Charles River Associates Adds S. P. Kothari to Its Growing Roster of Consultants.

Business Editors

BOSTON--(BUSINESS WIRE)--Nov. 28, 2000

Charles River Associates Incorporated (NASDAQ:CRAI), a leading provider of economics, financial, and business strategy consulting, today announced the appointment of Dr. S. P. Kothari as a Senior Consultant to the firm.

"Dr. Kothari's understanding of the economics underlying accounting and finance will strengthen the knowledge base of the firm and be of invaluable help to our clients," said James C. Burrows, president and CEO of Charles River Associates. "Dr. Kothari combines the theoretical rigor of academia with a deep empirical insight into the practices and procedures of the marketplace. His experience and research into the relationship between accounting information and financial markets is particularly relevant in the current atmosphere of high volatility and changes in reporting standards."

Dr. Kothari is the Gordon Y. Billard Professor of Accounting at the Sloan School of Management, Massachusetts Institute of Technology, and the Director of the New Economy Value Research Lab. He is the senior editor of Journal of Accounting and Economics and was on the editorial board of The Accounting Review from 1989 to 1992. Dr. Kothari taught at the University of Rochester from 1986 to 1999. His research focuses on the mapping of financial information into security prices, economic determinants of international accounting differences, accounting for executive stock options, investment performance analysis and tests of market efficiency, and corporate uses of derivatives for hedging and speculation.

Dr. Kothari recently testified before the United States International Trade Commission (ITC) in the Five-Year "Sunset" Review of the Antidumping and Countervailing Duty Orders on corrosion-resistant carbon steel flat products, certain cold-rolled steel flat products, and certain cut-to-length carbon steel plate products.

Founded in 1965, CRA is a leading provider of sophisticated economic and financial consulting services, expert testimony and litigation support, and business consulting. The firm's areas of expertise include auctions, antitrust, mergers and acquisitions, policy impact assessments, corporate finance, strategy and business operations, and regulatory economics. CRA has advised legal and corporate clients, government agencies, and other organizations in thousands of engagements. In addition to its corporate headquarters in Boston, CRA has U.S. offices in Berkeley/Oakland, Los Angeles, Palo Alto, Salt Lake City, and Washington, D.C., as well as international offices in London, Mexico City, and Toronto. More information about the Company can be found on its Web site at www.crai.com.

Statements in this press release concerning Dr. Kothari's ability to add to the knowledge base of the firm and be of invaluable help to CRA's clients are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are based upon 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 due to many important factors. Such factors that could cause actual results to differ materially from any forward-looking statements made by the Company include, among others, the ability to integrate Dr. Kothari into its practice, dependence on key personnel, attracting and retaining qualified consultants, dependence on outside experts, intense competition, and professional liability. Further information on these and other potential factors that could affect the Company's financial results is included in the Company's filings with the Securities and Exchange Commission.