Three Acclaimed Regulatory Economists Join Charles River Associates in Australia; Consulting Affiliations Bolster CRA's Pacific Rim Reach.

Business Editors

BOSTON--(BUSINESS WIRE)--Oct. 8, 2002

Charles River Associates Incorporated (Nasdaq: CRAI), an internationally known leader in providing economic, financial, and management consulting services, today announced that Melbourne Business School professors Joshua Gans, Ian Harper, and Stephen King, internationally recognized experts on the economic and financial aspects of competition and regulation, have joined CRA as senior consultants affiliated with the Company's Melbourne, Australia office.

In announcing the affiliations of professors Gans, Harper, and King, James C. Burrows, President and CEO of Charles River Associates, said, "During the past five years, CRA has made a concerted worldwide effort to bolster its international presence by attracting the most recognized names in the economic consulting industry. Professors Joshua Gans, Ian Harper, and Stephen King share collective expertise in the areas of economics, finance, and regulation that places them at the forefront of their disciplines. In addition, they effectively complement the regulatory specialties of CRA's New Zealand-based senior consultants: Victoria University professors Lewis Evans and Neil Quigley. These affiliations are especially welcome in the wake of CRA's success in building comparable expert consultancies in energy, utilities, and the environment in the Asia-Pacific region. We look forward to the combined contributions of these outstanding senior consultants as we expand the reach of our capabilities in that area of the world."

Joshua Gans is a professor of management specializing in information economics. His academic research interests center on the nature of technological competition and innovation, industrial organization, the economics of publishing, and regulatory economics. During his rich and varied consulting career, Professor Gans has advised clients in matters involving energy markets (gas and electricity), telecommunications, financial services/banking, pharmaceuticals, and transportation. He has been retained on several occasions by the Australian Competition and Consumer Commission to advise on dominance and other market power issues. Professor Gans holds a Ph.D. in economics from Stanford University.

Ian Harper is the Sidney Myer Professor of Commerce and Business Administration as well as the Assistant Director and Dean of Faculty at the Melbourne Business School. He specializes in analyzing the effects of regulation, deregulation, and innovation on the evolution of financial institutions and policy. He has provided expert services to governments, banks, corporations, and leading professional services firms on a wide range of finance-related consulting issues. As a member of the celebrated Wallis Inquiry, Professor Harper was at the forefront of financial market reform in Australia. He is also an accomplished expert witness and the author of numerous peer-reviewed publications on finance, banking, and regulatory economics in general. Professor Harper holds a Ph.D. in economics from Australian National University.

Stephen King is also a professor of management at the Melbourne Business School, where he specializes in applied microeconomics with a focus on regulation, competition, privatization, and information economics. During his distinguished career, Professor King has offered clients his expertise in telecommunications, energy (gas and electricity), and financial services. The Australian Competition and Consumer Commission, the Australian Competition Tribunal, and the Victoria Supreme Court have all frequently sought Professor King's expert witness and consulting services. Professor King holds a Ph.D. in economics from Harvard University.

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, 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 expected benefits of Joshua Gans, Ian Harper, and Stephen King serving as senior consultants to Charles River Associates 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.