JLL

MARKET AND OTHER RISK FACTORS Interest Rates We assess interest rate sensitivity to estimate the potential effect of rising short-term interest rates on our variable-rate debt. If short-term interest rates were 50 basis points higher during 2026 on our variable-rate debt, our results would reflect an incremental $2.1 million of interest expense for the six months ended June 30, 2026. Foreign Exchange The following outlines the significant functional currencies of our revenue, highlighting where exposure to movements in foreign exchange impact our operations in international markets. Six Months Ended June 30, 2026 2025 British pound 7 % 7 % Euro 6 6 Australian dollar 4 5 Other(1) 19 19 Revenue exposed to foreign exchange rates 36 % 37 % United States dollar 64 63 Total revenue 100 % 100 % (1) No other functional currency exceeded 5% of total revenue in either period presented. To show the impact foreign currencies have on our results of operations, we present the change in local currency for revenue and operating expenses on a consolidated basis and by operating segment in Management's Discussion and Analysis of Financial Condition and Results of Operations included herein. For additional detail of the impact of foreign exchange rates on our results of operations, see Management's Discussion and Analysis of Financial Condition and Results of Operations included herein. We enter into cross-currency swaps and foreign currency forward contracts to manage currency risks associated with net investments in foreign operations and intercompany loan balances, respectively. See Note 12, Foreign Currency Derivatives and Hedging, in the Notes to the Consolidated Financial Statements for further discussion of our cross-currency swaps and forward contracts.

We are a defendant or plaintiff in various litigation matters arising in the ordinary course of business, some of which involve claims for damages that are substantial in amount. Many of these litigation matters are covered by insurance, including insurance provided through a captive insurance company, although they may nevertheless be subject to large deductibles and the amounts being claimed may exceed the available insurance. Although we cannot determine the ultimate liability for these matters based upon information currently available, we believe the ultimate resolution of such claims and litigation will not have a material adverse effect on our financial position, results of operations or liquidity.

There have been no material changes to our risk factors as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.