Document:

EX-4.1

 Exhibit 4.1 
  

 
 CBRE Services, Inc., 

as Issuer, 
 The Guarantors party
hereto, 
 as Guarantors 
 and

 Wells Fargo Bank, National Association 

as Trustee 
 Second Supplemental
Indenture 
 Dated as of September 26, 2014 

$300,000,000 aggregate principal amount of 5.25% Senior Notes due 2025 

 
  

 SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated as of September 26, 2014, between CBRE Services, Inc., a Delaware corporation (the “Issuer”), CBRE Group, Inc., a Delaware corporation (“Parent”), each subsidiary guarantor party hereto (each, a
“Subsidiary Guarantor”) and Wells Fargo Bank, National Association, a national banking association, as Trustee (the “Trustee”). 

WITNESSETH THAT: 
 WHEREAS, the
Issuer, the Guarantors and the Trustee have entered into an Indenture (the “Base Indenture” and, as supplemented by this Supplemental Indenture, the “Indenture”) dated as of March 14, 2013 providing for the
issuance from time to time of series of its Securities (as defined in the Base Indenture); 
 WHEREAS, Section 301 of the Base
Indenture provides for the Issuer and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form or terms of Securities of any series as permitted by Article III of the Base Indenture; 

WHEREAS, pursuant to Section 301 of the Base Indenture, the Issuer, for its lawful corporate purposes, desires to create and authorize a
new series of Securities to be known as the 5.25% Senior Notes due 2025 (the “Notes”), initially in an aggregate principal amount of $300,000,000; 

WHEREAS, the Issuer has duly authorized the execution and delivery of this Supplemental Indenture, which sets forth the terms and conditions
upon which the Notes are to be executed, registered, authenticated, issued and delivered; and 
 WHEREAS, all things necessary to make this
Supplemental Indenture a valid agreement according to its terms have been done, and all things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by or on behalf of the Trustee as in this Supplemental Indenture
provided, the valid, binding and legal obligations of the Issuer have been done; 
 NOW, THEREFORE: 

In order to declare the terms and conditions upon which the Notes are executed, registered, authenticated, issued and delivered, and in
consideration of the premises, of the purchase and acceptance of the Notes by the Holders thereof and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Issuer and the Guarantors
covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows: 

  
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 ARTICLE I 

Definitions 
 SECTION
1.01. Relation to Base Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Supplemental Indenture,
the provisions of this Supplemental Indenture will govern and be controlling in respect of the Notes. 
 SECTION 1.02. Definition of
Terms. For all purposes of this Supplemental Indenture: 
 (a) Capitalized terms used but not otherwise defined herein shall have the
meanings specified in the Base Indenture, and all other terms defined in this Supplemental Indenture shall have the meanings assigned to them; 

(b) the terms defined in this Supplemental Indenture include the plural as well as the singular; 

(c) unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or Section,
as the case may be, of this Supplemental Indenture; and 
 (d) The following terms shall have the respective meanings as set forth below:

 “Adjusted Treasury Rate” means, with respect to any redemption date and as provided by the Issuer,
(1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after December 15, 2024, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the date that the applicable redemption notice is first mailed, in each case, plus 0.50%. 

  
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 “Affiliate” of any specified Person means any other Person,
directly or indirectly, controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at the time of
determination, the present value (discounted at the interest rate borne by the Notes, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale/Leaseback Transaction
(including any period for which such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of indebtedness represented thereby will be determined in
accordance with the definition of “Capital Lease Obligation”. 
 “Blum Funds” means (1) Blum
Capital Partners, L.P. and its successors and (2) any investment vehicle or account that is an Affiliate of Blum Capital Partners, L.P. or its successors. 

“Board of Directors” means the Board of Directors of the Issuer or any committee thereof duly authorized to
act on behalf of such Board. 
 “Business Day” means each day other than a Saturday, Sunday or a day on
which commercial banking institutions are authorized or required by law to close in New York City. 
 “Capital Lease
Obligation” means an obligation that is required to be classified and accounted for as capital lease for financial reporting purposes in accordance with GAAP, and the amount of indebtedness represented by such obligation shall be the
capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be
terminated by the lessee without payment of a penalty. For purposes of Section 4.02, a Capital Lease Obligation will be deemed to be secured by a Lien on the property being leased. 

“Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options,
participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity. 

“Change of Control” means the occurrence of any of the following: 

(1) any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than one or more
Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 

  
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under the Exchange Act, except that any Person that is deemed to have beneficial ownership of shares solely as the result of being part of a group pursuant to Rule 13d-5(b)(1) shall be
deemed not to have beneficial ownership of any shares held by a Permitted Holder forming a part of such group), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Issuer; provided, however,
that the Permitted Holders beneficially own (as defined above, except that in the event the Permitted Holders are part of a group pursuant to Rule 13d-5(b)(1), the Permitted Holders shall be deemed not to
have beneficial ownership of any shares held by persons other than Permitted Holders forming a part of such group), directly or indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock of the Issuer than such
other person and do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the Board of Directors (for the purposes of this clause (1), such other person shall be deemed to
beneficially own any Voting Stock of a specified Person held by a parent entity, if such other person is the beneficial owner (as first defined above), directly or indirectly, of more than 50% of the voting power of the Voting Stock of such parent
entity and the Permitted Holders beneficially own (as second defined above), directly or indirectly, in the aggregate a lesser percentage of the voting power of the Voting Stock of such parent entity and do not have the right or ability by voting
power, contract or otherwise to elect or designate for election a majority of the board of directors of such parent entity); 

(2) individuals who on the Issue Date constituted the Board of Directors (together with any new directors whose election by
such Board of Directors or whose nomination for election by the shareholders of the Issuer was approved by a vote of a majority of the directors of the Issuer then still in office who were either directors on the Issue Date or whose election or
nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; 

(3) the adoption of a plan relating to the liquidation or dissolution of the Issuer; or 

(4) the merger or consolidation of the Issuer with or into another Person or the merger of another Person with or into the
Issuer, or the sale of all or substantially all the assets of the Issuer (determined on a consolidated basis) to another Person (other than, in all such cases, a Person that is controlled by the Permitted Holders), other than a transaction following
which (A) in the case of a merger or consolidation transaction, Holders of securities that represented 100% of the Voting Stock of the Issuer immediately prior to such transaction (or other securities into which such securities are converted as
part of such merger or consolidation transaction) own, directly or indirectly, at least a majority of the voting power of the Voting Stock of the surviving Person in such 

  
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merger or consolidation transaction immediately after such transaction and (B) in the case of a sale of assets transaction, the transferee Person becomes the obligor in respect of the Notes
and a Subsidiary of the transferor of such assets. 
 Notwithstanding the foregoing, a transaction will not be deemed to
involve a Change of Control if (a) the Issuer is or becomes a direct or indirect wholly-owned Subsidiary of a holding company, (b) such holding company beneficially owns, directly or indirectly, 100% of the Capital Stock of the Issuer and
(c) upon completion of such transaction, the ultimate beneficial ownership of the Issuer has not been modified by such transaction. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Co-investment” means any investment by the Issuer or any of its Subsidiaries in, or any guarantee by the
Issuer or any of its Subsidiaries of the indebtedness of, a Co-investment Vehicle or separate account or investment program managed, operated or sponsored by an Investment Subsidiary. 

“Co-investment Vehicle” shall mean an entity (other than a Subsidiary of the Issuer) formed for the purpose of
investing principally in real estate related assets or engaging in real estate development. 
 “Common
Stock” shall mean the Class A common stock of Parent. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes from the redemption date to December 15, 2024, that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a maturity most nearly equal to December 15, 2024. 

“Comparable Treasury Price” means, with respect to any redemption date, if clause (2) of the Adjusted
Treasury Rate definition is applicable, the average of three, or such lesser number as is obtained by the Issuer, Reference Treasury Dealer Quotations for such redemption date. 

“Consolidated Net Income” means, for any period, the net income or loss of the Issuer and its consolidated
Subsidiaries for such period determined on a consolidated basis in accordance with GAAP; provided, however, that there shall be excluded 

(a) the income of any such consolidated subsidiary to the extent that the declaration or payment of dividends or similar
distributions by such consolidated subsidiary of that income is not at the time permitted by operation of the terms of 

  
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its charter or any agreement, instrument, judgment, decree, statute, rule or governmental regulation applicable to such consolidated subsidiary, 

(b) the income or loss of any person accrued prior to the date it becomes a consolidated subsidiary of the Issuer or is merged
into or consolidated with the Issuer or any of its consolidated subsidiaries or the date that such person’s assets are acquired by the Issuer or any of its consolidated subsidiaries, 

(c) any reduction for charges made in accordance with Financial Accounting Standard No. 142—Goodwill and Other
Intangible Assets, 
 (d) any gains or losses attributable to sales of assets out of the ordinary course of business, and

 (e) any net noncash gain or loss resulting in such period from hedging obligations incurred in the ordinary course of
business and made in accordance with Financial Accounting Standard No. 815—Derivatives and Hedging; 
 provided
further, however, that Consolidated Net Income for any period shall be increased (i) by cash received during such period by the Issuer or any of its consolidated Subsidiaries in respect of commissions receivable (net of related
commissions payable to brokers) on transactions that were completed by any acquired business prior to the acquisition of such business and which purchase accounting rules under GAAP would require to be recognized as an intangible asset purchased,
(ii) increased, to the extent otherwise deducted in determining Consolidated Net Income for such period, by the amortization of intangibles relating to purchase accounting in connection with any acquisition and (iii) increased (or
decreased, as the case may be), in connection with the sale of real estate during such period, to eliminate the effect of purchase price allocations to such real estate resulting from the consummation of any acquisition. 

“Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (1)(A) the
aggregate amount of Funded Debt of the Issuer and its Subsidiaries then outstanding that is secured by Liens as of such date of determination, less (B) cash and cash equivalents (other than restricted cash) of the Issuer and its
Subsidiaries, to (2) EBITDA for the most recent four consecutive fiscal quarters for which internal financial statements of the Issuer are available, in each case with pro forma and other adjustments to each of Funded Debt (which pro forma and
other adjustments will be determined in good faith by a responsible financial or accounting officer of the Issuer) and EBITDA to reflect any incurrences or discharges of Funded Debt and any acquisitions or dispositions of businesses or assets since
the beginning of such four consecutive fiscal quarter period; provided, however, that for purposes of calculating the amount under clause (1)(A) above on any date of determination, amounts of revolving credit indebtedness
committed pursuant to any Credit Facility that may be incurred by the Issuer or its Subsidiaries and which, upon incurrence, will be secured by a Lien, shall be deemed to be outstanding at all times and subsequent borrowings,

  
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reborrowings, renewals, replacements and extensions of such revolving credit indebtedness, up to such maximum committed amount, shall not be deemed additional incurrences of Funded Debt requiring
calculations under this definition (but subsequent incremental borrowings in connection with increases in such maximum committed amount shall require calculations under this definition or shall otherwise comply with Section 4.02). 

“Consolidated Total Assets” means, as of any date of determination for any Person, the total amount of assets
which would appear on a consolidated balance sheet of such Person as of such date. 
 “Credit Agreement”
means the amended and restated credit agreement among the Issuer and certain Subsidiaries of the Issuer, as borrowers, Parent and certain Subsidiaries of the Issuer, as guarantors, the lenders referred to therein and Credit Suisse AG, as
Administrative Agent and Collateral Agent, together with the related documents thereto (including the term loans and revolving loans thereunder, any guarantees and security documents), as amended, extended, renewed, restated, supplemented or
otherwise modified (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any agreement (and related document) governing Debt, including an indenture, incurred to
Refinance, in whole or in part, the borrowings and commitments then outstanding or permitted to be outstanding under such amended and restated credit agreement or a successor Credit Agreement. 

“Credit Facilities” means one or more debt facilities (including the Credit Agreement), commercial paper
facilities, securities purchase agreement, indenture or similar agreement, in each case, with banks or other institutional lenders or investors providing for revolving loans, term loans, receivables financing (including through the sale of
receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables), letters of credit or the issuance of securities, including any related notes, guarantees, collateral documents, instruments and agreement
executed in connection therewith, and, in each case, as amended, restated, replaced (whether upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount,
terms, conditions, covenants and other provisions) from time to time. 
 “Debt” means any indebtedness for
money borrowed. 
 “Default” means any event which is, or after notice or passage of time or both would be,
an Event of Default. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock which by
its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event: 

  
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	 	(1)	matures (excluding any maturities as a result of an optional redemption by the issuer thereof) or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise; 

 

	 	(2)	is convertible or exchangeable at the option of the holder for indebtedness or Disqualified Stock; or 

  

	 	(3)	is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in part; 

in each case on or prior to 91 days after the Stated Maturity of the Notes; provided, however, that if such Capital Stock is
issued to any employee or to any plan for the benefit of employees of Parent or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by
Parent or its Subsidiaries in order to satisfy obligations as a result of such employee’s death or disability; provided further, however, that any Capital Stock that would not constitute Disqualified Stock but for
provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of a “change of control” occurring prior to 91 days after the Stated Maturity of the Notes shall not
constitute Disqualified Stock if: 
  

	 	(1)	the “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Notes in Section 4.01; and

  

	 	(2)	any such requirement only becomes operative after compliance with such terms applicable to the Notes, including the purchase of any Notes tendered pursuant thereto. 

“Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary. 

“EBITDA” for any period means Consolidated Net Income for such period plus (a) without duplication
and to the extent deducted in determining such Consolidated Net Income, the sum of 
 (i) consolidated interest expense for
such period (including deferred financing costs), 
 (ii) consolidated income tax expense for such period, 

(iii) all amounts attributable to depreciation and amortization for such period, 

(iv) any expenses or charges related to any Equity Offering, investments, acquisition, disposition, recapitalization or
incurrence of any indebtedness (including a refinancing thereof (whether or not successful)), 

  
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including (A) such fees, expenses or charges related to the offering of the Notes and the Credit Agreement and (B) any amendment or modification of the Notes or the Credit Agreement,

 (v) any restructuring expenses for such period, 

(vi) any non-recurring fees, expenses or charges for such period representing transaction or integration costs incurred in
connection with acquisitions of assets, 
 (vii) all other non-cash losses, expenses and charges of Issuer and its
Subsidiaries for such period (excluding (x) the write-down of current assets and (y) any such non-cash charge to the extent that it represents an accrual of or reserve for cash expenditures in any future period), and 

(viii) any extraordinary loss for such period; minus 

(b) without duplication 

(i) all cash payments made during such period on account of reserves, restructuring charges and other noncash charges added to
Consolidated Net Income pursuant to clause (a)(vii) above in a previous period and 
 (ii) to the extent included in
determining such Consolidated Net Income, any extraordinary gains for such period, all determined on a consolidated basis in accordance with GAAP. 

“Equity Offering” means any primary offering of Capital Stock of Parent or the Issuer (other than Disqualified
Stock) to Persons who are not Affiliates of Parent or the Issuer other than (1) public offerings with respect to Parent’s Common Stock registered on Form S-8 and (2) issuances upon exercise of options by employees of Parent or any of
its Subsidiaries. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exempt Construction Loan” means any interim construction loan (or guarantee thereof) of an Investment
Subsidiary (1) that is subject to or backed by committed permanent refinancing, or (2) in which such Investment Subsidiary has entered into a lease of the property securing such Exempt Construction Loan (or guarantee thereof) and such
lease supports a refinancing of the entire interim construction loan amount based upon prevailing permanent loan terms at the time the interim construction loan is closed. Notwithstanding the foregoing, construction loans (and guarantees thereof)
shall cease to be treated as Exempt Construction Loans in the event that any of the following occur: (a) the obligor of such Exempt Construction Loan is in default beyond any applicable notice and cure periods of any obligations under the
credit agreement relating to such Exempt Construction Loan; or (b) the underlying real property securing such 

  
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Exempt Construction Loan has not been sold by a date which is no later than 15 months (unless subject to or backed by committed permanent refinancing, in which case no deadline for the sale of
such real property shall apply) after completion of construction. 
 “Foreign Subsidiary” means, with
respect to any Person, any Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof and any Subsidiary of such Foreign Subsidiary. 

“Funded Debt” means all Debt having a maturity of more than 12 months from the date as of which the
determination is made or having a maturity of 12 months or less but by its terms being renewable or extendable beyond 12 months from such date at the option of the borrower, but excluding (1) any such Debt owed to the Issuer, Parent or a
Subsidiary, (2) Debt of any Mortgage Banking Subsidiary that is non-recourse to the Issuer or any of its Subsidiaries (other than such Mortgage Banking Subsidiary), except to the extent recourse is limited to the assets acquired with the
proceeds of, or securing such Debt, (3) Debt under any Mortgage Warehousing Facility, (4) Debt under any Loan Arbitrage Facility, (5) Non-Recourse Debt and (6) Exempt Construction Loans. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect as of the
Issue Date, including those set forth in: 
  

	 	(1)	the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; 

  

	 	(2)	statements and pronouncements of the Financial Accounting Standards Board; 

  

	 	(3)	such other statements by such other entity as approved by a significant segment of the accounting profession; and 

  

	 	(4)	the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act,
including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. 

Except as otherwise provided in this Supplemental Indenture, all ratios and computations based on GAAP contained in this
Supplemental Indenture shall be computed in conformity with GAAP. 
 “Guarantor” means Parent and/or a
Subsidiary Guarantor. 
 “Guaranty” means the Parent Guaranty and/or a Subsidiary Guaranty, collectively
referred to herein as the “Guaranties.” 

  
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 “Guaranty Agreement” means this Supplemental Indenture as of the
Issue Date or any other supplemental indenture, in a form satisfactory to the Trustee, pursuant to which a Guarantor guarantees the Issuer’s obligations with respect to the Notes on the terms provided for in this Supplemental Indenture. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) and BBB-(or the
equivalent) by Moody’s Investors Service, Inc. (or any successor to the rating agency business thereof) and Standard & Poor’s Ratings Group (or any successor to the rating agency business thereof), respectively. 

“Investment Subsidiary” means (1) any Subsidiary engaged principally in the business of buying and
holding real estate related assets in anticipation of selling such assets or transferring such assets, which assets may include securities of companies engaged principally in such business, (2) any Subsidiary engaged principally in the business
of investment management, including investing in and/or managing entities formed for the purpose of investing principally in real estate related assets and (3) any Subsidiary engaged principally in real estate development and investment
activities. 
 “Issue Date” means September 26, 2014. 

“Lending Program Securities” means mortgage-backed securities or bonds issued by any Mortgage Banking
Subsidiary supported by commercial or multi-family residential mortgage loans originated by a Mortgage Banking Subsidiary and guaranteed by the Government National Mortgage Association, Federal Housing Administration or any other governmental or
quasi-governmental agency or enterprise or government-sponsored entity, the proceeds of which securities or bonds are applied by any Mortgage Banking Subsidiary to refinance indebtedness under a Mortgage Warehousing Facility. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any
conditional sale or other title retention agreement or lease in the nature thereof). For the avoidance of doubt, the grant by any Person of a non-exclusive license to use intellectual property owned by, licensed to, or developed by such Person and
such license activity shall not constitute a grant by such Person of a Lien on such intellectual property. 
 “Loan
Arbitrage Facility” means a credit facility provided to the Issuer or any of its Subsidiaries by any depository bank in which the Issuer or such Subsidiary, as the case may be, makes deposits, so long as (1) the Issuer or such
Subsidiary, as the case may be, applies all proceeds of loans made under such credit facility to purchase certain highly-rated debt instruments considered to be permitted short-term investments under such credit facility, and (2) all such
permitted short-term investments purchased by the Issuer or such Subsidiary, as the case may be, with the proceeds of loans thereunder (and proceeds thereof and distributions thereon) are pledged to the depository bank providing such credit

  
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facility, and such bank has a first priority perfected security interest therein, to secure loans made under such credit facility. 

“Mortgage Banking Subsidiaries” means CBRE Capital Markets, Inc., a Texas corporation, CBRE Capital Markets of
Texas, LP, a limited partnership formed under the laws of the State of Texas, CBRE Multifamily Capital Inc., a Delaware corporation, CBRE HMF, Inc., a Delaware corporation, and any other Subsidiary that is engaged in the origination of mortgage
loans in respect of commercial and multi-family residential real property, and the sale or assignment of such mortgage loans and the related mortgages, or the sale of securities issued that are backed by such mortgage loans, to another Person (other
than the Issuer or any of its Subsidiaries) in connection with such origination. 
 “Mortgage Warehousing
Facility” means (1) a credit facility provided by any bank or other financial institution extended to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which
loans are applied by such Mortgage Banking Subsidiary to fund commercial mortgage loans originated and owned by any Mortgage Banking Subsidiary subject to a commitment (subject to customary exceptions) to purchase such mortgage loans or
mortgage-backed securities in respect thereof by (a) the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or any other quasi-federal governmental agency or enterprise or government-sponsored entity or its seller
servicer or (b) any other commercial conduit lender, in each case so long as (i) loans made by such lender to such Mortgage Banking Subsidiary thereunder are secured by a pledge of commercial and multi-family residential mortgage loans
made by any Mortgage Banking Subsidiary with the proceeds of such loans, and such lender has a perfected first priority security interest therein, to secure loans made under such credit facility and (ii) in the case of loans to be sold to a
commercial conduit lender, the related indebtedness of the Mortgage Banking Subsidiary does not exceed a term of 120 days or a loan to value of 80%, and (2) any other credit facility provided by any bank or other financial institution extended
to any Mortgage Banking Subsidiary pursuant to which such lender makes loans to such Mortgage Banking Subsidiary, the proceeds of which loans are applied by such Mortgage Banking Subsidiary to fund commercial or multi-family residential mortgage
loans originated by any Mortgage Banking Subsidiary, so long as such loans to any Mortgage Banking Subsidiary are repaid by such Mortgage Banking Subsidiary to such lender with the proceeds of the sale or issuance of Lending Program Securities. 

“Net Cash Proceeds” with respect to any issuance or sale of Capital Stock, means the cash proceeds of such
issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and
net of taxes paid or payable as a result thereof. 

  
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 “Non-Recourse Debt” means Debt of, or guarantees by, an
Investment Subsidiary; provided, however, that (1) such Debt is incurred solely in relation to the investment or real estate development activities of such Investment Subsidiary and (2) such Debt is not guaranteed by, or
otherwise recourse to Parent, the Issuer or any Subsidiary of the Issuer other than an Investment Subsidiary (subject to customary environmental indemnities or completion or budget guarantees, and subject to customary exclusions from liability by
lenders in non-recourse financing transactions secured by real property (including by means of separate indemnification agreements or carve-out guarantees)); provided further that, if any such Debt is partially guaranteed by or
otherwise recourse to Parent, the Issuer or any Subsidiary of the Issuer other than an Investment Subsidiary, the portion of such Debt not so guaranteed or recourse shall be “Non-Recourse Debt” hereunder. 

“Officer” means the chairman of the board of directors, the chief executive officer, the president, the chief
financial officer, any executive vice president, senior vice president or vice president, the treasurer or any assistant treasurer or the secretary or any assistant secretary of Parent or the Issuer. 

“Officer’s Certificate” means a certificate signed on behalf of Parent or the Issuer, as the case may be,
by an Officer of Parent or the Issuer, respectively, and delivered to the Trustee. 
 “Opinion of Counsel”
means a written opinion signed by legal counsel, who may be an employee of or counsel to Parent or the Issuer, satisfactory to the Trustee. 

“Parent Guaranty” means the guarantee by Parent of the Issuer’s obligations with respect to the Notes
contained in this Supplemental Indenture. 
 “Permitted Holders” means (1) the Blum Funds, (2) any
member of senior management of the Issuer on the Issue Date and (3) Parent. 
 “principal” of a Note
means the principal of the Note plus the premium, if any, payable on the Note which is due or overdue or is to become due at the relevant time. 

“Property” means any property or asset, whether real, personal or mixed, including current assets and shares
of capital stock, but excluding deposit accounts, owned on the Issue Date or thereafter acquired by the Issuer or any Subsidiary. 

“Quotation Agent” means the Reference Treasury Dealer selected by the Issuer. 

“Rating Agencies” means Standard and Poor’s Ratings Group and Moody’s Investors Service, Inc. or any
successor to the respective rating agency business thereof. 

  
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 “Rating Event” means the ratings of the Notes are lowered by
both of the Rating Agencies and the Notes are rated below an Investment Grade Rating by both of the Rating Agencies, on any day during the period (which period will be extended so long as the rating of the Notes is under publicly announced
consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public announcement of the occurrence of a Change of Control or the intentions of the Issuer to effect a Change of Control and ending
60 days following the consummation of such Change of Control. 
 “Reference Treasury Dealer” means J.P.
Morgan Securities LLC and its successors and assigns, Credit Suisse Securities (USA) LLC and its successors and assigns and Merrill Lynch, Pierce, Fenner & Smith Incorporated and its successors and assigns. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00
p.m., New York City time, on the third Business Day immediately preceding the date that the applicable redemption notice is first mailed. 

“Refinance” means, in respect of any Debt, to refinance, extend, renew, refund, repay, prepay, redeem, defease
or retire, or to issue other Debt in exchange or replacement for, such Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Sale/Leaseback Transaction” means an arrangement relating to Property owned by the Issuer or a Subsidiary of
the Issuer on the Issue Date or thereafter acquired by the Issuer or a Subsidiary of the Issuer whereby the Issuer or a Subsidiary of the Issuer transfers such property to a Person and the Issuer of a Subsidiary of the Issuer leases it from such
Person. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means any Subsidiary of the Issuer that would be a “Significant Subsidiary”
of the Issuer within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Specified
Debt” means Debt in an aggregate principal amount exceeding $150.0 million. 
 “Subsidiary” means,
with respect to any Person, any corporation, association, partnership, limited liability company or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or
indirectly, by: 

  
 14 

 (1) such Person; 

(2) such Person and one or more Subsidiaries of such Person; or 

(3) one or more Subsidiaries of such Person. 

“Subsidiary Guarantor” means each Subsidiary of the Issuer that executes this Supplemental Indenture as a
guarantor on the Issue Date and each other Subsidiary of the Issuer that thereafter guarantees the Notes pursuant to the terms of this Supplemental Indenture. 

“Subsidiary Guaranty” means a guarantee by a Subsidiary Guarantor of the Issuer’s obligations with
respect to the Notes. 
 “Stated Maturity” means, with respect to any security, the date specified in such
security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option
of the holder thereof upon the happening of any contingency unless such contingency has occurred). 
 “Voting
Stock” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election
of directors, managers or trustees thereof. 
 “Wholly Owned” means, with respect to any Subsidiary of a
Person, 100% of the Capital Stock of such Person (other than director’s qualifying shares) shall at the time be owned by such Person and other Wholly Owned Subsidiaries. 

ARTICLE II 
 General Terms And
Conditions Of The Notes 
 SECTION 2.01. Establishment of the 5.25% Senior Notes due 2025. A new series of Securities with the
following terms is hereby established pursuant to Section 301 of the Base Indenture: 
 (1) The title of the series of
Securities constituted by the Notes shall be the “5.25% Senior Notes due 2025”. 
 (2) The initial aggregate
principal amount of the Notes is $300,000,000. There is no limit upon the aggregate principal amount of Notes that may be authenticated and delivered under the Indenture. The Issuer may from time to time without notice to or the consent of the
Holders of the Notes create and issue additional Notes (“Additional Notes”) ranking equally and ratably with the Notes in all respects other than the issue price, the date of the issuance, the payment of interest accruing prior to
the issue date of such 

  
 15 

 
Additional Notes, the first payment of interest following the issue date of such Additional Notes and in some cases the first payment of interest following the issue date of such Additional
Notes. Any such Additional Notes shall be consolidated and form single series with the Notes initially issued including for purposes of voting and redemptions; provided that if the Additional Notes are not fungible with the Notes initially
issued, then for U.S. federal income tax purposes such Additional Notes shall have a separate CUSIP number. 
 (3) The Notes
will be (i) unsecured senior obligations of the Issuer, (ii) senior in right of payment to all existing and any future subordinated indebtedness of the Issuer and (iii) guaranteed by Parent and each Subsidiary Guarantor on an
unsecured senior basis. 
 (4) Not applicable. 

(5) The entire outstanding principal of the Notes shall be payable on March 15, 2025 plus any accrued and unpaid interest
to such date. 
 (6) Interest on the Notes shall accrue at a rate of 5.25% per annum, computed on the basis of a 360-day
year of twelve 30-day months. Interest on the Notes shall accrue from September 26, 2014. The Interest Payment Dates for the Notes on which interest will be payable shall be March 15 and September 15 in each year, beginning
March 15, 2015. The Regular Record Dates for the interest payable on the Notes on any Interest Payment Date shall be the March 1 and September 1 preceding the applicable Interest Payment Date. 

(7) Payment of principal and premium, if any, of, and interest on, the Notes shall be made at, and in the manner prescribed by,
Sections 1001 and 1002 of the Base Indenture. 
 (8) The Notes may be redeemed in accordance with paragraph 5 of the Notes.

 (9) The Notes do not have the benefit of a sinking fund. The Issuer is obligated to purchase the Notes at the option of
the Holders thereof pursuant to Section 4.01 of this Supplemental Indenture. 
 (10) Not applicable. 

(11) Not applicable. 

(12) Not applicable. 

(13) Not applicable. 

(14) Not applicable. 

(15) Not applicable. 

  
 16 

 (16) Not applicable. 

(17) The Notes shall be issued as Global Securities and The Depository Trust Company, New York, New York shall be the initial
Depositary. 
 (18) Additions, deletions and changes in the Events of Default applicable to the Notes are set forth in
Article V of this Supplemental Indenture. 
 (19) The covenants set forth in Article IV of this Supplemental Indenture shall
apply to the Notes. The covenants set forth in Article VIII of the Base Indenture shall not apply to the Notes. 
 (20) Not
applicable. 
 (21) The Notes shall be guaranteed by the Guarantors pursuant to Article VI of this Supplemental Indenture.

 (22) Not applicable. 

(23) Not applicable. 

(24) The provisions of this Supplemental Indenture shall supersede any conflicting terms of the Base Indenture with respect to
the Notes as set forth in Section 1.01. 
 SECTION 2.02. Form of the Notes. The Notes issued under this Supplemental Indenture
shall be substantially in the form of Exhibit A to this Supplemental Indenture, which is hereby incorporated in and expressly made a part of this Supplemental Indenture. The Notes may have notations, legends or endorsements required by law, stock
exchange rule, agreements to which the Issuer is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in the Exhibit A to this Supplemental Indenture are part of the terms of this Supplemental Indenture. 
 ARTICLE III

 Redemption of the Notes 

SECTION 3.01. Redemption. The Notes may be redeemed in accordance with paragraph 5 of the Notes and Article XI of the Base Indenture.

 SECTION 3.02. Minimum Denominations. The Trustee may select for redemption portions of the principal of Notes that have minimum
denominations of $1,000 and integral multiples of $1,000 thereof; provided that Notes of $2,000 or less that are redeemed shall be redeemed in whole and not in part. 

  
 17 

 SECTION 3.03. Selection of Notes. If the Issuer is redeeming less than all the Notes at
any time, the Trustee will select Notes on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate in accordance with the applicable procedures of DTC. 

ARTICLE IV 
 Additional
Covenants 
 SECTION 4.01. Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, each Holder shall have the right to require that the Issuer purchase such
Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date), in accordance with the terms contemplated in Section 4.01(b) of this Supplemental Indenture. 

(b) Within 30 days following any Change of Control Triggering Event, unless the Issuer has exercised its option to redeem all the Notes
pursuant to paragraph 5 of the Notes, the Issuer shall mail (or deliver by electronic transmission in accordance with the applicable proceeding of the Depositary) a notice to each Holder with a copy to the Trustee (the “Change of
Control Offer”) stating: 
 (1) that a Change of Control Triggering Event has occurred and that such Holder has the
right to require the Issuer to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of purchase (subject to the
right of Holders of record on the relevant record date to receive interest on the relevant interest payment date); 
 (2) the
circumstances that constitute such Change of Control Triggering Event; 
 (3) the purchase date (which shall be no earlier
than 30 days nor later than 60 days from the date such notice is sent); and 
 (4) the instructions, as determined
by the Issuer, consistent with this Section 4.01, that a Holder must follow in order to have its Notes purchased. 
 (c) Holders
electing to have a Note purchased will be required to surrender the Note, with an appropriate form duly completed, to the Trustee for cancellation at the address specified in the notice at least three Business Days prior to the purchase date. Notes
held in book entry form shall be delivered in accordance with the Depositary’s procedures. Holders will be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date, a
facsimile transmission or letter setting forth the name of the Holder, the principal 

  
 18 

 
amount of the Note which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Note purchased. 

(d) On the purchase date, all Notes purchased by the Issuer under this Section 4.01 shall be delivered by the Issuer to the Trustee for
cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 
 (e)
Notwithstanding the foregoing provisions of this Section 4.01, the Issuer shall not be required to make a Change of Control Offer following a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner,
at the times and otherwise in compliance with the requirements set forth in this Section 4.01 applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control
Offer or if the Issuer has exercised its option to redeem all the Notes pursuant to paragraph 5 of the Notes. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering
Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time of making of such Change of Control Offer. 

(f) The Issuer shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the purchase of Notes pursuant to this Section 4.01. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.01, the Issuer
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.01 by virtue of its compliance with such securities laws or regulations. 

SECTION 4.02. Limitation on Liens. 

(a) The Issuer will not, and will not permit any Subsidiary of the Issuer to, create, incur, issue, assume or guarantee any Debt secured by a
Lien upon (a) any Property of the Issuer or such Subsidiary, or (b) any shares of Capital Stock issued by any Subsidiary of the Issuer and owned by the Issuer or any Subsidiary of the Issuer, whether owned on the Issue Date or thereafter
acquired, without effectively providing concurrently that the Notes then outstanding under the Indenture are secured equally and ratably with or, at the option of the Issuer, prior to such Debt so long as such Debt shall be so secured. 

(b) The foregoing restriction shall not apply to, and there shall be excluded from Debt (or any guarantee thereof) in any computation under
such restriction, Debt (or any guarantee thereof) secured by: 
 (1) Liens on any property existing at the time of the
acquisition thereof; 
 (2) Liens on property of a Person existing at the time such Person is merged into or consolidated
with the Issuer, Parent or a Subsidiary of the Issuer or 

  
 19 

 
at the time of a sale, lease or other disposition of the properties of such Person (or a division thereof) as an entirety or substantially as an entirety to the Issuer or a Subsidiary of the
Issuer; provided that any such Lien does not extend to any property owned by the Issuer or any Subsidiary of the Issuer immediately prior to such merger, consolidation, sale, lease or disposition; 

(3) Liens on property of a Person existing at the time such Person becomes a Subsidiary of the Issuer; 

(4) Liens in favor of the Issuer or a Subsidiary of the Issuer; 

(5) Liens to secure all or part of the cost of acquisition, construction, development or improvement of the underlying
property, or to secure Debt incurred to provide funds for any such purpose; provided that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained no later than 360 days after the later of
(a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; provided further that such Liens do not extend to any property other than such
property subject to acquisition, construction, development or improvement; 
 (6) Liens in favor of the United States of
America or any State thereof, or any department, agency or instrumentality or political subdivision thereof, to secure partial, progress, advance or other payments; 

(7) Liens existing on the Issue Date or any extension, renewal, replacement or refunding of any Debt (or any guarantee thereof)
secured by a Lien existing on the Issue Date or referred to in clauses (1)-(3) or (5); provided that any such extension, renewal, replacement or refunding of such Debt (or any guarantee thereof) shall be created within 360 days of
repaying the Debt (or any guarantee thereof) secured by the Lien referred to in clauses (1)-(3) or (5) and the principal amount of the Debt (or any guarantee thereof) secured thereby and not otherwise authorized by clauses (1)-(3) or
(5) shall not exceed the principal amount of Debt (or any guarantee thereof), plus any premium or fee payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal,
replacement or refunding; provided further that this clause (7) shall not include Liens securing the Credit Agreement or any extension, renewal, replacement or refunding thereof; 

(8) Liens securing hedging obligations entered into in the ordinary course of business; 

(9) Liens on assets of Subsidiaries of the Issuer that are not Guarantors and the capital stock of such Subsidiaries securing
Debt (or any guarantee thereof); 
 (10) Liens securing Debt (or any guarantee thereof) of the Issuer or any Subsidiary of
the Issuer not exceeding the greater of (i) 7.5% of Consolidated 

  
 20 

 
Total Assets of the Issuer and (ii) $500.0 million in the aggregate at the time of determination; 

(11) Liens securing Non-Recourse Debt or Exempt Construction Loans or guarantees thereof on assets or Capital Stock of
Subsidiaries of the Issuer formed solely for the purpose of, and which engage in no business other than the business of making Co-investments; 

(12) Liens on commercial and multi-family residential mortgage loans originated and owned by a Mortgage Banking Subsidiary
pursuant to a Mortgage Warehousing Facility; and 
 (13) Liens on investments made by the Issuer or any Subsidiary of the
Issuer pursuant to a Loan Arbitrage Facility, if such investments were acquired by such Person with the proceeds of Debt borrowed under such Loan Arbitrage Facility. 

(c) Notwithstanding the restrictions described above, the Issuer and any Subsidiaries of the Issuer may create, incur, issue, assume or
guarantee Debt secured by Liens without equally and ratably securing the Notes then outstanding if, at the time of such creation, incurrence, issuance, assumption or guarantee, after giving effect thereto and to the retirement of any Debt which is
concurrently being retired, 
 (1) the aggregate amount of all such Debt secured by Liens which would otherwise be subject to
such restrictions (other than any Debt (or any guarantee thereof) secured by Liens permitted as described in clauses (1)-(13) of Section 4.03(b) plus 

(2) all Attributable Debt of the Issuer and the Subsidiaries of the Issuer in respect of Sale/Leaseback Transactions with
respect to Properties (with the exception of such transactions that are permitted under clauses (1)-(4) of the first sentence of Section 4.03(a)) 

would not exceed the greater of (x) $3.5 billion and (y) the amount that would cause the Consolidated Secured Debt Ratio to exceed
3.5 to 1.0. 
 SECTION 4.03. Limitation on Sale/Leaseback Transactions. 

(a) The Issuer will not, and will not permit any Subsidiary of the Issuer to, enter into any Sale and Leaseback Transaction with respect to
any Property unless: 
 (1) the Sale/Leaseback Transaction is solely with the Issuer or another Subsidiary of the Issuer;

 (2) the lease is for a period not in excess of 36 months (or which may be terminated by the Issuer or such Subsidiary),
including renewals; 

  
 21 

 (3) the Issuer or such Subsidiary would (at the time of entering into such
arrangement) be entitled as described in clauses (1)-(13) of Section 4.02(b), without equally and ratably securing the Notes then outstanding under the Indenture, to create, incur, issue, assume or guarantee Debt secured by a Lien on such
Property in the amount of the Attributable Debt arising from such Sale/Leaseback Transaction; 
 (4) the Issuer or such
Subsidiary within 360 days after the sale of such Property in connection with such Sale/Leaseback Transaction is completed, applies an amount equal to the net proceeds of the sale of such Property to (i) the retirement of Notes, other Funded
Debt of the Issuer ranking on a parity with the Notes (or the Guarantees of the Notes) or Funded Debt of a Subsidiary of the Issuer or (ii) the purchase of Property; or 

(5)(A) the Attributable Debt of the Issuer and Subsidiaries of the Issuer in respect of such Sale/Leaseback Transaction and all other
Sale/Leaseback Transactions entered into after the Issue Date (other than any such Sale/Leaseback Transaction as would be permitted as described in clauses (1)-(4) of this sentence), plus (B) the aggregate principal amount of Debt
secured by Liens on Properties then outstanding (not including any such Debt secured by Liens described in clauses (1)-(13) of Section 4.02(b)) that do not equally and ratably secure the outstanding Notes (or secure the outstanding Notes
on a basis that is prior to other Debt secured thereby), would not exceed the greater of (x) $3.5 billion and (y) the amount that would cause the Consolidated Secured Debt Ratio to exceed 3.5 to 1.0. 

SECTION 4.04. SEC Reports. 

(a) So long as the Notes are outstanding, at any time that the Issuer is subject to the reporting requirements of Section 13 or 15(d) of
the Exchange Act, the Issuer will furnish to the Trustee and make available on the Issuer’s website copies of such annual and quarterly reports and such information, documents and other reports as are required under Sections 13 and 15(d) of the
Exchange Act within 15 days after the date such information, documents or other reports were filed with the SEC; provided, however, that (a) so long as Parent is a Guarantor of the Notes, the reports, information and other
documents required to be filed and provided as described hereunder may, at the Issuer’s option, be filed by and be those of Parent rather than the Issuer and (b) in the event that Parent conducts any business or holds any significant
assets other than the capital stock of the Issuer at the time of filing and providing any such report, information or other document containing financial statements of Parent, Parent shall include in such report, information or other document
summarized financial information (as defined in Rule 1-02(bb) of Regulation S-X promulgated by the SEC) with respect to the Issuer. The Issuer or Parent will
be deemed to have furnished such reports, information and documents to the Trustee if the Issuer or Parent has filed such reports, information and documents with the SEC via the EDGAR filing system or has made available such reports, information and
documents on its website. The Trustee shall have no responsibility to ensure that such filing has occurred. 

  
 22 

 (b) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 4.05. Future
Guarantors. On the Issue Date, Parent and each of the Issuer’s Subsidiaries that is a guarantor of the Issuer’s Specified Debt shall execute and deliver to the Trustee a Guaranty Agreement pursuant to which Parent and each such
Subsidiary shall guarantee the Issuer’s obligations with respect to the Notes issued pursuant to this Supplemental Indenture on the terms set forth herein. After the Issue Date, the Issuer shall cause each Wholly Owned Domestic Subsidiary of
the Issuer that Guarantees any Specified Debt of the Issuer to, within 30 days of the incurrence of such Guarantee, execute and deliver to the Trustee a Guaranty Agreement pursuant to which such Subsidiary shall Guarantee payment of the Notes on the
same terms and conditions as those set forth in this Supplemental Indenture. For the avoidance of doubt, if a Foreign Subsidiary is a co-borrower of Debt of the Issuer, and not a Guarantor of such Debt, then it will not be considered a Guarantor of
such Debt for purposes of this Section 4.05. 
 SECTION 4.06. When the Issuer, Subsidiary Guarantors and Parent May Merge or
Transfer Assets 
 Neither the Issuer nor Parent may consolidate with or merge into any other entity or convey, transfer or lease their
properties and assets substantially as an entirety to any entity, unless: 
 (1) the successor or transferee entity, if other
than the Issuer or Parent, as the case may be, is a Person (in the case of the Issuer, if such Person is not a corporation, then such successor or transferee shall include a corporate co-issuer) organized and existing under the laws of the United
States, any state thereof or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to the trustee, in form reasonably satisfactory to the trustee, the due and punctual payment of the principal of, any
premium on and any interest on all the outstanding Notes and the performance of every covenant and obligation in the Indenture to be performed or observed by the Issuer or Parent, as the case may be; 

(2) immediately after giving effect to the transaction, no Event of Default, as defined in the Indenture, and no event which,
after notice or lapse of time or both, would become an Event of Default, has happened and is continuing; and 
 (3) within 30
days of such consolidation, merger, conveyance, transfer or lease, the Issuer or Parent, as the case may be, has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such occurrence, and, if a supplemental
indenture is required in connection with such occurrence, such 

  
 23 

 
supplemental indenture, comply with the foregoing provisions relating to such transaction. 

In case of any such consolidation, merger, conveyance or transfer, the successor entity will succeed to and be substituted for the Issuer or
Parent, as the case may be, as obligor or guarantor on the Notes, as the case may be, with the same effect as if it had been named in the Indenture as the Issuer or Parent, as the case may be. 

(b) No Subsidiary Guarantor may consolidate with or merge into any other entity or convey, transfer or lease its properties and assets
substantially as an entirety to any entity, unless: 
 (1) the successor or transferee entity, if not a Subsidiary Guarantor
prior to such merger, conveyance, transfer or lease, shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State thereof or the
District of Columbia, and expressly assumes, by a supplemental indenture, all the obligations of such Subsidiary under its guarantee; provided, however, that the foregoing shall not apply in the case of a Subsidiary Guarantor
(x) that has been, or will be as a result of the subject transaction, disposed of in its entirety to another Person (other than to the Issuer, Parent or an affiliate of the Issuer or Parent), whether through a merger, consolidation or sale of
Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary; 

(2) immediately after giving effect to the transaction, no Event of Default, as defined in the Indenture, and no event which,
after notice or lapse of time or both, would become an Event of Default, has happened and is continuing; and 
 (3) within 30
days of such consolidation, merger, conveyance, transfer or lease, the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that such occurrence and, if a supplemental indenture is required in
connection with such occurrence, such supplemental indenture, comply with the foregoing provisions relating to such transaction. 
 ARTICLE V

 Additional Events of Default 

SECTION 5.01. Additional Events of Default. In addition to the Events of Default set forth in Section 501 of the Base Indenture,
an “Event of Default” occurs if: 
 (a) the Issuer or any Guarantor fails to comply with its obligations under Section 4.06;

  
 24 

 (b) the Issuer defaults in the payment of the principal of any Note when the same becomes due and
payable at its Stated Maturity, upon redemption, upon required purchase, upon declaration of acceleration or otherwise; 
 (c) the Issuer or
any Guarantor, as the case may be, fails to comply with Sections 4.01 (other than a failure to purchase Notes), 4.02, 4.03 or 4.05 and such failure continues for 30 days after a Notice of Default is given; 

(d) the Issuer or Parent, as the case may be, fails to comply with Sections 4.04 and such failure continues for 180 days after a
Notice of Default is given (provided that, if applicable, failure by the Issuer or Parent to comply with the provisions of Section 314(a) of the Trust Indenture Act will not in itself be deemed a Default or an Event of Default); 

(e) the Issuer or the Guarantors default in the performance of, or breach, any of their covenants and agreements in respect of the Notes
contained in this Indenture or in the Notes (other than those referred to in (1) of Section 501 of the Base Indenture or (a), (b), (c) or (d) above), and such default or breach continues for a period of 60 days after a Notice of
Default is given; 
 (f) Debt of the Issuer or any Subsidiary Guarantor or any Significant Subsidiary is not paid within any applicable
grace period after final maturity or is accelerated by the holders thereof because of a default and the total amount of such Debt unpaid or accelerated exceeds $150,000,000; 

(g) any final judgment or decree for the payment of money (other than judgments which are covered by enforceable insurance policies issued by
solvent carriers) in excess of $150,000,000 is entered against the Issuer, any Subsidiary Guarantor or any Significant Subsidiary, remains outstanding for a period of 60 consecutive days following the entry of such judgment or decree becoming
final and is not discharged, waived or the execution thereof stayed within 10 days after the notice specified below; or 
 (h) the
Parent Guaranty or a Subsidiary Guaranty ceases to be in full force and effect (other than in accordance with the terms of such Guaranty) or a Guarantor denies or disaffirms its obligations under its Guaranty. 

A default under clauses (c), (d), (e) and (g) will not constitute an Event of Default until the Trustee or the Holders of not less than 25% in
principal amount of the outstanding Notes notify the Issuer of the default and the Issuer does not cure such default within the time specified after receipt of such notice. In the event of any Event of Default specified under clause (f), such Event
of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of Notes) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within
30 days after such Event of Default arose: (a) holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to 

  
 25 

 
such Event of Default or (b) the default that is the basis for such Event of Default has been cured. 

SECTION 5.02. Inapplicability of Events of Default. The Events of Default specified in clauses (2), (3) and (4) of
Section 501 of the Base Indenture shall not apply to the Notes. 
 SECTION 5.03. Bankruptcy Event of Default. With respect to
the Notes, the following amendments shall have been deemed to have been made to Section 501 of the Base Indenture: 
 (a)
Section 501(5) is amended by replacing the words “the Issuer or the Guarantors” with the words “the Issuer, any Subsidiary Guarantors or any Significant Subsidiary”. 

(b) Section 501(6) is amended by replacing each instance of the words “the Issuer or the Guarantors” with the words “the
Issuer, any Subsidiary Guarantor or any Significant Subsidiary”. 
 SECTION 5.04. Covenant Defeasance. On and after the date of
Covenant Defeasance of the Notes, the occurrence of any event specified in (i) Section 501(5) or 501(6) of the Base Indenture (in each case only with respect to any Significant Subsidiary) or (ii) Sections 5.01(c), 5.01(d), 5.01(f),
5.01(g) or 5.01(h) of this Supplemental Indenture shall be deemed not to be or result in an Event of Default with respect to the Notes. 

SECTION 5.05. Notice of Default. The Issuer shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice
in the form of an Officer’s Certificate of any Event of Default under clause (f) and (h) of Section 5.01 and any event which with the giving of notice or the lapse of time would become an Event of Default under clause (c), (d),
(e) and (g) of Section 5.01, its status and what action the Issuer is taking or proposes to take with respect thereto. 

ARTICLE VI 
 Guaranties

 SECTION 6.01. Guaranties. 

(a) Each Guarantor required to execute and deliver a Guaranty Agreement pursuant to Section 4.05 shall, upon execution and delivery of
its Guaranty Agreement, unconditionally and irrevocably guarantee, jointly and severally, to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due,
whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Issuer under this Supplemental Indenture and the Notes and (b) the full and punctual performance within applicable grace periods of all
other obligations of the Issuer under this Supplemental Indenture and the Notes (all the foregoing being hereinafter collectively called the 

  
 26 

 
“Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from
such Guarantor and that such Guarantor will remain bound under this Article VI notwithstanding any extension or renewal of any Guaranteed Obligation. 

(b) Each Guarantor waives presentation to, demand of, payment from and protest to the Issuer of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (a) the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Supplemental Indenture, the Notes or any other agreement or otherwise; (b) any extension or renewal of any thereof;
(c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Supplemental Indenture, the Notes or any other agreement; (d) the release of any security held by any Holder or the Trustee for the Guaranteed
Obligations or any of them; (e) the failure of any Holder or the Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (f) except as set forth in Section 6.06, any change in the
ownership of such Guarantor. 
 (c) Each Guarantor further agrees that its Guaranty herein constitutes a guarantee of payment, performance
and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(d) Except as expressly set forth in Sections 6.02, 6.06 and 7.02(b) of this Supplemental Indenture and Sections 1302 and 1303 of the Base
Indenture, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject
to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations
of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Supplemental Indenture, the Notes or any other
agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might
in any manner or to any extent vary the risk of such Guarantor or would otherwise operate as a discharge of such Guarantor as a matter of law or equity. 

(e) Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 

  
 27 

 (f) In furtherance of the foregoing and not in limitation of any other right which any Holder or
the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration,
by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (1) the unpaid amount of such Guaranteed Obligations, (2) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (3) all other monetary
Guaranteed Obligations of the Issuer to the Holders and the Trustee. 
 (g) Each Guarantor further agrees that, as between it, on the one
hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Guaranteed Obligations may be accelerated as provided in Article V of the Base Indenture for the purposes of such Guarantor’s Guaranty herein,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations, and (y) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in such Article
V, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 6.01. 

(h) Each Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the
Trustee or any Holder in enforcing any rights under this Section 6.01. 
 SECTION 6.02. Limitation on Liability. Any term or
provision of this Supplemental Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that can be hereby guaranteed
without rendering this Supplemental Indenture, as it relates to such Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

SECTION 6.03. Successors and Assigns. This Article VI shall be binding upon each Guarantor and its successors and assigns and shall
enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in
the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Supplemental Indenture. 

SECTION 6.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power
or privilege under this Article VI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are 

  
 28 

 
cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article VI at law, in equity, by statute or otherwise. 

SECTION 6.05. Modification. No modification, amendment or waiver of any provision of this Article VI, nor the consent to any departure
by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No
notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 6.06. Release of Subsidiary Guarantor. Each Subsidiary Guarantor shall be deemed released from all obligations under this
Article VI without any further action required on the part of the Trustee or any Holder: (1) upon the sale or other disposition (including by way of consolidation or merger) of such Subsidiary Guarantor, (2) upon the sale or disposition of
all or substantially all the assets of such Subsidiary Guarantor, (3) at such time as (a) such Subsidiary Guarantor no longer Guarantees any other Specified Debt of the Issuer or (b) the release and discharge of the guaranty which
resulted in the creation of such Subsidiary Guaranty (except a release or discharge by or as a result of payment under such guaranty); provided that such Subsidiary Guarantor would not then otherwise be required to Guarantee the Notes
pursuant to the Indenture, (4) upon the defeasance of the Notes, as provided under Article VIII of the Base Indenture or (5) pursuant to clause (4) of Section 901 of the Base Indenture (in the case of clause (1) or (2),
other than to Parent, the Issuer or a Subsidiary of Parent and as permitted by the Indenture. At the written request of the Issuer, the Trustee shall execute and deliver an appropriate instrument evidencing such release. 

SECTION 6.07. Contribution. Each Subsidiary Guarantor that makes a payment under its Subsidiary Guaranty will be entitled upon payment
in full of all Guaranteed Obligations to a contribution from each other Subsidiary Guarantor in an amount equal to such other Subsidiary Guarantor’s pro rata portion of such payment based on the respective net assets of all the Subsidiary
Guarantors at the time of such payment determined in accordance with GAAP. 
 ARTICLE VII 

Miscellaneous Provisions 

SECTION 7.01. Article IX of the Base Indenture. With respect to the Notes, the following amendments shall be deemed to have been made
to Article IX of the Base Indenture: 
 (a) Paragraphs (6) and (9) of Section 901 of the Base Indenture are hereby deleted.

 (b) Paragraph (10) of Section 901 of the Base Indenture shall be amended and restated as follows: “to provide for
uncertificated Notes in addition to or in 

  
 29 

 
place of certificated Notes (provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code);”. 
 (c) Paragraph (13) of Section 901 of the
Base Indenture shall be amended and restated as follows: “to cure any ambiguity or omission, defect or inconsistency, as evidenced in an Officer’s Certificate; and”. 

(d) Paragraph (14) of Section 901 of the Base Indenture shall be amended and restated as follows: “to make any change that does
not materially and adversely affect the rights of the Holders of the Notes”. 
 (e) The words “(15) to comply with any requirement
of the SEC in connection with any required qualification of the Indenture under the Trust Indenture Act; and” and “(16) to amend the provisions of the Indenture relating to the transfer and legending of Notes; provided,
however, that (i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely
affect the rights of Holders to transfer Notes” shall be inserted after paragraph (14) in Section 901 of the Base Indenture. The word “and” at the end of paragraph (13) of Section 901 shall be deleted, and the
period at the end of paragraph (14) of Section 901 shall be replaced with a semicolon. 
 (f) The words “which intent may be
evidenced by” in paragraph (12) of Section 901 of the Base Indenture shall be deleted and replaced with “as set forth in” and the words “to that effect” at the end of paragraph (12) of Section 901 shall
be deleted. 
 (g) Paragraph (4) of Section 902 of the Base Indenture shall be amended and restated as follows: “make any
Note payable in money other than as stated in such Note”. 
 (h) The words “(9) change any Guaranty in a manner that would
materially adversely affect the Holders of the Notes; or” and “(10) make any change in the ranking or priority of any Note or Guaranty that would materially adversely affect the Holders of the Notes.” shall be inserted after paragraph
(8) in Section 902 of the Base Indenture. The word “or” at the end of paragraph (7) of Section 902 shall be deleted, and the period at the end of paragraph (8) of Section 902 shall be replaced with a
semicolon. 
 (i) The paragraph below shall be inserted after the last paragraph of Section 902 of the Base Indenture: 

Neither the Issuer nor any Affiliate of the Issuer may, directly or indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment or any of the terms or provisions of the Indenture or the Notes unless such consideration is offered to all Holders and is paid to all Holders that
so consent, waive or agree to amend in the time frame set forth 

  
 30 

 
in solicitation documents relating to such consent, waiver or agreement. 
 SECTION
7.02. Article XIII of the Base Indenture. With respect to the Notes, the following amendments shall be deemed to have been made to Article XIII of the Base Indenture: 

(a) Paragraph (3) of Section 1304 of the Base Indenture shall be amended and restated as follows: “(3) [Reserved].” 

(b) For avoidance of doubt, upon exercise of Defeasance or Covenant Defeasance by the Issuer or any of the Guarantors, each Guarantor will
automatically be released from all of its Guaranties under Article VI of this Supplemental Indenture. 
 SECTION 7.03. Article VI of
the Base Indenture. With respect to the Notes, the following amendment shall be deemed to have been made to Article VI of the Base Indenture: 

(a) The words “(or deliver by electronic transmission in accordance with applicable procedures of the Depositary)” shall be inserted
after the word “mail” in Section 602 of the Base Indenture. 
 SECTION 7.04. Ratification of Indenture. The Base
Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed to be part of the Base Indenture in the manner and to the extent herein and therein provided. 

SECTION 7.05. Provisions of General Application. The provisions of Sections 112, 115, 118 of the Base Indenture shall apply to this
Supplemental Indenture mutatis mutandis. 
 SECTION 7.06. Counterparts. The parties hereto may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 [Remainder
of Page Intentionally Blank] 

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the day and year first written above. 
  

					
	CBRE SERVICES, INC., as Issuer
	CBRE GROUP, INC., as Parent
		
	By:	 	 /s/ JAMES R. GROCH

		 	Name:	 	James R. Groch
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to the
Second Supplemental Indenture] 

 
					
	CBRE CONSULTING, INC.
	CBRE GLOBAL INVESTORS, INC.
	CBRE GLOBAL INVESTORS, LLC
	CBRE, INC.
	CB/TCC HOLDINGS LLC
	CB/TCC, LLC
	CBRE CAPITAL MARKETS OF TEXAS, LP
	CBRE CAPITAL MARKETS, INC.
	CBRE CLARION CRA HOLDINGS, INC.
	CBRE CLARION REI HOLDING, INC.
	CBRE GOVERNMENT SERVICES, LLC
	CBRE BUSINESS LENDING, INC.
	CBRE PARTNER, INC.
	CBRE TECHNICAL SERVICES, LLC
	CBRE-PROFI ACQUISITION CORP.
	CBRE TECHNICAL SERVICES, LLC
	CBRE/LJM MORTGAGE COMPANY, L.L.C.
	INSIGNIA/ESG CAPITAL CORPORATION
	THE POLACHECK COMPANY, INC.
	TRAMMELL CROW COMPANY, LLC
		
	By:	 	 /s/ DEBERA FAN

		 	Name:	 	Debera Fan
		 	Title:	 	Senior Vice President & Treasurer

  
 [Signature Page to the
Second Supplemental Indenture] 

 
					
	CB/TCC GLOBAL HOLDINGS LIMITED
		
	By:	 	 /s/ PHILIP EMBUREY

		 	Name:	 	Philip Emburey
		 	Title:	 	Director
		
	By:	 	 /s/ ELIZABETH THETFORD

		 	Name:	 	Elizabeth Thetford
		 	Title:	 	Secretary
	
	TRAMMELL CROW DEVELOPMENT & INVESTMENT, INC.
		
	By:	 	 /s/ DANIEL G. QUEENAN

		 	Name:	 	Daniel G. Queenan
		 	Title:	 	President and Chief Executive Officer

  
 [Signature Page to the
Second Supplemental Indenture] 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ MADDY HALL

		 	Name:	 	 Maddy Hall

		 	Title:	 	Vice President

  
 [Signature Page to the
Second Supplemental Indenture] 

 EXHIBIT A 

FORM OF FACE OF NOTE 
 UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

 CUSIP No. 12505B AC4 

ISIN US12505BAC46 
 $300,000,000 

5.25% Senior Notes due 2025 

CBRE Services, Inc., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of $300,000,000
on March 15, 2025. 
 Interest Payment Dates: March 15 and September 15. 

Record Dates: March 1 and September 1. 

  
 2 

 Additional provisions of this Security are set forth on the other side of this Security. 

Dated: 
  

			
	CBRE Services, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 TRUSTEE’S CERTIFICATE OF

            AUTHENTICATION

	
	Wells Fargo Bank, National Association
	
	as Trustee, certifies
	 that this is one of

the Securities referred

to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

  
 3 

 FORM OF REVERSE SIDE OF NOTE 

5.25% Senior Notes due 2025 
  

	1.	Interest 

 CBRE Services, Inc., a Delaware corporation (such corporation, and its
successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Issuer will pay interest
semiannually on March 15 and September 15 of each year, commencing March 15, 2015. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from September 26,
2014. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment 

 The Issuer will pay interest on the Notes (except defaulted interest)
to the Persons who are registered Holders of Notes at the close of business on the March 1 or September 1 next preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date.
Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in
respect of the Notes represented by a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Issuer will make
all payments in respect of a certificated Note (including principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on a certificated Note will be
made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such
account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	Paying Agent and Registrar 

 Initially, Wells Fargo Bank, National Association (the
“Trustee”), will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Issuer or any of its wholly owned Subsidiaries may act as Paying Agent, registrar
or co-registrar. 

  
 4 

	4.	Indenture 

 The Issuer issued the Notes under an Indenture (the “Base
Indenture”) dated as of March 14, 2013, as supplemented by the Second Supplemental Indenture thereto dated as of September 26, 2014 (the “Second Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), each among the Issuer, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such
terms, and Holders of the Notes are referred to the Indenture and the Act for a statement of those terms. 
 The Notes are general senior
unsecured obligations of the Issuer. The Issuer shall be entitled to issue Additional Notes pursuant to Section 301 of the Base Indenture. The initial Notes issued on the Issue Date and any Additional Notes will be treated as a single class for
all purposes under the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth below, the Issuer shall not be entitled to
redeem the Notes at its option. 
 Prior to December 15, 2024, the Issuer may, at its option, redeem all or a portion of the Notes at a
redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon to December 15, 2024
(not including any portions of payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate. In the
case of each of clauses (1) and (2), accrued and unpaid interest, if any, will be payable to, but excluding, the date of redemption. 

In addition, from and after December 15, 2024, the Issuer will be entitled, at its option, to redeem all or a portion of the Notes at a
redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. 

Notice of such redemption must be mailed by first-class mail (or delivered by electronic transmission in accordance with the applicable
procedures of the Depositary) to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date. The Trustee shall have no duty or responsibility for the contents, calculations or determinations provided
for in the notice of redemption required under this paragraph 5. 

  
 5 

	6.	Notice of Redemption 

 Notice of redemption will be made in accordance with the terms of
the Indenture. 
  

	7.	Put Provisions 

 Upon a Change of Control Triggering Event, any Holder of Notes will have
the right to cause the Issuer to purchase all or any part of the Notes of such Holder at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of
repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

 

	8.	Guaranties 

 From and after the Issue Date, the payment by the Issuer of the principal
of, and premium and interest on, the Notes is guaranteed on a joint and several senior unsecured basis by each of the Guarantors on the terms set forth in the Indenture. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes are in registered form without coupons in
minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note
to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redeem Notes or 15 Business Days before an interest payment
date. 
  

	10.	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to
the Trustee for payment. 

  
 6 

	12.	Discharge and Defeasance 

 Subject to certain conditions, the Issuer at any time shall be
entitled to terminate some or all of its and each Guarantor’s obligations under the Notes, the Guaranties and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest
on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Waiver 

 The Indenture and the Notes may be amended or supplemented as
provided in the Indenture. 
  

	14.	Defaults and Remedies  

 The Events of Default relating to the Notes are defined in the
Indenture. Upon an occurrence of an Event of Default, the rights and obligations of the Issuer, the Guarantors, the Trustee and the Holders of the Notes shall be as set forth in the Indenture. 

 

	15.	Trustee Dealings with the Issuer 

 Subject to certain limitations imposed by the Act, the
Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or
its Affiliates with the same rights it would have if it were not Trustee. 
  

	16.	No Recourse Against Others 

 A director, officer, employee or stockholder, as such, of
the Issuer or the Trustee shall not have any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder
of a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	17.	Authentication 

 This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder of a Note or
an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the 

  
 7 

 
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	19.	CUSIP Numbers 

 The Issuer has caused CUSIP numbers to be printed on the Notes and has
directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holder of a Note. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and
reliance may be placed only on the other identification numbers placed thereon. 
  

	20.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
  

	21.	Copies of Indenture 

 The Issuer will furnish to any Holder of a Note upon written
request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. Requests may be made to: 
 CBRE
Services, Inc. 
 400 South Hope Street 

25th Floor 
 Los Angeles,
California 90071 
 Attention: General Counsel 

[Remainder of Page Intentionally Left Blank] 

  
 8 

  

ASSIGNMENT FORM 
 To assign this Note, fill in
the form below: 
 I or we assign and transfer this Note to 

(Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                      agent to
transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

 
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

  
  

 
 Sign exactly as your name appears on the other side of
this Note. 

  
 9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.01 of the Supplemental Indenture, check the box:

  

					
		 	
		  	 	  	

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.01 of
the Supplemental Indenture, state the amount in principal amount: $         
  

									
	Date:	 	  
	 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the other side of this Note.)

 

					
	Signature Guarantee:	 	  
	 	
		 	(Signature must be guaranteed)	 	

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the registrar in addition to,
or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 10Form of Medium-Term Notes, Series K, Principal at Risk Securities

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

			
	 CUSIP NO. 94986RUX7
	  	FACE AMOUNT: $                    
	REGISTERED NO.     	  	

 WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the MSCI EAFE Index® 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash
Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity
Date” shall be April 25, 2016. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third Business Day (as defined below) after the Determination Date as postponed. This Security
shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation of this Security
at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 

 Determination of Cash Settlement Amount and Certain Definitions 

The “Cash Settlement Amount” of this Security will equal: 

 

	 	•	 	 if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount; 

 

	 	•	 	 if the Final Underlier Level is greater than the Initial Underlier Level but less than the Cap Level, the sum of (i) the Face Amount plus
(ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return; 

  

	 	•	 	 if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to the Buffer Level, the Face Amount;
or 

  

	 	•	 	 if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus (ii) the product of (a) the Buffer
Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount. 

 All
calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to
the nearest cent, with one-half cent rounded upward. 
 The “Underlier” shall mean the MSCI EAFE Index®. 
 The “Trade Date” shall mean September 19,
2014. 
 The “Initial Underlier Level” is 1901.00, the Closing Level of the Underlier on the Trade Date.

 The “Closing Level” of the Underlier on any Trading Day means the official closing level of the
Underlier as reported by the Underlier Sponsor on such Trading Day. 
 The “Final Underlier Level” will be
the Closing Level of the Underlier on the Determination Date. 
 The “Underlier Return” will be the
quotient of (i) the Final Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage. 

The “Cap Level” is 2181.7777, which is equal to 114.77% of the Initial Underlier Level. 

The “Buffer Level” is 1710.90, which is equal to 90.0% of the Initial Underlier Level. 

The “Maximum Settlement Amount” is 119.201% of the Face Amount of this Security. 

The “Buffer Amount” is 10%. 

  
 2 

 The “Buffer Rate” is equal to the Initial Underlier Level
divided by the Buffer Level. 
 The “Upside Participation Rate” is 1.3. 

“Underlier Sponsor” shall mean MSCI Inc. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Underlier Sponsor is scheduled to publish the level of the Underlier and (ii) each Relevant Stock Exchange and each Related Futures or
Options Exchange is scheduled to be open for trading for its Regular Trading Session. 
 A “Material Local Market
Index” means a local market index that has a material effect on a market participant’s ability to replicate the performance of the Underlier, as determined by the Calculation Agent. 

A “Relevant Stock Exchange” means, in relation to each Material Local Market Index (and in relation to
(i) each Related Futures or Option Contract relating to such Material Local Market Index, (ii) each Related Futures or Options Exchange on which such Related Futures or Option Contract trades and (iii) each security included in such
Material Local Market Index), the primary exchange or quotation system on which the securities that compose such Material Local Market Index are traded, as determined by the Calculation Agent. 

A “Related Futures or Options Exchange” means an exchange or quotation system where trading has a material
effect on the overall market for futures or options contracts relating to the Underlier or any Material Local Market Index, as determined by the Calculation Agent. 

A “Related Futures or Option Contract” means, with respect to a Related Futures or Options Exchange and any
day, the futures or option contract relating to the Underlier or any Material Local Market Index that is traded on such Related Futures or Options Exchange and that has a material effect on a market participant’s ability to replicate the
performance of the Underlier, as determined by the Calculation Agent on that day. 
 A “Regular Trading
Session” means, on any day, with respect to a Relevant Stock Exchange or a Related Futures or Options Exchange, the official, regular weekday trading session of such Relevant Stock Exchange or such Related Futures or Options Exchange, as
applicable, on such day, without regard to after hours or any other trading outside the hours of such official, regular weekday trading session. For purposes of this definition, (i) with respect to a Relevant Stock Exchange, if there is more
than one official, regular weekday trading session, the “Regular Trading Session” on any day refers to the afternoon trading session on such day; and (ii) with respect to a Related Futures or Options Exchange, the “Regular
Trading Session” on any day refers to the official, regular weekday trading session within which the scheduled closing time of the Regular Trading Session of the Relevant Stock Exchange falls on that day. For purposes of clause (ii) of the
preceding sentence, (x) the Relevant Stock Exchange with 

  
 3 

 
respect to a Related Futures or Options Exchange for Related Futures or Option Contracts relating to the Underlier is the Relevant Stock Exchange that has the latest scheduled closing time (in
Greenwich mean time) of its Regular Trading Session; and (y) if a Related Futures or Options Exchange does not designate an official, regular weekday trading session for such exchange but instead designates an official, regular weekday trading
session for particular futures or option contracts, then the reference to the “official, regular weekday trading session” will mean the official, regular weekday trading session for the Related Futures or Option Contract that trades on
such Related Futures or Options Exchange. 
 The “Determination Date” shall be April 20, 2016. If such
day is not a Trading Day, the Determination Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence of a Market Disruption Event. See “–Market Disruption
Events” below. 
 “Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of
May 29, 2012 between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation
Agent” shall mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless
the context otherwise requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different
Calculation Agent from time to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

Discontinuance Of The Underlier; Alteration Of Method Of Calculation 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the relevant Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any
selection by the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security. 

In the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is
continuing on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for
and method of calculating the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance. If a Successor Underlier is selected or the Calculation Agent
calculates a level as a substitute for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

  
 4 

 If on the Determination Date the Underlier Sponsor fails to calculate and
announce the level of the Underlier, the Calculation Agent will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the failure, but using only
those securities that comprised the Underlier immediately prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “–Market Disruption
Events” shall apply in lieu of the foregoing. 
 If at any time the Underlier Sponsor makes a material change in
the formula for or the method of calculating the Underlier, or in any other way materially modifies the Underlier (other than a modification prescribed in that formula or method to maintain the Underlier in the event of changes in constituent stock
and capitalization and other routine events), then, from and after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Underlier is to be calculated, calculate a
substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the change, but using only those securities that comprised the Underlier immediately prior to that change.
Accordingly, if the method of calculating the Underlier is modified so that the level of the Underlier is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Underlier in order
to arrive at a level of the Underlier as if it had not been modified. 
 Market Disruption Events 

A “Market Disruption Event” means any of (A), (B) or (C) below, as determined by the Calculation
Agent in its sole discretion: 
  

	 	(A)	 Any of the following events occurs or exists with respect to any security that is included in any Material Local Market Index and traded on the
Relevant Stock Exchange, and the aggregate of all such securities with respect to which any of the following events occurs or exists comprise 20% or more of the level of such Material Local Market Index: 

 

	 	—	 	 a material suspension of or limitation imposed on trading by the Relevant Stock Exchange or otherwise at any time during the one-hour period that
ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange or otherwise; 

 

	 	—	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions
in, or obtain market values for, such security on the Relevant Stock Exchange at any time during the one-hour period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day; or

  

	 	—	 	 on any Exchange Business Day, the closure of the Regular Trading Session of the Relevant Stock Exchange prior to its scheduled closing time unless
the earlier closing time is announced by the Relevant Stock Exchange at least one 

  
 5 

	 	 
hour prior to the earlier of (i) the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day and (ii) the submission deadline for orders to be
entered into the Relevant Stock Exchange system for execution at such actual close of trading. 

  

	 	(B)	 Any of the following events occurs or exists with respect to any Related Futures or Option Contract: 

 

	 	—	 	 a material suspension of or limitation imposed on trading by the Related Futures or Options Exchange or otherwise at any time during the one-hour
period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange or otherwise;

  

	 	—	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants in general to effect transactions
in, or obtain market values for, such Related Futures or Option Contract on the Related Futures or Options Exchange at any time during the one-hour period that ends at the actual close of trading of the Regular Trading Session of the Relevant Stock
Exchange on that day; or 

  

	 	—	 	 on any Exchange Business Day, the closure of the Regular Trading Session of the Related Futures or Options Exchange prior to the actual close of
trading of the Regular Trading Session of the Relevant Stock Exchange on that day. 

  

	 	(C)	 Any Relevant Stock Exchange or any Related Futures or Options Exchange fails to open for trading during its Regular Trading Session.

 For purposes of the definition of “Market Disruption Event”: 

 

	 	(1)	 the relevant percentage contribution of a security included in a Material Local Market Index to the level of such Material Local Market Index will
be based on a comparison of (x) the portion of the level of such Material Local Market Index attributable to that security to (y) the overall level of such Material Local Market Index, in each case immediately before the occurrence of the
Market Disruption Event; 

  

	 	(2)	 on any Trading Day, the Relevant Stock Exchange with respect to a Related Futures or Option Contract relating to the Underlier is the Relevant
Stock Exchange that has the latest actual close of trading (in Greenwich mean time) of its Regular Trading Session on that Trading Day; and 

  

	 	(3)	 an “Exchange Business Day” means any Trading Day on which each Relevant Stock Exchange and each Related Futures or Options
Exchange is open for trading for its Regular Trading Session, notwithstanding any such Relevant Stock Exchange or Related Futures or Options Exchange closing prior to the scheduled 

  
 6 

	 	 
closing time of such Regular Trading Session. 

 If a Market
Disruption Event occurs or is continuing on the Determination Date, then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first
succeeding Trading Day has not occurred as of the eighth Trading Day after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading
Days after the originally scheduled Determination Date and a Market Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance
with the formula for and method of calculating the Closing Level of the Underlier last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event
has occurred with respect to such security, its good faith estimate of the value of such security at the actual close of trading of the Regular Trading Session of the primary exchange or quotation system on which such security is traded) on such
date of each security included in the Underlier. As used herein, “closing price” means, with respect to any security on any date, the traded or quoted price of such security as of the actual close of trading on such date of the
Regular Trading Session of the primary exchange or quotation system on which such security is traded. 
 Calculation Agent 

The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the Calculation
Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier or, if no
Successor Underlier is available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which
shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize this Security as a prepaid derivative contract that is an “open
transaction.” 

  
 7 

 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to April 25, 2016. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash
Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 
  

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose. 
 [The remainder of this page has been left intentionally blank] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                             

 

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		
		 	 
		 	 Its:
	 	 

 [SEAL] 
  

					
	Attest:	 	 
		
		 	 
		 	 Its:
	 	 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of
the Securities of the 
 series designated therein described 

in the within-mentioned Indenture. 

CITIBANK, N.A., 

as Trustee 
  

			
		
	By:	 	 
		 	 Authorized Signature

 OR 
  

			
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	 Authorized Signature

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the MSCI EAFE Index® 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 10 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action
or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to
be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered 

  
 11 

 
form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 12 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	  	 --
	  	 as tenants in common

			
	 TEN ENT
	  	 --
	  	 as tenants by the entireties

			
	 JT TEN
	  	 --
	  	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

							
	 UNIF GIFT MIN ACT --  
	  	 	  	 Custodian  
	  	 
		  	(Cust)	  		  	(Minor)

 Under Uniform Gifts to Minors Act 
  

 
 (State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

Please Insert Social Security or 
 Other Identifying Number of
Assignee 
  
  

 

	
	
	 
	
	 
	
	 
	(PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP
CODE OF ASSIGNEE)

  
 13 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
  

			
		
	Dated:	 	 
		 	

  

	
	
	 
	
	 

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 14

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