CBRE Holding, Inc. Reports Improved First Quarter 2003 Results.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--May 14, 2003

CBRE Holding, Inc., parent corporation of CB Richard Ellis Services, Inc., one of the world's leading real estate services companies, today reported its results for the three months ended March 31, 2003.

Revenue totaled $263.7 million for the first quarter ended March 31, 2003 as compared to $224.0 million for the first quarter ended March 31, 2002. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the first quarter totaled $17.0 million, a $6.5 million or 61.9% increase from last year's same period results.

On May 15, 2003, at 7:00 a.m. Pacific time, the Company will hold a conference call with its bondholders to discuss its results for the quarter ended March 31, 2003. To access the call, dial 800-553-0288, access code 684878 (outside the United States, please call 612-333-4911). A transcript of the call will be available at www.cbre.com for review for twelve months after the call.

Headquartered in Los Angeles, CBRE Holding, Inc. is one of the world's leading real estate services companies. With approximately 9,500 employees, the Company serves real estate owners, investors and occupiers throughout approximately 250 owned and affiliated offices in 47 countries. The Company's core services portfolio includes property sales, leasing and management, corporate services, facilities and project management, mortgage banking, investment management, capital markets, appraisal and valuation, research and consulting. The Company reported net revenues of $1.17 billion in 2002. For more information about CB Richard Ellis, visit the Company's website at www.cbre.com.

                          CBRE HOLDING, INC.
                           OPERATING RESULTS
          FOR THE THREE MONTHS ENDED MARCH 31, 2003 AND 2002
                        (Dollars in thousands)
                              (Unaudited)

                                                   Three Months Ended
                                                        March 31,
                                                     2003      2002

 Revenue from real estate services                 $263,724  $223,990

 Costs and expenses:
 Cost of services                                   123,599    99,054
 Operating, administrative and other                126,175   115,853
 Depreciation and amortization                        6,171     7,592
 Equity income from unconsolidated subsidiaries      (3,063)   (2,005)
 Merger-related and other nonrecurring charges           --       582

 Total costs and expenses                           252,882   221,076
 Operating income                                    10,842     2,914
 Interest income                                      1,075       864
 Interest expense                                    14,324    16,017
 Loss before benefit for income tax                  (2,407)  (12,239)
 Benefit for income tax                              (1,060)   (6,144)
 Net loss                                          $ (1,347) $ (6,095)
 EBITDA                                            $ 17,013  $ 10,506
 EBITDA margin                                          6.5%      4.7%


 EBITDA is calculated as follows:
                                                    Three Months Ended
                                                         March 31,
                                                      2003      2002

 Operating income                                  $ 10,842  $  2,914

 Add:
 Depreciation and amortization                        6,171     7,592

 EBITDA                                            $ 17,013  $ 10,506

--  EBITDA represents earnings before net interest expense, income
    taxes, depreciation and amortization of intangible assets relating
    to acquisitions. Management believes that the presentation of
    EBITDA will enhance a reader's understanding of the Company's
    operating performance. EBITDA is also a measure used by senior
    management to evaluate the performance of the Company's various
    lines of business and for other required or discretionary
    purposes, such as the use of EBITDA as a significant component
    when measuring performance under the Company's employee incentive
    programs. Additionally, many of the Company's debt covenants are
    based upon a measure similar to EBITDA. EBITDA should not be
    considered as an alternative to (i) operating income determined in
    accordance with accounting principles generally accepted in the
    United States or (ii) operating cash flow determined in accordance
    with accounting principles generally accepted in the United
    States. The Company's calculation of EBITDA may not be comparable
    to similarly titled measures reported by other companies.


                  CB RICHARD ELLIS SERVICES, INC. (1)
                 CONDENSED CONSOLIDATED BALANCE SHEETS
                        (Dollars in thousands)
                              (Unaudited)

                                              March 31,   December 31,
                                                2003         2002

Assets:
  Cash and cash equivalents                    $19,288      $79,574
  Warehouse receivable (2)                      11,625       63,140
  Other current assets                         207,107      223,351
  Property and equipment, net                   66,706       66,634
  Goodwill and other intangible assets, net    667,382      668,219
  Deferred taxes, non current                   36,297       36,376
  Deferred compensation assets                  63,396       63,642
  Other assets                                 134,346      139,169
Total assets                                $1,206,147   $1,340,105

Liabilities:
  Current liabilities, excluding debt         $211,563     $288,891
  Warehouse line of credit (2)                  11,625       63,140
  Revolver and swingline credit facility        13,500           --
  Senior secured term loan tranche A            36,875       38,750
  Senior secured term loan tranche B           181,762      182,225
  11 1/4% senior subordinated notes            225,998      225,943
  Other debt (3)                                61,733       60,988
  Deferred compensation liability              106,549      106,252
  Other long-term liabilities                   45,048       43,301
Total liabilities                              894,653    1,009,490

Minority Interest                                5,727        5,615

  Stockholders' equity                         243,168      263,137
  Mezzanine notes                               62,599       61,863

Total stockholders' equity                     305,767      325,000
Total liabilities and stockholders' equity  $1,206,147   $1,340,105

(1) CB Richard Ellis Services, Inc. is a wholly owned subsidiary of
    CBRE Holding, Inc.

(2) Includes Freddie MAC loan receivables and related non-recourse
    warehouse line of credit of $11.6 million and $63.1 million at
    March 31, 2003 and December 31, 2002, respectively.

(3) Includes non-recourse debt relating to a building investment in
    Japan of $39.4 million and $40.0 million at March 31, 2003 and
    December 31, 2002, respectively.