\n| \n (1)<\/sup><\/p>\n<\/td>\n | \n\n \nLocal currency percentage change is calculated by comparing current-period results at prior-period exchange rates versus prior-period results.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (2)<\/sup><\/p>\n<\/td>\n | \n\n \nNet revenue is gross revenue less costs largely associated with subcontracted vendor work performed for clients. These costs are reimbursable by clients and generally have no margin.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (3)<\/sup><\/p>\n<\/td>\n | \n\n \nAdjusted EBITDA represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization, asset impairments, adjustments related to certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, and integration and other costs related to acquisitions.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (4)<\/sup><\/p>\n<\/td>\n | \n\n \nAdjusted net income and adjusted earnings per diluted share (or adjusted EPS) exclude the effect of select items from GAAP net income and GAAP earnings per diluted share as well as adjust the provision for income taxes for such charges. Adjustments during the periods presented included non-cash depreciation and amortization expense related to certain assets attributable to acquisitions, certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, the impact of fair value adjustments to real estate assets acquired in the Telford Acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, integration and other costs related to acquisitions, and asset impairments.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (5)<\/sup><\/p>\n<\/td>\n | \n\n \nFree cash flow is calculated as cash flow used by operations, less capital expenditures (reflected in the investing section of the consolidated statement of cash flows).\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (6)<\/sup><\/p>\n<\/td>\n | \n\n \nSegment operating profit is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. Segment operating profit represents earnings before net interest expense, write-off of financing costs on extinguished debt, income taxes, depreciation and amortization and asset impairments, as well as adjustments related to the following: certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, fair value adjustments to real estate acquired in the Telford Acquisition (purchase accounting) that were sold in the period, costs incurred related to legal entity restructuring, and integration and other costs related to acquisitions. Prior period results have been recast to conform to this definition.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (7)<\/sup><\/p>\n<\/td>\n | \n\n \nSegment operating profit on revenue and net revenue margins represent segment operating profit divided by revenue and net revenue, respectively.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (8)<\/sup><\/p>\n<\/td>\n | \n\n \nAdjusted revenue for the Real Estate Investments segment reflects revenue for this segment, less the direct cost of revenue, along with equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interests. Adjusted revenue also removes the impact of fair value adjustments to real estate assets acquired in the Telford acquisition (purchase accounting) that were sold in the period.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (9)<\/sup><\/p>\n<\/td>\n | \n\n \nSegment operating profit in the Real Estate Investments segment includes equity income from unconsolidated subsidiaries and gain on disposition of real estate, net of non-controlling interests, and the associated compensation expense.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (10)<\/sup><\/p>\n<\/td>\n | \n\n \nFor the three months ended March 31, 2021, the company incurred capital expenditures of $29.6 million (reflected in the investing section of the condensed consolidated statement of cash flows) and received tenant concessions from landlords of $1.6 million (reflected in the operating section of the condensed consolidated statement of cash flows).\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (11)<\/sup><\/p>\n<\/td>\n | \n\n \nNet debt is calculated as total debt (excluding non-recourse debt) less cash available for company use.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (12)<\/sup><\/p>\n<\/td>\n | \n\n \nCash represents cash and cash equivalents (excluding restricted cash) and excludes $101.9 million of cash in consolidated funds and other entities not available for company use at March 31, 2021.\n<\/p>\n<\/td>\n<\/tr>\n | \n| \n (13)<\/sup><\/p>\n<\/td>\n | \n\n \nRepresents line of business profitability.\n<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n | <\/tr>\n \n| \n CBRE GROUP, INC.<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n OPERATING RESULTS<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n FOR THREE MONTHS ENDED MARCH 31, 2021 AND 2020<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (in thousands, except share and per share data)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n (Unaudited)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | | | | | | | | | | | | | | | | | | |