PAREXEL International to Offer Annual Research Grant at 12th Biennial International Pharmaco EEG Society (IPEG) Symposium

BOSTON, MA, November 21, 2002 — PAREXEL International Corporation (Nasdaq: PRXL) is pleased to announce an Annual Research Grant of 5,000 € in memory of Prof. Werner Herrmann, M.D. The Grant will be awarded to the best poster or communication contributed by a young researcher at the 12th Biennial International Pharmaco EEG Society Symposium, November 21-24, at the Hospital de la Santa Creu i Sant Pau in Barcelona, Spain.

The IPEG Symposium promotes recent developments and information in the methodology and application of neurophysiological research in neuropsychopharmacology. The Grant was established to encourage research in the field of neuropsychophysiology. A jury comprised of Bernd Saletu, IPEG President, Manuel-José Barbanoj, IPEG Congress Chairperson, and Marc Jobert, Ph.D., Corporate Vice President, Worldwide Information Systems, PAREXEL will select the winning contribution. Dr. Jobert will present the Grant to this year’s recipient during the closing session.

Prof. Werner Herrmann, M.D. was a valuable and dedicated member of the PAREXEL community. He served PAREXEL as a member of the Board of Directors and was the Company’s Chief Scientific Officer and Senior Vice President, Worldwide Clinical Pharmacology from 1991 until his retirement in 2001. In addition, Prof. Herrmann made significant contributions to his field through numerous publications and lectures and was a founding member in the development of the IPEG, an association of scientists and researchers involved in electrophysiological brain research in preclinical and clinical pharmacology, neurotoxicology and related areas of interest. He also served as the Main Editor, Pharmacoelectroencephalography for Neuropsychobiology, the official journal of the IPEG.

"Werner was an extraordinary person, but foremost a passionate, dedicated scientist, whose quest for excellence in his field was enhanced by his curiosity, inquisitive mind and tremendous drive," stated Josef H. von Rickenbach, Chairman and Chief Executive Officer. "It was these qualities that made him not only a distinguished scientist and teacher, but also an excellent leader and outstanding contributor to PAREXEL. I am pleased that PAREXEL is a part of remembering Werner’s accomplishments and achievements through this research grant."

PAREXEL is one of the largest biopharmaceutical outsourcing organizations in the world, providing a broad range of knowledge-based contract research, medical marketing and consulting services to the worldwide pharmaceutical, biotechnology and medical device industries. With a commitment to providing solutions that expedite time-to-market and peak market penetration, PAREXEL has developed significant expertise in clinical trials management, data management, biostatistical analysis, medical marketing, clinical pharmacology, regulatory and medical consulting, industry training and publishing and other drug development consulting services. Its information technology subsidiary, Perceptive Informatics, Inc., provides a variety of technology products and services, including web-based portal solutions and voice and data systems, which are designed to accelerate and enhance the clinical development and launch processes. The Company’s integrated services, therapeutic area depth and sophisticated information technology, along with its experience in global drug development and product launch services, represent key competitive strengths. Headquartered near Boston, MA, PAREXEL operates in 57 locations throughout 37 countries around the world, and has approximately 4,860 employees.

This release contains "forward-looking" statements regarding future results and events, including statements regarding the Company’s existing capital resources and future cash flows from operations, and statements regarding expected financial results, future growth and customer demand that involve a number of risks and uncertainties. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "intends", "appears", “estimates”, “projects” and similar expressions are intended to identify forward-looking statements. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent restructurings; the cancellation, revision, or delay of contracts, including those contracts in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; government regulation of certain industries and clients; competition and consolidation within the pharmaceutical industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic and political risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Form 10-Q for the fiscal quarter ended September 30, 2002, as filed with the Securities and Exchange Commission, which “Risk Factors” discussion is incorporated by reference in this press release. The forward-looking statements included in this press release represent the Company’s estimates as of the date of this release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company’s estimates or views as of any date subsequent to the date of this press release.