CBRE : Investor Overview

CBRE

Investor

Overview

November 2022

INVESTOR OVERVIEW

Forward-Looking

Statements

This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding CBRE's future growth prospects, including operations, market share, capital deployment strategy and share repurchases, M&A and investment activity, financial performance, cost management and any other statements regarding matters that are not historical fact. These statements are estimates only and actual results may ultimately differ from them. 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 to our third quarter earnings release, furnished on Form 8-K, our most recent annual and quarterly reports filed on Form 10-K and Form 10-Q, respectively, and in particular any discussion of risk factors or forward-looking statements therein, which are available on the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements 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. Where required by these regulations, we have provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures, which are included in the appendix.

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INVESTOR OVERVIEW

CBRE is the Global Leader in a Growing Industry

+100

Countries Where

Clients are Served

$27.7B

2021 Revenue

~500

Offices Globally

116 Years

Continuous operations

C R E S E R V I C E S M A R K E T C A P

A S O F S E P T E M B E R 3 0 , 2 0 2 2

Peers(1)

49% CBRE

51%

M A R K E T L E A D E R S H I P

• #1 L e asing
• #1 P ro pe rt y Sale s
• #1 Out so urc ing
• #1 Appraisal & Valuat ion
• #1 P ro pe rt y Manage m e nt
• #1 US C o m m e rcial D e ve lo pe r
• $ 143 . 9 billio n AUM as o f 9/ 30 / 2 2
• $ 19 . 5 billio n I n - P ro cess D e ve lo pm e nt P o rt fo lio as o f 9 / 3 0 / 2 2

L E A D I N G G L O B A L B R A N D

• L ipse y's #1 C o rporat e R e al Est at e B rand fo r 2 1 c o nse cutive ye ars
• One o f F OR TUNE's Mo st Adm ire d
  C o m panie s fo r 12 c o nse c ut ive ye ars
• One o f t he Wo rld's Mo st Et hic al C o m panies awarde d by t he Et hisphe re I nst it ut e fo r 9 st raight ye ars
• #11 o n B arron's 10 0 Mo st Sust ainable C o m panie s

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Definitions, endnotes and reconciliations are provided at the end of the presentation

INVESTOR OVERVIEW

Serving Global Clients Through Three Business Segments

Full-year 2021, Segment Operating Profit | $ in millions

REI	CBRE works in every dimension of commercial real estate and is the global leader
$520
in our industry.
GWS	We engage with our global clients through three business segments:
$708
	Advisory Services: Provide leasing, capital markets, loan servicing, property
	management and valuation services to both real estate investors and occupiers.
	Global Workplace Solutions: Providing occupiers of real estate a fully
Advisory	integrated set of services focused on facilities management and project
management services.
$2,063
	Real Estate Investments: Serving investors in real estate through a $144B AUM
	investment management business and a development business with around
	$20B of projects currently under development as of September 30, 2022.

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Definitions, endnotes and reconciliations are provided at the end of the presentation

INVESTOR OVERVIEW

CBRE Drivers of Long-Term Growth

Tailwinds for	• Increasing institutional ownership of CRE driving demand for institutional quality CRE services
CRE Services	• Occupier demand for CRE outsourcing services remains robust
Sector	• Clients coalescing around market leaders, with CBRE being the most significant beneficiary
Market-Leading	• CBRE has market-leading service offerings across business lines and geographies
• Differentiated platform enables CBRE to attract and retain the industry's top talent
Competitive	• Significant value creation from maximizing cross selling across the platform

Position	• Share of revenue generated from large clients has increased in-line with CBRE's capabilities
Investment	• Low capital intensity + ample investment capacity
• TTM Q3 2022 leverage of 0.2x remains well below mid-point target of 1.0x
Capacity
• CBRE has repurchased nearly $1.4B of shares YTD through September 2022

Highly Resilient

Business

• Business mix is increasingly comprised of highly resilient business lines
• Transactional businesses rebound quickly out of a downturn
• Cost structure is highly variable; management experienced in reducing non-variable costs

CBRE valuation relative to broader market remains below historical average

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