Our decision to open a wholly owned office in Moscow in 1996 might have seemed risky to some. With a depressed economy heading toward financial crisis and a virtually nonexistent real estate market, Moscow wasn’t on the map for many of our industry peers. But we saw a market brimming with promise.

Our commitment is paying off today. Recently, we won a major consulting assignment to advise on the development of a strategically located 35-acre site adjacent to Red Square, our fifth such

project near the Kremlin. Multiple contracts like this continue to solidify our number-one position in Moscow—hailed as one of the largest growth markets in all of Europe. In fact, Russia recorded its seventh consecutive year of economic prosperity in 2005, with an average annual growth rate of 6.4 percent since 1998. Such promising figures affirm our early conviction and generate momentum for our continued growth in this market.