<SEC-DOCUMENT>0001104659-17-021728.txt : 20170518
<SEC-HEADER>0001104659-17-021728.hdr.sgml : 20170518
<ACCEPTANCE-DATETIME>20170405171139
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-17-021728
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170405

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AECOM
		CENTRAL INDEX KEY:			0000868857
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ENGINEERING SERVICES [8711]
		IRS NUMBER:				611088522
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 2600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		2135938501

	MAIL ADDRESS:	
		STREET 1:		1999 AVENUE OF THE STARS
		STREET 2:		SUITE 2600
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AECOM TECHNOLOGY CORP
		DATE OF NAME CHANGE:	19901017
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">AECOM</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">213.593.8000&nbsp;&nbsp;&nbsp;tel</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1999 Avenue of the   Stars</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">213.593.8730&nbsp;&nbsp;&nbsp;fax</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Suite&nbsp;2600</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Los Angeles, CA 90067</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">www.aecom.com</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">April&nbsp;5, 2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">VIA EDGAR</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Terence O&#146;Brien</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Accounting Branch Chief</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Division of Corporation Finance</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1 Station Place, N.E., Stop 7010</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Washington, D.C. 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160; AECOM</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Form&nbsp;10-K for Fiscal Year Ended September&nbsp;30, 2016</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Filed November&nbsp;16, 2016</font></p>
<p style="margin:0in 0in .0001pt;text-indent:36.3pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">File No.&nbsp;0-52423</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Mr.&nbsp;O&#146;Brien:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This letter is in response to the comment letter, dated March&nbsp;22, 2017, of the Staff of the Division of Corporation Finance (the &#147;Staff&#148;) regarding the above-referenced filing (the &#147;Filing&#148;) for AECOM (the &#147;Company&#148; or &#147;AECOM&#148;).&nbsp; To assist your review, we have retyped the text of the Staff&#146;s comments in italics below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Form&nbsp;10-K for the fiscal year ended September&nbsp;30, 2016</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Note 16 &#150; Other Financial Information, page&nbsp;117</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">1. We note your response to comment 3 in our letter dated January&nbsp;27, 2017. Please tell us how you determined that it was appropriate to recognize the entire $50 million as revenue during the fiscal year ended September&nbsp;30, 2016, along with the specific authoritative literature that supports your accounting. In providing your response, please also tell us how the corresponding accelerated pension costs were accounted for in AECOM&#146;s financial statements.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-weight:bold;">AECOM&#146;s Response to Question 1</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">As indicated in our initial response dated as February&nbsp;24, 2017 (the &#147;Initial Response&#148;), the Company adopted an amendment to freeze pension benefits under the URS Federal Services,&nbsp;Inc. Employee Retirement Plan (the &#147;Plan&#148;).&#160; The Plan&#146;s pension freeze became effective in the first quarter of 2016.&#160; Substantially all of URS Federal Services,&nbsp;Inc.&#146;s contracts were with the U.S. federal government (the &#147;Government&#148;), and a substantial portion of the Plan&#146;s pension expenses were reimbursable under Government cost plus contracts.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Section&nbsp;413-50(c)(12) of Cost Accounting Standards (&#147;CAS&#148;) entitles the Company to reimbursement for pension costs upon the freeze of the Plan based on the difference between the actuarially determined Plan liability and the amount of the Plan assets on the date of the curtailment.&#160; CAS Section&nbsp;413-50(c)(12)(vii)&nbsp;also provides that a pension reimbursement will result in a credit during the cost accounting period and that any contract prices/costs should be adjusted accordingly.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Company evaluated the amount of the pension reimbursement under ASC 605-35-25-30 through 25-31.&#160; Based, in part, on advice from external legal counsel and actuaries, the Company determined that $50 million to be probable of reimbursement.&#160; In determining whether the amount of the reimbursement was both probable and reliably estimable, the Company specifically considered each of the following conditions addressed in ASC 605-35-25-31 in its analysis:</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Accounting Standards Committee Conditions</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Company Analysis</font></b></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Legal basis &#150;</font></i></p>    </td>
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<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">CAS Section&nbsp;413-50(c)(12) as noted above as   well as an opinion from the Company&#146;s external counsel verified the legal   basis.</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">Additional costs are unforeseen at the contract   date and are not the result of deficiencies in contractor performance &#150;</font></i></p>    </td>
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<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The curtailment of the Plan accelerated the timing   of the recovery. The expenses on which the entitlement relates have already   been incurred and recorded by the Company and not the result of deficiencies   in contractor performance.</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">C<i>osts associated with the   claim are identifiable or otherwise determinable and are reasonable &#150;</i></font></p>    </td>
<td width="55%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:55.0%;">
<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The costs to be recovered are specifically defined   by CAS Section&nbsp;413-50(c)(12) as noted above.</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">The evidence supporting the claim is objective   and verifiable &#150;</font></i></p>    </td>
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<p style="margin:0in 5.75pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">The Plan&#146;s pension benefits were frozen and the   amount of the entitlement was established in accordance with Federal   Acquisition Regulation 31.205-6(j)&nbsp;and validated by independent third   party actuarial estimates.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Additionally, the Company considered the guidance of ASC 605-35-50-6 with regards to the timing of recognition and disclosure.&#160; The ASC guidance indicates that revenue from a claim is recorded only to the extent that contract costs relating to the claim have been incurred.&#160; The ASC guidance also indicates that the amounts recorded shall be disclosed in the notes to the financial statements.&#160; The Company believes that appropriate disclosures with respect to the nature and amounts of the pension related entitlements were previously made, however, it would propose to include the below language in future SEC filing:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">&#147;During the twelve months ended September&nbsp;30, 2016, the Company recorded revenue related to the expected accelerated recovery of a pension related entitlement from the federal government of approximately $50 million.&#160; <b><u style="font-weight:bold;">The entitlement resulted from pension costs that are reimbursable through certain government contracts in accordance with Cost Accounting Standards. The accelerated recognition resulted from an amendment to freeze pension benefits under the URS Federal Services,&nbsp;Inc. Employees Retirement Plan</u></b><u>.</u>&#160; The actual amount of reimbursement may vary from the Company&#146;s expectation.&#148;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">Lastly, the Company recognizes the pension costs within its financial statements related to the Plan in accordance with ASC 715.&#160; However, Government contracts are governed by CAS regulations which stipulate when/how a contractor can bill and recover for pension costs.&#160; The differences in requirements between ASC 715 and CAS regulations results in pension expense recognition for financial statement purposes earlier than the reimbursement allowed under CAS regulations. Accordingly, the pension costs had already been incurred, and no additional performance was required from the Company.&#160; As these pension costs had already been incurred, and CAS 413-50(c)(12)(vii)&nbsp;allowed for an adjustment to the contractual cost and the Company included these pension costs as revenue in accordance with ASC 605-35-50-6.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Item 9A. Controls and Procedures, page&nbsp;135</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">2. We note your response to comment 4 in our letter dated January&nbsp;27, 2017.&#160; Since the material weakness reported relates to controls that provide reasonable assurance that the</font></i><font size="2" style="font-size:11.0pt;">  </font><i><font size="2" style="font-size:11.0pt;font-style:italic;">business combination was recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, we do not agree with management&#146;s conclusion that these controls are not also components of disclosure controls and procedures.&#160; Therefore, disclosure controls and procedures would also be ineffective during the periods that the material weakness existed.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-weight:bold;">AECOM&#146;s Response to Question 2</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">The Company acknowledges the Staff&#146;s comment and it will revise future filings to state that the effectiveness of its disclosure controls and procedures include components of internal control over financial reporting that</font><font size="2" style="font-size:11.0pt;"> provide reasonable assurances that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Form&nbsp;8-K Filed February&nbsp;7, 2017</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;">3. We note your response to comment 10 in our letter dated January&nbsp;27, 2017.&#160; We do not believe it is appropriate to exclude the impact of amortization expense related to acquired intangibles while not also excluding the gains from the amortization of the acquired fair margin liability. Please confirm that your non-GAAP measures will consistently include or exclude both items consistent with the guidance in Question 100.03 of the updated Compliance and Disclosure Interpretations on Non-GAAP Financial Measures issued on May&nbsp;17, 2016.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-weight:bold;">AECOM&#146;s Response to Question 3</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">The Company acknowledges the Staff&#146;s comment and respectfully submits that since the URS Corporation transaction occurred in 2014, the remaining amortization </font><font size="2" style="font-size:11.0pt;">of the acquired fair margin liability is no longer significant.<font color="black" style="color:black;">&#160; The Company will revise its non-GAAP measures for any potential future acquisitions consistent </font>with the Staff&#146;s comment and the guidance in Question 100.03 of the updated Compliance and Disclosure Interpretations on Non-GAAP Financial Measures issued on May&nbsp;17, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;font-weight:bold;">Closing</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">In accordance with your letter, the Company acknowledges that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" color="black" style="color:black;font-size:11.0pt;">The Company is responsible for the adequacy and accuracy of the disclosure in the Filings;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">3</font><a name="PB_3_114846_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Filings; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:11.0pt;">&#183;</font><font size="2" face="Arial" style="font-size:11.0pt;">&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">The Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">Please contact the undersigned at (213) 593-7758 with any Questions or comments you may have regarding this letter.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/s/ W. Troy Rudd</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">W. Troy Rudd</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Executive Vice   President and Chief Financial Officer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 27.5pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.35pt;text-indent:-27.35pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">cc:&#160;&#160;&#160;&#160; Michael S. Burke, Chief Executive Officer, AECOM</font></p>
<p style="margin:0in 0in .0001pt 27.35pt;text-indent:-.35pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">David Y. Gan, Senior Vice President, Deputy General Counsel, AECOM</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font face="Arial">4</font><a name="PB_4_114927_2897"></a></p>
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