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| FOOTNOTES Slide 9 Contains recurring revenue aggregating approximately 60% and 59% of total revenue for the twelve months ended December 31, 2013 and 2012, respectively. Includes $9.4 million and $5.7 million of revenue from discontinued operations for the twelve months ended December 31, 2013 and 2012, respectively. Slide 19 As of December 31 for each year presented . In Process figures include Long-Term Operating Assets (LTOA) of $0.9 billion for Q4 13, $1.2 billion for Q4 12, $1.5 billion for Q4 11, $1.6 billion for Q4 10, $1.4 billion for Q4 09 and $0.4 billion for Q4 08. LTOA are projects that have achieved a stabilized level of occupancy or have been held 18-24 months following shell completion or acquisition. Slide 21 Normalized EBITDA excludes merger-related and other non-recurring costs, integration and other costs related to acquisitions, cost containment expenses, certain carried interest incentive compensation expense, one-time IPO-related compensation expense, gains/losses on trading securities acquired in the Trammell Crow Company acquisition and the write-down of impaired assets. Includes Insignia activity for the period July 23, 2003 through December 31, 2003. Includes Trammell Crow Company activity for the period December 20, 2006 through December 31, 2006. Includes EBITDA related to discontinued operations of $6.5 million for the year ended December 31, 2007, $16.9 million for the year ended December 31, 2008, $16.4 million for the year ended December 31, 2010, $14.1 million for the year ended December 31, 2011, $5.6 million for the year ended December 31, 2012 and $9.4 million for the year ended December 31, 2013. Includes activity from ING CRES, ING REIM Asia and ING REIM Europe beginning July 1, October 3 and October 31, 2011, respectively. Slide 20 No reimbursements are included for the period 1992 through 1996, as amounts were immaterial. Reimbursements for 1997 through 2001 have been estimated. For 2002 and forward, reimbursements are included. Includes Insignia activity for the period July 23, 2003 through December 31, 2003. Includes Trammell Crow Company activity for the period December 20, 2006 through December 31, 2006. Includes revenue from discontinued operations, which totaled $2.1 million for the year ended December 31, 2007, $1.3 million for the year ended December 31, 2008, $3.9 million for the year ended December 31, 2010, $6.7 million for the year ended December 31, 2011, $5.7 million for the year ended December 31, 2012 and $7.9 million for the year ended December 31, 2013. Includes activity from ING CRES, ING REIM Asia and ING REIM Europe beginning July 1, October 3 and October 31, 2011, respectively. Slide 17 Normalized EBITDA excludes cost containment expenses, integration and other costs related to acquisitions and certain carried interest expense. The Company began to normalize out carried interest incentive compensation expense accruals for funds that began recording carried interest expense in the second quarter of 2013 and beyond. The Company will recognize this expense in normalized EBITDA when the carried interest revenue is recorded in future periods (thereby matching the revenue and expense). Includes revenue from discontinued operations of $0.8 million for the twelve months ended December 31, 2012. Includes revenue from discontinued operations of $1.5 million for the twelve months ended December 31, 2013. Includes EBITDA from discontinued operations of $0.5 million for the twelve months ended December 31, 2012. Includes EBITDA from discontinued operations of $1.4 million for the twelve months ended December 31, 2013. . Slide 18 In 2011, CBRE acquired the real estate investment management operations of ING Group in Europe, Asia and its global securities business. As of December 31, 2013. Excludes securities business. |