For the year, diluted earnings per share2 were $5.55 and adjusted diluted earnings per share1 were $9.16; for the fourth quarter, diluted earnings per share2 were $1.71 and adjusted diluted earnings per share1 were $4.92.

• Revenue up 17 percent to $2.5 billion for the quarter; fee revenue up 18 percent to $2.2 billion
  • Broad-based Real Estate Services revenue growth
  • Outstanding execution in capital markets and leasing in response to outsized client demand to close transactions by year-end
• Fourth quarter margin expansion in Americas, Asia Pacific and LaSalle
  • Strong transactional revenue mix coupled with disciplined cost management
  • EMEA mixed results driven by strong transactional performance offset by Integral
  • LaSalle delivered solid advisory fees and equity earnings
• Strong operating cash flows contributed to significant net debt reduction
  • Substantial leverage improvement driven by $547 million net debt reduction during the year

CEO Comment:

“Outstanding fourth-quarter 2017 performance contributed to record revenue and strong adjusted EBITDA and cash flows for the year,” said Christian Ulbrich, JLL CEO. "We achieved these results while making significant progress in 2017 on our ambitious data and technology agenda. With favorable economic conditions and healthy real estate fundamentals in most markets, we anticipate continued growth in 2018.”

                                          Three Months Ended            Year Ended

Summary Financial Results                                            December 31,                 December 31,

• For discussion of non-GAAP financial measures, see Note 1 following the Financial Statements in this news release.
• The 2017 periods reflect $141.3 million of additional tax expense related to new U.S. tax legislation; refer to page 4.

%        % Change      Change

(1) For discussion of non-GAAP financial measures, see Note 1 following the Financial Statements in this news release. Percentage variances in the Consolidated Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

%        % Change      Change

(1) For discussion of non-GAAP financial measures, see Note 1 following the Financial Statements in this news release. Percentage variances in the Consolidated Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.

Consolidated 2017 Performance Highlights:

• Consolidated revenue for the year was $7.9 billion and consolidated fee revenue was $6.7 billion, both records that represent annual increases of 17 percent and 16 percent, respectively. Annual RES revenue growth reflects double-digit expansion across all three segments. Organic growth accounted for approximately 65 percent of the RES fee revenue increase. For the fourth quarter, consolidated revenue was $2.5 billion and consolidated fee revenue was $2.2 billion, both increases of 14 percent against the prior-year quarter.
• For the full year, consolidated operating expenses were $7.4 billion and consolidated fee-based operating expenses1, excluding restructuring and acquisition charges, were $6.1 billion, both an increase of 17 percent over the prior-year quarter. The increase in expenses reflects revenue growth and continued increases to investments in data, technology and people. Consolidated operating expenses for the fourth quarter were $2.2 billion, up 13 percent, and consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.9 billion, an increase of 13 percent compared with 2016.

• LaSalle performance reflects lower incentive and transaction fees as anticipated, down $57.3 million year over year (down $17.3 million from the prior-year quarter). LaSalle results also reflect solid advisory fees and notable equity earnings, led by net valuation increases across the co-investment portfolio.
• Net income attributable to common shareholders for the year was $253.8 million, compared with $317.8 million last year, and adjusted EBITDA increased 13 percent year over year to $760.0 million. Adjusted EBITDA margin, calculated on a fee-revenue basis, was 11.4 percent for the year (11.1 percent in local currency), compared with 11.4 percent in 2016. For the fourth quarter, net income attributable to common shareholders was $78.2 million, compared with $165.3 million last year, and adjusted EBITDA increased 22 percent to $360.0 million. Adjusted EBITDA margin, calculated on a fee-revenue basis, was 16.5 percent in USD and local currency for the quarter, compared with 15.5

percent last year.

 The consolidated results reflect strong performance in Americas and Asia Pacific with notable contributions from transactional businesses, partially offset by weak performance of Integral and lower LaSalle incentive and transaction fees.

Net income for both the fourth quarter and year-to-date reflected additional income tax expense of $141.3 million. This amount represents the Company's provisional estimate of the transition tax on deemed repatriated earnings of foreign subsidiaries and the remeasurement of U.S. deferred tax assets ("DTA") in response to the enactment of the Tax Cuts and Jobs Act in December 2017. The impact on diluted earnings per share was $3.09, with no impact to adjusted diluted earnings per share.

 Diluted earnings per share were $5.55 for the year, compared with $6.98 in 2016, and adjusted diluted earnings per share were $9.16, up from $8.13 last year. For the fourth quarter, diluted earnings per share were $1.71, compared with $3.62 last year, and adjusted diluted earnings per share were $4.92, compared with $3.95 in the fourth quarter of 2016.

Balance Sheet and Net Interest Expense:

• Total net debt was $586.2 million as of December 31, 2017, a decrease of $426.6 million from last quarter and $547.2 million from December 31, 2016, reflecting business performance and improvements in working capital management.
• Net interest expense for the year was $56.2 million, an increase from $45.3 million for 2016. The increase in annual net interest expense was primarily due to a higher effective interest rate on debt. For the fourth quarter, net interest expense was $13.6 million, up from $13.1 million in the fourth quarter of 2016. The reduction in outstanding borrowings for the quarter substantially offset the increase in the effective interest rate.

Business Segment Performance Highlights

n.m. - not meaningful as represented by a percentage change of greater than 100%, favorably or unfavorably.

(1) For discussion of non-GAAP financial measures, see Note 1 following the Financial Statements in this news release. Percentage variances in the Americas Performance Highlights below are calculated and presented on a local currency basis, unless otherwise noted.