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| Reconciliation of Normalized EBITDA to EBITDA to Net Income (Loss) Notes: Includes EBITDA related to discontinued operations of $12.2 million for the twelve months ended June 30, 2012, $14.1 million for the year ended December 31, 2011, $16.4 million for the year ended December 31, 2010, $16.9 million for the year ended December 31, 2008 and $6.5 million for the year ended December 31, 2007. Includes interest income related to discontinued operations of $0.1 million for the year ended December 31, 2008 and $0.01 million for the year ended December 31, 2007. Includes depreciation and amortization related to discontinued operations of $0.7 million for the twelve months ended June 30, 2012, $1.2 million for the year ended December 31, 2011, $0.6 million for the year ended December 31, 2010, $0.1 million for the year ended December 31, 2008 and $0.4 million for the year ended December 31, 2007. Includes interest expense related to discontinued operations of $1.9 million for the twelve months ended June 30, 2012, $3.2 million for the year ended December 31, 2011, $1.6 million for the year ended December 31, 2010, $0.6 million for the year ended December 31, 2008 and $1.8 million for the year ended December 31, 2007. Includes provision for income taxes related to discontinued operations of $4.0 million for the twelve months ended June 30, 2012 and the year ended December 31, 2011, $5.4 million for the year ended December 31, 2010, $6.0 million for the year ended December 31, 2008 and $1.6 million for the year ended December 31, 2007. Includes revenue related to discontinued operations of $4.4 million for the twelve months ended June 30, 2012, $6.7 million for the year ended December 31, 2011, $3.9 million for the year ended December 31, 2010, $1.3 million for the year ended December 31, 2008 and $2.1 million for the year ended December 31, 2007. ($ in millions) LTM Q2 2012 2011 2010 2009 2008 2007 Normalized EBITDA 1 881.0 $ 802.6 $ 681.3 $ 453.9 $ 601.2 $ 970.1 $ Less: Integration and other costs related to acquisitions 74.0 68.8 7.2 5.7 16.4 45.2 Cost containment expenses 31.1 31.1 15.3 43.6 27.4 - Write-down of impaired assets 9.4 9.4 11.3 32.5 100.4 - Merger-related charges - - - - - 56.9 Loss on trading securities acquired in the Trammell Crow Company acquisition - - - - - 33.7 EBITDA 1 766.5 693.3 647.5 372.1 457.0 834.3 Add: Interest income 2 8.7 9.4 8.4 6.1 17.9 29.0 Less: Depreciation and amortization 3 152.5 116.9 109.0 99.5 102.9 113.7 Interest expense 4 172.6 153.5 192.7 189.1 167.8 164.8 Write-off of financing costs - - 18.1 29.3 - - Goodwill and other non-amortizable intangible asset impairments - - - - 1,159.4 - Provision for income taxes 5 203.6 193.1 135.8 27.0 56.9 194.3 Net income (loss) attributable to CBRE Group, Inc. 246.5 $ 239.2 $ 200.3 $ 33.3 $ (1,012.1) $ 390.5 $ Revenue 6 6,253.5 $ 5,912.1 $ 5,119.2 $ 4,165.8 $ 5,130.1 $ 6,036.3 $ Normalized EBITDA Margin 14.1% 13.6% 13.3% 10.9% 11.7% 16.1% Year Ended December 31, |