CW 2020 Annual Report

Adjusted EBITDA of $77.5 million declined $22.9 million, or 25% on a local currency basis, as the impact of lower Leasing and Capital markets service line fee revenue was partially offset by the impact of the Company’s cost savings actions and operating efficiency initiatives.

APAC Results The following table summarizes our results of operations by our APAC operating segment for the years ended December 31, 2020 and 2019 (in millions): Year Ended December 31, 2020 2019 % Change in USD % Change in Local Currency Revenue: Property, facilities and project management $ 546.5 $ 699.8 (22) % (21) % Leasing 139.2 180.3 (23) % (23) % Capital markets 54.3 104.6 (48) % (49) % Valuation and other 113.2 114.7 (1) % (2) % Total service line fee revenue 853.2 1,099.4 (22) % (22) % Gross contract reimbursables 316.5 441.3 (28) % (27) % Total revenue $ 1,169.7 $ 1,540.7 (24) % (23) % (1) (2)

Costs and expenses: APAC Fee-based operating expenses Cost of gross contract reimbursables

$

763.1 $

976.6 441.3

(22) % (28) % (24) %

(22) % (27) % (23) %

316.5

$

1,079.6 $

1,417.9

Segment operating expenses

Adjusted EBITDA

$

100.3 $

124.2

(19) %

(19) %

Adjusted EBITDA Margin

11.8 %

11.3 %

(3)

Service line fee revenue represents revenue for fees generated from each of our service lines Gross contract reimbursables reflects revenue paid by clients which have substantially no margin Calculated as a percentage of Total service line fee revenue

(1) (2) (3)

Year ended December 31, 2020 compared to year ended December 31, 2019 APAC revenue was $1.2 billion, a decrease of $371.0 million or 24%. The decline in Property, facilities and project management of 21% on a local currency basis was primarily due to the Company's contribution of its China Property, facilities and project management business into the Cushman & Wakefield Vanke Service joint venture. Leasing and Capital markets were down 23% and 49%, respectively, on a local currency basis for 2020, principally due to the impact of the COVID-19 pandemic. Foreign currency had a $12.2 million or less than 1% unfavorable impact on revenue. Fee-based operating expenses of $763.1 million were down 22% on a local currency basis principally due to lower service line fee revenue as well as the impact of the Company’s cost savings actions and operating efficiency initiatives. Adjusted EBITDA of $100.3 million decreased $23.9 million or 19% on a local currency basis principally driven by the impact of lower Leasing and Capital markets service line fee revenue.

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