ICF Consulting and CO3 Predict the UK’s New OFR Regulation Will Make it Easier for Investors to Identify the Winners and the 'Also Rans'

Leading Consultancies Combine to Support UK Registered Businesses in Maximising Shareholder Value from Implementing the Operating and Financial Review

LONDON, UK, 18 January 2005 - ICF Consulting and CO3 announced today that those companies that respond positively to the new UK Operating and Financial Review (OFR) requirements are more likely to attract and retain investors. In the issue paper published today, OFR: Millstone or Stepping Stone, ICF Consulting and CO3 discuss the new UK company reporting legislation that requires listed companies to produce an OFR for accounting periods commencing on or after 1 April 2005. The authors of the paper assert that those companies that respond positively to the OFR requirements are more likely to enhance their risk identification and management. Investors will quickly identify these companies and will make investment decisions accordingly. Companies that treat the new requirement as just another burden to be met with the minimum of effort and that do not take the opportunity to improve may find it more difficult to attract investors.

Operating and Financial Review— Millstone or Stepping Stone? Mandatory Reporting on Environmental, Social, & Community Issues in the UK— The New OFR

"While some companies may view the OFR as simply another legislative millstone, it is clear that the government is hoping that they will use the increased transparency resulting from the new OFR regulation as a stepping stone to improved performance and enhanced shareholder value," says Alan Knight, ICF Consulting Principal who manages the firm's Corporate Responsibility (CR) work. "OFR offers companies a significant opportunity to demonstrate their Corporate Social Responsibility (CSR) credentials to their key audiences," says Tim Purcell of CO3.

ICF Consulting also announced today that it has entered into partnership with CO3 to provide a comprehensive set of solutions designed to assist companies in maximising the opportunities that the new legislation offers. Over the coming months the firms will provide a series of quarterly OFR seminars and an OFR toolkit.

Together, the leading consultancies provide tailored services to assist companies in compiling their OFR. ICF Consulting's CR experts, collectively with CO'’s specialised communications professionals, offer a unique blend of technical expertise, broad industry experience and innovative thinking to assist clients in making sound environmental, social, and economic risk decisions that are aligned with corporate strategy.

About CO3
CO3 is a London-based, specialised communications consultancy. CO3 advises companies on the communication of CSR-related matters to all of their key stakeholder groups. The group also helps companies use Internet technology effectively as part of their overall corporate communications strategy.

ICF International (Nasdaq: ICFI) partners with government and commercial clients to deliver consulting services and technology solutions in the energy, environment, transportation, social programs, defense, and homeland security markets. The firm combines passion for its work with industry expertise and innovative analytics to produce compelling results throughout the entire program life cycle, from analysis and design through implementation and improvement. Since 1969, ICF has been serving government at all levels, major corporations, and multilateral institutions. More than 1,800 employees serve these clients worldwide. ICF’s Web site is http://www.icfi.com.

For Immediate Release United Kingdom Contacts: Alexandre Marty Tel: 44 (0) 20.7092.3015 Tim Purcell Tel: 44 (0) 84.5345.4337 United States Contact: Douglas Beck Tel: 1.703.934.3820