CRA Buys Lee and Allen (April 2005)

In April 2005 CRA (Charles River Associates) bought the forensic accounting firm Lee and Allen for an estimated £8 million.

This purchase was more for the forensics element for CRA, than the accounting.

Charles River Associates Incorporated (NASDAQ: CRAI), an internationally known leader in providing economic, financial, and management consulting services, today announced its acquisition of Lee & Allen Consulting Limited, a London-based consulting firm offering financial dispute resolution and forensic accounting services to the corporate, legal, and regulatory markets. The acquisition will add approximately 40 consultants to CRA’s roster.

Under the terms of the agreement, CRA acquired Lee & Allen for a purchase price of approximately GBP 8.3 million (approximately US$15.8 million), consisting of GBP 6.3 million (US$12.0 million) in cash and GBP 2.0 million (US$3.8 million) in loan notes to be exchanged for restricted shares of CRA stock. Additional purchase consideration may be payable if specific performance targets are met. In addition to its corporate headquarters in London, Lee & Allen maintains an office in Hong Kong. Lee & Allen recorded revenues of approximately GBP 7.1 million (US$13.5 million) during calendar year 2004. CRA expects the

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