CBRE Holding, Inc. Reports Third Quarter 2002 Results.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--Nov. 6, 2002

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 and nine months ended September 30, 2002.

Revenue totaled $284.9 million for the third quarter ended September 30, 2002, compared to $276.2 million for the third quarter ended September 30, 2001. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the third quarter totaled $27.6 million, a $3.6 million or 15.2% increase from last year's same period results.

Revenue totaled $793.8 million for the nine months ended September 30, 2002, which represents a $39.7 million or 4.8% decrease from the prior year. EBITDA for the nine months ended September 30, 2002 was $72.1 million, a $13.6 million or 23.3% increase from the prior year.

On November 7, 2002, at 9:00 a.m. Pacific time, the Company will hold a conference call with its bondholders to discuss its results for the quarter ended September 30, 2002. To access the call, dial 800/230-1951, and request CB Richard Ellis Third Quarter 2002 Earnings (outside the United States, please call 612/332-0226). A transcript of the call will be available on www.cbre.com for review within seven working days of the call.

Headquartered in Los Angeles, CBRE Holding, Inc. is one of the world's leading real estate services companies. With approximately 9,300 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 2001. For more information about CB Richard Ellis, visit the Company's website at www.cbre.com.

This release contains forward-looking statements concerning expectations for future revenues, cost reductions and earnings performance. These statements reflect the company's current plans and expectations and are based on information currently available to it. They rely on a number of assumptions and estimates, which could prove to be inaccurate, and which are subject to risks and uncertainties that could cause the Company's actual results to vary materially from the results anticipated. CB Richard Ellis undertakes no obligation to update publicly or revise any forward-looking statements. These statements are qualified by reference to the Company's 2001 Annual Report and Form 10-K and its quarterly reports on Form 10-Q.

                          CBRE HOLDING, INC.
                          OPERATING RESULTS
   FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                        (Dollars in thousands)
                             (Unaudited)

                               Three Months Ended   Nine Months Ended
                                    Sept. 30,           Sept. 30,
                                 2002      2001      2002      2001

Revenue from real estate
 services                      $284,928  $276,153  $793,811  $833,500

Costs and expenses:
 Commissions, fees and other
  incentives                    137,510   133,803   368,537   389,908
 Operating, administrative and
  other                         119,852   118,424   353,223   385,136
 Depreciation and amortization    6,404     8,302    18,107    31,444
 Merger-related and other
  nonrecurring charges                -    19,795        50    25,403
 Total costs and expenses       263,766   280,324   739,917   831,891

Operating income (loss)          21,162    (4,171)   53,894     1,609
Interest income                   1,275     1,248     2,673     3,320
Interest expense                 15,420    15,297    46,341    35,485

Income (loss) before provision
 for income tax                   7,017   (18,220)   10,226   (30,556)
Provision for income tax          5,136     9,455     6,596     2,216

Net income (loss)              $  1,881  $(27,675) $  3,630  $(32,772)

EBITDA excluding merger-
 related and other
 nonrecurring charges          $ 27,566  $ 23,926  $ 72,051  $ 58,456

EBITDA margin excluding
 merger-related and other
 nonrecurring charges               9.7%      8.7%      9.1%      7.0%



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

                                                 Sept. 30,   Dec. 31,
                                                   2002        2001

Assets:
 Cash and cash equivalents                        $18,463     $57,447
 Warehouse receivable (2)                          63,940     106,790
 Other current assets                             209,171     215,681
 Property and equipment, net                       62,896      68,451
 Goodwill and other intangible assets, net        673,535     647,660
 Deferred taxes, non current                       31,947      54,002
 Cash surrender value of insurance policies,
  deferred compensation plan                       59,466      69,385
 Other assets                                     148,132     140,101

Total assets                                   $1,267,550  $1,359,517

Liabilities:
 Current liabilities, excluding debt             $201,189    $258,271
 Warehouse line of credit (2)                      63,940     106,790
 Revolver and swingline credit facility             7,000           -
 Senior secured term loan tranche A                40,625      46,250
 Senior secured term loan tranche B               182,687     184,075
 11 1/4% senior subordinated notes                225,889     225,737
 Other debt (3)                                    66,337      65,396
 Deferred compensation liability                   96,453     105,104
 Other long-term liabilities                       51,439      46,661

Total liabilities                                 935,559   1,038,284

Minority Interest                                   4,602       4,296

Stockholders' equity                              266,252     257,281
Mezzanine notes                                    61,137      59,656

Total stockholders' equity                        327,389     316,937

Total liabilities and stockholders' equity     $1,267,550  $1,359,517


(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 $63.9 million and $106.8 million at
    September 30, 2002 and December 31, 2001, respectively.

(3) Includes non-recourse debt relating to a building investment in
    Japan of $39.7 million and $37.2 million at September 30, 2002 and
    December 31, 2001, respectively.