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Transcription:

Working together to create value in the world of real estate Investor Presentation 58,000 employees, 230 offices, 80 countries, 1 global brand September 2015

Who we are JLL is a leading provider of real estate services and investment management, creating value for corporations and investors across the globe What we do Growth-oriented, globally integrated Advisor and service provider Local, regional and global market execution Corporate outsourcing partner Premier global real estate investment (LaSalle) Diverse revenue sources Asia Pacific 28% 19% 8% LaSalle 45% 2014 Fee Revenue = $4.7B How we create value Premium brand Globally recognized in 80 countries Collaborative culture with the highest ethical standards Team work and client focused Operational excellence Productivity focus Broad research capabilities Strategic data & IT investments Financial strength and investment grade balance sheet Strong cash generator Disciplined acquirer Market share and margin focused Committed to low leverage How we got here - premier brand and global platform 1760 1783 1968 19971999 Jones Lang Wootton founded LaSalle Partners founded LaSalle Partners initial public offering LaSalle Partners and Jones Lang Wootton merge to create Jones Lang LaSalle Integrated global platform (NYSE ticker JLL ) The Staubach Company and Jones Lang LaSalle combine operations Largest merger in JLL history transforms U.S. local markets position King Sturge (est. 1760) and Jones Lang LaSalle merge operations Enhances strength and depth of service capabilities in the UK and 2008 2011 2014 13% compound annual revenue growth rate since 1999 merger thru 2014 2

What we have accomplished Fee Revenue ~4x $4,702 Operating Income ~5x $510 Market Cap ~6x $8,060 $1,167 2004 2014 Long history of profitable growth 10-year compound annual fee revenue growth = 15% 80% organic and 20% from M&A $95 2004 2014 Investment grade financial strength improved for future growth Experienced leadership Six-member Global Executive Board combined 90-year tenure 300+ International directors 78acquisitions announced since 2005, executed and integrated based on: Strategic alignment Cultural fit Financial discipline $1,247 2004 August 2015 Success through Global Financial Crisis by adapting to market cycles and capturing market share Note: All amounts in $ millions. 2004 market cap based on peak share price in the year. Current market cap based on August 2015 share price. How we earn fees Property & Facility Management Leasing Management & outsourcing of properties & portfolios Driven by value enhancement for investors and corporate occupiers Broker transactions between tenants & landlords Driven by economic growth and corporate confidence Capital Markets & Hotels Investment sales & finance arrangements Driven by investor allocations to real estate and market liquidity Design & management of real estate projects Project & Development Services Driven by capital expenditure and expansion decisions Real estate investment management Workplace strategy, valuation, consulting, advisory and sustainability Driven by best practices in workplace productivity LaSalle Investment Management Driven by investment performance and capital raising Advisory & Other JLL has expertise in these real estate asset categories OFFICE INDUSTRIAL RETAIL MULTI-FAMILY HOTEL 3

Diversified and integrated global services Property & Facility Mgmt. Project & Development Services Capital Markets 9% Integrated Products 17% 23% 8% 33% LaSalle Inv. Mgmt. 10% Leasing Advisory & other (47%) United States Asia Pacific (22%) Global Diversification 43% 2014 Fee Revenue = $4.7B Focused on growing annuity-like revenue streams (31%) other 4% Other Europe 8% 4% Germany 3% France 15% 2% United Kingdom Other Asia 6% Australia 7% 3% 2% 3% Greater China JapanIndia Singapore (incl. Hong Kong) YTD 2015 Real Estate Services revenue ($ in millions; % change in local currency over YTD 2014) Asia Pacific Total RES Leasing $492.9 13% $113.5 9% $78.7 11% $685.1 12% $151.3 52% $188.3 46% $60.5 31% $400.1 45% $226.1 9% $102.6 4% $189.7 13% $518.4 9% Capital Markets & Hotels Property & Facility Management Fee Gross Revenue $329.9 13% $144.5 % $261.5 11% $735.9 9% Project & Development Services - Fee $113.1 21% $70.6 32% $38.9 35% $222.6 27% Gross Revenue $115.2 21% $190.6 32% $65.4 29% $371.2 28% Advisory, Consulting & Other $62.4 25% $105.1 22% $51.2 17% $218.7 22% Total Fee Revenue RES Operating $1,045.8 17% $580.1 23% $419.0 17% $2,044.9 19% Total Gross Revenue $1,151.7 18% $742.0 22% $517.3 16% $2,411.0 19% Note: Segment and Consolidated Real Estate Services ( RES ) operating revenue exclude Equity earnings (losses). Fee revenue presentation of Property & Facility Management, Project & Development Services and Total RES Operating Revenue excludes gross contract costs. 4

2015 tone and Q2 financial highlights YTD 2015 highlights Fee Revenue $2.2 billion Up 20% in local currency EPS $2.95 Up 44% over H1 2014 Operating Income margin up 115 bps Margin expansion in all segments 73 Corporate Solutions wins Over 196 million square feet across all regions $3 billion capital raise by LaSalle 2015 tone Healthy transaction pipelines and client confidence Continued investment to expand market share Disciplined Corporate Solutions pursuits drive annuity revenue LaSalle deploys new capital to grow advisory fees Significant incentive fee potential based on market stability Q2 2015 market volume & outlook JLL Research Investment Volumes Vary by Region; Outlook Consistent in Local Currency Market Volumes Actual Capital Markets(1) (in USD) 20% 19% 20% (2) 3% 3% -10-15% Asia Pacific -2% 2% 5-10% Total 9% 9% 5% Leasing Volumes Improving; Outlook Steady Gross Absorption Leasing (in square meters) Forecast Q2 2015 v. Q2 2014 Q2 YTD 2015 v. Q2 YTD 2014 FY 2015 v. FY 2014 Actual Forecast Q2 2015 v. Q2 2014 Q2 YTD 2015 v. Q2 YTD 2014 FY 2015 v. FY 2014 (U.S. only) 4% -1% 0-5% (Europe only) 5% 2% Flat Asia Pacific (select markets) 41% 25% 15-20% Total 8% 3% 0-5% (1) Market volume data presented in U.S. dollar and excludes multi-family assets. (2) Q2 2015 actual volumes are up 28% compared to Q2 2014 in euro terms, up 3% in US Dollars. JLL Research volume projections for full year 2015 are up 5% in euro terms compared to 2014 and a decrease of 10-15% in US Dollars. Source: JLL Research, July 2015 5

Investment thesis Guiding principles Growth focused Long-term revenue growth Market share gains Margin accretion Objectives and results Drive shareholder value Core businesses Market-leading Leasing & Capital Markets positions Corporate Solutions LaSalle Investment Management Outperformance versus the S&P 500 Global brand Superior client relationships Collaborative, experienced and deep leadership bench Highest ethical standards and commitment to diversity Driving increased profitability & cash flow for growth Protect balance sheet S&P upgrade to BBB+ Financial strength Strong cash flow & low leverage Disciplined capital allocations Proactive risk mitigation Dividend payout Productivity mindset Infrastructure leverage Occupancy IT investments Capitalize on growth opportunities 25acquisitions announced since 2014 with total estimated value over $500M Our strategy for continued success G1 G2 G3 G4 Build our local and regional Markets business Strengthen our winning positions in Corporate Solutions Capture the leading share of global capital flows for investment sales Grow LaSalle Investment Management s leadership position G5 Connections: Differentiate and Sustain Driving to Strategy 2020 Balance top-line growth Platform investments Productivity to maximize profit Leverage global position Industry consolidation to grow market share Increase productivity Manage costs to improve margins Maintain financial strength Flexibility to respond to uncertainty 6

G1 - Scale and leadership in local markets Competitive advantages Leasing Bolstered execution capabilities in key markets Proven market share growth Compound annual growth rate since 2007: Consolidated = 15% and = 24% Project & Development Services Successful Tetris business expanding into new markets idesk Property Management Significant scale in key markets. Leverage JLL s global platform to deliver consistent services to clients across markets JLL leasing revenue ($ in millions) Asia Pacific $593 $125 $227 $241 $753 $133 $247 $373 $781 $108 $173 $500 $1,000 $159 $203 $638 $1,188 $1,278 $192 $236 $760 $198 $250 $830 $878 *July 2008: Staubach Company acquired, annual revenue = $375 million **May 2011: King Sturge acquired, annual revenue = $260 million Consolidated CAGR 15% $1,540 $205 $1,322 $173 $272 $295 $1,040 * 2007 2008 2009 2010 2011 ** 2012 2013 2014 CAGR 24% G2 - Global outsourcing propels Corporate Solutions Competitive advantages Long-term contracts driving annuity revenue 2014 JLL Client wins Wins 58 Large corporations Expansions 53 Scalable global position leveraging local market execution Selective pursuit of profitable business Drives multi-x Win rate ~60% 30+ revenue Renewals 22 Middle Market Wins 61 JLL Property & Facilities Management fee revenue ($ in millions) Asia Pacific $438 $170 $126 $142 $545 $208 $140 $627 $266 $136 $197 $226 $716 $304 $143 $269 $762 $285 $153 $324 $850 $320 $171 $359 $948 $348 $193 $407 $1,070 $379 $237 $454 2007 2008 2009 2010 2011 2012 2013 2014 Note: Reimbursable vendor, subcontractor and out-of-pocket costs reported as revenue and expense in JLL financial statements have been increasing steadily. Margins diluted as gross-accounting requirements increase revenue and costs without corresponding profit. Business managed on a fee basis to focus on margin expansion in the base business * 7

G3 Capturing market share in growing global capital flows Competitive advantages Significant investment allocated to grow U.S. platform Announced Oak Grove Capital acquisition in August 2015 Market share gains across geographies Strong global market positions Leading global Hotels & Hospitality brand International Capital Group captures increasing crossborder opportunities JLL Capital Markets revenue ($ in millions) Asia Pacific $557 $104 $339 $114 $317 $60 $196 $203 $58 $107 $61 $38 $306 $81 $141 $84 $460 $95 $229 $136 $513 $109 $235 $169 * May 2011: King Sturge acquired, annual revenue = $260 million $716 $164 $333 $219 $820 $142 $412 $267 2007 2008 2009 2010 2011 2012 * 2013 2014 * Oak Grove Capital acquisition - a powerful combination JLL Capital Markets Full-service global provider of capital solutions for real estate investors and occupiers Global access to thousands of foreign and domestic investors Freddie Mac Program Plus Seller/Servicer $775M Loans in 2014 as a Freddie Mac Program Plus Seller/Servicer $4B U.S. multifamily sales transactions in 2014 $4.5B Total U.S. multifamily financing in 2014 30+Geographies covered throughout U.S. Oak Grove Capital Leading provider of debt financing for market-rate, affordable and healthcare-related multifamily housing Full-service platform for Fannie Mae, Freddie Mac & HUD/GNMA $1.4B 2014 Agency volume Top 120 Employees 2014 Excellence in Asset Management Winner ~ Fannie Mae 3 Debt financing providers for affordable housing by both Fannie Mae and 4 years Freddie Mac in each of last 8

G4 - Performance drives LaSalle Investment Management Competitive advantages Successful capital raise $3B Capital raised YTD 2015 Diversified global platform Proven performance history with long-standing client relationships Financial backing of well-capitalized parent company Sizable AUM drives baseincentive fees and equity earnings 2006 to 2014 advisory fees ($ million) $300 $200 $100 $0 Building Advisory Fees in Healthy Markets $278 $245 $178 Separate $30.7 Accounts Global Financial Crisis Assets Under Management ($ billions) $11.4 Fund Management Note: AUM data reported on a one-quarter lag. Stabilized Advisory Fees $242 $238 $245 $228 $223 $236 2006 2007 2008 2009 2010 2011 2012 2013 2014 $13.9 Public Securities Growth $56.0 Q2 2015 AUM Strong balance sheet Balance sheet highlights Standard & Poor s raised JLL s credit rating in July 2015 to BBB+ Moody s rating Baa2 Continuing to reduce net debt while investing in the business Extended credit facility maturity to 2020 and increased capacity to $2.0B Diversified, long-term debt maturities with a low cost of debt Balance Sheet $ millions Q2 2015 Q4 2014 Q2 2014 Cash and Cash Equivalents $191 $250 $151 Short Term Borrowings 22 20 25 Credit Facility 330-410 Net Bank Debt $161 $(230) $284 Long Term Senior Notes 275 275 275 Deferred Business Acquisition Obligations 85 118 113 Total Net Debt $521 $163 $672 9

Continued investment for long term growth Focused capital spend M&A -pipeline remains strong and diverse by size, region and business line 25 transactions closed or announced from 2014 to September 2015; total estimated value over $500M Focus on Property & Facility Management and LaSalle for annuity revenue streams, local and regional markets, U.S. Capital Markets Use H1 2015 2014 2013 (Including Deferred) $83m $78m $130m Co-investment $12m ($6m) $9m (2) Dividends $12m $22m $20m Capital Expenditures $44m $130m $97m (3) Total Spend $151m $224m $256m M&A(1) CapEx-with IT focus; client-facing technology improving user experience and enabling producers CapEx (primarily IT) 5-Year (4) Cash Deployment = $1.3 billion 33% Semi-annual dividend - increased in Q2 2015 by 8% to $0.27 per share from $0.25 per share Continued co-investment commitments to grow LaSalle 50% (30% upfront; 20% deferred) 4% 6% 7% Acquisitions Other Financing Activities(5) Dividends Co-Investment (1) Includes deferred business acquisition payments and earn outs paid during the period for transactions closed in prior periods (2) Includes contributions of $32M partially offset by capital distributions of $20M (3) Excludes investments in joint venture entities, capitalized leases and tenant improvement allowances that are required to be consolidated under U.S. GAAP (4) Full years 2014, 2013, 2012, 2011, 2010 (5) Other Financing Activities include debt issue costs and share activity related to taxes on stock awards Consolidated earnings scorecard 2014 Fee Revenue $4.7B Net Income EPS Op. Income $393M $8.69 $510M / 10.9% $651M / 13.8% US GAAP: $386M Gross revenue : $5.4B US GAAP: $8.52 Op. Income: $466M / 9.9% $4.0B Gross revenue: $4.5B US GAAP: $269M US GAAP: $5.98 $369M / 9.2% 2013 $285M $6.32 $389M / 9.7% FY 2014 performance Full-year fee revenue up 18% Nearly $9B Capital raise by LaSalle Operating Income margin up Leasing revenue up 120 bps 17% Property & Facility Management fee revenue up 15% 28% LaSalle 8% EBITDA EBITDA: $608M / 11.2% $498M / 12.4% Asia Pacific 19% 45% 28% $480M / 11.9% 2014 revenue contribution Notes: (1) 2013 and 2012 adjusted for restructuring and intangible amortization. Margin is calculated on a fee revenue basis. (2) Percentage growth reflective of change in local currency. 10

Appendix Oak Grove Capital acquisition expanding our platform Strategic Fit Consistent with JLL s 2020 strategic plan Disciplined around strategic fit, culture, financial alignment and returns Expands JLL s Capital Markets platform; moves JLL toward being a U.S. multifamily market leader Adds full service Fannie Mae, Freddie Mac and HUD/GNMA platform, while expanding JLL s expertise in the affordable, seniors housing and healthcare sectors Combined platform provides ability to scale and expand in lending segments while maintaining discipline and credit quality Cultural Fit Cultural fit characterized by client focus and collaboration Combined U.S. presence Well respected firm with shared values to join JLL Our goals: Maintain a strong culture of credit, risk and operational excellence Become the multifamily provider of choice for our clients Be one of the best partners for the U.S. multifamily finance agencies with an aligned mission A1 Existing JLL Location New/Expanded JLL multifamily presence through merger

Oak Grove Capital acquisition - financial details Valuation Overview Consideration payable at closing of $175M, from which Oak Grove Capital will retire outstanding indebtedness (excluding warehouse loans/lines) and redeem its preferred unit holders Oak Grove Capital has the potential to earn additional consideration over a five-year earn-out structure tied to performance Expected total purchase price of $260M EBITDA multiple within historic range of larger JLL acquisitions Financial Contributions Expected to be EPS accretive in calendar year 2016 Planned high revenue growth; margins consistent with existing Capital Markets business Approximately $14B combined loan servicing portfolio to provide JLL with annuity revenue and profit stream High-quality portfolio and performance with expanded scope Provides cross-selling opportunities to JLL s platform and facilitates platform expansion Funding and Leverage To be funded in cash drawing from JLL s existing $2.0B revolving credit facility Cash funding at closing expected to be $180M including expenses Expected closing by year-end subject to standard closing conditions and approvals Transaction does not change JLL s strategic, long-term leverage profile of less than 2.0X Prime Offices Capital Value Clock, Q2 2014 v Q2 2015 The Jones Lang LaSalle Property Clocks SM Q2 2014 Q2 2015 Asia Pacific Based on notional capital values for Grade A space in CBD or equivalent. US positions relate to the overall market Source: JLL Research, July 2015 A2

Prime Offices Rental Clock, Q2 2014 v Q2 2015 The Jones Lang LaSalle Property Clocks SM Q2 2014 Q2 2015 Asia Pacific Based on rents for Grade A space in CBD or equivalent. US positions relate to the overall market Source: JLL Research, July 2015 Real Estate Services 2014 Fee Revenue $2.1B Gross revenue : $2.3B Operating Income $219M Operating Income Margin 10.4% EBITDA $275M EBITDA Margin 13.0% 2013 $1.8B $184M 10.2% $229M 12.7% FY 2014 performance 2014 Revenue contribution Full-year fee revenue up 18% Operating income margin up (fee basis) 20 bps United States 92% Capital Markets and Hotels revenue up 22% Property & Development 20% Services fee revenue up Note: Margin is calculated on a fee revenue basis. See Appendix for calculation of fee revenue. Other 1% Brazil 3% Canada 2% Mexico 2% A3

Real Estate Services 2014 Fee Adj. Operating Income 2013 $1.1B $92M 8.2% $110M 9.8% FY 2014 performance 2014 Revenue Contribution Full-year fee revenue up 17% Revenue $1.3B Gross revenue : $1.6B operating income margin up (fee basis) $123M 110 bps Revenue growth broad-based for the year, led by the UK, Germany, France, Spain, MENA, Ireland and Belgium Adj. Operating Income Margin 9.3% Note: Operating income has been adjusted to exclude $2.0 and $2.2 million of King Sturge intangibles amortization in 2014 and 2013, respectively. Margin is calculated on a fee revenue basis. See Appendix for calculation of fee revenue. EBITDA $145M U.K. 50% Germany 12% France 10% EBITDA Margin 11.0% Other 8% C.E.E. 4% Russia 3% Spain 3% Netherlands 3% Belgium 2% MENA 3% Italy 2% Asia Pacific Real Estate Services 2014 Fee Full-year fee revenue up 11% Leasing revenue up Revenue $909M Gross revenue: $1.1B 23% Operating Income $84M 2013 $848M $77M 9.1% $90M 10.6% FY 2014 performance 2014 Revenue Contribution Operating income margin up (fee basis) 20 bps Property & Facility 14% Management fee revenue up Note: Margin is calculated on a fee revenue basis. See Appendix for calculation of fee revenue. Operating Income Margin 9.3% EBITDA $98M 34% Greater China (inc. 29% Hong Kong) 34% Other Asia 5% Australia 29% EBITDA Margin 10.7% 11% India 11% Japan 9% Singapore 7% New Thailand 3% Zealand 2% A4

LaSalle Investment Management 2014 Revenue Operating Income Operating Income $415M $132M 31.8% Margin 2013 $286M $68M 23.7% $70M 24.4% FY 2014 performance & 2015 update Q2 2015 Assets Under Management ($ in billions) Winning new mandates and clients while selling vintage funds for investor performance and JLL equity earnings Note: AUM data reported on a one-quarter lag. Significant incentive fee potential based on market stability Advisory fee outlook remains stable for 2015 with longer-term growth potential from capital deployment EBITDA $134M Public Securities $13.9 Asia Pacific $7.0 U.K. $18.0 EBITDA Margin 32.3% North America $13.4 Continental Europe $3.7 Q2 2015 AUM = $56.0B FY 2014 Real Estate Services revenue ($ in millions; % change in local currency over 2013) Asia Pacific Total RES Leasing $1,039.5 19% $295.2 9% $205.3 23% $1,540.0 17% $266.6 22% $4.11.8 23% $141.9 (10%) $820.3 15% $454.3 13% $236.9 21% $379.4 14% $1,070.6 15% Capital Markets & Hotels Property & Facility Management Fee Gross Revenue $661.9 31% $338.2 38% $523.6 24% $1,523.7 30% Project & Development Services - Fee $222.7 20% $139.6 18% $72.2 11% $434.5 18% Gross Revenue $225.5 21% $354.7 28% $129.1 45% $709.3 29% Advisory, Consulting & Other $125.6 10% $232.7 13% $109.9 16% $468.2 13% Total Fee Revenue RES Operating $2,108.7 18% $1,316.2 17% $908.7 11% $4,333.6 16% Total Gross Revenue $2,319.1 22% $1,632.6 23% $1,109.8 19% $5,061.5 22% Note: Segment and Consolidated Real Estate Services ( RES ) operating revenue exclude Equity earnings (losses). Fee revenue presentation of Property & Facility Management, Project & Development Services and Total RES Operating Revenue excludes gross contract costs. A5

Q2 2015 and YTD performance Revenue ($ in millions) Q2 2015 Consolidated Fee - $1,182 Gross - $1,374 Asia Pac Fee - $231 Gross -$280 LaSalle $105 YTD 2015 Consolidated Fee - $2,211 Gross - $2,577 Asia Pac Fee - $419 Gross -$517 LaSalle $203 Fee - $327 Gross -$418 Fee -$545 Gross - $598 Fee - $581 Gross -$743 Fee - $1,047 Gross - $1,153 Q2 2015 YTD 2015 YOY % Growth, Fee Revenue basis LC USD Segment LC USD 12% 10% 18% 16% 22% 6% 23% 7% 18% 8% Asia Pacific 17% 8% 38% 29% LaSalle 41% 32% 17% 9% Consolidated 20% 13% 16% 8% Consolidated Gross Revenue 20% 11% Note: Equity earnings of $27.1M and $38.5M in Q2 2015 and YTD 2015, respectively, are included in segment results, however, excluded from Consolidated totals. Year-over-year increases shown fee-based have been calculated using fee revenue, which excludes gross contract costs. Q2 2015 and YTD performance EBITDA ($ in millions) Q2 2015 Consolidated $157 $38 Asia Pac $20 LaSalle $38 YTD 2015 Consolidated $247 $41 Asia Pac $28 LaSalle $66 $61 $112 Q2 Adj. EBITDA Margin, Fee Revenue YTD 2015 2014 Segment 2015 2014 11.3% 12.2% 10.7% 10.1% 11.7% 9.8% 7.0% 5.7% 8.6% 8.9% Asia Pacific 6.6% 6.0% 36.0% 28.0% LaSalle 32.7% 25.7% 13.3% 12.2% Consolidated 11.2% 9.4% Refer to page 16 for Reconciliation of GAAP Net Income to EBITDA for the three and six months ended June 30, 2015, for details relative to these EBITDA calculations. Segment EBITDA is calculated by adding the segment s depreciation and amortization to its reported operating income, which excludes restructuring and acquisition charges. Consolidated EBITDA is the sum of the EBITDA of the four segments. A6

Q2 2015 Real Estate Services revenue ($ in millions; % change in local currency over Q2 2014) Asia Pacific Total RES Leasing $263.7 6% $65.1 12% $50.2 11% $379.0 8% $76.5 30% $113.2 38% $33.1 25% $222.8 33% $111.9 8% $50.9 (3%) $95.8 13% $258.6 7% Capital Markets & Hotels Property & Facility Management Fee Gross Revenue $163.4 9% $69.7 (10%) $130.0 9% $363.1 4% Project & Development Services - Fee $60.4 22% $39.4 36% $21.6 38% $121.4 29% Gross Revenue $61.8 23% $110.7 44% $36.1 20% $208.6 34% Advisory, Consulting & Other $32.1 36% $57.6 24% $30.2 27% $119.9 27% Total Fee Revenue RES Operating $544.6 11% $326.2 21% $230.9 18% $1,101.7 16% Total Gross Revenue $597.5 12% $416.3 23% $279.6 14% $1,293.4 16% Note: Segment and Consolidated Real Estate Services ( RES ) operating revenue exclude Equity earnings (losses). Fee revenue presentation of Property & Facility Management, Project & Development Services and Total RES Operating Revenue excludes gross contract costs. Fee Revenue/Expense Reconciliation ($ in Millions) Reimbursable vendor, subcontractor and out-of-pocket costs reported as revenue and expense in JLL financial statements have been increasing steadily Gross accounting requirements increase revenue and costs without corresponding profit Business managed on a fee revenue basis to focus on margin expansion in the base business 2015 2014 2015 2014 Three months ended June 30 Six months ended June 30 Revenue Gross contract costs Fee revenue $ 1,373.5 $ 1,277.2 $ 2,577.0 $ 2,314.6 191.7 191.2 366.1 350.9 $ 1,181.8 $ 1,086.0 $ 2,210.9 $ 1,963.7 Operating expenses Gross contract costs Fee-based operating expenses Operating income Restructuring and acquisition charges operating income operating income margin $ 1,270.5 $ 1,185.5 $ 2,421.4 $ 2,238.2 191.7 191.2 366.1 350.9 $ 1,078.8 $ 994.3 $ 2,055.3 $ 1,887.3 $ 103.0 $ 91.7 $ 155.6 $ 76.4 1.8 5.5 2.6 41.4 $ 104.8 $ 97.2 $ 158.2 $ 117.8 8.9% 9.0% 7.2% 6.0% Note: Consolidated revenue and fee revenue exclude equity earnings (losses). Restructuring and acquisition charges are excluded from adjusted operating income margin. A7

Reconciliation of GAAP net income to adjusted net income and earnings per share ($ in Millions) 2015 2014 2015 2014 Three months ended June 30 Six months ended June 30 GAAP net income attributable to common shareholders Shares (in 000s) GAAP diluted earnings per share $ 90.1 $ 71.8 $ 132.0 $ 87.7 45,435 45,278 45,393 45,220 $ 1.98 $ 1.58 $ 2.91 $ 1.94 GAAP net income attributable to common shareholders Restructuring and acquisition charges, net net income Shares (in 000s) diluted earnings per share $ 90.1 $ 71.8 $ 132.0 $ 87.7 1.4 4.1 2.0 5.2 $ 91.5 $ 75.9 $ 134.0 $ 92.9 45,435 45,278 45,393 45,220 $ 2.01 $ 1.68 $ 2.95 $ 2.05 Reconciliation of GAAP net income to adjusted EBITDA ($ in Millions) 2015 2014 2015 2014 Three months ended June 30 Six months ended June 30 GAAP net income Interest expense, net of interest income Provision for (benefit from) income taxes Depreciation and amortization EBITDA Restructuring and acquisition charges EBITDA $ 91.4 $ 72.4 $ 134.7 $ 88.5 7.6 7.6 13.6 14.3 31.1 24.1 45.9 (5.0) 25.5 22.8 50.4 45.2 $ 155.6 $ 126.9 $ 244.6 $ 143.0 1.8 5.5 2.6 41.4 $ 157.4 $ 132.4 $ 247.2 $ 184.4 A8

Cautionary note regarding forward-looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans and objectives and dividend payments may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of JLL to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL s business in general, please refer to those factors discussed under Business, Risk Factors, Management s Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, and elsewhere in JLL s Annual Report on Form 10-K for the year ended December 31, 2014, in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2015 and June 30, 2015, and in other reports filed with the Securities and Exchange Commission. There can be no assurance that future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by the Company s Board of Directors. Any forward-looking statements speak only as of the date of this presentation, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in JLL s expectations or results, or any change in events. 2015 Jones Lang LaSalle IP, Inc. All rights reserved. No part of this publication may be reproduced by any means, whether graphically, electronically, mechanically or otherwise howsoever, including without limitation photocopying and recording on magnetic tape, or included in any information store and/or retrieval system without prior written permission of Jones Lang LaSalle IP, Inc. A9