At this time, I would like to turn the call over to Mr. Colin Dyer, Chief Executive Officer for opening remarks. Please go ahead, sir.

Colin Dyer

Thank you, operator, and hello, welcome to everyone joining this review of our results for the second quarter and first half of 2012. Joining me on the call today in Washington D.C. is Lauralee Martin, our Chief Operating and Financial Officer. Lauralee will review our performance in detail for you in a few minutes.

To summarize our results, we recorded a steady performance in a cautious market environment. Second quarter revenue totaled $921 million, up 9% in U.S. dollars and 13% in local currency from the second quarter of 2011. Year-to-date revenue increased to $1.7 billion, 13% higher than the first 6 months of 2011 and a 16% increase in local currency terms. For the quarter, we reported adjusted net income of $51 million, or $1.13 per share, compared with $50 million or $1.12 a share 1 year ago. First half adjusted net income was $73 million, or $1.63 a share, compared with $51 million or $1.15 per share for the first 6 months of 2011.

Before Lauralee discusses those results in detail, let me first put them in context by talking about conditions in the global economy and in real estate markets in particular around the world. Prospects for growth in the global economy weakened during the second quarter, as U.S.-earned problems in particular continued to weigh. According to IHS Global Insight, the global economy is now expected to grow 2.4% in 2012, marginally below earlier estimates. As deleveraging continues, growth in advanced economies is expected to be 1.3% for the year. Prospects for emerging markets are lower than last year, but growth is still projected to be at 5% year-on-year.

Turning to global real estate markets, the investment market rebounded in the second quarter following a relatively quiet first quarter, and office leasing activity also improved seasonally, compared with the first 3 months of the year. Both, however, are being affected by caution driven by economic concerns so the tone of the market is less confident than 6 months ago.

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