1. Presentation to:
XXXXXX XX, 2007

2. CB Richard Ellis | Page 2
Bank of China
I. Current situation
II. Market Overview
 Midtown Leasing
 Property Sales
III. CBRE Overview
Agenda

3. CB Richard Ellis | Page 3
Current Situation
 Own and occupy property at 410 Madison Avenue
 Building information:
• Market/Submarket: Midtown / Fifth / Madison
• Year built: 1964
• Total square footage: 58,395 SF
—Office: 51,555 sf
—Retail: 6,840 sf
• Floors: 8 - 7,000 sf each
• Unused air rights: 49,073 sf
 Downtown Branch – 42 East Broadway
Bank of China - New York Offices

4. CB Richard Ellis | Page 4
Midtown
Park
5th / Madison
East Side
6th / Rock Ctr.
Times Square/
West Side
Times Square
South
Grand Central
Plaza
April 2007
K E Y

5. CB Richard Ellis | Page 5
Midtown
217
59
42
43
110
75
22
87
472
53
168
113
878
236
174
52
Park
5th/Madison
East Side
6th/Rock
TS/West Side
TS South
Grand Central
Plaza
K E Y
Total Leased:
2007 655
2006 2,146
60 Month Average
1,231
April 2007
Leasing Activity March 1 – April 1

6. CB Richard Ellis | Page 6
Midtown
Leasing Activity Year-to-Date 2007
582
226
269
144
542
416
92
458
1,095
317
438
255
1,182
581
474
225
Park
5th/Madison
East Side
6th/Rock
TS/West Side
TS South
Grand Central
Plaza
Total Leased:
2007 2,729
2006 4,567
2005 3,902
2004 5,309
April 2007
K E Y

7. CB Richard Ellis | Page 7
Midtown
21
-47
-137
149
-19
-50
-35
30
136
-4
-281
-61
-4
199
94
56
Thousands of Square Feet
Park East Side TS/ West Side Grand Central
5th/Madison 6th/Rock TS South Plaza
K E Y
Total Absorption:
2007 -88
2006 135
April 2007
Net Absorption March 1 – April 1

8. CB Richard Ellis | Page 8
Midtown
Net Absorption Year-to-Date 2007
142
-140
-260
47
12
-245
28
-92
354
33
-193
-358
-20
262 239
-704
Thousands of Square Feet
Park East Side TS/ West Side Grand Central
5th/Madison 6th/Rock TS South Plaza
K E Y
Total Absorption:
2007 -508
2006 -387
2005 -2,382
2004 1,386
April 2007

9. CB Richard Ellis | Page 9
Midtown
27.2
10.4
36.9
13.9
27.4
40.3
18.2
9.5
Park
5th/Madison
East Side
6th/Rock
TS/West Side
TS South
Grand Central
Plaza
Millions of Square Feet
Total Available SF:
16.8
Availability Rate:
8.4% 4/1/07
8.3% 3/1/07
Available
Committed
April 2007
K E Y
1.4/ 11.6%
4.1 / 10.0%
1.5 / 10.1%
2.0 / 6.9%
3.4 / 7.7%
1.6 / 8.0%
1.0 / 9.3%
1.8 / 6.2%
Available Space by Segment

10. CB Richard Ellis | Page 10
Midtown
6.2%
10.0%10.1%
6.9%
7.7%8.0%
9.3%
11.6%
6.3%
7.4%
8.1% 7.8% 7.7%
10.4%
11.7%11.8%
Park 5th/Madison East Side 6th/Rock TS/West Side TS South Grand Central Plaza
4/1/06 8.9% 6.3% 7.4% 8.1% 7.8% 7.7% 11.8% 11.7% 10.4%
3/1/07 8.3% 5.7% 8.9% 8.1% 8.1% 7.0% 9.9% 9.9% 11.3%
Park
6th/Rock
Center
Times Sq/
West Side
TS
South
Grand
Central Plaza
East
Side
5th/
MadisonComposite
4/1/07 8.4% 6.2% 9.3% 8.0% 7.7% 6.9% 10.1% 10.0% 11.6%
Availability Rate by Segment

11. CB Richard Ellis | Page 11
Midtown
4/1/05 11.1% 7.8% 12.5% 15.1% 10.1% 6.9% 12.2% 14.5% 11.7%
4/1/06 8.9% 6.3% 7.4% 8.1% 7.8% 7.7% 11.8% 11.7% 10.4%
4/1/07 8.4% 6.2% 9.3% 8.0% 7.7% 6.9% 10.1% 10.0% 11.6%
Park
6th/Rock
Center
Times Sq/
West Side
TS
South
Grand
Central Plaza
East
Side
5th/
MadisonComposite
4/1/03 11.9% 9.8% 12.9% 13.7% 9.0% 9.9% 12.7% 15.5% 14.3%
4/1/04 12.6% 9.8% 13.1% 16.0% 12.3% 8.7% 13.1% 14.6% 16.6%
4/1/02 9.3% 7.7% 11.2% 11.3% 5.9% 5.0% 13.5% 11.6% 16.4%
4/1/01 5.0% 4.3% 7.4% 5.2% 3.0% 4.0% 8.0% 6.0% 6.7%
4/1/00 4.9% 2.4% 6.7% 7.3% 2.8% 3.7% 6.4% 6.3% 8.8%
4/1/99 8.0% 7.9% 9.2% 6.6% 4.8% 5.5% 8.2% 13.0% 8.2%
4/1/98 8.6% 8.5% 8.8% 7.4% 3.7% 5.0% 10.2% 15.6% 9.1%
Availability Rate by Segment

12. CB Richard Ellis | Page 12
KEY
Direct
Sublet
0
2
4
6
8
10
12
14
16
18
20
22
24
26
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 4/1/07
Available Space - Direct and Sublet
Midtown
April 2007
7.5%
8.0%
6.3%
3.9%
8.3%
11.0%
13.4%
10.1%
8.8%
8.2%
8.4%
1.8%
5.7%
2.2%
5.8%
1.3%
5.0%
.8%
3.1%
3.3%
5.0%
4.8%
6.2%
3.4%
8.5%
4.9%
6.7%
2.4%
6.4%
2.3%
5.9%
2.3%
6.1%

13. CB Richard Ellis | Page 13
Park
5th/Madison
East Side
6th/Rock
TS/West Side
TS South
Grand Central
Plaza
Available Space – Direct vs. Sublet
KEY
Total Avail. RSF (mm):
16.8
Avg. Availability Rate:
8.4%
Direct 6.1%
Sublet 2.3%
April 2007
9.7%
6.2%
9.3%
8.0%
7.7%
6.9%
10.1%
10.0%
11.6%
7.1% 2.2%
1.9%
6.1% 1.9%
4.8% 2.9%
5.7% 1.2%
8.8% 1.3%
7.9% 2.1%
Midtown
2.8% 3.4%

14. CB Richard Ellis | Page 14
1,747
2,663
2,597
3,559
3,869
2,322
Over 250,000
100,000-249,999
50,000-99,999
25,000-49,999
10,000-24,999
0-9,999
17
38
107
251
444
Thousands of Square Feet
Total Available SF:
16,757
Total Blocks:
861
April 2007
K E Y
Midtown
Size Distribution of Available Space
4
229 West 43rd Street 622,935 sf
380 Madison Avenue 449,172 sf
1271 A/A 376,157 sf
340 Madison Avenue 279,000 sf
April 2007

15. CB Richard Ellis | Page 15
Midtown
Average Asking Rent
$94.67
$65.04
$46.71
$72.66
$83.82
$67.91
$86.39
$93.29
$67.99
$62.08
$51.15
$60.53
$50.13
$78.70
$53.08
$38.21
Park 5th/Madison East Side 6th/Rock TS/West Side TS South Grand Central Plaza
Park
6th/Rock
Center
Times Sq/
West Side
TS
South
Grand
Central Plaza
East
Side
5th/
MadisonComposite
4/1/06 $56.51 $67.99 $62.08 $51.15 $60.53 $50.13 $38.21 $53.08 $78.70
4/1/07 $74.14 $94.67 $86.39 $67.91 $83.82 $72.66 $46.71 $65.04 $93.29
3/1/07 $69.99 $90.80 $84.01 $65.81 $77.33 $68.58 $45.37 $60.88 $89.31

16. CB Richard Ellis | Page 16
Midtown
Park
6th/Rock
Center
Times Sq/
West Side
TS
South
Grand
Central Plaza
East
Side
5th/
MadisonComposite
Average Asking Rent
4/1/05 $50.88 $66.30 $55.33 $44.92 $55.68 $45.68 $34.29 $47.88 $70.11
4/1/07 $74.14 $94.67 $86.39 $67.91 $83.82 $72.66 $46.71 $65.04 $93.29
4/1/06 $56.51 $67.99 $62.08 $51.15 $60.53 $50.13 $38.21 $53.08 $78.70
4/1/04 $50.53 $56.83 $54.86 $47.02 $53.86 $49.21 $32.85 $45.91 $71.53
4/1/03 $51.62 $58.00 $58.81 $44.01 $53.41 $44.21 $35.04 $51.68 $67.81
4/1/02 $57.11 $69.77 $62.23 $50.46 $62.03 $49.12 $38.50 $51.78 $76.16
4/1/01 $60.84 $78.23 $64.94 $56.78 $66.03 $54.79 $40.25 $59.11 $88.96
4/1/00 $50.67 $62.21 $57.48 $50.53 $52.41 $49.65 $34.02 $48.17 $68.58
4/1/99 $46.71 $54.05 $50.76 $44.61 $52.11 $43.09 $29.36 $43.64 $60.69
4/1/98 $39.32 $45.46 $42.62 $39.45 $41.77 $31.31 $25.39 $38.06 $54.99

17. CB Richard Ellis | Page 17
Midtown
Average Asking Rents - Direct and Sublet
$30
$35
$40
$45
$50
$55
$60
$65
$70
$75
96 97 98 99 00 01 02 03 04 05 4/1/07
Figures are year-end unless otherwise noted
$ / RSF
KEY
Direct
Sublet
April 2007
$75.49
$70.09

18. CB Richard Ellis | Page 18
Midtown
33.8%
894
K E Y
18.8%
496
Thousands of Square Feet
32.1%
850
15.3%
489
Total Leased SF:
2,729
Total Units:
270
0-9,999 193
10-24,999 56
25-49,999 14
50-99,999 7
100-249,999 0
Over 250,000 0
April 2007
Size Distribution of Leased Space Year to Date 2007

19. CB Richard Ellis | Page 19
Tenant Address RSF
Davis Polk & Wardwell 450 Lexington Avenue 650,088
Towers Perrin 335 Madison Avenue 98,974
TeleRep, Inc. 885 Second Avenue 80,640
Amerada Hess Corporation 1185 Avenue of the Americas 53,522
Premiere Radio Network, Inc. 1270 Avenue of the Americas 45,787
Blue Rock Editing Company 575 Lexington Avenue 39,620
ABP Investments, Inc. 666 Third Avenue 38,676
TOTAL 1,007,307
2007 Year to Date Renewals Greater Than 25,000 SF
* SF represents renewal portion of deal. Transaction has additional expansion SF
Renewal SF is not counted in statistical leasing activity.
Midtown

20. CB Richard Ellis | Page 20
Midtown
Initial Taking Rents as a Percentage of Asking Rents
60%
70%
80%
90%
100%
Apr-04Jun-04Aug-04
O
ct-04Dec-04Feb-05
Apr-05Jun-05Aug-05
O
ct-05Dec-05Feb-06
Apr-06Jun-06Aug-06
O
ct-06Dec-06Feb-07
Apr-07
KEY
96% 4/1/07
95% 3/1/07
92% 1/1/06
89% 1/1/05
87% 1/1/04
April 2007
86%
96%
The graph represents a weighted 6-month rolling average.
Based on transactions 10,000 SF and greater.
87% 88%
86%

21. CB Richard Ellis | Page 21
Raw Space
$0
$10
$20
$30
$40
$50
$60
0 2 4 6 8 10 12 14
Average $36.07psf
4.54 months free
Midtown
Concession Values for Leases of 10,000 sf or Greater
T.I.
Allowance
KEY
Raw Space
April 2007
Months of Rent
Abatement
Based on 3 month rolling average

22. CB Richard Ellis | Page 22
CB Richard Ellis + Trammell Crow Company
 In December 2006, CBRE merged with Trammell Crow Company to create a real
estate services firm with unprecedented scale, scope and service offerings
 The merger of these market-leading firms leverages the complementary strengths
and skills of two world-class organizations
 The combined entity enhances the depth, breadth and quality of services that
CBRE offers to its clients
 CBRE now possesses the most comprehensive service offering, broadest
geographic reach, sharpest market intelligence and brightest talent in the industry
 CBRE has the market-leading position in the following service areas:
• Investment Sales
• Leasing
• Corporate Services
• Property & Facilities Management
• Project Management
Combined Company Overview
• Appraisal and Advisory
• Debt and Equity Finance
• Development and Investment
• Investment Management

23. CB Richard Ellis | Page 23
CB Richard Ellis
Global Overview – Year End 2006
 24,000+ employees (excluding approximately 5,000 partner and affiliate employees)
 Operates 400+ offices (including partner and affiliate offices) in more than
50 countries
 Completed 60,000+ sales and lease transactions valued at $224.6 billion (combined
CBRE and Trammell Crow Company activity)
• 47,450 lease transactions valued at $65 billion
• 13,200 property sales transactions valued at $159.6 billion
 1.7+ billion square feet of property and corporate facilities under management
(combined CBRE and Trammell Crow Company as well as partner and affiliate
company portfolios)
 $28.6 billion in investment assets under management
 $5.4 billion of active development projects in process
 $20.7 billion in loan originations and $95.4 billion in loan servicing (reflects loans
serviced by GEMSA, a joint venture between CBRE│Melody and GE Capital Real
Estate)
 59,850 valuation and advisory assignments

24. CB Richard Ellis | Page 24
CB Richard Ellis
Americas Overview – Year End 2006
 19,250+ employees operating in more than 200 offices (including partner and
affiliate companies)
 Completed 41,900 sales and lease transactions with a total value of
$130.7 billion (combined CBRE and Trammell Crow Company activity)
• 34,200 lease transactions with a total value of $48.2 billion
• 7,700 property sales transactions with a total value of $82.5 billion
 1.13 billion square feet of property and corporate facilities under management
(combined CBRE and Trammell Crow Company as well as partner and affiliate
company portfolios)
 $13.7 billion in investment assets under management
 $5.4 billion of active development projects in process
 $20.7 billion in loan originations and $94 billion in loan servicing (reflects loans
serviced by GEMSA, a joint venture between CBRE│Melody and GE Capital Real
Estate)
 25,000 valuation and advisory assignments

25. CB Richard Ellis | Page 25
International Office Locations
CB Richard Ellis

26. CB Richard Ellis | Page 26
CB Richard Ellis
South Africa
Bloemfontein
Cape Town
Durban
Johannesburg
Klerksdorp
Nelspruit
Polokwane
Port Elizabeth
Pretoria
South Korea
Seoul
Spain
Barcelona
Madrid
Malaga
Marbella
Palma de Mallorca
Valencia
Sweden
Gothenburg
Stockholm
Switzerland
Zurich
Taiwan
Taipei
Thailand
Bangkok
Phuket
Turkey
Istanbul
Argentina
Buenos Aires
Australia
Adelaide
Brisbane
Cairns
Canberra
Chermside
Gold Coast
Ipswich
Melbourne
Milton
Mulgrave
North Sydney
Parramatta
Perth
South Sydney
Sunshine Coast
Sydney
Townsville
Tweed heads
Underwood
Austria
Vienna
Belgium
Brussels
Croatia
Zagreb
Botswana
Gaborone
Brazil
Rio De Janeiro
Sao Paulo
Bulgaria
Sophia
Canada
Calgary
Edmonton
Halifax
Kitchener
London
Montreal
Oakville
Ottawa
Saint John
Toronto
Vancouver
Windsor
Winnipeg
Chile
Santiago
China
Beijing
Chengdu
Guangzhou
Hong Kong
Shanghai
Czech Republic
Prague
Denmark
Aarhus
Copenhagen
Kolding
Finland
Helsinki
France
Aix-en-Provence
Angers
Annecy
Avignon
Bordeaux
Caen
Chambery
Clermont Ferrand
Grenoble
Le Havre
Le Mans
Lyon
Lille
Marseille
Metz
Montlucon
Montpellier
Montreuil
Montrouge
Mulhouse
Nancy
Nantes
Neuilly sur Seine
Nice
Orleans
Paris
Rennes
Rouen
Saint Denis
Saint Nazaire
Sophia Antipolis
Strasbourg
Toulouse
Germany
Berlin
Frankfurt
Hamburg
Munich
Greece
Athens
Thessaloniki
Hungary
Budapest
India
Bangalore
Chennai
Hyperabad
Mumbai (Bombay)
New Delhi
Pune
Indonesia
Jakarta
Ireland
Dublin
Israel
Tel Aviv
Italy
Milan
Rome
Japan
Chiba
Fukuoka
Hiroshima
Kanazawa
Kobe
Kyoto
Matsuyama
Nagoya
Okayama
Osaka
Saitama
Sapporo
Sendai
Shinjuku
Shizuoka
Tachikawa
Takamatsu
Tokyo
Yokohama
Kenya
Nairobi
Mexico
Garza Garcia
Mexico City
Monterrey
Queretaro
Netherlands
Amsterdam
The Hague
Hoofdorp
New Zealand
Auckland
Christchurch
North Auckland
Wellington
Norway
Oslo
Panama
Panama City
Peru
Lima
Philippines
Manila
Poland
Krakow
Poznan
Warsaw
Portugal
Lisbon
Korea
Seoul
Romania
Bucharest
Russia
Moscow
Singapore
Singapore
Uganda
Kampala
United Kingdom
Belfast
Birmingham
Bournemouth
Bristol
Edinburgh
Glasgow
Jersey
Leeds
Liverpool
London
Manchester
Southhampton
United States
(197 Offices)
Venezuela
Caracas
Puerto la Cruz
Vietnam
Hanoi
Ho Chi Minh City
Zimbabwe
Bulawayo
Harare
International Office Locations

27. CB Richard Ellis | Page 27
 More than 1,000 employees and over 350 sales professionals in eight
metropolitan area offices
 Total transaction value of $26.8 billion for leasing and sales in 2006
• 2,157 leasing transactions valued at $14.4 billion
• 219 property sales transactions valued at $12.4 billion
 $2 billion in loan originations
 44 million square feet of property and corporate facilities under management
CB Richard Ellis
Tri-State Overview – Year End 2006*
*Combined CBRE and Trammell Crow Company

28. CB Richard Ellis | Page 28
CB Richard Ellis
 Number one commercial real estate firm in New York City
 More than 200 brokers in two Manhattan offices - Midtown and Downtown
 Completed 25 of the 50 largest leases, including six of the top ten, and eight of
the top 25 sales transactions in New York City in 2006
 Recipient of REBNY’s 2004 Henry Hart Rice Achievement Award for the
representation of Rodale for its lease at 733 Third Avenue
 Awarded REBNY’s inaugural Edward S. Gordon Award in 2005 for the
representation of the Research Foundation in its purchase of 230 West 34th
Street
 Since 1994, recipient of the prestigious Henry Hart Rice Award six times and
the Robert T. Lawrence Memorial Award five times – REBNY’s premier
dealmaking awards
Manhattan Overview – Year End 2006

29. CB Richard Ellis | Page 29
Valuation
and Advisory
Corporate
Services
Debt &
Equity
Finance
Client
Strategies
Investment
Properties
Asset
Services
Project
Management
Development
& Investment
Client
CB Richard Ellis
Lines of Business
Brokerage

30. CB Richard Ellis | Page 30
 Comprehensive and specialized services
combined with local market expertise and
global reach
 Market knowledge complemented by
proprietary, in-house research databases
 Organizational structure harnesses
firm’s collective expertise
 Intellectual capital and technology
resources deliver superior analytical,
research and service tools
 Proven track record of meeting diverse
client needs
Advantages
CB Richard Ellis

31. CB Richard Ellis | Page 31
Research Services
 Provides listings, transaction terms, lease
comparables, property details and historical
data and trends
 Proprietary databases track:
• leasing, investment sales, valuation,
taxes and operating expenses
• tenant lease and occupancy information
• current tenants in the market
 Combines data collected from the firm’s
proprietary databases with third-party
sources to provide the most accurate and
up-to-date market information
 Tracks office, industrial and retail data for
leasing and sales as well as hotel, multi-housing
and other specialty sectors in selected markets

32. CB Richard Ellis | Page 32
Leasing Brokerage / Agency Services
 41,600 leasing transactions valued at $46.2 billion
globally in 2005*
 Tenant representation services:
• current situation analysis and planning
• development of viable options
• comparative analysis of market availabilities
• implementation of selected alternative
• project management services for
tenant fit-out
 Agency representation services:
• investment analysis
• strategic planning
• property positioning
• marketing and leasing
• project management
*Combined CBRE and Trammell Crow Company activity.

33. CB Richard Ellis | Page 33
Process Overview
Real Estate Market Overview
Establish
Project
Committees
Agree on
Company
Objectives
Personnel Data,
Space Stds.,
Adjacencies,
Infrastructure
Financial
Parameters
Real Estate
Market
Overview
DEFINED
OPPORTUNITY
SCENARIO
PLANNING
NEEDS
PROFILE
Strategy
Selection
Market
Engagement
Lease
Transaction
Phase I Phases II and III

34. CB Richard Ellis | Page 34
Traditional Brokerage CB Richard Ellis Organization
Organization Comparison
Senior Broker
Franchise
Senior Broker Senior Broker
Junior Broker Junior Broker Junior BrokerJunior Broker Junior Broker
Salesperson
Analyst
Salesperson
Analyst
Salesperson Salesperson Salesperson
Salesperson
Analyst
Salesperson
Analyst
CBRE Approach