<SEC-DOCUMENT>0001193125-18-172133.txt : 20180523
<SEC-HEADER>0001193125-18-172133.hdr.sgml : 20180523
<ACCEPTANCE-DATETIME>20180523170033
ACCESSION NUMBER:		0001193125-18-172133
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180518
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180523
DATE AS OF CHANGE:		20180523

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CBRE GROUP, INC.
		CENTRAL INDEX KEY:			0001138118
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE [6500]
		IRS NUMBER:				943391143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32205
		FILM NUMBER:		18855677

	BUSINESS ADDRESS:	
		STREET 1:		400 SOUTH HOPE STREET
		STREET 2:		25TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-613-3333

	MAIL ADDRESS:	
		STREET 1:		400 SOUTH HOPE STREET
		STREET 2:		25TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CB RICHARD ELLIS GROUP INC
		DATE OF NAME CHANGE:	20040217

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CBRE HOLDING INC
		DATE OF NAME CHANGE:	20010411
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d510412d8k.htm
<DESCRIPTION>8-K
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<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 OR 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): May&nbsp;18, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>CBRE GROUP, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-32205</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">94-3391143</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>400 South Hope Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>25<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Los Angeles, California</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>90071</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(213) <FONT STYLE="white-space:nowrap">613-3333</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s Telephone Number, Including Area Code </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
Name or Former Address, if Changed Since Last Report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12(b))</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company, as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> is filed by CBRE Group, Inc., a Delaware
corporation (the &#147;Company&#148;), in connection with the matters described herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.02</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </B></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;18, 2018, the Company&#146;s Board of Directors (the &#147;Board&#148;) appointed Dara A. Bazzano as the Company&#146;s Chief
Accounting Officer (&#147;CAO&#148;), effective immediately. Arlin E. Gaffner, who filled this role on an interim basis since November 2017, will focus full-time on his responsibilities as Chief Financial Officer of the Company&#146;s Americas
business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Bazzano, age 49, joined the Company as Senior Vice President, Global Finance in April 2018. Prior to joining the
Company, Ms.&nbsp;Bazzano served as the Chief Accounting Officer at The Gap Inc., a public global clothing and accessories retailer, from May 2017 to April 2018 and as Vice President and Corporate Controller from July 2013 to April 2018. Prior to
that, Ms.&nbsp;Bazzano served as an Assurance Partner at PricewaterhouseCoopers LLP from March 2011 to June 2013 and an Audit Partner at KPMG LLP from January 2006 to March 2011. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There are no arrangements or understandings between Ms.&nbsp;Bazzano and any other persons pursuant to which Ms.&nbsp;Bazzano was selected as
the CAO of the Company. There are no family relationships between Ms.&nbsp;Bazzano and any director or executive officer of the Company, and Ms.&nbsp;Bazzano has no direct or indirect material interest in any transaction required to be disclosed
pursuant to Item 404(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> promulgated under the Securities Exchange Act of 1934, as amended, nor are any such transactions currently proposed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Bazzano will earn an annual base salary of $475,000, and will be eligible for an annual target bonus of $325,000 and an annual target
equity award of $350,000 (all <FONT STYLE="white-space:nowrap">pro-rated</FONT> for any partial periods). Upon joining the Company, Ms.&nbsp;Bazzano received a <FONT STYLE="white-space:nowrap">one-time</FONT> equity award of $500,000 on the same
vesting and other terms as the strategic equity awards received by other senior executives described in the Company&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed on December&nbsp;1, 2017, including the requirement
that Ms.&nbsp;Bazzano execute a restrictive covenants agreement. Ms.&nbsp;Bazzano also received a $500,000 transition equity award which will vest ratably over a four-year period, beginning on the first anniversary of the grant date, subject to the
terms of the Company&#146;s 2017 Equity Incentive Plan. In addition, Ms.&nbsp;Bazzano received a signing bonus of $50,000 and is eligible for a relocation bonus of $200,000. Ms.&nbsp;Bazzano will be required to repay 100% of the signing bonus and
relocation bonus if she resigns from the Company prior to the third anniversary of her start date. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.03</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;On
May&nbsp;18, 2018, the Company held its 2018 Annual Meeting of Stockholders (the &#147;Annual Meeting&#148;). At the Annual Meeting, the Company&#146;s stockholders approved an amendment to its Amended and Restated Certificate of Incorporation (the
&#147;Charter&#148; and, as so amended, the &#147;Amended Charter&#148;) to allow one or more stockholders owning at least 25% in aggregate voting power of our shares to request a special stockholder meeting. The material features of the amendment
to our Charter and corresponding amendments to our Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> and an explanation of the reasons for such amendments are described in &#147;Proposal 4&#151;Approve an Amendment to our
Certificate of Incorporation to Reduce (to 25%) the Stock-Ownership Threshold Required for Stockholders to Request a Special Stockholder Meeting&#148; on pages <FONT STYLE="white-space:nowrap">70-72</FONT> of our Definitive Proxy Statement on
Schedule 14A filed on April&nbsp;5, 2018 (the &#147;Proxy Statement&#148;) in connection with the Annual Meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Our Board approved the
amendment to the Charter on February&nbsp;16, 2018, but adoption of the amendment was subject to approval of our stockholders at the Annual Meeting. The amendment to the Charter became effective on May&nbsp;18, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As discussed in Proposal 4 to our Proxy Statement, our Board approved certain amendments to our Amended and Restated <FONT
STYLE="white-space:nowrap">By-Laws</FONT> (the <FONT STYLE="white-space:nowrap">&#147;By-Laws&#148;</FONT> and, as so amended, the &#147;Amended <FONT STYLE="white-space:nowrap">By-Laws&#148;)</FONT> on February&nbsp;16, 2018. The Amended <FONT
STYLE="white-space:nowrap">By-Laws</FONT> became effective upon the filing of the Amended Charter with the Secretary of State of the State of Delaware on May&nbsp;18, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Amended Charter is filed as Exhibit 3.1 hereto and incorporated herein by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the Amended <FONT STYLE="white-space:nowrap">By-Laws</FONT> is filed as Exhibit 3.2 hereto and incorporated herein by reference.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The description of the Amended Charter and Amended <FONT STYLE="white-space:nowrap">By-Laws</FONT> contained on pages <FONT
STYLE="white-space:nowrap">70-72</FONT> of our Proxy Statement and the related Annexes B and C to the Proxy Statement are incorporated herein by reference. </P>

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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;5.07</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Submission of Matters to a Vote of Security Holders. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">As noted above, the Company held its Annual Meeting on May&nbsp;18, 2018. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">The voting results from the Annual Meeting were as follows: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top">Each of the following 10 directors was elected to our Board of Directors, to serve until the next annual meeting of stockholders in 2019 or until their respective successors are elected and qualified. Each director
received the number of votes set forth below. For each director, there were 12,751,051 broker <FONT STYLE="white-space:nowrap">non-votes.</FONT> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Abstain</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Brandon B. Boze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,458,270</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">734,433</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beth F. Cobert</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">287,070,137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,123,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,414</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Curtis F. Feeny</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">284,882,625</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,308,505</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,574</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Christopher T. Jenny</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,777,480</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">414,126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,098</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gerardo I. Lopez</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">288,589,309</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">601,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99,551</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Paula R. Reynolds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">284,173,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,018,907</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">98,196</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert E. Sulentic</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,107,227</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">89,623</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">93,854</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Laura D. Tyson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,088,341</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">107,174</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95,189</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Ray Wirta</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">286,254,138</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,939,163</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">97,403</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sanjiv Yajnik</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289,035,199</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153,852</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">101,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top">The ratification of the appointment of KPMG LLP as our independent registered public accounting firm for 2018 was approved by a vote of 296,236,849 shares in favor, 5,695,286 shares against and 109,620 shares
abstaining. There were no broker <FONT STYLE="white-space:nowrap">non-votes</FONT> on this proposal. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top">The advisory approval of named executive officer compensation for the fiscal year ended December&nbsp;31, 2017 was approved by a vote of 280,537,864 shares in favor, 8,611,846 shares against and 140,994 shares
abstaining. There were 12,751,051 broker <FONT STYLE="white-space:nowrap">non-votes</FONT> on this proposal. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top">The amendment to our Charter was approved by a vote of 259,766,530 shares in favor, 1,733,642 shares against and 27,790,532 shares abstaining. There were 12,751,051 broker
<FONT STYLE="white-space:nowrap">non-votes</FONT> on this proposal. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top">A nonbinding stockholder proposal regarding the stock ownership threshold necessary for our stockholders to call special stockholder meetings was not approved. This stockholder proposal received a vote of 129,480,418
shares in favor, 159,534,927 shares against and 275,359 abstaining. There were 12,751,051 broker <FONT STYLE="white-space:nowrap">non-votes</FONT> on this proposal. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;7.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Regulation FD Disclosure. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;21, 2018, the Company issued a press release
announcing the appointment of Ms.&nbsp;Bazzano as the Company&#146;s new CAO. We have attached a copy of that press release as Exhibit 99.1 hereto and incorporate it by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information included in this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> under this Item 7.01 (including Exhibit
99.1 hereto) is being &#147;furnished&#148; and shall not be deemed &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The exhibits listed below are being filed with this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit</B><br><B>No.</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d510412dex31.htm">Amended and Restated Certificate of Incorporation of CBRE Group, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d510412dex32.htm">Amended and Restated <FONT STYLE="white-space:nowrap">By-Laws</FONT> of CBRE Group, Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d510412dex991.htm">Press Release announcing the appointment of Dara A. Bazzano as Chief Accounting Officer of the Company, dated May&nbsp;21,&nbsp;2018. </A></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Furnished herewith. </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Signature </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: May&nbsp;23, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">CBRE GROUP, INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ JAMES R. GROCH</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">James R. Groch</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>d510412dex31.htm
<DESCRIPTION>EX-3.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-3.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATE OF INCORPORATION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CBRE GROUP, INC.
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">CBRE Group, Inc. (the &#147;<B>Corporation</B>&#148;), a corporation organized and existing under the laws of the State of Delaware,
hereby certifies as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The name of the Corporation is CBRE Group, Inc. The Corporation was originally incorporated under the name
&#147;BLUM CB Holding Corp.&#148; The Corporation&#146;s original certificate of incorporation was filed with the Secretary of State of the State of Delaware on February&nbsp;20, 2001. The Corporation filed Certificates of Amendment of the
Certificate of Incorporation with the Secretary of State of the State of Delaware on March&nbsp;26, 2001 and June&nbsp;4, 2001 and a Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on June&nbsp;29, 2001, in
each of the foregoing cases under the name &#147;CBRE Holding, Inc.&#148; The Corporation filed a Certificate of Amendment of the Certificate of Incorporation with the Secretary of State of the State of Delaware on February&nbsp;13, 2004 changing
the name of the Corporation to &#147;CB Richard Ellis Group, Inc.&#148; The Corporation filed a Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on May&nbsp;4, 2004, June&nbsp;7, 2004 and June&nbsp;16, 2004.
The Corporation filed a Certificate of Amendment of Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on June&nbsp;4, 2009. The Corporation filed a Certificate of Ownership and Merger with the Secretary of
State of the State of Delaware on October&nbsp;3, 2011 changing the name of the Corporation to &#147;CBRE Group, Inc.&#148; The Corporation filed an Amended and Restated Certificate of Incorporation with the Secretary of State of the State of
Delaware on May&nbsp;13, 2016. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. This Amended and Restated Certificate of Incorporation, which amends and restates the certificate of
incorporation of the Corporation in its entirety, was duly adopted by the Board of Directors and by the stockholders in accordance with Sections 103, 242 and 245 of the General Corporation Law of the State of Delaware. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The certificate of incorporation of the Corporation is amended and restated to read in its entirety as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>FIRST:</U> </B>The name of the Corporation is CBRE Group, Inc. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>SECOND:</U> </B>The registered office and registered agent of the Corporation is The Corporation Trust Company, 1209 Orange Street,
Wilmington, New Castle County, Delaware 19801. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>THIRD:</U> </B>The purpose of the Corporation is to engage in any lawful act or
activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the &#147;<B>DGCL</B>&#148;). </P>

<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><B>FOURTH:</B></U> (1)&nbsp;The total number of shares of all classes of capital stock that
the Corporation shall have authority to issue is 550,000,000, consisting of (a)&nbsp;25,000,000&nbsp;shares of Preferred Stock, $0.01 par value per share (&#147;<B>Preferred Stock</B>&#148;), and (b)&nbsp;525,000,000 shares of Class&nbsp;A common
stock, $0.01 par value per share (&#147;<B>Common Stock</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) The number of authorized shares of Preferred Stock or Common
Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority in voting power of the stock of the Corporation entitled to vote thereon irrespective of the
provisions of Section&nbsp;242(b)(2) of the DGCL (or any successor provision thereto), and no vote of the holders of any of the Common Stock or the Preferred Stock voting separately as a class shall be required therefor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The Board of Directors is hereby expressly authorized, by resolution or resolutions, to provide, out of the unissued shares of Preferred
Stock, for series of Preferred Stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers (if any) of the shares of such series, and the preferences and
relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series. The powers, preferences and relative, participating, optional and other special rights of
each series of Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) (a) Each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on
all matters on which stockholders generally are entitled to vote; provided, however, that, except as otherwise provided in Section (2)&nbsp;of this Article Fourth or as otherwise required by law, holders of Common Stock, as such, shall not be
entitled to vote on any amendment to this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock) that relates solely to the terms of one or more outstanding series of
Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to this Amended and Restated Certificate of Incorporation (including any
certificate of designations relating to any series of Preferred Stock) or pursuant to the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except as otherwise required by law,
holders of a series of Preferred Stock, as such, shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Amended and Restated Certificate of Incorporation (including any certificate of designations
relating to such series). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Subject to applicable law and the rights, if any, of the holders of any outstanding series of Preferred
Stock having a preference over or, the right to participate with, the Common Stock with respect to the payment of dividends, dividends may be declared and paid on the Common Stock at such times and in such amounts as the Board of Directors in its
discretion shall determine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Upon the dissolution, liquidation or winding up of the corporation, subject to the rights, if
any, of the holders of any outstanding series of Preferred Stock having a preference over, or the right to participate with, the Common Stock with respect to the distribution of assets of the Corporation upon such dissolution, liquidation or winding
up of the Corporation, the holders of the Common Stock, as such, shall be entitled to receive the assets of the Corporation available for distribution to its stockholders ratably in proportion to the number of shares held by them. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U><B>FIFTH:</B></U> In furtherance and not in limitation of the powers conferred by the DGCL, the Board of Directors shall be authorized to
make, amend, alter, change, add to or repeal the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Corporation in any manner not inconsistent with the laws of the State of Delaware, subject to the power of the stockholders to amend, alter,
change, add to or repeal the <FONT STYLE="white-space:nowrap">By-Laws</FONT> made by the Board of Directors in the manner set forth in the <FONT STYLE="white-space:nowrap">By-Laws.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>SIXTH:</U> </B>To the fullest extent permitted by the laws of the State of Delaware: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) (a) The Corporation shall indemnify any person (and such person&#146;s heirs, executors or administrators) who was or is a party or is
threatened to be made a party to any threatened, pending or completed action, suit or proceeding (brought in the right of the Corporation or otherwise), whether civil, criminal, administrative or investigative, and whether formal or informal,
including appeals, by reason of the fact that such person is or was a director or officer of the Corporation or, while a director or officer of the Corporation, is or was serving at the request of the Corporation as a director, officer, partner,
member, fiduciary, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise, for and against all expenses (including reasonable attorneys&#146; fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by such person or such heirs, executors or administrators in connection with such action, suit or proceeding, including appeals. Notwithstanding the preceding sentence, the Corporation
shall be required to indemnify a person described in such sentence in connection with any action, suit or proceeding (or part thereof) commenced by such person only if the commencement of such action, suit or proceeding (or part thereof) by such
person was authorized by the Board of Directors. The Corporation may indemnify any person (and such person&#146;s heirs, executors or administrators) who was or is a party or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding (brought in the right of the Corporation or otherwise), whether civil, criminal, administrative or investigative, and whether formal or informal, including appeals, by reason of the fact that such person is or was an
employee or agent of the Corporation or, while an employee or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, partner, member, fiduciary, trustee, employee or agent of another Corporation,
partnership, joint venture, trust, limited liability company or other enterprise, for and against all expenses (including reasonable attorneys&#146; fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such
person or such heirs, executors or administrators in connection with such action, suit or proceeding, including appeals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The
Corporation (i)&nbsp;shall promptly pay expenses incurred by any person described in the first sentence of subsection (a)&nbsp;of this Article Sixth, Section (1)&nbsp;and (ii) may pay expenses incurred by any person whom the Corporation has
determined to indemnify pursuant to the third sentence of subsection (a)&nbsp;of this Article Sixth, Section (1), in each case in defending any action, suit or proceeding in advance of the final disposition of such action, suit or proceeding,
including appeals, upon presentation of appropriate documentation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Corporation may purchase and maintain insurance on behalf of any person described in
subsection (a)&nbsp;of this Article Sixth, Section (1)&nbsp;against any liability asserted against such person, whether or not the Corporation would have the power to indemnify such person against such liability under the provisions of this Article
Sixth, Section (1)&nbsp;or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The provisions of this Article Sixth, Section (1)&nbsp;shall be applicable to all actions,
claims, suits or proceedings made or commenced after the adoption hereof, whether arising from acts or omissions to act occurring before or after its adoption. The provisions of this Article Sixth, Section (1)&nbsp;shall be deemed to be a contract
between the Corporation and each director or officer who serves in such capacity at any time while this Article Sixth, Section (1)&nbsp;and the relevant provisions of the laws of the State of Delaware and other applicable law, if any, are in effect,
and any repeal or modification hereof shall not affect any rights or obligations then existing with respect to any state of facts or any action, suit or proceeding then or theretofore existing, or any action, suit or proceeding thereafter brought or
threatened based in whole or in part on any such state of facts. If any provision of this Article Sixth, Section (1)&nbsp;shall be found to be invalid or limited in application by reason of any law or regulation, it shall not affect the validity of
the remaining provisions hereof. The rights of indemnification provided in this Article Sixth, Section (1)&nbsp;shall neither be exclusive of, nor be deemed in limitation of, any rights to which an officer or director may otherwise be entitled or
permitted by contract, this Certificate of Incorporation, vote of stockholders or directors or otherwise, or as a matter of law, both as to actions in such person&#146;s official capacity and actions in any other capacity while holding such office,
it being the policy of the Corporation that indemnification of any person whom the Corporation is obligated to indemnify pursuant to this Article Sixth, Section (1)&nbsp;shall be made to the fullest extent permitted by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) For purposes of this Article Sixth, references to &#147;other enterprises&#148; shall include employee benefit plans; references to
&#147;fines&#148; shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to &#147;serving at the request of the Corporation&#148; shall include any service as a director, officer, employee or
agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) A director of the Corporation shall not be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty
as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the Delaware General Corporation Law as the same exists or may hereafter be amended. Any amendment, modification or repeal of the
foregoing sentence shall not adversely affect any right or protection of a director of the Corporation hereunder in respect of any act or omission occurring prior to the time of such amendment, modification or repeal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>SEVENTH:</U> </B>(1)&nbsp;The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors
consisting of not less than three directors, the exact number of directors to be determined from time to time by resolution adopted by affirmative vote </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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of a majority of the Board of Directors. A director shall hold office until his or her successor shall be elected and shall qualify, subject, however, to prior death, resignation, retirement,
disqualification or removal from office. Any newly created directorship on the Board of Directors that results from an increase in the number of directors and any vacancy occurring in the Board of Directors shall be filled only by a majority of the
directors then in office, although less than a quorum, or by a sole remaining director. If any applicable provision of the DGCL expressly confers power on stockholders to fill such a directorship at a special meeting of stockholders, such a
directorship may be filled at such a meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) Notwithstanding the foregoing, whenever the holders of any one or more series of
Preferred Stock issued by the Corporation shall have the right, voting separately as a series or separately as a class with one or more such other series, to elect directors at an annual or special meeting of stockholders, the election, term of
office, removal, filling of vacancies and other features of such directorships shall be governed by the terms of this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any series of Preferred
Stock) applicable thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>EIGHTH:</U> </B>Except as otherwise required by law and subject to the rights of the holders of any
series of Preferred Stock, special meetings of stockholders of the Corporation (1)&nbsp;shall be called only by the Chair of the Board of Directors, the Chief Executive Officer or the Board of Directors pursuant to a resolution approved by the Board
of Directors and (2)&nbsp;shall be called by the Secretary of the Corporation upon the written request of holder(s) Owning (as defined below) at least 25% (in the aggregate) of the then voting power of all shares of the Corporation entitled to vote
on the matters to be brought before the proposed special meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the case of a special meeting of stockholders called pursuant to the
foregoing clause (2), the requesting holder(s) must (i)&nbsp;continue to Own (for the holding period set forth in the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Corporation from time to time) shares representing at least 25% (in the
aggregate) of the then voting power of all shares of the Corporation entitled to vote on the matters to be brought before the proposed special meeting, (ii)&nbsp;provide information in writing regarding such stockholder(s), their stock ownership and
the matters that they request to bring before the proposed special meeting and (iii)&nbsp;comply with procedures and other terms and conditions relating to special meetings as set forth in the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the
Corporation from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this Article Eighth, a holder shall be deemed to &#147;<B>Own</B>&#148; only those shares
for which it possesses both (x)&nbsp;full voting and investment rights and (y)&nbsp;a full economic interest (i.e., shares for which the holder has not only the opportunity to profit, but is also exposed to the risk of loss), which terms may be
further defined in the <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Corporation from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><U>NINTH:</U> </B>The
Corporation hereby elects to be governed by Section&nbsp;203 of the DGCL, as the same exists or may hereafter be amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned has executed this Amended and Restated Certificate of
Incorporation on this 18<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of May, 2018. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">CBRE GROUP, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ LH Midler</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Laurence H. Midler</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: Executive Vice President</TD></TR>
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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>d510412dex32.htm
<DESCRIPTION>EX-3.2
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 3.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND RESTATED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">BY-LAWS</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OF</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CBRE GROUP, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(the
&#147;<B>Corporation</B>&#148;) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dated May&nbsp;18, 2018 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STOCKHOLDERS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.&nbsp;<U>Annual Meeting</U>.&nbsp;The annual meeting of the stockholders of the Corporation for the purpose of
electing directors and for the transaction of such other business as may properly be brought before the meeting shall be held on such date, and at such time and place within or without the State of Delaware as may be designated from time to time by
the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.&nbsp;<U>Special Meeting</U>.&nbsp;(a) Special meetings of the stockholders (1)&nbsp;shall be
called only by the Chair of the Board of Directors, the Chief Executive Officer of the Corporation (the &#147;<B>Chief Executive Officer</B>&#148;) or the Board of Directors pursuant to a resolution approved by the Board of Directors and
(2)&nbsp;shall be called by the Secretary of the Corporation (the &#147;<B>Secretary</B>&#148;) upon the written request of holder(s) Owning (as defined below) at least 25% (in the aggregate) of the then voting power of all shares of the Corporation
entitled to vote on the matters to be brought before the proposed special meeting (the &#147;<B>Requisite Percent,</B>&#148; and such a special meeting, a &#147;<B>Stockholder Requested Special Meeting</B>&#148;); <I>provided</I> that such request
shall be invalid if (A)&nbsp;it relates to an item of business that is the same or substantially similar to any item of business that stockholders voted on at a meeting of stockholders that occurred within 30&nbsp;days preceding the date of such
request or (B)&nbsp;the special-meeting request is received within the period commencing 90 days prior to the anniversary of the date of the most recent annual meeting of stockholders and ending on the date of the next annual meeting of
stockholders.&nbsp;Special meetings of the stockholders shall be held at such time and place within or without the State of Delaware as may be designated from time to time by the Board of Directors; <I>provided </I>that any Stockholder Requested
Special Meeting shall be held within 120 days after the Secretary receives notice that such meeting has been called for. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For purposes of
this Article I, Section&nbsp;2, a holder shall be deemed to &#147;<B>Own</B>&#148; only those shares for which it possesses both (x)&nbsp;full voting and investment rights and (y)&nbsp;a full economic interest (<I>i.e</I>., shares for which the
holder has not only the opportunity to profit, but is also exposed to the risk of loss); <I>provided</I> that the number of shares calculated in accordance with the foregoing clauses (x)&nbsp;and (y) shall not include any shares (A)&nbsp;sold by
such person or any of its affiliates in any transaction that has not been settled or closed, (B)&nbsp;borrowed by such holder </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>


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or any of its affiliates for any purposes or purchased by such holder or any of its affiliates pursuant to an agreement to resell or (C)&nbsp;subject to any option, warrant, forward contract,
swap, contract of sale, other derivative or similar agreement entered into by such holder or any of its affiliates, whether any such instrument or agreement is to be settled with shares or with cash based on the notional amount or value of shares of
the Corporation entitled to vote at the Stockholder Requested Special Meeting, in any such case which instrument or agreement has, or is intended to have, the purpose or effect of (1)&nbsp;reducing in any manner, to any extent or at any time in the
future, such holder&#146;s or its affiliates&#146; full right to vote or direct the voting of any such shares and/or (2)&nbsp;hedging, offsetting or altering to any degree the gain or loss arising from the full economic ownership of such shares by
such holder or affiliate. A holder shall &#147;Own&#148; shares held in the name of a nominee or other intermediary so long as the holder retains the right to instruct how the shares are voted with respect to the election of directors and possesses
the full economic interest in the shares. A holder&#146;s ownership of shares shall be deemed to continue during any period in which the person has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement
that is revocable at any time by the holder. The determination of the extent to which a person &#147;Owns&#148; shares for these purposes shall be made in good faith by the Board of Directors, which determination shall be conclusive and binding on
the Corporation and its stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In order for the Secretary to call a Stockholder Requested Special Meeting, one or more written
requests for a special stockholder meeting (individually or collectively, a &#147;<B>Special Meeting Request</B>&#148;) signed and dated by the stockholder(s) of record that Own the Requisite Percent, or by persons who are acting on behalf of those
who Own the Requisite Percent, must be delivered by the requesting stockholder(s) to the Secretary at the principal executive offices of the Corporation, must set forth therein the purpose or purposes of the proposed Stockholder Requested Special
Meeting and must be accompanied by: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) the information required by paragraph (B)&nbsp;of Article I, Section&nbsp;11 of these <FONT
STYLE="white-space:nowrap">By-Laws;</FONT> and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) as to each stockholder signing such request, or if such stockholder is a nominee or
custodian, as to each beneficial owner on whose behalf such request is signed, (i)&nbsp;an affidavit signed by such person stating the number of shares of the Corporation that it Owns as of the date such request was signed and agreeing to continue
to Own at least (A)&nbsp;such number of shares or (B)&nbsp;a number of shares equal to the Requisite Percent through the date of the Stockholder Requested Special Meeting and to update and supplement such affidavit, if necessary, so that the
information provided in such affidavit regarding the number of shares that such person Owns shall be true and correct as of the record date for the Stockholder Requested Special Meeting and as of the date that is five business days prior to the
meeting or any adjournment or postponement thereof, with such update and supplement to be delivered to the Secretary at the principal executive offices of the Corporation not later than five business days after the record date for the meeting in the
case of the update and supplement required to be made as of the record date, and not later than three business days prior to the date for the meeting or any adjournment or postponement thereof in the case of the update and supplement required to be
made as of five business days prior to the meeting or any adjournment or postponement thereof; <I>provided</I> that in the event of any decrease in the number of shares of the Corporation </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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Owned by such person at any time before the Stockholder Requested Special Meeting, such person&#146;s Special Meeting Request shall be deemed revoked with respect to the shares comprising such
reduction and shall not be counted towards the calculation of the Requisite Percent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">One or more written requests for a special meeting
delivered to the Secretary shall constitute a valid Special Meeting Request only if each such written request satisfies the requirements set forth above in this clause (b)&nbsp;and has been dated and delivered to the Secretary within 60 days of the
earliest dated of such requests. If the record holder is not the signatory to the Special Meeting Request, such Special Meeting Request will not be valid unless documentary evidence from the record holder of such signatory&#146;s authority to
execute the Special Meeting Request on behalf of the record holder is supplied to the Secretary at the time of delivery of such Special Meeting Request (or within 10 business days thereafter). The determination of the validity of a Special Meeting
Request shall be made in good faith by the Board of Directors, whose determination shall be conclusive and binding on the Corporation and the stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) If none of the stockholder(s) who submitted the Special Meeting Request(s) (or their qualified representatives) appears at the Stockholder
Requested Special Meeting to present the matter or matters to be brought before the special meeting as specified in the Special Meeting Request(s), the Corporation need not present the matter or matters for a vote at the meeting, notwithstanding
that proxies in respect of such vote may have been received by the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) The stockholder seeking to call the special meeting
may revoke a Special Meeting Request by written revocation delivered to, or mailed and received by, the Secretary at any time prior to the special meeting, and any stockholder signing a Special Meeting Request may revoke such request as to the
shares that such person Owns (or as to the shares that are Owned by the person on whose behalf the stockholder is acting, as applicable), and their Special Meeting Request shall thereupon be deemed revoked; <I>provided</I> that if as a result of
such revocation(s) there are no longer any valid unrevoked Special Meeting Request(s) from stockholders who Own at least a Requisite Percent with respect to the proposed special meeting, then there shall be no requirement for the Secretary to call,
or for the Corporation to hold, a special meeting regardless of whether notice of such special meeting has been sent and/or proxies solicited for such special meeting. Further, in the event that the stockholder requesting the Stockholder Requested
Special Meeting withdraws such Special Meeting Request, there shall be no requirement for the Secretary to call, or for the Corporation to hold, such special meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.&nbsp;<U>Notice</U>.&nbsp;Except as otherwise provided by law, notice of the time, place and, in the case of a special meeting,
the purpose or purposes of the meeting of stockholders shall be delivered personally or mailed not earlier than sixty, nor less than ten, days&nbsp;previous thereto, to each stockholder of record entitled to vote at the meeting at such address as
appears on the records of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.&nbsp;<U>Quorum</U>.&nbsp;The holders of a majority in voting power of the
stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business, </P>
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except as otherwise provided by statute or by the Corporation&#146;s Amended and Restated Certificate of Incorporation as may be amended from time to time (the &#147;<B>Certificate of
Incorporation</B>&#148;); but if at any regularly called meeting of stockholders there shall be less than a quorum present, the stockholders present may adjourn the meeting from time to time without further notice other than announcement at the
meeting until a quorum shall be present or represented.&nbsp;At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the original meeting.&nbsp;If the adjournment
is for more than 30 days, or if, after the adjournment, a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.&nbsp;<U>Conduct of Meetings</U>.&nbsp;The Chair of the Board of Directors, or in the Chair&#146;s absence or at the
Chair&#146;s direction, the Chair of the Corporation&#146;s Corporate Governance and Nominating Committee, or in such Committee Chair&#146;s absence or at such Committee Chair&#146;s direction, another
<FONT STYLE="white-space:nowrap">non-management</FONT> director of the Corporation shall call all meetings of the stockholders to order and shall act as chair of such meeting.&nbsp;The Secretary of the Corporation or, in such officer&#146;s absence,
an Assistant Secretary shall act as secretary of the meeting.&nbsp;If neither the Secretary nor an Assistant Secretary of the Corporation is present, the chair of the meeting shall appoint a secretary of the meeting.&nbsp;Unless otherwise determined
by the Board of Directors prior to the meeting, the chair of the meeting shall determine the order of business and shall have the authority in his or her discretion to regulate the conduct of any such meeting, including, without limitation, by
imposing restrictions on the persons (other than stockholders of the Corporation or their duly appointed proxies) who may attend any such meeting, whether any stockholder or stockholders&#146; proxy may be excluded from any meeting of stockholders
based upon any determination by the chair of the meeting, in his or her sole discretion, that any such person has unduly disrupted or is likely to disrupt the proceedings thereat, and the circumstances in which any person may make a statement or ask
questions at any meeting of stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.&nbsp;<U>Proxies</U>.&nbsp;At all meetings of stockholders, any stockholder
entitled to vote at such meeting shall be entitled to vote in person or by proxy, but no proxy shall be voted after three years from its date, unless such proxy provides for a longer period.&nbsp;Without limiting the manner in which a stockholder
may authorize another person or persons to act for the stockholder as proxy pursuant to the General Corporation Law of the State of Delaware, the following shall constitute a valid means by which a stockholder may grant such authority: (a)&nbsp;a
stockholder may execute a writing authorizing another person or persons to act for the stockholder as proxy, and execution of the writing may be accomplished by the stockholder or the stockholder&#146;s authorized officer, director, employee or
agent signing such writing or causing his or her signature to be affixed to such writing by any reasonable means including, but not limited to, by facsimile signature; or (b)&nbsp;a stockholder may authorize another person or persons to act for the
stockholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram, or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service
organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission, <I>provided</I> that any such telegram, cablegram or other means of electronic transmission must either set forth or be
submitted with information from which it can be determined that the telegram, cablegram or other electronic transmission was authorized by the stockholder.&nbsp;If it is determined that such telegrams, cablegrams or other electronic transmissions
are valid, the judge or judges of stockholder votes or, if there are no such judges, such other persons making that determination shall specify the information upon which they relied. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any copy, facsimile telecommunication or other reliable reproduction of the writing or
transmission created pursuant to the preceding paragraph of this Section&nbsp;6 may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used,
<I>provided</I> that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Proxies shall be filed with the Secretary of the meeting prior to or at the commencement of the meeting to which they relate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.&nbsp;<U>Voting</U>.&nbsp;When a quorum is present at any meeting, the vote of the holders of a majority in voting power of the
stock present in person or represented by proxy and entitled to vote on the matter shall decide any question brought before such meeting, unless the question is one upon which by express provision of statute or of the Certificate of Incorporation or
these <FONT STYLE="white-space:nowrap">By-Laws</FONT> a different vote is required, in which case such express provision shall govern and control the decision of such question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.&nbsp;<U>Record Dates</U>.&nbsp;In order that the Corporation may determine the stockholders (a)&nbsp;entitled to notice of or
to vote at any meeting of stockholders or any adjournment thereof or (b)&nbsp;entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or
exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date
(i)&nbsp;in the case of clause (a)&nbsp;above, shall not be more than sixty nor less than ten days before the date of such meeting and (ii)&nbsp;in the case of clause (b)&nbsp;above, shall not be more than sixty days prior to such action.&nbsp;If
for any reason the Board of Directors shall not have fixed a record date for any such purpose, the record date for such purpose shall be determined as provided by law.&nbsp;Only those stockholders of record on the date so fixed or determined shall
be entitled to any of the foregoing rights, notwithstanding the transfer of any such stock on the books of the Corporation after any such record date so fixed or determined. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.&nbsp;<U>Inspection of Stockholders List</U>.&nbsp;The officer of the Corporation who has charge of the stock ledger of the
Corporation shall prepare and make at least ten days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the
number of shares registered in the name of each stockholder.&nbsp;Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the
meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of meeting, or, if not so specified, at the place where the meeting is to be held.&nbsp;The list shall also be produced at the
time and kept at the place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.&nbsp;<U>Judges of Stockholder Votes</U>.&nbsp;The Board of Directors, in advance
of all meetings of the stockholders, shall appoint one or more judges of stockholder votes, who may be stockholders or their proxies, but not directors of the Corporation or candidates for office.&nbsp;In the event that the Board of Directors fails
to so appoint judges of stockholder votes or, in the event that one or more judges of stockholder votes previously designated by the Board of Directors fails to appear or act at the meeting of stockholders, the chair of the meeting may appoint one
or more judges of stockholder votes to fill such vacancy or vacancies.&nbsp;Judges of stockholder votes appointed to act at any meeting of the stockholders, before entering upon the discharge of their duties, shall be sworn faithfully to execute the
duties of judge of stockholder votes with strict impartiality and according to the best of their ability and the oath so taken shall be subscribed by them.&nbsp;Judges of stockholder votes shall, subject to the power of the chair of the meeting to
open and close the polls, take charge of the polls, and, after the voting, shall make a certificate of the result of the vote taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.&nbsp;<U>Notice and Information Requirements</U>.&nbsp;(A)<I>&nbsp;Annual Meetings of
Stockholders.</I>&nbsp;(1)&nbsp;Nominations of persons for election to the Board of Directors of the Corporation (other than directors to be nominated by any series of Preferred Stock, voting separately as a class, or pursuant to the
Securityholders&#146; Agreement (as defined below)) and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders only (a)&nbsp;pursuant to the Corporation&#146;s notice of meeting (or any
supplement thereto), (b)&nbsp;by or at the direction of the Chair of the Board of Directors or the Board of Directors, (c)&nbsp;by any stockholder of the Corporation who is entitled to vote at the meeting, who complied with the notice procedures set
forth in paragraphs (A)(2)&nbsp;and (A)(3)&nbsp;of this Article&nbsp;I, Section&nbsp;11 and who was a stockholder of record at the time such notice is delivered to the Secretary of the Corporation or (d)&nbsp;by any stockholder of the Corporation
who meets the requirements of and complies with the procedures set forth in Article 1, Section&nbsp;12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;For nominations or other
business to be properly brought before an annual meeting by a stockholder pursuant to clause (c)&nbsp;of paragraph (A)(1)&nbsp;of this Article&nbsp;I, Section&nbsp;11, the stockholder must have given timely notice thereof in writing to the Secretary
of the Corporation, and any such proposed business other than nominations of persons for election to the Board of Directors must constitute a proper matter for stockholder action. To be timely, a stockholder&#146;s notice shall be delivered to the
Secretary at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary date of the preceding year&#146;s annual meeting; <I>provided</I>,<I> however</I>, that in the event that the
date of the annual meeting is more than 30 days before, or more than 70 days after such anniversary date, notice by the stockholder to be timely must be so delivered not earlier than the close of business on the 120<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day prior to such annual meeting and not later than the close of business on the later of the 90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day prior to such annual meeting or the tenth
day following the day on which public announcement of the date of such meeting is first made.&nbsp;Such stockholder&#146;s notice shall set forth (a)&nbsp;as to each person whom the stockholder proposes to nominate for election or <FONT
STYLE="white-space:nowrap">re-election</FONT> as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in an election contest, or is otherwise required, in each
case </P>
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pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended (the &#147;<B>Exchange Act</B>&#148;), including such person&#146;s written consent to being named in the proxy
statement as a nominee and to serving as a director if elected; (b)&nbsp;as to any other business that the stockholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of
the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> the language of the proposed
amendment), the reasons for conducting such business at the meeting and any material interest in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made; (c)&nbsp;as to the stockholder giving the
notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (i)&nbsp;the name and address of such stockholder, as they appear on the Corporation&#146;s books and records, and of such beneficial owner, (ii)&nbsp;the
class or series and number of shares of capital stock of the Corporation which are owned beneficially and of record by such stockholder and such beneficial owner, (iii)&nbsp;a representation that the stockholder is a holder of record of stock of the
Corporation entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to propose such business or nomination and (iv)&nbsp;a representation whether the stockholder or the beneficial owner, if any, intends or is part
of a group which intends (x)&nbsp;to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation&#146;s outstanding capital stock required to approve or adopt the proposal or elect the nominee and/or
(y)&nbsp;otherwise to solicit proxies from stockholders in support of such proposal or nomination; (d)&nbsp;a description of any agreement, arrangement or understanding with respect to the nomination or proposal and/or the voting of shares of any
class or series of stock of the Corporation between or among the stockholder giving the notice, the beneficial owner, if any, on whose behalf the nomination or proposal is made, any of their respective affiliates or associates and/or any others
acting in concert with any of the foregoing (collectively, &#147;<B>proponent persons</B>&#148;); and (e)&nbsp;a description of any agreement, arrangement or understanding (including without limitation any contract to purchase or sell, acquisition
or grant of any option, right or warrant to purchase or sell, swap or other instrument) the intent or effect of which may be (i)&nbsp;to transfer to or from any proponent person, in whole or in part, any of the economic consequences of ownership of
any security of the Corporation, (ii)&nbsp;to increase or decrease the voting power of any proponent person with respect to shares of any class or series of stock of the Corporation and/or (iii)&nbsp;to provide any proponent person, directly or
indirectly, with the opportunity to profit or share in any profit derived from, or to otherwise benefit economically from, any increase or decrease in the value of any security of the Corporation.&nbsp;A stockholder providing notice of a proposed
nomination for election to the Board of Directors or other business proposed to be brought before a meeting (whether given pursuant to this paragraph (A)(2) or paragraph (B)&nbsp;of this Article I, Section&nbsp;11) shall update and supplement such
notice from time to time to the extent necessary so that the information provided or required to be provided in such notice shall be true and correct as of the record date for the meeting and as of the date that is 15 days prior to the meeting or
any adjournment or postponement thereof; such update and supplement shall be delivered in writing to the Secretary at the principal executive offices of the Corporation not later than 5 days after the record date for the meeting (in the case of any
update and supplement required to be made as of the record date), and not later than 10 days prior to the date for the meeting or any adjournment or postponement thereof (in the case of any update and supplement required to be made as of 15 days
prior to the meeting or any adjournment or postponement thereof).&nbsp;The Corporation may require any proposed nominee to furnish such other information as it may reasonably require to determine the eligibility of such proposed nominee to serve as
a director of the Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;Notwithstanding anything in the second sentence of paragraph (A)(2)&nbsp;of this
Article&nbsp;I, Section&nbsp;11 to the contrary, in the event that the number of directors to be elected to the Board of Directors of the Corporation at an annual meeting is increased, and there is no public announcement naming all of the nominees
for director or specifying the size of the increased Board of Directors made by the Corporation at least 100 days prior to the first anniversary of the preceding year&#146;s annual meeting, a stockholder&#146;s notice required by this
Article&nbsp;I, Section&nbsp;11 shall also be considered timely, but only with respect to nominees for any new positions created by such increase, if it shall be delivered to the Secretary at the principal executive offices of the Corporation not
later than the close of business on the tenth day following the day on which such public announcement is first made by the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B)&nbsp;<I>Special Meetings of Stockholders</I>.&nbsp;Only such business shall be conducted at a special meeting of stockholders as shall
have been brought before the meeting (1)&nbsp;in the case of a meeting called by the Chair of the Board of Directors, the Chief Executive Officer or the Board of Directors pursuant to a resolution approved by the Board of Directors, pursuant to the
Corporation&#146;s notice of meeting pursuant to Article&nbsp;I, Section&nbsp;3 of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> or (2)&nbsp;in the case of a Stockholder Requested Special Meeting upon the written request of holder(s) Owning
the Requisite Percent, as shall have been proposed by such holder(s) pursuant to a notice setting forth the information required pursuant to paragraph (A)(2)&nbsp;of this Article I, Section&nbsp;11, and such other purposes as shall be directed by
the Board of Directors, in each case as set forth in the Corporation&#146;s notice of meeting pursuant to Article&nbsp;I, Section&nbsp;3 of these <FONT STYLE="white-space:nowrap">By-Laws.&nbsp;Nominations</FONT> of persons for election to the Board
of Directors may be made at a special meeting of stockholders at which directors are to be elected pursuant to the Corporation&#146;s notice of meeting (i)&nbsp;by or at the direction of the Board of Directors (or stockholder(s)&nbsp;pursuant to
Article&nbsp;Eighth of the Certificate of Incorporation) or (ii)&nbsp;provided that the Board of Directors (or stockholder(s)&nbsp;pursuant to Article&nbsp;Eighth of the Certificate of Incorporation) has determined that directors shall be elected at
such meeting, by any stockholder of the Corporation who is entitled to vote at the meeting, who complies with the notice procedures set forth in this Article&nbsp;I, Section&nbsp;11 and who is a stockholder of record at the time such notice is
delivered to the Secretary.&nbsp;In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more directors to the Board of Directors, any such stockholder entitled to vote in such election of directors
may nominate a person or persons (as the case may be) for election to such position(s)&nbsp;as specified in the Corporation&#146;s notice of meeting, if the stockholder&#146;s notice as required by paragraph (A)(2)&nbsp;of this Article&nbsp;I,
Section&nbsp;11 shall be delivered to the Secretary at the principal executive offices of the Corporation not earlier than the close of business on the 120<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day prior to such special meeting and
not later than the close of business on the later of the 90<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day prior to such special meeting or the 10<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the day on which
public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C)<B></B><B>&nbsp;</B><I>General.</I>&nbsp;(1)&nbsp;Unless otherwise provided by the terms of any series of Preferred Stock, the
Securityholders&#146; Agreement dated as of July&nbsp;20, 2001, as amended from time to time (the &#147;<B>Securityholders&#146; Agreement</B>&#148;), among the Corporation, CBRE Services, Inc. </P>
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(formerly known as CB Richard Ellis Services,&nbsp;Inc.) and the Corporation&#146;s stockholders from time to time party thereto or any other agreement approved by the Corporation&#146;s Board of
Directors, only persons who are nominated in accordance with the procedures set forth in Article&nbsp;I, Sections&nbsp;11 or 12 shall be eligible to serve as directors and only such business shall be conducted at a meeting of stockholders as shall
have been brought before the meeting in accordance with the procedures set forth in this Article&nbsp;I, Section&nbsp;11.&nbsp;Except as otherwise provided by law, the Certificate of Incorporation or these
<FONT STYLE="white-space:nowrap">By-laws,</FONT> the chair of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made in accordance with the procedures set forth
in Article&nbsp;I, Sections&nbsp;11 or 12 and, if any proposed nomination or business is not in compliance with Article&nbsp;I, Sections&nbsp;11 or 12, to declare that such defective nomination shall be disregarded or that such proposed business
shall not be transacted.&nbsp;Notwithstanding anything to the contrary in Article&nbsp;I, Sections&nbsp;11 or 12, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders
of the Corporation to present a nomination or business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Corporation.&nbsp;For
purposes of Article I, Sections&nbsp;11 and 12, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such
stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the
writing or electronic transmission, at the meeting of stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2)&nbsp;For purposes of this Article I, Section&nbsp;11,
&#147;<B>public announcement</B>&#148; shall mean disclosure in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service or in a document publicly filed by the Corporation with the Securities and
Exchange Commission (the &#147;<B>SEC</B>&#148;) pursuant to Section&nbsp;13, 14 or 15(d)&nbsp;of the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3)&nbsp;For purposes
of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> no adjournment or postponement nor notice of adjournment or postponement of any meeting shall be deemed to constitute a new notice of such meeting for purposes of Article I, Sections&nbsp;11
and 12, and in order for any notification required to be delivered by a stockholder pursuant to Article I, Sections&nbsp;11 and 12 to be timely, such notification must be delivered within the periods set forth above with respect to the originally
scheduled meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4)&nbsp;Notwithstanding the foregoing provisions of this Article I, Section&nbsp;11, a stockholder shall also comply
with all applicable requirements of the Exchange Act and the rules&nbsp;and regulations thereunder with respect to the matters set forth in these <FONT STYLE="white-space:nowrap">By-Laws;</FONT> <I>provided, however</I>, that any references in these
<FONT STYLE="white-space:nowrap">By-Laws</FONT> to the Exchange Act or the rules&nbsp;and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to
be considered pursuant to these <FONT STYLE="white-space:nowrap">By-Laws</FONT> (including paragraphs (A)(1)(c)&nbsp;and (B)&nbsp;of this Article I, Section&nbsp;11), and compliance with paragraphs (A)(1)(c)&nbsp;and (B)&nbsp;of this Article I,
Section&nbsp;11 shall be the exclusive means for a stockholder to make nominations or submit other business (other than as provided in Article I, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-9- </P>


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Section&nbsp;12).&nbsp;Nothing in these <FONT STYLE="white-space:nowrap">By-Laws</FONT> shall be deemed to affect any rights of the holders of any series of Preferred Stock to elect directors
pursuant to any applicable provisions of the Certificate of Incorporation (including any certificate of designations relating to any series of Preferred Stock). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12. <U>Proxy Access for Director Nominations</U>. (A)<I>&nbsp;Inclusion of Stockholder Nominees in the Corporation&#146;s Proxy
Materials</I>. Notwithstanding anything to the contrary in these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> whenever the Board of Directors solicits proxies with respect to the election of Directors at an annual meeting of stockholders,
subject to the provisions of this Article I, Section&nbsp;12, the Corporation shall include in its proxy statement, form of proxy card and other applicable documents or filings with the SEC required in connection with the solicitation of proxies for
the election of directors for such annual meeting (the &#147;<B>Corporation&#146;s proxy materials</B>&#148;), in addition to any persons nominated for election by the Board of Directors or any committee thereof, the name of any person nominated for
election to the Board of Directors pursuant to this Article I, Section&nbsp;12 (the &#147;<B>Stockholder Nominee</B>&#148;) by an Eligible Stockholder (as defined below), and will include in its proxy statement for the annual meeting of stockholders
the Required Information (as defined below), if the Eligible Stockholder satisfies the requirements of this Article I, Section&nbsp;12 and expressly elects at the time of providing the notice required by this Article I, Section&nbsp;12 (the
&#147;<B>Notice of Proxy Access Nomination</B>&#148;) to have its Stockholder Nominee(s) included in the Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12. Nothing in this Article I, Section&nbsp;12 shall limit the
Corporation&#146;s ability to solicit against, and include in its proxy materials its own statements relating to, any Stockholder Nominee, Eligible Stockholder, or group of stockholders acting collectively as an Eligible Stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(B) <I>Qualification as an Eligible Stockholder</I>. To qualify as an &#147;<B>Eligible Stockholder</B>,&#148; a stockholder or an eligible
group of no more than 20 stockholders of the Corporation (counting the record holder and beneficial holder of the same shares of the Corporation&#146;s stock as one stockholder for these purposes), must have owned (as defined below) the Nomination
Required Ownership Percentage (as defined below) of the Corporation&#146;s outstanding common stock entitled to vote generally in the election of directors of the Corporation (the &#147;<B>Nomination Required Shares</B>&#148;) continuously for the
Minimum Holding Period (as defined below) as of both the date the Notice of Proxy Access Nomination is delivered to the Secretary of the Corporation in accordance with this Article I, Section&nbsp;12 and the close of business on the record date for
determining the stockholders entitled to vote at the annual meeting of stockholders of the Corporation, and thereafter must continue to own the Nomination Required Shares through the date of such annual meeting (and any postponement or adjournment
thereof). For purposes of this Article I, Section&nbsp;12, the &#147;<B>Nomination Required Ownership Percentage</B>&#148; is 3% and the &#147;<B>Minimum Holding Period</B>&#148; is three years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In the event the Eligible Stockholder consists of a group of stockholders, any and all requirements and obligations for an individual Eligible
Stockholder that are set forth in this Article I, Section&nbsp;12, including the Minimum Holding Period, shall apply to each member of such group; <I>provided</I>, <I>however</I>, that the Nomination Required Ownership Percentage shall apply to the
ownership of the group in the aggregate. No person may be a member of more than one group of persons constituting an Eligible Stockholder for purposes of nominations pursuant to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-10- </P>


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this Article I, Section&nbsp;12 with respect to any annual meeting of the stockholders of the Corporation (other than a record holder directed to act by more than one beneficial owner). If and to
the extent a stockholder of record is acting on behalf of one or more beneficial owners, only the stock of the Corporation owned by such beneficial owner or owners, and not any other stock of the Corporation owned by any such stockholder of record,
shall be counted for purposes of satisfying the Minimum Holding Period and Nomination Required Ownership Percentage. In addition, a group of any two or more funds that are under common management and investment control shall be treated as one
stockholder of record or beneficial owner, as the case may be, for the purposes of forming a group to qualify as an Eligible Stockholder; <I>provided</I> that each fund otherwise meets the requirements set forth in this Article I, Section&nbsp;12;
and <I>provided,</I> <I>further</I>, that any such funds for which common stock of the Corporation is aggregated for the purpose of satisfying the Nomination Required Ownership Percentage provide documentation reasonably satisfactory to the
Corporation that demonstrates that the funds meet the criteria set forth in this paragraph in the Notice of Proxy Access Nomination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Whenever an Eligible Stockholder consists of a group of more than one stockholder, each provision in this Article I, Section&nbsp;12 that
requires the Eligible Stockholder to provide any information, written statements, representations, undertakings or agreements or to meet any other conditions shall be deemed to require each stockholder that is a member of such group to provide such
information, statements, representations, undertakings or agreements and to meet such other conditions (which, if applicable, shall apply with respect to the portion of the Nomination Required Shares owned by such stockholder). When an Eligible
Stockholder is comprised of a group of more than one stockholder, a violation of any provision of this Article I, Section&nbsp;12 by any member of the group shall be deemed a violation by the entire group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For purposes of this Article I, Section&nbsp;12, an Eligible Stockholder shall be deemed to &#147;<B>own</B>&#148; only those outstanding
shares of common stock of the Corporation as to which the stockholder possesses both: (1)&nbsp;the full voting and investment rights pertaining to the shares and (2)&nbsp;the full economic interest in (including the opportunity for profit from and
risk of loss on) such shares; <I>provided</I> that the number of shares calculated in accordance with clauses (1)&nbsp;and (2) above shall not include any shares (a)&nbsp;sold by such stockholder or any of its affiliates in any transaction that has
not been settled or closed, including any short sale, (b)&nbsp;borrowed by such stockholder or any of its affiliates for any purposes or purchased by such stockholder or any of its affiliates pursuant to an agreement to resell or (c)&nbsp;subject to
any option, warrant, forward contract, swap, contract of sale, other derivative or similar instrument, agreement or arrangement entered into by such stockholder or any of its affiliates, whether any such instrument, agreement or arrangement is to be
settled with shares or with cash based on the notional amount or value of shares of outstanding common stock of the Corporation, in any such case which instrument, agreement or arrangement has, or is intended to have, or if exercised by either party
would have, the purpose or effect of (i)&nbsp;reducing in any manner, to any extent or at any time in the future, such stockholder&#146;s or its affiliates&#146; full right to vote or direct the voting of any such shares and/or (ii)&nbsp;hedging,
offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic ownership of such shares by such stockholder or its affiliates. An Eligible Stockholder shall &#147;own&#148; shares of common stock held
in the name of a nominee or other intermediary so long as the stockholder retains the right to instruct how the shares are voted with respect to the election of directors and possesses the full economic interest in the shares. A
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-11- </P>


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stockholder&#146;s ownership of shares of common stock shall be deemed to continue during any period in which (I)&nbsp;the stockholder has loaned such shares, provided that the stockholder has
the power to recall such loaned shares on five business days&#146; notice and provides a representation to the Corporation that it will promptly recall such loaned shares upon being notified that any of its Stockholder Nominees will be included in
the Corporation&#146;s proxy materials, or (II)&nbsp;the stockholder has delegated any voting power by means of a proxy, power of attorney or other instrument or arrangement which is revocable at any time by the stockholder. The terms
&#147;<B>owned</B>,&#148; &#147;<B>owning</B>&#148; and other variations of the word &#147;<B>own</B>&#148; in this Article I, Section&nbsp;12 shall have correlative meanings. Whether outstanding shares of the common stock of the Corporation are
&#147;owned&#148; for these purposes shall be determined by the Board of Directors or any committee thereof, in each case, in its sole discretion, which determination shall be conclusive and binding on the Corporation, its stockholders and
beneficial owners and all other parties. For purposes of this Article I, Section&nbsp;12, the term &#147;<B>affiliate</B>&#148; or &#147;<B>affiliates</B>&#148; shall have the meaning ascribed thereto under rules and regulations promulgated under
the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(C) <I>Required Information</I>. For purposes of this Article I, Section&nbsp;12, the &#147;<B>Required
Information</B>&#148; that the Corporation will include in its proxy statement is (1)&nbsp;the information provided to the Secretary of the Corporation concerning the Stockholder Nominee and the Eligible Stockholder that is required to be disclosed
in the Corporation&#146;s proxy statement by applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder, and (2)&nbsp;if the Eligible Stockholder so elects, a written statement of the Eligible Stockholder, not
to exceed 500 words, in support of the candidacy of the Stockholder Nominee(s), which must be delivered to the Secretary of the Corporation at the time the Notice of Proxy Access Nomination required by this Article I, Section&nbsp;12 is delivered
(the &#147;<B>Statement</B>&#148;). Notwithstanding anything to the contrary contained in this Article I, Section&nbsp;12, the Corporation may omit from its proxy statement any information or the Statement (or portion thereof) that it, in good
faith, believes is untrue in any material respect (or omits to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading) or would violate any applicable law, rule,
regulation or listing standard. Nothing in this Article I, Section&nbsp;12 shall limit the Corporation&#146;s ability to solicit against and include in the Corporation&#146;s proxy materials its own statements or other information relating to the
Eligible Stockholder or any Stockholder Nominee. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(D) <I>Maximum Number of Stockholder Nominees</I>. The maximum number of Stockholder
Nominees nominated by all Eligible Stockholders (including any Stockholder Nominee that was submitted by an Eligible Stockholder for inclusion in the Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12 but was subsequently
withdrawn, disregarded pursuant to this Article I, Section&nbsp;12 or declared invalid or ineligible) that will be included in the Corporation&#146;s proxy materials with respect to an annual meeting of stockholders shall not exceed the greater of
(1) 20% of the total number of directors in office (rounded down to the nearest whole number) as of the last day on which a Notice of Proxy Access Nomination may be timely delivered pursuant to and in accordance with this Article I, Section&nbsp;12
(the &#147;<B>Final Proxy Access Nomination Date</B>&#148;) or (2)&nbsp;two (the &#147;<B>Maximum Number</B>&#148;). In the event that one or more vacancies for any reason occurs on the Board of Directors after the Final Proxy Access Nomination Date
but before the date of the annual meeting of stockholders and the Board of Directors resolves to reduce the size of the Board of Directors in connection therewith, the Maximum Number of Stockholder Nominees eligible for inclusion in the
Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12 shall be calculated based on the number of directors in office as so reduced. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-12- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Maximum Number shall be reduced, but not below zero, by the sum of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) the number of individuals nominated by an Eligible Stockholder for inclusion in the Corporation&#146;s proxy materials pursuant to this
Article I, Section&nbsp;12 whom the Board of Directors decides to nominate as a nominee of the Board of Directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) the number of
individuals that the Board of Directors decides to nominate for <FONT STYLE="white-space:nowrap">re-election</FONT> who were Stockholder Nominees at one of the previous three annual meetings of stockholders; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) the number of Stockholder Nominees whose nomination was subsequently withdrawn or otherwise deemed invalid pursuant to this Article 1,
Sections 11(C)(1), 12(H) or 12(I)(1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Any Eligible Stockholder submitting more than one Stockholder Nominee for inclusion in the
Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12 shall rank such Stockholder Nominees in its Notice of Proxy Access Nomination based on the order that the Eligible Stockholder desires such Stockholder Nominees to be
selected for inclusion in the Corporation&#146;s proxy materials in the event that the total number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Article I, Section&nbsp;12 exceeds the Maximum Number. In the event that
the number of Stockholder Nominees submitted by Eligible Stockholders pursuant to this Article I, Section&nbsp;12 exceeds the Maximum Number, the highest ranking Stockholder Nominee who meets the requirements of this Article I, Section&nbsp;12 from
each Eligible Stockholder will be selected for inclusion in the Corporation&#146;s proxy materials until the Maximum Number is reached, beginning with the Eligible Stockholder or group of Eligible Stockholders with the largest number of shares of
the Corporation&#146;s outstanding common stock each Eligible Stockholder disclosed as owned in its respective Notice of Proxy Access Nomination submitted to the Corporation and preceding through each Eligible Stockholder or group Eligible
Stockholders in descending order of ownership. If the Maximum Number is not reached after the highest ranking Stockholder Nominee who meets the requirements of this Article I, Section&nbsp;12 from each Eligible Stockholder has been selected, this
process will continue as many times as necessary, following the same order each time, until the Maximum Number is reached or there are no remaining Stockholder Nominees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(E) <I>Timing of Notice</I>. To be eligible to have its nominee included in the Corporation&#146;s proxy materials pursuant to this Article I,
Section&nbsp;12, an Eligible Stockholder shall have timely delivered, in proper form, a Notice of Proxy Access Nomination to the Secretary. To be timely, the Notice of Proxy Access Nomination shall be delivered to the Secretary at the principal
executive offices of the Corporation in proper form not less than 90 days nor more than 120 days prior to the first anniversary date of the preceding year&#146;s annual meeting; provided, however, that in the event that the date of the annual
meeting is more than 30 days before, or more than 70 days after such anniversary date, notice by an Eligible Stockholder to be timely </P>
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must be so delivered not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such
annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(F) <I>Form and
Content of Notice</I>. To be in proper form for purposes of this Article I, Section&nbsp;12, the Notice of Proxy Access Nomination to the Secretary must be in writing and shall include the following information: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) an express request that each Stockholder Nominee be included in the Corporation&#146;s proxy materials pursuant to this Article I,
Section&nbsp;12; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) one or more written statements from the record holder of the Nomination Required Shares (and from each intermediary
through which the Nomination Required Shares are or have been held during the Minimum Holding Period) verifying that, as of a date within seven calendar days prior to the date the Notice of Proxy Access Nomination is delivered to the Secretary of
the Corporation, the Eligible Stockholder owns, and has owned continuously for the Minimum Holding Period, the Nomination Required Shares, and the Eligible Stockholder&#146;s agreement to provide, within five business days after the record date for
the annual meeting of stockholders, written statements from the record holder and intermediaries verifying the Eligible Stockholder&#146;s continuous ownership of the Nomination Required Shares through the record date, together with a written
statement by the Eligible Stockholder that such Stockholder will continue to own the Nomination Required Shares through the date of such annual meeting (and any postponement or adjournment thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) with respect to each Eligible Stockholder or member of a group comprising an Eligible Stockholder, (a)&nbsp;the number of shares of the
Corporation&#146;s capital stock that such Eligible Stockholder is deemed to own for the purposes of this Article I, Section&nbsp;12, (b) the class or series and form of ownership for such shares and (c)&nbsp;the number of shares of the
Corporation&#146;s capital stock (i)&nbsp;sold by such stockholder or any of its affiliates in any transaction that has not been settled or closed, including any short sale, (ii)&nbsp;borrowed by such stockholder or any of its affiliates for any
purposes or purchased by such stockholder or any of its affiliates pursuant to an agreement to resell, (iii)&nbsp;subject to any option, warrant, forward contract, swap, contract of sale, other derivative or similar instrument, agreement or
arrangement entered into by such stockholder or any of its affiliates, whether any such instrument, agreement or arrangement is to be settled with shares or with cash based on the notional amount or value of shares of outstanding common stock of the
Corporation, in any such case which instrument, agreement or arrangement has, or is intended to have, or if exercised by either party would have, the purpose or effect of (I)&nbsp;reducing in any manner, to any extent or at any time in the future,
such stockholder&#146;s or its affiliates&#146; full right to vote or direct the voting of any such shares and/or (II)&nbsp;hedging, offsetting or altering to any degree any gain or loss realized or realizable from maintaining the full economic
ownership of such shares by such stockholder or its affiliates, (iv)&nbsp;over which such stockholder does not retain the right to instruct how such shares are voted with respect to the election of directors, (v)&nbsp;over which such stockholder
does not possesses the full economic interest, (vi)&nbsp;subject to a loan that does not permit such stockholder to recall such loaned shares on three business days&#146; notice, or (vii)&nbsp;for which such stockholder has delegated any voting
power by means of a proxy, power of attorney or other instrument or arrangement which is not revocable at any time by such stockholder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-14- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) a copy of any Schedule 14N that has been or concurrently is filed with the SEC as required by
Rule <FONT STYLE="white-space:nowrap">14a-18</FONT> under the Exchange Act, as such rule may be amended; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(5) the other information,
representations and agreements that are the same as those that would be required to be set forth in a stockholder&#146;s notice of nomination pursuant to Article I, Section&nbsp;11(A)(2); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(6) the consent of each Stockholder Nominee to be named in the Corporation&#146;s proxy materials as a nominee, to serve as a Director if
elected, and to the public disclosure of the information provided pursuant to this Article I, Section&nbsp;12; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(7) a representation that
the Eligible Stockholder (including each group member, in the case of nomination by a group of stockholders): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) acquired
the Nomination Required Shares in the ordinary course of business and not with the intent to change or influence control of the Corporation, and that neither the Eligible Stockholder nor any Stockholder Nominee being nominated thereby presently has
such intent; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) has not nominated and will not nominate for election to the Board of Directors at the annual meeting of
stockholders any person other than its Stockholder Nominee(s) being nominated pursuant to this Article I, Section&nbsp;12; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) has not engaged and will not engage in, with respect to the applicable annual meeting,<SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>and has not and will not be a &#147;participant&#148; in, another person&#146;s or group&#146;s &#147;solicitation&#148; within the meaning of Rule <FONT STYLE="white-space:nowrap">14a-1(l)</FONT>
under the Exchange Act in support of the election of any individual as a Director at the annual meeting of stockholders, other than its Stockholder Nominee(s) or a nominee of the Board of Directors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) will not distribute to any stockholder of the Corporation any form of proxy for the annual meeting of stockholders other
than the form distributed by the Corporation; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) has provided and will provide facts, statements and other information in
all communications with the Corporation and its stockholders and beneficial owners, including without limitation the Notice of Proxy Access Nomination and the Statement, that are and will be true and correct in all material respects and do not and
will not omit to state a material fact necessary in order to make the statements made in light of the circumstances under which they were made, not misleading; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-15- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) consents to the public disclosure by the Corporation of the information
provided pursuant to this Article I, Section&nbsp;12; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(8) an executed agreement, in a form deemed satisfactory by the Board of Directors,
pursuant to which the Eligible Stockholder agrees to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) assume all liability stemming from any legal or regulatory
violation arising out of communications with the stockholders of the Corporation by the Eligible Stockholder, its affiliates and associates or their respective agents or representatives, either before or after providing a Notice of Proxy Access
Nomination pursuant to this Article I, Section&nbsp;12, or out of the information that the Eligible Stockholder or its Stockholder Nominee(s) provided to the Corporation pursuant to this Article I, Section&nbsp;12 or otherwise in connection with the
inclusion of such Stockholder Nominee(s) in the Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) indemnify and hold harmless the Corporation and each of its directors, officers, employees, agents and affiliates
individually against any liability, loss or damages in connection with any threatened or pending action, suit or proceeding, whether legal, administrative or investigative arising out of or relating to any nomination submitted by the Eligible
Stockholder pursuant to this Article I, Section&nbsp;12; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) comply with all applicable laws and regulations with respect
to any solicitation, or applicable to the filing and use, if any, of soliciting material, in connection with the annual meeting of stockholders; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) file with the SEC any solicitation or other communication with the Corporation&#146;s stockholders relating to the meeting
at which the Stockholder Nominee will be nominated, regardless of whether any such filing is required under Regulation 14A of the Exchange Act or whether any exemption from filing is available thereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(9) in the case of a nomination by a group of stockholders that together is an Eligible Stockholder, the designation by all group members of
one group member that is authorized to act on behalf of all such members with respect to the nomination and matters related thereto, including withdrawal of the nomination; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(10) a letter of resignation signed by each Stockholder Nominee, which letter shall specify that such Stockholder Nominee&#146;s resignation
from the Board of Directors is irrevocable and that it shall become effective upon a determination by the Board of Directors or any committee thereof that (a)&nbsp;any of the information provided to the Corporation by the Eligible Stockholder or any
member of a group of stockholders acting collectively as an Eligible Stockholder (including any beneficial owner on whose behalf the nomination was made) or the Stockholder Nominee in respect of the nomination of such Stockholder Nominee pursuant to
this Article I, Section&nbsp;12 is or was untrue in any material respect (or omitted to state a material fact </P>
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necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading) or (b)&nbsp;the Eligible Stockholder or any member of a group of
stockholders acting collectively as an Eligible Stockholder (including any beneficial owner on whose behalf the nomination was made) or the Stockholder Nominee shall have breached any of their respective representations, obligations or agreements
under this Article I, Section&nbsp;12. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The Corporation may also require each Eligible Stockholder and Stockholder Nominee to furnish such
additional information as may reasonably be necessary to permit the Board of Directors to determine if each Stockholder Nominee is independent under the listing standards of the principal U.S. exchange upon which the common stock of the Corporation
is listed, any applicable rules of the SEC and any publicly disclosed standards used by the Board of Directors in determining and disclosing the independence of the Corporation&#146;s Directors or as may reasonably be required by the Corporation to
determine that the Eligible Stockholder meets the criteria for qualification as an Eligible Stockholder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(G) <I>Breach and Duty to
Update</I>. In the event that an Eligible Stockholder, or any member of a group acting collectively as an Eligible Stockholder, shall have breached any of their respective representations, obligations or agreements with the Corporation, or any
information included in the Statement or the Notice of Proxy Access Nomination or any other communications by such Eligible Stockholder or member of a group acting collectively as an Eligible Stockholder (including any beneficial owner on whose
behalf the nomination is made) with the Corporation or its stockholders and beneficial owners ceases to be true and correct in all material respects (or omits a material fact necessary to make the statements made, in light of the circumstances under
which they were made, not misleading), each Eligible Stockholder or any member of a group acting collectively as an Eligible Stockholder (including any beneficial owner on whose behalf the nomination is made), as the case may be, shall promptly (and
in any event within 24 hours of discovering such breach or that such information has ceased to be true and correct in all material respects (or omits a material fact necessary to make the statements made, in light of the circumstances under which
they were made, not misleading) notify the Secretary of the Corporation of any such breach, inaccuracy or omission in such previously provided information and shall provide the information that is required to correct any such defect, if applicable.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(H) <I>Disqualification of Stockholder Nominees</I>. The Corporation shall not be required to include, pursuant to this Article I,
Section&nbsp;12, a Stockholder Nominee in the Corporation&#146;s proxy materials for any meeting of stockholders, or, if the proxy statement already has been filed, to allow the nomination of a Stockholder Nominee, notwithstanding that proxies in
respect of such vote may have been received by the Corporation: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) for which the Secretary of the Corporation receives a notice that a
stockholder has nominated a person for election to the Board of Directors pursuant to the advance notice requirements for stockholder nominees for Director set forth in this Article I, Section&nbsp;11; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) if the Eligible Stockholder who has nominated such Stockholder Nominee has engaged in or is currently engaged in, or has been or is a
&#147;participant&#148; in, another person&#146;s &#147;solicitation&#148; within the meaning of Rule <FONT STYLE="white-space:nowrap">14a-1(l)</FONT> under the Exchange Act in support of the election of any individual as a Director at the annual
meeting of stockholders other than its Stockholder Nominee(s) or a nominee of the Board of Directors; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-17- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) if such Stockholder Nominee is not independent under the listing standards of the principal
U.S. exchange upon which the common stock of the Corporation is listed, any applicable rules of the SEC and any publicly disclosed standards used by the Board of Directors in determining and disclosing independence of the Corporation&#146;s
directors, including those applicable to a director&#146;s service on any of the committees of the Board of Directors, in each case as determined by the Board of Directors in its sole discretion; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) if the election of such Stockholder Nominee as a member of the Board of Directors would cause the Corporation to be in violation of these <FONT
STYLE="white-space:nowrap">By-Laws,</FONT> the Certificate of Incorporation, the listing standards of the principal U.S. exchange upon which the common stock of the Corporation is listed, or any applicable state or federal law, rule or regulation or
standards of the Corporation applicable to directors, in each case as determined by the Board of Directors in its sole discretion; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(5) if
such Stockholder Nominee is or has been, within the past three years, an officer or director of a competitor, as defined in Section&nbsp;8 of the Clayton Antitrust Act of 1914, as amended, of the Corporation or its subsidiaries, or is a
representative of an entity that has or has had a representative functioning as such an officer or director during such period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(6) if
such Stockholder Nominee is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses) or has been convicted in such a criminal proceeding within the past ten years; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(7) if such Stockholder Nominee is subject to any order of the type specified in Rule 506(d) of Regulation D promulgated under the Securities
Act of 1933, as amended; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(8) if such Stockholder Nominee or the applicable Eligible Stockholder shall have provided information to the
Corporation in respect to such nomination that was untrue in any material respect or omitted to state a material fact necessary in order to make the statement made, in light of the circumstances under which they were made, not misleading, as
determined by the Board of Directors or any committee thereof, in each case, in its sole discretion; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(9) if the Eligible Stockholder who
has nominated such Stockholder Nominee or such Stockholder Nominee otherwise contravenes any of the agreements or representations made by such Eligible Stockholder or Stockholder Nominee or fails to comply with its obligations pursuant to this
Article I, Section&nbsp;12; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(10) whose business or personal interests place such Stockholder Nominee in a conflict of interest with
the Corporation or any of its subsidiaries, as determined by the Board of Directors in its sole discretion. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-18- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">For the purpose of this Article I, Section&nbsp;12(H), clauses (2)&nbsp;through (10) will result
in the exclusion from the Corporation&#146;s proxy materials pursuant to this Article I, Section&nbsp;12 of the specific Stockholder Nominee(s) to whom the ineligibility applies, or, if the Corporation&#146;s proxy statement already has been filed,
the ineligibility of the Stockholder Nominee(s) and the inability of the Eligible Stockholder that nominated any such Stockholder Nominee to substitute another Stockholder Nominee therefor; however, clause (1)&nbsp;will result in the exclusion from
the proxy materials pursuant to this Article I, Section&nbsp;12 of all Stockholder </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nominees from such Eligible Stockholder for the applicable annual
meeting, or, if the Corporation&#146;s proxy statement already has been filed, the ineligibility of all Stockholder Nominees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(I)
<I>General</I>. Notwithstanding the foregoing provisions of this Article I, Section&nbsp;12, unless otherwise required by law: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) if the
Stockholder Nominee(s) and/or the applicable Eligible Stockholder shall have breached its or their obligations under this Article I, Section&nbsp;12, as determined by the Board of Directors or the chairperson of the meeting of stockholders, in each
case, in its, his or her sole discretion, such nomination shall, without further action, be disregarded, notwithstanding that proxies in respect of such vote may have been received by the Corporation; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) the Corporation may omit from its proxy materials any information, including all or any portion of the Nomination Statement, if the Board
of Directors determines that the disclosure of such information would violate any applicable law or regulation or that such information is not true and correct in all material respects or omits to state a material fact necessary in order to make the
statements made, in light of the circumstances under which they were made, not misleading; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) the Board of Directors (and any other
person or body authorized by the Board of Directors) shall have the power and authority to interpret this Article I, Section&nbsp;12 and to make any and all determinations necessary or advisable to apply this Article I, Section&nbsp;12 to any
persons, facts or circumstances. Any such interpretation or determination adopted in good faith by the Board of Directors (or any other person or body authorized by the Board of Directors) shall be conclusive and binding on all persons, including
the Corporation and its stockholders of record and beneficial owners). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(J) <I>Exclusive Method</I>. This Article I, Section&nbsp;12 shall
be the exclusive method for stockholders to include nominees for election to the Board of Directors in the Corporation&#146;s proxy materials. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BOARD OF
DIRECTORS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.&nbsp;<U>Number, Election, Quorum</U>.&nbsp;The Board of Directors of the Corporation shall consist of such
number of directors, not less than three, as shall from time to time be fixed exclusively by resolution of the Board of Directors.&nbsp;The Board shall not nominate for election more than one member of the Corporation&#146;s management. A nominee
for director </P>
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shall (except as hereinafter provided for the filling of vacancies and newly created directorships) be elected to the Board of Directors if the votes cast &#147;for&#148; such nominee&#146;s
election exceed the votes cast as &#147;against&#148; such nominee&#146;s election; provided, however, that directors shall be elected by a plurality of the votes cast at any meeting of stockholders for which (i)&nbsp;the Secretary receives a notice
(which purports to be in compliance with the notice procedures set forth in Article&nbsp;I, Section&nbsp;11 of these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> irrespective of whether the Board of Directors thereafter determines that such
notice is not in compliance with such procedures) that a stockholder has nominated a person for election to the Board of Directors and (ii)&nbsp;such nomination has not been withdrawn by such stockholder on or before the 14<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day before the Corporation first mails to the stockholders its notice of meeting for such meeting.&nbsp;A majority of the total number of directors then in office (but not less than <FONT
STYLE="white-space:nowrap">one-third</FONT> of the number of directors constituting the entire Board of Directors) shall constitute a quorum for the transaction of business and, except as otherwise provided by law or by the Certificate of
Incorporation, the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors.&nbsp;Directors need not be stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.&nbsp;<U>Term Limits</U>. The Board of Directors will not nominate for <FONT STYLE="white-space:nowrap">re-election</FONT> any <FONT
STYLE="white-space:nowrap">non-management</FONT> director if that director has completed 12 years of service as an Independent Member (as defined below) of the Board of Directors on or prior to the date of election to which such nomination relates.
The restriction in the immediately preceding sentence shall not apply until December&nbsp;17, 2020 for any person who is a director as of December&nbsp;17, 2015. For purposes of this Section&nbsp;2 and the immediately following Section&nbsp;3,
&#147;<B>Independent Member</B>&#148; means a member of the Board of Directors that meets the criteria for independence required by the New York Stock Exchange or such other exchange upon which the Corporation&#146;s securities are publicly traded
from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3. <U>Chair of the Board of Directors</U>. The Board of Directors, after each annual meeting of the
stockholders, shall elect a Chair of the Board of Directors who shall be an Independent Member (as defined above) of the Board of Directors.&nbsp;The Chair of the Board of Directors shall hold office until his or her successor is elected by the
Board of Directors, or until his or her earlier resignation or removal. The Chair of the Board of Directors may be removed as Chair at any time with or without cause by the majority vote of the Board of Directors. The Board of Directors shall fill
any vacancy in the position of Chair of the Board of Directors at such time and in such manner as the Board of Directors shall determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4. <U>Newly-Created Directorships and Vacancies</U>.&nbsp;Unless otherwise required by law and subject to Section&nbsp;6 of this
Article&nbsp;II, newly created directorships in the Board of Directors that result from an increase in the number of directors and any vacancy occurring in the Board of Directors may be filled only by a majority of the directors then in office,
although less than a quorum, or by a sole remaining director; and the directors so chosen shall hold office for a term as set forth in the Certificate of Incorporation.&nbsp;If any applicable provision of the General Corporation Law of the State of
Delaware expressly confers power on stockholders to fill such a directorship at a special meeting of stockholders, such a directorship may be filled at such a meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-20- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;5.&nbsp;<U>Meetings</U>.&nbsp;Meetings of the Board of Directors shall be held at
such place within or without the State of Delaware as may from time to time be fixed by resolution of the Board of Directors or as may be specified in the notice of any meeting.&nbsp;Regular meetings of the Board of Directors shall be held at such
times as may from time to time be fixed by resolution of the Board of Directors and special meetings may be held at any time upon the call of the Chair of the Board of Directors or the Chief Executive Officer, by oral, or written notice including,
telegraph, telex or transmission of a telecopy, <FONT STYLE="white-space:nowrap">e-mail</FONT> or other means of transmission, duly served on or sent or mailed to each director to such director&#146;s address or telecopy number as shown on the books
of the Corporation not less than one day before the meeting.&nbsp;The notice of any meeting need not specify the purposes thereof.&nbsp;A meeting of the Board of Directors may be held without notice immediately after the annual meeting of
stockholders at the same place at which such meeting is held.&nbsp;Notice need not be given of regular meetings of the Board of Directors held at times fixed by resolution of the Board of Directors.&nbsp;Notice of any meeting need not be given to
any director who shall attend such meeting in person (except when the director attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or
convened), or who shall waive notice thereof, before or after such meeting, in writing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;6.&nbsp;<U>Election of Directors by
Holders of Preferred Stock</U>.&nbsp;Notwithstanding the foregoing, whenever the holders of any one or more series of Preferred Stock issued by the Corporation shall have the right, voting separately by series, to elect directors at an annual or
special meeting of stockholders, the election, term of office, removal, and other features of such directorships shall be governed by the terms of the Certificate of Incorporation (including any certificate of designations relating to any series of
Preferred Stock) applicable thereto.&nbsp;The number of directors that may be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed by or pursuant to these
<FONT STYLE="white-space:nowrap">By-Laws.&nbsp;Except</FONT> as otherwise expressly provided in the terms of such series, the number of directors that may be so elected by the holders of any such series of stock shall be elected for terms expiring
at the next annual meeting of stockholders, and vacancies among directors so elected by the separate vote of the holders of any such series of Preferred Stock shall be filled by the affirmative vote of a majority of the remaining directors elected
by such series, or, if there are no such remaining directors, by the holders of such series in the same manner in which such series initially elected a director. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;7.&nbsp;<U>Election of Directors by Multiples Classes or Series</U><U></U><U>&nbsp;of Stock</U>.&nbsp;If at any meeting for the
election of directors, the Corporation has outstanding more than one class of stock, and one or more such classes or series thereof are entitled to vote separately as a class, and there shall be a quorum of only one such class or series of stock,
that class or series of stock shall be entitled to elect its quota of directors notwithstanding absence of a quorum of the other class or series of stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;8.&nbsp;<U>Executive Committee</U>.&nbsp;The Board of Directors may designate three or more directors to constitute an executive
committee to serve at the pleasure of the Board of Directors, one of whom shall be designated chair of such committee.&nbsp;The members of such committee shall be comprised of such members of the Board of Directors as the Board of Directors shall
from time to time establish.&nbsp;Any vacancy occurring in the committee shall be filled by the Board of Directors.&nbsp;Regular meetings of the committee shall be held at such times </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-21- </P>


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and on such notice and at such places as it may from time to time determine.&nbsp;The committee shall act, advise with and aid the officers of the Corporation in all matters concerning its
interest and the management of its business, and shall generally perform such duties and exercise such powers as may from time to time be delegated to it by the Board of Directors.&nbsp;The committee shall have power to authorize the seal of the
Corporation to be affixed to all papers which are required by the General Corporation Law of the State of Delaware to have the seal affixed thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The executive committee shall keep regular minutes of its transactions and shall cause them to be recorded in a book kept in the office of the
Corporation designated for that purpose, and shall report the same to the Board of Directors at their regular meeting.&nbsp;The committee shall make and adopt its own rules&nbsp;for the government thereof and shall elect its own officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;9.&nbsp;<U>Other Committees</U>.&nbsp;The Board of Directors may from time to time establish such other committees to serve at
the pleasure of the Board of Directors (including, without limitation, an audit committee (or audit and finance committee), a compensation committee and a corporate governance and nominating committee) which shall be comprised of such members of the
Board of Directors and have such duties as the Board of Directors shall from time to time establish.&nbsp;Any director may belong to any number of committees of the Board of Directors.&nbsp;The Board of Directors may also establish such other
committees with such members (whether or not directors) and such duties as the Board of Directors may from time to time determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;10.&nbsp;<U>Action by Unanimous Written Consent in Lieu of a Meeting</U>.&nbsp;Unless otherwise restricted by the Certificate of
Incorporation or these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of
Directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;11.&nbsp;<U>Remote Participation</U>.&nbsp;The members of the Board of Directors or any committee thereof may participate in a
meeting of such Board of Directors or committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting
pursuant to this subsection shall constitute presence in person at such a meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;12.&nbsp;<U>Compensation</U>.&nbsp;The
Board of Directors may establish policies for the compensation of directors and for the reimbursement of the expenses of directors, in each case, in connection with services provided by directors to the Corporation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-22- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OFFICERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.&nbsp;<U>Election</U>.&nbsp;The Board of Directors, after each annual meeting of the stockholders, shall elect officers of the
Corporation, including a Chief Executive Officer, a President and a Secretary.&nbsp;The Board of Directors may also from time to time elect such other officers (including one or more Vice Presidents, a Treasurer, one or more Assistant Vice
Presidents, one or more Assistant Secretaries, one or more Assistant Treasurers or one or more Vice Chairs of the Board) as it may deem proper or may delegate to any elected officer of the Corporation the power to appoint and remove any such other
officers and to prescribe their respective terms of office, authorities and duties.&nbsp;Any Vice President may be designated Executive, Senior or Corporate, or may be given such other designation or combination of designations as the Board of
Directors may determine.&nbsp;Any two or more offices may be held by the same person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.&nbsp;<U>Terms</U>.&nbsp;All
officers of the Corporation elected by the Board of Directors shall hold office for such term as may be determined by the Board of Directors or until their respective successors are chosen and qualified.&nbsp;Any officer may be removed from office
at any time either with or without cause by the affirmative vote of a majority of the members of the Board of Directors then in office, or, in the case of appointed officers, by any elected officer upon whom such power of removal shall have been
conferred by the Board of Directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.&nbsp;<U>Powers and Duties</U>.&nbsp;Each of the officers of the Corporation elected
by the Board of Directors or appointed by an officer in accordance with these <FONT STYLE="white-space:nowrap">By-laws</FONT> shall have the powers and duties prescribed by law, by these <FONT STYLE="white-space:nowrap">By-Laws</FONT> or by the
Board of Directors and, in the case of appointed officers, the powers and duties prescribed by the appointing officer, and, unless otherwise prescribed by these <FONT STYLE="white-space:nowrap">By-Laws</FONT> or by the Board of Directors or such
appointing officer, shall have such further powers and duties as ordinarily pertain to that office. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.&nbsp;<U>Delegation</U>.&nbsp;Unless otherwise provided in these <FONT STYLE="white-space:nowrap">By-Laws,</FONT> in the
absence or disability of any officer of the Corporation, the Board of Directors may, during such period, delegate such officer&#146;s powers and duties to any other officer or to any director and the person to whom such powers and duties are
delegated shall, for the time being, hold such office. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-23- </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFICATES OF STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;1.&nbsp;<U>Form</U>.&nbsp;The shares of stock of the Corporation shall be represented by certificates, provided that the Board of
Directors may provide by resolution or resolutions that some or all of any or all classes or series of the Corporation&#146;s stock shall be uncertificated shares. Any such resolution shall not apply to shares represented by a certificate until such
certificate is surrendered to the Corporation.&nbsp;Notwithstanding the adoption of such a resolution by the Board of Directors, every holder of stock represented by certificates and upon request every holder of uncertificated shares shall be
entitled to have a certificate signed by, or in the name of the Corporation by the Chair of the Board of Directors, or the President or a Vice President, and by the Treasurer or the Secretary of the Corporation, or as otherwise permitted by law,
representing the number of shares registered in certificate form.&nbsp;Any or all the signatures on the certificate may be a facsimile. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;2.&nbsp;<U>Transfers</U>.&nbsp;Transfers of stock shall be made on the books of the Corporation by the holder of the shares in
person or by such holder&#146;s attorney upon surrender and cancellation of certificates for a like number of shares, or as otherwise provided by law with respect to uncertificated shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Section&nbsp;3.&nbsp;<U>Loss, Stolen or Destroyed Certificates</U>.&nbsp;No certificate for shares of stock in the Corporation shall be issued
in place of any certificate alleged to have been lost, stolen or destroyed, except upon production of such evidence of such loss, theft or destruction and upon delivery to the Corporation of a bond of indemnity in such amount, upon such terms and
secured by such surety, as the Board of Directors in its discretion may require. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE BOOKS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The books
of the Corporation may be kept outside of the State of Delaware at such place or places as the Board of Directors may from time to time determine. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHECKS,
NOTES, PROXIES, ETC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">All checks and drafts on the Corporation&#146;s bank accounts and all bills of exchange and promissory notes,
and all acceptances, obligations and other instruments for the payment of money, shall be signed by such officer or officers or agent or agents as shall be authorized from time to time by the Board of Directors.&nbsp;Proxies to vote and consents
with respect to securities of other corporations owned by or standing in the name of the Corporation may be executed and delivered from time to time on behalf of the Corporation by the Chair of the Board of Directors, the Chief Executive Officer or
President, or by such officers as the Board of Directors may from time to time determine. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-24- </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FISCAL YEAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The fiscal
year of the Corporation shall begin on the first day of January&nbsp;in each year and shall end on the thirty-first day of December&nbsp;following. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CORPORATE
SEAL </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The corporate seal shall have inscribed thereon the name of the Corporation.&nbsp;In lieu of the corporate seal, when so
authorized by the Board of Directors or a duly empowered committee thereof, a facsimile thereof may be impressed or affixed or reproduced. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXCLUSIVE
FORUM </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of
Delaware shall, to the fullest extent permitted by applicable law, be the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on behalf of the Corporation, (ii)&nbsp;any action asserting a claim of breach of a fiduciary
duty owed by any director, officer, other employee or stockholder of the Corporation to the Corporation or the Corporation&#146;s stockholders, (iii)&nbsp;any action arising pursuant to any provision of the General Corporation Law of the State of
Delaware or as to which the General Corporation Law of the State of Delaware confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine. Any person or
entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article IX. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">These <FONT STYLE="white-space:nowrap">By-Laws</FONT> may be amended, added to, rescinded or repealed at any meeting of the Board of
Directors or of the stockholders, <I>provided</I> notice of the proposed change was given in the notice of the meeting of the stockholders or, in the case of a meeting of the Board of Directors, in a notice given not less than two days prior to the
meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*** </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-25- </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">FOR IMMEDIATE RELEASE </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL">Contact:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL">Robert McGrath</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:ARIAL">Brad Burke</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL">Media Relations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:ARIAL">Investor Relations</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL">212.984.8267</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:ARIAL">215.921.7436</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:ARIAL"><FONT COLOR="#0000ff"><U>Robert.mcgrath@cbre.com</U></FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; text-indent:4.00em; font-size:12pt; font-family:ARIAL"><FONT COLOR="#0000ff"><U>Brad.burke@cbre.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center">CBRE GROUP, INC. APPOINTS DARA BAZZANO </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center">AS CHIEF ACCOUNTING OFFICER </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Los Angeles - May 21, 2018 <B>&#150;</B>
CBRE Group, Inc. (NYSE: CBRE) today announced that Dara Bazzano has been appointed the company&#146;s Chief Accounting Officer. She will lead CBRE&#146;s Finance operations globally and have responsibility for all internal and external financial
reporting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Ms.&nbsp;Bazzano joined in April 2018. She had previously served as Global Controller and Chief Accounting Officer at The Gap, Inc., where she led all
aspects of the company&#146;s accounting, shared services and control functions. Earlier, she was a Partner at PwC and at KPMG where she held numerous roles over 13 years, including serving as a technical leader in the national office of KPMG. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">&#147;Dara brings strong technical skills, business savvy and leadership experience to her role at CBRE,&#148; said Jim Groch, Chief Financial Officer, CBRE. &#147;She
is a great addition to CBRE&#146;s Global Finance leadership team.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">Ms.&nbsp;Bazzano earned a BS with an accounting concentration from California State
University, Sacramento. She is accredited by the American Institute of Certified Public Accountants. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL">With Ms.&nbsp;Bazzano assuming the Chief Accounting Officer
duties, Arlin Gaffner, who filled this role on an interim basis since November 2017, will focus full-time on his responsibilities as Chief Financial Officer of the Americas. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><U>About CBRE Group, Inc. </U></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#808080">CBRE Group, Inc. (NYSE: CBRE),
a Fortune 500 and S&amp;P 500 company headquartered in Los Angeles, is the world&#146;s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and
serves </FONT></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><B>CBRE Press Release </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#808080">real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated
services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit
our website at </FONT><FONT STYLE="font-family:ARIAL" COLOR="#0000ff">www.cbre.com.</FONT><FONT STYLE="font-family:ARIAL" COLOR="#808080"> </FONT></P>
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