Global Oil and Gas Specialist Panos E. Cavoulacos Joins Charles River Associates as Vice President

Global Oil and Gas Specialist Panos E. Cavoulacos Joins Charles River Associates as Vice President

Business Editors

BOSTON–(BUSINESS WIRE)–March 25, 2004

Former Booz Allen Hamilton Partner Is Accomplished Business

Strategist and Operations Expert

Charles River Associates Incorporated (NASDAQ: CRAI), an internationally known leader in providing economic, financial, and management consulting services, today announced that world-renowned energy specialist Panos E. Cavoulacos has joined CRA as a Vice President and will be a leading member of CRA’s European Energy Practice.

A former vice president and managing partner of Booz Allen Hamilton’s (BAH) Paris office and responsible for BAH’s energy practice in southern Europe, Dr. Cavoulacos advises his energy-sector clients on strategy, organization, and performance improvement issues. He is a recognized expert in upstream and midstream oil and gas, power generation, and energy trading/marketing, and he has led major projects involving procurement, working capital reduction, and staff support services. Dr. Cavoulacos comes to CRA with an established international client base consisting of oil majors, electric and gas utilities, industrial groups, and private equity concerns.

With his focus on strategy development, best practices, and bottom-line effectiveness, Dr. Cavoulacos has worked with client companies to realize substantial growth, value creation, and performance improvement opportunities. He has applied his deep expertise in such assignments as developing natural gas strategies and appropriate business models for a major European electric utility, assisting the UK exploration & production affiliate of a major oil company with a redesign of its business processes and organization, and helping to turn around the lubricants business of a European oil company.

A frequent contributor to such publications as Le Figaro, La Tribune, The Wall Street Journal Europe, Oil & Gas Journal, and Petroleum Economist, Dr. Cavoulacos has also held senior management positions at GE Industrial & Power Systems and McKinsey & Company. He holds B.S. and M.S. degrees in nuclear engineering, an M.B.A., and a Ph.D. in energy economics, all from the Massachusetts Institute of Technology.

In announcing Dr. Cavoulacos’ arrival, James C. Burrows, CRA’s president and CEO, said, “Panos Cavoulacos is well known in numerous energy company boardrooms the world over for his demonstrated business acumen and dedication to the corporate well-being of his many satisfied clients. It seems appropriate that Panos should choose to join us as CRA continues to deepen and expand its oil and gas consultancy offerings around the globe. We look forward to his many contributions in this field.”

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 regulatory 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 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 website at www.crai.com.

Statements in this press release concerning the hiring of Dr. Panos E. Cavoulacos by Charles River Associates may be considered “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.

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