a consultant to the Department of Commerce and the
Federal Trade Commission.
In addition, Dr. Pham is an adjunct professor at George Washington University, where he has taught
undergraduate and graduate courses in monetary economics, international trade and finance,
macroeconomics and microeconomics. Dr. Pham earned a Ph.D. in economics from George Washington
University with concentrations in international trade and finance, economic development and applied
microeconomics, a M.A. from Georgetown University and a B.A. from the University of Maryland.
Bonnie J. Pierce
MANAGING PARTNER
t 202.450.1368
m 202.664.2952
bonniepierce@ndpconsulting.com
Ms. Pierce is Managing Partner at ndp|consulting. She brings more than fifteen years of experience in
developing and executing business and marketing strategies for institutional investment management
firms.

7. Prior to joining ndp|consulting, Ms. Pierce was Principal and Senior New Business Development Officer
at State Street Global Advisors (SSgA) in Boston for over ten years. As its top performing marketing
officer, she consistently attracted over $1 billion in assets annually in public equity, fixed income,
overlay, currency, hedge funds, private equity, and real estate. Bonnie advised institutional investors,
initiated and closed deals across all asset classes, managed new fund product development efforts, and
advised firm management on risk management, reporting and compliance issues. While at SSgA, she
developed expertise in emerging and frontier markets investing.
Before SSgA, Ms. Pierce was Director of Marketing and a founding team member at Schooner Asset
Management Co. (SAMCO), a fund management boutique in Boston. At SAMCO, she developed and
executed marketing efforts to generate new institutional and high net worth investors in emerging
markets, private equity, hedge fund and global fixed income products.
Ms. Pierce holds M.B.A.s from Columbia Business School (Finance) and London Business School
(Corporate Strategy), an M.A. in International Relations from Boston University, and a B.A. in European
History from Boston University. She also holds several professional licenses, including Series 7, 63 & 65
(FINRA), 3 (NFA).
John J. Barrett
PRINCIPAL
t 202.450.1370
m 202.286.0898
johnbarrett@ndpconsulting.com
Mr. Barrett, Principal at ndp|consulting, is a twenty-year veteran of the global financial services industry
with roles in strategic consulting, international business development and asset management
operations. Mr. Barrett has worked with global fund management firms, assisting them with the
establishment of international and offshore domiciled collective investment funds in Europe, Asia and
America.
Prior to joining ndp|consulting, John was Vice President – International/Offshore Business Development
for State Street Corporation. He advised clients on distribution strategies, domicile options and
regulatory developments in international markets. He also sold offshore financial services to global
investment/hedge fund managers and developed revenue-generating strategies in non-US markets.
Before that, he held several international positions for State Street in Canada and Europe.
Mr. Barrett holds a M.A. in International Public Policy from Johns Hopkins University - School of
Advanced International Studies and a B.S. in Finance from Boston College.

8. Mark H. Schmidt
PRINCIPAL
t 202.450.1369
m 734.716.0866
markschmidt@ndpconsulting.com
Mr. Schmidt joined NDP Consulting in 2009. He brings business management and sales experience to
the group. As a Principal at NDP, Mark helps clients bolster policy messages and businesses make data-
driven decisions.
Prior to NDP, Mark was Vice President of Operations at a Michigan-based supplier to heavy machinery
and transportation vehicle OEM’s. There, Mark led a successful restructuring of the operations
organization, as well as several initiatives in strategic planning, organizational change, leadership
development, marketing, quality and process improvement, and project management.
Mark was a Global Leaders Fellow at The George Washington University’s MBA program, where he
focused on finance. In May 2009, Mark led a team of MBAs on a consulting project for Intel Corporation
– Vietnam and FPT Elead, a Vietnamese computer maker. Originally from Corunna, Michigan, Mark
holds a B.S.E., Naval Architecture and Marine Engineering from The University of Michigan and an
M.B.A. from GW. In his off time, he runs marathons and ultra-marathons.
Senior Advisors
(alphabetical list)
Lessly A. Goudarzi
Founder and Managing Director, OnLocation, Inc.
Mr. Goudarzi is Founder and Managing Director of OnLocation, Inc., a management consulting firm
providing technical, economic and financial counsel in both the private and public sectors. He has over
thirty five years of experience in management consulting including a wide variety of project specific,
industry wide, integrated regional, national and international energy and environmental policy analyses.
OnLocation is recognized as one of the leading consulting institutions advising a diverse set of
stakeholders in establishing a climate change/greenhouse gas policy for the US.
Mr. Goudarzi was one of the pioneers of competitive analysis of power companies in the selection of
equity fund investments, multi-area trading models for expanding bulk power transactions and the
development of event driven insurance products for the electric power industry (e.g. generation outage
insurance). Mr. Goudarzi introduced risk management concepts and analysis processes to the Rural

9. Utilities Service (RUS) electric and broadband lending programs where he provided economic and
financial advisory services for over fifteen years. As financial advisor to the RUS, Mr. Goudarzi played a
central advisory role in a number of power company bankruptcy proceedings as well as debt
restructurings. In addition, he has over twenty years of experience in integrated energy modeling
making key contributions to forecasting models in use by the Department of Energy, Energy Information
Administration, Environmental Protection Agency and other federal and regional government entities.
Mr. Goudarzi has an M.B.A. concentrating in Management Science from Virginia Tech and received his
B.A. from Wittenberg University where he majored in Economics.
Daniel J. Ikenson
Associate Director, Center for Trade Policy Studies, Cato Institute
Mr. Ikenson is associate director of Cato's Center for Trade Policy Studies, focusing on WTO disputes,
regional trade agreements, U.S.-China trade issues, steel and textile trade policies, and antidumping
reform. Dan has been involved in international trade since 1990.
Prior to joining Cato in 2000, Dan was director of international trade planning for an international
accounting and business advisory firm. Before that, he co-founded the Library of International Trade
Resources (LITR), a consulting firm providing interactive information access and international trade
consulting. He was also a trade policy and antidumping analyst at a few different international trade law
practices in Washington, DC.
Ikenson is the author of many studies and articles on trade policy and is the coauthor of Antidumping
Exposed: The Devilish Details of Unfair Trade Law. He has appeared on The Newshour with Jim Lehrer,
CNN, CNBC, Bloomberg TV, MSNBC, ABC News, and NPR. His articles have been published in the Wall
Street Journal, the Washington Times, the Detroit News, and National Review Online.
Ikenson holds a M.A. in Economics from George Washington University.
Charles Lambert, PhD
Senior Advisor
Dr. Charles Lambert has thirty years of executive experience in negotiating with foreign government
officials and in working with the U.S. regulatory and legislative policymaking process. He was appointed
to Deputy Under-Secretary for the United States Department of Agriculture by then-Secretary Ann M.
Veneman in 2002 and he served until 2009. At the Department, his responsibilities included overseeing
the policy development and the day-to-day operations of three agencies. Dr. Lambert testified before
the Congress on terrorism and other issues. Prior to the appointment at the Department of Agriculture,
Dr. Lambert held several executive positions during his 15 years with the National Cattlemen’s Beef
Association including Chief Economist and Vice President of Research and Industry Information.

10. Dr. Lambert holds a Ph.D. in economics from Kansas State University, with concentrations in
international trade and agricultural policy; an M.A. and B.S. in Animal Science and Industry from Kansas
State University.
Joseph Pelzman, PhD
Professor of Economics, International Affairs and Law, George Washington University
Professor Pelzman has over 30 years of experience as an international economist specializing on issues
relating to trade capacity building, the development of and testing of workable free-trade area agreements
and on delinking trade liberalization from fiscal tax issues. He teaches International Trade Theory,
International Trade Law, Law and Economics and Middle-East Economics at the graduate level. In 1999,
Professor Pelzman established the Global Trade and Development Group, an economic forensic firm
combining law and economics in providing business and commercial legal services. The Group has been
involved in numerous international projects including Fair Trade Commission for the Government of
Barbados, tax deferral systems for Puerto Rico, and fiscal reform of trade liberalization for Morocco and
Jamaica. His current published work includes the Enforcement Issues of the Dispute Settlement
Understanding under current WTO procedures, US negotiations of CAFTA and FTAA, Regional Incentive
Systems in the Middle East and Puerto Rico, post-MFA competition of the PRC with Vietnam and India.
Professor Pelzman holds a J.D. from George Washington University Law School, a Ph.D., Economics from
Boston College and a B.S., Economics from Boston College.
Fernando B. Saldanha, PhD
Economist and Financial Services Professional
Dr. Fernando B. Saldanha has over thirty years of experience in international economics and financial
services and development. He specializes in financial product design, portfolio modeling and
management, trading model development, econometrics and risk management. Dr. Saldanha has
taught economics at the University of Arizona and at Paris and Rio de Janeiro.
Dr. Saldanha is working with the Rock Creek Group to develop an ETF-based hedge fund replication
fund. Prior to his work at Rock Creek, he was Foreign Exchange Strategist at Tudor Investment Corp. in
Greenwich, CT. He successfully built a flow of funds model for G7 countries that identifies supply-
demand imbalances that move foreign exchange markets. Before that, he was Emerging Markets
Specialist and Portfolio Manager for the Global Fixed Income Group at Lord, Abbett & Co. in New York.
Prior to that, Dr. Saldanha spent 10 years at the World Bank in Washington, DC. In his latest position, he
was Senior Financial Officer for the Asset & Liability Management and Derivatives Group in the Treasury
Finance Department. Dr. Saldanha was responsible for financial product design and portfolio
management while at the World Bank. He also developed several trading models.

11. Dr. Saldanha holds a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT) and a B.S.
in Economics from Pontifícia Universidade Católica do Rio de Janeiro.
Robert J. Shapiro, PhD
Co-founder and Chairman, Sonecon, LLC
Dr. Shapiro is also director of the Globalization Center at NDN, a Senior Fellow of the Georgetown
University Business School, chair of the Climate Task Force, co-chair of America Task Force Argentina,
and a board member of the Ax:son-Johnson Foundation in Sweden. From 1997 to 2001, Dr. Shapiro was
U.S. Under Secretary of Commerce for Economic Affairs. In that position, he directed economic policy
for the Commerce Department and oversaw the Nation's major statistical agencies, including the Census
Bureau while it planned and carried out the 2000 decennial census. Prior to that appointment, he was
co-founder and Vice President of the Progressive Policy Institute and the Progressive Foundation. He
also was principal economic advisor in Governor Bill Clinton's 1991-1992 presidential campaign and
senior economic advisor to Vice President Albert Gore and Senator John Kerry in their presidential
campaigns. In 2008, he advised the campaign and transition of Barack Obama. Dr. Shapiro also served
as Legislative Director for Senator Daniel P. Moynihan and Associate Editor of U.S. News & World
Report. He has been a Fellow of Harvard University, the Brookings Institution, and the NBER.
Dr. Shapiro holds a Ph.D. and M.A. from Harvard, a M.Sc. from the London School of Economics, and an
A.B. from the University of Chicago.
Alexander J. Triantis, PhD
Professor of Finance, School of Business, University of Maryland
Alex Triantis is a Professor of Finance and the Chairman of the Finance Department at the Robert H.
Smith School of Business at the University of Maryland. Prior to joining University of Maryland’s faculty,
he was a visiting scholar at the MIT Sloan School of Management and a faculty member at the University
of Wisconsin. His research in leading academic and practitioner journals has been featured in Business
Week, CFO magazine, Financial Times, New York Times, and the Wall Street Journal. Professor Triantis
has consulted and provided executive training to numerous multinational corporations and
organizations such as Airbus Industries, BHP Billiton, Dupont, Ernst & Young, Hyatt, Jefferies and
Company, Lockheed Martin, Marriott International, Morgan Stanley, Northrop Grumman,
PricewaterhouseCoopers, U.S. Dept. of Energy, and the World Bank. He is a frequent speaker at
domestic and international conferences and executive forums. He has received numerous awards and
citations for teaching excellence, including being named by Business Week as an Outstanding Professor
at the University of Wisconsin and the University of Maryland.
Dr. Triantis holds a Ph.D. from Stanford University, a M.Eng. in Industrial Engineering and B.A.Sc. in
Engineering Science from University of Toronto.

12. Selected Reports
 Employment and Gross Output of Intellectual Property Companies in the United States (2010). A
study to estimate the number of manufacturing and non-manufacturing workers employed by IP
companies.
 The Role of Innovation on American Productivity, Competitiveness, Jobs and Wages during 2000-07
(2010). An empirical study to compare the economic performance of U.S. IP-intensive and non-IP-
intensive industries.
 The Social Costs of Listed Property Tax on Employer’s Provided Cellular Phone (2010). A cost-and-
benefit analysis of the 21-year old onerous tax code in the United States.
 Valve Industry Market Opportunities and Challenges (2010). An assessment of market opportunities
and challenges for American valve manufacturers to do business overseas.
 The Impact of Ending Federal Preemption for Class III Medical Devices on Patients’ Access to
Advanced Medical Procedures (2009). A simulation of litigation and economic impacts if the federal
preemption for class III medical devices is eliminated.
 The Economics of Options and Futures Contracts: An Application to the Carbon Emission Markets
(2009). An analytical survey of the role of financial derivatives to play in fostering and accelerating
the full development of a carbon emissions control regime.
 The Impact of a Preborrow Requirement for Short Sales on Failures-to-Deliver and Market Liquidity
(2009). An empirical investigation examines the short sales and the impact of preborrowing
requirements in different countries.
 The Economic Effects of Expanded FDIC Coverage on a Permanent Basis (2008). A paper estimates
the costs and benefits of expanding FDIC coverage to all accounts.
 The Roles of Private Equity in the U.S. Capital Markets (2008). A paper discusses the private equity
sector, including its roles and contributions to the capital markets.
 The Economic Impacts of Private Equity on Labor Markets (2008). A study assesses the economic
impacts of leveraged-buyouts on jobs in the target companies.
 The Impacts of Carbon Tax on the U.S. Economy and the Global Climate (2008). A simulation of
carbon taxes on energy markets, the U.S. economy and the global climate change.
 Global Climate Change: Four Approaches to Reducing Carbon Dioxide Emissions (2008). A
comparison of the costs and benefits of four approaches -- command-and-control, voluntary, cap-
and-trade and tax – to reduce carbon dioxide emissions.
 Economic Effects of Intellectual Property Intensive Manufacturing (2007). An empirical study
examines the impact of intellectual property on manufacturing sectors in the U.S. and states.

13.  Traditional and Structured Private Investment in Public Equity (PIPE) (2007). An analysis of a
financial technique of investment entities to purchase common/preferred shares and convertible
debt of publicly-traded companies at discount prices for the purpose of raising capital.
 The Distribution of Ownership of U.S. Oil and Natural Gas Companies (2007). An analysis estimates
the ownership of the publicly-traded oil and gas companies in the U.S., including corporate insiders,
institutional investors and individual investors.
 Economic Opportunities in the U.S. in the Past 25 Years by Income and Demographic Groups (2007).
A construction of an index to measure economic opportunities for different population groups in the
U.S. in the past 25 years.
 The Impact of Argentina’s Sovereign Debt Default and Restructuring on U.S. Taxpayers and Investors
(2006). An analysis to estimate the cost of Argentina’s debt default in 2001 to worldwide investors.
 An Analysis of Natural Gas Prices in Spot and Futures Markets: The Roles of Economic Fundamentals,
Market Structure and Speculative Activities (2006). A study examines the determinants affecting
natural gas price rises since 2000.
 Alternative International Telephone Call Services and Low-Income Immigrants (2006). A price
comparison of four calling alternatives (pre-paid calling cards, discount calling plans, dial-arounds
and mobile phones) to a calling basket of eleven countries with high number of low-income
immigrants in the United States.
 The Economic Impact of a Windfall Profits Tax on Federal, State and Local Public Employee Pension
Funds (2006). A study to estimate the impact of a windfall profits tax on public pension fund holders
including federal and state and local government employees.
 The Economic Impact of a Windfall Profits Tax on Savers and Shareholders (2005). A study to
examine the economic impact of the proposed Windfall Profits Rebate Act of 2005 on domestic
integrated oil and gas companies and its shareholders.
 A Comparative Study of U.S and European Drug Markets (2004). A memo addresses three questions:
(1) Do Europeans buy American drugs? (2) If not, why don’t Europeans buy American drugs? (3) Are
all drugs more expensive in the U.S. than in Europe?
 Impacts of Small and Medium Enterprises on Developing Economies (2003). An estimated financial
returns and economic returns of private investments on small and medium enterprises in
developing countries.
 A Preparatory Study of the World Bank’s Poverty Reduction Strategy Credits (2003). A review for the
Japan Bank International Cooperation (JBIC) to understand the process of issuing World Bank’s
grants and loans to its eligible borrowing countries.
 Macedonian Regional Trade Integration (2003). A study for the World Bank to evaluate the impact
of the regional trade integration on the Macedonian economy and other countries in the region.
 Wine Consumption in the State of New York (2002). An empirical report for New York legislatures to
estimate the impact of removing the ABC Law in New York on state and city revenues.
 The Impact of NAFTA on the U.S. and Mexican Economies (1997). An empirical study for the
Congressional Budget Office to evaluate the impact of the NAFTA. The study was used as the key
defense at the congressional hearings.