Supplemental Information 4th Quarter 2017 Earnings Call

Supplemental Information 4th Quarter 2017 Earnings Call February 7, 2018

Global market overview Q4 2017 Macro-economic operating environment Global markets deliver strong finish to 2017 Synchronized global growth acceleration and unemployment rates continue to decline Central Banks continue to move gradually toward interest rate normalization U.S. growth remains buoyant and ends year on solid footing Stimulative monetary policy, solid domestic demand and job creation in EMEA support growth Asia Pacific remains fastest-growing region despite mixed conditions; growth lead by China and Japan 2018 Global real estate outlook Stable outlook supported by economic growth, significant capital availability and relatively low interest rates Softer investment volumes expected in 2018; lack of product and continued investor discipline Continued strong leasing demand driven by economic growth; continued rental growth Vacancy remains below long-term average Source: JLL Research, January 2018 Leasing, vacancy, rental and capital value projections relate to the office sector 2

Consolidated financial results Q4 2017 Highlights 2017 Commentary $2.2B Fee revenue $6.7B Fee revenue $360M 2017 Highlights $760M $4.92 diluted EPS $9.16 diluted EPS Double-digit consolidated fee revenue growth Real Estate Services fee revenue growth led by transaction execution in Capital Markets and Leasing reflecting exceptional Q4 Real Estate Services fee revenue driven by 12% organic growth LaSalle delivers solid advisory fees and equity earnings margin performance reflects Organic margin expansion Anticipated lower LaSalle incentive fees Continued strategic technology investments Strong operating cash flow drives substantial leverage reduction to <1x Operating cash flow up $577 million Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 3

Q4 2017 Real Estate Services revenue ($ in millions; % change in local currency over QTD Q4 2016) Americas EMEA Asia Pacific Total RES Leasing $ 481.1 ó 23% $ 116.5 ó 10% $ 106.4 ó 18% $ 704.0 ó 20% Capital Markets & Hotels- Fee $ 148.7 ó 20% $ 200.9 ó 31% $ 82.4 ó 47% $ 432.0 ó 29% Gross Revenue $ 153.2 ó 5% $ 200.9 ó 31% $ 82.4 ó 47% $ 436.5 ó 23% Property & Facility Management - Fee $ 172.4 ó 1% $ 176.8 ò (1)% $ 146.2 ó 9% $ 495.4 ó 3% Gross Revenue $ 212.5 ò (2)% $ 227.8 ó 5% $ 225.6 ó 21% $ 665.9 ó 7% Project & Development Services - Fee $ 117.3 ó 11% $ 80.4 ó 21% $ 34.4 ó 8% $ 232.1 ó 14% Gross Revenue $ 123.0 ó 16% $ 218.7 ó 11% $ 72.0 ó 9% $ 413.7 ó 12% Advisory, Consulting & Other $ 73.4 ó 23% $ 95.0 ó 9% $ 54.8 ó 16% $ 223.2 ó 15% Total RES Operating Fee Revenue $ 992.9 ó 17% $ 669.6 ó 13% $ 424.2 ó 18% $ 2,086.7 ó 16% Total Gross Revenue $ 1,043.2 ó 13% $ 858.9 ó 13% $ 541.2 ó 21% $ 2,443.3 ó 15% Capital Markets & Hotels revenue includes both gross and fee presentation. The difference between the two amounts represents net non-cash activity associated with mortgage servicing rights and mortgage banking derivatives, which is also excluded from calculation of adjusted operating income, adjusted and adjusted diluted earnings per share Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 4

Full Year 2017 Real Estate Services revenue ($ in millions; % change in local currency over Full Year 2016) Americas EMEA Asia Pacific Total RES Leasing $ 1,484.2 ó 16% $ 300.9 ó 11% $ 238.2 ó 9% $ 2,023.3 ó 15% Capital Markets & Hotels - Fee $ 455.7 ó 13% $ 467.4 ó 19% $ 200.0 ó 26% $ 1,123.1 ó 18% Gross Revenue $ 471.3 ó 10% $ 467.4 ó 19% $ 200.0 ó 26% $ 1,138.7 ó 16% Property & Facility Management - Fee $ 594.2 ó 4% $ 656.3 ó 69% $ 512.0 ó 11% $ 1,762.5 ó 25% Gross Revenue $ 748.8 ó % $ 856.3 ó 73% $ 776.8 ó 20% $ 2,381.9 ó 27% Project & Development Services - Fee $ 386.1 ó 16% $ 236.4 ó 13% $ 124.9 ó 23% $ 747.4 ó 16% Gross Revenue $ 408.7 ó 17% $ 690.4 ó 3% $ 249.6 ó 33% $ 1,348.7 ó 12% Advisory, Consulting & Other $ 241.5 ó 43% $ 271.0 ó 10% $ 172.0 ó 11% $ 684.5 ó 20% Total RES Operating Fee Revenue $ 3,161.7 ó 15% $ 1,932.0 ó 29% $ 1,247.1 ó 14% $ 6,340.8 ó 19% Total Gross Revenue $ 3,354.5 ó 13% $ 2,586.0 ó 25% $ 1,636.6 ó 20% $ 7,577.1 ó 18% Capital Markets & Hotels revenue includes both gross and fee presentation. The difference between the two amounts represents net non-cash activity associated with mortgage servicing rights and mortgage banking derivatives, which is also excluded from calculation of adjusted operating income, adjusted and adjusted diluted earnings per share Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 5

JLL Capital Markets & Leasing performance vs market QUARTERLY FULL YEAR FULL YEAR Q4 2017 2017 2018 Actual Research Actual Research Current Forecast Capital Markets JLL Revenue Market Volume JLL Revenue Market Volume Market Volume USD USD USD USD USD Americas 20% (15)% 13% (12)% (15)% EMEA 42% 31% 21% 22% (5)% Asia Pacific 50% 16% 27% 13% 5% Total 35% ó 10% ó 18% ó 6% ó (5-10%) ò QUARTERLY FULL YEAR FULL YEAR Q4 2017 2017 2018 Actual Research Actual Research Current Forecast Leasing JLL Revenue Gross Absorption JLL Revenue Gross Absorption Gross Absorption Local Currency Square Feet Local Currency Square Feet Square Feet Americas 23% 6% 16% 3% Flat EMEA 10% 16% 11% 10% (5-10%) Asia Pacific 18% (26)% 9% (5)% Flat Total 20% ó 3% ó 15% ó 4% ó Flat to down 5% ò Source: JLL Research, January 2018 Capital Markets market research volumes reflect investment sales excluding multi-family assets. JLL Capital Markets revenue includes investment sales, debt financing and other advisory services across all asset types Q4 2017 EMEA Capital Markets excluding UK: JLL up 35%; Market up 20% Q4 2017 EMEA Leasing excluding UK: JLL up 12%; Market; up 18% 6

Consolidated adjusted margin performance LaSalle Positive organic contribution Technology M&A Other Anticipated lower incentive and transaction fees Transactional growth across regions Continued strategic investments Primarily reflects Integral Various discrete items 2017 Consolidated Margin LaSalle assumes ~40% margin on Transaction and Incentive Fees and ~90% margin on equity earnings All margin percentage references are on a fee revenue basis and in USD; basis points (bps are approximated) FY 2017 foreign exchange impact of +30bps incorporated into consolidated adjusted walk above M&A includes 7 months of Integral acquisition contribution; remaining 5 months reflected in organic service mix Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 7

Balance sheet & cash flow Cash Use ($ in millions) 2017 2016 M&A (Including deferred) (1) $70 $538 Co-investment (2) 5 38 Dividends 33 29 Capital Expenditures (3) 151 216 Total $259 $821 Balance Sheet ($ in millions) Q4 2017 Q4 2016 Cash and Cash Equivalents $268 $259 Short Term Borrowings 77 90 Credit Facility (4) 925 (Net Cash Position) Net Bank Debt $(191) $756 Long Term Senior Notes (4) 695 275 Deferred Business Acquisition Obligations 82 102 Total Net Debt $586 $1,133 Net Debt / TTM (5) 0.8x 1.7x Investment Grade Ratings Moody s: Baa1 (Stable) S&P: BBB (Stable) Issued 350M 10 & 12 year debt 1.96% and 2.21%, respectively, fixed interest rates $2.75B Credit Facility Credit facility capacity & maturity in June 2021 2017 Highlights $547M net debt reduction driven by working capital improvement Strong operating cash improvement Cash use reflects planned reduction in M&A and CapEx Adequate liquidity to support continued long-term growth aligned with investment grade balance sheet (1) Includes payments made at close plus guaranteed deferred payments and earn-outs paid during the period for transactions closed in prior periods (2) Capital contributions are offset by distributions, and include amounts contributed to consolidated less than wholly-owned investments (3) Excludes capital leases and tenant improvement reimbursements that are required to be included under U.S. GAAP (4) Principal balances shown exclude debt issuance costs of $20M and $22M for Q4 2017 and Q4 2016, respectively (5) Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 8

2018 Operating framework 2018 JLL priorities Leverage Corporate Solutions platform to drive profitable growth Broaden Capital Markets capabilities across capital stack Drive differentiation through technology Focus capital allocation strategy on transformational growth Continue working capital focus to generate cash flow Platform transformation accelerates as part of planned multi-year implementation Deliver margin range of 10-12% Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures Equity earnings expected to be driven primarily by fair value adjustments to investments in real estate ventures 9

U.S. Tax reform Summary $141.3M GAAP expense recorded in Q4 2017 for estimated transition tax resulting from U.S. Tax Cuts and Jobs Act To be paid over the eight-year statutory period Negligible expense for the revaluation of deferred balances Does not impact 2017 adjusted EPS During 2018, expect no material impact to global effective tax rate Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures Equity earnings expected to be driven primarily by fair value adjustments to investments in real estate ventures 10

Americas financial summary Q4 2017 Highlights 2017 Commentary $993M Fee revenue $3.2B Fee revenue $175M Year-to-Date 2017 Highlights $421M 17.6% margin 13.3% margin Double-digit organic revenue growth with notable performance in Leasing and Capital Markets Capital Markets performance driven by Industrial and Hotels investment sales and debt origination Leasing strength in the Northwest, Midwest, New York and Atlanta markets Advisory, Consulting and Other reflects contribution from Technology Solutions and recently acquired U.S. valuations platform margin reflects: Continued cost management of controllable expenses Increased transaction activity Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 12

EMEA financial summary Q4 2017 Highlights 2017 Commentary $670M Fee revenue $84M Year-to-Date 2017 Highlights 12.6% margin Broad-based revenue growth across all service lines; 40% organic Property and Facilities Management driven by Integral contribution Transactional revenue bounce back from prior year post-brexit; strong Capital Markets performance in UK, Germany and France margin reflects: $1.9B Fee revenue $99M 5.1% margin Transactional performance recovery post-brexit and organic expansion Dilutive Integral impact due to service mix and contract losses Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 13

Asia Pacific financial summary Q4 2017 Highlights 2017 Commentary $424M Fee revenue $1.2B Fee revenue $76M Year-to-Date 2017 Highlights $140M 17.8% margin 11.2% margin Double-digit revenue growth across all business lines driven organically Exceptional Capital Markets performance; significant transactions in Japan and Singapore drive quarterly performance Continued Corporate Solutions revenue expansion margin reflects: Robust transactional performance Disciplined cost management Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 14

LaSalle Investment Management results 2017 Financial highlights 2017 AUM highlights $355M Revenue $101M 28.3% margin $58.1B AUM $4.8B Capital raised $9.2B Dry powder 2017 Commentary Full year revenue decline driven by anticipated lower incentive and transaction fees Equity earnings of $41M resulting from net valuation increases in Europe and Asia margin reflects: Incentive fee performance Equity earnings growth Annuity revenue margin expansion AUM down by 3% with disposition & withdrawals offset partially by acquisitions and valuation increases Asia Pacific $7.3 ($ in billions) North America $17.8 Continental Europe $6.2 Assets Under Management By geography & type Public Securities $10.0 UK $16.8 57% Separate UK accounts $15.7 26% Fund management Continental Europe 17% $4.3 Public securities AUM data reported on a one-quarter lag Pie chart breakout based on real estate investment location Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 15

Currency overview 2017 Macro currency review British pound weakened significantly post-brexit; steadily appreciated during 2017 Euro has steadily appreciated during 2017, largely driving Q4 impact Australian dollar stable to strengthening with commodity price improvement Japanese yen slightly weakened as a result of macro conditions late 2016; appreciated and stabilized in 2017 2017 Currency EPS impact Currency exchange rate summary Positive Impact Q1 $0.06 Q2 $0.03 Q3 $0.02 Q4 $0.18 2017 $0.29 Q4 2017 Spot 2017 2016 % Change 1/31/18 GBP 1.35 1.23 9% 1.42 EUR 1.20 1.05 13% 1.24 AUD $ 0.78 0.72 8% 0.81 JPY 113 117 (4)% 109 Average rates calculated based on daily weighted activity in the quarter 17

Q4 2017 Real Estate Services revenue ($ in millions; % change in USD over QTD Q4 2016) Americas EMEA Asia Pacific Total RES Leasing $ 481.1 ó 23% $ 116.5 ó 20% $ 106.4 ó 22% $ 704.0 ó 22% Capital Markets & Hotels - Fee $ 148.7 ó 20% $ 200.9 ó 42% $ 82.4 ó 50% $ 432.0 ó 35% Gross Revenue $ 153.2 ó 6% $ 200.9 ó 42% $ 82.4 ó 50% $ 436.5 ó 28% Property & Facility Management - Fee $ 172.4 ó 1% $ 176.8 ó 6% $ 146.2 ó 11% $ 495.4 ó 6% Gross Revenue $ 212.5 ò (2)% $ 227.8 ó 12% $ 225.6 ó 23% $ 665.9 ó 10% Project & Development Services - Fee $ 117.3 ó 11% $ 80.4 ó 31% $ 34.4 ó 11% $ 232.1 ó 17% Gross Revenue $ 123.0 ó 16% $ 218.7 ó 21% $ 72.0 ó 12% $ 413.7 ó 18% Advisory, Consulting & Other Total RES Operating Fee Revenue $ 73.4 ó 23% $ 95.0 ó 18% $ 54.8 ó 19% $ 223.2 ó 20% $ 992.9 ó 17% $ 669.6 ó 22% $ 424.2 ó 21% $ 2,086.7 ó 19% Total Gross Revenue $ 1,043.2 ó 14% $ 858.9 ó 22% $ 541.2 ó 24% $ 2,443.3 ó 19% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures n.m. not meaningful as represented by a percentage change of greater than 100%, favorably or unfavorably 18

Full Year 2017 Real Estate Services revenue ($ in millions; % change in USD over Full Year 2016 ) Americas EMEA Asia Pacific Total RES Leasing $ 1,484.2 ó 16% $ 300.9 ó 12% $ 238.2 ó 10% $ 2,023.3 ó 15% Capital Markets & Hotels - Fee $ 455.7 ó 13% $ 467.4 ó 21% $ 200.0 ó 27% $ 1,123.1 ó 18% Gross Revenue $ 471.3 ó 10% $ 467.4 ó 21% $ 200.0 ó 27% $ 1,138.7 ó 17% Property & Facility Management - Fee $ 594.2 ó 4% $ 656.3 ó 62% $ 512.0 ó 12% $ 1,762.5 ó 23% Gross Revenue $ 748.8 ó % $ 856.3 ó 65% $ 776.8 ó 22% $ 2,381.9 ó 25% Project & Development Services - Fee $ 386.1 ó 16% $ 236.4 ó 14% $ 124.9 ó 24% $ 747.4 ó 17% Gross Revenue $ 408.7 ó 17% $ 690.4 ó 5% $ 249.6 ó 34% $ 1,348.7 ó 13% Advisory, Consulting & Other $ 241.5 ó 43% $ 271.0 ó 10% $ 172.0 ó 12% $ 684.5 ó 21% Total RES Operating Fee Revenue $ 3,161.7 ó 15% $ 1,932.0 ó 28% $ 1,247.1 ó 15% $ 6,340.8 ó 19% Total Gross Revenue $ 3,354.5 ó 13% $ 2,586.0 ó 24% $ 1,636.6 ó 21% $ 7,577.1 ó 18% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures 19

Prime Offices Capital Value Clock, Q4 2016 v Q4 2017 The JLL Property Clocks SM Based on notional capital values for Grade A space in CBD or equivalent Source: JLL Research, January 2018. The JLL Property Clocks SM 20

Prime Offices Rental Clock, Q4 2016 v Q4 2017 The JLL Property Clocks SM Based on notional capital values for Grade A space in CBD or equivalent Source: JLL Research, January 2018. The JLL Property Clocks SM 21

Q4 2017 selected business wins Corporate Solutions Capital Markets Leasing & Management IBM The Dime Savings Bank, New York Transcontinental Gas Pipeline Company, Houston Americas Methodist Health System The Curtis, Philadelphia DataBank, Dallas-Fort Worth Emerus Hospitals Broadstone Portfolio, Las Vegas INAP, Atlanta AXA, Finland D. Carnegie, Sweden Bank of America, Paris EMEA The Cloud, Czech Republic Richmond Gate Hotel, London HM Revenue and Customs, London Orientir Group, Moscow Vda, Lisbon Wellington College, Hangzhou Amway, Japan WeWork, Shanghai Asia Pacific Ocwen, India TrustCapital Advisors Portfolio, Australia CITIC Bank, Shenzhen H&M Philippines Amber Gardens, Singapore Wells Fargo, Bangalore 22

Fee revenue / fee-based operating expenses reconciliation 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 increase to profit Business managed on a fee revenue basis to focus on margin expansion in the base business Three Months Ended December 31, Year Ended December 31, ($ in millions) 2017 2016 2017 2016 Revenue $ 2,535.5 $ 2,158.2 $ 7,932.4 $ 6,803.8 Gross contract costs (352.0) (288.0) (1,220.6) (1,023.5) Net non-cash MSR and mortgage banking derivative activity (4.6) (21.2) (15.7) (23.5) Fee revenue $ 2,178.9 $ 1,849.0 $ 6,696.1 $ 5,756.8 Operating expenses $ 2,243.3 $ 1,931.9 $ 7,395.5 $ 6,363.2 Gross contract costs (352.0) (288.0) (1,220.6) (1,023.5) Fee-based operating expenses $ 1,891.3 $ 1,643.9 $ 6,174.9 $ 5,339.7 Operating income $ 292.2 $ 226.3 $ 536.9 $ 440.6 Restructuring and acquisition charges 17.4 32.6 30.7 68.5 Net non-cash MSR and mortgage banking derivative activity (4.6) (21.2) (15.7) (23.5) Amortization of acquisition-related intangibles 7.8 8.1 31.1 24.1 operating income $ 312.8 $ 245.8 $ 583.0 $ 509.7 Note: Restructuring and acquisition charges, Mortgage servicing rights (MSRs) - net non-cash activity, and Amortization of acquisition-related intangibles are excluded from adjusted operating income margin. 23

Reconciliation of GAAP Net Income to Net Income and Diluted Earnings Per Share Three Months Ended December 31, Year Ended December 31, ($ in millions except per share data) 2017 2016 2017 2016 GAAP net income attributable to common shareholders $ 78.2 $ 165.3 $ 253.8 $ 317.8 Shares (in 000s) 45,877 45,642 45,758 45,528 GAAP diluted earnings per share $ 1.71 $ 3.62 $ 5.55 $ 6.98 GAAP net income attributable to common shareholders $ 78.2 $ 165.3 $ 253.8 $ 317.8 Restructuring and acquisition charges 17.4 32.6 30.7 68.5 Net non-cash MSR and mortgage banking derivative activity (4.6) (21.2) (15.7) (23.5) Amortization of acquisition-related intangibles, net 7.8 8.1 31.1 24.1 Repatriation tax impact 141.3 141.3 Tax impact of adjusted items (14.5) (4.6) (22.1) (16.9) net income $ 225.6 $ 180.2 $ 419.1 $ 370.0 Shares (in 000s) 45,877 45,642 45,758 45,528 diluted earnings per share (1) $ 4.92 $ 3.95 $ 9.16 $ 8.13 (1) Calculated on a local currency basis, the results for the three and twelve months ended 2017 include a $0.18 and $0.29 favorable impact, due to foreign exchange rate fluctuations 24

Reconciliation of GAAP Net Income attributable to common shareholders to Three Months Ended December 31, Year Ended December 31, ($ in millions) 2017 2016 2017 2016 GAAP net income attributable to common shareholders $ 78.2 $ 165.3 $ 253.8 $ 317.8 Interest expense, net of interest income 13.6 13.1 56.2 45.3 Provision for income taxes 210.5 52.7 267.8 108.0 Depreciation and amortization 44.9 43.3 167.2 141.8 $ 347.2 $ 274.4 $ 745.0 $ 612.9 Restructuring and acquisition charges 17.4 32.6 30.7 68.5 Net non-cash MSR and mortgage banking derivative activity $ (4.6) $ (21.2) $ (15.7) $ (23.5) $ 360.0 $ 285.8 $ 760.0 $ 657.9 Net income margin attributable to common shareholders margin (presented on a local currency basis) 3.1% 7.7% 3.2% 4.7% 16.5% 15.5% 11.1% 11.1% attributable to common shareholders (" ") represents attributable to common shareholders ( ) further adjusted for certain items we do not consider directly indicative of our ongoing performance in the context of certain performance measurements 25

Non-GAAP Measures Management uses certain non-gaap financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts, and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following: (i) Fee revenue and Fee-based operating expenses, (ii) operating income, (iii) and margin, (iv) net income and diluted earnings per share, and (v) Percentage changes against prior periods, presented on a local currency basis. However, non-gaap financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles ( GAAP ). Any measure that eliminates components of a company s capital structure, cost of operations or investment, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-gaap financial measures. Because the company s non-gaap financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies. Adjustments to GAAP Financial Measures Used to Calculate non-gaap Financial Measures Consistent with GAAP, certain vendor and subcontractor costs ( gross contract costs ) which are managed by the company on certain client assignments in the Property & Facility Management and Project & Development Services business lines are presented on a gross basis in Revenue and Operating expenses. The company generally earns little to no margin on the reimbursement of gross contract costs, obtaining reimbursement only for costs incurred. Excluding gross contract costs from both Revenue and Operating expenses more accurately reflects how the company manages its expense base and its operating margins. Net non-cash mortgage servicing rights ("MSR") and mortgage banking derivative activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets & Hotels business line of the Americas segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature. Restructuring and acquisition charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition and integration-related charges, including non-cash fair value adjustments to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. As noted within Note 5, Restructuring and acquisition charges are excluded from segment operating results and therefore not a line item in the segments reconciliation from operating income to adjusted operating income and. Amortization of acquisition-related intangibles, primarily composed of the estimated fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and trade name, is more notable following the company's increase in acquisition activity over the past few years. At the segment reporting level, this is the only reconciling difference between operating income and adjusted operating income, except for the Americas segment, where Net non-cash MSR and mortgage banking derivative activity is also excluded. Percentage Variances Local Currency In discussing our operating results, we report margins and refer to percentage changes in local currency, unless otherwise noted. Amounts presented on a local currency basis are calculated by translating the current period results of our foreign operations to U.S. dollars using the foreign currency exchange rates from the comparative period. We believe this methodology provides a framework for assessing performance and operations excluding the effect of foreign currency fluctuations. 26

Cautionary note regarding forward-looking statements Statements in this news release 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 our actual results, performance, achievements, plans and objectives, and dividend payments 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 our business in general, please refer to those factors discussed under Business, Management s Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about Market Risk, and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2016, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017, and September 2017, and in other reports filed with the Securities and Exchange Commission (the SEC ). 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 our Board of Directors. Any forward-looking statements speak only as of the date of this release, and except to the extent required by applicable securities laws, we expressly disclaim any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in our expectations or results, or any change in events. 2018 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. 27