Corporate Overview for Business Review Day

CB Richard Ellis | Page 1

This presentation contains statements that are forward looking within the

meaning of

the

Private

Securities

Litigation

Reform

Act

1995,

including

statements regarding our growth momentum in 2007, future operations and

future financial performance. These statements should be considered as

estimates only and actual results may ultimately differ from these estimates.

Except to the extent required by applicable securities laws, we undertake no

obligation to update or publicly revise any of the forward-looking statements that

you may

hear

today.

Please

refer

our

current

annual

report

Form

10-K (in

particular, “Risk Factors”) and our current quarterly report on Form 10-Q which

are

filed

with

the

SEC

and

available

the

SEC’s

website

(http://www.sec.gov),

for a full discussion of the risks and other factors that may impact any estimates

that you may hear today. We may make certain statements during the course of

this presentation which include references to “non-GAAP financial measures,”

as defined by SEC regulations. As required by these regulations, we have

provided reconciliations of these measures to what we believe are the most

directly comparable GAAP measures, which are attached hereto within the

appendix.

Forward Looking Statements

CB Richard Ellis | Page 3

(1)

As of 3/31/2007.

(2)

Combined Revenue includes $764.7 million for TCC for the period April 1, 2006 through December 20, 2006.

(3)

EBITDA excludes one-time items, including merger-related costs, integration costs related to acquisitions, and gains/losses on trading securities

acquired in the TCC acquisition. Combined normalized EBITDA includes $102.1 million for TCC for the period April 1, 2006 through December

20, 2006.

2.5x

nearest competitor

Thousands of clients, 85% of Fortune 100

2007

TTM

combined

CBRE

TCC

Revenue

$5.3

billion

(2)

Q1 2007

TTM

combined

CBRE

TCC

EBITDA

$832.5

million

(3)

Strong organic revenue and earnings growth

commercial real estate brokerage

appraisal and valuation

property and facilities management

commercial mortgage brokerage

$30.6

billion

investment

assets

under

management

(1)

$8.4 billion

development

projects

process/pipeline

(1)

Leading Global

Brand

Broad Capabilities

Scale, Diversity

and Earnings

Power

100

years

50 countries

in key cities in U.S., Europe and Asia

The World Class Commercial Real Estate Services Provider

CB Richard Ellis | Page 4

Global Reach & Local Leadership

2006 Revenue by Region

(1)

Diversified revenues spread across a broad geographic footprint.

(1)

Includes TCC revenue.

Americas

70.3%

Development Services

1.4%

Global

Investment

Management

4.5%

EMEA

16.7%

Asia-Pacific

7.1%

CB Richard Ellis | Page 5

#1 Position in a Fragmented Market

$26 Billion

Commercial

Real

Estate

Services

Industry

(1)

U.S. Market Share

Top 4 = 20.7% Share

Source: Full year 2006 external public filings and management estimates.

(1)

Excludes investment management and development. Includes reimbursable expenses.

The market is large but still highly fragmented and has grown

at a 4.3% CAGR from 1996 to 2006.

CBRE

12.6%

Self

Providers

25.0%

JLL

2.4%

C&W

3.8%

GBEL

1.9%

Other/3rd

Party

54.3%

CB Richard Ellis | Page 6

Consistent Long Term Growth

(1)

CBRE has consistently outpaced industry growth.

(1)

No reimbursements

are

included

for

the

period

1992

through

1996

amounts

were

immaterial.

Reimbursements

for

1997

through

2001

have

been

estimated.

For

2002

through

TTM

2007

combined,

reimbursements

are

included.

(2)

TCC is included for the full 12 month period.

(3)

Normalized EBITDA excludes merger-related and other non-recurring costs, integration costs related to acquisitions, one-time

IPO-related compensation expense and gains/losses on trading securities acquired in the TCC acquisition.

(3)

($ in millions)

(2)

$360

$392

$429

$469

$583

$759

$1,187

$1,403

$1,518

$1,362

$1,810

$3,194

$4,032

$5,259

$2,647

$117.4

$150.5

$115.0

$130.7

$183.2

$300.3

$461.3

$127.2

$20.2

$25.9

$33.7

$41.5

$62.0

$90.1

$652.5

$832.5

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

TTM Q1

2007

Acquisitions

Organic

Normalized EBITDA

Combined

CB Richard Ellis | Page 7

Normalized EBITDA Margins

(1)

8.4%

9.6%

10.1%

11.3%

14.4%

16.2%

16.3%

20.0%

0.0%

5.0%

10.0%

15.0%

20.0%

2001

2002

2003

2004

2005

2006

TTM Q1

2007

Future

Combined

(1)

Normalized EBITDA margins exclude merger-related and other non-recurring costs, integration costs related to acquisitions, one-time IPO-related

compensation expense and gains/losses on trading securities acquired in the TCC acquisition.

(2)

2001 reimbursements are estimated.

(3)

Includes TCC activity for the period December 20, 2006 through December 31, 2006.

(4)

Q1 2007 TTM includes TCC for the period December 20, 2006 through March 31, 2007.

CBRE has consistently improved its EBITDA margin.

(2)

(3)

(4)

CB Richard Ellis | Page 8

Debt Highlights

($ in millions)

Notes:

Normalized EBITDA excludes merger-related and other non-recurring costs, integration costs related to acquisitions, one-time IPO-related

compensation expense and gains/losses on trading securities acquired in the TCC acquisition.

2006 combined normalized EBITDA includes $106.5 million for TCC for the period January 1, 2006 through December 20, 2006.

3/31/07 TTM Combined Normalized EBITDA includes $102.1 million for TCC for the period April 1, 2006 through December 20, 2006.

Total debt excludes non-recourse debt.

$798.4

$634.6

$577.3

$2,118.1

$2,149.0

$450.1

$634.5

$128.0

$1,873.6

$1,802.7

$543.9

$529.8

$377.7

$486.5

4.2x

3.4x

2.5x

2.2x

1.3x

0.3x

3.5x

$500

$1,000

$1,500

$2,000

12/31/01

12/31/02

12/31/03

12/31/04

12/31/05

12/31/06

Combined

3/31/07 TTM

Combined

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

Total Debt

Net Debt

Net Debt to Normalized EBITDA

Normalized

EBITDA: $115 $131 $183 $300 $461 $759 $833

CB Richard Ellis | Page 9

(1)

Represents capital expenditures, net of concessions.

Q1 2007 TTM Combined Normalized Internal Cash Flow

Strong cash flow

generator

Low capital intensity

Utilization of internal

cash flow

•

Debt reduction

•

Co-investment

activities

•

Development

•

In-fill acquisitions

100

200

300

400

500

600

700

($ millions)

373

Net Income,

as adjusted

D&A

Cap Ex

(39)

601

Internal

Cash Flow

(1)

240

(26)

Net

proceeds

from

Savills

disposition

Integration

and

merger

costs

CB Richard Ellis | Page 10

2007 Key Drivers of Earnings Growth

Revenue growth, margin expansion and deleveraging allow

CBRE to achieve substantial earnings growth.

Revenue

Growth

Market

growth

Market

share gains

Cross

selling

In-fill

acquisitions

2006 revenue

growth = 26%

Margin

Expansion

Synergy

savings

Operating

leverage

Fixed cost

controls

2006 Normalized

EBITDA

growth = 41%

Deleveraging

Balance Sheet

Term loan

pay down

2006 net debt

paydown:

$548.9 million

Significant

EPS Growth

Estimated

30% growth

2006 Adjusted EPS

growth = 48%

CB Richard Ellis | Page 12

Appendix

Reconciliation of Normalized EBITDA to EBITDA to Net Income (Loss)

($ in millions)

Q1 2007 TTM

2006

2005

2004

2003

2002

Normalized EBITDA

730.4

652.5

461.3

300.3

183.2

130.7

Less:

Merger-related and other non-recurring

charges

31.8

25.6

36.8

Loss(Gain) on trading securities acquired

in the Trammell Crow Company

acquisition

25.1

(8.6)

Integration costs related to acquisitions

18.4

7.6

7.1

14.4

13.6

One-time compensation expense related

to the initial public offering

15.0

EBITDA

655.1

653.5

454.2

245.3

132.8

130.7

Add:

Interest income

13.2

9.8

9.3

4.3

3.6

3.2

Less:

Depreciation and amortization

80.0

67.6

45.5

54.9

92.6

24.6

Interest expense

73.0

45.0

54.3

65.4

71.3

60.5

Loss on extinguishment of debt

33.8

7.4

21.1

13.5

Provision (benefit) for income taxes

187.8

198.3

138.9

43.5

(6.3)

30.1

Net income (loss)

293.7

318.6

217.3

64.7

(34.7)

18.7

Revenue

4,494.6

4,032.0

3,194.0

2,647.1

1,810.1

1,361.8

Normalized EBITDA Margin

16.3%

16.2%

14.4%

11.3%

10.1%

9.6%

Year Ended December 31,

CB Richard Ellis | Page 13

Appendix

Reconciliation of Net Income to Net Income, As Adjusted

100

150

200

250

300

350

400

(a) Amortization expense related to

net revenue backlog, incentive fees

and customer relationships

acquired

(1)

(b) Integration costs related to

acquisitions

(1)

acquired in the Trammell Crow

Company acquisition

(1)

(d) Merger-related costs

(1)

(e) Costs of extinguishment of debt

(1)

Net Income,

As Adjusted

TTM 1st Quarter 2007 Results

($ millions)

294

373

Reported

Net Income

(a)

(b)

(c)

(1) Net of tax.

(d)

(e)