Jones Lang LaSalle, Inc. Investor update

Welcome. Thank you everyone for joining us today for a live webcast with Neil Murray, CEO of our Real Estate Management Services business, or REMS, as you will hear throughout the program today. During today's session, we are going to talk about outsourcing and the outsourcing opportunity for JLL. We are going to talk about the strategic evolution of the businesses. We are going to talk about our clients, and we are also going to talk about the long-term outlook. As a reminder, today's presentation includes forward-looking statements about JLL's future performance. Actual results may differ materially. Please see our SEC filings for more details and refer to the slide for additional disclaimer information. We will also reference non-GAAP financial measures throughout the discussion, with reconciliations available on the investor relations page of JLL's website at ir.jll.com. We are encouraging everyone throughout today's session to submit Q&A.

You can do it using the QR code that is on the screen right now, but you also can, throughout the program, submit questions throughout the live Slido app that is embedded within the event. Neil, thank you for being with us today. We really appreciate you taking out the time, and I am very excited to talk about REMS, but also what we are hearing from clients and the future opportunity.

Sure. Glad to be here.

As part of your role of CEO of REMS, you oversee JLL's largest resilient business lines.

The Workplace Management business, Project Management, Property Management. Each of these benefit from strong outsourcing tailwinds, industry fragmentation, and significant white space for long-term growth. These secular drivers have been durable, if not, they have actually strengthened when we reflect on the past six years during a quite volatile and complex environment. For those less familiar with outsourcing in our industry, how do you think about the value proposition for a client or a prospective client for outsourcing, and what is your perspective on the long-term opportunity for JLL in real estate outsourcing?

There is a lot there, Sean. Let me try and break some of that down. I think that we operate in an extremely large outsourcing market. It is over $1 trillion with a growth rate of over 5% a year. It is a combination of out-tasked services and elements to full strategic partner outsourcing. It is an industry with lots and lots of runway. You asked about the reasons why companies would outsource. It is about focusing on their core. It is about the ability of companies like us to save them money. It is cost saving and efficiency, access to expertise, to flexibility. All the reasons, for example, the IT industry outsourced, and I guess in the Western world, outsourcing began in real estate at real pace, probably late 1990s into the early 2000s.

A super exciting and growing opportunity, and we are one of a very small number of players that can meet the full spectrum of needs in that industry at real scale.

If you take a hypothetical company that has not even started the outsourcing journey- Yeah they're doing everything themselves today.

Yeah. How does that relationship tend to evolve over time if they were to engage JLL to be their partner on outsourcing?

Sean, there isn't one size fits all model. Companies in different industries approach outsourcing at different rates from different areas. Sometimes it's needing help with a particular area and a particular geography. Sometimes it's a service line that they out-task at scale. I think the point is there are many entry points into an outsourcing relationship, and we have the capability to really scale in any way required by the client. So in some cases, I would say FM is a typical area. You have maybe engineering services that a company is finding difficult to recruit real high-quality engineering talent into them. Because there's no career path, if your core business is something completely different than real estate services, you're better off with a partner to help. Lots of entry points in.

I think over time, we're at our best, Sean, when we're truly a strategic partner, when every facet of the real estate value chain we can help with because we can bring the full strength of our platform to bear. Out-tasking, there's far less differentiation service provider to service provider. It's really people you're providing. But when you get to the point where you're having conversations at executive level in a client business, helping shape their core strategies, that's where we as a company really excel.

Yeah. I'm going to come back to that client topic later on.

Sure. Our REMS business line don't always get as much attention quarter to quarter No with the investment community.

No. It's important to acknowledge that we've been building and growing these businesses for many years, large organically, and have established a very strong top-two market position.