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The GEO Group Authorizes Special Dividend Of $350 Million, Takes Critical Steps Toward 2013 REIT Conversion

Important Information on GEO’s Non-GAAP Financial Measures

Adjusted EBITDA, Funds From Operations, and Adjusted Funds From Operations are non-GAAP financial measures.

Adjusted EBITDA is defined as income from continuing operations before net interest expense, income tax provision, depreciation and amortization, and tax provision on equity in earnings of affiliates, adjusted for net income/loss attributable to non-controlling interests, stock-based compensation expenses, and certain other non-recurring adjustments. GEO believes that Adjusted EBITDA is useful to investors as it provides information about the performance of GEO's overall business because such measure eliminates the effects of certain unusual or non-recurring charges that are not directly attributable to GEO's underlying operating performance, it provides disclosure on the same basis as that used by GEO's management and it provides consistency in GEO's financial reporting and therefore continuity to investors for comparability purposes. GEO uses Adjusted EBITDA to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units. In future press releases reporting financial results for a completed quarterly or annual period where GEO is reporting Adjusted EBITDA for the completed period, GEO will provide a quantitative reconciliation for Adjusted EBITDA to the most directly comparable financial measure calculated and presented in accordance with GAAP.

Funds From Operations, or FFO, is defined in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) attributable to common shareholders (computed in accordance with Generally Accepted Accounting Principles), excluding real estate related depreciation and amortization, excluding gains and losses from the cumulative effects of accounting changes, extraordinary items and sales of properties, and including adjustments for unconsolidated partnerships and joint ventures. Adjusted Funds From Operations, or AFFO, is defined as FFO adjusted for maintenance capital expenditures, stock-based compensation expenses, and certain other non-recurring adjustments. GEO believes that FFO and AFFO are useful to investors because these measures help investors evaluate GEO's operating performance without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on the sale of assets, as well as certain adjustments, and they are widely recognized measures of the performance of REITs. GEO uses FFO and AFFO to monitor and evaluate its operating performance and to facilitate internal and external comparisons of the historical operating performance of GEO and its business units. In future press releases reporting financial results for a completed quarterly or annual period where GEO is reporting FFO and AFFO for the completed period, GEO will provide a quantitative reconciliation for FFO and AFFO to the most directly comparable financial measures calculated and presented in accordance with GAAP.

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