2011 ANNUAL REPORT Message from the Chairman and Chief Executive Officer ICF continued its strong performance in 2011, while laying the groundwork to accelerate future growth in the commercial and global marketplaces. Despite an overall flattening of U.S. federal agency budgets, ICF’s total revenue for 2011 increased by 10 percent over 2010, led by strong growth in key U.S. markets: energy, environment, and transportation in the government and commercial sectors, and health, education, and social programs in the government sector. Excellence in these domains has fueled ICF’s rapid growth over the past five years; and the recent acquisitions of Ironworks Consulting, L.L.C. on December 31, 2011, and GHK Holdings Limited in February 2012, should create powerful, additional growth drivers in these domains over the next five years. Specifically, these acquisitions open up three new directions for growth by: • Adding high-demand, digital interactive capabilities to our implementation service offerings. • Expanding our health services into the commercial sector. • Providing a larger platform for selling all of our services to the global marketplace. Our accomplishments over the past year put us in an excellent position to continue to grow despite the current challenges in the U.S. and global economies. The key issues that ICF tackles in energy, health, and related fields will continue to demand the attention of governments and industries across the globe for many years to come. In this environment, we are maintaining our focus on the core strengths that built our reputation as leaders in our markets, while bringing an enhanced set of integrated service offerings to a wider range of clients. Growth in our Key Markets In 2011, ICF’s work in the U.S. federal, state, and local government sectors stayed strong, while its commercial business grew rapidly. Strategically, we focused our efforts on the high-growth opportunity areas of energy and infrastructure and health and well-being; and these efforts paid dividends in the form of a plethora of new and exciting projects. Energy, Environment, and Transportation We leveraged our advisory work into implementation and full project life-cycle solutions to drive growth of more than 68 percent in our U.S. commercial energy business. Our portfolio includes a robust energy efficiency business, which expanded our footprint in both consumer and industrial segments and included initiatives with major utilities in 26 U.S. states. Our growth was also fueled by our work in renewable energy and energy transmission as exemplified by Southern California Edison’s Tehachapi Renewable Transmission Project. As a representative engagement requiring rapid mobilization of resources, we performed projects including biological surveys, habitat restoration, and construction monitoring associated with a 175-mile transmission line project in the western United States. We also significantly expanded our commercial business due to the growing demand for services to ensure energy reliability in the commercial sector. Our performance in this high-growth area should continue to open doors to additional work in energy reliability, critical infrastructure, and cybersecurity.