Capital Markets Overview for Business Review Day

CB Richard Ellis | Page 2

CBRE’s U.S. Capital Markets Activity Levels

23.9

71.6

88.7

Total Capital Markets Activity

20.8

20.7

25.0

Loan Origination Volume

25.2

50.9

63.7

Investment Sales Volume

-25.9

2.7

2.0

Hotels

-17.5

21.1

17.4

Multi-Housing

45.6

6.8

9.9

Industrial

67.5

4.0

6.7

Retail

69.9

16.3

27.7

Office

% chg

2006

2007

Investment Sales Volume

($ in billions)

Source: Investment Sales data from Real Capital Analytics

CB Richard Ellis | Page 3

CBRE’s U.S. Capital Markets Activity Levels

23.9

71.6

88.7

Total Capital Markets Activity

25.2

50.9

63.7

Investment Sales Volume

20.8

20.7

25.0

Loan Origination Volume

153.3

1.5

3.8

Special Purpose

107.8

.77

1.6

Hotels

31.8

6.3

8.3

Multi-Housing

-26.3

1.9

1.4

Industrial

44.4

2.7

3.9

Retail

-21.1

7.6

6.0

Office

% chg

2006

2007

Loan Origination Volume

($ in billions)

Source: Investment Sales data from Real Capital Analytics

CB Richard Ellis | Page 4

Q1 2008 U.S. Capital Markets Activity

Capital Markets Activity

-60

$22.0B

$8.9B

Total Capital Markets Activity

-60

$6.2B

$2.5B

Loan Origination Volume

-67

$19.5B

$6.4B

Investment Sales Volume

Change

Q1 2007

Q1 2008

Loan Servicing

$104.5B

$114.1B

Total Loan Servicing*

Reflects

loans

serviced

GEMSA,

joint

venture

between

CBRE

Capital

Markets

and

Capital

Real

Estate

Source: Investment Sales numbers from Real Capital Analytics

CB Richard Ellis | Page 5

Q1 2008 Investment Sales Broker Rankings

6.4

3.3

3.1

1.6

1.7

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

CB Richard Ellis

Eastdil Secured

Cushman &

Wakefield

Merrill Lynch

Holliday Fenoglio

Fowler

All Property Types

Source: Real Capital Analytics

($ in billions)

CB Richard Ellis | Page 6

Overall Capital Markets –

Worry, Don’t Panic

The word “real estate”

does not indicate that residential and

commercial real estate have much else in common

Decline in residential is leading the economy, rather than being

caused by a recession

Commercial real estate has not exhibited the same pattern of

building that has been seen in residential

Commercial markets are almost universally in a balanced

position, but cost of debt and equity capital has changed

Deals are getting done

CB Richard Ellis | Page 7

Property Sales

'06

'07

'08

Property

$ in billions

Source: Real Capital Analytics

CB Richard Ellis | Page 10

Saved By Rates!

10-Year Treasury vs. 30-Day LIBOR

Source: Citigroup

May 15, 2008 close @ 3.84%

10-Year Treasury

May 15, 2008 close @ 2.50%

30-day LIBOR

CB Richard Ellis | Page 11

2008 Initiatives

Continued integration between sales and mortgage brokerage

businesses

Global connectivity/cross-border business

Investment Banking –

Broker/Dealer

Perfecting/relying on the matrix/creating efficiencies

Fannie Mae DUS business

ONE

FIRM

TEAM

CB Richard Ellis | Page 12

Case Study: Brandywine Portfolio

CBRE Capital Markets arranged

the $184 million sale and financing

Portfolio consisted of 29 Class A

and B office buildings

First mortgage financing arranged

via joint venture between DRA

Advisors LLC and Brandywine

Realty Trust

CBRE’s Investment Sales group in Pennsylvania represented the

seller, Brandywine Realty Trust

CBRE Debt & Equity Finance in New Jersey secured attractive

pricing and proceeds

$184 Million Sale & Financing

CB Richard Ellis | Page 13

Case Study: 67-69 Laight Street

CBRE Capital Markets arranged

the $30 million financing to

purchase a development parcel

in Tribeca, NYC

Arranz Acinas Group, a leading

Spanish real estate investor,

made its first U.S. acquisition

Overseas banks, Banco

Sabadell and Banco Popular,

provided debt financing

EMEA Capital Markets team

leveraged the CBRE platform by

collaborating with Capital

Markets New York

$30 Million Cross-Border Financing