Sectorwatch: Commercial Real Estate Services March 2020 Commercial Real Estate Services March 2020 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of • Commentary on market momentum by valuation multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public sector companies

3 Dashboard

Operating Metrics

Revenue Growth Momentum Median LTM GP Margin % 38.1% 1 - year revenue growth compared to revenue growth -0.04 average for last 3 years Current revenue growth rate is less than the average of the last 3 years, indicating Median LTM Rev. Growth % 8.3% that the market may be flattening or declining

Median LTM EBITDA Margin % 11.2% Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % 0% 10% 20% 30% 40% 50% 0.01% average for last 3 years Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation

Median Price / LTM Earnings 10.8x Profitability Momentum 1 - year EBITDA % compared to EBITDA % average for Median TEV / LTM EBIT 10.5x 0.69% last 3 years Current EBITDA margin exceeds the average of the last 3 years EBITDA margin Median TEV / LTM EBITDA by this amount, a condition that may attract new entrants 7.2x

Median TEV / LTM Revenue 0.8x

0x 2x 4x 6x 8x 10x 12x

4 Public Basket

Rev TEV / LTM Growth EBITDA TEV / EBITDA Rev / Company TEV $m Rev $m YoY GP % % Rev X X # FTEs FTE $k

Marcus & Millichap, Inc. 870 806 -1% 38% 13% 1.1 7.8 877 920 Savills plc 1,604 2,556 10% N/A 9% 0.7 6.6 38,367 67 Newmark Group, Inc. 2,163 2,218 8% N/A 13% 1.0 6.2 3,800 584 Colliers International Group Inc. 3,087 3,046 8% 36% 11% 1.1 7.5 15,250 200 Cushman & Wakefield plc 5,343 8,751 6% 20% 6% 0.6 7.6 53,000 165 Jones Lang LaSalle Incorporated 7,511 10,031 10% 69% 12% 0.7 5.3 93,400 107 CBRE Group, Inc. 15,956 23,894 12% 22% 8% 0.7 7.0 100,000 239

Average 5,219 7,329 8% 37% 10% 0.8 6.9 43,528 326 Median 3,087 3,046 8% 36% 11% 0.7 7.0 38,367 200 share price as of 27Mar20

Note: Savills and the Newmark Group do not report gross profit 5 Public Basket Valuation Trends

14x Public EBITDA Multiples over Time 15x

12x 10x

5x 10x

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Dec-15 Dec-17 Dec-19 Dec-16 Dec-18

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 8x 10.0x Mar-15 TEV/EBITDA - Median TEV/EBITDA - Average

6x Public Revenue Multiples over Time 4x 2x 2x 1x 2x 1.1x 1x 0x

Jun-16 Jun-15 Jun-17 Jun-18 Jun-19

Sep-18 Sep-19 Sep-15 Sep-16 Sep-17

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-15 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Newmark Group, Inc. Jones Lang LaSalle Incorporated

Marcus & Millichap, Inc.

Marcus & Millichap, Inc. Jones Lang LaSalle Incorporated

Colliers International Group Inc. Colliers International Group Inc.

Savills plc CBRE Group, Inc.

CBRE Group, Inc.

Cushman & Wakefield plc

Median Median

- 20% 40% 60% 80% - 5% 10% 15%

Note: Savills and the Newmark Group are excluded from the gross profit margin analysis, as they do not report gross profit 7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

CBRE Group, Inc. Marcus & Millichap, Inc.

Jones Lang LaSalle Incorporated Newmark Group, Inc.

Savills plc CBRE Group, Inc.

Newmark Group, Inc.

Colliers International Group Inc.

Cushman & Wakefield plc Cushman & Wakefield plc

Jones Lang LaSalle Incorporated Marcus & Millichap, Inc.

Median Median

(5%) - 5% 10% 15% $- $200 $400 $600 $800 $1,000

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Colliers International Savills plc Group Inc.

Newmark Group, Inc. CBRE Group, Inc.

Jones Lang LaSalle Incorporated Cushman & Wakefield plc

Cushman & Wakefield plc Jones Lang LaSalle Incorporated CBRE Group, Inc.

Newmark Group, Inc. Colliers International Group Inc.

Savills plc Marcus & Millichap, Inc.

Median Median

0 2 4 6 8 - 10 20 30 40 50 60 70 80 90 100

Note: Marcus & Millichap, Inc. is excluded from the accounts receivable, as it operates on a cash basis with low levels of accounts receivable 9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Marcus & Millichap, Inc. Cushman & Wakefield plc

Colliers International Marcus & Millichap, Inc. Group Inc.

Colliers International Newmark Group, Inc. Group Inc.

Jones Lang LaSalle CBRE Group, Inc. Incorporated

CBRE Group, Inc. Savills plc

Savills plc Newmark Group, Inc.

Jones Lang LaSalle Cushman & Wakefield plc Incorporated

Median Median

0x 1x 1x 2x 0x 5x 10x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

Colliers International Cushman & Wakefield plc Group Inc.

Colliers International Group Inc. Marcus & Millichap, Inc.

Newmark Group, Inc. Savills plc

CBRE Group, Inc. CBRE Group, Inc.

Savills plc Jones Lang LaSalle Incorporated Marcus & Millichap, Inc.

Newmark Group, Inc. Jones Lang LaSalle Incorporated

Median Median

0x 10x 20x 30x 0x 10x 20x 30x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

9x 80% 9x 14% 68.9% 12.0% 8x 70% 8x 12% 10.4% 7x 7x 60% 10% 7.8% 6x 6x 9.6% 50% 8% 6.5% 5x 5x 8.3% 35.7% 38.1% 40% 6% 4x 4x 30% 4% 3x 20.2% 3x 20% (1.0%) 2% 2x 21.8% 2x

1x - - 10% 1x 0%

5x 6x 7x 7x 7x 8x 8x 5x 6x 7x 7x 7x 8x 8x

EBITDA(x) EBITDA(x) LTM LTM GP%

0x 0% 0x -2% LTM RGR%

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

Note: Savills and the Newmark Group do not report gross profit 12 Recent Transactions

Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

19Feb20 Colvill Office Properties, LLC Cushman & Wakefield plc - - - - 5Feb20 Pinnacle Property Management Services, LLC Cushman & Wakefield plc - - - - 16Jan20 Colliers International Austin, LLC Colliers International Group Inc. - - - - 15Jan20 Assets of Hopkins Appraisal Services Newmark Group, Inc. - - - - 19Dec19 Harper Dennis Hobbs Ltd. Newmark Group, Inc. - - - - 8Nov19 REATA Real Estate Services, LP CBRE Group, Inc. - - - - 7Nov19 Brokerage Division Of NAI Long Island Cushman & Wakefield plc - - - - 23Oct19 Yaron Levy Project Management CBRE Group, Inc. - - - - 19Sep19 Peloton Real Estate Partners LLC Jones Lang LaSalle Incorporated - - - - 6Aug19 Substantially All Assets of Form Real Estate Advisors Inc. Marcus & Millichap, Inc. - - - - 18Jun19 American Commercial Real Estate Specialists Group, LLC Newmark Group, Inc. - - - - 23May19 Austin operations of Peloton Commercial Real Estate, L.P. Cushman & Wakefield plc - - - - 25Apr19 Colliers International Sweden AB Colliers International Group Inc. - - - - 10Apr19 Colliers International Charlotte Colliers International Group Inc. - - - - 10Apr19 NAI MLG Commercial, LLC Newmark Group, Inc. - - - - 18Mar19 HFF, Inc. Jones Lang LaSalle Incorporated 2,054.61 635.32 - - 5Mar19 Florida Valuation Group, Inc. CBRE Group, Inc. - - - - 7Dec18 Cite Partners, LLC Jones Lang LaSalle Incorporated - - - - 28Nov18 Martel Maides Ltd Savills plc - - - - 14Nov18 Continental Real Estate Companies Commercial Properties Colliers International Group Inc. - - - - Corp. 12Nov18 CB Richard Ellis of Virginia, Inc. (nka:Colliers International Colliers International Group Inc. 15.90 - - - Virginia) 11Oct18 JP Case & Co Property Services Ltd/ Knutsford Branch of Savills plc - - - - Meller Braggins Ltd 1Oct18 Assets of Primecorp Commercial Realty Inc. Marcus & Millichap, Inc. - - - - 3Oct18 Niöra Real Estate, SL Colliers International Group Inc. - - - - 1Oct18 KIG CRE, LLC Cushman & Wakefield plc - - - - 13Sep18 Valuations Business of Knight Frank Australia Pty Ltd. Cushman & Wakefield plc - - - - 11Sep18 Landmark Properties Colliers International Group Inc. - - - - 31Aug18 McGill Commercial, Inc. Marcus & Millichap, Inc. - - - - 4Sep18 CB Richard Ellis - Ne Partners, LP CBRE Group, Inc. - - - - 16Aug18 San Antonio Operations of Peloton Commercial Real Estate, CBRE Group, Inc. - - - - L.P. 2Aug18 Northwest Atlantic (Canada) Inc. Jones Lang LaSalle Incorporated - - - - 23Jul18 Integra Realty Resources Offices in Denver and Pasadena Newmark Group, Inc. - - - - 31May18 Middle East Business of Cluttons LLP Savills plc - - - - 29May18 Robert K. Futterman & Associates, LLC Newmark Group, Inc. - - - - 9May18 Third-Party Property Management Portfolio of Broadgate Savills plc 18.33 - - - Estates Limited

13 Commercial Real Estate Services March 2020 APPENDIX:

Public Basket

Constituents

2x Marcus & Millichap, Inc. 1x Marcus & Millichap, Inc., a brokerage company, provides 0x real estate investment brokerage and financing services to sellers and buyers of commercial real estate in the United States and Canada. The company offers commercial real TEV/Revenue Average estate investment sales, financing, research, and advisory services for multifamily, retail, office, and industrial EBITDA Multiples - Marcus & Millichap, Inc. properties, as well as hospitality, self-storage, seniors 20x housing, land, and manufactured housing properties. It also 15x operates as a broker of debt financing for commercial 10x properties. In addition, the company provides various 5x ancillary services, including research, and advisory and 0x consulting services to developers, lenders, owners, real estate investment trusts, high net worth individuals, pension fund advisors, and other institutions. Marcus & Millichap, Inc. was founded in 1971 and is headquartered in Calabasas, TEV/EBITDA Average California. P/E Multiples - Marcus & Millichap, Inc. Date Key Development Headline 40x 1/16/20 Marcus & Millichap Seeks Acquisitions 30x 10/7/19 Marcus & Millichap, Inc. (NYSE:MMI) completed the acquisition of substantially all assets of Form Real Estate 20x Advisors Inc. 10x 8/5/19 Marcus & Millichap, Inc. (NYSE:MMI) entered into a definitive agreement to acquire substantially all assets of Form Real 0x Estate Advisors Inc. 5/7/19 Marcus & Millichap Intends To Seek Acquisitions

P/E Average

15 Public Basket Revenue Multiples - Savills plc 1.5x

1.0x Savills plc 0.5x Savills plc, together with its subsidiaries, provides real 0.0x estate services in the Americas, the United Kingdom, Continental Europe, the Asia Pacific, Africa, and the Middle East. The company advises on commercial, residential, TEV/Revenue Average rural, and leisure property; and offers corporate finance advice, investment management, and a range of property EBITDA Multiples - Savills plc related financial services. It operates through four 15x segments: Transaction Advisory, Consultancy, Property and 10x Facilities Management, and Investment Management. Savills plc was founded in 1855 and is headquartered in London, the 5x United Kingdom. 0x

Date Key Development Headline 3/11/20 Savills plc (LSE:SVS) acquired Macro Consultants LLC. TEV/EBITDA Average 2/18/20 Savills Announces Joint Venture with Cannabis Specialists P/E Multiples - Savills plc 25x 20x 15x 10x 5x 0x

P/E Average

16 Public Basket Revenue Multiples - Newmark Group, Inc. 3.0x

2.0x Newmark Group, Inc. 1.0x Newmark Group, Inc. provides commercial real estate 0.0x services in the United States and internationally. The company’s investor/owner services and products include capital markets, such as investment sales; and agency TEV/Revenue Average leasing, property management, valuation and advisory, and diligence and underwriting, as well as government sponsored EBITDA Multiples - Newmark Group, Inc. enterprise lending, loan servicing, debt and structured 20x finance, loan sales, mortgage broking and equity-raising 15x under the Newmark Knight Frank name. Its occupier 10x services and products comprise tenant representation, real 5x estate management technology systems, workplace and 0x occupancy strategy, global corporate services consulting, project management, lease administration, and facilities management. The company provides its services to commercial real estate tenants, owner-occupiers, investors, TEV/EBITDA Average and developers. The company was founded in 1929 and is headquartered in New York, New York. P/E Multiples - Newmark Group, Inc. 50x Date Key Development Headline 40x 1/14/20 Newmark Group, Inc. (NasdaqGS:NMRK) acquired assets 30x from Hopkins Appraisal Services. 20x 12/18/19 Newmark Group, Inc. (NasdaqGS:NMRK) acquired Harper 10x Dennis Hobbs Ltd. 10/1/19 Newmark Group, Inc. (NasdaqGS:NMRK) acquired KONTOR, 0x Inc. 6/18/19 Newmark Group, Inc. (NasdaqGS:NMRK) acquired Newmark Grubb Acres Commercial Real Estate from ACRES Holdings, LLC. P/E Average

17 Public Basket Revenue Multiples - Colliers International Group Inc. 2.0x 1.5x Colliers International Group Inc. 1.0x 0.5x Colliers International Group Inc. provides commercial real 0.0x estate services to corporations, financial institutions, governments, and individuals worldwide. The company’s Sales and Lease Brokerage division offers transaction brokerage services, including landlord representation, tenant TEV/Revenue Average representation, and capital markets and investment EBITDA Multiples - Colliers International Group Inc. services, as well as property management, leasing, and 20x valuations. This division provides its services for various 15x asset classes, including office, industrial, retail, multi-family, hotel, and mixed-use properties. Its Outsourcing & Advisory 10x Services division offers portfolio management, transaction 5x and project management, workplace solutions, strategic 0x consulting, property and asset management, and other corporate real estate services, as well as lease administration and facilities management systems. The TEV/EBITDA Average company was founded in 1972 and is based in Toronto, Canada. 250x P/E Multiples - Colliers International Group Inc. Date Key Development Headline 200x 3/8/20 Colliers International Group Inc. (TSX:CIGI) entered into an 150x agreement to acquire unknown stake in Maser Consulting 100x P.A. 50x 1/15/20 Colliers International Group Inc. (TSX:CIGI) acquired Colliers 0x International Austin, LLC. 12/18/19 Colliers International Group Inc. (TSX:CIGI) agreed to acquire stakes in Dougherty Mortgage LLC, Dougherty & Company LLC, Dougherty Funding LLC and Dougherty P/E Average Insurance Agency LLC from Dougherty Financial Group LLC.

18 Public Basket

Cushman & Wakefield plc Revenue Multiples - Cushman & Wakefield plc Cushman & Wakefield plc provides commercial real estate 1.0x services under the Cushman & Wakefield brand in the 0.8x Americas, the Asia Pacific, Europe, the Middle East, and 0.6x Africa. It offers integrated facilities management, project 0.4x and development, portfolio administration, transaction 0.2x management, and strategic consulting services; property 0.0x management services, including client accounting, engineering and operations, lease compliance administration, project and development, and sustainability TEV/Revenue Average services; and janitorial, maintenance, critical environment management, landscaping, and office services. It serves real estate owners and occupiers. Cushman & Wakefield plc was EBITDA Multiples - Cushman & Wakefield plc founded in 1784 and is headquartered in Chicago, Illinois. 30x 20x Date Key Development Headline 10x 3/1/20 Cushman & Wakefield plc (NYSE:CWK) completed the acquisition of Pinnacle Property Management Services, LLC 0x from Hunt Companies, Inc. and others. 2/18/20 Cushman & Wakefield plc (NYSE:CWK) acquired Colvill Office Properties. 2/4/20 Cushman & Wakefield plc (NYSE:CWK) entered into a definitive agreement to acquire Pinnacle Property TEV/EBITDA Average Management Services, LLC from Hunt Companies, Inc. and others. 1/12/20 Cushman & Wakefield plc (NYSE:CWK) acquired acht+ Baumanagement + Immobilienberatung GmbH. 11/6/19 Cushman & Wakefield plc (NYSE:CWK) acquired brokerage division of NAI Long Island.

19 Public Basket 2x Revenue Multiples - Jones Lang LaSalle Incorporated 2x 1x Jones Lang LaSalle Incorporated 1x 0x Jones Lang LaSalle Incorporated, a professional services company, provides commercial real estate and investment management services worldwide. It offers a range of real estate services, including agency leasing, project and TEV/Revenue Average development management/construction, capital markets, property management, corporate finance, real estate EBITDA Multiples - Jones Lang LaSalle Incorporated investment banking/merchant banking, energy and 15 sustainability, research, facility management outsourcing, 10 strategic consulting, technology solutions, advisory, investment management, tenant representation, lease 5 administration, transaction management, logistics and 0 supply-chain management, valuations, and mortgage origination and servicing. Jones Lang LaSalle Incorporated was founded in 1997 and is headquartered in Chicago, TEV/EBITDA Average Illinois. Date Key Development Headline 3/25/20 Jones Lang LaSalle Incorporated (NYSE:JLL) entered into a 40 P/E Multiples - Jones Lang LaSalle Incorporated sale and purchase agreement to acquire 90% stake in 30 Huizhou Yuanwang Science and Technology Industrial Park Development Co., Ltd. from China Yupei Logistics Property 20 Development Co., Ltd for approximately CNY 320 million. 10 12/1/19 MVGM Vastgoedmanagement B.V. completed the acquisition 0 of European property management business from Jones Lang LaSalle Incorporated (NYSE:JLL). 11/5/19 Jones Lang LaSalle Incorporated (NYSE:JLL) cancelled the acquisition of Scully Capital Services Inc. and Federal P/E Average Advisory division from Value Recovery Group, Inc.

20 Revenue Multiples - CBRE Group, Inc. Public Basket 2x 2x 1x CBRE Group, Inc. 1x 0x CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia TEV/Revenue Average Pacific; Global Investment Management; and Development Services segments. The company offers strategic advice and EBITDA Multiples - CBRE Group, Inc. execution to owners, investors, and occupiers of real estate 15x in connection with leasing; integrated property sales, and mortgage and structured financing services under the CBRE 10x Capital Markets brand; and valuation services that include 5x market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting 0x services, such as property condition reports, hotel advisory, and environmental consulting. CBRE Group, Inc. was founded in 1906 and is headquartered in Los Angeles, California. TEV/EBITDA Average

P/E Multiples - CBRE Group, Inc. Date Key Development Headline 30x 2/19/20 CBRE Group, Inc. (NYSE:CBRE) acquired Sociedad Anonima 25x De Electrificaciones Y Suministros. 20x 1/7/20 CBRE Group, Inc. (NYSE:CBRE) acquired Co.Ve.Ri. Srl. 15x 1/5/20 CBRE Group, Inc. (NYSE:CBRE) acquired NEF, Inc. 10x 11/7/19 CBRE Group, Inc. (NYSE:CBRE) acquired Reata Real Estate 5x Services, LP. 0x 10/22/19 CBRE Group, Inc. (NYSE:CBRE) acquired Yaron Levy Project Management. 10/6/19 CBRE Group, Inc. (NYSE:CBRE) acquired i Consulting SA. P/E Average

21 Contact Information 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Mark Landry, Managing Director 561.972.0609 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Ben Garber, Vice President 412.626.7898 [email protected]

Nicholas Prendergast, Vice President 704.973.3995 [email protected]

Garth Martin, Vice President 704.973.3997 [email protected]

Ariail Barker, Director, Sales & Marketing 704.981.2908 [email protected]

Emily Halstenberg, Marketing & Sales Coordinator 704.409.9912 [email protected]

Marty Johnson, Senior Associate 704.973.3999 [email protected]

Sydney Scadden, Senior Associate 704.973.3998 [email protected]

Steve Buffington, Associate 704.960.1828 [email protected]

Dennis Fox, Associate 704.706.9168 [email protected]

Daniel Kim, Associate 704.912.4584 [email protected]

Olufunke Abass, Associate 704.285.8171 [email protected]

Robin Siegel, Analyst 704.490.4714 [email protected]