Former Andersen Partners Form Huron Consulting Group With Offices in Chicago, Boston, Houston, New York and San Francisco
Firm to Help Companies Create Value Through a Broad Portfolio of Business Consulting Services

CHICAGO, IL - May 21, 2002 - Twenty-five partners and 250 other professionals from Arthur Andersen LLP, as well as senior executives from other leading firms, have joined to create Huron Consulting Group. The firm, the largest group of professionals to date to emerge from Andersen as an independent company, is already working with more than 75 clients and is adding more clients each week.

Huron Consulting's services help companies develop and implement solutions to challenging business issues that require complex financial, analytical or operational expertise. Huron Consulting serves leading companies and other organizations, providing litigation consulting and corporate advisory services. In addition, the firm provides industry-focused consulting to a variety of industries including healthcare, utilities, telecommunications, higher education and legal, as well as to government agencies. As the firm grows, Huron Consulting expects to add services that will complement its initial core offerings.

"I have been joined by the best and brightest talent to build Huron Consulting Group," said President Gary E. Holdren, who has more than 30 years of industry-leading experience, including building Andersen's worldwide Financial & Economic Consulting business. "We bring the credentials and depth of experience of the 'Big Five,' but are unencumbered by the constraints of those firms. Huron Consulting Group will grow rapidly as we focus on helping our clients overcome increasingly complex business problems that require world-class, specialized expertise."

Huron Consulting Group is based in Chicago with offices initially in Boston, Houston, New York City and San Francisco. The firm plans to expand quickly both in the U.S. and internationally. Its growth has been funded by a significant equity commitment led by Lake Capital, a Chicago-based private equity firm.

"Lake Capital is excited to support an outstanding team of seasoned professionals that are experts in several rapidly growing areas of consulting," said Terence M. Graunke, chairman of Lake Capital. "We believe Huron Consulting will quickly be recognized as a key business partner to leading organizations in the U.S. and around the world. We are very confident in Huron Consulting Group's prospects for success and ongoing growth."

About Huron Consulting Group

Huron Consulting Group provides business consulting services that create value for companies by helping them develop and implement solutions to challenging business issues. Areas of focus include corporate advisory services; dispute and damage analysis; economic consulting; regulatory consulting, forensic accounting and special investigations; higher education consulting, healthcare and federal markets consulting; legal business consulting; valuation and strategic financial consulting.

Based in Chicago, Huron Consulting Group also has offices initially in Boston, Houston, New York and San Francisco. Founded in May 2002, the 250-person firm is led by 34 directors, 25 of whom had been partners at Arthur Andersen LLP.