CBRE Group, Inc. Reports Adjusted Earnings Per Share Growth of 20% for the Fourth Quarter and 18% for the Full Year of 2012

  CBRE Group, Inc. Reports Adjusted Earnings Per Share Growth of 20% for the
  Fourth Quarter and 18% for the Full Year of 2012

 Adjusted EPS of $0.55 for the Quarter and $1.22 for the Year; Revenue up 14%
                     for the Quarter and 10% for the Year

Business Wire

LOS ANGELES -- February 6, 2013

CBRE Group, Inc. (NYSE:CBG) today reported strong increases in revenue and
earnings per share for the fourth quarter and year ended December 31, 2012.

Fourth-Quarter 2012 Results

  *Revenue for the quarter was $2.0 billion, up 14% from $1.8 billion in the
    fourth quarter of 2011.
  *Excluding selected charges^1, net income^2 was $181.9 million, or $0.55
    per diluted share, for the current quarter, up 22% and 20%, respectively,
    from $149.3 million, or $0.46 per diluted share, in the fourth quarter of
    2011. For the current quarter, selected charges (net of income taxes),
    which primarily related to the acquisition of the ING REIM businesses
    (completed in 2011), totaled $8.9 million. For the same period in 2011,
    selected charges totaled $69.5 million.
  *On a U.S. GAAP basis, net income was $173.0 million, or $0.53 per diluted
    share, for the fourth quarter of 2012, up 117% and 112%, respectively,
    from $79.8 million, or $0.25 per diluted share, for the prior-year fourth
    quarter.
  *Excluding selected charges, Earnings Before Interest Taxes Depreciation
    and Amortization (EBITDA)^3 increased 12% to $351.7 million for the fourth
    quarter of 2012 from $314.9 million a year earlier. EBITDA^3 (including
    selected charges) was $345.7 million for the fourth quarter of 2012, an
    increase of 47% from $235.1 million for the same period last year. For the
    current quarter, selected charges were related to the aforementioned
    acquisition of the ING REIM businesses.
  *Foreign currency translation did not have a significant impact on results
    in the current quarter.

Full-Year 2012 Results

  *Revenue for full-year 2012 rose to $6.5 billion, an increase of 10% (12%
    in local currency) from $5.9 billion in 2011. The 2012 revenue was the
    highest ever reported by CBRE.
  *Excluding selected charges, net income for 2012 was $399.4 million, or
    $1.22 per diluted share, up 19% and 18%, respectively, from $334.5
    million, or $1.03 per diluted share in 2011. Selected charges (net of
    income taxes), which primarily related to the acquisition of the ING REIM
    businesses, cost containment expenses and the impairment of assets,
    totaled $83.8 million for full-year 2012 and $95.3 million for the same
    period in 2011.
  *On a U.S. GAAP basis, net income was $315.6 million, or $0.97 per diluted
    share, for 2012, up 32% and 31%, respectively, from $239.2 million, or
    $0.74 per diluted share, for 2011.
  *Excluding selected charges, EBITDA ^ totaled $918.4 million for 2012, up
    14% from $802.6 million a year earlier. EBITDA ^ (including selected
    charges) rose 24% to $861.6 million for 2012, compared with $693.3 million
    for 2011. For 2012, selected charges were primarily related to the
    acquisition of the ING REIM businesses and cost containment expenses.

Management Commentary

“We are very pleased with our strong finish to 2012,” said Robert Sulentic,
president and chief executive officer of CBRE. “Despite continued fiscal and
economic uncertainty, all of our global operating regions delivered solid
top-line growth in the fourth quarter. This growth was paced by the Americas,
which benefited from particularly strong performance in our capital markets
businesses. Following a sluggish third quarter, activity globally improved
across all business lines in the fourth quarter. This continues a pattern of
fluctuating market sentiment that has prevailed throughout the slow-paced
recovery.”

For 2012 as a whole, CBRE recorded the highest total revenue in its history
and its highest earnings and normalized EBITDA since 2007. Reflecting on 2012
results, Mr. Sulentic said: “Our continued success in a cautious macro
environment is a testament to the strength and diversity of our geographic
footprint and broad product offering, our brand, and the ability of our
professionals to work collaboratively to create value for our clients. We
believe these qualities position CBRE very well to drive continued profitable
growth, and enable us to invest prudently in our business.”

CBRE’s capital markets businesses – property sales and commercial mortgage
brokerage -- were top performers in the fourth quarter. Global property sales
revenue rose 22% as the Company completed single-asset and portfolio sales
valued at more than $1 billion in the following markets: Berlin/Frankfurt,
Moscow, New York, Seattle and Silicon Valley. Sales activity was especially
strong in the Americas, rising 32%. Despite Europe’s weakening economic growth
and continued financial stresses, property sales in EMEA rose 13%, aided by
robust performance in the UK. Commercial mortgage brokerage, predominantly a
U.S. business, saw revenue improve 38% for the quarter, as loan origination
activity remained strong. For the full year, total mortgage activity (loan
originations and sales) climbed to $22.5 billion.

Notwithstanding soft market conditions, leasing revenue rose 5% globally
during the quarter, bringing full-year 2012 revenue for this business in line
with the 2011 leasing revenue total. This fourth quarter performance was
driven by the Americas and Asia Pacific.

Outsourcing also grew significantly during the quarter, with revenue rising
13% globally. All three global regions posted double-digit revenue increases.
In Global Corporate Services, 61 long-term contracts were signed during the
quarter, and CBRE continued to aggressively expand its scope of services for
existing clients: 21 of these 61 contracts were expansions – a new Company
record.

Revenue from global investment management rose 18% for the quarter, while
adjusted EBITDA improved 48%. CBRE continues to see benefits from the
integration of the ING REIM businesses acquired in 2011, which added higher
margin revenue streams that are recurring in nature to the Company’s business
mix. The current quarter benefited from higher incentive fees and a full
quarter of contribution from the ING REIM Europe business.

Geographically, the Americas was CBRE’s best-performing region during the
fourth quarter. The strength of the Company’s Americas capital markets
businesses – coupled with its leading position in central business districts
across the region -- led to a 16% overall revenue increase. All business lines
in the Americas posted double-digit percentage gains, except leasing, which
still posted solid growth of 7%. EMEA and Asia Pacific both posted 7% overall
revenue increases for the quarter, with outsourcing providing the strongest
gains in both regions. As noted, property sales also showed strong growth in
EMEA, while Asia Pacific benefited from solid growth in the valuation and
leasing business lines.

Fourth-Quarter 2012 Segment Results

Americas Region (U.S., Canada and Latin America)

  *Revenue rose 16% to $1.2 billion, compared with $1.1 billion for the
    fourth quarter of 2011.
  *EBITDA rose 40% to $199.3 million from $142.5 million for the prior-year
    fourth quarter. Excluding selected charges incurred in 2011, EBITDA
    improved 26%.
  *Operating income rose 43% to $169.8 million compared with $119.1 million
    in last year’s fourth quarter. Prior-period operating income was impacted
    by $15.6 million of cost containment expenses.

EMEA Region (primarily Europe)

  *Revenue rose 7% to $357.5 million, compared with $334.6 million in the
    fourth quarter of 2011. The increase was primarily driven by improved
    performance in the United Kingdom, particularly in property sales.
  *EBITDA rose 28% to $53.8 million from $42.1 million for the prior-year
    fourth quarter. Excluding selected charges incurred in 2011, EBITDA rose
    1%.
  *Operating income rose 15% to $45.0 million compared with $39.0 million in
    last year’s fourth quarter. Prior-period operating income was impacted by
    $11.1 million of cost containment expenses.

Asia Pacific Region (Asia, Australia and New Zealand)

  *Revenue was $248.8 million, an increase of 7% from $231.7 million in the
    fourth quarter of 2011. This increase reflects improved performance in
    several countries, particularly Australia and Singapore.
  *EBITDA rose 26% to $38.6 million from $30.5 million for the prior-year
    fourth quarter. Excluding selected charges incurred in 2011, EBITDA rose
    10%.
  *Operating income rose 32% to $36.0 million compared with $27.3 million in
    last year’s fourth quarter. Prior-period operating income was impacted by
    $4.4 million of cost containment expenses.

Global Investment Management Business (investment management operations in the
U.S., Europe and Asia)

  *Revenue rose 18% to $123.4 million from $104.8 million in the fourth
    quarter of 2011, largely driven by higher asset management and incentive
    fees. The fourth quarter of 2012 included an additional month of
    contribution from ING REIM Europe.
  *EBITDA improved to $18.4 million from an EBITDA loss of $29.4 million in
    the fourth quarter of 2011. Excluding selected charges, EBITDA rose 48% to
    $24.4 million from $16.5 million in the prior-year fourth quarter.
  *Operating income improved to $7.3 million, compared with an operating loss
    of $41.4 million for the fourth quarter of 2011. Current-period and
    prior-period operating income was affected by $5.9 million and $45.0
    million, respectively, of expenses related to the acquisition of ING REIM.
  *Assets under management totaled $92.0 billion at year-end 2012, up 2% from
    the third quarter of 2012, but down 2% from year-end 2011. The decrease
    from 2011 was driven, in part, by a non-traded REIT’s decision to
    internalize its management, as reported in the second quarter of 2012,
    while the gain over the third quarter reflected increased values and
    favorable foreign currency effects.

Development Services (real estate development and investment activities
primarily in the U.S.)

  *Revenue rose 35% to $28.4 million compared with $21.1 million for the
    fourth quarter of 2011.
  *Operating loss narrowed to $25.3 million, from $27.3 million for the
    fourth quarter of 2011.
  *EBITDA was $35.6 million in the current-year period, compared with $49.4
    million for the same period in 2011. The weaker results reflect higher
    gains on the sale of properties in the fourth quarter of 2011, the
    majority of which was reported as equity income from unconsolidated
    subsidiaries and income from discontinued operations. These gains were
    partially offset by non-controlling interests activity. Equity income from
    unconsolidated subsidiaries, income from discontinued operations and
    activity associated with non-controlling interests are all included in the
    calculation of EBITDA, but not in revenue or operating income.
  *Development projects in process totaled $4.2 billion, down $0.4 billion
    from the third quarter of 2012 and $0.7 billion from year-end 2011. The
    inventory of pipeline deals totaled $2.1 billion, up $0.2 billion from the
    third quarter of 2012 and $0.9 billion from year-end 2011.

2013 Outlook

“As the market enters its fourth year of a slow recovery, we expect conditions
to continue to improve gradually, tracking the performance of the global
economy,” Mr. Sulentic said. “We are encouraged by positive underlying trends
in the U.S. economy – and thus expect the Americas to remain the biggest
near-term catalyst for our growth. We also expect to benefit from the recent
strengthening in China, and the easing of credit-market tensions in Europe.
However, fiscal and economic uncertainties remain high, particularly in
Europe, and the overall pace of the recovery continues to be subpar.

“Assuming the global economy plays out as anticipated, we expect to drive
solid revenue and earnings increases in 2013. Further, we should see some
margin expansion, even as we make greater investments in our people and
platform that will enhance our competitive position and bolster long-term,
profitable growth.”

In light of the foregoing, CBRE expects to generate earnings per share, as
adjusted, in the range of $1.40 to $1.45 for full-year 2013.

Conference Call Details

The Company’s fourth-quarter earnings conference call will be held on
Wednesday, February 6, 2013 at 5:00 p.m. Eastern Time. A webcast will be
accessible through the Investor Relations section of the Company’s website at
www.cbre.com/investorrelations.

The direct dial-in number for the conference call is 800-230-1059 for U.S.
callers and 612-234-9960 for international callers. A replay of the call will
be available starting at 10 p.m. Eastern Time on February 6, 2013, and ending
at midnight Eastern Time on February 12, 2013. The dial-in number for the
replay is 800-475-6701 for U.S. callers and 320-365-3844 for international
callers. The access code for the replay is 280622. A transcript of the call
will be available on the Company’s Investor Relations website at
www.cbre.com/investorrelations.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered
in Los Angeles, is the world’s largest commercial real estate services and
investment firm (in terms of 2012 revenue). The Company has approximately
37,000 employees (excluding affiliates), and serves real estate owners,
investors and occupiers through more than 300 offices (excluding affiliates)
worldwide. CBRE offers strategic advice and execution for property sales and
leasing; corporate services; property, facilities and project management;
mortgage banking; appraisal and valuation; development services; investment
management; and research and consulting. Please visit our website at
www.cbre.com.

Note: This release contains forward-looking statements within the meaning of
the ''safe harbor'' provisions of the Private Securities Litigation Reform Act
of 1995, including statements regarding our future growth momentum,
operations, financial performance, and business outlook. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
that may cause the Company’s actual results and performance in future periods
to be materially different from any future results or performance suggested in
forward-looking statements in this release. Any forward-looking statements
speak only as of the date of this release and, except to the extent required
by applicable securities laws, the Company expressly disclaims any obligation
to update or revise any of them to reflect actual results, any changes in
expectations or any change in events. If the Company does update one or more
forward-looking statements, no inference should be drawn that it will make
additional updates with respect to those or other forward-looking statements.
Factors that could cause results to differ materially include, but are not
limited to: general conditions of financial liquidity for real estate
transactions, including the impact of the European sovereign debt crisis and
U.S. fiscal issues; our leverage and our ability to perform under our credit
facilities; commercial real estate vacancy levels; employment conditions and
their effect on vacancy rates; property values; rental rates; interest rates;
our ability to leverage our platform to grow revenues and capture market
share; continued growth in trends toward use of outsourced real estate
services; our ability to control costs relative to revenue growth and expand
EBITDA margins; our ability to retain and incentivize producers; our ability
to identify, acquire and integrate synergistic and accretive businesses;
expected levels of interest, depreciation and amortization expense resulting
from completed acquisitions; maintaining our effective tax rate; realization
of values in investment funds to offset related incentive compensation
expense; a decline in asset values in, or a reduction in earnings or cash flow
from, our investment programs, as well as related litigation, liabilities and
reputational harm; and our ability to comply with laws and regulations related
to our international operations, including the anti-corruption laws of the
U.S. and other countries.

Additional information concerning factors that may influence the Company's
financial information is discussed under “Risk Factors”, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”,
“Quantitative and Qualitative Disclosures About Market Risk” and
“Forward-Looking Statements” in our Annual Report on Form 10-K for the year
ended December 31, 2011, and under “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”, “Quantitative and Qualitative
Disclosures About Market Risk” and “Forward-Looking Statements” in our
Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, as
well as in the Company’s press releases and other periodic filings with the
Securities and Exchange Commission. Such filings are available publicly and
may be obtained on the Company’s website at www.cbre.com or upon written
request from the CBRE Investor Relations Department at
investorrelations@cbre.com.

^1 Selected charges include integration and other costs related to
acquisitions, amortization expense related to incentive fees and customer
relationships acquired in the ING REIM and Trammell Crow Company (TCC)
acquisitions, cost containment expenses and the write-down of impaired assets,
including a non-amortizable intangible asset.

^2 A reconciliation of net income attributable to CBRE Group, Inc. to net
income attributable to CBRE Group, Inc., as adjusted for selected charges, is
provided in the section of this press release entitled “Non-GAAP Financial
Measures.”

^3 EBITDA represents earnings before net interest expense, income taxes,
depreciation and amortization, while amounts shown for EBITDA, as adjusted (or
normalized EBITDA), remove the impact of certain cash and non-cash charges
related to acquisitions, cost containment and asset impairments. Our
management believes that both of these measures are useful in evaluating our
operating performance compared to that of other companies in our industry
because the calculations of EBITDA and EBITDA, as adjusted, generally
eliminate the effects of financing and income taxes and the accounting effects
of capital spending and acquisitions, which would include impairment charges
of goodwill and intangibles created from acquisitions. Such items may vary for
different companies for reasons unrelated to overall operating performance. As
a result, our management uses these measures to evaluate operating performance
and for other discretionary purposes, including as a significant component
when measuring our operating performance under our employee incentive
programs. Additionally, we believe EBITDA and EBITDA, as adjusted, are useful
to investors to assist them in getting a more complete picture of our results
from operations.

However, EBITDA and EBITDA, as adjusted, are not recognized measurements under
U.S. generally accepted accounting principles, or GAAP, and when analyzing our
operating performance, readers should use EBITDA and EBITDA, as adjusted, in
addition to, and not as an alternative for, net income as determined in
accordance with GAAP. Because not all companies use identical calculations,
our presentation of EBITDA and EBITDA, as adjusted, may not be comparable to
similarly titled measures of other companies. Furthermore, EBITDA and EBITDA,
as adjusted, are not intended to be measures of free cash flow for our
management’s discretionary use, as they do not consider certain cash
requirements such as tax and debt service payments. The amounts shown for
EBITDA and EBITDA, as adjusted, also differ from the amounts calculated under
similarly titled definitions in our debt instruments, which are further
adjusted to reflect certain other cash and non-cash charges and are used to
determine compliance with financial covenants and our ability to engage in
certain activities, such as incurring additional debt and making certain
restricted payments.

For a reconciliation of EBITDA and EBITDA, as adjusted to net income
attributable to CBRE Group, Inc., the most comparable financial measure
calculated and presented in accordance with GAAP, see the section of this
press release titled “Non-GAAP Financial Measures.”

CBRE GROUP, INC.
OPERATING RESULTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Dollars in thousands, except share data)
                                               
                  Three Months Ended              Twelve Months Ended

                  December 31,                    December 31,
                   2012          2011           2012          2011
Revenue           $ 2,005,846     $ 1,763,625     $ 6,514,099     $ 5,905,411
                                                                  
Costs and
expenses:
Cost of             1,131,570       1,008,946       3,742,514       3,457,130
services
Operating,
administrative      597,453         603,647         2,002,914       1,882,666
and other
Depreciation
and                 44,750          35,848          169,645         115,719
amortization
Non-amortizable
intangible         -              -              19,826         -
asset
impairment
Total costs and     1,773,773       1,648,441       5,934,899       5,455,515
expenses
                                                                  
Gain on
disposition of     650            1,372          5,881          12,966
real estate
                                    
Operating           232,723         116,556         585,081         462,862
income
                                                                  
Equity income
from                40,859          65,815          60,729          104,776
unconsolidated
subsidiaries
Other income        6,458           8,515           11,093          2,706
Interest income     1,860           2,380           7,643           9,443
Interest           43,025         43,235         175,068        150,249
expense
Income from
continuing
operations          238,875         150,031         489,478         429,538
before
provision for
income taxes
Provision for      82,969         72,071         185,322        189,103
income taxes
Income from
continuing          155,906         77,960          304,156         240,435
operations
Income from
discontinued       631            32,979         631            49,890
operations, net
of income taxes
Net income          156,537         110,939         304,787         290,325
Less: Net
(loss) income
attributable to    (16,461)       31,176         (10,768)       51,163
non-controlling
interests
Net income
attributable to   $ 172,998       $ 79,763        $ 315,555       $ 239,162
CBRE Group,
Inc.
                   
Basic income
per share
attributable to
CBRE Group,
Inc.
shareholders
Income from
continuing
operations        $ 0.52          $ 0.23          $ 0.97          $ 0.73
attributable to
CBRE Group,
Inc.
Income from
discontinued
operations         0.01           0.02           0.01           0.02
attributable to
CBRE Group,
Inc.
Net income
attributable      $ 0.53          $ 0.25          $ 0.98          $ 0.75
CBRE Group,
Inc.
                                                                  
Weighted
average shares
outstanding for    325,372,928    320,638,316    322,315,576    318,454,191
basic income
per share
                                                                  
Diluted income
per share
attributable to
CBRE Group,
Inc.
shareholders
Income from
continuing
operations        $ 0.52          $ 0.23          $ 0.96          $ 0.72
attributable to
CBRE Group,
Inc.
Income from
discontinued
operations         0.01           0.02           0.01           0.02
attributable to
CBRE Group,
Inc.
Net income
attributable to   $ 0.53          $ 0.25          $ 0.97          $ 0.74
CBRE Group,
Inc.
                                                                  
Weighted
average shares
outstanding for    329,012,910    324,117,111    327,044,145    323,723,755
diluted income
per share
                                                                  
EBITDA ^(1)       $ 345,730       $ 235,130       $ 861,621       $ 693,261

__________________________

       Includes EBITDA related to discontinued operations of $5.6 million and
^(1)  $12.2 million for the three months ended December 31, 2012 and 2011,
       respectively, and $5.6 million and $14.1 million for the twelve months
       ended December 31, 2012 and 2011, respectively.

CBRE GROUP, INC.
SEGMENT RESULTS
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2012 AND 2011
(Dollars in thousands)
                                                  
                         Three Months Ended          Twelve Months Ended

                         December 31,                December 31,
                          2012        2011         2012        2011
Americas
Revenue                  $ 1,247,703   $ 1,071,525   $ 4,103,602   $ 3,673,681
Costs and expenses:
Cost of services           788,867       681,129       2,607,029     2,325,964
Operating,
administrative and         264,793       252,604       929,950       898,675
other
Depreciation and          24,286       18,721       82,841       62,238
amortization
Operating income         $ 169,757     $ 119,071     $ 483,782     $ 386,804
EBITDA                   $ 199,345     $ 142,508     $ 578,649     $ 462,167
                                                                   
EMEA
Revenue                  $ 357,451     $ 334,555     $ 1,031,818   $ 1,076,568
Costs and expenses:
Cost of services           198,012       185,890       624,498       638,351
Operating,
administrative and         109,945       106,474       358,696       351,304
other
Depreciation and           4,524         3,239         14,198        10,945
amortization
Non-amortizable
intangible asset          -            -            19,826       -
impairment
Operating income         $ 44,970      $ 38,952      $ 14,600      $ 75,968
EBITDA                   $ 53,792      $ 42,057      $ 54,299      $ 87,527
                                                                   
Asia Pacific
Revenue                  $ 248,845     $ 231,653     $ 817,241     $ 788,754
Costs and expenses:
Cost of services           144,691       141,927       510,987       492,815
Operating,
administrative and         65,125        59,747        224,558       212,548
other
Depreciation and          3,017        2,704        11,475       9,654
amortization
Operating income         $ 36,012      $ 27,275      $ 70,221      $ 73,737
EBITDA                   $ 38,583      $ 30,530      $ 80,630      $ 82,226
                                                                   
Global Investment
Management
Revenue                  $ 123,409     $ 104,763     $ 482,589     $ 290,065
Costs and expenses:
Operating,
administrative and         104,640       137,852       387,592       313,120
other
Depreciation and           11,487        8,324         51,290        21,271
amortization
Gain on disposition of    -            -            -            345
real estate
Operating income         $ 7,282       $ (41,413)    $ 43,707      $ (43,981)
(loss)
EBITDA^(1)               $ 18,434      $ (29,386)    $ 96,359      $ (14,772)
                                                                   
Development Services
Revenue                  $ 28,438      $ 21,129      $ 78,849      $ 76,343
Costs and expenses:
Operating,
administrative and         52,950        46,970        102,118       107,019
other
Depreciation and           1,436         2,860         9,841         11,611
amortization
Gain on disposition of    650          1,372        5,881        12,621
real estate
Operating loss           $ (25,298)    $ (27,329)    $ (27,229)   $ (29,666)
EBITDA^(2)               $ 35,576      $ 49,421     $ 51,684      $ 76,113

_________________________

       Includes EBITDA related to discontinued operations of $0.5 million and
^(1)  $2.1 for the three months ended December 31, 2012 and 2011,
       respectively and $0.5 million and $4.0 million for the twelve months
       ended December 31, 2012 and 2011, respectively.
       Includes EBITDA related to discontinued operations of $5.1 million and
^(2)   $10.1 million for the three months ended December 31, 2012 and 2011,
       respectively and $5.1 million and $10.1 million for the twelve months
       ended December 31, 2012 and 2011, respectively.

Non-GAAP Financial Measures

The following measures are considered “non-GAAP financial measures” under SEC
guidelines:

(i) Net income attributable to CBRE Group, Inc., as adjusted for selected
charges

(ii) Diluted income per share attributable to CBRE Group, Inc, as adjusted for
selected charges

(iii) EBITDA and EBITDA, as adjusted for selected charges

The Company believes that these non-GAAP financial measures provide a more
complete understanding of ongoing operations and enhance comparability of
current results to prior periods as well as presenting the effects of selected
charges in all periods presented. The Company believes that investors may find
it useful to see these non-GAAP financial measures to analyze financial
performance without the impact of selected charges that may obscure trends in
the underlying performance of its business.

Net income attributable to CBRE Group, Inc., as adjusted for selected charges
and diluted net income per share attributable to CBRE Group, Inc.
shareholders, as adjusted for selected charges are calculated as follows
(dollars in thousands, except per share data):

                   Three Months Ended              Twelve Months Ended
                                                
                   December 31,                    December 31,
                    2012          2011           2012          2011
                                                                   
Net income
attributable to    $ 172,998       $ 79,763        $ 315,555       $ 239,162
CBRE Group, Inc.
Integration and
other costs
related to           4,473           42,863          29,891          59,632
acquisitions,
net of tax
Amortization
expense related
to ING REIM and
TCC incentive
fees and             4,437           3,868           25,421          9,396
customer
relationships
acquired, net of
tax
Non-amortizable
intangible asset     -               -               15,018          -
impairment, net
of tax
Cost containment
expenses, net of     -               20,559          13,521          20,559
tax
Write-down of
impaired assets,    -              2,216          -              5,748
net of tax
Net income
attributable to
CBRE Group,        $ 181,908       $ 149,269       $ 399,406       $ 334,497
Inc., as
adjusted
                                                                   
Diluted income
per share
attributable to    $ 0.55          $ 0.46          $ 1.22          $ 1.03
CBRE Group, Inc.
shareholders, as
adjusted
                                                                   
Weighted average
shares
outstanding for     329,012,910    324,117,111    327,044,145    323,723,755

diluted income
per share
                                                                   
EBITDA and EBITDA, as adjusted for selected charges are calculated as follows
(dollars in thousands):
                                                                   
                   Three Months Ended              Twelve Months Ended

                   December 31,                    December 31,
                    2012           2011           2012           2011
                                                                   
Net income
attributable to    $ 172,998       $ 79,763        $ 315,555       $ 239,162
CBRE Group, Inc.
Add:
Depreciation and     46,010          36,534          170,905         116,930
amortization^(1)
Non-amortizable
intangible asset     -               -               19,826          -
impairment
Interest             44,606          45,130          176,649         153,497
expense^(2)
Provision for        83,980          76,083          186,333         193,115
income taxes^(3)
Less:
Interest income     1,864          2,380          7,647          9,443
                                                                   
EBITDA^(4)         $ 345,730       $ 235,130       $ 861,621       $ 693,261
                                                                   
Adjustments:
Integration and
other costs          5,927           45,084          39,240          68,788
related to
acquisitions
Cost containment     -               31,139          17,578          31,139
expenses
Write-down of       -              3,558          -              9,447
impaired assets
                                                                   
EBITDA, as         $ 351,657       $ 314,911       $ 918,439       $ 802,635
adjusted ^(4)

_________________________

       Includes depreciation and amortization expense related to discontinued
       operations of $1.3 million and $0.7 million for the three months ended
^(1)  December 31, 2012 and 2011, respectively and $1.3 million and $1.2
       million for the twelve months ended December 31, 2012 and 2011,
       respectively.
       Includes interest expense related to discontinued operations of $1.6
^(2)   million and $1.9 million for the three months ended December 31, 2012
       and 2011, respectively and $1.6 million and $3.2 million for the twelve
       months ended December 31, 2012 and 2011, respectively.
       Includes provision for income taxes related to discontinued operations
^(3)   of $1.0 million and $4.0 million for the three months ended December
       31, 2012 and 2011, respectively and $1.0 million and $4.0 million for
       the twelve months ended December 31, 2012 and 2011, respectively.
       Includes EBITDA related to discontinued operations of $5.6 million and
^(4)   $12.2 million for the three months ended December 31, 2012 and 2011,
       respectively and $5.6 million and $14.1 million for the twelve months
       ended December 31, 2012 and 2011, respectively.

EBITDA and EBITDA, as adjusted for selected charges for segments are
calculated as follows (dollars in thousands):

                              Three Months Ended       Twelve Months Ended
                                                    
                              December 31,             December 31,
                               2012       2011       2012       2011
Americas
Net income attributable to    $ 124,679    $ 45,675    $ 267,313    $ 182,107
CBRE Group, Inc.
Add:
Depreciation and                24,286       18,721      82,841       62,238
amortization
Interest expense                18,266       37,147      124,633      118,916
Royalty and management          (11,435)     (9,026)     (32,214)     (29,729)
service income
Provision for income taxes      44,634       53,280      140,634      136,803
Less:
Interest income                1,085       3,289      4,558       8,168
EBITDA                        $ 199,345    $ 142,508   $ 578,649    $ 462,167
Integration and other costs     -            10          -            126
related to acquisitions
Cost containment expenses      -           15,646     -           15,646
EBITDA, as adjusted           $ 199,345    $ 158,164   $ 578,649    $ 477,939
                                                                    
                                                                    
EMEA
Net income attributable to    $ 28,802     $ 22,834    $ 9,846      $ 37,155
CBRE Group, Inc.
Add:
Depreciation and                4,524        3,239       14,198       10,945
amortization
Non-amortizable intangible      -            -           19,826       -
asset impairment
Interest expense                2,414        1,446       9,152        1,633
Royalty and management          3,688        4,482       12,654       14,142
service expense
Provision for income taxes      18,509       12,785      7,170        27,253
Less:
Interest income                4,145       2,729      18,547      3,601
EBITDA                        $ 53,792     $ 42,057    $ 54,299     $ 87,527
Cost containment expenses      -           11,089     15,331      11,089
EBITDA, as adjusted           $ 53,792     $ 53,146    $ 69,630     $ 98,616
                                                                    
                                                                    
Asia Pacific
Net income attributable to    $ 17,370     $ 17,143    $ 35,040     $ 32,815
CBRE Group, Inc.
Add:
Depreciation and                3,017        2,704       11,475       9,654
amortization
Interest expense                1,453        911         4,641        3,535
Royalty and management          3,688        4,352       15,388       14,666
service expense
Provision for income taxes      13,187       5,552       14,840       22,637
Less:
Interest income                132         132        754         1,081
EBITDA                        $ 38,583     $ 30,530    $ 80,630     $ 82,226
Cost containment expenses       -            4,404       2,247        4,404
Integration and other costs    -           36         -           1,932
related to acquisitions
EBITDA, as adjusted           $ 38,583     $ 34,970    $ 82,877     $ 88,562

                             Three Months Ended        Twelve Months Ended
                                                     
                             December 31,              December 31,
                             2012        2011         2012        2011
Global Investment Management
Net loss attributable to     $ (16,829)   $ (32,689)   $ (14,872)   $ (44,938)
CBRE Group, Inc.
Add:
Depreciation and             11,754       8,952        51,557       22,424
amortization^(1)
Interest expense^(2)         23,837       6,706        44,818       20,892
Royalty and management       4,059        192          4,172        921
service expense
(Benefit of) provision for   (4,106)      (12,181)     11,805       (13,404)
income taxes
Less:
Interest income              281          366          1,121        667
EBITDA^(3)                   $ 18,434     $ (29,386)   $ 96,359     $ (14,772)
Integration and other costs  5,927        45,038       39,240       66,730
related to acquisitions
Write-down of impaired       -            846          -            5,301
assets
EBITDA, as adjusted^(3)      $ 24,361     $ 16,498     $ 135,599    $ 57,259
                                                                    
                                                                    
                                                                    
Development Services
Net income attributable to   $ 18,976     $ 26,800     $ 18,228     $ 32,023
CBRE Group, Inc.
Add:
Depreciation and             2,429        2,918        10,834       11,669
amortization^(4)
Interest expense^(5)         2,686        3,183        11,288       12,784
Provision for income         11,756       16,647       11,884       19,826
taxes^(6)
Less:
Interest income              271          127          550          189
EBITDA^(7)                   $ 35,576     $ 49,421     $ 51,684     $ 76,113
Write-down of impaired       -            2,712        -            4,146
assets
EBITDA, as adjusted^(7)      $ 35,576     $ 52,133     $ 51,684     $ 80,259

_________________________

       Includes depreciation and amortization expense related to discontinued
^(1)  operations of $0.3 million and $0.6 million for the three months ended
       December 31, 2012 and 2011, respectively and $0.3 million and $1.2
       million twelve months ended December 31, 2012 and 2011, respectively.
       Includes interest expense related to discontinued operations of $0.2
^(2)   million and $1.5 million for the three months ended December 31, 2012
       and 2011, respectively and $0.2 million and $2.8 million for the twelve
       months ended December 31, 2012 and 2011, respectively.
       Includes EBITDA related to discontinued operations of $0.5 million and
^(3)   $2.1 million for the three months ended December 31, 2012 and 2011,
       respectively and $0.5 million and $4.0 million for the twelve months
       ended December 31, 2012 and 2011, respectively.
       Includes depreciation and amortization expense related to discontinued
       operations of $1.0 million and $0.1 million for the three months ended
^(4)   December 31, 2012 and 2011, respectively and $1.0 million and $0.1
       million for the twelve months ended December 31, 2012 and 2011,
       respectively.
       Includes interest expense related to discontinued operations of $1.4
^(5)   million and $0.4 million for the three months ended December 31, 2012
       and 2011, respectively and $1.4 million and $0.4 million for the twelve
       months ended December 31, 2012 and 2011, respectively.
       Includes provision for income taxes related to discontinued operations
^(6)   of $1.0 million and $4.0 million for the three months ended December
       31, 2012 and 2011, respectively and $1.0 million and $4.0 million for
       the twelve months ended December 31, 2012 and 2011, respectively.
       Includes EBITDA related to discontinued operations of $5.1 million and
^(7)   $10.1 million for the three months ended December 31, 2012 and 2011,
       respectively and $5.1 million and $10.1 million for the twelve months
       ended December 31, 2012 and 2011, respectively.

CBRE GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
                                                   December 31,  December 31,
                                                     2012          2011
Assets:
Cash and cash equivalents ^(1)                     $  1,089,297   $  1,093,182
Restricted cash                                       73,676         67,138
Receivables, net                                      1,262,823      1,135,371
Warehouse receivables ^(2)                            1,048,340      720,061
Real estate assets ^(3)                               392,860        464,468
Goodwill and other intangibles, net                   2,676,395      2,622,732
Investments in and advances to unconsolidated         206,798        166,832
subsidiaries
Other assets, net                                    1,059,353     949,359
Total assets                                       $  7,809,542   $  7,219,143
Liabilities:
Current liabilities, excluding debt                $  1,663,022   $  1,688,034
Warehouse lines of credit ^(2)                        1,026,381      713,362
Revolving credit facility                             72,964         44,825
Senior secured term loans                             1,627,746      1,683,561
Senior subordinated notes, net                        440,523        439,016
Senior notes                                          350,000        350,000
Other debt                                            9,352          125
Notes payable on real estate ^(4)                     326,012        372,912
Other long-term liabilities                          611,730       510,145
Total liabilities                                     6,127,730      5,801,980
                                                                  
CBRE Group, Inc. stockholders’ equity                 1,539,211      1,151,481
Non-controlling interests                            142,601       265,682
Total equity                                          1,681,812      1,417,163
                                                                 
Total liabilities and equity                       $  7,809,542   $  7,219,143

       Includes $94.6 million and $208.1 million of cash in consolidated funds
^(1)  and other entities not available for Company use at December 31, 2012
       and December 31, 2011, respectively.
^(2)   Represents loan receivables, the majority of which are offset by
       related warehouse lines of credit facilities.
^(3)   Includes real estate and other assets held for sale, real estate under
       development and real estate held for investment.
       Represents notes payable on real estate of which $13.9 million and
^(4)   $13.6 million are recourse to the Company as of December 31, 2012 and
       December 31, 2011, respectively.

Contact:

CBRE Group, Inc.
Gil Borok
Chief Financial Officer
310.405.8909
or
Nick Kormeluk
Investor Relations
949.809.4308
or
Steve Iaco
Corporate Communications
212.984.6535