Americas Overview for Business Review Day

CB Richard Ellis | Page 3

Trammell Crow Company Business Overview

Outsourcing Services

•

Full suite of services for comprehensive outsourcing solutions

•

Leading Global Corporate Services (GCS), Facilities

Management, Project Management & Consulting capabilities

•

Legacy Asset Services depth and expertise

•

Extensive blue-chip corporate and institutional client roster

Brokerage Services

•

Complementary leasing and sales expertise

•

$18+ billion transaction volume in 2006

•

Formidable market presence in Texas & Southwest

Development Services

•

Preeminent brand name

•

2,500+ buildings worth $50 billion developed since 1948

•

Success throughout market cycles

•

Now in cycle’s “sweet spot”

CB Richard Ellis | Page 5

Strategic Rationale

Business:

Complementary alignment of business

•

In GCS, we combined CBRE’s Transaction Management strength and

TCC’s outsourcing strength

•

Added Asset Services clients thus enhancing critical mass

•

In Brokerage, we strengthened our market position in Texas with very

little domestic or global overlap

•

Added new line of business and capabilities with Development Services

Financial:

Substantially strengthens business mix

•

Diversifies revenue stream

•

Adds more contractual fee-based services

•

Scale provides both tools and resources as well as higher margin

Culture:

Viewed

high

integrity

and

professional

–

good

match

with

CBRE

Brand:

A respected, industry-leading brand that will add value to the

CBRE brand

CB Richard Ellis | Page 6

Integration Status—Structure

Quickly established leadership team

Executive leadership in place by 12/20/06

Field leadership in place by 1/30/07

Shared Services leadership in place by 1/30/07

New management team actively engaged in integration process

and direction

Operational integration is substantially complete; Shared Services

integration well underway

Utilized “Best Athlete”

approach throughout process

CB Richard Ellis | Page 7

Americas: Organization Chart

President

Cal Frese

Eastern Division

President

Jim Reid

Western Division

President

Steve Swerdlow

Canada/Latin America

President

Blake Hutcheson

Tri-State Division

Mary Ann Tighe, CEO

Mitch Rudin, President

Capital Markets

President

Brian Stoffers

Institutional & Corporate

Services

President

Mike Lafitte

Client Strategies

Vice Chairman

Bill Concannon

Asset Services

President

Jana Turner / Tony Long

Global Corporate Services-

Client Accounts

President

Diane Paddison

Project Management

Executive Managing Director

Ken Loeber

Facility Management

Executive Managing Director

Trevor Foster

Brokerage–Americas

President

Chris Ludeman

Investment Properties

President

Greg Vorwaller

Mortgage Brokerage

President

Brian Stoffers

Valuation

President

Doug Haney

Transaction Management

Executive Managing Director

Steve Belcher

Office Services

President

Chris Ludeman

Industrial

Executive

Managing Director

Jim Dieter

Retail

Executive

Managing Director

Anthony Buono

Research

Director

Ward Caswell

Former TCC employee

CB Richard Ellis | Page 8

Integration Status—Revenue

Strategic approach to revenue retention

Revenue retention consistent with underwriting

Retained all but one Corporate Services account

Retained virtually all of Asset Services portfolio

Maintained Development Services activity/pipeline at highest level

historically

CB Richard Ellis | Page 10

Americas Structure

Drive Integration Throughout the Organization

Large, Multi-Dimensional Business

Managed As a Single Entity

•

Evolving from decentralized

and autonomous

Matrix Management

•

Geography

•

Lines of Business

•

Shared Services Functions

“Interconnected and interdependent to achieve client goals”

CB Richard Ellis | Page 11

2.5x

nearest competitor

Thousands of clients, 85% of Fortune 100

2006

combined

CBRE

TCC

Revenue

$3,428

million

(4)

2006

combined

CBRE

TCC

EBITDA

$439

million

(5)

Strong organic revenue and earnings growth

commercial real estate brokerage: $130.7

billion in value

(2)

appraisal and valuation: 25,000

assignments

(2)

property and facilities management: 1.1

billion sq. ft.

(1)

commercial mortgage brokerage: $20.7

billion in value

(2)

$15

billion in investment assets under management

(3)

billion of development projects in process/pipeline

(2)

Leading Global

Brand

Broad

Capabilities

Scale, Diversity

and Earnings

Power

100+

years

200+

offices

(1)

in key US cities: NY, LA, Atlanta, Washington, Chicago,

Dallas, Miami, etc.

Lipsey

brand survey for five consecutive years

(1) Includes partner and affiliate offices

(2) As of 12/31/2006

(3) As of 3/31/2007

(4) Combined revenue includes $921 million for TCC for the period January 1, 2006, through December 20, 2006.

(5) EBITDA excludes one-time items, including integration costs related to acquisitions and income related to investment in Savills.

Combined normalized EBITDA includes $76 million for TCC for the period January 1, 2006, through December 20, 2006.

Americas Platform

CB Richard Ellis | Page 12

2006

CBRE

Standalone

(2)

2006

Combined.

(1)

CBRE

and

TCC

revenue

for

the

period

January

2006,

through

December

31,

2006.

(2)

CBRE

standalone

includes

TCC

revenue

for

the

period

December

20,

2006,

through

December

31,

2006.

2006 Americas Revenue Breakdown

35%

28%

27%

($ in millions)

2006 Combined

(1)

2006

(2)

2005

% Change

Leasing

1,207.6

978.3

815.1

Sales

959.0

846.2

796.4

Property and Facilities Management

934.1

360.3

291.1

Appraisal and Valuation

127.8

103.7

Commercial Mortgage Brokerage

157.5

157.4

140.4

Other

42.4

36.9

26.1

Total

3,428.4

2,506.8

2,172.9

Year ended December 31,

39%

34%

14%

CB Richard Ellis | Page 13

CBRE vs Competition

$3,428

$620

$1,289

$1,010

228

380

$490

$1,500

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

CBRE & TCC

Jones Lang LaSalle

Cushman &

Wakefield

Grubb & Ellis

Americas

Europe & Asia

Development

Global Investment Management

Revenues for the 12 months ended December 31, 2006.

(Millions)

Sources:

Company Reports

Financial Times, January 31, 2007 (for C&W)

(1) Americas vs. International breakdown not available

$5,012

$2,010

(1)

CB Richard Ellis | Page 14

Strategy

Drive advantages of “new”

platform to corporate clients

Cross-sell unique array and depth of services throughout Americas

and global footprint; focus on multiple services and share of wallet

Export Outsourcing services to EMEA and Asia Pacific

Source high-impact in-fill acquisitions and strategic recruitment

Leverage world-class Shared Services organization