http://ir.jll.com/phoenix.zhtml?c=81245&p=irol-presentations ​Presentations Title Download Documentation Investor Relations Presentation – May 2017 Download Documentation 2016 Corporate Fact Sheet Download Documentation Investor Presentation - Integral UK Acquisition Download Documentation Investor Relatio​ns Presentation -​ December 2015​ http://ir.jll.com/phoenix.zhtml?c=81245&p=irol-presentations

1. Investor presentation
More than 78,000 employees, 280 offices,
80 countries, 1 global brand
Published May 2017

2. Who we are
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 2
JLL is a leading provider of real estate services and investment management, creating
value for corporations and investors across the globe
Growth-oriented and globally integrated
• Trusted advisor and service provider
• Corporate outsourcing partner
• Premier global real estate investment management
• Local, regional and global market presence
48%
26%
19%
7%
Fee revenue by segment
Americas
LaSalle Investment
Management
Asia Pacific
EMEA
2016 Fee Revenue = $5.8B
Operational excellence
• Productivity-driven operating leverage
• Best in class research capabilities
• Strategic technology innovation
• Sustainability
Collaborative culture with the
highest ethical standards
• Client-driven teamwork
• Diverse workforce
• High staff engagement
• Teamwork and client focused
Financial strength and
investment- grade balance sheet
• Strong cash generator
• Disciplined acquirer
• Market share and margin focused
• Committed to investment-grade
leverage
Premium brand
• Globally recognized in over 80
countries and 280 corporate
offices
Note: Refer to pages A9-A12 for definitions and reconciliations of non-GAAP financial measures.

3. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 3
Jones Lang Wootton founded
1783 1968 1997 1999
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”)
2008
The Staubach Company and
Jones Lang LaSalle combine operations
Largest merger in JLL history transforms
U.S. leasing brokerage position
King Sturge (est. 1760) and Jones Lang LaSalle merge EMEA operations
Enhances strength and depth of service capabilities in the UK and EMEA
1760 2015
1999-2016
13% compound annual
fee revenue growth
rate
2011
JLL named to Fortune 500
JLL acquires Oak Grove
Expands multi-family debt financing services
2016
JLL acquires Integral UK
Positions JLL as one of the largest global mobile engineering providers
The JLL story
Over 250 years building a premier global brand and platform
Note: Compound annual growth rate is the average year-on-year growth rate over the period.

4. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 4
What we do
Diversified real estate services
31%
25%
10%
7%
11%
16%
Leasing
Broker transactions between
tenants and landlords
Driven by economic growth and
corporate confidence
Capital Markets
Investments sales and finance
arrangements
Driven by investor allocations to real
estate and market liquidity
Advisory & Other
Workplace strategy, valuation,
consulting and advisory
Driven by best practices in
workplace productivity
Property & Facility Management
Management and outsourcing of
properties and portfolios
Driven by value enhancement for
investors and corporate occupiers
Project & Development Services
Design and management of
real estate projects
Driven by capital expenditures
and expansion
LaSalle Investment Management
Real estate investment management
Driven by investment performance
and capital raising
Leasing
Advisory & Other
LaSalle
Property &
Facility Mgmt.
Project &
Development
Services
Capital Markets
Focused on global capital flows, transactional expertise and annuity revenue streams
JLL has expertise across a diverse array of real estate assets
Office Industrial & logistics Retail Multi-family Hotel
Note: Refer to pages A9-A12 for definitions and reconciliations of non-GAAP financial measures.
2016 Fee Revenue = $5.8B

5. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 5
Positive prospects for 2017
2017 full-year market outlook
• Late cycle momentum continues into 2017 despite uncertain
economic conditions and political environment
• Global office fundamentals remain resilient
• Robust global investment volumes expected, driven by
capital seeking real estate exposure
• Stable global leasing volumes anticipated with continued low
vacancy rates and slowing rental rate growth
Notes:
• Source: JLL Research, May 2017
• Leasing, vacancy, rental and capital value projections relate to the office sector
• Balanced revenue growth across profitable markets while delivering superior client services to grow market share and win new
relationships
• Continue strategic investment into technology and innovation to accelerate scalable growth and increase operating leverage
• Translate revenue growth into profitable and sustainable margin performance:
• Increase operational efficiencies by managing platform operating costs
• Expand sustainable margins and evaluate underperforming businesses to optimize portfolio
• Continue disciplined integration of acquisitions to drive maximum return on invested capital
2017 JLL strategic outlook & operating assumptions
8-11%
Fee revenue growth
10-12%
Adjusted EBITDA
margin
~$30M
LaSalle incentive fees
~$20M
Equity earnings
+/- $0.15
FX EPS impact

6. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 6
Transformational Agenda
Leverage the significant capital
invested in transformational M&A
Integrate M&A Digital Drive
Business intelligence for actionable insights
Operating Excellence Next Generation Platform
Flexible, scalable and
integrated client solutions
Productivity supports long-term growth
Teamwork, Ethics and Excellence
Leveraging the JLL brand to grow beyond

7. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 7
Continued investment for long-term growth
Highlights:
• Targeting total return on
investment of 10-15%
• Technology and innovation-
focused capital expenditures
• Continued JLL co-investment
• Slower-paced M&A in 2017
Focused capital allocation strategy
(1) M&A includes deferred business acquisition payments and earn outs paid during the period for transactions which closed in prior periods.
(2) Co-investment not shown in years where co-investment distributions exceed or equal contributions (i.e. 2014 and 2015).
(3) Excludes capital leases and tenant improvement expenditures that are required to be included under U.S. GAAP.
55%
51%
34%
72%
65%
9%
3%
5%
6%
8%
10%
4%
4%
30%
38%
56%
24%
26%
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2012 2013 2014 2015 2016
TotalSpend($millions)
M&A Co-investment Dividends Capital Expenditures
$314
$256
$224
$621
$821
Historical cash investment ~ $2.2B
Cash Use ($ in millions) Q1 2017 Q1 2016
M&A (Including deferred) $27 $78
Co-investment (1) 38
Capital Expenditures 32 34
Total $58 $150

8. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 8
M&A investments – Trailing 4 quarters
~70% guaranteed
~30% earn-out
$630m total valuation
performance-based structure
~90% annuity based
22 acquisitions
~10x
Average range
EBITDA
multiple paid
~9%
Underwritten
EBITDA margin
17%
74%
9%
Pro-forma annual fee revenue by region
~$800m
Pro-forma annual
underwritten fee
revenue
~60% of Q1 2017
RES fee revenue growth
1%
2%
81%
9%
7%
Americas
EMEA
Asia Pacific
Pro-forma annual fee revenue by service line
Note: Acquisitions through March 31, 2017. Refer
to pages A12 for Fee Revenue definition.
Leasing
Capital Markets
& Hotels
Property &
Facilities Mgmt
Project &
Development Svcs
Advisory &
Consulting
Excluding Integral ~8x ~16%
(2)
(1) Growth attributable to M&A. Acquisitions from 1/1/2015 through 3/31/2016 are reflected as organic growth in management commentary
(2) Reflects the Integral UK acquisition
(1)

9. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 9
Technology modernizes and drives
strategic agenda
Leading real estate in the digital revolution
Innovate: RE market leadership through technology Modernize: platform for next decade of growth
• Better client experience
 RED: digital portfolio analytics optimize RE data
 Online Markets: Global CRE leasing marketplace
 Corrigo and BRG: recent technology-focused
acquisitions
• New services and depth
• New digital real estate solutions
• Latest technology ERP infrastructure
• Progressive data strategy, architecture and
governance
• Advanced analytic tools for strategic decision-making
• Expanded client-centric tools
Benefits:
+ New and expanded product revenue
generation
+ Efficient client service
+ Enhanced cross-sell capabilities
+ Strategic competitive differentiator
Benefits:
+ Workforce productivity and collaboration
+ Business agility, performance, security and
efficiency
+ Scalable platform accommodates growth
+
~2.6% ~3.0%
~3.8% 3% - 4%
0%
2%
4%
2015 2016 2017 Projected … 2020
Top Strategic Technology Investments (% of Fee Revenue) (1)
Note:
(1) Technology investment spend equals capital expenditures plus operating expenses less depreciation
Refer to pages A9-A12 for definitions and reconciliations of non-GAAP financial measures.

10. z
© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 10
Real estate market leadership through technology
Digital market intelligence
Optimizing client real estate investment decisions
Aggregated data and visual metrics:
Digital client & tenant experience
Shortening transaction timelines and improving tenant
satisfaction for enhanced investment performance
• Interactive experiences with tech-enhanced sales
presentations and innovative displays
• Virtual simulations make ground-up developments,
capital improvements and shell space come to life
Portfolio management & analytics
Enhancing client real estate strategy and performance
• Integrating real estate portfolio, occupancy, cost &
business data with smart analytics
Predictive insights include:
Driving value to JLL
Producer productivity
Business wins
Cross-sell opportunities
Competitive differentiator
Client satisfaction
Recognized visionary
• Lease / sales comps
• Vacancy & absorption
• Workforce demographics
• Neighborhood amenities
• Market favorability
• Occupancy
analytics
• Savings
opportunities
• Cost of vacancy
• Ownership data
• Current/future development
• Workforce demographics
• Global listing platform

11. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 11
Technology highlights
Optimizing our clients’ portfolio strategies and real estate performance while
lowering costs and driving business wins
CorrigoREDSM
Proprietary data and insights platform helps clients utilize
data for unique insights into their real estate portfolio
• With RED, JLL can organize and consolidate a client’s data
from disparate systems, including the client’s own
technologies, to create a cohesive picture
• RED elevates the strategic power of corporate real estate by
helping clients:
― Communicate across various real estate tools
― Benchmark within an industry and with best-in-class
organizations using data from more than one million real
estate sites
― Analyze real estate, sales and workforce data together
― Illuminate “dark data” and uncover new insights with direct
impact on business outcomes
Industry-leading facilities management technology platform
coordinates the flow of information from work order creation
to payment remittance
• Extensive network of over 260,000 sites and a million users
managing nearly 15 million work orders a year
• Access to over one thousand professional vendors and real-
time visibility into the health of our clients’ end-to-end operations
• Visibility into technician and vendor management, plus
increased compliance
• Data at every step of the work order management process fully
integrated into RED to deliver powerful business intelligence

12. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 12
Strong balance sheet for long-term growth
Highlights:
• Capital expenditures remain focused on IT
• Ample liquidity to support continued long-term growth
• Continued focus on working capital optimization
• Leverage: manage to ~2.0x annual average
Net Debt ($ in millions) March 2017 March 2016
Cash and Cash Equivalents $223 $240
Short Term Borrowings 63 24
Credit Facility 1,175 800
Net Bank Debt (Net Cash Position) $1,015 $584
Long Term Senior Notes 275 275
Deferred Business Acquisition Obligations 98 113
Total Net Debt $1,388 $972
Net Debt /Adjusted TTM EBITDA 2.1x 1.3x
Investment Grade Ratings:
• Moody’s: Baa2 (Positive)
• S&P: BBB+ (Negative)
Extended credit facility
maturity to June 2021
and increased capacity to
$2.75B
(1)
(2)
(1) Principal balances shown exclude debt issuance costs of $21M and $17M for Q1 2017 and Q1 2016, respectively
(2) Refer to pages A9-A12 for definitions and reconciliations of non-GAAP financial measures.

13. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 13
Global brand: Over 250 years of real estate
experience
Leadership
• Innovative
• Strategic
• Dynamic
• Competitive mindset
• Continuous talent
acquisition
Performance
• Growth in recurring
revenue base
• Strategic M&A
• Strong investment-
grade balance sheet
• Highly balanced
business
Culture
• Teamwork, ethics,
and excellence - key
differentiator
• High ethics
• Trusted advisor
• Employee
engagement
Global
• Geographic
diversification
• Integrated offerings
• Global leadership
• Insightful research
Innovation
• Technology
investments
 RED
 Corrigo
• Business intelligence
tools
• Productivity initiatives

14. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. 14
Appendix

15. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A1
Consolidated Fee Revenue
Highlights
LaSalle
Asia Pacific
EMEA
Americas
($ in millions)
JLL consolidated fee revenue
Consolidated
RES CAGR 10%*
* Real Estate Services CAGR excludes LaSalle.
$2,654
$765 $933 $1,032
$1,261
$1,504 $1,662 $1,807
$2,110
$2,394
$2,750
$926
$871 $644
$729
$888
$936
$1,118
$1,316
$1,406
$1,514
$602 $536
$539
$679
$713
$781
$848
$909
$968
$1,084
$361 $356
$260
$257
$272
$261
$255
$368
$397
$408
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$4,703
$5,165
$5,756
$4,028
$3,640
$3,377
$2,926
$2,475
$2,696
Americas
CAGR
15%
*
Note: Refer to pages A12 for Fee Revenue definition.
Property and Facility
Management
We are an industry leader in
property and corporate facility
management services, with a
portfolio of 4.4 billion square
feet worldwide
Global footprint
2016 fee revenue of more than
$5.8 billion, our 77,000
colleagues serve clients in
over 80 countries from more
than 280 corporate offices
Leasing
During 2016, we completed
38,800 leasing transactions for
landlord and tenant clients,
representing 828 million
square feet of space
Capital Markets
During 2016, we provided
capital markets services for
$136 billion of client
transactions
Services
• Capital Markets
• Leasing
• Property and Facility
Management
• Project and Development
• Consulting and Advisory
• Investment Management
LaSalle Investment Management
Our investment management business, is one of the world’s
largest and most diverse in real estate with $58 billion of assets
under management.
* Assets under management as of Q1 2017 and one quarter in arrears.
LaSalle fee revenue excludes equity earnings for all year shown.
*

16. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A2
Capital Markets
Highlights
Asia Pacific
EMEA
Americas
($ in millions)
JLL Capital Markets fee revenue
Consolidated
CAGR 6%
* May 2011: King Sturge acquired
** November 2015: Oak Grove acquired
2016 key statistics
Closed $136B in client
transactions
Accretive investments
• Gains across geographies
• Acquisitions add skills and
coverage
Leading global Hotels &
Hospitality team
• Industry intelligence and
deep market insights
• Forward thinking research
provides clients with
competitive advantage
Global footprint
• International Capital Group
captures increasing cross-
border opportunities
• Strong global capital flows
$114
$61 $38
$84
$136 $169
$219
$267
$332
$404
$339
$196
$107
$141
$229
$235
$333
$411
$475
$387
$104
$60
$58
$81
$95
$109
$164
$145
$149 $158
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$557
$823
$956 $949
$716
$513
$460
$306
$203
$314
Americas
CAGR
15%
*
Services
• Investment sales
• Structured finance
• Private equity placements
• Portfolio advisory activities
• Corporate finance
• Multifamily lending and
commercial loan servicing
• Transaction underwriting
2016 acquisitions
• Bill Goold Realty
• Sage Capital Advisors LLC
• Cobertura SA
• Huntley, Mullaney, Spargo, & Sullivan Inc.
* **
Note: Refer to pages A12 for Fee Revenue definition.

17. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved.
Leasing
Highlights
Leasing
• M&A and organic market share growth
• Strength in client relationships drives recurring revenue
• Tenant Representation, Corporate Solutions momentum and
renewals drive annuity base
Global Transaction Management - iDesk
• Bridging connections between our global transaction specialists
• Leveraging international client relationships
• Winning more business globally
2016 key statistics
~38,800 transactions for
landlord and tenant clients, a
9% increase over 2015,
representing 828 million square
feet of space.
Asia Pacific
EMEA
Americas
($ in millions)
JLL leasing revenue
Consolidated
CAGR 13%
$241
$373
$500
$638
$760
$830 $878
$1,040
$1,166
$1,275
$227
$247
$173
$203
$236
$250
$272
$295
$289
$269
$125
$133
$108
$159
$192
$198
$173
$205
$215
$216
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$1,188
$1,278
$1,322
$593
$753
$781
$1,000
$1,540
$1,670
$1,760
***
* July 2008: Staubach Company acquired
** May 2011: King Sturge acquired
Americas
CAGR
20%
2016 Acquisitions
• Trussard Property
Consultants
• Harry K. Moore
• Washington Partners Inc.
• Veronique Nocquet SARL
• Travis Commercial Real
Estate Services
A3

18. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A4
Property and Facility Management
Highlights
Innovative technology
RED & Corrigo create value,
client savings, and powerful
differentiation
Annuity focus
• Double digit growth
• 3-5 year contract terms with
high renewal rates
• Leverage market share and
buying power
• Cross-selling
2016 key statistics
Property & Facilities Management
oversees ~4.4B square feet
globally
FY 2016 Corporate Solutions client wins
New Wins
150
Expansions
68
Renewals
31
$142
$197 $226 $269
$324 $359
$407
$454
$499
572
$126
$140
$136
$143
$153
$171
$193
$237
$224
$406
$170
$208
$266
$304
$285
$320
$348
$379
$405
$457
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Asia Pacific
EMEA
Americas
($ in millions)
JLL Property & Facilities Management fee revenue
Consolidated
CAGR 14%
$438
$1,070
$1,128
$1,435
$948
$850
$762
$716
$627
$545
Americas
CAGR
17%
Services
Property Management
On-site management to real
estate owners for office,
industrial, retail, multifamily
residential and specialty
properties.
Integrated Facility Management
Comprehensive portfolio and
facility management to clients
that outsource the management
of the real estate they occupy.
2016 acquisitions
• Integral UK Ltd
• Acrest
• BRG
Note: Refer to pages A12 for Fee Revenue definition.
* August 2016: Integral UK acquired
*

19. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A5
Project and Development Services
Highlights
Annuity focus
• Double digit growth
• Multi-year contracts
• Leverage market share and
buying power
• Cross-selling
$171
$200
$158 $159 $178 $182 $188
$223
$258
$332
$54
$116
$109 $115 $96 $107 $117
$140
$170
$208
$56
$60
$44
$64 $60
$67
$67
$72
$82
$101
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Asia Pacific
EMEA
Americas
($ in millions)
JLL Project and Development fee revenue
Consolidated
CAGR 10%
$281
$435
$510
$641
$372$356
$334$338
$311
$376
Americas
CAGR
8%
Services
• Conversion management
• Move management
• Design and construction
management
• Strategic occupancy planning
• Relocation and build-outs
• Discrete projects and multi-year
• Services Corporate Solutions 2016 acquisitions
• PMX Inc.
• Procofin Oy
• CTH
• PDM International
• Big Red Rooster
• Merritt & Harris
Scale and service
• Successful expansions into new
markets
• High client satisfaction scores
• Client savings
• Returns driven by procurement
initiatives and early project
completions
Note: Refer to pages A12 for Fee Revenue definition.

20. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A6
Advisory, Consulting and Other Services
Highlights
Energy and Sustainability *
>1,500 energy and sustainability
accredited professionals
$47 million in estimated energy
savings for our U.S. clients and
reduced their greenhouse gas
emissions by 247,000 tons
Our sustainability teams worked on
more than 11,400 buildings
$96 $103 $112 $110 $98 $107 $114 $126 $139
169
$179 $173
$122 $127
$179
$189
$204
$233
$247
$245$51
$76
$61 $71
$81
$86
$96
$107
$118
$153
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Asia Pacific
EMEA
Americas
($ in millions)
JLL Advisory, Consulting and Other Services revenue
Consolidated
CAGR 6%
$326
$466
$504
$567
$414
$382
$358
$308$295
$352
Americas
CAGR
6%
* Based on July 2016 JLL Global Sustainability Report.
2016 acquisitions
• Australian Valuation Services
• MSCI Global Occupiers
• Dazheng
• Morii Appraisal & Investment Consulting
• Integra Realty Resources
• Strategic Advisory Group
• BRG
• Advanced Technologies Group
Services
• Workspace solutions
• Valuations & appraisals
• Six Sigma process
solutions
• Mergers & acquisitions
• Energy and
Sustainability

21. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A7
LaSalle Investment Management
Highlights
Note: AUM data reported on a one-quarter lag.
$178
$245
$278
$242 $238 $245
$228 $223
$236 $243
$261
$-
$50
$100
$150
$200
$250
$300
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Building Advisory
Fees in
Healthy Markets
Global Financial
Crisis
Stabilized
Advisory Fees Growth
Assets Under Management ($ billions)
Q1 2017 AUM
$58
Fund
Management
23%
Public
Securities
24%
Separate
Accounts
53%
Proven performance
• Long-standing client
relationships
• Trusted advisors
• Outstanding returns on
investments
Global platform
• Diversified geographic
investments
• Ability to penetrate multiple
markets
• Capitalize on global capital
flows
Sizable AUM
• Income generating real
estate highly attractive to
investors
• Drives incentive fees and
equity earnings
• “Dry powder” of ~$9B
available to deploy into new
investment opportunities
• Provides annuity-like
advisory fees
$5.1B
Capital
raised FY
2016
Investment strategies
• Adaptable strategies based
on market conditions and
risk levels
• Public securities provide
liquidity and product
diversity
2017 operating assumptions
~$30M Incentive fees
~$20M Equity earnings
2006 to 2016 advisory revenue ($ million)

22. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A8
Consolidated adjusted EBITDA margin
performance
14.4%
11.4%
~80 bps
~100 bps
8.0%
10.0%
12.0%
14.0%
FY 2015 Adj EBITDA
Margin (Actual)
Incentive Fee & Equity
Earnings Normalization
Organic Service
Mix Shift
Increased Technology
Investments
Other 2015 & 2016 M&A
Impact
FY 2016 Adj EBITDA
Margin (Actual)
LaSalle
Incentive Fees &
Equity Earnings
return to
normalized levels
2015 Adjusted
EBITDA
14.4%
(Record high)
Organic service
mix
Lower margin
annuity business
growth
Technology
Increased
digitization
investments
M&A
contribution
Reflects outsized
Integral
contribution
(2)
(1) Assumes ~90% margin on Equity Earnings and ~40% on Incentive Fees.
(2) Q1 2017 foreign exchange impact of ~30bps incorporated into consolidated adjusted EBITDA walk above
(3) Q1 2017 other category includes losses of a non-core UK business in wind down, certain provisions for receivables losses and other items
(4) All margin percentage references are on a Fee Revenue basis and in USD
~70 bps
(1)
~30 bps ~20 bps
7.6% ~50 bps ~100 bps ~40 bps ~25 bps 5.4%Q1 2017 (+) (-) (-) (-) (=)~105 bps
Adjusted
EBITDA
Outlook
~10-12%

23. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A9
Reconciliation of GAAP
Net Income to Adjusted EBITDA
Twelve months ended
Dec 31
Twelve months ended
Dec 31
($ in millions) 2015 2016
GAAP net income attributable to common shareholders $ 438.4 $ 317.8
Interest expense, net of interest income 28.1 45.3
Provision for income taxes 132.8 108.0
Depreciation and amortization 108.1 141.8
EBITDA $ 707.4 $ 612.9
Restructuring and acquisition charges 34.1 68.5
MSR and related derivatives – net non-cash activity 0.8 (23.5)
Adjusted EBITDA $ 742.3 $ 657.9

24. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A10
Reconciliation of GAAP Net Income to Adjusted
Net Income and Diluted Earnings Per Share
Twelve months
ended Dec 31
Twelve months
ended Dec 31
($ in millions, except share and per share data) 2015 2016
GAAP net income attributable to common shareholders $ 317.8 $ 438.4
Shares (in 000s) 45,528 45,415
GAAP diluted earnings per share $ 6.98 $9.65
GAAP net income attributable to common shareholders $ 317.8 $ 438.4
Restructuring and acquisition charges 68.5 34.1
MSR and related derivatives – net non-cash activity (23.5) 0.8
Amortization of acquisition-related intangibles 24.1 11.0
Tax impact of adjusted items (16.9) (20.9)
Adjusted net income $ 370.0 $ 463.4
Shares (in 000s) 45,528 45,415
Adjusted diluted earnings per share * $ 8.13 $ 10.20
* Foreign exchange rate fluctuations reduced adjusted diluted earnings per share for 2015 by approximately $0.87 and increased adjusted diluted earnings per share for 2016 by $0.13.

25. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. A11
2014-2016 Fee revenue/fee-based operating
expenses reconciliation
• Gross accounting requirements increase revenue and costs without corresponding increase to profit
• Reimbursable vendor, subcontractor and out-of-pocket costs reported as revenue and expense in JLL
financial statements have been increasing steadily
• Business managed on a fee revenue basis to focus on margin expansion in the base business
Twelve months
ended Dec 31
Twelve months
ended Dec 31
Twelve months
ended Dec 31
($ in millions) 2014 2015 2016
Revenue $ 5,429.6 $ 5,965.7 $ 6,803.8
Gross contract costs (727.9) (801.3) (1,023.5)
MSR and related derivatives – net
non-cash activity n/m 0.8 (23.5)
Fee revenue $ 4,701.7 $ 5,165.2 $ 5,756.8
Operating expenses 4,963.9 5,435.9 6,363.2
Gross contract costs (727.9) (801.3) (1,023.5)
Fee-based operating expenses $ 4,236.0 $ 4,634.6 $ 5,339.7
Note: Consolidated revenue and fee revenue exclude equity earnings (losses). Restructuring and acquisition charges, Mortgage servicing rights (MSRs) and related derivatives
- net non-cash activity, and Amortization of acquisition-related intangibles are excluded from adjusted operating income margin.

26. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved.
A12
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.
Net non-cash mortgage servicing rights ("MSR") and mortgage banking derivative activity consists of the balances presented within
Revenue composed of (a) derivative gains/losses resulting from mortgage banking loan commitment activity and (b) the gains
recognized by the company in conjunction with the origination and sale of mortgage loans with retention of servicing rights, offset by (c)
the amortization of the corresponding MSR intangible assets generated upon the aforementioned gain recognition 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 change in estimated fair value of loan commitments, primarily represented by the estimated net cash flows
associated with future servicing rights. MSR gains and 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 entirely within the Americas segment.
Gross contract costs and Net non-cash MSR and mortgage banking derivative activity are excluded from revenue in determining “fee
revenue.” Gross contract costs are excluded from operating expenses in determining “fee-based operating expenses.” Excluding gross
contract costs from both 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.
Excluding net non-cash MSR and mortgage banking derivative activity in determining fee revenue is useful to investors and other
external stakeholders for evaluating performance because the activity is non-cash in nature and reflects how the company manages
and evaluates performance.
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 expense 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 charges, net
non-cash MSR and mortgage banking derivative 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.
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 operating income, except for the Americas segment, where net non-cash MSR and mortgage banking derivative 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 as well as 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 alternative 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 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 income 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, net non-cash MSR and mortgage banking derivative 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 income 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 as well as
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 useful to investors and other external
stakeholders as a supplemental measure of performance. budgeting, managing and assessing business
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 earnings 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 Net non-cash MSR and
mortgage banking derivative 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 as well as 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 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,
these measures 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.

27. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved.
Cautionary note regarding forward-looking
statements
© 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.
A13
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 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.