Charles River Associates (CRA) Expands Advisory Capabilities In Energy & Environment

Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that energy expert Loretta Cross has joined the firm as a vice president in the Energy & Environment Practice in Houston. Joining along with Ms. Cross to create a Houston-based energy restructuring team for the firm are Principals Rob Moore and Vernon Jones and Associate Principal John Baumgartner, all from Grant Thornton LLP. They join others in Houston, including new vice president and international arbitration expert Laura Hardin (announced on July 23, 2012), who are helping to establish a new presence for the firm in that market.

“It is a pleasure to welcome Loretta Cross and this energy restructuring team to CRA,” said CRA's President and Chief Executive Officer Paul Maleh. “Loretta’s leadership in the corporate restructuring field has been instrumental to some of the nation’s largest energy companies. Her experience, combined with the practical knowledge and expertise of Rob Moore, Vernon Jones, and John Baumgartner, provides a comprehensive capability focused on assisting organizations in the energy sector with corporate strategic, operational, and financial restructuring challenges.”

Additional information about them follows.

Loretta Cross

Vice President Loretta Cross has more than 25 years of experience in corporate strategy, operational improvement, litigation support, financial consulting, and restructuring. She is a recognized expert in the energy industry, and her experience includes all areas of the BTU value chain from exploration and production to consumption. She advises businesses from privately-held companies to large international enterprises and has worked with exploration and production companies, oilfield services companies, power generation companies, pipelines, refineries, and retail energy providers, among others. Her specialties include: debt restructuring; business valuation; financial forecasting; forensic analysis; regulatory compliance; litigation support; commercial litigation; damage calculations; and bankruptcy. Ms. Cross has been a key business advisor to parties in some of the nation’s largest bankruptcies and restructurings and she has provided expert testimony in numerous courts across the United States. In addition, she has made dozens of presentations and written numerous publications about restructuring and valuation.

Prior to joining CRA, Ms. Cross held leadership positions at several firms, most recently at Grant Thornton LLP, where she was Managing Partner, Energy Advisory, Corporate Advisory and Restructuring Services and founder of the practice. Her professional certifications include: Certified Public Accountant (CPA); Certified Insolvency and Restructuring Advisor (CIRA); and Certification in Distressed Business Valuation (CDBV). She is a member of several professional affiliations, including as Board Member of the Houston Chapter of the Turnaround Management Association. Her community interests include serving on the National Board of the Lupus Foundation of America and acting as Chairman of the Executive Women’s Partnership and Former Chair of Emerging Women Leaders. In addition, she is the recipient of numerous awards. Most recently, she was recognized by Texas Executive Women as a 2012 Woman on the Move for her contributions to business and community service. She was named in “Who’s Who in Energy” in 2011 and was an Honoree, 2010 Most Powerful and Influential Women of Texas. She holds a BBA degree in Accounting from the University of Texas at Austin.

Robert S. Moore II

Principal Rob Moore has more than 30 years of corporate restructuring, corporate finance, and investment banking experience and he is experienced in debtor and creditor advisory, turnaround consulting, and restructuring engagements. Mr. Moore has worked in industries that include oil and gas, energy services, power and utilities, manufacturing, real estate, distribution, telecommunications, and industrial and consumer services. He has been involved with both out-of-court and in-court engagements where he has advised secured creditors, debtors, investors, professionals, and trustees. His areas of expertise include business plan analysis, cash flow modeling and analyses, structuring and negotiating debt and equity financing, liquidation analyses, fairness opinions, valuations, sales and dispositions of assets or businesses, formulation of reorganization plans and disclosure statements, and related bankruptcy consulting. In addition, he has completed numerous public and private financing and acquisition transactions and other financial advisory assignments.

Prior to joining CRA, Mr. Moore was a Director in the Corporate Advisory and Restructuring Services Practice at Grant Thornton LLP. He was previously a Director at Alvarez & Marsal, LLC and a Managing Director in the Global Corporate Finance and Restructuring Group at Arthur Andersen LLP. Prior to his more recent restructuring activities, Mr. Moore served as the CFO of a public manufacturing and distribution company and in senior corporate finance positions with several investment banking firms in Houston. He is a Certified Insolvency and Restructuring Advisor and a member of the Turnaround Management Association, the Association of Insolvency and Restructuring Advisors, and the American Bankruptcy Institute. Mr. Moore holds an MBA degree in Finance from Southern Methodist University and a BA degree in Economics and Finance from Ottawa University.

Vernon T. Jones, Jr.

Principal Vernon Jones has more than 30 years of corporate management experience in the energy industry. He has served in diverse roles ranging from performing as a Trustee and Receiver to being involved with valuation and dispute resolution engagements. His experience spans such areas as dispute consulting and expert witness services, management consulting, and valuation. His litigation experience includes commodity purchase/sales and services contract disputes, fraud, anti-competitive practices, valuation and pricing related to tax and royalty payments, and asset and stock sale transaction disputes. He has also provided strategy assessment and planning services for energy, utility, production, and marketing companies. Mr. Jones’ valuation experience includes production processes, pipelines, processing plants, portfolios of energy, Initial Public Offerings, financings, and post-transaction price allocations. In addition, he has testified on energy derivative values and risk management practices of the industry in more than a dozen cases involving disputes totaling billions of dollars. Early in his career, he started one of the first nationally recognized independent natural gas marketing companies resulting from deregulation of the industry.

Mr. Jones joins CRA from Grant Thornton LLP where he was a Director in the Corporate Advisory and Restructuring Services Practice. Prior to joining Grant Thornton, he worked as a Trustee for a Chapter 11 bankruptcy of an energy marketing concern in liquidation and he provided expert witness services on a number of high profile trading cases in the Enron bankruptcy. He previously worked as a Director in Energy Strategic Advisory Services at Pricewaterhouse Coopers LLP. Mr. Jones is a member of the National Energy Services Association, the Houston Strategy Forum, the Committee of Chief Risk Officers, and the North American Power Credit Organization. He holds a BS degree in Mechanical Engineering from the University of Oklahoma.

John D. Baumgartner

Associate Principal John Baumgartner has more than 15 years of restructuring, consulting, and corporate finance experience. He has been involved with financial and operational restructurings, solvency analyses, fraudulent transfer disputes, investigations of fraud and misconduct, forensic accounting investigations, valuation of enterprises and operating assets, asset divestitures and acquisitions, and due diligence. He has advised trustees, debtors, senior lenders, mezzanine lenders, and unsecured creditors of companies in industries that include power and utilities, retail gas marketing, retail power marketing, midstream energy companies, webhosting/e-commerce, healthcare, transportation, and retail services.

Prior to joining CRA, Mr. Baumgartner was an Experienced Manager in Grant Thornton LLP’s Corporate Advisory and Restructuring Services Practice. Previously, he worked with an international expert services firm where he provided bankruptcy and restructuring services to debtors, trustees, lenders, and other creditors. He also worked in the restructuring practices of boutique consulting and investment banking firms and an international public accounting firm. A Certified Insolvency and Restructuring Advisor (CIRA), Mr. Baumgartner is also a member of the Turnaround Management Association (where he serves on the National Education Committee and as a Houston Chapter Board Member), the American Bankruptcy Institute, and the Association of Insolvency and Restructuring Advisors. He holds an MBA degree from Rice University, Jones Graduate School of Management, and a BA degree in Economics from Rhodes College.

In addition to the energy restructuring group in Houston, CRA announced on July 23, 2012 that international arbitration expert Laura Hardin joined the firm as a vice president in that market. Ms. Hardin specializes in damage quantification, business valuation, and forensic accounting for international arbitration disputes across a variety of industries, including oil and gas, mining, and aviation. Houston-based Associate Principal Elizabeth Jackson has also joined the firm to assist Ms. Hardin on matters pertaining to dispute analysis, forensic analysis, corporate fraud investigations, and economic analysis and damage calculations.

About Charles River Associates (CRA)

Charles River Associates® is a global consulting firm specializing in litigation, regulatory, and financial consulting, and management consulting. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at http://www.crai.com.

Statements in this press release concerning Loretta Cross, Rob Moore, Vernon Jones, and John Baumgartner, any future business Loretta Cross, Rob Moore, Vernon Jones, and John Baumgartner may generate for the Company or the Energy & Environment Practice, the future business, operating results, anticipated, expected or intended impact of restructuring actions, estimated cost savings, and financial condition of the Company and statements using the terms "anticipates," "believes," "expects," "should," "prospects," "target," or similar expressions are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These 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 performance or results to differ materially from any forward-looking statements made by the Company include, among others, the Company's restructuring costs and attributable annual cost savings, changes in the Company's effective tax rate, share dilution from the Company's stock-based compensation, dependence on key personnel, attracting, recruiting and retaining qualified consultants, dependence on outside experts, utilization rates, completing acquisitions and factors related to its completed acquisitions, including integration of personnel, clients and offices, and unanticipated expenses and liabilities, the risk of impairment write downs to the Company's intangible assets, including goodwill, if the Company's enterprise value declines below certain levels, risks associated with acquisitions it may make in the future, risks inherent in international operations, the performance of NeuCo, changes in accounting standards, rules and regulations, changes in the law that affect the Company's practice areas, management of new offices, the potential loss of clients, the ability of customers to terminate the Company's engagements on short notice, dependence on the growth of the Company's management consulting practice, the unpredictable nature of litigation-related projects, the ability of the Company to integrate successfully new consultants into its practice, general economic conditions, intense competition, risks inherent in litigation, 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 periodic filings with the Securities and Exchange Commission. The Company cannot guarantee any future results, levels of activity, performance or achievement. The Company undertakes no obligation to update any of its forward-looking statements after the date of this press release.

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