JLL Reports Record Third-Quarter 2014 Adjusted Earnings Per Share of $2.

31, Up 55 Percent Over Last Year

Third-quarter fee revenue of $1.2 billion, up 19 percent

CHICAGO, October 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

Nine Months Ended
September 30, 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.


JLL Reports Third-Quarter 2014 Results - Page 2

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.


JLL Reports Third-Quarter 2014 Results - Page 3

Balance Sheet, Net Interest Expense and Dividend:
The firms total net debt was $517 million at quarter end, a decrease of $248 million from the third quarter last year as the
firms 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 firms 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.


JLL Reports Third-Quarter 2014 Results - Page 4

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.


JLL Reports Third-Quarter 2014 Results - Page 5

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.


JLL Reports Third-Quarter 2014 Results - Page 6

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 $219 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.


JLL Reports Third-Quarter 2014 Results - Page 7

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.


JLL Reports Third-Quarter 2014 Results - Page 8

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 JLLs business in general, please refer to those factors discussed under Business, Managements
Discussion and Analysis of Financial Condition and Results of Operations, Quantitative and Qualitative Disclosures about
Market Risk, and elsewhere in JLLs 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 Companys
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 JLLs expectations or results, or any change in events.


JLL Reports Third-Quarter 2014 Results - Page 9

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 companys website:
www.jll.com.
If you have any questions, please contact JLLs Investor Relations department at: [email protected].
###





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
firms 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 firms 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 firms consolidated results, as well as in EMEAs segment results, but has been excluded from
adjusted operating income and adjusted net income.

6. Each geographic region offers the firms 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 firms 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.


Contact: Christie B. Kelly
Title: Global Chief Financial Officer
Phone: +1 312 228 2316