Document:

Exhibit
10.31

THIS
DOCUMENT AND THE ENCLOSED ELECTION FORM ARE IMPORTANT AND REQUIRE YOUR
IMMEDIATE ATTENTION. 
If you have any questions about this offering circular you should
consult your financial or legal advisor.

OFFERING
CIRCULAR

CANSULT MAUNSELL MERGER INVESTMENT PLAN

This Offering
Circular is dated 11 September 2006 and is circulated to you by AECOM
Technology Corporation (“AECOM”).  No securities of AECOM Global Holdings, Ltd.
(“Global Holdings”) will be
allotted, issued or transferred on the basis of this Offering Circular later
than 15 October 2006.

This Offering
Circular is the Offering Circular of AECOM referred to in the AECOM Global
Stock Program Offering Circular - Volume 2 dated May 26, 2006 and the Offering
Circular Supplement thereto dated August 31, 2006 (collectively, the “AECOM Offering Circular”) accompanying this
Offering Circular for investment in the Common Stock of AECOM through the
Cansult Maunsell Merger Investment Plan to be adopted by the Trustee on
September 25, 2006 (the “Plan”).  Please read carefully all
documents.

See “Risk
Factors” in the AECOM Offering Circular accompanying this Offering Circular for
the discussion of certain factors that should be considered by participants in
the Plan.

THE
INFORMATION CONTAINED IN THIS OFFERING CIRCULAR IS CONFIDENTIAL AND SHOULD NOT
BE DISCLOSED TO ANYONE OTHER THAN YOUR FINANCIAL AND LEGAL ADVISORS.

THESE
SECURITIES ARE BEING OFFERED PURSUANT TO AN EXEMPTION FROM THE U.S. SECURITIES
ACT 1933, AS AMENDED, AND HAVE NOT BEEN REGISTERED WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION.  THESE SECURITIES
HAVE NOT BEEN APPROVED OR DISAPPROVED BY ANY STATE SECURITIES COMMISSION NOR
HAS ANY SUCH COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFERING
CIRCULAR.  ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENCE.

Please see Exhibit
A for the Election Form that must be completed if you wish to acquire the
securities described herein.

The procedure for
completion of the Cansult Maunsell Merger Investment Plan Election Form is set
out on the Election Form.

All Plan participants must
forward the Election Form, either by hand, by courier, by post, by fax or by
e-mail with the original following by courier or post as soon as possible and
in any event so as to be received by George Horning, Cansult Limited at

60 Renfrew Drive, Suite 300,
Markham, Ontario, L3R 0E1, Canada, Facsimile No. 905-470-2060, Email:
ghorning@cansult.com (who is acting as a mere depository on behalf of AECOM for
such receipt for the sake of administrative convenience) no later than 12:00
noon (Toronto Time) on 25 September 2006 in order to enroll in the Plan.  Upon payment of the subscription price and
acceptance by the Trustee, any eligible employee shall become a Member of the
Plan as of the first day following the adoption thereof, which adoption date
shall be on 25 September 2006.

ADDITIONAL INFORMATION

1.                                      Nature of investment

This Offering Circular
has been prepared by AECOM to summarise the terms on which a participant is
able to invest the Proceeds (as defined in the next sentence) in common stock
of AECOM (“Common Stock”) by means
of an investment in the Plan.  As used in
the Plan, “Proceeds” means
(a) the cash proceeds from the sale of a participant’s shares in Cansult
Limited (“Cansult”) pursuant to
the share purchase agreement (the “Share
Purchase Agreement”) to be dated as of September 29, 2006 (or such
other date as may be agreed) between AECOM, all of the shareholders of Cansult
and an indirect, wholly-owned subsidiary of AECOM to be incorporated under the Canada Business Corporations Act prior to
the execution and delivery of the Share Purchase Agreement (the “Purchaser”) and (b) the cash payment, if
any, payable to such participant in respect of the special C$7,500,000 bonus to
be funded by AECOM pursuant to the Share Purchase Agreement. If you require
clarification of the amount of the Proceeds payable to you, please contact
George Horning at Phone No. 905-270-2010, ext. 212 or by e-mail at
ghorning@cansult.com to obtain this information. To facilitate the investment,
you may, on the Election Form provided, direct that all or a portion of the
Proceeds payable to you be used to pay the subscription price for your indirect
interest in the Common Stock pursuant to this Offering Circular.  If a portion of the Proceeds payable to you
is being withheld under the section 116 escrow agreement referred to in the
Share Purchase Agreement, you must provide to George Horning at the
address noted above, no later than
noon (Toronto time) on September 25, 2006, a certified cheque or
bank draft made payable to “AECOM Technology Corporation” in an amount equal to
the difference, if any, between (a) the Proceeds (or part thereof)
available to you at the closing of the acquisition of the Cansult shares
pursuant to the Share Purchase Agreement that you re-directed on the Election
Form for the purposes of paying your applicable subscription price and (b) the
total subscription price for your indirect interest in the Common Stock.If such certified cheque or bank draft in the correct
amount has not been received by that time, the number of securities you will be
able to acquire under the Election Form

 2
 

will
be limited to the number represented by the Proceeds redirected by you in the
Election Form and your cheque or bank draft will be returned, uncashed.

Investments in the Plan
are held under the terms of a Trust Agreement between AECOM and Halifax EES
Trustees International Limited (fka Mourant & Co. Trustees Limited), 31-33
New Street, St Helier, Jersey, JE4 8YW, Channel Islands (the “Trustee”), as the trustee thereof, and the
terms of the Plan.  The Trustee will use
investment funds directed or provided by you to acquire common stock (the “Global Common Stock”) in AECOM Global
Holdings, Ltd., a Jersey company, which the Trustee has established.  Global Holdings will use the proceeds of the
issue of its common stock to acquire equivalent Common Stock.

2.                                      Directors and their interests

(a)                                  The directors of Global Holdings are set forth below,
in this Offering Circular, under “Further Information”.

The directors of AECOM
are John M. Dionisio, Richard G. Newman, Francis S. Y. Bong, H. Frederick
Christie, John W. Downer, James H. Fordyce, Dr. S. Malcolm Gillis, Linda
Griego, Robert J. Lowe, William G. Ouchi, William P. Rutledge and Lee D. Stern.

(b)                                 Other than as set out below or elsewhere in this
document or the AECOM Offering Circular:

(i)                                     no director of AECOM has or has had in the two years
before the date of this Offering Circular, an interest in (A) the promotion or
formation of AECOM or Global Holdings, or (B) any property proposed to be
acquired by AECOM or Global Holdings in connection with its promotion or
formation, or (C) the offer of any indirect interest in Common Stock or Global
Common Stock under this Offering Circular; and

(ii)                                  no amounts, whether in cash or shares or otherwise,
have been paid or agreed to be paid, and no benefit given or agreed to be
given, to any director of AECOM either (A) to induce him or her to become, or
to qualify him or her as, a director of AECOM, or (B) otherwise for services
rendered by him or her in connection with the promotion or formation of AECOM
or Global Holdings or the offer of Common Stock or Global Common Stock under
this Offering Circular.

(c)                                  Shareholdings in Global Holdings – All of the issued
and outstanding capital stock of Global Holdings are and will be held by Halifax EES
Trustees International Limited,
as the Trustee.

Shareholdings in AECOM -
See “Security Ownership of Certain Beneficial Owners” section of AECOM Offering
Circular.

 3
 

3.                                      Interests of certain others (See “Security Ownership of Certain Beneficial Owners”
section of AECOM Offering Circular)

Other than as set out below or elsewhere in this
document or the AECOM Offering Circular:

·                  no promoter or person named in this Offering Circular
as performing a function in a professional, advisory or other capacity in
connection with the preparation or distribution of this Offering Circular has
or has had in the two years before the date of this Offering Circular, an
interest in (A) the promotion or formation of AECOM or Global Holdings, or (B)
any property proposed to be acquired by AECOM or Global Holdings in connection
with its promotion or formation or the offer of an indirect interest (under the
terms of the Plan) in Common Stock under this Offering Circular, or (C) the
offer of an indirect interest (under the terms of the Plan) in Common Stock
under this Offering Circular; and

·                  no amounts, whether in cash or shares or otherwise,
have been paid or agreed to be paid, and no benefit given or agreed to be
given, to any such person, for services provided by him or her in connection
with the promotion or formation of AECOM or Global Holdings or the offer of an
indirect interest (under the terms of the Plan) in Common Stock under this Offering
Circular other than:

·                  the payment of fees to Ernst & Young LLP which,
for the purposes of this Offering Circular, AECOM has determined a reasonable
allocation to be USD 5,000; and

·                  the payment of ongoing professional fees to the
Trustee and to the Advisors named elsewhere in this Offering Circular.

4.             Rights and liabilities attaching to Securities

The relationship between the Common Stock and Global
Common Stock is described under “AECOM Global Holdings, Ltd. Securities”
elsewhere in this Offering Circular.

The AECOM Offering Circular contains a summary (though
not an exhaustive or definitive statement) of the rights and liabilities
attaching to AECOM securities, (see “Description of Capital Stock, Certificate
of Incorporation and Bylaws”).

 4

CANSULT MAUNSELL MERGER
INVESTMENT PLAN

SUMMARY

The
following is a summary of certain provisions of the Cansult Maunsell Merger
Investment Plan (the “Plan”), to
be adopted on September 25, 2006 by Halifax EES Trustees
International Limited (fka Mourant & Co. Trustees Limited), 31-33 New
Street, St Helier, Jersey, JE4 8YW, Channel Islands (the “Trustee”) in its capacity as trustee of and
pursuant to the terms of a trust
agreement (the “Trust Agreement”)
made between AECOM Technology Corporation (“AECOM”)
and the Trustee.  This summary does not purport to be complete
and is subject to, and is qualified in its entirety by reference to, the
provisions of the Plan and related Trust Agreement.  A copy of the Trust Agreement and the Plan
may be obtained from the Company by contacting the Plan Corporate Secretary at, 31-33 New
Street, St Helier, Jersey, JE4 8YW, Channel Islands.  The term “Company” as used in this discussion of the
Plan refers to AECOM and all of its subsidiaries that are participating in the
Plan.  Capitalized terms not otherwise
defined herein shall have the respective meanings assigned to them in the Trust
Agreement or the Plan, as applicable.

General

The
Plan will first be opened to investment effective as of 25 September 2006.  The sole purpose of the Plan is to allow
employees of Cansult Limited (“Cansult”)
to make an indirect investment of up to a maximum amount equal to the Proceeds
(as such term is defined in the next sentence) in the common stock equity of
AECOM (the “Common Stock”).  As used in the Plan, “Proceeds” means (a) the cash proceeds from
the sale of a participant’s shares in Cansult pursuant to the share purchase
agreement (the “Share Purchase Agreement”)
to be dated as of September 29, 2006 (or such other date as may be agreed) between
AECOM, all of the shareholders of Cansult and an indirect, wholly-owned
subsidiary of AECOM to be incorporated under the Canada Business Corporations Act prior to the execution and
delivery of the Share Purchase Agreement (the “Purchaser”), and (b) the cash payment, if any, payable to such
participant in respect of the special C$7,500,000 bonus to be funded by AECOM
pursuant to the Share Purchase Agreement. 
To
that end, the Plan is designed to provide a special one-time means through
which such maximum amount may be used by each and every employee shareholder of
Cansult (“Participant”) wishing to
acquire an indirect interest in Common Stock.

Participation

An
Eligible Employee for purposes of the Plan is a person who is employed by AECOM
or any of its respective subsidiaries or affiliates on the closing date of the
acquisition of all of the outstanding shares of Cansult by the Purchaser.

Contributions

Only
cash may be contributed to the Plan upon acceptance by the Trustee and:

 1
 

a) by the direction set forth in a fully completed
and signed Election Form in the form attached hereto as Exhibit A for all or a
portion of the Proceeds payable to the Participant pursuant to the Share
Purchase Agreement ; and

b) to the extent of any shortfall in the cash
available for such purpose as a result of the application to
the Participant of the section 116 escrow agreement referred to in the
Share Purchase Agreement, by certified cheque or bank draft made payable to “AECOM
Technology Corporation” provided no later than noon (Toronto time) on
September 25, 2006 to George Horning, Cansult Limited at 60 Renfrew
Drive, Suite 300, Markham, Ontario, L3R 0E1, Canada.

Foreign Currency Exchange
Provisions

Participants’ contributions to the Plan will be used by the
Trustee to make an indirect purchase of Common Stock as detailed in this
summary at the 31 March 2006 stock price of C$31.50.

Investment Provisions

The
Trustee of the Plan invests in shares of Common Stock of AECOM Global Holdings,
Ltd. (“Global Holdings”) (herein referred as “Global Common Stock”). Global Holdings, in
turn, will utilize Participant contributions to the Plan to purchase shares of
the Common Stock with each Participant having an indirect beneficial interest
in the Common Stock.  Each share of Global
Common Stock has the same economic value as a share of the Common Stock.

The
appraised valuation of the Common Stock increased during the period from 1
October 1990 to 30 September 1991 by 10.4%, from 1 October 1991 to 30 September
1992 by 10.6%, from 1 October 1992 to 30 September 1993 by 8.9%, from 1 October
1993 to 30 September 1994 by 9.5%, from 1 October 1994 to 30 September 1995 by
15.0%, from 1 October 1995 to 30 September 1996 by 13.9%, from 1 October 1996
to 30 September 1997 by 11.4%, from 1 October 1997 to 30 September 1998 by
9.1%, from 1 October 1998 to 30 September 1999 by 16.8%, from 1 October 1999 to
30 September 2000 by 16.4%, from 1 October 2000 to  30 September 2001 by 22.2%, from 1 October
2001 to 30 September 2002 by —6.2% and from 1 October 2002 to 30 September 2003
by 24.4%, from 1 October 2003 to 30 September 2004 by 6.5%, from 1 October 2004
to 30 September 2005 by 19.4, and 1 October 2005 to 31 March 2006 by 9.2%.

Purchase and Voting of
Global Common Stock

The
Trustee will purchase Global Common Stock to be held in the Plan directly from
Global Holdings or as otherwise directed by Global Holdings.  The price of shares of the Common Stock
purchased from AECOM will be at C$31.50.

The
Trustee shall vote the Common Stock in a manner that it determines to be in the
best interest of Participants of the Plan or it may otherwise direct that the
Global Common Stock held in the Plan be voted in accordance with the written
instructions of the Participants.  The
Trustee shall vote the Global Common Stock for which it receives no valid
voting instructions as it determines to be in the best interests of
Participants of the Plan.  The Trustee
shall exercise any conversion privileges, subscription rights or other rights or
options given to the owners of Global Common

 2
 

Stock
and make any payments incidental thereto that it determines to be in the best interest of Participants of the Plan
or in accordance with the written instructions of the Participants.

Company
Match Allocations

To avoid any doubt, the Global Common Stock and the Common Stock
purchased pursuant to the Plan are not eligible to receive any match or
discount from AECOM or Global Holdings.

Vesting

A Participant will at all times be 100% vested in the
Global Common Stock acquired with his or her contributions.

Distributions From the
Plan

A
Participant (or his or her designated beneficiary or legal representative) may
elect to receive payment for the value of his or her entire Account in the Plan
in the event of his or her retirement (no earlier than age 65, and subject to
local applicable laws), death, a disability (which qualifies the Eligible
Employee for a benefit under Cansult’s long-term disability plans) or
termination of employment for any reason. A Participant’s employment for the
purpose of the Plan shall not be deemed to have terminated because of his or
her transfer to another company in which the Company has a direct or indirect
ownership interest of at least 50% or by reason of sick leave, military leave,
or other approved leaves of absence.

Participants
in the Plan whose Plan Account is less than or equal to US$5,000 may request
that the Common Stock acquired through the Plan and held for their benefit may
be sold to the Company in return for a single cash payment.  Otherwise a Participant may request that the
Common Stock held for their benefit be sold to AECOM in either five fixed
annual payments via a promissory note or five or nine annual instalments.  The bylaws of AECOM impose signifi­cant
restrictions on the resale of the Common Stock acquired from the Plan.  These restrictions are described in more
detail under “Description of Capital Stock, Certificate of Incorporation and
Bylaws” in the AECOM Global Stock Program Offering Circular - Volume 2 dated
May 26, 2006 and the Offering Circular Supplement thereto dated August 31, 2006
(collectively, the “AECOM Offering Circular”)
provided to each Participant.  Subject to
these restrictions and others described below, Global Holdings intends to
repurchase Global Common Stock held for the benefit of Participants under the
Plan at the Valuation Price as defined in the bylaws of AECOM and Global
Holdings

If
Global Holdings cannot make all repurchases of Global Common Stock from the
Trustee of the Plan due to restrictions in the Credit Agreement or any
provisions of applicable law, then the purchases and distributions shall be
made in the following order:

1)              distributions under the Plan or otherwise purchased
from individuals on account of death or a disability as described above; and

2)              distributions under the Plan or otherwise purchased
from individuals on account of retirement.

 3
 

Description
of AECOM Diversification Program

The
Diversification Program is intended to offer Participants in the Plan the
opportunity to diversify the Participant’s interest under the Plan into
cash.  Payment of the proceeds from the
diversification of Plan holdings is subject to applicable taxes.

Participants
in the Plan may request to exchange for cash their interest under the Plan
after a minimum of five years as of the end of the immediately preceding Plan
Year.  The period of time such
Participant held his or her Cansult shares counts in determining whether the
five-year holding period requirement is satisfied.  Under the Diversification Program, a
Participant may annually
submit a request to exchange up to the greater of (a) US$50,000 in value of
their holdings under the Plan, or (b) 20% of their holdings under the Plan plus
the value of one share of Common Stock in aggregate, for cash. The holdings
will be valued as of the Valuation Date under the Plan at the end of the Plan
Year in which the request is made, and an exchange made as a result thereof
will be effective as of 1 October of the following Plan Year.

An
exchange under the Diversification Program will only be available to the extent
that indirect acquisitions of shares of Common Stock (and certain other
securities) under all programs during the prior Plan Year from the Company
equals or exceeds the sum of all repurchases of Common Stock and Global Common
Stock under all programs by the Company plus all distributions under the
Company’s Plans during the prior Plan Year. 
The Company may further limit diversification in its sole
discretion.  Repurchases upon the
retirement or death of a Participant from the Plan will be given priority.  If all diversifications cannot be
accommodated, the Company will allow those Participants to participate on a pro
rata basis up to the then limits under the Diversification Program.

The Company reserves the right
to amend or terminate the Diversification Program at any time in its sole
discretion.

AECOM Global Holdings, Ltd. Securities

Participants in the Plan invest indirectly in
securities issued by AECOM.  These
securities consist of the Common Stock, the characteristics of which are set
out in AECOM Offering Circular.  If you
decide to enroll in the Plan, securities issued by Global Holdings will be
bought by the Trustee of the Plan and held for your benefit in accordance with
the terms of the Plan.  Global Holdings
will use the money it receives from issuing its securities to the Trustee on
your behalf to buy the Common Stock.  The
issued Global Common Stock has substantially similar characteristics to the
Common Stock as described elsewhere in this document.  The Common Stock constitutes the sole assets
of Global Holdings.

Global
Common Stock

All of a Participant’s contributions will be used by
the Trustee to purchase Global Common Stock. 
The purchase price of the Global Common Stock at any given time will be
the same as the purchase price of the Common Stock at March 31, 2006 (i.e.,
C$31.50/share).  Global Holdings will use
the money it receives for each Global Common Share it issues to purchase a
share of the Common Stock.  Any benefits
due to ownership of the Common Stock will be passed on to the Trustee as the
holder of

 4
 

the Global Common Stock.  A Global Common Stock is, therefore, an
investment on similar terms to the Common Stock, the difference being that it
is a security issued by a Jersey company rather than by a US corporation.

The benefits and
obligations of the securities offered by Global Holdings are substantially
similar to the Common Stock; a Participant should refer to the descriptions of
these securities for more details since it will be the performance of these underlying
securities (rather than the performance of the Global Common Stock) which will
govern the value of your investment.

Beneficiaries

Upon
the death of a Participant, the value of his or her Plan Accounts shall be paid
to the beneficiary designated by him or her as previously described.  If there is no beneficiary designated by the
Participant or surviving at his or her death, payment shall be determined in
accordance with the laws of intestate succession under applicable local law of
the Participant.  A Participant may
designate a new beneficiary at any time by filing a written request for such
change with the AECOM acting as the Plan Administrator of the Plan on a form
provided by the Plan Administrator.

Lost
Participant/Beneficiary

If AECOM, after reasonable effort,
is unable to locate a Participant or beneficiary to whom a benefit is payable
under the Plan, such benefit shall be forfeited.  However, the benefit will be reinstated (in
the same amount as forfeited) upon proper claim prior to termination of the
Plan.

Administration

AECOM
generally administers the Plan and determines all questions arising
thereunder.  The Board of Directors of
AECOM may from time to time amend the Plan and committees established by the
Board of Directors may prescribe and amend rules in connection with the
administration of the Plan.

Requests
or other notices to be given by a Participant are required to be on forms
prescribed by AECOM.  The Trustee and
AECOM may, by mutual agreement, arrange for delegation by the Trustee to AECOM
of any of the Trustee’s functions other than the custody of assets and the
purchase and sale or redemption of securities.

As
soon as practicable after the end of each quarter, each Participant will
receive a statement setting forth the value of his or her Account(s) as of such
date together with information as to gains or losses upon any sales of
securities in the Account during such period. 
Such statement shall be deemed to have been accepted by a Participant as
correct unless written notice to the contrary is received within 30 days after
the statement is mailed.

All
costs and expenses incurred in administering the Plan, including the fees and
expenses of the Trustee, the fees of counsel and other administrative expenses
shall be paid by AECOM.  The Trust
Agreement provides that, to the extent AECOM does not pay such fees and
expenses, they will be paid from the assets of the Trust.  AECOM provides certain administrative
services to the Plan at no cost.  Except
as provided above, no trust assets shall be used for or diverted to any other
purpose.

 5
 

The
Plan does not confer a right upon any employee to continued employment.  Either the Participant or the Company may at
any time terminate the employment of the Participant with the Company in
accordance with local law.

Modification and
Termination

AECOM
reserves the right to terminate, suspend, modify or amend the Plan at any time
and from time to time, so long as all Participants are treated equally.  In the event that the Plan is terminated,
subject to applicable laws, each Participant shall be paid the value of his or
her entire accounts under the terminated Plan.

Income Tax Consequences

It is important that you understand and consider your personal tax
situation when making decisions about your Plan account. You should consult
your own financial advisor or tax professional for advice before you
participate in the Plan.

Further
Information

The Registered Office of AECOM Global Holdings, Ltd.
is 31-33 New Street, St Helier, Jersey, JE4 8YW, Channel Islands (Tel. +44 1534 609000).

The Registered Office of Halifax EES Trustees
International Limited is 31-33 New Street, St Helier, Jersey, JE4 8YW, Channel
Islands
(Tel. +44 1534 609000).

This offer is promoted by AECOM Technology Corporation
of 555 South Flower Street, Suite 3700, Los Angeles, California 90071 U.S.A.,
which takes responsibility for its content. 
The circulation of this Offering Circular has not been procured by the
Trustee or by Global Holdings.

The Directors of AECOM Global Holdings, Ltd. are:

Mrs. Heidi Jan Wilson
nee Busel

English Solicitor

c/o Halifax EES
Trustees International Limited

31-33
New Street

St Helier, Jersey, JE4
8YW, Channel Islands

Mr. Ronald E. Osborne

Vice President and
Corporate Controller

c/o AECOM Technology
Corporation

555 South Flower Street,
Suite 3700

Los Angeles, CA 90071

Mr. William F. Stevenson

Vice President and
Finance Director, Global Group

c/o AECOM Global Group
Ltd.

Energy House, 9 King
Street

London, EC2V 8EA United Kingdom

Ms. Stephanie H. Hunter

 6
 

Senior Vice President,
Chief Administrative Officer and Corporate Secretary

c/o AECOM Technology
Corporation

555 South Flower Street,
Suite 3700

Los Angeles, CA 90071

AECOM Global Holdings, Ltd. was incorporated in Jersey
on 21 September 2000 (with company number 78247) as a public company.  The Secretary of AECOM Global Holdings, Ltd. is Halifax EES
Trustees International, 31-33 New Street, St Helier, Jersey, JE4 8YW, Channel
Islands
(Tel. +44 1534 609000).

AECOM Global Holdings, Ltd. has not since its
incorporation engaged in any material activities other than those incidental to
its incorporation under the Companies (Jersey) Law 1991 and the authorisation,
execution, delivery and performance of the other documents referred to in this
document to which it is a party and matters which are incidental or ancillary
to the foregoing.

On incorporation, the authorised share capital of
AECOM Global Holdings, Ltd. was 10,000,000 shares of Global Common Stock of USD
0.01 each.  As of 30 June 2006,
3,427,930.236 shares are currently issued and fully paid and are held to the
order of Halifax EES Trustees International Limited in its capacity as trustee.  The issued Global Common Stock are, and have
all the characteristics of, Common Stock as described elsewhere in this
document.

Since the date of its incorporation, Global Holdings
has not traded, no profits or losses have been made or incurred and no
dividends have been paid.  No financial
statements of Global Holdings have been drawn up and audited for any period
since its incorporation.

The only material contract which has been entered into
by Global Holdings is that certain agreement dated 22 September 2000 with
AECOM, setting forth the agreement of the parties thereto with respect to the
matters described under “AECOM Global Holdings, Ltd. Securities”, above.

Details of Advisors

	
  Auditors

  	
   

  	
  Bankers

  	
   

  	
  Jersey Lawyers

  	
   

  
	
  PricewaterhouseCoopers
  LLP

  	
   

  	
  HSBC Bank plc

  	
   

  	
  Mourant du Feu & Jeune

  	
   

  
	
  1 London Bridge

  	
   

  	
  28/34 Hill Street

  	
   

  	
  PO Box 87

  	
   

  
	
  London

  	
   

  	
  St. Helier

  	
   

  	
  22 Grenville Street

  	
   

  
	
  SE1 9QL

  	
   

  	
  Jersey JE4 8NR

  	
   

  	
  St Helier

  	
   

  
	
  United Kingdom

  	
   

  	
  Channel Islands

  	
   

  	
  Jersey JE4 8PX

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Channel Islands

  	
   

  

 

The Jersey Financial Services Commission has given,
and has not withdrawn, its consent under Article 4 of the Control of Borrowing
(Jersey) Order 1958 to the issue of securities by Global Holdings.  It must be distinctly understood that, in
giving this consent, the Jersey Financial Services Commission takes no
responsibility for the financial soundness of Global Holdings or for the
correctness of any statements made, or opinions expressed, with regard to it.

 7
 

If you are in any doubt about the contents of this
document you should consult your stockbroker, bank manager, solicitor,
accountant or other financial adviser. 
It should be remembered that the price of securities and the income from
them can go down as well as up.  In the
event that Global Holdings cannot meet its obligations under the securities it
issues, Participants may receive less than the sum of their personal
contributions.

This
Offering Circular is dated 11 September 2006.

 8Exhibit
10.32

AECOM TECHNOLOGY
CORPORATION

EQUITY INVESTMENT PLAN

AS OF DECEMBER 1,
2006

TABLE OF CONTENTS

	
  

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE I

  	
  Scope of Plan and Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  Participation and Credits

  	
  4

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  Payment of Benefits

  	
  5

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  Administration of Plan

  	
  8

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  Amendment and Termination

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  Miscellaneous Provisions

  	
  10

  

 

 i

ARTICLE I

Scope of Plan and Definitions

1.1          Purpose and Scope of Plan

The Equity Investment
Plan (“Plan”) is effective on the December 1, 2006. The purpose of the Plan is
to provide certain former shareholders of merged or acquired companies with the
opportunity to invest in common stock of the Company.

1.2          Definitions

As used in the Plan, the
following capitalized terms have the meanings set forth below, unless a
different meaning is plainly required by the context.

(a)                                  “AECOM
RSP” means the AECOM Technology Corporation Retirement & Savings Plan as
such plan may be amended from time to time.

(b)                                 
“Beneficiary” means the beneficiary or beneficiaries designated by a
Participant under this Plan in the form and manner prescribed by the Committee.

(c)                                  “Board”
means the Board of Directors of AECOM Technology Corporation.

(d)                                 “Business
Day” means any day that is not a Saturday, a
Sunday or other day on which banks are required or authorized by law to be
closed in The City of Los Angeles.

(d)                                 “Committee”
means a committee appointed by the Board to administer the Plan, and any
successor committee of the Board with similar functions, and shall consist of
two or more members (or such greater number as may be required under applicable
law) each of whom shall, to the extent required by applicable law, be
“non-employee directors” within the meaning of applicable regulatory
requirements, including those promulgated under Section 16 of the Securities
Exchange Act of 1934 (the “Act”).  The
Board may at any time take action under the Plan in place of the Committee,
provided that a majority of the members of the Board shall, to the extent
required by applicable law, be “non-employee directors” (within the meaning set
forth above) when taking such action.

(e)                                  “Common
Stock” means the common stock, par value $.01 per share of the Company.

(f)                                    “Company”
means AECOM Technology Corporation or its successor corporation.

(g)                                 “Effective
Date” means the later of December 1, 2006.

(h)                                 “Eligible
Employee” means employees as determined by the Company or the Committee.

 1
 

(i)                                     “Eligible
Shares” means shares credited to an Employee’s account that have been held for
a minimum of five years.

(j)                                     
“Fair Market Value” on any date means:

(1)                                  if
the Common Stock is listed or admitted to trade on a national securities
exchange, the closing price per share of Common Stock on the Composite Tape, as
published in the Western Edition of The Wall Street Journal, of the principal
national securities exchange on which such stock is so listed or admitted to
trade, on such date, or, if there is no trading of the Common Stock on such
date, then the closing price per share of Common Stock as quoted on such
Composite Tape on the next preceding date on which there was trading in the
shares of Common Stock;

(2)                                  if
the Common Stock is not listed or admitted to trade on a national securities
exchange, the closing price per share of Common Stock on such date, as
furnished by the National Association of Securities Dealers, Inc. (“NASD”)
through the NASDAQ National Market Reporting System or a similar organization
if the NASD is no longer reporting such information;

(3)                                  if
the Common Stock is not listed or admitted to trade on a national securities
exchange and is not reported on the National Market Reporting System, the mean
between the bid and asked price per share of Common Stock on such date, as
furnished by the NASD or a similar organization; or

(4)                                  if
the Common Stock is not listed or admitted to trade on a national securities
exchange, is not reported on the National Market Reporting System and if bid
and asked prices for the Common Stock are not furnished by the NASD or a
similar organization, the value as established by the Committee at such time
for purposes of this Plan, such value to be determined in a manner consistent
with the AECOM RSP.

(k)                                  
“M & A Company” means the company merged or acquired by the Company

(l)                                     “Participant”
means an Eligible Employee who has an account under this Plan.

(m)                               “Participating
Employer” means the Company and M & A Company.

(n)                                 “Plan”
means the Equity Investment Plan as set forth herein.

(o)                                 .”Transaction
Date” means the date the transaction between the Company and the  M & A Company is complete.

 2
 

1.3          Other Definitional Provisions

The terms defined in
Sections 1.2 and 1.3 of the Plan shall apply equally to both singular and
plural.  The masculine pronoun, whenever
used, shall include the feminine.  When
used in the Plan, the words “hereof” “herein” and “hereunder” and words of
similar import shall refer to the Plan as a whole and not to any particular
provision of the Plan, unless otherwise specified.

 3
 

ARTICLE II

Participation and Credits

2.1          Participation

An Eligible Employee shall become a Participant under
this Plan when an account on his behalf is first credited hereunder.

2.2          Credits to Participant Account

(a)                                  A
Participant may purchase Common Stock from the Company under the Plan for a
period not to exceed one month following the Transaction Date.

(b)                                 The
Participant must purchase the Common Stock at the Fair Market Value in cash in
accordance with procedures established by the Committee.

(c)                                  The
actual shares of Common Stock purchased by each Participant will be held by the
Committee until distributed to the Participant in accordance with Section 3.1
or sold to the Company in accordance with Section 3.2. The Company shall credit
to the Participant’s account under this Plan the number of shares of Common
Stock purchased pursuant to this Section 2.2.

2.3          Accounts and Account Value

(a)                                  Participants’
Accounts.  The Company shall
establish an account for each Participant to record the number of shares of
Common Stock held by the Committee  on
behalf of the Participant under the Plan.

(b)                                 Valuation
Dates.  .  The valuation dates for determining the Fair
Market Value of the Common Stock for purposes of this Plan shall be the
quarterly valuation dates under  the
AECOM RSP.

(c)                                  Statements.  Each Participant shall receive no less
frequently than annually a statement of the number of shares of Common Stock
credited to his or her Account and held on his or her behalf by the Committee.

2.4          Vesting

Each Participant shall be
one hundred percent vested, at all times, in the shares of Common Stock
credited to such Participant’s account and held on his or her behalf by the
Committee.

2.5          Dividends and Voting Rights

(a)                                  Any
dividends paid on the shares of Common Stock held under the Plan for a
Participant shall be paid to the Participant at the same time and in the same
form as dividends are paid to other holders of the Company’s Common Stock.

 4
 

(b)                                 Each
Participant shall be entitled to vote the shares of Common Stock credited to
his or her account and held on his or her behalf by the Committee.

 5
 

ARTICLE III

Payment of Benefits

3.1          Commencement and Form of Payment Upon Termination Of
Employment

(a)                                  Time
for Payment.

As soon as practicable following each Participant’s
termination of employment with all Participating Employers, the Participating
Employer by which the Participant was last employed shall pay to such
Participant, or, if such Participant is not living at the time for payment, to
such Participant’s Beneficiary, the number of shares of Common Stock  then credited to the Participant’s account.

(b)                                 Distributions

Any distributions to the Participant or such
Participant’s Beneficiary upon termination of employment pursuant to Section
3.1 of this Agreement shall be subject to the Company’s bylaws, including
Section 6.10, as in effect on the date of such distribution.

3.2          Loans and In-service Payments and Withdrawals

(a)                                  Loans.

No Participant shall be allowed to borrow from the
Plan.

(b)                                 In-Service
Distributions.

No Participant shall be allowed an in-service
withdrawal from the Plan.  Except as
subsection (c), no withdrawal shall be allowed before a Participant terminates
employment with the Company.

(c)                                  Diversification

(i)                                     Election
to Diversify

A Participant may elect
to diversify any portion of their Eligible Shares in their accounts as
described in Section 3.2(c)(ii) below, which have been held for a minimum of
five years.

(ii)                                  Diversification
Options

To the extent allowed by
the Company, a Participant will be able to diversify their account in Shares
through one of the following options:

For Participants
with Eligible Shares having a Fair Market Value of at least $50,000, the
Participants may sell up to $50,000 in value or 20%

 6
 

of the Eligible
Shares , whichever is greater, back to the Company for cash on an annual basis;
or

For Participants
with Eligible Shares having a Fair Market Value of less than $50,000, the
Participant may sell up to 100% of the Eligible Shares back to the Company for
cash on an annual basis.

The value of the Eligible
Shares for the diversification calculation shall be the valued as of the most
recent valuation date (as defined in Section 2.3(b)) preceding the sale.  Sale and payment will be made by the end of
the quarter following the end of the fiscal year in which the Participant
elects to sell all or a portion of his or her Eligible Shares.

(iii)                               Right to Reduce or
Refrain from Repurchasing

The Company reserves the
right, in managing its liquidity in accordance with its credit and other debt
agreements and otherwise in a prudent fashion to reduce or refrain, from
repurchasing shares tendered under the diversification program.

(d)                                 Form
of Election.

All elections described
in this Section 3.2(c) shall be made on a form and in a manner specified by the
Committee.  The Committee may prescribe
additional rules for making elections and may provide that an election is
invalid if it reasonably believes that such election may jeopardize the tax advantages
afforded by the Plan.

 7
 

ARTICLE IV

Administration of Plan

4.1          Responsibilities and Powers of the Committee

The Committee shall be
solely responsible for the operation and administration of the Plan and shall
have all powers described in the AECOM RSP with respect to this Plan, and such
additional powers necessary and appropriate to carry out its responsibilities
in operating and administering the Plan. 
The Committee shall have full discretion to construe and interpret the
terms and provisions of this Plan, which interpretation or construction shall
be final and binding on all parties, except as otherwise provided by law.

4.2          Outside Services

The Committee may engage
counsel and such clerical, financial, investment, accounting, and other
specialized services as it may deem necessary or desirable to the operation and
administration of the Plan.  The
Committee shall be entitled to rely upon any opinions, reports, or other advice
furnished by counsel or other specialists engaged for that purpose and, in so
relying, shall be fully protected in any action, determination, or omission
taken or made in good faith.

4.3          Indemnification

The Company shall
indemnify the Committee and each Committee member against any and all claims,
losses, damages, expenses (including reasonable counsel fees), and liability
arising from any action, failure to act, or other conduct in the member’s
official capacity, except when due to the individual’s own gross negligence or
willful misconduct.

4.4          Claims Procedure

The claims procedure set
forth in the AECOM RSP is incorporated herein by reference.

 8
 

ARTICLE V

Amendment and Termination

5.1          Amendment

The Company reserves the
right at any time and from time to time, and retroactively if deemed necessary
or appropriate, to modify or amend in whole or in part any or all of the
provisions of the Plan.

5.2          Termination

The Plan is purely
voluntary on the part of the Company. 
The Company may terminate the Plan at any time.

5.3          Effect of Amendment or Termination

Any amendment,
modification, or termination shall not reduce, alter, or impair any rights
under the Plan as to amounts credited to the accounts of Participants under the
Plan as of the date of such amendment, modification or termination.  Unless the Company determines otherwise, each
Participating Employer shall deliver to its Participants the number of shares
of Common Stock credited to  their
respective accounts upon termination of the Plan, in a lump sum, in the manner
prescribed in and subject to the terms of 
Section 3.1.

 9
 

ARTICLE VI

Miscellaneous Provisions

6.1          General Provisions

(a)                                  This
Plan and the sale, issuance or transfer of shares of Common Stock (and/or the
payment of money) pursuant thereto are subject to all applicable Federal and
state laws, rules and regulations, to the rights, preferences, limitations, and
restrictions set forth in the Company’s Certificate of Incorporation and
Bylaws, and to such approvals by any regulatory or governmental agency
(including without limitation “no action” positions of the Securities and Exchange
Commission) which may, in the opinion of counsel for the Company, be necessary
or advisable in connection therewith. 
Without limiting the generality of the foregoing, no shares shall be
issued by the Company, nor cash payments made by the Company, unless and until
all legal requirements applicable to the issuance or payment have, in the
opinion of counsel to the Company, been complied with.  In connection with any stock issuance or
transfer, the person acquiring the shares shall, if requested by the Company,
give assurances satisfactory to counsel to the Company in respect to such
matters as the Company may deem desirable to assure compliance with all
applicable legal requirements and the Company’s Certificate of Incorporation
and Bylaws.

(b)                                 The
Committee may specify such provisions as it deems appropriate for payment under
the Plan upon the occurrence of any of the following events (each a “Corporate
Event”):

(i)                                     Approval
by the stockholders of the Company of the dissolution or liquidation of the Company;

(ii)                                  Approval
by the stockholders of the Company of an agreement to merge or consolidate, or
otherwise reorganize, with or into one or more entities of which less than 50%
of the outstanding voting securities of the surviving or resulting entity are,
or are to be, owned by former stockholders of the Company (excluding from the
term “former stockholders” a stockholder who is, or as a result of the
transaction in question becomes, an “affiliate,” as that term is used in the
Act and the Rules promulgated thereunder, of any party to such merger,
consolidation or reorganization); or

(iii)                               Approval
by the stockholders of the Company of the sale of substantially all of the
Company’s business and/or assets to a person or entity that is not a
subsidiary.

For purposes of this
paragraph (b), the term “subsidiary” shall mean any corporation or other entity
a majority or more of whose outstanding voting stock or voting power is
beneficially owned directly or indirectly by the Company.

 10
 

6.2          Expenses

Each Participating
Employer shall pay all costs and expenses incurred in operating and
administering the Plan attributable to that Participating Employer; provided
that the Company may in its discretion pay some or all costs and expenses of a
Participating Employer.

6.3          No Right of Employment

Nothing contained herein
nor any action taken under the provisions hereof shall be construed as giving
any Participant the right to be retained in the employ of any Participating
Employer.

6.4          Withholding

Each Participating
Employer shall withhold from any payment hereunder any required amount of
income and other taxes.

6.5          Headings

The headings of the
sections in the Plan are placed herein for convenience of reference; in the
case of any conflict, the text of the Plan, rather than such heading, shall
control.

6.6          Construction

Except to the extent
governed by federal law, the Plan shall be construed, regulated, and
administered in accordance with the laws of the State of California.  If any provision shall be held by a court of
competent jurisdiction to be invalid and unenforceable, the remaining
provisions of this Plan shall continue to be fully effective.  Each provision of the Plan shall be
administered, interpreted and construed to carry out such intention, and any
provision that cannot be so administered, interpreted and construed shall, to
that extent, be disregarded.

 11
 

IN WITNESS WHEREOF, the Company has caused this Plan to be executed as
of                      ,
2006.

	
  

  	
  AECOM TECHNOLOGY CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

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