What changed in this filing

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Item 1. Business

2024-02-27 compared with 2023-02-28 · 198 added, 185 removed, 373 unchanged (51% of the section changed)

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Our common stock is listed on The New York Stock Exchange ("NYSE") under the symbol “JLL.”

JLL is a leading professional services firm that specializes in real estate and investment management.

We shape the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

For over 200 years, JLL, a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties.

Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY SM by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions.

JLL is a Fortune 500 ® company with annual revenue of $20.8 billion, operations in over 80 countries and a global workforce of more than 106,000 as of December 31, 2023.

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LaSalle is also a registered trademark in the countries in which we conduct business, as is our logo.

On February 28, 2022, we announced a new organizational structure that became effective on January 1, 2022.

Under the new structure, we organize our operations around, and publicly report our financial results on, five global business segments:

(i) Markets Advisory, (ii) Capital Markets, (iii) Work Dynamics, (iv) JLL Technologies and (v) LaSalle.

Prior period results have been restated to conform with our new organizational structure.

Refer to the Our Services and Business Segments section for detail on the range of real estate services we provide.

We began to establish our network of services across the globe through the 1999 merger of the Jones Lang Wootton companies ("JLW," founded in England in 1783) with LaSalle Partners Incorporated ("LaSalle Partners," founded in the United States in 1968 and incorporated in 1997).

We have grown our business by expanding our client base and the range of our services and products, both organically and through a series of mergers and acquisitions.

Our extensive global platform and in-depth knowledge of local real estate markets enable us to serve as a single-source provider of solutions for the full spectrum of our clients' real estate needs.

We began to establish our global services platform through the 1999 merger of the Jones Lang Wootton companies ("JLW," founded in England in 1783) with LaSalle Partners Incorporated ("LaSalle Partners," founded in the United States in 1968 and incorporated in 1997).

We have grown our business by expanding our client base as well as service and product offerings, both organically and through a series of mergers and acquisitions.

Our extensive global reach and in-depth knowledge of local real estate markets enable us to serve as a single-source provider of solutions for the full spectrum of our clients' real estate needs.

These mergers and acquisitions have given us additional share and scale in key geographical markets, expanded our capabilities in certain service offerings and further broadened the global platform we make available to our clients.

For information on recent acquisitions, refer to Note 4, Business Combinations, Goodwill and Other Intangible Assets, of the Notes to the Consolidated Financial Statements, included in Item 8.

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A timeline of notable milestones in our history is illustrated below.

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• Educational Facilities • Infrastructure Projects • Retail and Shopping Malls

• Government Facilities • Logistics (Sort & Fulfillment) • Sports Facilities

• Government Facilities • Logistics (Sort and Fulfillment) • Sports Facilities

• Healthcare and Laboratory Facilities • Military Housing • Transportation Centers

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The following reflects our revenue and fee revenue by segment for the year ended December 31, 2023:

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Greater China is defined as China, Hong Kong, Macau and Taiwan.

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Our five segments, and the services we provide within them, include:

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As of December 31, 2023, we provided property management services for properties totaling approximately 3.0 billion square feet.

We are generally compensated by either directly agreeing to a fixed fee, a cost plus fee model, or based upon a percentage of cash collections we make on behalf of our clients, or based on square footage managed;

We are generally compensated by either directly agreeing to a fixed fee or a cost plus fee model, or a fee based upon a percentage of cash collections we make on behalf of our clients, or based on square footage managed;

in some cases, management agreements provide for incentive compensation relating to operating expense reductions, gross revenue or occupancy objectives, or tenant satisfaction levels.

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We typically negotiate compensation for Advisory and Consulting based on developed work plans that vary based on the scope and complexity of projects.

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Capital Markets

Capital Markets is a full-service global provider of capital solutions creating a world of opportunity for investors and owners of real estate.

As a leading provider of commercial property sales, debt and valuation advisory services, we combine the unique knowledge of our people with the power of collective insight and technology made possible by our fully integrated capital markets platform.

Our broad array of services include (ordered alphabetically):

As a leading provider of property sales, debt, value and risk advisory services, and hedging and derivatives, we combine the unique knowledge of our people with the power of collective insight and technology made possible by our fully-integrated capital markets platform.

Our broad array of services includes (ordered alphabetically):

● Debt advisory ● Loan sales

● Equity advisory (funds and placement, M&A and corporate advisory) ● Loan servicing

● Investment sales and advisory ● Valuation advisory

● Equity advisory (Equity and funds placement, M&A and corporate advisory) ● Loan servicing

● Investment sales and advisory ● Value and risk advisory

Investment Sales, Debt/Equity Advisory and Other

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For the year ended December 31, 2023, we provided capital markets services for approximately $157 billion of client transactions.

Valuation Advisory

Our Valuation Advisory professionals provide several services, including valuation, secured lending advisory, transaction support, data and analytics, development advisory, asset and infrastructure advisory, business valuation, property tax advisory, and restructuring.

We usually negotiate compensation for Valuation Advisory services based on the scale and complexity of each assignment, and our fees typically relate in part to the value of the underlying assets.

Value and Risk Advisory

Our Value and Risk Advisory professionals provide several services, including valuation, secured lending advisory, transaction support, data and analytics, development advisory, asset and infrastructure advisory, business valuation, property tax advisory, and restructuring.

Our specialist risk advisory team provides environmental risk assessments to help asset owners reduce the carbon footprint of an asset.

Our risk analytics services use artificial intelligence ("AI") and machine learning to identify risks from cash flow stability, climate change, location, regulatory and health and safety risks.

Working closely with investors and lenders, we usually negotiate compensation for value and risk advisory services based on the scale and complexity of each assignment, and our fees typically relate in part to the value of the underlying assets.

Loan Servicing

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As of December 31, 2023, we serviced a loan portfolio of approximately $136 billion.

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Work Dynamics

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Our WPM offering leverages tech-enabled solutions and focuses on the work, worker and workplace to help clients manage costs, achieve sustainability goals, improve workplace service delivery and enhance end-user experience and performance.

Our globally-integrated delivery team includes our own personnel as well as third-party vendors and subcontractors who meet clients' needs by providing consistent service delivery worldwide and a single point of contact for their real estate service needs.

Our globally-integrated delivery team includes our own personnel as well as third-party vendors and subcontractors who meet clients' requirements by providing consistent service delivery worldwide and a single point of contact for their real estate service needs.

WPM solutions offered to clients range from mobile engineering at a single location to a full-service outsourcing, where we execute day-to-day operations management of client site locations, delivered through a globally-integrated platform with standardized processes.

Facilities under management cover all real estate asset classes, including corporate headquarters, distribution facilities, hospitals, research & development facilities, data centers and industrial complexes.

Facilities under management cover all real estate asset classes, including corporate headquarters, distribution facilities, hospitals, research and development facilities, data centers and industrial complexes.

As of December 31, 2023, WPM managed approximately 1.8 billion square feet of real estate for our clients.

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Individual projects are generally completed in less than one year, but client contracts may extend multiple years in duration and govern a number of discrete projects.

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Portfolio Services

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As of December 31, 2023, the fair value of such investments was $397.6 million.

Equity earnings for 2022 were $46.6 million.

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LaSalle is a global real estate investment management firm that invests institutional and individual capital in real estate assets and securities with a strategic priority to meet client objectives and deliver superior risk-adjusted returns over market cycles.

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The range of investment solutions are offered either through commingled or single investor strategies and include private and public equity investments and real estate debt strategies structured as private or public open-ended funds or private closed-end funds (commingled funds), separate accounts, joint ventures or co-investments.

LaSalle's assets under management ("AUM") of $79.1 billion, as of December 31, 2022, by geographic distribution and fund type is detailed in the following graphics ($ in billions).

LaSalle's assets under management ("AUM") were $73.9 billion as of December 31, 2023.

To more closely conform with the methodology of similarly titled metrics provided by other industry participants, the calculation of AUM will be refined in 2024 to include uncalled committed capital and cash held on behalf of clients based on a new standard industry definition developed by industry groups NCREIF, INREV and ANREV.

Under the new methodology, AUM was $89.0 billion as of December 31, 2023.

AUM by geographic distribution and fund type under the updated definition as of December 31, 2023 is detailed in the following graphics ($ in billions).

We believe our ability to co-invest alongside our clients' funds aligns our interests and will continue to be an important differentiating factor in maintaining and improving our investment performance and attracting new capital to manage.

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In some cases, LaSalle also receives fees tied to acquisitions, financings, and dispositions (transaction fees).

Separate account advisory agreements generally have specific terms with "at will" termination provisions and include fee arrangements calculated on the mark to market value of the assets, plus, in some cases, incentive fees.

Our investment funds have various life spans, typically ranging between five and nine years, but in some cases are open ended.

In 2022, our open-ended funds grew nearly 20% and represented approximately 35% of AUM as of December 31, 2022.

In 2023, open-ended funds represented approximately 30% of AUM as of December 31, 2023.

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ORGANIZATIONAL PURPOSE

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It exemplifies our commitment to the highest standards of environmental, social and corporate governance ("ESG"), and to a more sustainable, diverse and inclusive future.

We shape the future of real estate for a better world

This core organizational purpose is fully aligned with, and supported by, our corporate values of teamwork, ethics and excellence.

This core organizational purpose is fully aligned with our "One JLL" philosophy which supports our corporate values of teamwork, ethics and excellence.

This philosophy formalizes how our teams engage with each other and enables us to deliver the best capabilities to our clients.

Ultimate responsibility for promoting awareness and ensuring adherence to our values and purpose across the enterprise is held by the JLL Global Executive Board ("GEB") and is endorsed by our Board of Directors.

Our purpose guides our strategic growth vision and informs our response to the long-term macro trends which maintain prevalence in the real estate industry at all points in the economic cycle, remaining relevant during and since the COVID-19 pandemic and through the global economic downturn which began in early 2022.

Our purpose guides our strategic growth vision and informs our response to the long-term macro trends which maintain prevalence in the real estate industry at all points in the economic cycle.

These trends and our strategic framework are summarized below.

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Informing our long-term growth strategy, we have identified five macro trends we see as major guiding influences on the continued expansion and evolution of the real estate sector.

Each of these trends has a multi-year lifespan, and while the COVID-19 pandemic and subsequent economic volatility have acted to slow some and accelerate others, we expect all five trends to maintain their long-term trajectory and relevance over the next decade.

Each of these trends has a multi-year lifespan, and while the COVID-19 pandemic and subsequent economic volatility has slowed some and accelerated others, we expect all five trends to maintain their long-term trajectory and relevance over the next decade.

These macro trends are:

1 Prospects Report - United Nations Department of Economics and Social Affairs, May 2018.

1 Urban Development Update - World Bank, April 2023.

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Growth in corporate outsourcing

While corporate outsourcing of real estate services still represents the minority of the total commercial-built real estate worldwide, the steady long-term trend towards outsourcing which began in the early 1990s, originally with U.S.-based corporations, is now a global trend.

The steady long-term trend towards outsourcing of real estate services, which began in the early 1990s, originally with U.S.-based corporations, is now a global trend with a strong growth trajectory.

By focusing their own resources on core competencies and partnering with dedicated service providers like JLL to manage real estate strategy and activities, organizations are better positioned to advance their goals of financial and operational performance, talent attraction, customer experience, employee productivity and environmental sustainability.

In corporate boardrooms around the world, the pandemic has significantly enhanced the growing focus on reimagining workplaces and concepts for the future of work.

These are areas in which JLL holds deep expertise and sector-leading specialist experience and resources.

These are areas in which JLL holds deep expertise and specialist experience and resources.

Across different industries, we are positioned to provide highly adaptive and relevant solutions that promote organizational culture and prioritize health and well-being, flexible working models and technology enablement.

At present, we are already seeing further growth in the strong and sustained trend for organizations to outsource real estate services while increasingly seeking strategic advice on reimagining their workspaces and workstyles to reinforce culture, attract talent and drive performance.

We see further growth in the strong and sustained trend for organizations to outsource real estate services as our clients increasingly seek strategic advice on reimagining their workspaces and workstyles to reinforce culture, attract talent and drive cost efficiencies.

Rising investment allocations and globalization of capital flows to real estate

In the years following the 2008 Global Financial Crisis, as investors reappraised investment allocations and priorities, real estate emerged out of its previous "alternative investment" classification to become a major defined asset class of its own.

This began a sustained long-term trend of rising investment allocations to the real estate sector.

While significant global and market events such as the initial onset of the pandemic in 2020 and economic downturn of 2022 have significant near-term impacts on real estate investment transaction volumes, the deeply engrained long-term trend has quickly and strongly reasserted itself in recent history.

As we move into 2023, there remains a substantial amount of capital seeking the right opportunities to access real estate's attractive returns and distinctive investment characteristics.

Following a period of repricing, we anticipate significant upswing in transaction volumes and reestablishment of the long-term trend in capital flows into real estate.

Complementing this, we anticipate increased capital flows across borders and between continents creating new opportunities for advisors and investment managers equipped to source and facilitate these capital flows and execute cross-border transactions.

In the years following the 2008 Global Financial Crisis, as investors reassessed investment allocations and priorities, real estate emerged from its previous "alternative investment" classification to become a major defined asset class of its own.

This began a sustained long-term trend of rising investment allocations to the real estate sector with allocations increasing approximately 200 basis points over the last 10 years, according to Cornell University's Baker Program in Real Estate and Hodes Weill & Associates, LP.

While major global and market events can have significant near-term impacts on real estate investment transaction volumes, this deeply engrained long-term trend remains prevalent.

As we move into 2024, capital will be focused on the distinct opportunities to access real estate's attractive returns and distinctive investment characteristics.

Complementing this, when we see investment volumes return, we anticipate increased capital flows across borders and between continents, creating new opportunities for advisors and investment managers equipped to source and facilitate these capital flows and execute cross-border transactions.

Our real estate investment expertise, linking seamlessly across the world's major markets, is ideally placed to support our clients' investment ambitions.

While urban life and the long-term global trend of migration into the world's major cities was thrown into flux by the initial onset of the pandemic, its foundations are deep and a dynamic future is already taking discernible shape.

Cities continue to provide the concentrations of culture, diversity, opportunity, facilities and creative expression to attract strong inflows of ambitious and aspirational people.

While work patterns and preferences will continue to rapidly evolve, driven in part by new possibilities created by technology and the widespread adoption of flexible working, cities will thrive as they deliver on people's lifestyle and economic ambitions, characterized by vibrant and reimagined office, cultural, retail and residential profiles.

In October 2022, the World Bank's latest Urban Development update predicted that 70% of people worldwide will live in cities by 2050, up from 56% as of the report date.

With that growth will come increasing demand for all forms of real estate services and advice.

JLL has a well-established global research series - the City Momentum Index - exploring this and associated trends in more depth, including related dynamics in the way the world’s 130 emerging and established markets are growing, adapting and evolving.

The concentration of culture, diversity, opportunity, facilities and creative expression supports the long-term global trend of migration into the world's major cities.

While work patterns and preferences will continue to evolve, driven in part by new possibilities created by technology and the widespread adoption of flexible working, cities will thrive as they deliver on people's lifestyle and economic ambitions, characterized by vibrant and reimagined office, cultural, retail and residential profiles.

According to the World Bank's Urban Development update in April 2023, over 80% of global GDP is generated from cities, with the population in cities expected to increase 1.5 times by 2045.

These trends support increasing demand for global real estate services and advice.

JLL has well-established global research exploring this and associated trends in more depth, including related dynamics in the way the world’s major cities are growing, adapting and evolving.

Fourth Industrial Revolution

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At the heart of our Beyond strategy (discussed below), supported by major ongoing investments and innovations, we continue to accelerate progress toward our goal of becoming the widely-recognized leading user of technology and data in real estate.

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Sustainability

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JLL has identified meeting this demand as a major growth opportunity and priority, aligning with our purpose to shape the future of real estate for a better world.

Refer to our annual Global Sustainability Report, available on our website, for further information.

Refer to our annual ESG Performance Report, available on our website, for further information.

STRATEGIC FRAMEWORK

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Our Strategic Vision for Long-Term Sustainable and Profitable Growth

Since initiating our Beyond strategic plan in 2017, we successfully completed a multi-year transformation program building fully integrated global organizational structures across our business lines and functions.

Since initiating our Beyond strategic plan in 2017, we successfully completed a multi-year transformation program building a fully integrated global organizational and enabling our "One JLL" philosophy across our business lines and functions.

As a result, we are now even better positioned to provide seamless and highly consistent services to our clients across the world, as well as smoothly and rapidly deploy innovations, best practices and new technologies.

We continue to enhance our comprehensive service offering to create real value for our clients.

Guided by our Beyond strategy, we are making continued investments in advanced client relationship management processes and tools, ensuring we can quickly assemble the best multidisciplinary teams and expertise tailored to meet each client’s requirements.

Our “One JLL” philosophy formalizes how our teams engage with each other and enables us to deliver the best capabilities to our clients.

Under “One JLL” our teams go to market together, which allows us to seamlessly serve clients across business lines and geographies.

The unique culture that is created under “One JLL” helps us attract and retain talent.

This talent, combined with our integrated full-service platform, creates an agile global business that operates as “One JLL.”

Our extensive biannual global client surveys (which we call Client Voice) and ongoing monitoring of net promoter scores repeatedly demonstrate JLL’s status as trusted adviser and strategic business partner.

We also focus on attracting clients in growth industries who value our global scale and data capabilities.

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We continue to enhance our comprehensive service offerings to create real value for our clients.

Our extensive annual global client relationship survey for 2023, and ongoing monitoring of net promoter scores, show that more than 80% of our clients express positive sentiment when discussing the JLL brand.

Our strong reputation and broad market coverage forges greater client loyalty.

This recognition complements our recent brand refresh.

Clients turn to us for solutions and insights to optimize their real estate strategies and support their operational needs and growth strategies.

Our industry-leading research capabilities and data analytics equip JLL's people to enable clients to SEE A BRIGHTER WAY.

Our clients perceive the JLL brand to be trustworthy and ethical, in line with our recent recognition by Ethisphere as one of the World's Most Ethical Companies for the 16th consecutive year.

They continue to value our professionalism, responsiveness, competency and how we listen to their needs to deliver a personalized service.

JLL is a world leader in real estate services with a unique blend of global presence and local expertise.

We have won numerous awards and recognition that reflect the service quality we provide to our clients, the integrity of our people and our desirability as a place to work.

In February 2023, Fortune magazine named JLL amongst the World’s Most Admired Companies for the 7th consecutive year.

Further, JLL was included in the Bloomberg Gender Equality index (every year since 2020) and awarded the Energy Star Partner of the Year – Sustained Excellence Award by the U.S.

Environmental Protection Agency (12th consecutive year).

Refer to the Distinguishing Attributes and Competitive Differentiators section below for additional awards and recognition during the past year.

We continue to strengthen and expand awareness of our brand beyond the traditional real estate sector, with a focused goal in our Beyond strategic vision to reach more CEOs and other senior decision makers.

Supporting this goal, we are an active strategic partner of the World Economic Forum, playing a key role in its Real Estate and Investment industry groups and its Alliance of CEO Climate Leaders among other areas of engagement.

In February 2022, Fortune magazine again named JLL as one of the World’s Most Admired Companies and in April 2022 Ethisphere named JLL as one of the World's Most Ethical Companies for the 15th consecutive year, while in December 2022 the Drucker Institute listed JLL as one of the top 50 best managed companies in America (refer to the Distinguishing Attributes and Competitive Differentiators section below for additional awards and recognition during the past year).

Supporting this goal, we are a long-standing and active strategic partner of the World Economic Forum, playing a key role in its Real Estate and Investment industry groups and its Alliance of CEO Climate Leaders, among other areas of engagement.

JLL embraces technology to deliver value for our clients, people and shareholders.

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JLL Technologies is a global leader in proptech, expanding and refining our technology capabilities to deliver significant competitive advantages and value for our company and our clients, across all business lines.

The technology and data solutions we provide include multiple cloud-based software products that generate value for occupiers and investors by leveraging data and analytics to improve the quality of decision-making, deliver unique insights and reduce operating costs.

The technology and data solutions we provide include multiple cloud-based software products and AI-powered platforms.

These technologies generate value for occupiers and investors by leveraging data and analytics to improve the quality of decision making, deliver unique insights and reduce operating costs.

Additionally, we continue to be committed to the JLL Spark Global Ventures Funds, the offerings of which are further discussed in Our Services and Business Segments.

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Our commitment to promoting and achieving true diversity and inclusion is exemplified by achieving 30% female representation amongst our top 100 leaders.

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In the world's major markets across most industries, declining working-age populations and long-term economic growth continue to drive competition for talent, resulting in highly fluid and competitive recruitment markets.

A successful enterprise-wide coordinated talent strategy is central to our Beyond vision and delivery.

This strategy ensures JLL is positioned as an employer of choice for top talent, achieving and sustaining a diverse, inclusive and collaborative culture that strongly appeals to our people and our clients alike.

Our people are committed to the core values of teamwork, ethics and excellence.

These values are the foundation of our organization.

Clients, employees, business partners and potential recruits are strongly attracted to these values and to our commitments to exemplary standards for ESG, including ambitious goals and regular transparent reporting.

A successful enterprise-wide people strategy is central to our company's success and complements our promise to our people where we commit to empowering them to shape a brighter way forward.

This promise ensures JLL is positioned as an employer of choice for top talent, achieving and sustaining a diverse, inclusive and collaborative culture that strongly appeals to our people and our clients alike.

Sustainability

With the built environment responsible for around 40% of carbon emissions according to the International Energy Agency, the real estate industry must play a central role in enabling companies, communities and cities to deliver their net zero goals.

More broadly, ESG is now a major priority for our investor and occupier clients who are looking to reduce investment risk and increase their resilience in the face of global social and environmental challenges.

JLL has established comprehensive global capabilities delivering sustainability advice and solutions to clients around the world and advocating ambitious target setting and delivery to ensure the real estate industry plays its part in achieving a sustainable global future for all.

In September 2020, we signed the World Green Building Council’s Net Zero Carbon Buildings Commitment, pledging to achieve net zero carbon emissions from JLL-occupied buildings by 2030.

Building on this pledge, in October 2021, the SBTi certified our commitment to reach net zero greenhouse gas emissions across our value chain by 2040.

This made JLL one of the first global companies to be recognized for aligning its net zero commitments with climate science.

Our sustainability program is rooted in our purpose to shape the future of real estate for a better world.

Staying true to this purpose enables us to align with the interests and ambitions of our clients and stakeholders.

It exemplifies our commitment to the highest standards of ESG, and to a more sustainable, diverse and inclusive future.

With 40% of global carbon emissions emanating from the built environment according to the International Energy Agency, the real estate sector has a collective responsibility to set and achieve transformational sustainability targets.

JLL is a leader in addressing this challenge - from setting aggressive sustainability targets for our own operations, through providing industry-leading sustainability services, products and advice for our corporate and investor clients, to partnering with civil society and industry bodies.

In 2021, we became the first real estate services company to align its climate ambitions with climate science when our net zero target was certified by the Science Based Targets initiative (SBTi) to its Net-Zero Standard.

Within this overall target, JLL has committed to:

A near-term target to reduce absolute scope 1, 2 and 3 emissions by 51% by 2030 from a 2018 base year

A long-term target to reduce absolute scope 1, 2 and 3 emissions by 95% by 2040 from a 2018 base year

Launched in 2021 and updated in 2022, JLL has collaborated with the World Economic Forum in establishing 10 Green Building Principles to guide real estate investors and corporate occupiers on implementing and achieving their net zero targets across their portfolios, demonstrating our commitment and leadership to sustainability within our industry.

We further discuss our issue areas of focus in the next section, Sustaining Our Enterprise:

A near-term target to reduce absolute Scope 1, 2 and 3 emissions by 51% by 2030 from a 2018 baseline (including 100% of Scope 1 and 2 emissions from JLL-occupied buildings)

A long-term target to reduce absolute Scope 1, 2 and 3 emissions by 95% by 2040 from a 2018 baseline

We further discuss our ESG and sustainability focus areas in the next section, Sustaining Our Enterprise:

A Business Model That Considers All Aspects of Stakeholder Value.

Our Beyond priorities for Clients, Brand, Technology, People & Values and Sustainability combine to provide an integrated strategic vision and platform for growth.

This vision is supported by our commitment to enhance productivity, optimize sustainable and profitable long-term growth, and create value for all of our stakeholders.

It embraces our opportunity to play a leading role in understanding and guiding the future of work, workplaces and cities, while enabling clients and communities to deliver on their sustainability targets and ambitions.

It recognizes and leverages the vital part continuing innovations in data and technology will play, ensuring JLL has the products and data-driven insights to lead this wave of change.

Our growth strategy and strategic vision places a central focus on diversity, equity and inclusion, ensuring we attract and retain a truly diverse, inclusive and talented global workforce, committed to inspiring each other and delivering outstanding results for our clients.

Our Beyond priorities combined with the macro trends we discussed above provide a platform for long-term growth.

Our strategic vision positions us to capitalize on these trends while enhancing productivity, optimizing sustainable and profitable long-term growth, and creating value for all our stakeholders.

We embrace our opportunity to play a leading role in understanding and guiding the future of work, workplaces and cities, while enabling clients and communities to deliver on their sustainability targets and ambitions.

JLL recognizes the vital role innovations in data and technology will play in the real estate sector and continue to strategically invest in products and data-driven insights to lead this wave of change.

The commercial real estate industry is consolidating with the large players gaining market share both organically and through mergers and acquisitions.

Our strong investment grade balance sheet provides flexibility to selectively pursue merger and acquisition opportunities that will augment our organic growth.

Our growth strategy and strategic vision places a central focus on diversity, equity and inclusion, ensuring we attract and retain a truly diverse, inclusive and talented global workforce.

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SUSTAINING OUR ENTERPRISE:

A BUSINESS MODEL THAT CONSIDERS ALL ASPECTS OF STAKEHOLDER VALUE

As referenced above, the built environment is estimated to account for over one-third of global final energy consumption and nearly 40% of total direct and indirect CO 2 emissions, meaning JLL can have a significant impact through the work we do with our clients, as well as in our workplaces and communities.

Our Global Sustainability Program

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• Climate action for sustainable real estate:

We take urgent climate action that accelerates the transition to net zero, enhances performance, mitigates risks and helps shape a better world.

We support action that accelerates the transition to net zero, enhances performance and mitigates risks.

• Healthy spaces for all people:

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• Inclusive places for thriving communities:

We provide fair and inclusive places that create positive social impact and equal opportunities.

Four principles underpin our program and demonstrate how we will deliver a positive impact for our stakeholders and lead our sector on sustainability.

Being a responsible business:

Being a responsible business is central to our values and everything we do.

Leading by example gives us the credibility to talk to our clients and advance industry action on sustainability.

Harnessing the power of our people:

We harness the power of our people and equip them with the skills and tools to inspire positive change and create a better world of work where people can thrive.

Driving change through client solutions:

We drive change through client solutions to maximize impact, collaborating to transform and transition toward more sustainable outcomes.

Advocating for a better real estate sector:

We advocate for a better real estate sector by driving demand for sustainability, demonstrating thought leadership and engaging the industry, governments and society on the issues that matter most.

We undertake a periodic assessment of our sustainability issues to ensure that our program and targets address the key impacts of our business and what matters most to our stakeholders.

Through this process of market evaluation and direct stakeholder input, we identify the most important ESG issues that inform our evaluation of additional opportunities for impact beyond our already ambitious net zero commitment, which are detailed below.

● Adaptation and resilience

● Employee well-being ● Healthy buildings

● Corporate culture and reputation ● Energy and climate

● Responsible procurement

● Diversity, Equity and Inclusion ● Ethics and compliance ● Sustainable buildings

Our approach and performance in relation to these issues, including progress against targets, will be covered in detail in our annual ESG Report, due for publication in the second quarter of 2023, available on our website.

We provide fair and inclusive places that support equal opportunities and thriving communities.

Four principles underpin our program and demonstrate how we deliver a positive impact for our stakeholders and lead our sector on sustainability.

Being a responsible business and leading by example, giving us the credibility to talk to our clients and advance industry action on sustainability

Harnessing the power of our people, giving them the opportunity, knowledge and tools to own their success and valuing what makes them unique

Driving change through client solutions to maximize impact, collaborating to transform and transition toward more sustainable outcomes

Advocating for a better real estate sector by driving demand for sustainability, demonstrating thought leadership and engaging the industry, governments and society on the issues that matter most

Our approach is informed by a periodic assessment of ESG topics to ensure our program and targets address the key issues for our business.

In 2023 this included a "double materiality" review aligned with the European Sustainability Reporting Standards (ESRS).

Through a process of market evaluation and direct stakeholder input, we have identified the most important ESG impacts, risks and opportunities to inform our decision making for impact and value creation beyond our already ambitious net zero commitment.

A description of these issues, along with an account of our approach and performance in 2023, is covered in our annual ESG Performance Report, due for publication in the second quarter of 2024, available on our website.

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Creating Sustainable Value for Clients, Shareholders and Employees

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We strive to create a healthy and dynamic balance between activities that will produce short-term value and returns for our stakeholders through effective management of current transactions and business activities, and investments in people (such as new hires), acquisitions, technologies and systems designed to produce sustainable returns over the long term.

Through industry-leading strategies, tools and technologies, we are positioned to help clients achieve their sustainability goals.

Increasingly, our clients require innovative and consistent sustainability solutions across all geographies in which they operate.

In response to this demand, we have expanded our focus on energy and sustainability capabilities to provide a broader complement of globally scalable, consistent and profitable services.

We have a designated team of energy and sustainability product management professionals who are responsible for developing industry-leading sustainability and decarbonization products that create differentiated value for our clients, deliver accelerated revenue growth and margin expansion for JLL, and help make the global real estate industry more sustainable.

This group, working in conjunction with our business lines, geographical leaders and operations teams, develops and enhances our client offerings and is responsible for scaling up our services in the sustainability space and driving global consistency and best practices.

Our expertise addresses the entire life cycle of a building from its design and planning, through construction, occupation, management, refurbishment and sale.

Our professionals offer advice on how sustainability considerations can be embedded at each of these stages to maximize value for our clients.

We support our clients’ data management and greenhouse gas reporting requirements whether for frameworks such as GRESB, WELL and LEED or for waste, water and utility information.

Our commitment to technological innovation extends to our sustainability service offering for our clients.

We utilize a number of technology platforms, both in-house and externally sourced, to help deliver our clients’ sustainability objectives.

Our Canopy platform is used to manage the ever-increasing volume of sustainability data on behalf of our clients.

This reflects our commitment to investing in technology, data and information management platforms.

By deploying flexible technology solutions, we measured, managed and improved environmental impacts for thousands of buildings in 2022.

In 2023, we will continue investments to simplify, streamline and enhance our tech capabilities.

Our sustainability program is aligned with our purpose and corporate strategy to create long-term value for our stakeholders, including shareholders, clients, employees and communities.

Through industry-leading sustainability services powered by a suite of sustainability technology solutions, we deliver an end-to-end approach that enables clients to achieve their goals.

We have over 1,000 sustainability professionals located around the world who are responsible for developing industry-leading sustainability and decarbonization solutions.

Partnering for an end-to-end journey, we ensure clients have a clear plan, take the necessary action, and manage critical data to disclose against sustainability goals and deliver a return through risk mitigation and value creation.

We provide a programmatic approach to drive outcomes and deliver value across all types of real estate portfolios:

• Plan - to help clients develop carbon baselines and actionable sustainability strategies;

• Act - to execute sustainability initiatives that drive outcomes on goals;

• Manage - to optimize implemented projects and programs, and measure and monitor critical data to support continued progress in reducing emissions and compliance reporting powered by JLL's Canopy technology, our proprietary sustainability tech platform that enables users to collect, measure, and report on their GHG emissions and sustainability performance.

JLL's sustainability program is aligned with our purpose to shape the future of real estate for a better world and our corporate strategy to create long-term value for our stakeholders, including shareholders, clients, employees and communities.

Through this, we help our clients manage their real estate more effectively and efficiently, promote employment and create value for our shareholders and employees.

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We operate across a wide variety of highly-competitive business lines within the commercial real estate industry globally.

Our significant growth over the last decade, and our ability to take advantage of the substantial consolidation which has taken place in our industry, have made us one of the largest commercial real estate services and investment management providers on a global basis.

Since we provide a broad range of commercial real estate and investment management services across many geographies, we face significant competition at international, regional and local levels.

We also face competition from companies who may not traditionally be considered real estate service providers, including institutional lenders, insurance companies, investment banking firms, investment managers, accounting firms, technology firms, software-as-a-service companies, firms providing co-working space, firms providing outsourcing services of various types (including technology, food service and building products) and companies that self-perform their real estate services with in-house capabilities.

Our significant growth over the last decade, and our ability to take advantage of the consolidation which has taken place in our industry, have made us one of the largest commercial real estate services and investment management providers on a global basis, though the industry remains fragmented.

As we provide a broad range of commercial real estate and investment management services across many geographies, we face competition at international, regional and local levels.

Increasingly, we also see companies who may not traditionally be considered real estate service providers, including investment banking firms, investment managers, accounting firms, technology firms, software-as-a-service companies, firms providing co-working space, firms providing outsourcing services of various types (including technology, food service and building products) and companies that self-perform their real estate services with in-house capabilities, entering the market.

Some of our primary competitors include large national or global firms including CBRE Group Inc., Cushman & Wakefield plc, Colliers International Group Inc., Savills plc and Newmark Group Inc.

DISTINGUISHING ATTRIBUTES AND COMPETITIVE DIFFERENTIATORS

We deliver exceptional strategic, fully-integrated services, best practices and innovative solutions for real estate owners, occupiers, investors and developers worldwide through an integrated global platform.

We invest in technology and data capabilities that enable our people to be more productive and provide clients the best insights.

We invest in technology and data capabilities that provide our people and our clients with the best insights, driving productivity and client results.

These characteristics, among others, distinguish us from our competitors, drive service excellence and customer loyalty, and demonstrate our commitment to a sustainable future.

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Client Relationship Management

Our client-driven focus enables us to develop, sustain and grow long-term client relationships that generate repeat business and create recurring revenue opportunities.

Our client-driven focus enables us to develop, sustain and grow long-term client relationships that generate repeat business and create repeat revenue opportunities.

Our clients are the center of our business model, and we enable superior service delivery through ongoing investments in the people, processes and tools that support client relationship management.

Our client experience management platform allows us to gather, understand and act on our clients' feedback.

Our goal is to provide a holistic understanding of our clients' needs across our business, drive a customized experience and identify a single point of contact at JLL to be accountable for all the activities we undertake for each client.

Our goal is to provide a holistic understanding of our clients' needs across our business, curate a customized experience and identify the right management approach for our clients to drive accountability and bring the best of JLL.

We achieve superior client service through best practices in client relationship management, seeking and acting on regular client feedback, and recognizing each client's own specific definition of excellence.

We also invest in developing the highest caliber talent dedicated to managing our client relationships through an employee compensation and evaluation system aligned with our global career framework and designed to reward client relationship building, teamwork and quality performance.

Globally Integrated Business Model & "One JLL"

Through the combination of a wide range of high-quality, complementary services we deliver at consistently high service levels globally, we develop and implement real estate strategies that meet the increasingly complex and far-reaching needs of our clients.

With operations spanning the globe, our in-depth knowledge of local and regional markets and "One JLL" approach - leveraging the ability and connectivity of our people - can provide services which address the entire life cycle of real estate around the world.

Globally Integrated Business Model and "One JLL"

Through the combination of a wide range of high-quality, complementary services, we develop and implement real estate strategies that meet the increasingly complex and far-reaching needs of our clients.

With operations spanning the globe, our in-depth knowledge of local, regional and international markets along with our "One JLL" approach - leveraging the ability and connectivity of our people - can provide services which address the entire life cycle of real estate around the world.

"One JLL" enables cross-selling opportunities across geographies and service offerings that we expect will continue to develop new revenue sources and growth.

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Technology Leadership

Technology is transforming commercial real estate and CRE technology strategy is top of mind for our clients.

We are focused on curating an industry-leading technology portfolio to tech-enable JLL and our clients by innovating and building technology solutions internally as well as by partnering with, investing in, or selectively acquiring market leading proptech companies.

Our unique technology strategy empowers our clients and creates material differentiation for our company while leading the transformation of our industry.

Some examples of this include:

JLL’s technology strategy is to build, buy, partner and invest to curate an industry-leading technology portfolio that extends seamlessly into the generative AI era.

By building our own solutions and partnering with, investing in, or selectively acquiring market-leading proptech companies, we empower our clients and create material differentiation for our company while leading the digital transformation of our industry.

Examples of this include:

• A proprietary technology solution that drives higher productivity for our leasing brokers within Markets Advisory.

• A proprietary technology platform that generates leads and insights for advisors in our Capital Markets business and helps us identify and win new business.

• Corrigo, one of our software offerings, helps improve client outcomes and drive cost efficiency for our Work Dynamics business

In addition, through our JLL Technologies business, we offer a comprehensive set of products - including Building Engines, Corrigo, Hank - and services for Investor and Occupier clients.

• A proprietary generative AI platform purpose-built for CRE that provides JLL’s workforce with relevant and reliable outputs to increase their efficiency and to provide CRE insights to clients in a new way.

Through our JLL Technologies business, we offer a comprehensive set of products along with services for investor and occupier clients.

Corrigo, for example, helps improve client outcomes and drive cost efficiency for our Work Dynamics business.

Hank AI enables faster energy savings and ROI for properties.

JLL Spark Global Ventures has invested in more than 50 proptech start-ups focused on technology such as IoT sensors, AI space planning and visualization, AI analytics for builders, investment platforms and more.

Our globally-coordinated investments in research, technology, data and analytics, people, quality control and innovation provide a foundation for us to develop, share and continually evaluate best practices across our global organization.

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Further, we will continue to develop and deploy technology to support our marketing and client development activities and to make our products and services increasingly accessible.

The combined strength of our JLL and LaSalle brands represents a significant advantage when we pursue new business opportunities and is also a major motivator for talented people to join our global brand.

Large corporations, institutional investors and occupiers of real estate recognize our ability to create value reliably in changing market conditions, based on (i) evidence provided by brand perception surveys we have commissioned, (ii) extensive coverage we receive in top-tier business publications, (iii) awards we receive in real estate, sustainability, innovation, data/technology and ethics, as well as (iv) our significant, long-standing client relationships.

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The integrity our brand represents is one of our most valuable assets and a strong differentiator for JLL.

We unveiled our global brand idea SEE A BRIGHTER WAY in November 2022 which embodies our commitment to bring optimism, innovative ideas and unmatched intelligence in everything we do for our clients.

In November 2022, we unveiled our global brand idea, SEE A BRIGHTER WAY, which embodies our commitment to bring optimism, innovative ideas and unmatched intelligence in everything we do for our clients.

This has helped to build our brand awareness and recognition and cement our position as real estate leader of the future.

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Employee Engagement

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Our goal-setting framework uses three categories of goals (clients, growth and people) that align our people’s efforts with enterprise-wide strategy throughout all levels of the organization and builds focus and attention on our priorities.

Ongoing employee feedback is important to the continued improvement of our organization and to harness this valuable feedback, we conduct an all employee survey regularly, measuring key aspects such as engagement, leadership, inclusiveness and well-being.

Ongoing employee feedback is important to the continued improvement of our organization and to harness this valuable feedback, we conduct an all-employee survey regularly, measuring key aspects such as engagement, leadership, inclusion index and well-being.

Financial Strength

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We have ample capacity to fund our business.

A key source of liquidity is our unsecured credit facility (the "Facility") provided by an international syndicate of banks, which as of December 31, 2022 had a maximum borrowing capacity of $3.35 billion and a maturity date in April 2026.

As of December 31, 2023, corporate liquidity was $3.1 billion, the sum of cash and cash equivalents and the available capacity on our unsecured credit facility (the "Facility").

The Facility is provided by an international syndicate of banks, which, as of December 31, 2023, had a maximum borrowing capacity of $3.30 billion and a maturity date in November 2028.

Our November 2023 $400.0 million note offering further diversified our capital base and enhanced our liquidity profile, with the proceeds being used to reduce the outstanding balance on the Facility.

Focus on Sustainability

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Being a responsible corporate citizen is the right thing to do and is what our clients and employees expect from us.

As part of our commitment to sustainability, in 2018 we announced our support of the Taskforce on Climate-related Financial Disclosures ("TCFD").

Starting in 2019, we began a phased approach to evaluate (with subsequent refinements) the potential risks and opportunities to our business resulting from climate change in alignment with the TCFD recommendations.

Our first phase report in 2019 considered climate impacts on our business from a qualitative perspective, while our second phase report in 2020 assessed the physical effects of climate change on some of our most prominent office locations.

The findings were published in JLL’s Global Sustainability Report for each respective year.

In 2022 we published the findings of a quantitative assessment of climate opportunities and risks to our business in a standalone report.

Our 2022 ESG Report provides a summary of the potential risks and opportunities to our business identified through this analysis, as well as information on our management approach, metrics and targets aligned to the recommendations of the TCFD.

The report also provides information on our management approach and performance against the three issue areas that underpin our sustainability program, and additional ESG impacts identified through our sustainability materiality review.

Our ESG Performance Report provides information on our management approach and performance against the three issue areas that underpin our sustainability program, and additional ESG impacts identified through our sustainability materiality review.

Industry-Leading Research and Data Capabilities

We invest in and rely on comprehensive research to support and guide the development of real estate and investment strategy for our clients.

With approximately 550 research professionals who gather data and cover market and economic conditions around the world, we are a leading adviser within the commercial real estate industry.

Research plays a key role in keeping colleagues throughout the organization and our clients attuned to important trends and changing conditions in world markets.

With hundreds of research professionals who gather data and cover market and economic conditions around the world, we are a leading adviser within the commercial real estate industry.

Research plays a key role in keeping colleagues and clients attuned to important trends and changing conditions in world markets.

We continue to devise and invest in new approaches through data science techniques and other technology to make our research, services and property offerings more readily available to our people and clients.

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the world's leading real estate owners, occupiers, investors and developers.

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We won numerous awards and recognitions through January 2024 that reflect the quality of the services we provide to our clients, the integrity of our people and our desirability as a place to work.

As examples, we were named:

• A member of the Bloomberg Gender-Equality Index, for the fourth consecutive year

• A member of the Bloomberg Gender-Equality Index, every year since 2020

• An Energy Star Sustained Excellence Award recipient, by the U.S.

Environmental Protection Agency, for the eleventh consecutive year

• One of America's Most Responsible Companies by Newsweek , for the fourth consecutive year

• A recipient of the Global Outsourcing 100 by the International Association of Outsourcing Professionals (IAOP), for the second consecutive year

Environmental Protection Agency, for the twelfth consecutive year

• One of the World's Most Ethical Companies by the Ethisphere Institute, every year since 2008

• One of the World's Most Admired Companies by Fortune Magazine , for the seventh consecutive year

• A recipient of Procter & Gamble’s (P&G) first-ever Supplier Sustainability Award, recognizing external business partners who play a pivotal role in protecting the planet

• To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, with a perfect score, for the eighth consecutive year

• One of the World's Most Admired Companies by Fortune Magazine , for the eighth consecutive year

• To the Human Rights Campaign Foundation's Corporate Equality Index, a benchmarking survey on corporate policies and practices related to LGBTQ workplace equality, for the ninth consecutive year

• One of America's Best Employers for Diversity by Forbes , every year since 2019

• One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the fourth consecutive year

• A member of Seramount’s Inclusion Index, recognizing our dedication and progress to creating an inclusive workplace

• One of America’s 100 Most Sustainable Companies by Barron’s, for the third consecutive year

• To the Wall Street Journal's Management Top 250 ranking, for the third consecutive year

• Best Compliance and Ethics Program by Corporate Secretary Magazine

• One of the Best Places to Work for Disability Inclusion by the Disability Equality Index, for the fifth consecutive year

• A member of Seramount’s Inclusion Index, recognizing our dedication and progress to creating an inclusive workplace for the second consecutive year

• One of America’s 100 Most Sustainable Companies by Barron’s, for the fourth consecutive year

• To the Wall Street Journal's Management Top 250 ranking, for the fourth consecutive year

• One of America’s Most JUST Companies by Forbes /JUST Capital for the second consecutive year

• A Top Company for Executive Women by Seramount

• One of U.S.

News & World Report’s Best Companies to Work For

INTEGRATED REPORTING

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This Annual Report on Form 10-K focuses on our business strategy and our financial performance, including an attempt to illustrate how being a sustainable enterprise is integral to our success.

Our citizenship and sustainability efforts for ourselves and our clients are reflected primarily in our annual Global Sustainability Report, available on our website.

Our citizenship and sustainability efforts for ourselves and our clients are reflected primarily in our annual ESG Performance Report, available through our newly created ESG Reporting Hub.

Our governance and remuneration practices are reported primarily in the Proxy Statement for our Annual Meeting of Shareholders.

The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Ethics Everywhere Annual Report.

The behaviors and standards we expect of our employees and of the suppliers we engage for our own company and on behalf of clients are presented in our Code of Business Ethics and our Vendor Code of Conduct.

We publish details of our ethics program and ethics statistics in our Ethics Everywhere Annual Report to increase transparency and understanding of the types of concerns and issues raised through our reporting channels.

The mechanisms we use to make our clients comfortable with respect to our transparency and fair dealing are summarized in our Ethics Everywhere Report.

The behaviors and standards we expect of our employees and of the suppliers we engage for our own company and on behalf of clients are presented in our Code of Ethics and our Vendor Code of Conduct.

We publish details of our ethics program and ethics statistics in our Ethics Everywhere Report to increase transparency and understanding of the types of concerns and issues raised through our reporting channels.

Responsibility for Integrated Reporting.

Our Finance, Legal and Sustainability functions are primarily responsible for the i ntegrity of our integrated reporting efforts, collaborating in the preparation and presentation of this report and engaging our organization's leadership.

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Historically, we have reported a relatively smaller revenue and profit in the first quarter with both measures increasing during each of the following three quarters.

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Other factors may affect seasonality.

For example, in 2020 and 2021, macroeconomic conditions influenced by the COVID-19 pandemic impacted the historical seasonality of our revenue and profits.

In the second half of 2022, we experienced disruption to our historical seasonality trends due to rising interest rates and widespread economic uncertainty.

For example, we continue to experience disruption to our historical seasonality trends due to rising interest rates and widespread economic uncertainty in 2022 and 2023.

HUMAN CAPITAL

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Total employees 106.1 103.3

Directly reimbursable employees have costs which are fully reimbursed by clients, primarily in our Work Dynamics business.

The costs associated with directly reimbursable employees are fully reimbursed by clients, primarily in Work Dynamics but also within Markets Advisory.

Specifically, reimbursable employees include many of our WPM and Property Management professionals, inclusive of our building maintenance employees.

Our employees do not report being members of any labor unions, with the exception of approximately 3,400 property maintenance employees in the United States, over 75% of whom are reimbursable.

As of both December 31, 2022 and December 31, 2021, approximately 65% of our employees were based in countries other than the United States.

Our employees do not report being members of any labor unions, with the exception of approximately 3,500 building maintenance employees in the United States, over 77% of whom are reimbursable.

As of both December 31, 2023 and December 31, 2022, approximately two-thirds of our employees were based in countries other than the United States.

Diversity, Equity and Inclusion (DEI)

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We have embarked on a strategic DEI journey that includes focusing on our workforce, workplace and marketplace.

We have enhanced our commitment to DEI by revamping our strategy and strategically focusing on talent, culture and clients.

We have enhanced our commitment to DEI by strategically focusing on talent, culture and clients.

Some examples of our actions and progress include:

• Continued growth of diversity efforts

• Growth of diversity efforts

◦ 36% of our global workforce is female

◦ 83% of our independent board members are female and/or an ethnic minority

◦ Three of our largest eight countries are led by female CEOs

◦ In 2021, signed the Commercial Real Estate Women (CREW) Pledge for Action to support the advancement of women in real estate

◦ Published our fifth Gender Pay Gap report and third Ethnicity Pay Gap report in the United Kingdom

◦ Four of our largest ten countries are led by female CEOs

◦ Continued to support the Commercial Real Estate Women (CREW) Pledge for Action, which we were a signatory of in 2021, to support the advancement of women in real estate

◦ Published our sixth Gender Pay Gap report and third Ethnicity Pay Gap report in the United Kingdom

• Supported Business Resource Groups to provide supportive and safe platforms to navigate career development and facilitate networking

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refer to the Distinguishing Attributes and Competitive Differentiators section above for awards and recognition during the past year

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Training and Development

Using extensive internal and external research, we have a set of core capabilities that define our leadership behaviors to drive our near and long-term success.

Those capabilities are the foundation for our employee talent assessments, succession planning and other talent processes.

Our employees can self-assess and be assessed against these capabilities to participate in our award-winning development platform, Real Leadership, which was launched in 2019.

Using extensive internal and external research, we have redefined the core leadership behaviors that drive our near and long-term success.

These behaviors are the foundation for leadership development, leadership performance and talent assessments, succession planning and other talent processes.

Our award-winning development platform, Real Leadership, has been updated to reflect the refreshed leadership behaviors and our employees can self-assess against them to participate in programs.

Real Leadership is an end-to-end platform that helps our employees grow their leadership skills from frontline to executive.

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Nearly 90,000 employees annually have been able to learn, in seven different languages, through our virtual, on-demand offerings about topics such as, but not limited to, sustainability, technology and the future of work.

Our learning platforms have resulted in over 2 million learning assets consumed to accelerate the development of our employees.

Our learning platforms have resulted in nearly 2 million learning assets consumed to accelerate the development of our employees.

Launched in 2020, and refreshed in 2022, our well-being framework consists of four pillars:

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With over 800 health and safety professionals, we are committed to creating an environment that unequivocally protects our employees, clients and supply partners.

To effectively manage health and safety, our program is aligned to the principles of the internationally recognized health and safety management standard ISO 45001.

To effectively manage health and safety, our program is certified to the internationally recognized health and safety management standard ISO 45001.

We implement global health and safety standards that ensure we apply a consistent approach to harm prevention and operate assurance programs to ensure legal compliance.

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• Lost Time Incident Rat e was 0.22 (OSHA industry average was 1.4):

12-month average of OSHA recordable illness and injuries per 100 JLL employees that resulted in days away from work.

12-month average of recordable illness and injuries per 100 JLL employees and JLL contractors that resulted in days away from work.

• Total Recordable Incident Rate was 0.47 (OSHA industry average was 2.1):

12-month average of OSHA recordable illness and injuries per 100 JLL employees.

12-month average of recordable illness and injuries per 100 JLL employees and JLL contractors.

• Days Away, Restricted Duty and Transfer was 0.29 (OSHA industry average was 1.1):

12-month average of OSHA recordable illness and injuries per 100 full-time employees that resulted in days away from work or restricted duties.

12-month average of recordable illness and injuries per 100 full-time employees and JLL contractors that resulted in days away from work or restricted duties.

• There were zero JLL employee workplace fatalities reported in 2023.

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Health and Safety Laboratory’s Safety Climate Survey Tool.

Our global survey received over 11,500 responses in 2022 and showed our culture continued to be in the 95th percentile when compared against the all-industry scores and exceeded the 2021 highest average scores for Real Estate & Facilities Management organizations.

While this score sets a high internal benchmark, our goal is to improve our culture and improve our scores year on year.

Since JLL's first WELL certification in 2017, we continue to be committed to providing healthy workplaces for our people and have enrolled additional assets in the WELL program.

By the end of 2022, JLL had a total of five Platinum Certified

Offices and one Gold Certified Office.

JLL's WELL at Scale (formerly WELL Portfolio) program covers 4.3 million square feet, impacting more than 35,000 employees in over 270 offices worldwide.

WELL at Scale made it possible to evaluate the performance in a trusted and unbiased manner against a science-based methodology and create a roadmap for continuous improvement.

WELL at Scale is applied globally and makes well-being features available to all office employees.

Our global survey received over 10,000 responses in 2023 and showed our culture continued to be in the 95th percentile when compared against the all-industry scores, and significantly exceeded the 2023 average scores for Real Estate & Facilities Management organizations.

While this score sets a high internal

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benchmark, our goal is to continually improve our culture through the ongoing embedding of the One team S.A.F.E.R together program across JLL.

JLL is currently developing a new standard for its offices ensuring that each workplace is 1) productive 2) healthy 3) sustainable and 4) inclusive.

These new standards will use industry leading practices and research-based improvements to raise the standard of our office spaces, directly affecting our employees.

INTELLECTUAL PROPERTY

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Our trademark registrations have to be renewed every ten years, which we expect to continue to renew, as necessary.

Based on our most recent trademark registrations, the JLL mark would expire in 2024 and the Design (Three Circles) mark would expire in 2031.

Based on our most recent trademark registrations, the JLL mark is set to expire in 2024 and we expect to renew the JLL mark during the course of 2024.

The JLL Design (Three Circles) mark will expire in 2031.

Our LaSalle and LaSalle Investment Management marks will expire in 2026.

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CODE OF BUSINESS ETHICS;

CORPORATE SUSTAINABILITY AND RELATED MATTERS

CORPORATE ESG AND RELATED MATTERS

We are committed to the values of effective corporate governance, operating our business to the highest ethical standards and conducting ourselves in an environmentally and socially responsible manner.

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Our Board of Directors ("the Board") regularly reviews corporate governance developments and modifies our Bylaws, Guidelines and Committee Charters accordingly.

As a result, we have adopted the following corporate governance policies and approaches considered to be best practices in corporate governance.

On December 11, 2023, our Board approved and adopted the Fourth Amended and Restated Bylaws of the Company which became effective as of such date and are available on our website.

We have adopted the following corporate governance policies and approaches considered to be best practices in corporate governance.

• Annual elections of all members of our Board

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• Required approval by the Nominating, Governance and Sustainability Committee of any related-party transactions

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• Executive session among the Non-Executive Directors at each in-person meeting

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As we operate in a service industry, the integrity our brand represents is one of our most valuable assets.

Since 2008 we have continuously held Ethics Inside™ certification from the Ethisphere Institute, a leading organization dedicated to best practices in ethics, compliance, corporate governance and citizenship.

As previously noted, we have been named to Ethisphere Institute’s list of the World's Most Ethical Companies™ every year since 2008 and, in 2022, we received an award for "Best Compliance and Ethics Program" by Corporate Secretary magazine.

In 2023, we received Compliance Leader Verification from Ethisphere, a leading organization dedicated to advancing best practices in ethics, compliance, corporate governance and citizenship.

The Compliance Leader Verification process involves a rigorous review of an ethics and compliance program and corporate culture and is awarded to select organizations that demonstrate a high level of excellence.

This honor supersedes Ethisphere's Ethics Inside Certification, which we held from 2008-2022.

As previously noted, we have also earned Ethisphere's World's Most Ethical Companies ® recognition every year since 2008 and, in 2022, we received an award for "Best Compliance and Ethics Program" by Corporate Secretary magazine.

Our Whistleblower and Non-Retaliation Policy and our Human Rights Policy also support our values and our commitment to ethical business practices.

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Our website also includes information about our corporate governance.

We intend to post on our website any amendment or waiver of the Code of Business Ethics with respect to a member of our Board or any of the executive officers named in our proxy statement.

We intend to post on our website any amendment or waiver of the Code of Ethics with respect to a member of our Board or any of the executive officers named in our proxy statement.

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On the Investor Relations page on our website, we make available our Annual Report on Form 10-K, our Proxy Statement on Schedule14A , our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business