Form 8-K CBRE GROUP, INC. For: Aug 21

Delaware

001-32205

94-3391143

(State or other

(Commission File Number)

(IRS Employer

jurisdiction of

Identification No.)

incorporation)

400 South Hope Street, 25th Floor, Los Angeles, California

90071

(Address of Principal Executive Offices)

(Zip Code)

August 2015 CBRE Group, Inc. Global Market Leader in Integrated Commercial Real Estate Services

This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including qualitative and quantitative statements regarding our future growth momentum, operations, financial performance, business outlook and our ability to close on the acquisition of and integrate the Global Workplace Solutions business, including the timing of that closing and our ability to achieve cost synergies from it. These statements should be considered as estimates only and actual results may ultimately differ from these estimates. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that you may hear today. Please refer to our second quarter earnings report, filed on Form 8-K, our most recent quarterly reports on Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015, and our most recent annual report on Form 10-K, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available at the SEC’s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements that you may hear today. We may make certain statements during the course of this presentation that include references to “non-GAAP financial measures,” as defined by SEC regulations. Where required by these regulations, we have provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures, as well as explanations for the measures, within the appendix attached hereto. Forward-Looking Statements

the global market leader CBRE is the premier global provider of integrated services to commercial real estate investors and occupiers As of December 31, 2014; includes affiliates. As of June 30, 2015. GLOBAL LEADERSHIP WITH BROAD CAPABILITIES #1 Leasing #1 Property Sales #1 Outsourcing #1 Appraisal & Valuation SCALE AND DIVERSITY 460+ offices in over 60 countries1 Serves approximately 85% of the Fortune 100 $285 billion of sales and lease activity in 2014 3.7 billion property and corporate facilities square feet under management1 $88 billion of real estate investment assets under management2

The Leading global brand CBRE is recognized as the foremost commercial real estate authority Fortune 500 company since 2008; ranked #321 in 2015 Ranked #1 brand for 14 consecutive years Top real estate services and investment company in “green” rankings Global Real Estate Advisor of the Year three years in a row Ranked among the Most Admired Companies for three consecutive years Ranked #3 among outsourcing companies (all industries) in 2014 and ranked #1 in real estate services firms for five consecutive years Named a World’s Most Ethical Company two years in a row S&P 500 company since 2006 S&P 500 Fortune 500 Fortune’s Most Admired Companies The Lipsey Company International Association of Outsourcing Professionals Euromoney Newsweek Ethisphere Ranked #2 in the Barron’s 500 Barron’s 500 Forbes Global 2000 Only commercial real estate services company in the Forbes Global 2000 Forbes Top real estate firm and ranked 71st out of 500 on 2015 “Americas Best Employers” list

CBRE Serves investors and occupiers CBRE’s integrated, best-in-class offering creates value for clients at every stage of the life cycle

Revenue increased 5.3x from 2003 to TTM Q2 2015 Revenue CAGR of 16% Normalized EBITDA1 increased approximately 6.9x from 2003 to TTM Q2 2015 Normalized EBITDA CAGR of 18% TTM Q2 2015 vs TTM Q2 2014 performance: Revenue is up 19% Adjusted EPS increased 15% Track record of long-term growth See slide 32 for footnotes.

Consolidation Core leasing and capital markets remain highly fragmented Outsourcing Still in early stage of penetration with occupiers Drives largely recurring leasing revenues Capability With scale and focus, we continue to extend our globally integrated offering Positioned for long-term growth CBRE leads a sector with strong underlying growth dynamics

Capitalize on our unique leadership position to widen our competitive advantages in the marketplace Continue to: Drive market share gains in our core leasing and capital markets businesses Enhance depth and breadth of our Global Corporate Services business Enrich our operating platform (IT, Research, Marketing) to support long-term growth Acquire strong companies in our space that enhance our ability to serve our clients Key strategic priorities

Transactions generally fall into two categories: Strategic in-fill acquisitions sourced principally by lines of business Larger, transformational transactions driven by macro strategy Since the beginning of 2013: Completed 26 acquisitions with an initial aggregate purchase price of $730 million1 and annual revenues at acquisition of approximately $976 million On March 31, 2015, CBRE announced it had entered into a definitive agreement to acquire the Global Workplace Solutions (GWS) business from Johnson Controls Inc. $1.475 billion purchase price or $1.3 billion net of the present value of expected tax benefits1 Approximately 8x multiple2 of net purchase price to GWS 2014 calendar year adjusted EBITDA with run-rate synergies Expected cost synergies of $35 million Anticipate closing late Q3 2015 or early Q4 2015 Mergers & acquisitions strategy See slide 32 for footnotes. Nearly 100 acquisitions since 2005

GWS - transaction Rationale GWS furthers our strategy of creating real advantages for occupier clients by aligning every aspect of how they lease, own, use and operate real estate to enhance their competitive position Facilities Management has been CBRE’s fastest growing and most stable line of business GWS leads the global facilities management industry in technical engineering excellence and global supply chain management Opportunity to expand our leasing and other businesses as GWS clients take advantage of CBRE’s integrated offerings and depth of expertise GWS revenues from transaction services <2% of total CBRE leads the industry1 with leasing and capital markets talent across 460+ offices2 in over 60 countries2 6,600 sales and lease professionals as of January 1, 2015; excludes affiliates. As of December 31, 2014; includes affiliates.

GWS - complementary Outsourcing clients Industrial Life Sciences Technology Financial Services Healthcare Other Balanced Client Mix 9% 2% 15% 35% 9% 30% CBRE - GCS 24% 13% 20% 18% 6% 19% CBRE - GCS & GWS

GWS - Combined view of fee revenue Mix Total Fee Revenue: $3,742 Combined Total Fee Revenue: $8,7434 5.4x Acquisition solidifies a more stable, resilient long-term growth-oriented revenue and earnings profile See slide 32 for footnotes. Contractual Sources 3 $798 (21%) Contractual Sources 3 $4,337 (49%) Leasing $1,479 (40%) Leasing $2,369 (27%) Capital Markets 2 $1,403 (37%) Capital Markets 2 $1,903 (22%) Other 1 Other 1 2006 Fee Revenue 2014 Combined Fee Revenue $ in millions (%) – share of total fee revenue 76% of combined total fee revenue 5 61% of total fee revenue 5

Revenue ($ in millions) Contractual Revenue Sources Leasing Capital Markets Other Global Corporate Services1 Asset Services1 Investment Management Valuation Leasing Sales Commercial Mortgage Services Development Services Other Total Gross Revenue Q2 2015 $ 746 $ 255 $ 94 $ 128 $ 610 $ 413 $ 116 $ 12 $ 17 $ 2,391 Fee Revenue2 Q2 2015 $ 269 $ 121 $ 94 $ 128 $ 610 $ 413 $ 116 $ 12 $ 17 $ 1,780 % of Q2 2015 Total Fee Revenue 15% 7% 5 % 7% 34% 23% 7% 1% 1% 100% Fee Revenue Growth Rate (Change Q2 2015-over-Q2 2014) USD 6% 17% -26% 23% 9% 23% 47% 16% -16% 12% Local Currency 15% 24% -18% 35% 15% 32% 48% 16% -11% 19% Q2 2015 BUSINESS LINE REVENUE 68% of total fee revenue Contractual revenue & leasing, which is largely recurring, is 68% of fee revenue See slide 32 for footnotes.

Revenue ($ in millions) Contractual Revenue Sources Leasing Capital Markets Other Global Corporate Services1 Asset Services1 Investment Management Valuation Leasing Sales Commercial Mortgage Services Development Services Other Total Gross Revenue YTD Q2 2015 $ 1,441 $ 507 $ 204 $ 236 $ 1,057 $ 722 $ 220 $ 23 $ 33 $ 4,443 Fee Revenue2 YTD Q2 2015 $ 502 $ 238 $ 204 $ 236 $ 1,057 $ 722 $ 220 $ 23 $ 33 $ 3,235 % of YTD Q2 2015 Total Fee Revenue 16% 7% 6% 7% 33% 22% 7% 1% 1% 100% Fee Revenue Growth Rate (Change YTD Q2 2015-over-YTD Q2 2014) USD 5% 9% -14% 18% 9% 20% 44% 8% -17% 11% Local Currency 13% 13% -7% 28% 14% 27% 44% 8% -12% 17% YTD Q2 2015 BUSINESS LINE REVENUE 69% of total fee revenue Contractual revenue & leasing, which is largely recurring, is 69% of fee revenue See slide 32 for footnotes.

CBRE leads an industry with strong underlying growth dynamics Positioned to continue our track record of long-term growth Our business model continues to significantly evolve Contractual fee revenue has increased 3.1x from 2006 to TTM Q2 2015 Contractual fee revenue and Leasing, which is largely recurring, represented 69% of total fee revenue in TTM Q2 2015 Management team is highly focused on continuing to extend our competitive advantage in the marketplace Key takeaways

appendix

Global Corporate Services (GCS) revenue excludes associated sales and leasing revenue, most of which is contractual. As of December 31, 2014; includes affiliates. Per International Association of Outsourcing Professionals (IAOP). New 63 Expansions 51 Renewals 27 Historical revenue1 Full service offering YTD Q2 2015 Total Contracts ($ in millions) Facilities Management – approximately 1.1 billion square feet globally2 Project Management Transaction and Portfolio Services Strategic Consulting Ranked #3 outsourcing company (all industries) in 2014 and ranked #1 Real Estate Outsourcing brand for five consecutive years3 Global corporate services Integrated Global Solutions for Occupiers Facilities Management Transaction Services Project Management Q2 2015 Representative clients YTD Q2 $1,261 $1,419 $1,614 $2,794 $1,327 $1,441 2011 2012 2013 2014 2015

Historical revenue1 overview Key strategic accounts ($ in millions) Asset Services revenue excludes associated sales and leasing revenue, most of which is contractual. As of December 31, 2014; includes affiliates. Asset Services manages buildings for investors Highly synergistic with property leasing Manages approximately 2.6 billion square feet globally2 300+ premier properties in major CBDs (approximately 450 million square feet) ASSET SERVICES Maximizing Building Operating Performance for Investors YTD Q2 $777 $825 $861 $920 $435 $507 2011 2012 2013 2014 2015

CAPITAL RAISED1 Performance-driven global real estate investment manager More than 500 institutional clients Equity to deploy: approx. $6,300 million1,2 Co-Investment: $142.1 million2 Assets under Management (AUM) overview ($ in billions) As of 6/30/2015 See slide 32 for footnotes. ($ in billions) INVESTMENT MANAGEMENT Performance Across Risk/Return Spectrum Globally Q2 2015 AUM versus Q2 2014 AUM is up by $2.1 billion in local currency (USD decline driven by exchange rate impact) YTD Q2 $18.9 $32.1 $2.7 $21.8 $12.9 North America EMEA Asia Pacific Securities Global Multi-Manager $94.1 $92.0 $89.1 $90.6 $88.4 2011 2012 2013 2014 Q2 2015 $4.4 $3.5 $3.6 $3.7 $5.0 $8.6 $7.7 2011 2012 2013 2014 TTM Q2 2015

Premier clients ($ in millions) 134,500+ assignments in 2014 Euromoney Global Valuation Advisor of the Year Clients include lenders, life insurance companies, special servicers and REITs overview Appraisal & Valuation Serving Clients Globally Historical revenue YTD Q2 $365 $385 $414 $461 $199 $236 2011 2012 2013 2014 2015

overview Recent transactions Subaru Toronto-Dominion Bank Intel Lebanon, IN Toronto, Canada Beijing, China 715,000 SF 231,000 SF 96,000 SF Advise occupiers and investors in formulating and executing leasing strategies Tailored service delivery by property type and industry/market specialization Strategic insight and high-level execution driving significant market share gains #1 global market position – $108.0 billion lease transactions in 2014 Office: $73.9 billion Retail: $18.1 billion Industrial: $12.9 billion Other: $ 3.1 billion LEASING Strategic Advisory and Execution ($ in millions) Historical revenue YTD Q2 $1,909 $1,911 $2,052 $2,369 $971 $1,057 2011 2012 2013 2014 2015

Canada Spain Australia Fortis Properties Merlin Properties DEXUS Property $430 Million $1.98 Billion $488 Million Property Sale Property Acquisition Property Acquisition Recent transactions Strategic advisor (sellers and buyers) in commercial real estate #1 global market share, based on Real Capital Analytics 190 basis point advantage over #2 firm for TTM Q2 2015 #1 global market position – $176.9 billion sales transactions in 2014 Office: $62.9 billion Multi-family: $35.7 billion Retail: $25.6 billion Industrial: $24.4 billion Other: $28.3 billion overview Historical revenue Property Sales Insight and Execution Across Markets & Property Types ($ in millions) YTD Q2 $955 $1,058 $1,290 $1,527 $602 $722 2011 2012 2013 2014 2015

EMEA Colorado United States ASR Dutch Prime Retail Fund Bell Partners NorthStar HealthCare Income $267 Million $190.5 Million $410 Million Acquisition Financing Equity Capital Raise Acquisition Financing $640 Million Portfolio Sale Activity includes loan originations, loan sales and affiliates. As measured in dollar value loaned. Recent transactions Leading strategic advisor for debt and structured finance solutions Highly synergistic with property sales Key services: Loan origination / debt placement Portfolio loan sales Loan servicing via JV with GE Capital $33.8 billion of global mortgage activity in 20141 #1 in commercial loan origination with government agencies2 $8.7 billion in 2014 overview Historical revenue Commercial mortgage services Premier Debt and Structured Finance Solutions ($ in millions) YTD Q2 $229 $300 $312 $376 $153 $220 2011 2012 2013 2014 2015

500 W. 2nd Street/Northshore The Boardwalk McMillan The Brickyard Austin, TX Mixed-Use Newport Beach, CA Office Washington, DC Healthcare Los Angeles, CA Industrial 2 Projects in process/pipeline1 overview Recent projects Premier brand in U.S. development 65+ year record of excellence Partner with leading institutional capital sources $131.8 million of co-investment at the end of Q2 2015 $14.5 million of recourse debt to CBRE and CBRE repayment guarantees at the end of Q2 2015 Development Services Premier Brand in U.S. ($ in billions) 3 See slide 32 for footnotes. 4.9 4.2 4.9 5.4 6.0 1.2 2.1 1.5 4.0 3.7 2011 2012 2013 2014 Q2 2015 In Process Pipeline

Mandatory Amortization and Maturity Schedule ($ in millions) $2,600.0 million revolver facility and term loan A mature in January 2020. As of June 30, 2015, the revolver was undrawn. In August 2015, CBRE Services, Inc. issued $600 million in aggregate principal amount of 4.875% senior unsecured notes due 2026, which is not reflected in the chart above. We are also in discussions with lenders about potentially adding a new $300 million tranche of term loans under our existing credit agreement, which is also not reflected in this chart. Available Revolver As of June 30, 20151,2 Global Cash 2,876 6 22 25 34 59 350 800 425 - 500.0 1,000.0 1,500.0 2,000.0 2,500.0 3,000.0 3,500.0 4,000.0 Current 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash Revolver Capacity Term Loan A Sr. Unsecured Notes - 5.00% Sr. Unsecured Notes - 5.25%

Capitalization Excludes $58.4 million of cash in consolidated funds and other entities not available for Company use at June 30, 2015. Excludes $743.6 million of aggregate warehouse facilities outstanding at June 30, 2015. Excludes non-recourse notes payable on real estate of $24.8 million at June 30, 2015. In August 2015, CBRE Services, Inc. issued $600 million in aggregate principal amount of 4.875% senior unsecured notes due 2026, which is not reflected in the chart above. We are also in discussions with lenders about potentially adding a new $300 million tranche of term loans under our existing credit agreement, which is also not reflected in this chart. ($ in millions) As of June 30, 2015 Cash 1 $ 278.0 Revolving credit facility - Senior term loan A 496.9 Senior unsecured notes – 5.00% 800.0 Senior unsecured notes – 5.25% 426.8 Other debt 2,3,4 2.3 Total debt $ 1,726.0 Stockholders’ equity 2,459.6 Total capitalization 4,185.6 Total net debt $ 1,448.0 Net debt to TTM Q2 Normalized EBITDA 1.2x

Non-Gaap financial measures The following measures are considered “non-GAAP financial measures” under SEC guidelines: (i) Fee revenue (ii) Net income attributable to CBRE Group, Inc., as adjusted (which we also refer to as “adjusted net income”) (iii) Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted (which we also refer to as “adjusted earnings per share” or “adjusted EPS”) (iv) EBITDA and EBITDA, as adjusted (the latter of which we also refer to as “Normalized EBITDA”) None of these measures is a recognized measurement under U.S. generally accepted accounting principles, or U.S. GAAP, and when analyzing our operating performance, readers should use them in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Our management generally uses these non-GAAP financial measures to evaluate operating performance and for other discretionary purposes, and the Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The Company further uses certain of these measures, and believes that they are useful to investors, for purposes described below. With respect to fee revenue: The Company believes that investors may find this measure useful to analyze the financial performance of our Global Corporate Services (GCS) and Asset Services business lines and our business generally because it excludes costs reimbursable by clients and, as such, provides greater visibility into the underlying performance of our business. With respect to adjusted net income, adjusted EPS, EBITDA and Normalized EBITDA: The Company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, and—in the case of EBITDA and Normalized EBITDA—the effects of financings, income taxes and the accounting effects of capital spending. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of EBITDA and Normalized EBITDA, these measures are not intended to be measures of free cash flow for our management’s discretionary use because they do not consider cash requirements such as tax and debt service payments. The EBITDA and Normalized EBITDA measures calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. The Company also uses Normalized EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs.

Twelve Months Ended ($ in millions) June 30, 2015 December 31, 2003 Normalized EBITDA $ 1,255.1 $ 183.2 Adjustments: Carried interest incentive compensation expense 1 19.1 - Integration and other costs related to acquisitions 8.0 13.6 Cost containment expenses - 36.8 EBITDA 1,228.0 132.8 Add: Interest income 7.2 3.8 Less: Depreciation and amortization 277.1 92.8 Interest expense 107.9 71.3 Write-off of financing costs 25.8 - Loss on extinguishment of debt - 13.5 Provision for (benefit of) income taxes 295.1 (6.3) Net income (loss) attributable to CBRE Group, Inc. $ 529.3 $ (34.7) Reconciliation of Normalized EBITDA to EBITDA to Net Income (Loss) Carried interest incentive compensation is related to funds that began recording carried interest expense for the first time in Q2 2013 and beyond.

Twelve Months Ended June 30, ($ in millions, except per share amounts) 2015 2014 Net income attributable to CBRE Group, Inc. $ 529.3 $ 382.2 Amortization expense related to certain intangible assets attributable to acquisitions, net of tax 44.7 35.9 Integration and other costs related to acquisitions, net of tax 4.9 10.3 Carried-interest incentive compensation, net of tax 1 11.5 6.5 Write-off of financing costs, net of tax 15.6 - Non-amortizable intangible asset impairment, net of tax - 74.3 Cost containment expenses, net of tax - 12.9 Adjusted net income attributable to CBRE Group, Inc. 606.0 522.1 Adjusted diluted income per share attributable to CBRE Group, Inc. $ 1.81 $ 1.57 Weighted average shares outstanding for diluted income per share 334,806,630 332,547,771 Reconciliation of Net Income to adjusted Net Income and adjusted earnings per share Carried interest incentive compensation is related to funds that began recording carried interest expense for the first time in Q2 2013 and beyond.

Reconciliation of gross revenue to fee revenue Twelve Months Ended December 31, ($ in millions) Q2 TTM 2015 2014 Pro-forma1,2 2006 Consolidated revenue $ 9,505 $ 12,457 $ 4,032 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 2,381 3,714 1,378 Consolidated fee revenue $ 7,124 $ 8,743 $ 3,742 2014 pro-forma consolidated revenue includes GWS revenue representing the trailing twelve months as of December 31, 2014. and CBRE gross revenue for the year ended December 31, 2014. 2014 pro-forma consolidated fee revenue is defined as fee revenue for CBRE and GWS combined for the year ended December 31, 2014.

Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2015 2014 2015 2014 GCS revenue 1 $ 745.8 $ 682.5 $ 1,440.6 $ 1,327.4 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 477.1 428.6 938.5 851.4 GCS fee revenue 1 $ 268.7 $ 253.9 $ 502.1 $ 476.0 AS revenue 1 $ 254.6 $ 210.4 $ 507.1 $ 434.8 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 133.2 106.5 269.1 216.1 AS fee revenue 1 $ 121.4 $ 103.9 $ 238.0 $ 218.7 Consolidated revenue $ 2,390.5 $ 2,126.8 $ 4,443.0 $ 3,987.6 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 610.3 535.1 1,207.6 1,067.5 Consolidated fee revenue $ 1,780.2 $ 1,591.7 $ 3,235.4 $ 2,920.1 Reconciliation of gross revenue to fee revenue GCS and Asset Services (AS) revenue excludes associated leasing and sales revenue, most of which is contractual.

footnotes Slide 19 Excludes global securities business. As of June 30, 2015. Slide 24 As of December 31 for each year presented. In Process figures include Long-Term Operating Assets (LTOA) of $0.2 billion for Q2 2015, $0.3 billion for Q4 2014, $0.9 billion for Q4 2013, $1.2 billion for Q4 2012 and $1.5 billion for Q4 2011. LTOA are projects that have achieved a stabilized level of occupancy or have been held 18-24 months following shell completion or acquisition. Pipeline deals are those projects we are pursuing which we believe have a greater than 50% chance of closing or where land has been acquired and the projected construction start is more than twelve months out. Slide 9 Excludes deal costs, deferred consideration and / or earnouts. Multiple based on GWS adjusted EBITDA as calculated by GWS and using GWS’s methodologies. Slide 12 Other includes Development Services (1% in both 2006 and 2014 combined) and Other (1% in both 2006 and 2014 combined). “Combined” means CBRE and GWS combined for the year ended December 31, 2014. Capital Markets includes Sales (33% in 2006 and 18% in 2014 combined) and Commercial Mortgage Services (4% in both 2006 and 2014 combined). Contractual Revenues include GCS and Asset Services (7% in 2006 and 39% in 2014 combined; excludes associated sales and lease revenues, most of which are contractual), Global Investment Management (6% in 2006 and 5% in 2014 combined), and Appraisal & Valuation (8% in 2006 and 5% in 2014 combined). “Combined total fee revenue” is defined as fee revenue for CBRE and GWS combined for the year ended December 31, 2014. “Fee Revenue” comprises gross revenue less client reimbursed costs largely associated with our employees who are dedicated to client facilities and subcontracted vendor work on behalf of our clients Contractual plus leasing revenues are 64% of 2006 GAAP revenue and 84% of 2014 combined calendar year GAAP revenue. Slides 13 & 14 Global Corporate Services (GCS) and Asset Services revenue exclude associated leasing and sales revenue, most of which is contractual. Fee revenue excludes both client reimbursed costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients. Slide 6 Normalized EBITDA excludes merger-related and other non-recurring charges, gains/losses on trading securities acquired in the Trammell Crow Company acquisition, cost containment expenses, one-time IPO related compensation expense, integration and other costs related to acquisitions, certain carried interest expense (to better match with carried interest revenue realization) and the write-down of impaired assets.