Exhibit 99.2

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Business Review Day
EMEA Region

Michael Strong

EMEA Chairman

March 23, 2005

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2004 Total Revenues

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Overview

• 3,600 employees in 29 countries*

• Commercial investment sales activity of $27 billion

• Commercial leasing activity of nearly 22 million square feet

• Properties under management of 122 million square feet

• Appraisal and Consultation properties valued at $216 billion

* includes affiliate offices

Organization – Office Locations

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EMEA 2004 Revenue Comparison

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Source – Competitors’ websites & press releases

Global Reach & Local Leadership

Leading Market Positions

New York		ý
London		ý
Los Angeles		ý
Chicago		ý
Sydney		ý
Paris		ý
Washington, D.C.		ý
Madrid		ý
Singapore		ý

Notable Instructions

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Blackstone/Deutsche Bank, Europe

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Canary Wharf, UK

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Shopping Centres Portfolio, Canada

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Savoy Hotels Portfolio, UK

Revenue by Business Line

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EMEA Organization

Michael Strong Chairman		Alan Froggatt Chief Executive

European Operating Executive Board		European Board

Countries with Wholly-Owned Offices

Austria Belgium Czech Republic France Germany	Hungary Italy The Netherlands Poland Portugal	Spain Sweden United Arab Emirates United Kingdom

EMEA Revenue by Client Type

Fees Rendered 2002 – 2004

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Strategic Initiatives

• Infrastructure

• Cross border programs

• Brand leadership

• Clients

Strategic Initiatives – Infrastructure

• Organize

• Acquisitions

• Affiliations

• Service Line Additions

• Diversification

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Strategic Initiatives – Cross-Border Programs

• Investment (Capital Markets)

• Corporate Outsourcing

• Valuation

• Retail

• Residential

• Off-shoring

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Strategic Initiatives – Brand Leadership

• The Supplier of Choice

• Quality + Size + Reach

• NY/London/Paris

• Leading Value-Added Brand

• Working in Partnership

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Strategic Initiatives – Clients

• Key Client Program (CRM)

• Key Target Program (Pursuit)

• Multiple Service Delivery (Gap Analysis)

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