Supplemental Information 3 rd Quarter 2016 Earnings Call

Supplemental Information 3 rd Quarter 2016 Earnings Call November 2, 2016

Global market overview Q3 2016 Current macro-economic operating environment Slow global economic growth continues Political uncertainty contributes to market volatility and weighs on investor sentiment Continued low interest rates with modest U.S. Fed rate increase expected before year end Concern over hard Brexit drives significant currency rate movements in the British pound Positive but slow Eurozone recovery U.S. economy maintains moderate expansion pace 2016 Global real estate outlook Full Year Outlook Resilient real estate markets maintain late cycle growth and solid fundamentals Q3 global investment activity at US$165 billion; year to date $454 billion, 8% behind prior year Office leasing remains steady, down 4% year to date, low vacancy rates continue at 12% globally Capital availability supports continued yield compression, although notable slowdown of value growth Source: JLL Research, October 2016 Leasing, vacancy, rental and capital value projections relate to the office sector 2

Q3 2016 JLL highlights $1.7B Revenue $1.4B Fee revenue $1.42 Adjusted EPS 49% Property & Facility Management revenue growth $4.8B Capital raised by LaSalle 2016 year to date 25 Acquisitions closed in 2016 represents $0.7B total investment Diversified double-digit Real Estate Services revenue growth in all geographic regions Strong annuity revenue growth offsets slower transaction market pace Property & Facility Management revenue reflects recent acquisition of Integral UK Strong Capital Markets & Hotels revenue performance despite decline in global market volumes LaSalle assets under management reach record high with strong advisory revenue growth and capital raise Strong leasing performance across Americas and Asia Pacific regions reflects solid market share gains Margin reflects shift in overall business mix, reduced LaSalle incentive fees and continued platform investments Corporate Solutions delivers new business wins, and recent acquisitions enhance service capabilities Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. Acquisitions through November 1, 2016. 3

JLL Fee revenue performance vs market volume QUARTERLY PERFORMANCE YTD PERFORMANCE FULL YEAR Q3 2016 Q3 2015 YTD 2016 FY 2016 Actual Research Actual Research Actual Research Forecast Capital Markets JLL Revenue Market Volume JLL Revenue Market Volume JLL Revenue Market Volume Market Volume (2) USD USD USD USD USD USD USD Americas 50% 1% 4% -4% 25% -10% -10% EMEA -21% -14% 21% 2% -18% -10% -20% Asia Pacific 8% 5% 29% 1% 4% -1% -5% Total 8% -4% 16% -1% 1% -8% -10% QUARTERLY PERFORMANCE YTD PERFORMANCE FULL YEAR Q3 2016 Q3 2015 YTD 2016 FY 2016 Leasing Actual Research Actual Research Actual Research Forecast JLL Revenue Gross Absorption JLL Revenue Gross Absorption JLL Revenue Gross Absorption Gross Absorption Local Currency Square Feet Local Currency Square Feet Local Currency Square Feet Square Feet Americas 13% -2% 17% 2% 12% -6% -5% EMEA -8% -7% 23% 29% -5% 2% Flat Asia Pacific 3% -22% 19% 27% 3% -10% -5% to flat Total 8% -7% 19% 12% 8% -4% -5% to flat Source: JLL Research, October 2016 (1) Market volume data excludes multi-family assets. (2) UK market research volume down 44%. 4

Q3 2016 Real Estate Services revenue ($ in millions; % change in local currency over QTD Q3 2015) Americas EMEA Asia Pacific Total RES Leasing $335.3 13% $63.2 (8%) $50.2 3% $448.7 8% Capital Markets & Hotels $112.5 50% $87.4 (15%) $41.0 4% $240.9 10% Property & Facility Management Fee $142.2 21% $127.0 n.m. $114.4 14% $383.6 49% Gross Revenue $184.1 11% $161.7 n.m. $157.2 16% $503.0 40% Project & Development Services - Fee $86.1 36% $42.6 9% $26.7 20% $155.4 25% Gross Revenue $96.8 49% $154.1 22% $43.1 26% $294.0 30% Advisory, Consulting & Other Total RES Operating Fee Revenue $42.4 23% $56.3 11% $39.6 44% $138.3 22% $718.5 23% $376.5 24% $271.9 14% $1,366.9 21% Total Gross Revenue $771.1 21% $522.7 28% $331.1 16% $1,624.9 22% 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. 5

YTD 2016 Real Estate Services revenue ($ in millions; % change in local currency over YTD 2015) Americas EMEA Asia Pacific Total RES Leasing $884.3 12% $171.3 (5%) $128.3 3% $1,183.9 8% Capital Markets & Hotels $282.3 25% $245.4 (14%) $102.9 3% $630.6 3% Property & Facility Management Fee $400.9 18% $238.5 69% $325.4 16% $964.8 27% Gross Revenue $528.8 9% $314.0 58% $456.4 18% $1,299.2 22% Project & Development Services - Fee $226.1 29% $146.2 35% $70.0 18% $442.3 29% Gross Revenue $243.0 36% $478.0 53% $122.4 26% $843.4 43% Advisory, Consulting & Other Total RES Operating Fee Revenue $109.1 17% $164.7 8% $106.9 34% $380.7 17% $1,902.7 17% $966.1 12% $733.5 14% $3,602.3 15% Total Gross Revenue $2,047.5 16% $1,373.4 22% $916.9 17% $4,337.8 18% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 6

Q3 Highlights Assets under management increase to new record high $59.7 billion with positive capital raising momentum Strong operating performance and annuity revenue growth Anticipated Q3 year-over-year margin contraction due to lower incentive fees Equity earnings of $5 million reflect net valuation increases of assets within the JLL co-investment portfolio $1B CAPITAL RAISED $8B DRY POWDER ($ in billions) Q3 2016 AUM = $59.7 Billion Public Securities $15.3 Asia Pacific $7.7 North America $16.0 UK $16.5 Continental Europe $4.2 Separate Accounts $30.5 51% Fund Management $13.9 23% Public Securities $15.3 26% Note: AUM data reported on a one-quarter lag. Pie breakout based on real estate investment location. 7

JLL UK & Brexit update Brexit impact contained to UK market JLL UK 3Q 2016 Performance UK fee revenue up 12% against prior year (up 33% in local currency) 3.2x growth in Property & Facility Management primarily due to Integral UK acquisition Capital Markets and Hotels down 43%, consistent with market volumes Leasing down 15% in local currency outperforming market decline gross absorption of 19% LaSalle: Stable UK portfolio performance No retail open-ended funds in UK Limited LaSalle UK co-investment exposure UK $16.5B AUM held by long-term institutional investors in closed-end vehicles Eurozone momentum remains positive European investment activity holding up in core markets; Brexit headwinds contained to UK market Investors evaluate UK investment opportunities in light of potential re-pricing and recent currency decline Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 8

M&A highlights since 2015 G1 Build our local and regional Markets business 22% of total valuation Travis Commercial Washington Partners HMS&S Acrest G5 Connections: Differentiate and Sustain Integral UK BRG PDM International Big Red Rooster Corrigo G2 Strengthen our winning position in Corporate Solutions 54% of total valuation G3 Capture leading share of global capital flows for investment sales 24% of total valuation Oak Grove Capital Sage Capital Advisors Strengthen our presence in key markets Add new capabilities and expanded client services Invest in technology to improve client service and enhance business intelligence Opportunities under evaluation G4 Grow LaSalle Investment Management s leadership position 45 Acquisitions $1.3B Total valuation > 70% M&A priorities: Drive annuity revenue base Strategic alignment Cultural fit Financial discipline Note: Examples of closed acquisitions. Acquisitions announced or closed since January 1, 2015 through November 1, 2016. 9

Strong balance sheet Balance sheet highlights Extended credit facility maturity to June 2021 and increased capacity to $2.75B Investment Grade Ratings: Moody s: Baa2 (Positive Outlook) S&P: BBB+ (Stable Outlook) Re-affirmed July 2016 Cash Spend ($ in millions) Q3 YTD 2016 Q3 YTD 2015 M&A (Including deferred) (1) $ 465 $152 Co-investment (2) 44 1 Capital Expenditures (3) 131 85 Total Spend $640 $238 Balance Sheet ($ in millions) Q3 2016 Q4 2015 Q3 2015 Cash and Cash Equivalents $228 $217 $193 Short Term Borrowings 56 49 31 (4) Credit Facility 1,105 255 235 Net Bank Debt (Net Cash Position) $933 $87 $73 (4) Long Term Senior Notes 275 275 275 Deferred Business Acquisition Obligations 97 98 87 Total Net Debt $1,305 $460 $435 (5) Net Debt /Adjusted TTM EBITDA 1.9x 0.6x 0.6x Highlights: Capital expenditure spend remains focused on IT Q3 2016 leverage reflects acquisition funding Ample liquidity positions for long-term growth (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 includes amounts attributable to consolidated investments if we have an equity interest. (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 $23M, $18M, and $19M for Q3 2016, Q4 2015, and Q3 2015, respectively. (5) Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 10

Currency impact Currency Review & Impact Macro Currency Review Q3 2016 vs. Q3 2015 British Pound weakened significantly post Brexit results; stabilized then further weakened during late Q3 2016 Euro remained relatively steady Australian dollar and Japanese yen strengthened with recent stabilization YTD JLL EPS Impact from Currency Q3 2016 vs. Q3 2015 YTD JLL EPS impact: + $0.16 Q3: + $0.06 balance of stronger yen and Aussie dollar; weaker British Pound Q2: + $0.05 driven by stronger yen Q1: + $0.05 driven by stronger euro and yen Currency outlook JLL Key Currencies & Outlook British pound: modest weakening then stabilizing into 2017 Euro: generally stable Australian dollar: modest weakening Japanese yen: generally stable Average Rates Spot Bank Forecast Q3 2016 Q3 2015 Current Q4 2016 2017 Actual Average GBP 1.31 1.55 1.22 1.27 1.30 EUR 1.12 1.11 1.10 1.12 1.13 AUD $ 0.76 0.73 0.76 0.72 0.69 JPY 102 122 105 103 105 Note: Average rates calculated based on daily weighted activity in the quarter. Spot rate as of October 31, 2016. Bank forecast source: represents JLL average of various bank forecasts 11

Q3 selected business wins and expansions Americas Asurion 540 West Madison, Chicago Uber World Trade Center Ciudad de Mexico 275 Madison Avenue, New York KLX Aerospace Solutions, Miami Four Seasons Hotel, Toronto EMEA Nationale Nederlanden, Netherlands Renault, Madrid Statoil HQ, Oslo Paris 8 Portfolio General Electric, Riyadh Kilcarbery Business Park, Dublin Asia Pacific Australian Dept. of Foreign Affairs & Trade Hong Kong Jockey Club Conghua Centre Campbelltown Mall, Sydney Evergo Tower, Shanghai The People s Insurance Company of China, Shanghai Mahagun Moderne, India Corporate Solutions Capital Markets Leasing & Management 12

2017 Outlook 2017 Global real estate outlook Steady real estate operating fundamentals Global investment activity to rebound given ongoing investor capital flows into real estate Capital abundance supports current real estate yields with slower capital value growth Stable leasing volumes expected with continued low vacancy rates 2017 JLL Outlook Full-year Integral UK acquisition impact contributes to revenue growth and increased annuity revenue LaSalle reverts to normalized levels of equity earnings and incentive fees as vintage asset sales wind down Continued investments into data and technology Focus on integration of recent M&A Margin moderation reflects annuity revenue growth Source: JLL Research, October 2016 Leasing, vacancy, rental and capital value projections relate to the office sector 13

Appendix 14

Prime Offices Capital Value Clock, Q3 2015 v Q3 2016 The JLL Property Clocks SM Q3 2015 Q3 2016 Hong Kong, Mexico City Toronto, Washington DC New York, San Francisco Paris, Boston, Chicago Los Angeles Frankfurt, Dallas Seoul, Sydney Berlin, Stockholm Tokyo London Amsterdam Beijing Brussels, Madrid Milan Shanghai, Mumbai Capital Value growth slowing Capital Value growth accelerating Singapore Capital Values falling Capital Values bottoming out Houston Sao Paulo Moscow Seoul, New York, Mexico City Boston, Los Angeles San Francisco, Toronto Beijing, Hong Kong Paris, Frankfurt Sydney, Tokyo, Dallas Stockholm Brussels Berlin, Madrid, Milan Amsterdam Mumbai Capital Value growth slowing Capital Value growth accelerating Shanghai, Washington DC, Chicago Capital Values falling Capital Values bottoming out Moscow Houston London Singapore Sao Paulo Americas EMEA Asia Pacific Based on notional capital values for Grade A space in CBD or equivalent. Source: JLL Research, October 2016. The JLL Property Clocks SM 15

Prime Offices Rental Clock, Q3 2015 v Q3 2016 The JLL Property Clocks SM Q3 2015 Q3 2016 Berlin, Dallas San Francisco Stockholm London, Hong Kong Los Angeles Tokyo, Beijing Boston, New York Mexico City Frankfurt Chicago Amsterdam, Sydney Madrid Shanghai Milan Rental Value growth slowing Rental Value growth accelerating Rental Values falling Rental Values bottoming out Singapore, Houston Toronto Sao Paulo Frankfurt, Beijing Dallas, San Francisco Hong Kong, Toronto Tokyo, Los Angeles New York, Chicago Berlin, Paris, Stockholm Moscow Sydney, Boston Madrid Amsterdam, Milan Shanghai, Seoul Rental Value growth slowing Rental Value growth accelerating Rental Values falling Rental Values bottoming out Mexico City Istanbul Moscow Houston London Singapore Paris Seoul Brussels, Mumbai Brussels, Istanbul, Dubai Mumbai Washington DC Americas EMEA Asia Pacific Dubai Washington DC Sao Paulo Based on rents for Grade A space in CBD or equivalent, based on local currency. As of Q3 2016 Source: JLL Research, October 2016. The JLL Property Clocks SM 16

Q3 revenue by region: 15% fee revenue growth ($ in millions) Fee Revenue $1,447M Gross Revenue $1,705M Asia Pac 19% Fee - $272M LaSalle 5% $80M Asia Pac 19% Gross - $331M LaSalle 5% $80M EMEA 26% Fee - $376M EMEA 31% Gross - $523M Americas 50% Fee - $719M Americas 45% Gross - $771M Q3 2016 YOY % Growth Fee Revenue Gross Revenue Segment LC USD LC USD Americas 23% 22% 21% 21% EMEA 24% 13% 28% 17% Asia Pacific 14% 17% 16% 18% LaSalle (39)% (40)% (39)% (40)% Consolidated 15% 12% 17% 14% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 17

YTD revenue by region: 14% fee revenue growth ($ in millions) Fee Revenue $3,910M Gross Revenue $4,646M Asia Pac 19% Fee - $733M LaSalle 8% $308M Asia Pac 20% Gross -- $917M LaSalle 7% $308M EMEA 25% Fee - $966M Americas 48% Fee - $1,903M EMEA 29% Gross EMEA - $1,373M 29% Gross - $1,373M Americas 44% 44% Gross - $2,048M YTD 2016 YOY % Growth Fee Revenue Gross Revenue Segment LC USD LC USD Americas 17% 17% 16% 14% EMEA 12% 6% 22% 16% Asia Pacific 14% 13% 17% 15% LaSalle 3% 3% 3% 3% Consolidated 14% 12% 17% 14% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 18

Adjusted EBITDA performance ($ in millions) Q3 2016 YTD 2016 Americas 64% $81M Americas 53% $196M EMEA 9% $35M Consolidated $127M LaSalle 11% $14M EMEA 8% $11M Asia Pac 17% $21M Consolidated $372M LaSalle 26% $95M Asia Pac 12% $46M Adj. EBITDA Margin, Fee Revenue QTD YTD Segment 2016 2016 at constant rates 2015 2016 Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 2016 at constant rates 2015 Americas 11.3% 11.3% 12.5% 10.3% 10.3% 11.3% EMEA 2.9% 2.0% 10.2% 3.6% 3.0% 8.1% Asia Pacific 7.9% 7.8% 7.2% 6.3% 6.1% 6.7% LaSalle 16.1% 15.9% 41.0% 28.4% 27.8% 36.3% Consolidated 8.8% 8.4% 14.6% 9.5% 9.1% 12.3% 19

Q3 2016 Real Estate Services revenue ($ in millions; % change in USD over QTD Q3 2015) Americas EMEA Asia Pacific Total RES Leasing $335.3 13% $63.2 (13%) $50.2 3% $448.7 7% Capital Markets & Hotels $112.5 50% $87.4 (21%) $41.0 8% $240.9 8% Property & Facility Management Fee $142.2 21% $127.0 n.m. $114.4 17% $383.6 43% Gross Revenue $184.1 10% $161.7 n.m. $157.2 18% $503.0 34% Project & Development Services - Fee $86.1 36% $42.6 5% $26.7 22% $155.4 23% Gross Revenue $96.8 49% $154.1 15% $43.1 28% $294.0 27% Advisory, Consulting & Other Total RES Operating Fee Revenue $42.4 22% $56.3 2% $39.6 47% $138.3 19% $718.5 22% $376.5 13% $271.9 17% $1,366.9 19% Total Gross Revenue $771.1 21% $522.7 17% $331.1 18% $1,624.9 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. 20

YTD 2016 Real Estate Services revenue ($ in millions; % change in USD over QTD 2015) Americas EMEA Asia Pacific Total RES Leasing $884.3 12% $171.3 (8%) $128.3 1% $1,183.9 7% Capital Markets & Hotels $282.3 25% $245.4 (18%) $102.9 4% $630.6 1% Property & Facility Management Fee $400.9 16% $238.5 52% $325.4 15% $964.8 23% Gross Revenue $528.8 6% $314.0 43% $456.4 17% $1,299.2 17% Project & Development Services - Fee $226.1 28% $146.2 31% $70.0 16% $442.3 27% Gross Revenue $243.0 35% $478.0 47% $122.4 24% $843.4 40% Advisory, Consulting & Other Total RES Operating Fee Revenue $109.1 16% $164.7 3% $106.9 32% $380.7 13% $1,902.7 17% $966.1 6% $733.5 13% $3,602.3 13% Total Gross Revenue $2,047.5 14% $1,373.4 16% $916.9 15% $4,337.8 15% Note: Refer to pages 22-25 for definitions and reconciliations of non-gaap financial measures. 21

Fee revenue / expense 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 ($ in millions) Revenue Gross contract costs Fee revenue Operating expenses Gross contract costs Fee-based operating expenses Three Months Ended September 30 Nine Months Ended September 30 Trailing twelve months Ended September 30 2016 2015 2016 2015 2016 2015 $ 1,705.2 $ 1,501.3 $ 4,645.6 $ 4,078.2 $ 6,533.0 $ 5,827.2 (258.0) (214.0) (735.5) (580.0) (956.8) (771.6) $ 1,447.2 $ 1,287.3 $ 3,910.1 $ 3,498.2 $ 5,576.2 $ 5,055.6 $ 1,634.2 $ 1,381.1 $ 4,431.3 $ 3,802.3 $ 6,064.9 $ 5,289.5 (258.0) (214.0) (735.5) (580.0) (956.8) (771.6) $ 1,376.2 $ 1,167.1 $ 3,695.8 $ 3,222.3 $ 5,108.1 $ 4,517.9 Operating income Restructuring and acquisition charges MSRs - net non-cash activity Amortization of acquisition-related intangibles Adjusted operating income Adjusted operating income margin $ 71.0 $ 120.2 $ 214.3 $ 275.9 $ 468.1 $ 537.7 18.0 18.2 35.9 20.8 49.2 21.9 $ (2.9) $ $ (2.3) $ $ (1.6) $ (0.2) $ 7.1 $ 2.7 $ 16.0 $ 7.0 $ 20.0 $ 9.8 $ 93.2 $ 141.1 $ 263.9 $ 303.7 $ 535.7 $ 569.2 6.4% 11.0% 6.7% 8.7% 9.6% 11.3% 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. 22

Reconciliation of GAAP Net Income to Adjusted Net Income and Earnings Per Share Three Months Ended September 30 Nine Months Ended September 30 Trailing twelve months Ended September 30 ($ in millions except share and per share data) GAAP net income attributable to common shareholders Shares (in 000s) GAAP diluted earnings per share 2016 2015 2016 2015 2016 2015 $ 48.0 $ 110.5 $ 152.5 $ 242.5 $ 348.4 $ 436.2 45,612 45,453 45,515 45,395 45,540 45,398 $ 1.05 $ 2.43 $ 3.35 $ 5.34 $ 7.65 $ 9.61 GAAP net income attributable to common shareholders Restructuring and acquisition charges, net MSRs - net non-cash activity, net Amortization of acquisition-related intangibles, net Adjusted net income Shares (in 000s) Adjusted diluted earnings per share (1) $ 48.0 $ 110.5 $ 152.5 $ 242.5 $ 348.4 $ 436.2 13.5 3.9 27.0 5.9 37.1 6.8 (2.1) (1.7) (1.2) (0.1) 5.3 2.0 12.0 5.2 15.0 7.4 $ 64.7 $ 116.4 $ 189.8 $ 253.6 $ 399.3 $ 450.3 45,612 45,453 45,515 45,395 45,540 45,398 $ 1.42 $ 2.56 $ 4.17 $ 5.59 $ 8.77 $ 9.92 (1) Calculated on a local currency basis, the results for the three and nine months ended 2016 include a $0.06 and $0.16 favorable impact, respectively, due to foreign exchange rate fluctuations as compared to a $0.23 and $0.45 unfavorable impact for the three and nine months ended 2015, respectively. 23

Reconciliation of GAAP Net Income to Adjusted EBITDA Three Months Ended September 30 Nine Months Ended September 30 Trailing twelve months Ended September 30 ($ in millions) GAAP net income Interest expense, net of interest income Provision for income taxes Depreciation and amortization EBITDA Restructuring and acquisition charges MSRs - net non-cash activity Adjusted EBITDA 2016 2015 2016 2015 2016 2015 $ 48.0 $ 110.5 $ 152.5 $ 242.5 $ 348.4 $ 436.2 12.4 6.8 32.2 20.4 40.0 27.1 15.9 25.7 55.3 71.5 116.5 139.2 35.9 26.7 98.5 77.1 129.6 104.2 $ 112.2 $ 169.7 $ 338.5 $ 411.5 $ 634.5 $ 706.7 18.0 18.2 35.9 20.8 49.2 21.9 $ (2.9) $ $ (2.3) $ $ (1.6) $ (0.2) $ 127.3 $ 187.9 $ 372.1 $ 432.3 $ 682.1 $ 728.4 24

Non-GAAP Measures Fee Revenue and Fee-Based Operating Expenses Consistent with U.S. generally accepted accounting principles ( GAAP ), certain vendor and subcontractor costs ( gross contract costs ) which are managed on certain client assignments in the Property & Facility Management and Project & Development Services business lines are presented on a gross basis in both revenue and operating expenses. Gross contract costs are excluded from revenue and operating expenses in determining fee revenue and fee-based operating expenses, respectively. Excluding these costs from revenue and operating expenses more accurately reflects how the company manages its expense base and its operating margins and, accordingly, is believed to be useful to investors and other external stakeholders for evaluating performance. However, fee revenue and fee-based operating expenses should not be considered as alternatives to revenue and operating expenses, respectively, determined in accordance with GAAP. Because fee revenue and fee-based operating expenses are not calculated under GAAP, the company s fee revenue and fee-based operating expenses measurements may not be comparable to similarly titled measures used by other companies. Adjusted Operating Income The company defines adjusted operating income as operating income excluding the impact of restructuring and acquisition charg es, mortgage servicing rights (MSRs) -net non-cash activity, and amortization of acquisition-related intangibles. Restructuring and acquisition charges primarily consist of: (1) 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 or change in leadership or transformation of business processes; (2) 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 (3) lease exit charges. MSRs - net non-cash activity consists of the balances presented within revenue comprised of (a) the gains recognized by the company in conjunction with the origination and sale of mortgage loans, offset by (b) the amortization of the corresponding MSR i ntangible assets generated upon the aforementioned gain recognition over the period that net servicing income is projected to be received. Such gains an d the corresponding MSR intangible assets are calculated as the present value of estimated cash inflows and outflows over the estimated mortgage servicing periods. This activity is more notable following the company s acquisition of Oak Grove Capital during the fourth quarter of 2015 and is reported within the Americas at the segment level. Amortization of acquisition-related intangibles, primarily comprised of the estimated fair value ascribed at closing of an acquisition to acquired management contracts, customer backlog and trade name, is more notable following the company's recent increase in acquisition activity. At the segment reporting level, this is the primary reconciling difference between segment operating income and adjusted operati ng income, except for the Americas segment, where MSRs net non-cash activity is also excluded. Although adjusted operating income is a non-gaap financial measure, it is used extensively by management in normal business operations to develop budgets and forecasts and measure and reward performance against those budgets and forecasts, inclusive of the impact from capital expenditures reflected through depreciation expenses, and is believed to be useful to investors and other external stakeholders as a supplemental measure of performance. However, adjusted operating income should not be considered as an alternati ve to operating income or net income determined in accordance with GAAP. Any measure that eliminates components of the company s costs of operation and investment, such as acquisition and integration-related charges, has material limitations as a performance measure. In light of these limitations, management does not rely solely on adjusted operating income as a performance measure and also considers GAAP operating incom e results. Because adjusted operating income is not calculated in accordance with GAAP, the company s adjusted operating income may not be comparable to similarly titled measures used by other companies. Adjusted Net Income and Adjusted Earnings Per Share Net restructuring and acquisition charges, MSRs -net non-cash activity, and amortization of acquisition-related intangibles are excluded from GAAP net income attributable to common shareholders to arrive at the company s definition of adjusted net incom e used in the calculation of adjusted diluted earnings per share. Although adjusted net income and adjusted diluted earnings per share are non-gaap financial measures, they are used extensively by management in normal business operations to develop budgets and forecasts and measure and reward performance against those budgets and forecasts, inclusive of the impact from capital expenditures reflected through depreciation expense, and are believed to be u seful to investors and other external stakeholders as a supplemental measure of performance. budgeting, managing and assessing b usiness performance and believed to be useful to investors for evaluating performance. However, adjusted net income and adjusted diluted earnings per share should not be considered as alternatives to net income and diluted earnings per common share determined in accordance with GAAP. Any measure that eliminates components of the company s cost operation and investment, such as acquisition and integration-related charges, has material limitations as a performance measure. In light of these limitations, management does not rely solely on adjusted net income and adjusted diluted earnings per share as performance measures, but also considers GAAP results. Because adjusted net income and adjusted diluted earnings per share are not calculated in accordance with GAAP, the company s adjusted net income and adjusted diluted e arnings per share may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA The company s definition of EBITDA attributable to common shareholders ( EBITDA ) represents GAAP net income attributable to common shareholders before interest expense net of interest income, income taxes and depreciation and amortization. Adjusted EBITDA attributable to common shareholders ( Adjusted EBITDA ) represents EBITDA further adjusted for certain items we do not consider directly indicative of our ongoing performance in the context of certain performance measurements, including restructuring and acquisition charges and MSRs -net non-cash activity. Although Adjusted EBITDA and EBITDA are non-gaap financial measures, they are used extensively by management in normal business operations to develop budgets and forecasts and measure and reward performance against those budgets and forecasts, exclusive of the impact from capital expenditures reflected through depreciation expense along with other components of the company s capital structure. Adjusted EBITDA and EBITDA are believed to be useful to investors and other external stakeholders as supplemental measures of performance. EBITDA is used in the calculations of certain covenants related to the company s revolving credit facility. However, Adjusted EBITDA and EBITDA should not be considered as alternatives to net income determined in accordance with GAAP. Any measure that eliminates components of the company s capital and investment structure and costs associated with operations has material limitations as a performance measure. In light of these limitations, management does not rely solely on Adjusted EBITDA and EBITDA as performance measures, but also considers GAAP results. Because Adjusted EBITDA and EBITDA are not calculated in accordance with GAAP, the company s Adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies. Percentage Variances Local Currency In discussing our operating results, we refer to percentage changes and report Adjusted EBITDA margins in local currency, unless otherwise noted. Such 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 our performance and operations excluding the effect of foreign currency exchange rate fluctuations. Because amounts presented on a local currency basis are not calculated under U.S. GAAP, they may not be comparable to similarly titled measures used by other companies. 25

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 actual results, performance, achievements, plans and objectives and dividend payments 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, 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, 2015, our Quarterly Report on Form 10-Q for the quarters ended March 31, 2016 and June 30, 2016, 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 the company s 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, 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. 2016 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. 26