仲量联行-2024年第一季度电话财报会议 Earnings Presentation First Quarter 2024

)JLLSEEABRIGHTERWAY

EarningsPresentation

FirstQuarter2024

May6th,2024

Cautionarynoteregardingforward-lookingstatements

Statementsinthispresentationregarding,amongotherthings,futurefinancialresultsandperformance,achievements,plans,objectivesandshare

repurchasesmaybeconsideredforward-lookingstatementswithinthemeaningofthePrivateSecuritiesLitigationReformActof1995.Suchstatements

involveknownandunknownrisks,uncertainties,andotherfactors,theoccurrenceofwhichareoutsideJLL'scontrolwhichmaycauseJLL'sactualresults,

performance,achievements,plans,andobjectivestobemateriallydifferentfromthoseexpressedorimpliedbysuchforwardlookingstatements.For

additionalinformationconcerningrisks,uncertainties,andotherfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseanticipatedinforward-lookingstatements,andriskstoJLL'sbusinessingeneral,pleaserefertothosefactorsdiscussedunder"RiskFactors,““Business,”“Management’s

DiscussionandAnalysisofFinancialConditionandResultsofOperations,”“QuantitativeandQualitativeDisclosuresaboutMarketRisk,”andelsewherein

JLL’sAnnualReportonForm10-KfortheyearendedDecember31,2023,soontobefiledQuarterlyReportonForm10-QforthequarterendedMarch31,2024andotherreportsfiledwiththeSecuritiesandExchangeCommission.Anyforward-lookingstatementsspeakonlyasofthedateofthisrelease,andexcepttotheextentrequiredbyapplicablesecuritieslaws,JLLexpresslydisclaimsanyobligationorundertakingtopubliclyupdateorreviseanyforward-looking

statementscontainedhereintoreflectanychangeinexpectationsorresults,oranychangeinevents.

2|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.Nopartofthispublicationmaybereproducedbyanymeans,whethergraphically,electronically,mechanicallyorotherwisehowsoever,

includingwithoutlimitationphotocopyingandrecordingonmagnetictapeorincludedinanyinformationstoreand/orretrievalsystemwithoutpriorwrittenpermissionofJonesLangLaSalleIP,Inc.

Firstquarter2024industryhighlights

EuroArea10-yearGovernmentBondYields

1,200

1,000

800

600

400

200

0

Capitalmarketsindustryhighlights

Benchmarkyields,2006–Mar2024

10-yearTreasury

7%

6%

5%

4%

3%

2%

1%

0%

-1%

1MSOFR*

Asia10-yearGovernmentBondYields

Realestateinvestmentvolumesbyregion,2007–Q12024

Directinvestmentvolumes(US$billion)

1,400

AsiaPacificEMEAAmericas1,274

1,073

885

807

612

144135

FirstQuarterHighlights

•Economicandgeopoliticaluncertaintyremainedelevatedinthequarter;renewedvolatilityinU.S.interestratesischallengingrecentimprovementsinthemarket

•Globaldirectinvestmentwasdown4%localcurrency(6%USD)inthefirstquarter;withtheAmericasdown6%localcurrency(8%USD),EMEAdown17%localcurrency(15%USD),andAsiaPacificup26%localcurrency(13%USD)

•Investorsaremostlyfocusedondeployingcapitaltogrowth-orientedsectorssuchasindustrial,residentialanddatacenters

Notes:

•Source:JLLResearch,April2024;FREDEconomicData;BenchmarkyieldsasofApril12,2024

•Realestateinvestmentincludesoffice,multifamilyresidential,retail,hotels,industrial,mixeduse,healthcareandalternativessectors.Excludesentity-levelanddevelopmenttransactions.

4|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.

US$BillionsUS$Billions

US$Billions

Capitalmarketsindustrytrends

Quarterlyinvestmentvolumesbysector,Q12022–Q12024

$125

$100

$75

ResidentialOffice

IndustrialRetail

Hotels

$50

$25

$0

Q12022Q22022Q32022Q42022Q12023Q22023Q32023Q42023Q12024

Globalfundraisingforclosed-endfunds

Drypowderinclosed-endfunds,2007–Q12024

$500$400$300$200$100$0

$476

$404

$396

$392$410

$351

$163

Shareofinvestmentvolumebysector

$250$200$150$100$50

$0

$252

$202

98

$176

48

$151

43

31

61

29

25

46

66

50

47

24

$151

33

50

40

29

$144

46

30

41

27

$140

42

31

39

28

$143

24

37

47

35

$115

50

30

25

10

$120

44

20

26

30

$103

47

19

18

18

$89

33

18

22

16

50

40

41

46

$73

24

13

16

20

$58

18

12

14

13

31

59

34

$205

66

$157

59

41

49

41

48

2528

$168

51

64

Notes:

Q1Q2Q3Q4

•Source:JLLResearch,PreqinLtd,April2024;FundraisingdataasofApril12,2024

5|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.

100%

75%

50%

25%

0%

10%

24%

25%

24%

35%

39%

24%

24%

13%

10%

10%

31%

23%

15%

18%

23%

15%

21%

33%

37%

26%

23%

20%

20%

22%

20%

14%

15%

20102015

Residential

20182021

IndustrialOffice

2022

Retail

2023

Hotels

Q12024

Other

millionssqm

Officeleasingindustryhighlights

Globalofficeleasingvolumesbyregion,2007–Q12024Rentalgrowthforprimeofficeassets,quarterly

50

40

30

20

10

0

U.S.EuropeAsiaPacific

41

35

32

26

9

7

32

8

Rentalchange(q-o-q%)

8%6%4%2%0%-2%-4%-6%

-8%

-10%

FirstQuarterHighlights

•Globalofficeleasingvolumesinthefirstquarterwereup7%versustheprior-yearquarter,withtheU.S.up14%,AsiaPacificup12%,whileEMEAwasdown8%

•UpgradingspacecontinuestobeapriorityformanyoccupiersinboththeU.S.andAsiaPacific,whereasprolongeddecision-makingandlimitedavailablespaceisslowingtransactionsinEurope

•Theglobalofficevacancyratetickedup30bpsto16.5%inthefirstquarter2024,comparedwith16.2%inthefourthquarter2023and15.3%ayearago,drivenmainlybyNorthAmericawherethemarketcontinuestoprocessleaseswithlowersquarefootagerequirements

Notes:

•Source:JLLResearch,April2024

•PrimeOfficeRentalGrowth:unweightedaverageof30majormarkets

6|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.

Millionssqm

5%

5-yearQ1Avg(2019-2023)

Q12023

Q12024

Industrialleasingindustryhighlights

NorthAmericaGrossLeasingEuropeGrossLeasingAsiaPacificNetAbsorption

18

15

12

9

6

3

0

-2%

Q12023

Q12024

5-yearQ1Avg

(2019-2023)

8

6

4

2

0

-15%

Q12023

Q12024

5-yearQ1Avg

(2019-2023)

3

2

1

0

FirstQuarterHighlights

•Globalactivityintheindustrialsectorremainedsubduedduringthefirstquarterof2024,drivenbyadeclineinleasingvolumesinNorthAmericaandEurope

•Rentalgrowthinallthreegeographiesremainedpositive,albeitataslowingpace

•WhilegrossleasingfiguresforNorthAmericaandEuropeareattheirlowestlevelsinrecentyears,occupierdemandforthelimitedamountofavailablehigh-quality,sustainablespaceisexpectedtodriveanuptickinactivitylaterintheyear

Notes:

•Source:JLLResearch,April2024

•NorthAmericaGrossLeasing:60citymarkets;EMEAGrossLeasing:13countrymarkets;AsiaPacificNetAbsorption:35citymarkets

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Consolidatedfinancials

ReportingchangeseffectiveJanuary1,2024

JLLRecastHistoricalFinancialInformationisavailableonourInvestorRelationswebsiteat

•JLLnolongerreportsthenon-GAAPmeasures"Feerevenue"and"Fee-basedoperatingexpenses."

oThischangefollowstheconclusionofacommentletterfromtheSecuritiesandExchangeCommissionStaffinFebruary2024.

oThediscussionofrevenueandassociatedgrowthratesareinclusiveofGrossContractCosts,andnetnon-cashMSRandmortgagebanking

derivativeactivity.ThischangeprimarilyimpactsourWorkDynamicssegmentandthePropertyManagementbusinesslinewithinourMarketsAdvisorysegment.

oGiventheabsenceof“Feerevenue”inourreportedfinancials,wenolongerreportAdjustedEBITDAmargin.

oNearlyalloftheinformationwepreviouslyprovidedisincludedin,orcanbederivedfrom,ournewpresentation.

oItisimportanttonotethatthesepresentationchangeshavenoimpactonhowwemanageourbusiness,ourNetincome(loss)attributabletocommonshareholders,ourEarnings(loss)pershare(EPS)orourcashflow.

•ThedefinitionsofAdjustedEBITDAandAdjustednetincomeattributabletocommonshareholderswereupdatedtoexcludeJLLTechnologiesandLaSalleequityearnings/losses.

•ThecalculationofLaSalle’sassetsundermanagement(AUM)wasrefinedtoincludeuncalledcommittedcapitalandcash.

oTomorecloselyconformwiththemethodologyofsimilarlytitledmetricsprovidedbyotherindustryparticipants,thecalculationofLaSalle’sAUMwasrefinedtoincludeuncalledcommittedcapitalandcashheldonbehalfofclientsbasedonanewstandardindustrydefinitiondevelopedby

industrygroupsNCREIF,INREVandANREV.

Notes:

•ThesechangeswerepreviewedduringourQ42023EarningsCallthattookplaceonFebruary27,2024.

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Consolidatedfirstquarter2024financialresultsGrowthratesrepresent%changeoverQ12023

Q12024

Q12023

’24/’23%Chg.USD

’24/’23%Chg.

LocalCurrency

Revenue

$5,125M

$4,716M

9%

9%

GrossContractCosts

$3,499M

$3,133M

12%

12%

Platformoperatingexpenses

$1,510M

$1,529M

(1)%

(1)%

AdjustedNetIncome

$86M

$34M

151%

167%

AdjustedDilutedEPS

$1.78

$0.71

151%

168%

AdjustedEBITDA

$187M

$113M

66%

70%

FirstQuarterHighlights

•Resilientrevenuebusinesslinescontinuedtodeliverstronggrowth,collectivelyup12%localcurrencyinthefirstquarter,drivenbyWorkplaceManagementandPropertyManagement

•Transaction-basedbusinesseswerecollectivelyup1%localcurrencyaseconomicuncertaintyandthecurrentinterestrateenvironmentcontinuedtoweighondecisionmaking

•TheincreaseinAdjustedEBITDAdollarsreflectsrevenuegrowthacrossbothresilientandtransactionalbusinesslines,aswellasthebenefitofcostmitigationactions

Notes:

•Q12024OrganicRevenuegrowthof9%localcurrency

•Non-GAAPitemslistedaboveincludeAdjustedNetIncome,AdjustedDilutedEPS,AdjustedEBITDA

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

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Businesssegmentsresults

Firstquarter2024financialresults–Businesssegments$M.Growthratesinlocalcurrency;represent%changeoverQ12023

Revenue

GrossContractCosts

SegmentPlatformOperatingExpenses

AdjustedEBITDA

Markets

Advisory

Capital

Markets

Work

Dynamics

JLL

Technologies

LaSalle

Consolidated

$950

5%

$378

6%

$3,640

11%

$54

(12)%

$103

(8)%

$5,125

9%

$305

10%

$567

(1)%

$95

33%

$14

50%

$365

3%

$25

145%

$3,171

12%

$440

1%

$51

102%

$1

(68)%

$62

(22)%

$(5)

73%

$8

19%

$76

(11)%

$21

(2)%

$3,499

12%

$1,510

(1)%

$187

70%

Notes:

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

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MarketsAdvisoryGrowthratesrepresent%changeoverQ12023

Revenue

$M

$906$19$950$23

$400$430

$487

$497

Q12024

Advisory,ConsultingandOther

Q12023

LeasingPropertyManagement

SegmentAdjustedEBITDA

$M

$95

$72

Q12024

$305

Q12023

Grosscontractcosts:$279

FirstQuarterHighlights

•MarketsAdvisoryrevenuegrowthof5%localcurrency/USDwasdrivenbyPropertyManagementandamid-singledigitincreaseinU.S.Leasingrevenue

•Leasingrevenuegrowthof2%localcurrency/USDwasledbytheU.S.officesector,whichsawincreaseddealsizeandtransactionvolumes,partiallyoffsetbydeclinesintheindustrialsector,asaveragedealsizedecreased

•PropertyManagementrevenuegrowthof8%localcurrency(7%USD)wasdrivenbyincreasedpass-throughcostsandportfolioexpansionsintheU.S.,UKandCanada

•SegmentadjustedEBITDAgrowthwasdrivenbyrevenuegrowthandcostmanagementactions

Notes:

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

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LoanServicing

ValueandRiskAdvisory

$357

$37

$79

$378$39

$80

CapitalMarketsGrowthratesrepresent%changeoverQ12023

Revenue

$M

$241$259

Q12024

Q12023

InvestmentSales,Debt/EquityAdvisoryandOther

SegmentAdjustedEBITDA

$M

$25

$11

Q12023

$9

$(2)

Q12024

$14

$(9)

Grosscontractcosts:

MSRs:

FirstQuarterHighlights

•CapitalMarketsrevenuegrowthof6%localcurrency/USDwasbroad-basedacrossbusinesslines,thoughmarketuncertainty,especiallyaroundthefuturepathofinterestratespersists

•InvestmentSales,Debt/EquityAdvisoryandOtherrevenueincreased8%localcurrency/USDacrossmostassetclasses,drivenbystrengthinGermanyandJapan

•SegmentadjustedEBITDAgrowthwasdrivenbyrevenuegrowthandcostmanagementactions,partiallyoffsetbyayear-over-yearnon-cashchangeinloanlosscreditreserves,asaslightincreasetothereserveinthecurrentquarterfollowedadecreasetothereservein1Q2023

Notes:

•Netnon-cashMSRandmortgagebankingderivativeactivityshownas“MSRs”above

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

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WorkDynamicsGrowthratesrepresent%changeoverQ12023

Revenue

$M

$3,640

$3,276

$111

$103$656

$676

$2,872

$2,497

Q12024

Q12023

SegmentAdjustedEBITDA

$M

$51

$26

Q12023

Q12024

WorkplaceManagementProjectManagementPortfolioServicesandOtherGrosscontractcosts:$2,834$3,171

FirstQuarterHighlights

•WorkDynamicsrevenuegrowthof11%localcurrency/USDwasledbycontinuedstrongperformanceinWorkplaceManagement

•WorkplaceManagementrevenuegrew15%localcurrency/USDas2023newclientwinsandcontractexpansionsintheAmericasrampedfurtherinthequarter

•ProjectManagementrevenuedeclined3%localcurrency/USDdrivenbylowerpass-throughcosts;managementfeeswereflatassofter2023leasingactivitymoderatednewprojectcontracts

•SegmentadjustedEBITDAgrowthwasattributabletorevenuegrowth,theabsenceofTetriscontractlossesinthecurrentquarterandcontinuedcostmanagementactions

Notes:

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

15|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.

JLLTechnologiesGrowthratesrepresent%changeoverQ12023

Revenue

$M

$61

$54

Q12024

Q12023

SegmentAdjustedEBITDA

$M

($5)

($18)

Q12024

$1

Q12023

Grosscontractcosts:$4

FirstQuarterHighlights

•JLLTechnologiesrevenuedeclined12%localcurrency/USDreflectinglowercontractsigningsinthesecondhalfof2023,aschangestothebusiness’sgo-to-marketapproachaimedatimprovingprofitabilitytookeffect,anddelayeddecision-makingontechnologyspendfromexistingsolutionsclients

•SegmentAdjustedEBITDAimprovementforthequarterwasdrivenbycostmanagementactionsandimprovedoperatingefficiency,whichoutpacedtheimpactoflowerrevenue

Notes:

•IncludedinSegmentadjustedEBITDAforJLLTisareductionincarriedinterestexpenseof$0.1millionforQ12024andcarriedinterestexpenseof$0.7millionforQ12023relatedtoEquity(losses)earningsofthesegment

•AsofMarch31,2024,JLLTechnologies’proptechinvestmentstotal~$410M,withtheportfoliocurrentlyvaluedat~$430M,includingnotesreceivables

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

16|©2024JonesLangLaSalleIP,Inc.Allrightsreserved.

LaSalle

Growthratesrepresent%changeoverQ12023

Revenue

$M

SegmentAdjustedEBITDA

$M

$114

$10

$4

$103

$9

$2

$92

$101

Q12023

AdvisoryFees

Q12024

TransactionFeesandOtherIncentiveFees

$23

$21

Q12024

$8

Q12023

Grosscontractcosts:$7

FirstQuarterHighlights

•LaSalle’srevenuedeclineof8%localcurrency(10%USD)wasprimarilyduetoloweradvisoryfees,asvaluationdeclinescontinuetopressureassetsundermanagement(AUM)andlowerfeesinEuropeduetostructuralchangestocertainproductofferings

•AUMof$90billionatquarterend,adeclineof3%localcurrency(4%USD)resultingprimarilyfromvaluationdecreasesoverthetrailingtwelvemonths

•SegmentadjustedEBITDAdeclinedrivenbylowerrevenue,partiallyoffsetbycostmanagementactions

Notes:

•ThemarketvalueofJLL’sinvestmentinLaSalleLOGIPORTREIT(ticker3466-TKS)wasapproximately$49.0millionasofMarch31,2024

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

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Capitalallocationandbalancesheet

Debtandleverage

Highlights:

•Strongbalancesheetwithampleliquidityprovidesoperationalflexibility

•Sequentialquarterincreaseinnetdebtprimarilyattributabletoannualincentivecompensationpaymentsandreflectsthenormalseasonalityofcashflowsforthebusiness

•Theyear-over-yearreductioninnetdebtwaslargelyaresultofimprovedcashflowfromoperationsoverthetrailingtwelvemonthsendedMarch31,2024,comparedwiththetwelve-monthperiodendedMarch31,2023

Debtandleverage($M)

Q12024

Q42023

Q12023

Cashandcashequivalents

397

410

485

Totaldebt

2,298

1,560

2,585

Short-termborrowings

125

148

104

Creditfacility

1,395

625

2,100

Longtermseniornotes

778

787

380

TotalNetDebt

$1,901

$1,150

$2,100

AdjustedTTMEBITDA

$1,013

$938

$1,056

NetDebt/AdjustedTTMEBITDA

1.9x

1.2x

2.0x

CorporateLiquidity

$2,302

$3,085

$1,735

Notes:

•Refertopages24-27fordefinitionsandreconciliationsofnon-GAAPfinancialmeasures

•CreditFacilityandLong-TermSeniorNotesamountsshownaregrossofdebtissuancecosts

•CreditFacilityfiguresshownintablerepresentamountdrawn

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InvestmentGradeCreditRatings

Moody’s:Baa1

S&P:BBB+

$3.30B

CreditFacility

MaturinginNovember2028

$400M

LTSeniorNote

(PublicOffering)

5-yrdebt6.875%fixed(due2028)

€350M

LTSeniorEuroNotes

(PrivatePlacement)

10-yrdebt1.96%fixed(due2027)

12-yrdebt2.21%fixed(due2029)

$43

$20

$62

Returnofcapitaltoshareholders

$M

$601

$343

$100

2019

2020

2021

Dividend

2022

2023

Q12024YTD

ShareRepurchase

Highlights

•Strongbalancesheetprovidesflexibilitytoinvestinthebusinesswhilealsoreturningcashtoshareholders

•Sharesrepurchasestotaled$20millioninQ12024;approximately$1.1billionremainsonoursharerepurchaseauthorization

•Thelevelofreturnofcapitaltoshareholdersin2024and2023reflectsincreasedfocusonreducingoutstandingdebtbalances

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Financialtargets

$25-30B

Revenue

2024andMid-TermFinancialTargets

2024ConsolidatedFinancialTargets

AdjustedEBITDA

$950–1,150M

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Mid-TermConsolidatedFinancialTargets

GrossContractCosts

$15-19B

AdjustedEBITDA

$1.6–2.1B

NetDebt/Adj.EBITDA

<2x

Supplementalmaterials&non-GAAPreconciliations

Reconciliationofnetincome(loss)attributabletocommonshareholderstoadjustedEBITDA

ThreeMonthsEndedMar31

($M)

2024

2023

Netincome(loss)attributabletocommonshareholders

$66.1

$(9.2)

Interestexpense,netofinterestincome

30.5

26.3

Incometaxprovision(benefit)

15.9

(2.3)

Depreciationandamortization(1)

60.0

56.5

EBITDA

$172.5

$71.3

Restructuringandacquisitioncharges

1.7

35.7

Netnon-cashMSRandmortgagebankingderivativeactivity

9.0

1.8

Interestonemployeeloans,netofforgiveness

(1.0)

0.2

Equitylosses-JLLTechnologiesandLaSalle

4.9

3.9

AdjustedEBITDA

$187.1

$112.9

AdjustedEBITDAattributabletocommonshareholders("AdjustedEBITDA")representsEBITDAattributabletocommonshareholders(“EBITDA”)furtheradjustedforcertainitemswedonotconsiderdirectlyindicativeofourongoingperformanceinthecontextof

certainperformancemeasurements

(1)Thisadjustmentexcludesthenoncontrollinginterestportionofamortizationofacquisition-relatedintangibleswhichisnotattributabletocommonshareholders.

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2024

2023

$(9.2)

47,555

Reconciliationofnetincome(loss)toadjustednetincomeandadjusted

ThreeMonthsEndedMar31

dilutedearningspershare

($Mexceptpersharedata)

Netincome(loss)attributabletocommonshareholders

Shares(in000s)(1)

$66.1

48,280

Dilutedearnings(loss)pershare

$1.37

$(0.19)

Netincome(loss)attributabletocommonshareholders

$66.1

$(9.2)

Restructuringandacquisitioncharges

1.7

35.7

Netnon-cashMSRandmortgagebankingderivativeactivity

9.0

1.8

Amortizationofacquisition-relatedintangibles(2)

15.2

16.5

Interestonemployeeloans,netofforgiveness

(1.0)

0.2

Equitylosses-JLLTechnologiesandLaSalle

4.9

3.9

Taximpactofadjusteditems(3)

(9.9)

(14.7)

Adjustednetincome

$86.0

$34.2

Shares(in000s)

48,280

48,360

Adjusteddilutedearningspershare(4)

$1.78

$0.71

(1)BasicsharesoutstandingwereusedinthecalculationofdilutivelosspershareforthethreemonthsendedMarch31,2023,astheimpactofunvestedstock-basedcompensationawardswouldbeanti-dilutive.

(2)Thisadjustmentexcludesthenoncontrollinginterestportionofamortizationofacquisition-relatedintangibleswhichisnotattributabletocommonshareholders.

(3)Forthefirstquarterof2024and2023,thetaximpactofadjusteditemswascalculatedusingtheapplicablestatutoryratesbytaxjurisdiction.

(4)Calculatedonalocalcurrencybasis,theresultsforthethreemonthsendedMarch31,2024,include$0.11unfavorableimpactduetoforeignexchangeratefluctuations.

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Non-GAAPmeasures

Managementusescertainnon-GAAPfinancialmeasurestodevelopbudgetsandforecasts,measureandrewardperformanceagainstthosebudgets

andforecasts,andenhancecomparabilitytopriorperiods.Thesemeasuresarebelievedtobeusefultoinvestorsandotherexternalstakeholdersas

supplementalmeasuresofcoreoperatingperformanceandincludethefollowing:

(i)AdjustedEBITDAattributabletocommonshareholders("AdjustedEBITDA"),

(ii)Adjustednetincome(loss)attributabletocommonshareholdersandAdjusteddilutedearnings(loss)pershare,

(iii)FreeCashFlow,and

(iv)Percentagechangesagainstpriorperiods,presentedonalocalcurrencybasis.

However,non-GAAPfinancialmeasuresshouldnotbeconsideredalternativestomeasuresdeterminedinaccordancewithU.S.generallyaccepted

accountingprinciples(“GAAP”).Anymeasurethateliminatescomponentsofacompany’scapitalstructure,costofoperationsorinvestments,orother

resultshaslimitationsasaperformancemeasure.Inlightoftheselimitations,managementalsoconsidersGAAPfinancialmeasuresanddoesnotrely

solelyonnon-GAAPfinancialmeasures.Becausethecompany'snon-GAAPfinancialmeasuresarenotcalculatedinaccordancewithGAAP,theymay

notbecomparabletosimilarlytitledmeasuresusedbyothercompanies.

EffectiveJanuary1,2024,thedefinitionsofAdjustedEBITDAandAdjustednetincomeattributabletocommonshareholderswereupdatedtoexclude

certainequityearnings/lossesasfurtherdescribedbelow.Comparableperiodshavebeenrecasttoconformtotherevisedpresentation.

Alsoeffectivewithfirst-quarter2024reporting,thecompanynolongerreportsthenon-GAAPmeasures"Feerevenue"and"Fee-basedoperating

expenses"followingtheconclusionofacommentletterfromtheSecuritiesandExchangeCommissionStaffinFebruary2024.

AdjustmentstoGAAPFinancialMeasuresUsedtoCalculatenon-GAAPFinancialMeasures

NetNon-CashMortgageServicingRights("MSR")andMortgageBankingDerivativeActivityconsistsofthebalancespresentedwithinRevenue

composedof(i)derivativegains/lossesresultingfrommortgagebankingloancommitmentandwarehousingactivityand(ii)gainsrecognizedfromthe

retentionofMSRuponoriginationandsaleofmortgageloans,offsetby(iii)amortizationofMSRintangibleassetsovertheperiodthatnetservicing

incomeisprojectedtobereceived.Non-cashderivativegains/lossesresultingfrommortgagebankingloancommitmentandwarehousingactivityare

calculatedastheestimatedfairvalueofloancommitmentsandsubsequentchangesthereof,primarilyrepresentedbytheestimatednetcashflows

associatedwithfutureservicingrights.MSRgainsandcorrespondingMSRintangibleassetsarecalculatedasthepresentvalueofestimatedcash

flowsovertheestimatedmortgageservicingperiods.TheaboveactivityisreportedentirelywithinRevenueoftheCapitalMarketssegment.Excluding

netnon-cashMSRandmortgagebankingderivativeactivityreflectshowthecompanymanagesandevaluatesperformancebecausetheexcluded

activityisnon-cashinnature.

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Non-GAAPmeasures(cont.)

RestructuringandAcquisitionChargesprimarilyconsistof:(i)severanceandemployment-relatedcharges,includingthoserelatedtoexternal

serviceproviders,incurredinconjunctionwithastructuralbusinessshift,whichcanberepresentedbyanota