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Christian Ulbrich, CEO Karen Brennan, CFO JLL Overview We shape the future of real estate for a better world. ©2025 Jones Lang LaSalle IP, Inc. All rights reserved.
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Cautionary note regarding forward-looking statements Statements in this presentation regarding, among other things, future financial results and performance, achievements, plans, objectives and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties, and other factors, the occurrence of which are outside JLL's control which may cause JLL's actual results, performance, achievements, plans, and objectives to be materially different from those expressed or implied by such forward-looking statements. For additional information concerning risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated in forward-looking statements, and risks to JLL's business in general, please refer to those factors discussed under "Risk Factors," “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in JLL's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this presentation, and except to the extent required by applicable securities laws, JLL expressly disclaims any obligation or undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in expectations or results, new information, developments, any change in events. 2
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A global professional services firm specializing in real estate and investment management 3 Over 200 years of experience helping clients buy, build, occupy, manage and invest in the commercial real estate industry A Fortune 200 company with more than $23 billion of annual revenue An industry leader across each of our service lines Differentiated business platform underpinned by technology and data Our 112,000 employees in 80 countries combine local expertise with JLL’s global scale Five integrated business segments operating under our “One JLL” culture A global leader in building sustainability - our purpose is to shape the future of real estate for a better world An industry leader with global scale
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Over 200 years building a premier global brand and platform 4 Jones Lang Wootton founded 1783 1968 1997 1999 LaSalle Partners founded LaSalle Partners initial public offering LaSalle Partners and Jones Lang Wootton merge to create Jones Lang LaSalle Integrated global platform (NYSE ticker “JLL”) 2008 The Staubach Company and Jones Lang LaSalle combine operations Transforms U.S. leasing brokerage position King Sturge (est. 1760) and Jones Lang LaSalle merge EMEA operations Enhances strength and depth of service capabilities in the UK and EMEA 1760 20152011 JLL first named to Fortune 500 2019 JLL acquires HFF Accelerates growth in Capital Markets Services 2024 JLL launches JLL Falcon Powers new era of AI CRE innovation
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JLL awards and recognition 5 Fortune | 2017-2025 World’s Most Admired Companies Fortune | 2015-2025 Fortune 500 - #188 US News & World Report | 2023-2025 Best Companies to Work For Ethisphere | 2008-2025 World’s Most Ethical Companies Disability Equality Index | 2019-2024 Best Places to Work for Disability Inclusion Energy Star | 2012-2024 Partner of the Year Sustained Excellence Award USA Today and Statista | 2023-2025 America’s Climate Leaders Newsweek | 2024 America’s Greatest Workplaces Time and Statista | 2024 World’s Best Companies Barron’s | 2020-2024 America’s 100 Most Sustainable Companies Wall Street Journal | 2017-2024 Management Top 250 JUST Capital | 2022-2025 America’s Most JUST Companies
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1 2 3 4 5 Industry tailwinds provide a foundation for future growth 6 Growth in outsourcing Rising capital flows to real estate Increasing urbanization Tech-driven fourth industrial revolution Corporations are outsourcing their Real Estate needs to save costs and improve the employee experience Real Estate is a core, growing asset class Cities house over half of the world’s population, going to nearly 70% by 2050(1) Transformation in building and operating Real Estate Sustainability Reducing carbon emissions from buildings is central to our clients' goals (1) Urban Development Overview – World Bank, May 2025.
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Our differentiated platform sets us apart from the competition 7 The industry’s most advanced data and technology capabilities Talent and culture curates a “One JLL” mindset Global services and scale
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Industry-leading data and technology platform Unifying our data and technology to empower our people and generate value for clients 8 Reflects a selection of representative products, investments and key milestones AI Journey • Early adopter of AI through organic and inorganic investments • Since its start in 2021, Capital Markets transactions influenced by Horizon AI platform have grown to 30% • Active users on JLL GPT launched in 2023 exceeds 30% of JLL employees • JLL Falcon AI platform launch in late 2024 − Over 30 applications in use and nearly 50 in development on top of Falcon platform • JLL Azara AI platform being implemented across Workplace Management clients Curate a portfolio of the most impactful technology products Build • JLL GPT • Horizon • JLL Azara/Azara AI Acquire • Corrigo FM • Building Engines • Raise • Skyline AI Invest • JLL Spark Corporate Venture Capital Fund License • More than 35 data & analytics partners globally
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Real Estate Management Services JLL serves clients through five business segments 9 • Workplace Management • Project Management • Property Management • Portfolio Services and Other Software and Technology Solutions Investment Management • Advisory Fees • Transaction Fees and Other • Incentive Fees Capital Markets Services • Investment Sales, Debt/ Equity Advisory and Other • Value and Risk Advisory • Loan Servicing Leasing Advisory • Leasing • Advisory, Consulting and Other Segment Contribution to FY 2024 Adj EBITDA ($Million) 8% 21% 39% 34% -2% $1,186 Real Estate Management Services Leasing Advisory Capital Markets Services Investment Management Software and Technology Solutions
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Real Estate Management Services $17,993 million of revenue, $399 million of adjusted EBITDA (FY 2024) 10 (1) Gross contract costs (“GCC”) represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. Within Real Estate Management Services, in addition to Workplace Management, the remaining share of segment GCC relates to Project Management (14%), Property Management (8%) and Portfolio Services and Other (2%). (2) Estimated based on the best available company data as of or for the year ended December 31, 2024. (3) Applies to Workplace Management and Property Management. 5.3 billion s.f. Real estate managed across our occupier and investor clients (2),(3) 5+ Years Average client relationship (2),(3) Workplace Management Q4’24 s.f. Managed by Asset Class(2) Other 21% Office 38% Industrial 23% Retail 8% Data Centers/Critical Environments 10% Real Estate Management Services Transaction Management PortfolioServices PortfolioAdvisory Lease Administration StrategicConsulting Project Management Design Solutions Move Management PropertyManagement Construction Management Infrastructure Advisory WorkplaceManagement TechnicalServices andSustainability Facilities Management Experience and Occupancy Revenue for Real Estate Management Services included $15,266 million of Gross contract costs in FY 2024, 76% of which related to Workplace Management (1) 70% 17% 10% 3% Share of FY 2024 Segment Revenue(1) Workplace Management Project Management Property Management Portfolio Services and Other
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96% 4% Leasing Advisory $2,706 million of revenue, $465 million of adjusted EBITDA (FY 2024) 11 (1) Revenue includes $33 million of Gross contract costs (“GCC”), which represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. Within Leasing Advisory, the share of segment GCC relates to Leasing (62%) and Advisory, Consulting and Other (38%). (2) Estimated based on the best available company data as of or for the year ended December 31, 2024. ~18,300 Agency leasing transactions(2) ~23,000 Tenant representation transactions(2) Leasing FY 2024 Revenue By Asset Class(2)Share of FY 2024 Segment Revenue(1) Advisory, Consulting and Other Office 62% Industrial 26% Retail 7% Mixed Use/Other 5% Leasing AgencyLeasing Leasing AdvisoryLeasing TenantRepresentation AdvisoryandConsulting Location Advisory Development Advisory
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74% 18% 8% Capital Markets Services $2,040 million of revenue, $244 million of adjusted EBITDA (FY 2024) 12 (1) Revenue includes $49 million of Gross contract costs (“GCC”), which represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. Within Capital Markets Services, the share of segment GCC relates to Investment Sales, Debt/Equity Advisory and Other (73%) and Value and Risk Advisory (27%). (2) Included as a reduction to Revenue is Net non-cash MSR and mortgage banking derivative activity of $18 million within Investment Sales Debt/Equity Advisory and Other. (3) Estimated based on the best available company data as of or for the year ended December 31, 2024. Provided Capital Markets Services for $186 billion of client transactions(3) Share of FY 2024 Segment Revenue(1),(2) Investment Sales Sales Acquisitions Portfolios ValueandRiskAdvisory Valuation Risk Advisory Portfolio Optimization DebtAdvisory DebtStructuring Loan Sales Hedging& Derivatives Investment/ Development Financing Loan Servicing Agency Lending EquityAdvisory EquityPlacement M&A/Corporate Finance Funds Placement Capital Markets Services Investment Sales, Debt/Equity Advisory and Other(2) Loan Servicing Value and Risk Advisory Investment Sales, Debt/Equity Advisory and Other FY 2024 Revenue by Asset Class(3) Industrial 19%Office 14% Residential 30% Retail 11% Mixed Use/Other 17% Hotels 9%
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Investment Management $468 million of revenue, $100 million of adjusted EBITDA (FY 2024) 13 (1) Revenue includes $37 million of Gross contract costs (“GCC”) , which represent certain costs associated with client-dedicated employees and third-party vendors and subcontractors and are directly or indirectly reimbursed through the fees we receive. (2) AUM as of December 31, 2024, reported on a one quarter lag. (3) Estimated based on the best available company data as of December 31, 2024. $89B Assets under management (AUM)(2) $30B Capital commitments raised since 2020(3) Share of FY 2024 Segment Revenue(1) Transaction Fees and Other IncentiveFees Earnedbasedonperformanceabovespecifichurdles AdvisoryFees Earnedprimarily on property acquisitions Investment Management Earnedbasedoncapitalcommitted,deployed&managed Incentive Fees 13% Transaction Fees and Other 7% Advisory Fees 80% Office 25% Industrial 22% Other 10% Retail 9% Multifamily 18% Q4’24 AUM By Asset Class(2),(3) Uncalled Committed Capital + Cash 16%
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Software and Technology Solutions $226 million of revenue, adjusted EBITDA loss of $22 million (FY 2024) 14 Software and Technology Solutions • Technology Solutions include program and project management, implementation and support, managed services, and advisory/consulting services • Our cloud-based software products enable higher-quality insight and decision-making through improved data and analytics, to enhance financial and/or operating performance for both investor and occupier clients. Examples include: − Building Engines, a comprehensive system that unites the technology and applications used to manage a building − Corrigo, a product that enables facility managers to efficiently manage work orders, repairs/maintenance, and automate tasks • JLL Spark – Investments in proptech − Launched Spark Global Ventures Fund in 2018 − Invested in more than 55 proptech startups − Focused on future of work, smart buildings & sustainability Software and Technology Solutions InvestorProducts– BuildingOperations,TenantExperience andEnergyOptimization Software OccupierProducts– FacilitiesManagement andMarketplace TechnologySolutions Advisory andConsulting Program andProject Management Implementation andSupport Managed Services
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History of high-single digit revenue growth 15 $13.0 $23.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue ($B) 7.9% Average Revenue Growth Note: Time horizon reflects the periods in which ASC Topic 606 is applicable, inclusive of the two years that were re-stated in accordance with the new guidance that was effective beginning in 2018.
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Low double digit adjusted EBITDA growth average demonstrates platform resiliency 16 $648 $1,186 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adjusted EBITDA ($M)1 10.4% Average Adj. EBITDA Growth Refer to appendix for definitions and reconciliations of non-GAAP financial measures (1) Adjusted EBITDA excludes equity earnings and losses from Investment Management and Software and Technology Solutions. Time horizon reflects the periods in which ASC Topic 606 is applicable, inclusive of the two years that were re-stated in accordance with the new guidance that was effective beginning in 2018.
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Adjusted EPS has grown faster on average than both adjusted EBITDA and revenue 17 2016 2017 2018 2019 2020 2021 2022 2023 2024 Adjusted EPS1 12.5% Average Adj. EPS Growth Refer to appendix for definitions and reconciliations of non-GAAP financial measures (1) Adjusted EPS excludes equity earnings and losses from Investment Management and Software and Technology Solutions; we applied the originally determined tax rate on adjustments to the recast total adjustments (inclusive of equity earnings/losses associated with Investment Management and Software and Technology Solutions). Time horizon reflects the periods in which ASC Topic 606 is applicable, inclusive of the two years that were re-stated in accordance with the new guidance that was effective beginning in 2018. $7.86 $14.01
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Track record of growing greater than 3x global GDP 18 -20% -10% 0% 10% 20% 30% 40% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Global GDP and JLL Revenue Growth (Correlation of JLL revenue growth and global GDP growth: ~0.8) JLL Revenue Growth Global GDP Growth 9.8% Average JLL Revenue Growth 3.2% Average Global GDP Growth Sources: IMF April 2025 World Economic Outlook and JLL. Note: Average revenue growth includes acquisitions.
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Clear capital allocation priorities 19 Invest to drive organic growth in our people and platform Return capital to shareholders Selective M&A All while maintaining an investment grade balance sheet and leverage within our target range of 0-2x Disciplined capital allocation approach underpinned by comparative return analysis
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Investment grade balance sheet allows for balanced pursuit of capital allocation priorities 20 1. Net leverage ratio represents net debt divided by trailing twelve months Adjusted EBITDA; Adjusted EBITDA excludes equity earnings and losses from Investment Management and Software and Technology Solutions 2. Net debt represents the sum of drawn revolving credit facility, long-term senior notes, short-term borrowings and commercial paper less cash and cash equivalents Key metrics • Moody’s: Baa1 • Standard and Poor’s: BBB+ Current credit ratings • Total net debt (2) of $0.8B • ~$3.6B of total liquidity including ~$3.2B available revolver capacity • Net leverage ratio of 0.7x • Leverage is generally higher in the first half of the year and declines in the second half of the year Balance sheet as of December 31, 2024: Historical Net Leverage Ratio (1) PeakYear-end 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 2017 2018 2019 2020 2021 2022 2023 2024 Target leverage range of 0x-2x
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Committed to returning capital to shareholders 21 Our approach • Programmatic share repurchases provide a consistent return of capital to shareholders • At a minimum, offset stock compensation dilution on an annual basis • Will look to increase share repurchases in the absence of M&A • ~$1.0B remaining on our share repurchase authorization as of the end of 2024 Return of Capital Share repurchase $0 $100 $200 $300 $400 $500 $600 $700 2017 2018 2019 2020 2021 2022 2023 2024 $M Reduced share count by ~8% over last five years Payment of Dividends
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Multiple levers to achieve financial targets 22 Expand product offering to existing clients Utilize technology to drive productivity Leverage global shared services platform Superior data and advice drives market share gains
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Full year 2025 and mid-term financial Targets 23 2025 Consolidated financial targets $1.25 – $1.45BAdjusted EBITDA 14% y/y growth at the midpoint $25 – 30BRevenue FY 2024: $23.4B $15 – 19BGross contract costs FY 2024: $15.4B $1.6 – 2.1BAdjusted EBITDA FY 2024: $1.2B < 2xNet debt/Adj. EBITDA 2024 Average: 1.4x Note: The mid-term consolidated financial targets were established in November 2023 and updated to reflect current presentation format in May 2024. Mid-term consolidated financial targets (established November 2023)
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JLL is well–positioned to drive long-term profitable growth and create shareholder value 24 Growth at ~3x the rate of GDP growth through cycles – supported by industry tailwinds Differentiated platform (data capabilities, technology, talent, culture, services, scale) driving share gains across business Clear roadmap for revenue, margin, and adjusted EPS growth Strong balance sheet, high cash generation, and disciplined capital allocation
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Appendix and non-GAAP reconciliations 25
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Additional segment detail 26 Twelve Months Ended Dec 31 ($M) 2024 2023 Real Estate Management Services Revenue $17,993 $15,806 Gross Contract Costs (15,266) (13,255) Platform Operating Expenses 2,450 2,330 Adjusted EBITDA $399 $331 Leasing Advisory Revenue $2,706 $2,447 Gross Contract Costs (33) (30) Platform Operating Expenses 2,246 2,102 Adjusted EBITDA $465 $349 Capital Markets Services Revenue $2,040 $1,778 Gross Contract Costs (49) (48) Net non-cash MSR and mortgage banking derivative activity 18 18 Platform Operating Expenses 1,837 1,649 Adjusted EBITDA $244 $173
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Additional segment detail (continued) 27 Twelve Months Ended Dec 31 ($M) 2024 2023 Investment Management Revenue $468 $484 Gross Contract Costs (37) (29) Platform Operating Expenses 347 359 Adjusted EBITDA $100 $104 Software and Technology Solutions Revenue $226 $246 Gross Contract Costs (6) (15) Platform Operating Expenses 271 267 Adjusted EBITDA $(22) $(19) Consolidated Revenue $23,433 $20,761 Gross Contract Costs (15,391) (13,376) Net non-cash MSR and mortgage banking derivative activity 18 18 Platform Operating Expenses 7,151 6,708 Adjusted EBITDA $1,186 $938
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Reconciliation of full year adjusted EBITDA 28 Twelve Months Ended Dec 31 ($M) 2024 2023 Segment Real Estate Management Services $399 $331 Leasing Advisory 465 349 Capital Markets Services 244 173 Investment Management 100 104 Software and Technology Solutions (22) (19) Adjusted EBITDA $1,186 $938
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Reconciliation of net income to adjusted net income and adjusted diluted earnings per share 29 Twelve Months Ended Dec 31 ($M except per share data) 2024 2016 Net income attributable to common shareholders $546.8 $329.3 Shares (in 000s) 48,372 45,528 Diluted earnings (loss) per share $11.30 $7.23 Net income attributable to common shareholders $546.8 $329.3 Restructuring and acquisition charges 23.1 68.5 Net non-cash MSR and mortgage banking derivative activity 18.2 (23.5) Amortization of acquisition-related intangibles(1) 62.4 24.1 Interest on employee loans, net of forgiveness (5.9) - Equity losses (earnings) – Investment Management and Software and Technology Solutions 76.4 (31.5) Tax impact of adjusted items(2) (49.8) (9.2) Adjusted net income $677.5 $357.7 Shares (in 000s) 48,372 45,528 Adjusted diluted earnings per share $14.01 $7.86 1. This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders. 2. For the first half and fourth quarter of 2024, the tax impact of adjusted items was calculated using the applicable statutory rates by tax jurisdiction. For the third quarter of 2024, the tax impact of adjusted items was calculated using the consolidated effective tax rate, as this was deemed to approximate the tax impact of adjusted items calculated using applicable statutory tax rates.
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Reconciliation of net income attributable to common shareholders to adjusted EBITDA 30 Twelve Months Ended Dec 31 ($M) 2024 2016 Net income attributable to common shareholders $546.8 $329.3 Interest expense, net of interest income 136.9 45.3 Income tax provision 132.5 117.8 Depreciation and amortization(1) 252.0 141.8 Restructuring and acquisition charges 23.1 68.5 Net non-cash MSR and mortgage banking derivative activity 18.2 (23.5) Interest on employee loans, net of forgiveness (5.9) - Equity losses (earnings) – Investment Management and Software and Technology Solutions 76.4 (31.5) Credit losses on convertible note investments 6.3 - Adjusted EBITDA $1,186.3 $647.7 Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA") represents EBITDA attributable to common shareholders (“EBITDA”) further adjusted for certain items we do not consider directly indicative of our ongoing performance in the context of certain performance measurements 1. This adjustment excludes the noncontrolling interest portion of amortization of acquisition-related intangibles which is not attributable to common shareholders.
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Reconciliation of net debt and total liquidity 31 As of Dec 31 ($M) 2024 2023 Net Debt Cash and cash equivalents $416.3 $410.0 Total Debt 1,216.9 1,560.3 Short-term borrowings 153.8 147.9 Credit facility 100.0 625.0 Commercial Paper 200.0 - Long-term senior notes 763.1 787.4 Total Net Debt $800.6 $1,150.3 Total Liquidity Total credit facility capacity $3,300.0 $3,300.0 LESS: Drawn credit facility (100.0) (625.0) Equals: Unutilized credit facility $3,200.0 $2,675.0 PLUS: Cash equivalents 416.3 410.0 Equals: Total Liquidity $3,616.3 $3,085.0
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Non-GAAP measures 32 1. Management uses certain non-GAAP financial measures to develop budgets and forecasts, measure and reward performance against those budgets and forecasts and enhance comparability to prior periods. These measures are believed to be useful to investors and other external stakeholders as supplemental measures of core operating performance and include the following: i. Adjusted EBITDA attributable to common shareholders ("Adjusted EBITDA"), ii. Adjusted net income attributable to common shareholders and Adjusted diluted earnings per share, iii. Free Cash Flow, iv. Net Debt and v. Percentage changes against prior periods, presented on a local currency basis. However, non-GAAP financial measures should not be considered alternatives to measures determined in accordance with U.S. generally accepted accounting principles ("GAAP"). Any measure that eliminates components of a company’s capital structure, cost of operations or investments, or other results has limitations as a performance measure. In light of these limitations, management also considers GAAP financial measures and does not rely solely on non-GAAP financial measures. Because the company's non-GAAP financial measures are not calculated in accordance with GAAP, they may not be comparable to similarly titled measures used by other companies. Adjustments to GAAP Financial Measures Used to Calculate non-GAAP Financial Measures Net Non-Cash Mortgage Servicing Rights ("MSR") and Mortgage Banking Derivative Activity consists of the balances presented within Revenue composed of (i) derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity and (ii) gains recognized from the retention of MSR upon origination and sale of mortgage loans, offset by (iii) amortization of MSR intangible assets over the period that net servicing income is projected to be received. Non-cash derivative gains/losses resulting from mortgage banking loan commitment and warehousing activity are calculated as the estimated fair value of loan commitments and subsequent changes thereof, primarily represented by the estimated net cash flows associated with future servicing rights. MSR gains and corresponding MSR intangible assets are calculated as the present value of estimated cash flows over the estimated mortgage servicing periods. The above activity is reported entirely within Revenue of the Capital Markets Services segment. Excluding net non-cash MSR and mortgage banking derivative activity reflects how the company manages and evaluates performance because the excluded activity is non-cash in nature.
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Non-GAAP measures (cont.) 33 Restructuring and Acquisition Charges primarily consist of: (i) severance and employment-related charges, including those related to external service providers, incurred in conjunction with a structural business shift, which can be represented by a notable change in headcount, change in leadership or transformation of business processes; (ii) acquisition, transaction and integration- related charges, including fair value adjustments, which are generally non-cash in the periods such adjustments are made, to assets and liabilities recorded in purchase accounting such as earn-out liabilities and intangible assets; and (iii) lease exit charges. Such activity is excluded as the amounts are generally either non-cash in nature or the anticipated benefits from the expenditures would not likely be fully realized until future periods. Restructuring and acquisition charges are excluded from segment operating results and therefore are not line items in the segments’ reconciliation to Adjusted EBITDA. Amortization of Acquisition-Related Intangibles is primarily associated with the fair value ascribed at closing of an acquisition to assets such as acquired management contracts, customer backlog and relationships, and trade name. Such activity is excluded as it is non-cash and the change in period-over-period activity is generally the result of longer-term strategic decisions and therefore not necessarily indicative of core operating results. Gain or Loss on Disposition reflects the gain or loss recognized on the sale of businesses. Given the low frequency of business disposals by the company historically, the gain or loss directly associated with such activity is excluded as it is not considered indicative of core operating performance. Interest on Employee Loans, Net of Forgiveness reflects interest accrued on employee loans less the amount of accrued interest forgiven. Certain employees (predominantly in Leasing Advisory and Capital Markets Services businesses) receive cash payments structured as loans, with interest. Employees earn forgiveness of the loan based on performance, generally calculated as a percentage of revenue production. Such forgiven amounts are reflected in Compensation and benefits expense. Given the interest accrued on these employee loans and subsequent forgiveness are non-cash and the amounts perfectly offset over the life of the loan, the activity is not indicative of core operating performance and is excluded from non-GAAP measures. Equity Earnings/Losses (Investment Management and Software and Technology Solutions) primarily reflects valuation changes on investments reported at fair value. Investments reported at fair value are increased or decreased each reporting period by the change in the fair value of the investment. Where the measurement alternative has been elected, our investment is increased or decreased upon observable price changes. Such activity is excluded as the amounts are generally non-cash in nature and not indicative of core operating performance. Note: Equity earnings/losses in the remaining segments represent the results of unconsolidated operating ventures (not investments), and therefore the amounts are included in adjusted profit measures on both a segment and consolidated basis. Credit Losses on Convertible Note Investments reflects credit impairments associated with pre-equity convertible note investments in early-stage proptech enterprises. Such losses are similar to the equity investment-related losses included in equity earnings/losses for Software and Technology Solutions' investments and are therefore consistently excluded from adjusted measures.
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Market and industry data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company's internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. In addition, the information contained in this presentation is as of the date hereof (except where otherwise indicated), and the Company has no obligation to update such information, including in the event that such information becomes inaccurate or if estimates change. Subsequent materials may be provided by or on behalf of the Company in its discretion and such information may supplement, modify or supersede the information in these materials. Neither the Company, nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever arising from any use of these materials or their contents or otherwise arising in connection with these materials. 34
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Thank you