Business and Finance Strategist Jack Yeager Joins Charles River Associates; Risk Management and Restructuring Specialist Bolsters CRA's Energy Consulting Strengths.

Business Editors

BOSTON--(BUSINESS WIRE)--Sept. 4, 2003

Charles River Associates Incorporated (NASDAQ: CRAI), an internationally known leader in providing economic, financial, and management consulting services, today announced that Jack Yeager, Ph.D., a nationally recognized expert in corporate strategic and financial analysis, has joined CRA's Houston office as a Vice President within the firm's Energy & Environment Practice.

An authority on business modeling and financial restructuring in competitive power markets in particular, Dr. Yeager specializes in business threat analysis and decision making under conditions of uncertainty. He has assisted a number of Fortune 500 companies within the energy, utility, and financial services sectors in identifying, refining, and executing complex growth strategies in risk-prone business environments.

Among his recent projects, Dr. Yeager collaborated with top executives of a large energy firm to develop a system of business metrics to measure the likelihood of shortfalls in cash flow, capital, and earnings over a five-year planning horizon. He then designed strategies for reducing the likelihood and severity of these shortfalls. He also assisted a large commercial bank in significantly reducing the amount of capital required to support the risks in its business portfolio. In addition, Dr. Yeager designed the charter, business architecture, organizational structure, process flows, and reporting requirements for the newly created position of chief risk officer of a Fortune 500 utility.

In announcing Dr. Yeager's arrival, James C. Burrows, president and CEO of Charles River Associates, said, "In CRA's continuing efforts to expand an ever-growing roster of world-renowned energy-sector consultants, we constantly are seeking individuals of Jack Yeager's caliber. Jack has well earned his reputation as a strategic risk analyst adept at helping corporate managers in different environments confront and master economic and financial uncertainty. We look forward to Jack's many valuable contributions to CRA's dynamic energy consultancy."

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. CRA 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 College Station, Houston, Los Angeles, Oakland, Palo Alto, Philadelphia, Salt Lake City, and Washington, D.C. More information about the Company can be found on its Web site at www.crai.com.

Statements in this press release concerning the hiring of Jack Yeager 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, acquisition costs, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, intense competition, and professional liability. Further information on factors that could affect the Company's financial results is included in the Company's filings with the Securities and Exchange Commission.