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2015 ANNUAL REPORT

BUILDINGADVANTAGE

CBRE 2015 ANNUAL REPORT | 2

This document is not an “annual report” as that term is used in the Securities and Exchange Act of 1934. For a copy of our annual report as governed by SEC rules, please click here. Note that this document is not a supplement or substitute for our Securities-and-Exchange-Act-compliant annual report.

2015 WAS ANOTHER YEAR OF EXCEPTIONAL PERFORMANCE FOR CBRE, AS WE SET NEW COMPANY RECORDS FOR REVENUE AND EARNINGS AND DROVE DOUBLE-DIGIT GROWTH.

Notably, we became the first firm in our sector to exceed

$10 billion in total revenue and $1.4 billion in normalized Earnings

Before Interest Taxes Depreciation and Amortization (EBITDA)1.

For the year:

• Revenue increased 20% (26% local currency1) to $10.9 billion,

while fee revenue1 rose 14% (20% local currency) to $7.7 billion

• Adjusted earnings per share1 rose 22% (26% local currency)

to $2.05

• Normalized EBITDA increased 21% (26% local currency)

to $1.4 billion

• Normalized EBITDA margin on fee revenue improved 110 basis

points to 18.3%

We attained these strong results while making strategic gains

across CBRE:

• We materially strengthened our Occupier Outsourcing business

with the purchase of Johnson Controls, Inc.’s Global Workplace

Solutions (GWS) business – our largest acquisition in nearly a

decade. We now have an unrivaled ability to self-perform facilities

management services around the world.

Robert E. SulenticPresident and Chief Executive Officer

• In Capital Markets, we made market share gains around

the globe.

• Besides GWS, we acquired eight leading companies in 2015

enhancing our capabilities in energy management, retail data

analytics, capital markets and consulting.

• We had our third straight year of outsized recruiting gains

as hundreds of new senior Brokerage and Capital Markets

professionals – net of departures – elected to join our team.

The average production of people joining our team is three times

higher than those who have left us.

• We opened our 30th new state-of-the-art alternative workplace

office – which we call Workplace360 – providing our people with a

collaborative and innovative work environment.

• We earned a place on the prestigious Dow Jones Sustainability

Index – the most comprehensive benchmark for environmental

activities and responsible business practices – for the second

year in a row.

• Finally, we ended the year with a balance sheet that is stronger

than at any time in recent history. This is highlighted by

investment-grade credit ratings and more than $3 billion of

available liquidity at year-end.

TO OUR SHAREHOLDERS



TO OUR SHAREHOLDERS

Our many successes resulted from the implementation of the

strategy we adopted three years ago. We conduct a strategic review

with our Board each quarter, intensively assessing the performance

of key business lines and geographic businesses. CBRE’s unique

market position – from our geographic reach and business line

depth to our financial strength and highly regarded brand – helps

us to execute a strategy that is highly differentiated within our

sector. This strategy is built on four key pillars:

• CLIENT OUTCOMES – We capitalize on our well-developed

geographic footprint and business line capabilities – plus our

collaborative culture and increasingly strong operating

platform – to produce results that clients have a hard time

finding elsewhere.

• TOP TALENT – This same set of strengths, as well as our superior

brand, help us to attract and retain top professionals who are

interested in building rewarding real estate careers. Developing

our talent pool is a high priority for CBRE, as we help our people

to sharpen their skills and become more effective advisors.

• PLATFORM INVESTMENTS – Among firms in our sector,

we have an unparalleled ability to invest in technology,

research, and specialized consulting capabilities that help our

people serve clients. The strength of our balance sheet, the

cash flow we generate and the depth of our management team

all enable these investments, which in turn create a distinct

competitive advantage.

• GROWTH AND LEADERSHIP – Our geographic and business

line leadership – coupled with M&A capabilities that are

unrivalled in our sector – allows us to drive market share gains,

continually refine and enhance our capabilities and achieve long-

term growth.

This strategy served us especially well in 2015 and provides a

roadmap for our future. As we look ahead to 2016, we believe CBRE

is positioned for another strong year, while mindful of the more

fragile macro environment in which we operate. We will continue

to benefit from a more stable, “stickier” revenue base, our distinct

brand, culture and strategy, as well as our ongoing commitment

to running a cost-efficient business to support future investments

and long-term value creation.

We thank our more than 70,000 employees for an excellent year

in 2015. We also thank our clients for entrusting their business to

CBRE, and you, our shareholders, for your continued support.

Sincerely,

1Thesearenon-GAAPfinancialmeasures.Pleaserefertopage6ofthisAnnualReportforareconciliationtoGAAPmeasures.



CBRE ACQUIRES GLOBAL WORKPLACE SOLUTIONS

CBRE ADDS SCALE, EXPERTISE AND PRESTIGIOUS CLIENTS WITH ACQUISITION OF GLOBAL WORKPLACE SOLUTIONS FROM JOHNSON CONTROLS.

On September 1, 2015, CBRE acquired Johnson Controls, Inc.’s

Global Workplace Solutions business for $1.475 billion, and

adopted Global Workplace Solutions (GWS) as the name of our

Occupier Outsourcing business. This acquisition continues our

mission to create advantages for our occupier clients worldwide by

aligning every aspect of how they lease, own, use and operate real

estate to enhance their competitive positions.

The GWS acquisition – CBRE’s largest in nearly a decade – helped

to increase our global portfolio of managed properties and

facilities from 3.4 billion square feet to 5.2 billion square feet.

CBRE now works with more than 90 companies in the

Fortune 100.

The combined service offering provides CBRE’s occupier

clients with materially greater scale advantages in virtually every

corner of the world. We now have the ability to self-perform

building technical services for all asset types in more than 40

countries. This is a key requirement for global corporations

looking to outsource their facilities functions. We also gained

expertise in key vertical markets like industrial/oil & gas,

life sciences and manufacturing as well as in critical environments,

such as data centers.

CBRE and Johnson Controls (JCI) also forged a 10-year strategic

relationship under which CBRE will provide corporate real estate

services to JCI, while JCI will provide CBRE clients with its lowest-

available commercial pricing on HVAC equipment and other

building systems and services. The companies will also jointly

fund a $40 million Building Innovation Lab that will develop next-

generation building performance solutions.



400+

70,000+

7,125

68

$310.6B

$206.2B

$104.4B

5.2B

$40.8B

$135.7B

$89.0B

$6.7B

147,375

$42.4B

Officesa

Employeesb

Sales & Leasing Professionalsc

Countriesd

Total Transaction Value

Property Sales (Transaction Value)

Property Leasing (Transaction Value)

Property & Corporate Facilities Under Management (Sq. Ft.)e

Loan Originationsf

Loan Servicing

Investment Assets Under Management

Development in Processg

Valuation & Advisory Assignments

Project Management Contract Value

aExcludes87affiliateofficesbExcludesapproximately4,150affiliateemployeescExcludesaffiliatesales&leasingprofessionals;includesapproximately150mortgagebrokerageprofessionalsdIncludes17countriescoveredbyaffiliateofficeseIncludesapproximately370millionsq.ft.managedbyaffiliateofficesfIncludesloansaleadvisorygIncludes$0.1billionofLong-TermOperatingAssets(projectsthathaveachievedastabilizedlevelofoccupancyorhavebeenheld18-24monthsfollowingshellcompletionoracquisition)

GLOBAL PRESENCE

CBRE’s global footprint empowers our professionals to collaborate across geographies and service lines to deliver creative solutions

and exceptional outcomes for investors and occupiers of commercial real estate — worldwide.

2015 Worldwide Business Activity



Year Ended December 31,

$inthousands,exceptpersharedata 2015 2014

Revenue $ 10,855,810 $ 9,049,918

Fee revenue(1) 7,730,337 6,791,292

Depreciation and amortization 314,096 265,101

Operating income 835,944 792,254

Equity income from unconsolidated subsidiaries 162,849 101,714

Other (loss) income (3,809) 12,183

Interest expense, net 112,569 105,802

Write-off of financing costs on extinguished debt 2,685 23,087

Income from operations before provision for income taxes 879,730 777,262

Net income 558,877 513,503

Less: Net income attributable to non- controlling interests 11,745 29,000

Net income attributable to CBRE Group, Inc.(2) $ 547,132 $ 484,503

Income per share attributable to CBRE Group, Inc.Basic

Net income per share attributable to CBRE Group, Inc.(2) $ 1.64 $ 1.47

DilutedNet income per share attributable to

CBRE Group, Inc.(2) $ 1.63 $ 1.45

Weighted average shares outstandingBasic 332,616,301 330,620,206

Diluted 336,414,856 334,171,509

EBITDA(3) $ 1,297,335 $ 1,142,252

As of December 31,

Inthousands 2015 2014Selected Balance Sheet Data

Total assets $ 11,017,943 $ 7,568,010

Total CBRE Group, Inc. stockholders’ equity $ 2,712,652 $ 2,259,830

Reconciliations

(1) Reconciliation of Revenue to Fee Revenue Year Ended December 31,

Inthousands,exceptsharedata 2015 2014

Revenue $ 10,855,810 $ 9,049,918

Less: Client reimbursed pass-through costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients 3,125,473 2,258,626

Fee revenue $7,730,337 $6,791,292

(2) Reconciliation of Net Income Attributable to CBRE Group, Inc. to Net Income Attributable to CBRE Group, Inc., as Adjusted, and Calculation of Diluted Earnings per Share Attributable to CBRE Group, Inc., as Adjusted:


Inthousands,exceptsharedata 2015 2014

Net income attributable to CBRE Group, Inc. $ 547,132 $ 484,503

Amortization expense related to certain intangible assets attributable to acquisitions, net of tax 61,446 48,261

Integration and other acquisition related costs, net of tax 34,614 –

Cost containment expenses, net of tax 28,581 –

Carried interest incentive compensation expense to align with the timing of associated revenue, net of tax 15,759 14,430

Write-off of financing costs on extinguished debt, net of tax 1,638 13,955

Net income attributable to CBRE Group, Inc., as adjusted $ 689,170 $ 561,149

Diluted income per share attributable to CBRE Group, Inc. shareholders, as adjusted $ 2.05 $ 1.68

Weighted average shares outstanding for diluted income per share, as adjusted 336,414,856 334,171,509

(3) Reconciliation of Normalized EBITDA to EBITDA to Net Income Attributable to CBRE Group, Inc.:


Inthousands 2015 2014

Normalized EBITDA $ 1,412,724 $ 1,166,125

Less:

Integration and other acquisition related costs 48,865 –

Cost containment expenses 40,439 –

Carried interest incentive compensation expense to align with the timing of associated revenue 26,085 23,873

EBITDA $ 1,297,335 $ 1,142,252

Add:

Interest income 6,311 6,233

Less:

Depreciation and amortization 314,096 265,101

Interest expense 118,880 112,035

Write-off of financing costs on extinguished debt 2,685 23,087

Provision for income taxes 320,853 263,759

Net income attributable to CBRE Group, Inc. $ 547,132 $ 484,503

Note: Local currency percentage changes are calculated by comparing current-period results at prior-period exchange rates versus prior-period results.

SELECTED FINANCIAL RESULTS



ROBERT E. SULENTICPresident and Chief Executive Officer

GIL BOROKExecutive Vice President, Deputy Chief Financial Officer and Chief Accounting Officer

WILLIAM F. CONCANNONChief Executive Officer, Global Workplace Solutions

T. RITSON FERGUSONChief Executive Officer, CBRE Global Investors

CALVIN W. FRESE, JR.Chief Executive Officer, Americas

JAMES R. GROCHChief Financial Officer and Global Director of Corporate Development

J. CHRISTOPHER KIRKExecutive Vice President and Chief Administrative Officer

MICHAEL J. LAFITTEChief Operating Officer

LAURENCE H. MIDLERExecutive Vice President, General Counsel and Secretary

DIRECTORS & OFFICERS

Richard C. Blum D, E

Chairman, Blum Capital Partners, L.P.

Michael Kantor C, E

Partner, Mayer Brown LLP

Christopher T. Jenny C

Senior AdvisorParthenon-EY

Gary L. Wilson A, C*, E

Private Investor and General Partner, Manhattan Pacific Partners

Curtis F. Feeny A*, C

Managing Director, Voyager Capital

Robert E. Sulentic D

President and Chief Executive Officer, CBRE Group, Inc.

Paula R. ReynoldsPresident and Chief Executive Officer, PreferWest, LLC

Brandon B. Boze A, B

Partner, ValueAct Capital

Frederic V. Malek B*

Chairman, Thayer Lodging Group

Gerardo I. Lopez C

President and Chief Executive Officer, Extended Stay America

Ray Wirta D*

Chairman of the Board, CBRE Group, Inc.;President, Investment Properties Group, The Irvine Company and Chief Executive Officer, The Koll Company

Bradford M. Freeman B, C

Founding Partner, Freeman Spogli & Co. Inc.

Laura D. Tyson A

Professor, Walter A. Haas School of Business, University of California, Berkeley

A Audit and Finance CommitteeB Compensation CommitteeC Governance CommitteeD Executive CommitteeE Not Standing for Re-Election at 2016 Annual Meeting of Stockholders* Committee Chair

Board of Directors

Executive Officers



SHAREHOLDER INFORMATION

CBRE Group, Inc.400SouthHopeStreet25thFloorLosAngeles,CA90071213.613.3333

Independent AuditorsKPMG LLP550SouthHopeStreetLosAngeles,CA90071

Registrar and Stock Transfer AgentIf you are a registered shareholder and have a question about your account, or would like to report a change in your name or address, please contact:

Broadridge Corporate Issuer Solutions, Inc.1155LongIslandAvenueEdgewood,NY11717

Telephone Inquiries: 855.627.5086TTY for Hearing Impaired: 855.627.5080Foreign Shareowners: 720.378.5662TTY Foreign Shareowners: 720.399.2074

[email protected]

CBRE Group, Inc. Class A Common Stock trades under the symbol CBG on the New York Stock Exchange.

CommonStockPriceThe high and low prices per share of Common Stock are set forth below for Fiscal Year 2015.

High Low1Q $38.99 $31.752Q $39.77 $36.363Q $38.76 $30.854Q $38.49 $31.14

The closing share price for our Class A Common Stock on December 31, 2015, as reported by the New York Stock Exchange, was $34.58.

Shareholder InquiriesShareholder inquiries, including requests for annual reports, may be made in writing to:

CBRE Group, Inc.InvestorRelationsDepartment200ParkAvenueNewYork,[email protected]

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