News Release Details

BOSTON--(BUSINESS WIRE)--May 3, 2004--Charles River Associates Incorporated (NASDAQ: CRAI), an internationally known leader in providing economic, financial, and management consulting services, today announced that it has completed its $81.7 million acquisition of InteCap, Inc., a premier consulting firm in the United States that specializes in financial, economic, and strategic issues related to intellectual property and complex commercial disputes. In addition to its IP focus, InteCap is firmly established as a recognized expert consulting firm in the financial markets arena and for capital projects analysis.

The acquisition adds approximately 135 consulting professionals, including 30 vice president level consultants, to CRA. The addition of InteCap expands CRA's geographic footprint into key markets such as Chicago and New York, while strengthening its presence in Houston, Silicon Valley, Boston, and Washington, D.C.

"We are proud to have completed the acquisition so rapidly," said James C. Burrows, CRA's president and CEO. "It reflects the strength of commitment from both InteCap and CRA to quickly begin working together on the integration process. We believe our corporate cultures are well matched and the management of both companies subscribe to the same value system. We expect to retain the services of substantially all of InteCap's employees and look forward to the opportunities for market expansion that this acquisition affords CRA. We believe that InteCap's leadership in the rapidly growing areas of intellectual property and commercial damages will position CRA as the preeminent provider of economic and financial litigation and advisory consulting services."

About CRA

Founded in 1965, Charles River Associates is an economics, finance, and business consulting firm that works with businesses, law firms, accounting firms, and governments in providing a wide range of services. CRA combines economic and financial analysis with expertise in litigation and regulation support, business strategy and planning, market and demand forecasting, policy analysis, and engineering and technology management. The firm is distinguished by a corporate philosophy of providing responsive, top-quality consulting; an interdisciplinary team approach; unsurpassed economic, financial, and other analytic skills; and pragmatic business insights. In addition to its corporate headquarters in Boston and international offices in Brussels, Dubai, London, Melbourne, Mexico City, Toronto, and Wellington, CRA also has U.S. offices in Chicago, College Station, Houston, Los Angeles, New York, Oakland, Palo Alto, Philadelphia, Salt Lake City, and Washington, D.C. More information about CRA can be found on its website at www.crai.com.

Statements in this press release concerning the expected benefits from CRA's acquisition of InteCap are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties. Information contained in these forward-looking statements is inherently uncertain, and actual performance and results may differ materially. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, difficulties in integrating InteCap's business, difficulties in integrating InteCap's personnel into CRA's existing operations, undisclosed or unanticipated expenses or liabilities associated with the acquisition, the potential loss of clients, the potential loss of key personnel, the difficulty of attracting and retaining qualified consultants, dependence on outside experts, intense competition, and professional liability. Further information on factors that could affect CRA's financial results is included in its most recent Form 10-Q filed on April 1, 2004 with the Securities and Exchange Commission.

    CONTACT: Charles River Associates Incorporated
             Phil Cooper, 617-425-3700
             or
             Sharon Merrill Associates, Inc.
             Jim Buckley, 617-542-5300

    SOURCE: Charles River Associates Incorporated