JLL Reports Record Third-Quarter 2014 Adjusted Earnings Per

CHICAGO, IL--(Marketwired - Oct 29, 2014) - Jones Lang LaSalle Incorporated ( NYSE : JLL ) today reported adjusted earnings per share of $2.31 for the third quarter of 2014. Third-quarter fee revenue totaled $1.2 billion, up 19 percent from the third quarter of 2013. All percentage variances are calculated on a local currency basis.

• Strong fee revenue growth across all service lines and geographic segments
• Outstanding results for LaSalle Investment Management contributed to significant margin expansion
• Continued strategic investment in technology
• Healthy pipelines entering the seasonally strong fourth quarter
• 9 percent increase to semi-annual dividend, to $0.25 per share

Summary Financial Results ($ in millions, except per share data)			Three Months Ended September 30,						Nine Months Ended September 30,
			2014			2013			2014			2013
Revenue			$	1,366		$	1,107		$	3,681		$	2,952
Fee Revenue 1			$	1,181		$	989		$	3,144		$	2,677
Adjusted Net Income 2			$	105		$	67		$	198		$	135
U.S. GAAP Net Income			$	104		$	63		$	192		$	122
Adjusted Earnings per Share 2			$	2.31		$	1.49		$	4.38		$	2.99
Earnings per Share			$	2.30		$	1.39		$	4.24		$	2.71
Adjusted EBITDA 3			$	169		$	118		$	353		$	268
	Adjusted EBITDA, Real Estate Services		$	101		$	101		$	245		$	217
	Adjusted EBITDA, LaSalle Investment Management		$	68		$	17		$	108		$	51
See Financial Statement Notes (1), (2) and (3) following the Financial Statements in this news release

"We completed a record third quarter with broad-based growth in all service lines and superior results from LaSalle Investment Management," said Colin Dyer, President and CEO of JLL. "Market conditions and sentiment remain strong in real estate markets around the world, and the healthy pipelines across our business signal continued growth into 2015," Dyer added.

Consolidated Revenue ($ in millions, "LC" = local currency)			Three Months Ended September 30,						% Change in LC		Nine Months Ended September 30,						% Change in LC
			2014			2013					2014			2013
Real Estate Services ("RES")
Leasing			$	366.9		$	331.9		10%		$	1,001.9		$	856.5		17%
Capital Markets & Hotels				193.0			164.8		15%			492.3			445.9		8%
Property & Facility Management Fee Revenue 1				260.6			233.7		11%			765.0			656.8		17%
	Property & Facility Management			377.2			304.3		24%			1,095.4			813.1		36%
Project & Development Services Fee Revenue 1				112.6			95.1		18%			302.9			258.2		17%
	Project & Development Services			181.4			142.8		26%			508.8			376.8		34%
Advisory, Consulting and Other				105.2			95.7		8%			306.1			271.5		11%
	Total RES Fee Revenue 1		$	1,038.3		$	921.2		12%		$	2,868.2		$	2,488.9		15%
	Total RES Revenue		$	1,223.7		$	1,039.5		17%		$	3,404.5		$	2,763.8		23%
LaSalle Investment Management
Advisory Fees			$	60.9		$	55.4		8%		$	176.8		$	167.0		4%
Transaction Fees & Other				10.8			2.6		n/m			19.8			10.9		82%
Incentive Fees				70.6			9.3		n/m			79.5			10.5		n/m
	Total LaSalle Investment Management Revenue		$	142.3		$	67.3		113%		$	276.1		$	188.4		46%
Total Firm Fee Revenue 1			$	1,180.6		$	988.5		19%		$	3,144.3		$	2,677.3		17%
	Total Firm Revenue		$	1,366.0		$	1,106.8		23%		$	3,680.6		$	2,952.2		24%
n/m - not meaningful

Consolidated Performance Highlights:

• Consolidated fee revenue for the quarter was $1.2 billion, up 19 percent from 2013. Growth was strong in Real Estate Services, up 12 percent, driven by both annuity and transaction revenue growth. LaSalle Investment Management grew advisory fees by 8 percent and earned incentive fees of $71 million. 
• Consolidated fee-based operating expenses, excluding restructuring and acquisition charges, were $1.1 billion for the quarter, compared with $897 million last year, an increase of 16 percent.
• LaSalle Investment Management continued to successfully raise and deploy capital with $5 billion in equity raised, a single-quarter record for LaSalle.
• Adjusted operating income margin calculated on a fee revenue basis was 10.8 percent for the third quarter, compared with 9.4 percent a year ago. Adjusted EBITDA margin calculated on a fee revenue basis was 14.3 percent for the third quarter, compared with 12.0 percent a year ago.

Balance Sheet, Net Interest Expense and Dividend:

• The firm's total net debt was $517 million at quarter end, a decrease of $248 million from the third quarter last year as the firm's strong cash generation continues.
• Net interest expense for the quarter was $7.4 million, down from $9.6 million in 2013. On a year-to-date basis, net interest expense was $21.6 million, down from $26.6 million for year-to-date 2013.
• The firm's Board of Directors declared a semi-annual dividend of $0.25 per share, a nine percent increase from the $0.23 per share payment made in June 2014. The dividend payment will be made on December 15, 2014, to investors of record at the close of business on November 14, 2014.

Business Segment Performance Highlights
Americas Real Estate Services
Americas Revenue ($ in millions, "LC" = local currency)				Three Months Ended September 30,							% Change in LC		Nine Months Ended September 30,						% Change in LC
				2014				2013					2014			2013
Leasing				$	255.9			$	232.6		10%		$	694.1		$	582.6		19%
Capital Markets & Hotels					72.3				46.7		55%			172.5			138.7		25%
Property & Facility Management Fee Revenue 1					106.2				98.0		9%			315.7			273.9		17%
	Property & Facility Management				166.8				129.8		30%			467.0			348.5		37%
Project & Development Services Fee Revenue 1					57.2				48.4		19%			153.2			128.4		20%
	Project & Development Services				57.2				48.6		18%			154.8			129.3		21%
Advisory, Consulting and Other					30.2				26.4		14%			85.1			77.9		10%
	Operating Revenue			$	521.8			$	452.1		16%		$	1,420.6		$	1,201.5		19%
Equity (Losses) Earnings					(0.8	)			--		n/m			0.4			0.3		63%
Total Segment Fee Revenue 1				$	521.0			$	452.1		16%		$	1,421.0		$	1,201.8		19%
		Total Segment Revenue		$	581.6			$	484.1		21%		$	1,573.9		$	1,277.3		24%
n/m - not meaningful

Americas Performance Highlights:

• Fee revenue for the quarter was $521 million, an increase of 16 percent from 2013. Fee revenue growth was driven by Capital Markets & Hotels, up 55 percent, and Leasing, up 10 percent, compared with the third quarter of last year.
• Fee-based operating expenses, excluding restructuring and acquisition charges, were $473 million for the quarter, compared with $407 million last year, an increase of 17 percent.
• Operating income was $48 million for the quarter, compared with $45 million in 2013. Year-to-date operating income was $112 million, up from $95 million in 2013.
• Adjusted EBITDA was $60 million for the quarter, compared with $56 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 11.4 percent, compared with 12.4 percent in 2013. Year-to-date adjusted EBITDA margin was 10.6 percent, compared with 10.7 percent in 2013.

EMEA Real Estate Services
EMEA Revenue ($ in millions, "LC" = local currency)				Three Months Ended September 30,						% Change in LC		Nine Months Ended September 30,							% Change in LC
				2014			2013					2014			2013
Leasing				$	66.6		$	58.8		11%		$	188.3		$	167.9			8%
Capital Markets & Hotels					90.8			82.8		5%			238.6			204.2			11%
Property & Facility Management Fee Revenue 1					58.8			48.9		16%			171.2			131.4			24%
	Property & Facility Management				81.6			62.8		25%			246.7			152.4			54%
Project & Development Services Fee Revenue 1					35.8			29.6		18%			98.5			81.1			16%
	Project & Development Services				83.4			68.4		20%			257.9			180.5			37%
Advisory, Consulting and Other					46.2			45.6		(2)%			144.6			126.4			9%
	Operating Revenue			$	298.2		$	265.7		9%		$	841.2		$	711.0			13%
Equity Losses					--			--		n/m			--			(0.5	)		n/m
Total Segment Fee Revenue 1				$	298.2		$	265.7		9%		$	841.2		$	710.5			13%
		Total Segment Revenue		$	368.6		$	318.4		12%		$	1,076.1		$	830.9			24%
n/m - not meaningful

EMEA Performance Highlights:

• Fee revenue for the quarter was $298 million, an increase of 9 percent from 2013. Continued investments in the platform throughout the year contributed to broad-based fee revenue growth across the service lines. The UK, Spain and MENA had strong quarters, with the UK driving the growth in Capital Markets & Hotels against a third quarter 2013 that was up 61 percent from 2012. Project & Development Services had double-digit fee revenue growth compared with 2013, while Leasing revenue was up 11 percent as a result of healthy expansion in leasing markets.
• Fee-based operating expenses, excluding restructuring and acquisition charges, were $282 million for the quarter, compared with $248 million last year, an increase of 10 percent.
• Adjusted operating income, which excludes King Sturge amortization, was $17 million for the quarter, compared with $18 million in 2013. Year-to-date adjusted operating income was $38 million, up from $31 million in 2013.
• Adjusted EBITDA was $23 million for the quarter, consistent with last year. Adjusted EBITDA margin calculated on a fee revenue basis was 7.6 percent, compared with 8.7 percent in 2013. Year-to-date adjusted EBITDA margin was 6.4 percent, compared with 6.3 percent in 2013.

Asia Pacific Real Estate Services
Asia Pacific Revenue ($ in millions, "LC" = local currency)				Three Months Ended September 30,						% Change in LC		Nine Months Ended September 30,						% Change in LC
				2014			2013					2014			2013
Leasing				$	44.4		$	40.5		9%		$	119.5		$	106.0		15%
Capital Markets & Hotels					29.9			35.3		(16)%			81.2			103.0		(19)%
Property & Facility Management Fee Revenue 1					95.6			86.8		10%			278.1			251.5		15%
	Property & Facility Management				128.8			111.7		15%			381.7			312.2		27%
Project & Development Services Fee Revenue 1					19.6			17.1		14%			51.2			48.7		9%
	Project & Development Services				40.8			25.8		57%			96.1			67.0		48%
Advisory, Consulting and Other					28.8			23.7		21%			76.4			67.2		16%
	Operating Revenue			$	218.3		$	203.4		7%		$	606.4		$	576.4		8%
Equity Earnings					0.2			--		n/m			0.1			--		n/m
Total Segment Fee Revenue 1				$	218.5		$	203.4		7%		$	606.5		$	576.4		8%
		Total Segment Revenue		$	272.9		$	237.0		15%		$	755.0		$	655.4		19%
n/m - not meaningful

Asia Pacific Performance Highlights:

• Fee revenue for the quarter was $218 million, an increase of 7 percent from 2013. Revenue growth was driven by Property & Facility Management, up 10 percent, and Leasing, up 9 percent compared with the third quarter last year. Strong performance in Australia's valuations business contributed to the growth of Advisory, Consulting and Other revenue. Capital Markets & Hotels revenue for the quarter was down 16 percent against a third quarter 2013 that was up 56 percent from 2012.
• Fee-based operating expenses, excluding restructuring and acquisition charges, were $203 million for the quarter, compared with $184 million last year, an increase of 10 percent.
• Operating income was $15 million for the quarter, compared with $19 million in 2013. Year-to-date operating income was $32 million compared with $35 million in 2013.
• Adjusted EBITDA was $19 million for the quarter, compared with $22 million last year. Adjusted EBITDA margin calculated on a fee revenue basis was 8.5 percent, compared with 10.8 percent in 2013. Year-to-date adjusted EBITDA margin was 6.9 percent, compared with 7.6 percent in 2013.

LaSalle Investment Management
LaSalle Investment Management Revenue ($ in millions, "LC" = local currency)			Three Months Ended September 30,						% Change in LC		Nine Months Ended September 30,						% Change in LC
			2014			2013					2014			2013
Advisory Fees			$	60.9		$	55.4		8%		$	176.8		$	167.0		4%
Transaction Fees & Other				10.8			2.6		n/m			19.8			10.9		82%
Incentive Fees				70.6			9.3		n/m			79.5			10.5		n/m
	Operating Revenue		$	142.3		$	67.3		113%		$	276.1		$	188.4		46%
Equity Earnings				20.1			6.6		n/m			40.4			21.4		88%
Total Segment Revenue			$	162.4		$	73.9		121%		$	316.5		$	209.8		50%
n/m - not meaningful

LaSalle Investment Management Performance Highlights:

• Advisory fees were $61 million for the quarter, up 8 percent compared with $55 million for the third quarter of 2013. Total segment revenue, including transaction fees, $71 million of incentive fees and $20 million of equity earnings, was $162 million for the quarter, compared with $74 million last year.
• Capital raise was a single-quarter record of $5.1 billion, bringing year-to-date capital raise to $7.3 billion.
• Operating expenses were $95 million for the quarter, compared with $57 million in 2013, driven by increased compensation associated with the increase in revenue, particularly incentive fees.
• Operating income was $68 million for the quarter, compared with $17 million in 2013. Adjusted EBITDA was $68 million for the quarter, compared with $17 million last year. Adjusted EBITDA margin was 41.9 percent, compared with 23.3 percent in 2013. Year-to-date adjusted EBITDA margin was 34.0 percent compared with 24.4 percent in 2013.
• Assets under management were $53.0 billion as of September 30, 2014, up from $50.0 billion at June 30, 2014. The net increase in assets under management resulted from $2.9 billion of acquisitions and takeovers, $2.1 billion of dispositions and withdrawals, and $2.2 billion of net valuation and foreign currency increases.

About JLL JLL ( NYSE : JLL ) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com .

200 East Randolph Drive Chicago Illinois 60601 | 30 Warwick Street London W1B 5NH | 9 Raffles Place #39-00 Republic Plaza Singapore 048619

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, 2013, in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014, and in other reports filed with the Securities and Exchange Commission. 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.

Conference Call

Management will conduct a conference call with shareholders, analysts and investment professionals on Wednesday, October 29, 2014 at 9:00 a.m. EDT.

If you would like to participate in the teleconference, please dial into one of the following phone numbers five to ten minutes before the start time (the passcode will also be required):

• U.S. callers: +1 877 800 0896
• International callers: +1 706 679 7364
• Passcode: 19384622

Webcast

We are also offering a live webcast. Follow these steps to participate:

1. You must have a minimum 14.4 Kbps Internet connection 2. Log on to http://www.visualwebcaster.com/event.asp?id=100719 3. Download free Windows Media Player software: (link located under registration form) 4. If you experience problems listening, please call the Webcast Hotline +1 877 863 2113 and provide your Event ID (100719).

Supplemental Information Supplemental information regarding the third-quarter 2014 earnings call has been posted to the Investor Relations section of the company's website: www.jll.com .

Conference Call Replay Available: 9:00 p.m. EDT Wednesday, October 29, 2014 through 11:59 p.m. EST Sunday, November 30, 2014 at the following numbers:

• U.S. callers: +1 855 859 2056 or + 1 800 585 8367
• International callers: +1 404 537 3406
• Passcode: 19384622

Web Audio Replay

An audio replay will be available for download or stream. Information and the link can be found on the company's website: www.jll.com .

If you have any questions, please contact JLL's Investor Relations department at: JLLInvestorRelations@am.jll.com .

JONES LANG LASALLE INCORPORATED
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2014 and 2013
(in thousands, except share data)
(Unaudited)
				Three Months Ended September 30,								Nine Months Ended September 30,
				2014				2013				2014				2013
Revenue				$	1,365,975			$	1,106,802			$	3,680,622			$	2,952,173
	Operating expenses:
	Compensation and benefits				828,241				699,031				2,226,804				1,897,351
	Operating, administrative and other				388,290				296,012				1,141,376				808,118
	Depreciation and amortization				22,023				19,742				67,214				58,996
	Restructuring and acquisition charges 4				(37	)			4,919				41,379				14,689
		Total operating expenses			1,238,517				1,019,704				3,476,773				2,779,154
		Operating income 1			127,458				87,098				203,849				173,019
Interest expense, net of interest income					(7,361	)			(9,631	)			(21,661	)			(26,603	)
Equity earnings from real estate ventures					19,552				6,574				40,945				21,132
Income before income taxes and noncontrolling interest 4					139,649				84,041				223,133				167,548
Provision for income taxes 4					34,912				20,925				29,889				41,719
Net income 4					104,737				63,116				193,244				125,829
Net income attributable to noncontrolling interest					453				259				1,116				3,286
Net income attributable to the Company				$	104,284			$	62,857			$	192,128			$	122,543
Dividends on unvested common stock, net of tax benefit					--				--				176				241
Net income attributable to common shareholders				$	104,284			$	62,857			$	191,952			$	122,302
Basic earnings per common share				$	2.33			$	1.42			$	4.30			$	2.77
Basic weighted average shares outstanding					44,809,133				44,407,468				44,637,429				44,197,610
Diluted earnings per common share 2				$	2.30			$	1.39			$	4.24			$	2.71
Diluted weighted average shares outstanding					45,290,595				45,063,360				45,241,766				45,070,603
EBITDA 3				$	169,033			$	113,414			$	312,008			$	253,147
Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED
Segment Operating Results
For the Three and Nine Months Ended September 30, 2014 and 2013
(in thousands)
(Unaudited)
				Three Months Ended September 30,								Nine Months Ended September 30,
				2014				2013				2014				2013
REAL ESTATE SERVICES
AMERICAS
	Revenue:
		Operating revenue		$	582,387			$	484,054			$	1,573,552			$	1,277,014
		Equity (losses) earnings			(756	)			(17	)			446				274
		Total segment revenue			581,631				484,037				1,573,998				1,277,288
		Gross contract costs 1			(60,601	)			(31,957	)			(152,863	)			(75,425	)
		Total segment fee revenue			521,030				452,080				1,421,135				1,201,863
	Operating expenses:
		Compensation, operating and administrative expenses			521,987				427,817				1,423,746				1,149,036
		Depreciation and amortization			11,658				11,279				38,500				33,279
		Total segment operating expenses			533,645				439,096				1,462,246				1,182,315
		Gross contract costs 1			(60,601	)			(31,957	)			(152,863	)			(75,425	)
		Total fee-based segment operating expenses			473,044				407,139				1,309,383				1,106,890
	Operating income			$	47,986			$	44,941			$	111,752			$	94,973
	Adjusted EBITDA			$	59,644			$	56,220			$	150,252			$	128,252
EMEA
	Revenue:
		Operating revenue		$	368,564			$	318,372			$	1,076,088			$	831,422
		Equity earnings (losses)			13				--				14				(536	)
		Total segment revenue			368,577				318,372				1,076,102				830,886
		Gross contract costs 1			(70,403	)			(52,659	)			(234,929	)			(120,385	)
		Total segment fee revenue			298,174				265,713				841,173				710,501
	Operating expenses:
		Compensation, operating and administrative expenses			345,893				295,350				1,022,599				786,372
		Depreciation and amortization			6,355				5,101				17,303				15,111
		Total segment operating expenses			352,248				300,451				1,039,902				801,483
		Gross contract costs 1			(70,403	)			(52,659	)			(234,929	)			(120,385	)
		Total fee-based segment operating expenses			281,845				247,792				804,973				681,098
	Operating income			$	16,329			$	17,921			$	36,200			$	29,403
	Adjusted EBITDA			$	22,684			$	23,022			$	53,503			$	44,514

				Three Months Ended September 30,								Nine Months Ended September 30,
				2014				2013				2014				2013
ASIA PACIFIC
	Revenue:
		Operating revenue		$	272,708			$	237,027			$	754,890			$	655,370
		Equity earnings			198				11				119				2
		Total segment revenue			272,906				237,038				755,009				655,372
		Gross contract costs 1			(54,419	)			(33,663	)			(148,483	)			(79,039	)
		Total segment fee revenue			218,487				203,375				606,526				576,333
	Operating expenses:
		Compensation, operating and administrative expenses			254,352				215,138				713,111				611,435
		Depreciation and amortization			3,444				2,968				9,869				9,220
		Total segment operating expenses			257,796				218,106				722,980				620,655
		Gross contract costs 1			(54,419	)			(33,663	)			(148,483	)			(79,039	)
		Total fee-based segment operating expenses			203,377				184,443				574,497				541,616
	Operating income			$	15,110			$	18,932			$	32,029			$	34,717
	Adjusted EBITDA			$	18,554			$	21,900			$	41,898			$	43,937
LASALLE INVESTMENT MANAGEMENT
	Revenue:
		Operating revenue		$	142,316			$	67,349			$	276,092			$	188,367
		Equity earnings			20,097				6,580				40,366				21,392
		Total segment revenue			162,413				73,929				316,458				209,759
	Operating expenses:
		Compensation, operating and administrative expenses			94,299				56,738				208,724				158,626
		Depreciation and amortization			566				394				1,542				1,386
		Total segment operating expenses			94,865				57,132				210,266				160,012
	Operating income			$	67,548			$	16,797			$	106,192			$	49,747
	Adjusted EBITDA			$	68,114			$	17,191			$	107,734			$	51,133
SEGMENT RECONCILING ITEMS
	Total segment revenue			$	1,385,527			$	1,113,376			$	3,721,567			$	2,973,305
	Reclassification of equity earnings				19,552				6,574				40,945				21,132
	Total revenue			$	1,365,975			$	1,106,802			$	3,680,622			$	2,952,173
	Total operating expenses before restructuring and acquisition charges				1,238,554				1,014,785				3,435,394				2,764,465
	Operating income before restructuring and acquisition charges			$	127,421			$	92,017			$	245,228			$	187,708
	Restructuring and acquisition charges				(37	)			4,919				41,379				14,689
	Operating income after restructuring and acquisition charges			$	127,458			$	87,098			$	203,849			$	173,019
	Total adjusted EBITDA			$	168,996			$	118,333			$	353,387			$	267,836
	Restructuring and acquisition charges				(37	)			4,919				41,379				14,689
	Total EBITDA			$	169,033			$	113,414			$	312,008			$	253,147
Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED
Consolidated Balance Sheets
September 30, 2014, December 31, 2013 and September 30, 2013
(in thousands)
				(Unaudited)						(Unaudited)
				September 30,			December 31,			September 30,
				2014			2013			2013
ASSETS
Current assets:
	Cash and cash equivalents			$	162,568		$	152,726		$	119,704
	Trade receivables, net of allowances				1,216,322			1,237,514			980,955
	Notes and other receivables				193,324			94,519			117,901
	Warehouse receivables				185,797			--			60,099
	Prepaid expenses				84,484			56,491			70,448
	Deferred tax assets, net				122,353			130,822			51,241
	Other				29,399			52,156			20,626
		Total current assets			1,994,247			1,724,228			1,420,974
Property and equipment, net of accumulated depreciation					344,765			295,547			259,184
Goodwill, with indefinite useful lives					1,910,990			1,900,080			1,889,848
Identified intangibles, net of accumulated amortization					40,443			45,579			40,649
Investments in real estate ventures					290,674			287,200			287,747
Long-term receivables					94,170			65,353			85,745
Deferred tax assets, net					64,832			104,654			171,713
Other					194,665			174,712			170,085
		Total assets		$	4,934,786		$	4,597,353		$	4,325,945
LIABILITIES AND EQUITY
Current liabilities:
	Accounts payable and accrued liabilities			$	518,704		$	528,505		$	424,282
	Accrued compensation				665,556			810,425			508,952
	Short-term borrowings				43,292			24,522			35,478
	Deferred tax liabilities, net				11,606			11,274			10,113
	Deferred income				119,963			104,410			108,817
	Deferred business acquisition obligations				46,462			36,040			34,275
	Warehouse facility				185,797			--			60,099
	Minority shareholder redemption liability				10,909			--			--
	Other				157,987			143,248			105,309
		Total current liabilities			1,760,276			1,658,424			1,287,325
Noncurrent liabilities:
	Credit facility				250,000			155,000			445,000
	Long-term senior notes				275,000			275,000			275,000
	Deferred tax liabilities, net				18,029			18,029			3,106
	Deferred compensation				114,576			103,199			93,540
	Deferred business acquisition obligations				65,937			99,196			96,023
	Minority shareholder redemption liability				--			20,667			19,733
	Other				94,111			77,029			72,788
		Total liabilities			2,577,929			2,406,544			2,292,515

				(Unaudited)								(Unaudited)
				September 30,				December 31,				September 30,
				2014				2013				2013
Redeemable noncontrolling interest					13,638				--				--
Company shareholders' equity:
	Common stock, $.01 par value per share, 100,000,000 shares authorized; 44,817,758, 44,447,958,and 44,434,717 shares issued and outstanding as of September 30, 2014, December 31, 2013 and September 30, 2013, respectively				448				444				444
	Additional paid-in capital				957,374				945,512				940,803
	Retained earnings				1,448,602				1,266,967				1,129,648
	Shares held in trust				(6,407	)			(8,052	)			(8,052	)
	Accumulated other comprehensive loss				(76,839	)			(25,202	)			(36,411	)
		Total Company shareholders' equity			2,323,178				2,179,669				2,026,432
	Noncontrolling interest				20,041				11,140				6,998
		Total equity			2,343,219				2,190,809				2,033,430
		Total liabilities and equity		$	4,934,786			$	4,597,353			$	4,325,945
Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED
Summarized Consolidated Statements of Cash Flows
For the Nine Months September 30, 2014 and 2013
(in thousands)
			Nine Months Ended
			September 30,
			2014				2013
Cash provided by (used in) operating activities			$	38,576			$	(99,873	)
Cash used in investing activities				(111,503	)			(112,159	)
Cash provided by financing activities				82,769				179,577
	Net increase (decrease) in cash and cash equivalents		$	9,842			$	(32,455	)
Cash and cash equivalents, beginning of period				152,726				152,159
Cash and cash equivalents, end of period			$	162,568			$	119,704
Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED Financial Statement Notes

1. Consistent with U.S. GAAP ("GAAP"), gross contract 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 firm manages its expense base and its operating margins.

Adjusted operating income excludes the impact of restructuring and acquisition charges and intangible amortization related to the King Sturge acquisition. "Adjusted operating income margin" is calculated by dividing adjusted operating income by fee revenue. Below are reconciliations of revenue and operating expenses to fee revenue and fee-based operating expenses, as well as adjusted operating income margin calculations, for the three and nine months ended September 30, 2014 and 2013.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
($ in millions)		2014				2013				2014				2013
Revenue		$	1,366.0			$	1,106.8			$	3,680.6			$	2,952.2
Gross contract costs			(185.4	)			(118.3	)			(536.3	)			(274.9	)
Fee revenue		$	1,180.6			$	988.5			$	3,144.3			$	2,677.3
Operating expenses		$	1,238.5			$	1,019.7			$	3,476.8			$	2,779.2
Gross contract costs			(185.4	)			(118.3	)			(536.3	)			(274.9	)
Fee-based operating expenses		$	1,053.1			$	901.4			$	2,940.5			$	2,504.3
Operating income		$	127.5			$	87.1			$	203.8			$	173.0
Add:
Restructuring and acquisition charges*			--				4.9				41.4				14.7
King Sturge intangible amortization			0.5				0.6				1.6				1.7
Adjusted operating income		$	128.0			$	92.6			$	246.8			$	189.4
Adjusted operating income margin			10.8	%			9.4	%			7.9	%			7.1	%

*See note 4 for more information on restructuring and acquisition charges

2. Charges excluded from GAAP net income attributable to common shareholders to arrive at adjusted net income for the three and nine months ended September 30, 2014, and 2013 are (a) net restructuring and acquisition charges and (b) net intangible amortization related to the 2011 King Sturge acquisition. Below are reconciliations of GAAP net income attributable to common shareholders to adjusted net income and calculations of earnings per share for each net income total:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
($ in millions, except per share data)		2014			2013			2014			2013
GAAP net income attributable to common shareholders		$	104.3		$	62.9		$	192.0		$	122.3
Shares (in 000s)			45,291			45,063			45,242			45,071
GAAP diluted earnings per share		$	2.30		$	1.39		$	4.24		$	2.71
GAAP net income attributable to common shareholders		$	104.3		$	62.9		$	192.0		$	122.3
Restructuring and acquisition charges, net*			--			3.6			5.1			11.0
King Sturge intangible amortization, net			0.3			0.5			1.2			1.3
Adjusted net income		$	104.6		$	67.0		$	198.3		$	134.6
Shares (in 000s)			45,291			45,063			45,242			45,071
Adjusted diluted earnings per share		$	2.31		$	1.49		$	4.38		$	2.99

*See note 4 for more information on restructuring and acquisition charges

3. Adjusted EBITDA represents earnings before interest expense net of interest income, income taxes, depreciation and amortization, adjusted for restructuring and acquisition charges. Although adjusted EBITDA and EBITDA are non-GAAP financial measures, they are used extensively by management and are useful to investors and lenders as metrics for evaluating operating performance and liquidity. EBITDA is used in the calculations of certain covenants related to the firm's revolving credit facility. However, adjusted EBITDA and EBITDA should not be considered as an alternative to net income determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not calculated under GAAP, the firm's adjusted EBITDA and EBITDA may not be comparable to similarly titled measures used by other companies.

Below is a reconciliation of net income to EBITDA and adjusted EBITDA:

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
($ in millions)		2014			2013			2014			2013
GAAP net income		$	104.7		$	63.1		$	193.2		$	125.8
Add:
Interest expense, net of interest income			7.4			9.6			21.7			26.6
Provision for income taxes			34.9			20.9			29.9			41.7
Depreciation and amortization			22.0			19.8			67.2			59.0
EBITDA		$	169.0		$	113.4		$	312.0		$	253.1
Add:
Restructuring and acquisition charges			--			4.9			41.4			14.7
Adjusted EBITDA		$	169.0		$	118.3		$	353.4		$	267.8

4. Restructuring and acquisition charges are excluded from segment operating results, although they are included for consolidated reporting. For purposes of segment operating results, the allocation of restructuring and acquisition charges to the segments has been determined not to be meaningful to investors, so the performance of segment results has been evaluated without allocation of these charges.

Restructuring and acquisition charges of $41 million for the nine months ended September 30, 2014 include $35 million related to the first quarter write-off of an indemnification asset which arose from prior period acquisition activity. This write-off was offset by the recognition of a tax benefit of an equal amount in the provision for income taxes, and therefore had no impact on net income.

		Three Months Ended									Nine Months Ended
		September 30, 2014									September 30, 2014
($ in millions)		GAAP			Adjusting Item			Adjusted			GAAP			Adjusting Item			Adjusted
Income before income taxes and noncontrolling interest		$	139.6		$	--		$	139.6		$	223.1		$	34.5		$	257.6
Provision for income taxes			34.9			--			34.9			29.9			34.5			64.4
Net income		$	104.7					$	104.7		$	193.2					$	193.2

Excluding the impact of this item, the adjusted provision for income taxes of $64.4 million for the nine months ended September 30, 2014, reflects a 25 percent effective tax rate on adjusted income before income taxes of $257.6 million for the nine months ended September 30, 2014. The effective tax rate on income before income taxes for the three months ended September 30, 2014 is also 25 percent.

5. Intangible amortization from the second-quarter 2011 King Sturge acquisition is included in depreciation and amortization in the firm's consolidated results, as well as in EMEA's segment results, but has been excluded from adjusted operating income and adjusted net income.

6. Each geographic region offers the firm's full range of Real Estate Services businesses consisting primarily of tenant representation and agency leasing; capital markets; property management and facilities management; project and development services; and advisory, consulting and valuations services. LaSalle Investment Management provides investment management services to institutional investors and high-net-worth individuals.

7. The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of cash flows, please refer to the firm's Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, to be filed with the Securities and Exchange Commission shortly.

8. EMEA refers to Europe, Middle East and Africa. MENA refers to Middle East and North Africa. Greater China includes China, Hong Kong, Macau and Taiwan. Southeast Asia refers to Singapore, Indonesia, Philippines, Thailand and Vietnam. The BRIC countries include Brazil, Russia, India and China.

9. Certain prior year amounts have been reclassified to conform to the current presentation.