2016 Annual Report Jones Lang LaSalle Incorporated

1 2016 Annual ReportJones lang LaSalle IncorporatedIn addition to recording the year s major events and key achievements, our 2016 Annual Report focuses on how we Achieve Ambitions, our brand promise. We work to achieve the ambitions of our clients, colleagues, shareholders, and communities. That's our promise. It captures what we do, where we've come from, and where we're headed. Who we areJLL is a professional services and investment management firm specializing in real estate. We offer integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying, developing, or investing in real 2016 fee revenue of more than $ billion, our 77,000 colleagues serve clients in over 80 countries from more than 280 corporate offices.

2 We are an industry leader in property and corporate facility management services, with a portfolio of billion square feet 2016, we completed 38,800 leasing transactions for landlord and tenant clients, representing 828 million square feet of provided capital markets services for $136 billion of client Investment Management, our investment management business, is one of the world s largest and most diverse in real estate with $ billion of assets under Ambitions with BBVA We ve been working with BBVA to implement best real estate practices in the international market. As BBVA does business with 70 million customers in 35 countries worldwide, we represent the bank s real estate interests across the Americas, EMEA, and Asia Pacific, providing services which range from facility and project management to lease administration, transaction management, and strategic consulting services.

3 In 2016 we helped our client by capturing operating expense savings and increasing capital Vela, BBVA Headquarters Madrid, SpainPremium global brandsCollaborative culture with highest ethical standards4 | JLL 2016 Annual Report What we have accomplished20062016 Financial strength $ credit facility maturing in 2021 $275M, coupon LT Senior Notes maturing in 2022 Strong cash generator Disciplined acquirer Long-term value creation Market share expansion Margin focusGrowth-oriented, globally integrated real estate firm Occupier advisory and facility management services for tenants and corporates Leasing, management, financing, and sales for property owners Real estate investment management for private and public equity investors Operational excellence Productivity focus Broad research capabilities Strategic data & IT investmentsNote: All amounts in millions.

4 2006 & 2016 market cap based on year-end share price in the Revenue* $5,757 Adjusted EBITDA* $303$658 Market Cap $2,935$4,568$2,014 Adjusted Net Income*US GAAP$318M$370 MUS GA AP$438M$463 MGross revenue$ $ Revenue*Gross revenue$ $ GA AP$ $ $742 MEBITDA$707 MJLL 2016 Annual Report | 5 Consolidated earnings scorecardAdjusted Diluted EPS*US GA AP$ $ EBITDA*EBITDA$613M$658M20162016 Fee Revenue = $ BY SEGMENTAsia PacificLaSalleEMEAA mericas48%26%19%16%11%7%10%25%31%7%REVEN UE BY SERVICEL easingAdvisory & OtherProperty & Facility ManagementCapital MarketsProject & Development ServicesLaSalle*For these Non-GAAP Financial Measures, refer to Item 7. Management s Discussion and Analysis of Financial Condition and Results of Operations in the accompanying Form 10-K for additional information and reconciliation to the closest GAAP we do, and whereChristian UlbrichChief Executive Officer6 | JLL 2016 Annual Report To our stakeholders | 2016 was another year of strong progress for JLL, continuing our sustained growth trajectory.

5 We achieved record Annual fee revenue of $ billion, up 14% on the previous year. Political uncertainty impacted our profit in a number of key markets, notably in the UK following June s Brexit referendum vote, as did increased spend on technology. Adjusted net income for the year was $370 million, compared with $463 million in long-term strategy to build and continuously enhance a comprehensive and balanced global platform to deliver resilient performance in diverse market conditions is bearing fruit. Cyclical declines in global leasing volumes and investment incentive fees were offset by growth in other business lines, notably Property & Facility Management and Project & Development Ser vices, while LaSalle Investment Management grew advisory fees and also accumulated record assets under management of $ continued to invest in growth, completing 28 business acquisitions in 2016, contributing to a total of 48 over the past two years.

6 As a consequence, a key point of focus for 2017 is to leverage the full potential of these acquisitions, which include several leading-edge technology and data-led business models, in order to drive new revenue and profit opportunities across borders and service lines. JLL 2016 Annual Report | 7 Thinking Beyond: Achieve AmbitionsThis is my first Annual Report as Chief Executive Officer following my appointment last October. As I said at that time, it is a great honour to be asked to lead JLL through the next chapter of its impressive and long history. Looking forward, I am truly excited and motivated by the continued growth prospects for our company around the world for many years to come.

7 In particular, driven by our strategic vision of Thinking Beyond and our brand promise to Achieve Ambitions, we are committed to leading the digital transformation of real estate services to the lasting benefit of our clients and all of our on 2016, I would like to thank our clients for their trust in allowing us to represent their interests around the world, and also our people for their unswerving commitment to JLL s core values of teamwork, ethics, and excellence. We are proud to have seen this acknowledged most recently by two prominent accolades: in February, Fortune magazine included JLL on its Annual list of the World s Most Admired Companies, and then in March we were named for a 10th consecutive year on the Ethisphere Institute s list of the World s Most Ethical these are collective achievements by all 77,000 JLL people around the world, they have been inspired by the exemplary leadership over the past twelve years of one individual.

8 On behalf of everyone at JLL, I would like to take this opportunity to again record our special thanks to Colin Dyer, who retired as CEO at the end of September 2016 and remains on our Board of Directors through May of this global leadership teamWith Colin s retirement, we made a number of senior leadership changes over recent months, including four new appointees to our Global Executive Board (GEB). In June, Guy Grainger and Anthony Couse stepped up as CEOs for our EMEA and Asia Pacific regions, respectively, and became members of the GEB in October. Our Chief Human Resources Officer, Trish Maxson, also joined the GEB in October, followed by Richard Bloxam, Head of Global Capital Markets, in January.

9 They join existing members Greg O Brien CEO Americas, Jeff Jacobson CEO LaSalle , John Forrest CEO Corporate Solutions, and Christie Kelly Chief Financial Officer. Our internal promotions reflect the strength and depth of our talent pool and I would like to congratulate everyone involved on an exceptionally smooth transition. I am delighted by the quick progress being made by our global leadership team in working together to implement our Thinking Beyond strategic vision, with a clear view of the required actions and goals. Looking forward, I am truly excited and motivated by the continued growth prospects for our 8 | JLL 2016 Annual Report The long-term trends in global corporate and investor real estate markets will create new opportunities for us to add further breadth and depth to our premium-range service offering.

10 Changes on our Board of DirectorsWe continue to be very well guided and advised by our Board of Directors, chaired by Sheila Penrose. In July 2016, we welcomed Bridget Macaskill to the Board. Bridget is the Non-Executive Chairman of First Eagle Holdings, Inc., and formerly the Chief Executive Officer of both First Eagle and Oppenheimer Funds, Inc. Also effective July 2016, Ann Marie Petach, a JLL Director since 2015 and formerly the Chief Financial Officer of BlackRock, Inc., was appointed Chairman of the Audit Committee. Ann Marie replaced Dave Rickard, who retired from the Board during 2016, as did Roger Staubach, who continues as Chairman of our Americas region. We are grateful to both Dave and Roger for their long and valued commitment to our firm.