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Michelle MacKay Named Next Cushman & Wakefield CEO; John Forrester to Retire From the Company

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Andrew McDonald Appointed to Expanded Role of Global President and COO Transition Culminates a Multi-Year Succession Planning Process Cushman & Wakefield announced that the Board of Directors has accepted John Forrester’s intent to retire from his position as Chief Executive Officer (CEO) and member of the Board of Directors, effective June 30, 2023, following 35 years of service to the company. As part of the Company’s long-standing succession plan, Cushman & Wakefield’s Board of Directors appointed Michelle MacKay, currently President and Chief Operating Officer (COO), to assume the role of CEO as of July 1, 2023. Mr. Forrester will remain employed as a strategic advisor until December 31, 2023. In addition, Ms. MacKay was elected to serve on the Board of Directors, effective July 1, 2023. Brett White will remain as Executive Chairman of the Board. Andrew McDonald, currently President of Cushman & Wakefield, was appointed by the Board to an expanded role of Global President and Chief Operating Officer overseeing all the firm’s service lines and regions. Mr. White, Cushman & Wakefield’s Executive Chairman of the Board, commented: “On behalf of Cushman & Wakefield’s Board of Directors, I thank John for his dedication and service to the firm and to the commercial real estate services industry over his long and distinguished career. John is a revered industry leader known for his integrity, work ethic and deep client knowledge. His tremendous efforts over the past several years have strengthened the firm’s foundation and culture and the Board is sincerely grateful for his contribution.” “It has been an honor to lead Cushman & Wakefield as CEO through its post-Covid transitionary period, which underscored the firm’s industry leadership, our core values and strengths and culminated in record company revenue and EBITDA in 2022,” said Mr. Forrester. “I am proud of our great company and what our Cushman & Wakefield colleagues around the world have accomplished. I have great confidence in Michelle as a proven leader who will offer the firm exceptional vision, strategy and direction for achieving its performance and growth goals.” Mr. White added: “The Board is pleased that Michelle MacKay will succeed John as CEO. Michelle has an impressive track record of creating substantial value for shareholders and clients through her deep expertise in commercial real estate and corporate strategy. In their new roles, the combination of Michelle and Andrew – who also has played a pivotal role in the firm’s profitability, growth and development of new strategic opportunities – creates a formidable leadership team that is uniquely qualified to steer evolution within the commercial real estate services industry. We are confident that their leadership will significantly advance the firm’s operational excellence and ability to deliver long-term growth.” Ms. MacKay commented: “I’m looking forward to leading this great firm through its next chapter of strategic growth. Cushman & Wakefield’s unique entrepreneurial culture and employee expertise position us to not only successfully navigate the current challenges in commercial real estate services, but to also deliver long-term value, profitability and growth. I look forward to partnering with Andrew and collaborating with our teams around the world to amplify our positive impact for clients, shareholders and the cities and communities in which we operate.” Ms. MacKay joined Cushman & Wakefield as a member of its Board of Directors in 2018. Based on the firm’s strategic goals and her related expertise, she was appointed to the position of COO in 2020 and promoted to President and COO on January 1, 2022, with direct operational and management oversight of many of the firm’s service lines and regions, including the EMEA region, Global Occupier Services and C&W Services. A seasoned commercial real estate executive with more than 30 years of experience at a variety of public and privately held companies, Ms. MacKay has served on three public company boards, including Cushman & Wakefield’s from 2018 to 2020, and is renowned for unlocking value for real estate assets and companies. Previously, she served as Executive Vice President, Investments and Head of Capital Markets at iStar, Inc. a real estate investment trust (REIT) company (which has since merged with Safehold Inc.). She also has significant capital allocation and financial institution expertise, having served in leadership roles at UBS (previously Paine Webber), JPMorgan Chase and The Hartford Insurance Company’s investment arm HIMCO. Mr. McDonald has been with Cushman & Wakefield for more than 20 years, most recently serving as President of Cushman & Wakefield since 2021, leading the firm’s largest business lines in the Americas and Asia Pacific regions. Prior to his role as President, Mr. McDonald held several senior leadership roles at Cushman & Wakefield after a 15-year career as a top brokerage professional, including Chief Executive for the Americas region, President of the Americas West Region and Regional Managing Principal of Southern California for Cushman & Wakefield. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 52,000 employees in over 400 offices and approximately 60 countries. In 2022, the firm had revenue of $10.1 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Equity Remains Historically High in First Quarter of 2023;But Equity-Rich Portion of Mortgaged Homes Dips for Second Straight Quarter as Home Prices Drop Around Most of U.S.;Seriously Underwater Level of Mortgages Virtually Unchanged ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 47.2 percent of mortgaged residential properties in the United States were considered equity-rich in the first quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values. The portion of mortgaged homes that was equity-rich in the first quarter of 2023 decreased slightly from 48 percent in the fourth quarter of 2022. While that remained close to twice the level of just three years ago, the drop-off in the first three months of 2023 marked the second straight quarterly decline following 10 consecutive gains. The report found that the portion of equity-rich mortgage-payers went down from the fourth quarter of 2022 to the first quarter of 2023 in 32 states around the U.S. The equity downturn, small as it was, stood as the latest indicator of how a decline in home prices across much of the country has started to affect homeowners following a decade-long market boom. It comes as home-seller profits have slid to their lowest point in two years. Despite the emerging trend in equity-rich mortgages, the report also shows that just 3 percent of mortgaged homes, or one in 33, were considered seriously underwater in the first quarter of 2023. That meant that they had a combined estimated balance of loans secured by the property of at least 25 percent more than the property’s estimated market value. The latest seriously underwater figure was virtually unchanged from 2.9 percent in the prior quarter, and was still down from 3.2 percent in the first quarter of 2022. “Homeowners across the U.S. continue to sit in a far better position than they were just a few years ago, with historically elevated levels of wealth built up in their properties. However, the recent downturn in the housing market is chipping away at the bounty they reaped from a decade of price surges,” said Rob Barber, chief executive officer for ATTOM. “Home equity has fallen modestly amid a larger slump in profits homeowners are getting when they sell. It’s still too early to call this a long-term trend, and there are reasons to hope for a market turnaround this year. For now, though, various measures suggest that the best of the boom may be behind us.” Largest declines in equity-rich share of mortgages spread across West The portion of equity-rich mortgages continued to decrease in a majority of states around the U.S. from the fourth of 2022 to the first quarter of 2023, commonly by less than two percentage points. The biggest drops again came in the West, which followed a pattern that began late last year. The first-quarter declines were led by Arizona (portion of mortgages homes considered equity-rich decreased from 59.9 percent in the fourth quarter of 2022 to 56.4 percent in the first quarter of 2023), Nevada (down from 52.3 percent to 49 percent), Idaho (down from 61.6 percent to 58.5 percent), Utah (down from 60.3 percent to 58.1 percent) and Washington (down from 58.5 percent to 56.5 percent). At the other end of the spectrum, the South had four of the five states where the equity-rich share of mortgaged homes increased the most from the fourth quarter of last year to the first quarter of this year. The largest increases were in New Mexico (up from 45.6 percent to 48.9 percent), Kentucky (up from 37.2 percent to 40.2 percent), Mississippi (up from 33.2 percent to 35 percent), Oklahoma (up from 35.2 percent to 36.4 percent) and South Carolina (up from 48.9 percent to 49.7 percent). Largest increases in seriously underwater mortgages concentrated in Northeast The portion of mortgaged homes considered seriously underwater remained largely unchanged – and historically low – during the first quarter of 2023 in most of the nation, with the biggest increases clustered in the Northeast. States leading those increases included South Dakota (share of mortgaged homes that were seriously underwater up from 4.3 percent in the fourth quarter of 2022 to 4.8 percent in the first quarter of 2023), Pennsylvania (up from 4.4 percent to 4.7 percent), Maine (up from 2.2 percent to 2.5 percent), Vermont (up from 0.9 percent to 1.1 percent) and Idaho (up from 2.2 percent to 2.4 percent). States where the percentage of seriously underwater homes decreased the most from the fourth quarter of 2022 to the first quarter of this year were led by Mississippi (down from 6.8 percent to 5.6 percent), Missouri (down from 7.1 percent to 6.4 percent), Kansas (down from 4.3 percent to 3.7 percent), Louisiana (down from 10.6 percent to 10.4 percent) and New Mexico (down from 3 percent to 2.9 percent). West region continues to benefit from highest levels of equity-rich homeowners Despite seeing some of the largest decreases in equity-rich percentages, the West still had highest levels of such properties around the U.S. in the first quarter of 2023, with seven of the top 10 states. Those with the highest portions were Vermont (75.9 percent of mortgaged homes were equity-rich), Florida (61 percent), California (59.7 percent), Idaho (58.5 percent) and Montana (58.4 percent). Nine of the 10 states with the lowest percentages of equity-rich properties in the first quarter of 2023 were in the Midwest and South. The smallest portions were in Louisiana (24.1 percent of mortgaged homes were equity-rich), Illinois (26.4 percent), Alaska (27.4 percent), West Virginia (29.9 percent) and North Dakota (30.9 percent). Among 107 metropolitan statistical areas around the nation with a population of at least 500,000, the West and South continued to dominate the list of places with the highest portion of mortgaged properties that were equity-rich. All but one of the top 25 were in those regions during the first quarter of 2023, led by San Jose, CA (71.6 percent equity-rich); Sarasota-Bradenton, FL (68.1 percent); Los Angeles, CA (65.4 percent); Miami, FL (65.3 percent) and San Diego, CA (64.8 percent). The leader in the Northeast region again was Portland, ME (59.7 percent) while the top metro in the Midwest continued to be Grand Rapids, MI (49.9 percent). The 10 metro areas with the lowest percentages of equity-rich properties in the first quarter of 2023 were in the Midwest

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Zeller will lead brand management and drive company growth In support of Veros Real Estate Solutions (Veros®) goal to strengthen brand awareness and further penetrate the financial services and real estate markets by offering innovative enterprise risk management and property valuation services, the company has announced hiring Heather Zeller as its Vice President of Marketing. Zeller has over 25 years of experience in marketing management, product marketing, and corporate strategy in the financial services, real estate, and fintech industries. In her new role, Zeller will lead the marketing and communications teams to position Veros and sister company Valligent as thought leaders and go-to resources for property valuations, risk management solutions, and insightful housing industry data and forecasts. In late 2022, Veros Software, the parent company of Veros Real Estate Solutions, acquired Valligent, a market-leading appraisal management company. Valligent offers cutting-edge solutions for property valuation. The combination of Veros Real Estate Solutions and Valligent positions the entities to provide innovative collateral valuations to a broader market that Zeller will be instrumental in helping reach. Before joining Veros, Zeller was the Product Marketing Director at Clear Capital, a real estate valuation and technology solutions provider. She was key in implementing effective B2B go-to-market plans, product positioning, and demand generation strategies that helped drive adoption and generate growth across a vast range of product lines within the real estate property valuation, data analytics, and technology space. “With her impressive experience and professional expertise in our industry, Heather will truly be an asset to the Veros and Valligent teams,” said Darius Bozorgi, CEO of Veros Software. “Her role is a vital part of the company that will strengthen our position in the market, and further solidifies our reputation as a leader in real estate technology solutions.” About Veros Real Estate Solutions A mortgage technology innovator since 2001, Veros Real Estate Solutions (Veros) is a proven leader in enterprise risk management and collateral valuation services. The firm combines predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ products and services include automated valuation, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. The company is also making the home-buying process more efficient for our nation’s Veterans through its appraisal management work with the Department of Veterans Affairs. For more information, visit veros.com or call 866-458-3767. Contacts Heather Zeller, Vice President of MarketingCommunications@veros.com

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The Data & Analytics division of Black Knight, Inc. released its latest Mortgage Monitor report, based on the company’s industry-leading mortgage, real estate and public records data sets. A modest rise in homebuyer demand led to home prices strengthening for the third consecutive month in March, as both January and February were upwardly revised to show positive movement in prices. As Black Knight Vice President of Enterprise Research Andy Walden explains, while historical trends would suggest an increase of new listings in the spring, the inventory shortage at the root of this home price strengthening has instead worsened as the country moves further into the traditional homebuying season. “Home prices rose a seasonally adjusted 0.45% in March at the national level,” said Walden. “A modest bump in homebuyer demand ran headlong into falling for-sale supply, leading to the third consecutive monthly increase in home prices after they’d been pulling back from recent peaks through the tail end of 2022, essentially nationwide. In fact, just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February. Despite the home price strengthening of these past couple of months, the backward-looking annual growth rate continued to cool as the influence of the red-hot spring 2022 market fades in the rearview mirror. Prices are now up just 1.0% year over year, with the annual growth rate on track to fall to roughly 0% by April. That said, low inventory levels will limit just how far that metric will fall in coming months. “The strengthening in home prices is the direct result of a second month of modest increases in sales volumes meeting a continually shrinking for-sale inventory. Our Collateral Analytics data showed the supply of active listings fell for the sixth straight month, to the lowest level since April 2022. On top of that, March saw deterioration in supply among 90% of major markets. New listings aren’t filling the gap either – 30% fewer properties hit the market in March as compared to pre-pandemic norms. That deficit’s now increased in each of the last six months and is up from -27% in February and -25% the month before. Given the modest rise in sales volumes, current available inventory represents just 2.6 months of supply on a seasonally adjusted basis, tipping the scale back toward sellers in a tightly constricted market.” This month’s report also draws upon daily rate lock data from Optimal Blue, a division of Black Knight, to help gauge the impact of today’s volatile rate environment on mortgage lending activity. Rates remained volatile through March and April – from a high of 6.85% in early March, to 6.21% by early April, then back up above 6.5% by the middle of the month. More noteworthy in recent weeks is the pullback in purchase rate lock volumes despite overall lower mortgage rates than we saw in March. Through April 26, rates have averaged 6.38% for the month, down from the 6.56% average daily rate for the month of March. While rates have eased, and the heart of the traditional home buying season takes hold, purchase rate locks have pulled back in recent weeks, falling 18% (unadjusted) from their late March highs. Likewise, refinance volumes are down 17% among cash-outs and 24% among rate-term refis since mid- to late March. This trend is worth watching closely in coming weeks given the delicate balance of supply and demand in today’s market. Granular, timely data has become ever more essential as the market continues to sift through each new shred of economic news in hopes of predicting how the Federal Reserve and broader economy will react. Much more information on these and other topics can be found in this month’s Mortgage Monitor. To review the full report, visit: https://www.blackknightinc.com/data-reports/ SOURCE Black Knight, Inc.

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Profit Margins on Typical Home Sales Nationwide Drop to Two-Year Low as Home Prices Remain Flat; Investment Returns Decline Quarterly by Five Points; Median Home Values Down Again in Most Markets ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2023 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home and condo sales across the United States decreased to 44.2 percent as home prices stayed flat or kept declining around most of the nation. The drop-off in typical profit margins, from 48.7 percent in the fourth quarter of 2022, marked the third straight quarterly decrease nationwide and resulted in the lowest investment return since mid-2021. It came as the national median home price rose just 1 percent quarterly, to $321,135, and values commonly went down in almost three-quarters of major housing markets around the country. The typical investment return nationwide did remain high in the first quarter – almost double where it stood four years ago. But the margin was off by 12 points from the peak of 56.1 percent hit in the second quarter of last year. “Homeowners are starting to take a significant hit in the form of lost profits from the recent market slowdown. Nine months of varying price declines around the country have carved away almost a quarter of the profit margin sellers were enjoying in early 2022. That’s a striking reversal of what we saw for a decade,” said Rob Barber, chief executive officer for ATTOM. “It is possible that the upcoming peak buying season of 2023 could lead to increased profits, owing to favorable mortgage rates and other factors. Over the next few months, we can expect to gain more clarity regarding whether the current market stagnation is a short-term aberration or a more significant trend.” The latest round of faltering profits and prices around the U.S. reflects a housing market that has been stalled since the middle of last year following a decade of almost continuous gains. The nationwide median home price fell 7 percent from the record hit in the second quarter of last year, taking profit margins with it. That happened as home mortgage rates doubled to more than 6 percent for a 30-year fixed-rate loan, consumer price inflation soared to 40-year highs and the stock market fell back from all-time records. Those forces cut into what prospective home buyers could afford, helping to tamp down demand and lower prices despite short supplies of properties for sale. As the 2023 home-buying season kicks into gear, the forecast for the market remains murky. Small declines in mortgage and inflation rates over the past few months have come amid predictions among economists of more interest rate hikes and a possible recession. Profit margins stay the same or decrease in two-thirds of U.S.Typical profit margins – the percent difference between median purchase and resale price – stayed the same or went down from the fourth quarter of 2022 to the first quarter of 2023 in 93 (68 percent) of the 137 metropolitan statistical areas around the U.S. with sufficient data to analyze. They were flat or down in 123, or 90 percent, of those metros compared to the second quarter of last year, when returns hit a high point nationwide. Metro areas were included if they had a population greater than 200,000 and at least 1,000 single-family home and condo sales in the first quarter of 2023. The biggest quarterly decreases in typical profit margins came in the metro areas of Akron, OH (margin down from 66.7 percent in the fourth quarter of 2022 to 47.8 percent in the first quarter of 2023); Stockton, CA (down from 76.7 percent to 59.4 percent); Louisville, KY (down from 48.6 percent to 32 percent); Prescott, AZ (down from 73.3 percent to 58.1 percent) and Buffalo, NY (down from 66.2 percent to 51.5 percent). Aside from Louisville and Buffalo, the biggest quarterly profit-margin decreases in metro areas with a population of at least 1 million in the first quarter of 2023 were in St. Louis, MO (return down from 33.7 percent to 23.6 percent); San Francisco, CA (down from 58.9 percent to 49.1 percent) and Salt Lake City, UT (down from 53.6 percent to 44.5 percent). Typical profit margins increased quarterly in just 44 of the 137 metro areas analyzed (32 percent). The biggest quarterly increases were in Trenton, NJ (margin up from 43.6 percent in the fourth quarter of 2022 to 78.6 percent in the first quarter of 2023); Scranton, PA (up from 63.3 percent to 87.5 percent); Lake Havasu City, AZ (up from 63.6 percent to 82.8 percent); Atlantic City, NJ (up from 33.2 percent to 48.5 percent) and Reading, PA (up from 53.9 percent to 68.8 percent). The largest quarterly increases in profit margins among metro areas with a population of at least 1 million came in Pittsburgh, PA (up from 47.8 percent to 53.1 percent); Memphis, TN (up from 46.3 percent to 51.1 percent); Richmond, VA (up from 52.1 percent to 55.6 percent); Indianapolis, IN (up from 46.7 percent to 50 percent) and Grand Rapids, MI (up from 64.4 percent to 67.1 percent). Raw profits flat or down in three-quarters of nationProfits on median-priced home sales, measured in raw dollars, stayed the same or decreased from the fourth quarter of 2022 to the first quarter of 2023 in 100, or 73 percent, of the metro areas analyzed for this report. The biggest quarterly raw-profit decreases in areas with a population of at least 1 million were in St. Louis, MO (down 30 percent); Louisville, KY (down 29 percent); Birmingham, AL (down 28 percent); New Orleans, LA (down 24 percent) and Buffalo, NY (down 22 percent). The largest raw profits on median-priced sales in the first quarter of 2023 were in San Jose, CA (profit of $475,000); San Francisco, CA ($316,000); Naples, FL ($255,750); San Diego, CA ($242,750) and Seattle, WA ($236,000). Prices even or down in three-quarters of metro areas around the U.S.Median home prices in the first quarter of 2023 decreased or remained the same compared to the prior quarter in 104 (75 percent) of the 139 metro areas around the country with enough data to analyze, although they were still up annually in 102 of those metros (73 percent). Nationally, the median first-quarter price of $321,135 was up 1 percent from $318,000 in the fourth quarter of 2022 and up 1.6 percent from $316,000 in the