CRA International : An Overview of Charles River Associates – Q3 FY2023

An Overview of

Charles River Associates

Q3 FY2023

This presentation is subject to and should be read in conjunction with the disclaimers and other statements contained under the heading "Safe Harbor Disclaimer."

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Safe Harbor Disclaimer

Statements included in this presentation which are not historical in nature, including those concerning the company's future business, operating and financial condition, are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements may include statements concerning our plans, objectives, goals, strategies, and future events, including, but not limited to, future revenues, results, growth, profitability, performance, as well as our expectations regarding revenue and non- GAAP EBITDA margin, the declaration of future quarterly dividends and capital allocation strategies. These statements that are not historical may be reflected in words, graphs or diagrams. When used in this presentation, words such as "believe," "seek," "aim," "going forward," "achieve," "committed," "pursuits," "target," "continue," "expect," "estimate," "should," and variations of such words or similar expressions are intended to identify forward-looking statements. These statements are based upon management's current expectations and speak only as of the date of this presentation. CRA International, Inc. d/b/a Charles River Associates ("CRA") cautions readers that there may be events in the future that CRA is not able to accurately predict or control, and the information contained in the forward-looking statements is inherently uncertain and subject to a number of risks that could cause actual results to differ materially from those contained in or implied by the forward-looking statements or by the historical references. These risks include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; the impact of epidemics or pandemics such as the COVID-19 pandemic; foreign exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; new or changes to laws and regulations, including U.S. and foreign tax laws, as well as accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability settlements. Further information on various potential factors and risks that could affect CRA's financial results are included under the heading "Risk Factors" in the annual and quarterly reports we file with the Securities and Exchange Commission (SEC), as well as in the other documents we file with the SEC, which are available on the SEC's website or in the Investor Relations section of CRA's website at www.crai.com. The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. CRA cannot guarantee any future results, levels of activity, performance, or achievement and undertakes no obligation to update any of its forward-looking statements, nor does it assume any liability for any investment decisions made or not made as a result of this presentation.

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A Leading Global Consulting Firm

For over 50 years, Charles River Associates (CRA) has been a premier consulting firm. In 1965, our founders envisioned a company that would bring the developing technology of academia, especially in the then-burgeoning area of quantitative methods in economics, to the real world. This vision continues to resonate strongly today as we apply university-quality quantitative tools and microeconomic analysis to our clients' most important challenges.

Two Lines

of Business

Legal & Regulatory Consulting

"Cutting Edge Approaches

to High Stakes Cases" (~80%

of Revenue)

Management Consulting

Sector Specialized Boutique

(~20% of revenue)

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Client

Base

Multinational Corporations

Law Firms

Government Regulators

Sources of

Distinctiveness

Leading Experts

Client-Tailored Model

Superior Analytics

Industry Insight

Senior-Led

Geographic

Footprint

More than 20 offices across 10 countries

Revenue split ~80% North

America and ~20%

International

Performance Driven by Highly Talented and Dedicated Colleagues

77% of senior staff have advanced degrees, with 40% of the advanced degrees being PhDs

46% of senior staff have been at

CRA more than 5 years, with 24% of

senior staff exceeding 10 years

Note: Figures as of year-end fiscal 2022.

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CRA accepts less than 2%

of campus applicants

Our staff hail from over 60 countries

across 6 continents

Less than 10% voluntary turnover among top revenue generating employees over past 5 years

Over 30 languages spoken

Solving Complex Problems with High Value-Added Expertise

Each of our practices is highly regarded, and our consultants are recognized for their creative and multidisciplinary approach to solving clients' complex problems in the

US and throughout the world

Antitrust &	Labor &
Competition	Employment
	Financial
	Economics
Auctions &	Life
Competitive Bidding	Sciences
	Forensic
	Services
Energy	Marakon
	Intellectual
	Property
Finance	Risk, Investigations,
	& Analytics

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In the Past Two Years, We Have Worked with 81 of the Fortune 100

Corporate

Note: Figures as of year-end fiscal 2022.

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In the Past Two Years, We Have Partnered with 97 of the Top 100 Law Firms

Law Firm

Note: Figures as of year-end fiscal 2022.

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We Are Delivering Growth

While Returning Capital to Shareholders

	Revenue	Headcount	EPS	Stock	Cash
	Growth	Growth	Growth*	Repurchases	Dividends
Fiscal 2023	4%	11%	-12%	$24M	$8M
Q3 YTD	4% on a constant	utilization of 69%	-20% on a constant	average price of
currency basis**		currency basis**	$111.23 per share
Fiscal 2022	4%	9%	4%	$28M	$10M
7% on a constant	utilization of 75%	13% on a constant	average price of
	currency basis**		currency basis**	$86.47 per share
Fiscal Years	60%	49%	194%	$132M*** $38M
2018-2022				$60.53 per share
		utilization of 74%		average price of

*Presented on a non-GAAP basis. A presentation of and reconciliation to the comparable GAAP financial measures appears at the end of this presentation.

**Constant currency measures are determined by recalculating the current fiscal period local currency financial measure using the specified corresponding prior fiscal period's foreign exchange rates.

***Includes $25 million pursuant to a modified "Dutch auction" self-tender offer at $74.00 per share in April 2021. 8

Investment Thesis

We are committed to being the firm of choice for our clients as they address their most important litigation, regulatory, and strategic challenges, as well as for our employees as they seek a fulfilling and exciting place to work

Leading experts in their	Management team with strong track
respective fields	record of operating performance

History of strong cash flows and no	Value-based decision makers with
long-term debt	disciplined capital allocation strategy

Our objective is to maximize CRA's long-term value per share

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Consistently Strong Performance Reflects the Quality of Portfolio and Breadth of Contributors

(millions)

$700

$600

$500

$400

$300

$200

$100

$0

	Revenue*
	$566	$591
	$508	$462
$451
$418

2018

2019

2020

2021

2022

YTD Q3 2023

Against challenging comparisons, CRA has achieved record-breaking revenue

in each of the past five fiscal years

*Presented on a non-GAAP basis. A presentation of and reconciliation to the comparable GAAP financial measures appears at the end of this presentation.

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