CRA International Economic Analysis Critical in Hallmark Marketing Corporation New York Transfer Pricing Case.

BOSTON -- CRA International, Inc. (Nasdaq: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that a team of its experts, led by Dr. Brian J. Cody, Vice President in CRA's Transfer Pricing Practice, provided critical economic and transfer pricing analysis to Hallmark Marketing Corporation in its successful dispute with the New York Division of Taxation. The New York State Division of Tax Appeals ruled in favor of Hallmark Marketing Corporation on January 26, 2006.

The decision is the culmination of a transfer pricing dispute that began in 2001 when the Division of Taxation initiated an audit of Hallmark Marketing Corporation's 1999 tax return. The state had alleged that Hallmark Marketing's intercompany pricing policies did not satisfy the arm's length standard. As a result, the Division of Taxation had issued a notice of deficiency in February 2004 declaring an additional liability for corporation franchise tax and the Metropolitan Commuter Transportation District surcharge, along with interest and penalties. Hallmark Marketing disputed the State's allegation that its intercompany pricing policies did not satisfy the arm's length standard as supported by contemporaneous documentation prepared by transfer pricing specialists at KPMG LLP.

In rendering its decision that Hallmark Marketing Corporation had demonstrated that its intercompany prices were arm's length, the New York State Division of Tax Appeals cited "Dr. Cody's independent analysis" as well as the "sound and thoroughly-prepared report of KPMG."

"CRA worked closely with counsel from Morrison & Foerster LLP to examine the reliability of KPMG's pricing analysis and reasonable application of the arm's length standard," said Dr. Cody. "In addition, we used economic theory supported by diligent factual, functional and financial analysis to evaluate Hallmark's pricing policies. The decision reflected an outstanding team effort from Hallmark, Morrison & Foerster, KPMG, and CRA."

"CRA excels at this type of litigation project where it is necessary to analyze independently intercompany pricing policies," said James C. Burrows, president and chief executive officer of CRA International. "We are pleased that the Division of Tax Appeals specifically cited our analysis on this dispute, which indicates the value CRA brought to this noteworthy transfer pricing case, and the level at which our firm's expertise can be utilized."

About CRA International

Founded in 1965, CRA International is a leading provider of economic and financial expertise and management consulting services. Working with businesses, law firms, accounting firms, and governments, CRA is the preferred consulting firm for complex assignments with pivotal and high-stakes outcomes. The firm is distinguished by a unique combination of credentials: deep vertical experience in a variety of industries; broad horizontal expertise in a range of functional disciplines; and rigorous economic, financial, and market analysis. CRA offers a proven track record of thousands of successful engagements in regulatory and litigation support, business strategy and planning, market and demand forecasting, policy analysis, and engineering and technology management. Headquartered in Boston, the firm has more than a dozen offices within the United States and ten offices in Canada, Europe, the Middle East, and the Asia Pacific region. Detailed information about CRA is available at www.crai.com.

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