Portfolio_2024

Pranjal Anand

PORTFOLIO

[ C rea t i v e d e s i g n e r ]

P rodu c t

C once p t

I nte r i o r

G rap h i c

To our client and key stakeholders:

2020 was a year of unprecedented challenges, and never has it been more critical to have a trusted real estate partner that manages the bank’s portfolio as if it was their own. Facing a global pandemic, numerous natural disasters, financial unrest and protest activity, JLL rose to the challenge – standing up a COVID Command Center, expanding the capabilities of Corrigo and the Disaster Management Tracker, developing a PMO devoted to developing the strategy to safely return employees to the office – all the while continuing to deliver results for the bank.

We leveraged technology to help manage the COVID crisis – developing several custom dashboards in record time to provide insight on everything from C&J oversight to developing social distancing floor plans and building readiness for the return to office strategy.

We continued to refine tools that deliver greater financial transparency that support strategic data driven decisions about the portfolio. Tools like the IFM Site Details & Financials that allow the bank to dive into details at the site level, along with the Capital Planning dashboard, and Transaction & Lease Admin Financials that will become integral to that delivery.

In 2019, JLL engaged two audit firms to perform reviews in the area of Contracted Spend. This year account leaders from PDS and Sourcing went to work in partnership with our client in developing a number of process improvements. As a result, our Project Managers are actively utilizing 25 new tools, resulting in more effective management and GC financial accountability for our client.

Implemented last year, Corrigo proved to be an invaluable tool for the bank and its facility partners greatly streamlining the work order process and providing tracking and insights to manage through numerous natural disasters and other challenges. Our team created all new procedures, steps and fields in Corrigo to respond specifically to COVID and accommodate RTO and readiness operations. We also delivered mobile-enabled access to support remote use by BofA employees and providers. The retail program delivered 750 projects despite delays and challenges due to the pandemic. The Bank of America Tower in Charlotte won a prestigious CORE Award for large projects from the Carolinas Chapter of CoreNet, and we completed the moves to the final floors of that award-winning tower. Moves commenced at 110 Wacker in Chicago and will continue through January 2021, part of a major co-location strategy in that market. In addition, we delivered more than 46 floors consisting of 1M S.F. in markets across the portfolio. As part of the broader portfolio optimization strategy, we are driving opportunities for aggressive space and rent reductions and implementing a stringent review process for all transactions.

We have accomplished a lot together in our more than 29 years of partnership, and while we hope to never see another year like 2020, we were proud to be an integral part in developing the bank’s COVID strategies, all the while managing and maintaining the portfolio. We are eager to continue to deliver results, transitioning teams back to the office, propelling digital transformation & innovation, driving cost savings and financial transparency, and further optimizing the bank’s global portfolio in 2021 and beyond.

Pat Rainey

Account Executive

JLL Bank of America Account

Sincerily

Pat Rainey

Portfolio review

As the bank’s primary facility partner, we oversee 70% of the bank’s overall portfolio consisting of 5,459 properties and 49.4M square feet, and we are the global providers of technology, capital planning, lease administration and call center services.

Domestic

5,445 sites | 47.1M SF

International

14 sites | 2.3M SF

5,459 49.4M ~1,200

Total locations in global portfolio

Total square feet managed Global headcount

Sole provider in 38 U.S. states Canada GDCE India

Global ownership of BofA Technology Platform

Lease Administration services

Call Center services

Capital Planning

Operational excellence

We continue to surpass the account’s goals delivering operational excellence for the Bank.

Delivering results

Employee spotlight

Matt Brown

Matt Brown joined the Bank of America account a little more than a year ago and has had an immediate and sustained impact on our delivery of Business Intelligence reporting. He came to us from the HSBC account with fresh ideas and a drive to deliver results. His ability to partner with the IFM COE team, utilizing an agile development methodology, is a practice we have been adopting with other service lines. Both his ability to lead his direct reports and his influence with the business stakeholders has allowed us to deliver many impactful and innovative initiatives.

Two examples of Matt’s achievements include:

The IFM Financials dashboards and process, allows us to track the largest drivers of financial variance for each building, while also collecting and processing any explanations for these variances. Upon delivery, this immediately became the most utilized dashboard ever delivered for the BofA Account.

He was also integral to the combined BofA, CBRE, and JLL team assigned to deliver best in class Return to Office (RTO) reporting. This effort utilized enhancements to technology to capture new data, combined that with data provided by BofA, and displayed relevant visualizations in Tableau from the highest level summaries down to the individual floor and checklist question.

These Dashboards are recognized as best in class within JLL and are regularly used as an example of the highest quality Tableau development. Matt is the driving force leading the teams that delivered value.

2020 Results at a glance

• ALL KPIs were GREEN for the year, achieving 2020 Performance Standards

• Exceeded the target portfolio reduction for 2020 (159K SF)

• Charlotte Tower won prestigious CORE Award from Carolinas Chapter of CoreNet

• Moves to Charlotte Tower completed and moves commenced to 110 Wacker in Chicago

• Delivered numerous BI tools and dashboards and enhanced user adoption

• Created Safe Distance Approximator to calculate RTO seat capacity. – Tool was adopted by FMS and is being used in several accounts across the firm

• Delivered 750 Retail Projects despite COVID delays and challenges

• Achieved 31.8% Diversity Spend, exceeding 2020 target.

551K work orders processed

1,403 transactions closed

34,000 people moves completed

33 BI dashboard deployments

258,000 BI dashboard views

21,500 avg. monthly dashboard views

750 retail program projects

46 Space Mod floors delivered

96 RTO innovations analyzed

Aligned partnership

As the bank’s primary facility partner, our goals are the bank’s goals and as such, our account’s strategy and initiatives are developed directly in support of the bank’s yearly priorities. Throughout this report, we will share the many ways we delivered on this strategy as well as how we have supported the bank through the COVID pandemic and the many unforeseen challenges we faced in 2020.

CRE Objective

Accuracy to Financial Forecast

Meet Current Financial Year Plan

JLL Account Strategy / Initiatives

Optimization:

• Process and Tool Transformation

• Strengthen and enhance our controls and processes

Insights:

• Building-level budget creation and reporting

• Develop multi-year LOB forecast

Partnering:

• Increase financial acumen and our advisory role across account

• Improve confidence in the financial forecast and plan management

• Invest in our team - re-tool skill sets and focus on attracting and retaining best in class talent.

CRE Objective

Meet Retail Project Forecast

JLL Account Strategy / Initiatives

• Continue to drive Retail project program results with existing management routines and reporting.

• Continue to stay in the lead role for all Retail program management and maintain client relationships.

Execute Projects On-Time and On-Budget

• Maintain current management routines that have exceeded the KPI goals 3 years running.

Improved Employee Experience

• Partner to influence cultural alignment to drive adoption of Space Mod through change management, technology enablement providing and tracking continuous improvement and measures.

Demonstrate Value Engineering / Innovative Workplace Solutions

Portfolio Optimization

Portfolio OptimizationWorkplace Strategy

• FM Transformation - utilize data insights generated by Corrigo to drive value and change behaviors.

• Review all retail “Standards”. Supplier base to provide “like” lower cost items.

• Stood up COVID Command Center, Innovation Program as well as the PMO for Return to Office Strategy.

• Optimize portfolio through planned SF reduction by 428K SF. Access 74 markets to drive more value to financial, operational and strategic value.

• Create multi-market plans for the next 10 large admin markets

• Evaluate the next 200 Merrill sites for co-location or rationalization opportunities.

• Execute on Space Mod projects - Evolution of the program through best practices, technology and innovation in order to enhance employee experience.

• Reimagine the workplace and provide transformation strategies for the next normal.

Ensure Adherence to Compliance (Laws, Rules and Regulations)

• Increase significance of robust Risk & Compliance Program inclusive of internal audit program, remediation progress of internal audit findings, process changes and enhancements, R&C training and communications to account.

Meet Enterprise Environmental, Social and Governance (ESG) Goals

• Accelerate projects that can positively impact BofA ESG goals.

• Provide historical and pipeline diversity spend data to regional ADs and Project Management leads to inform and enable achieving diversity spend KPI and upside incentive.

KPI Scorecard

ALL KPIs were GREEN for the year, achieving 2020 Performance Standards.

Reporting Period: January – December 2020

Financial performance

Cost Saves/ROI Total cost savings & avoidances Cost savings & avoidances for every $1 in fees $2.9M FM/Engineering $3.8M Sourcing $32.0M Transactions +

Saves by Function $56.3M PDS $54.0M Transactions $3.5M PDS Project Rebates

Avoidance by Function $30.3M COVID C&J $14.5M Lease admin + + + + +

Finance Highlights

• Execution against targeted Capital Plan

• Evolve quality of forecast/accuracy

JLL/Bank of America Account 15 16

(Building

Finance digital roadmap

New reporting & analytic tools will drive transparency and enable users to better integrate financials into all business decisions.

Spotlight: IFM financials

Background

BofA has an ongoing focus on cost savings and financial discipline. In 2020, FPs have a new KPI focused on variance from forecast (+ or – 2.5%).

Building level budget reporting has enhanced processes for the team due to the following:

• Additional insight and visibility into overall accrual process which helps support forecast improvements

• Variance information provided for review and consolidation in monthly client reporting

• Expenses broken out by site type (Admin/Retail) beneficial for strategy and client discussions of OPEX.

Sample Results

Fire Life Safety | IL4-540 a $40k invoice was received and processed for payment in August 2020. Through Monthly Variance routines it was identified and found this bill is the responsibility of the Landlord. FM engaged with Provider to obtain a reimbursement and Provider has updated billing to reflect future bills being sent directly to the Landlord.

Operational Feedback

Every month, FMs review building level financials to drive a stronger understanding of financials and input variance commentary when necessary.

These efforts resulted in increased ownership and financial acumen at the site level and by Facility Managers

Cost controls for recurring contract services – additional visibility (i.e., site expense comparisons)

Opportunities

2020 BLB Program should be utilized as a base year and processes and routines are continuing to be refined. 2021 opportunities include:

Recurring contracted expenses

Site trends and comparison

Greater time commitment and involvement – additional BI opportunities to streamline operational routines for Finance

Future IFM time study of overall addition to Facility Managers’ routines

Refinement of variance commentary process.

2021 Finance transformation goals

• Expand Scenario Planning Tool capabilities and Tableau use for Analytics

AP/ Accounting/Capital Accounting

Strategy

• Evaluated 399 market strategies

• Approved transactions RES capital impact by LOB and by tier level

59,000/month ~ $3.2B ~$0.3B/month

14,500 assets ~0.9B

• Forecast Reporting

‒ Retail expense drivers by program tied to counts (Driving further financial transparency in the retail space)

• Major Market – Strategic Opportunity

‒ Completed multiple market strategies to support optimization over 10-years. This included COVID analysis, RTO, LOB and Rapid Market Reviews.

• Governance

‒ Standardized monthly governance documents (including T1/T2) with process and controls put in place

‒ Partnered with client to implement Forecast Approval Process.

Delivering results Employee spotlight

Mandalin Phillips

Responsiveness & ownership

We manage the bank’s portfolio as if were our own paying attention to the smallest details, delivering service excellence and ensuring the safety of all employees.

Mandalin joined JLL almost 5 years ago into a role without definition and was tasked with building a Risk and Compliance program, from the ground up. As part of the Risk & Compliance function, she added a robust internal audit program that enables JLL to find and address risks before they become issues for the client. She is an impressive problem solver who is able to address complex issues with strategy and confidence.

We rely heavily on Mandalin’s legal expertise and guidance. She makes the complex simple when interpreting the complicated legal/contractual language for others on the account. Mandalin has a unique mix of high performing execution skills with strong emotional intelligence. She embodies the ideal team player – humble, hungry, smart and is one of the most talented team members on the account. Mandalin intuitively knows helping her partners through risk and compliance issues requires a non-judgmental, collaborative and transparent method.

Mandalin’s philosophy about successful communities is centered on diversity, and how communities blossom from intellectual and cultural differences. Mandalin applies this philosophy through her involvement in the JLL Carolinas Building Pride/LGBTQ Business Resource Group (BRG) where she serves on the leadership board. Through Mandalin’s efforts, enthusiasm and compassion, the Carolinas Building Pride has tripled in membership! In addition to Building Pride, she has supported community service events for organizations such as Habitat for Humanity, Charlotte Rescue Mission, Second Harvest Food Bank and Time Out Youth.

COVID-19/RTO

The unprecedented circumstances of the COVID-19 pandemic posed unforeseeable challenges for Bank of America’s global real estate portfolio. The following pages outline the ways in which JLL closely collaborated with BofA Real Estate Services (RES) to optimize operations during COVID-19, as well develop the strategies and tools to drive BofA’s Return to Office (RTO). March

March 2020

• March 1, the COVID-19 Command Center was established

• March 16-18: Cleaning scope was modified at 5,000+ sites

• Closely aligned communications plans as markets were impacted by stay-at-home orders.

May 2020

• May 14: COVID Executive Dashboard deployed

• May 15: RTO PMO / workstreams established

• May 26: 1st wave of Retail re-opened.

July 2020

• Global disinfecting strategy workstream established.

April 2020

• April 6: Day 1 of new Retail C&J video audit program

• RTO Social Distancing Standards established

• RTO Methodology established.

June 2020

• June 6: RTO thermal scans implemented

• Building re-entry prioritization

• June 15: Master RTO Simulations begin

• June 19: Safe Distance Approximator goes live

• June 25: RTO Dashboard Dry-Run.

September - October 2020

• Global Admin C&J QA program launched

• Initial waves of Admin site returns.

November 2020

• Operational Pilots for 3 recommended long-term surface treatments.

December 2020

• Delivery of comprehensive RTO Disinfecting Strategy & Financial Forecast for 2021.

RTO highlights at a glance

557 22K+

New

templates

96 12,600+

63% 66% 86%

Application of methodology at work

RTO Workstream Building Capacity Building Readiness

Primary Function Develops RTO Methodology Applies Methodology to prioritize sites

RTO highlights at a glance

Facility Partners collaborated to develop algorithms for 10 physical distancing components to be applied to admin simulation sites to stress test for total building readiness prior to re-entry.

Emergency Egress

Restroom Capacity

Horizontal Conveyance

Building Operations

2020 Annual Report JLL/Bank of America Account 25 26

Building Operations RTO Reporting

Implements disinfecting & distancing standards

Develops tools to enable workstreams

How they support

Enterprise PMO

Creates VIEW OF SUPPLY to form HR’s strategy of RTO group prioritization

RTO Phase Re-Entry Prioritization

Inputs delivered

• List of operational sites with LOB occupancy

• Approx. seat capacity using RTO standards

• Costs of re-entry

• Specialty space identification

• Market plans

• Badge swipe data

Site Readiness

• Tiered site re-entry prioritization

• FM readiness checklist

• Site capacity adjustments based on detailed studies

Outputs recieved

• Re-entry Tier assigned to each Building

• Market view of re-entry prioritization for each building

• Readiness Go/No Go framework

• Prioritized list of sites ready for re-entry

• Financial impact for ready sites

Building Ingress

Workplace Distance Food Service

Vertical Conveyance

Parking Ingress & Egress

Cleaning & Disinfecting

Site Readiness Validation

• RTO floorplans with updated seat capacity and pathing

• Established the Go/No-Go Governance Framework to be applied to each building set for re-entry

• In partnership with Building Operations, developed the RTO Building Readiness Checklist

Re-Entry Readiness Protocols

Developed and executed the comprehensive RTO Building Readiness Checklist for all re-entries:

RTO Reporting

• Delivered the RTO adjusted floor and site level capacity, distancing seating and traffic pattern flow plans for all admin buildings

• Established weekly COVID-19 updates summarizing new technologies, agency guideline updates, and industry updates

• Bi-weekly RTO Innovations Report on technologies being reviewed and tested by Innovation Task Force and Arcadis

• Weekly RTO Workstream Reports.

Safe Distance Approximator

• Powered by JLL Business Intelligence, the Safe Distance Approximator tool uses RTO methodologies to calculate RTO occupancy and distance seating capacity.

RTO Executive Dashboards & Tools

• RTO Dashboard (Building Readiness, Go/No-Go Checklists)

• RTO Master Simulation reporting

• Health of the Program reporting

• New RTO Reporting Tracker Tool for Facility Partners

• C&J Complaint Work Order Dashboard

• C&J Retail and Admin Audit Dashboards.

Corrigo

• JLL created all new procedures, steps and fields in Corrigo to accommodate RTO and Readiness operations

• Delivered Corrigo pilot training to prep IFM teams for RTO

• Mobile-enabled experiences to support remote use by BofA employees and providers.

Disaster Management

In addition to the challenges on the COVID pandemic, 2020 was one of the worst years on record for both wildfires and hurricanes. Our regional teams truly rose to the occasion keeping the client operational and maintaining bank facilities with little downtime.

Wildfires

28

137

Fires/Lightning complexes Impacted Sites

Hurricanes/Tropical Storms

~100

Air scrubbers deployed

9

21

215

Charcoal filters installed

3

named storms that made landfall Protest

High risk sites requiring assessment/restoration prior to re-opening

139 60

camera assessments sites sandbagged

191

precautionary board ups

1461

312

Engineering pre-checks

$5.5M

in prep and remediation costs

16

emergency capital projects

PDS Process Improvements

In 2019, JLL engaged two audit firms to perform reviews in the area of Contracted Spend. We received results of this work in late 2019, and early in the first Quarter of 2020, account leaders from PDS and Sourcing went to work in partnership with our client in developing a number of process improvements. In Q2, implementation plans were drafted and vetted through Steering Committee and Task Teams reviews, after which the entire PDS team participated in three waves of training sessions over a period of 111 days. As a result, our Project Managers are actively utilizing 25 new tools, resulting in more effective management and GC financial accountability for our client.

Wave 1

• Introduction of the Proposal & Invoice Checklist Tracker

• Clarity & Requirements on Invoice Pencil Drafts

• Updates to the Vendor Coding Sheet

Wave 2

• Introduction of the Contract Type Matrix & Waiver form

• Reminder of bidding thresholds and revisions to the RFP

• Clarification on AE signature requirements

Wave 3

• Revision of the SOV, Recon Workbook, BPF and Furniture Information Sheet

• Introductions of the Furniture Quote cover sheet and validation tool

• Modifications to the way we issue POs

Risk & Compliance

2020 Audit Approach

• Audit plan developed based on risk assessments, issue trends and BofA priorities

• R&C conducts audit and tracks opportunities to complete remediation

• Risk Assessments conducted across service lines to identify risky areas and audit opportunities

• Development of formal audit documentation templates and remediation tracker.

2020 Audits Completed Audit Process

• Corrigo Sales & Use Tax

• Background checks

• I9 Verification

• Employee System Termination

• Physical Access Termination

• Visa Works and Out of Pocket Expenses

• US RFP Process (PDS).

• Risk identification (through Risk Assessment or issue)

• Establish audit scope

• Formal notice of audit sent to process stakeholders

• Data request

• Interviews with stakeholders

• Data analysis

• Gap identification and remediation plan development

• Audit report issued

• Remediation monitoring.

2021 Audit Plans – Next Steps

Risk Assessment

• Continue to conduct account-wide risk assessment to proactively identify high risks

• Tailor 2021 audit plan to address high risks identified

• Conduct operational risk assessments of COEs to organize risks into operational risk categories

• Ensure that each operational risk has a reporting function or self-monitoring routine to identify nuances or process errors.`

2021 Goals

• Drive “Why Risk It?” campaign across account to create momentum on self-identified risk escalations

• Decrease number of issues identified in audit focus areas

• Align with CBRE on process improvements

• Drive audit-readiness culture on account for all services lines and processes

• Train teams self-monitoring best practices.

Delivering results

Employee spotlight

Stewart Jensen

Integration & Optimization

We fully integrate services across all platforms on the local, national and global levels delivering a seamless experience for our client and strategically optimizing the bank’s real estate footprint.

Stewart leads the So Cal FM team on the Bank of America Acct. and has done so with such fervor for the last 10+ years. Stewart goes far beyond an RFM role – he is our SoCal portfolio manager, representing JLL to all of the market leads, knowing their needs, jumping in wherever needed –regardless of service line.

Stewart lives our JLL values of teamwork, ethics, integrity and excellence on a daily basis. He is well respected by his entire team and all service lines within his peer group. He says what he means and means what he says. He is a vocal leader, not shying away from spearheading tough situations. He is the “go-to” person for the client. They know he will do the right thing to solve the issue at hand.

No matter the challenge, Stewart is always the first to encourage the team to rise to the challenge and to welcome change. He leads his team in a way that is empowering future JLL leaders through coaching, encouragement and valuable feedback. He strives for excellence and that is showcased by the way he focuses on what the client truly needs, and not only that, he anticipates their needs.

Global Real Estate Services

Major GRES Tactics

2020 Highlights & Initiatives

• Charlotte Tower Successful Delivery

• Corporate Center Renovations & Rebranding

• 110 Wacker – Moves Commenced

• RTO G2/G3 Building Readiness: Corrigo checklist completion,

• MES install of cashier window barriers at Merrill sites

• Rent Reductions focus on aggressive lease renewal strategies

• Monthly IFM Financial Review with RDs Finance / COE new addition

• 2020 Forecast accuracy for both Capital and R&M

• Hurricane/Wildfire Readiness & Response

‒ 9 named storms that made landfall

Featured Projects

110 Wacker Chicago, IL

Bank of America Tower Charlotte, NC

The Bank of America Tower won a prestigious CORE Award for large projects from the Carolinas Chapter of CoreNet. This year, we completed all bank floors and moves to the Tower

This modern office space provides bank employees greater flexibility in how they work and collaborate as a team. All client-facing businesses are now in one Charlotte location with the facility amenities, staff and resources to help clients navigate every stage of their financial lives.

Simi Valley Co-location

‒ California - 4.2M acres burned this year, and over 9600 separate wildfires

‒ Oregon - over 1M acres burned

‒ Washington - over 475k acres burned

• FM Pack & Move support ongoing review for larger rollout

• PDS Innovation Tank 2 rounds of “Shark Tank” innovation idea selection

• West region piloting OpenSpace technology at 3 project sites.

Part of a major co-location strategy in Chicago, 110 Wacker opened its doors this year as moves began to this modern, innovative tower on Chicago’s Riverfront. By early 2021, 110 Wacker will house all client facing lines of business in the Chicago market.

Optimizing the footprint by exiting 3 locations and consolidating into 2 with partial space modernization and renovation

Recently completed 2275 moves for this tactic, which is 71% of the overall moves

The overall tactic is slated to be complete in February.

Retail Program

Year over year, JLL has continued to surpass targeted goals and maintained a strong 2020 delivery despite COVID challenges. JLL delivered 60 New Centers in 2020 which includes entering new expansion markets for Bank of America. In fact, 27 of the 60 new centers are in expansion markets - Ohio, Indiana, Utah, Kentucky, Colorado, Tennessee, and Minnesota.

In 2021, we project an overall budget/dollar volume increase of ~30% over 2020

Financial Center Powell, Ohio

• SF: 9,582

• Budget: $6.1MM

• First Retail Financial Center Co-Location in OH expansion market

• First two story Arc-In plan design in the region

• Zero punch-list KPI achieved

Financial Center Hamburg Place Lexington, Kentucky

• SF 4,128

• Budget: $3.7MM

Delivering results

Employee spotlight

Molly Barber

Molly’s BAU role is leading the space modernization continuous improvement workstream as well as the oversight of the incubator pilots. Delayed returns to office have inhibited many of her space modernization post move activities as one could expect. As a result, Molly chose to step in to become the key JLL stakeholder for RTO reporting. She developed unique and very thorough distancing limiting factor calculations. This methodology ensures bank buildings are using a consistent and safe distancing approach to calculate RTO seat capacity.

Molly’s BAU role has nothing to do with occupancy planning or space management. She had no previous familiarity with the FMS systems or how the RES team was reporting capacity internally. She volunteered to take on this very important role because she recognized the gap, not because she was asked to shift her focus. She has had to quickly develop intimate knowledge of the very complex data and workflows in FMS, Alteryx, and bank RES and HR reporting. Then she had to think through how to apply different logic to it to create new processes and workflow that capture and report this very unique inventory of seats. This process has never been done before. The dashboard and the requirements for the bank have continued to evolve and improve under her guidance, even as the bank’s approaches to returns have changed many times. She works directly with the BI team, including the team in Warsaw, to develop innovative solutions to address change requests and complex problems. The client and CBRE are completely dependent on the reporting outputs from the team and Molly’s insights.

Portfolio Optimization

We exceeded the portfolio reduction target for the bank in 2020 (159K SF) and have identified opportunities for additional significant reductions to further optimize the bank’s portfolio.

2020 Market Planning Successes

Strategic Programs

Covid response

• Aggressive opportunity list

Results

Opportunity to reduce portfolio to 62MM by 2025

• 3.6MM SF / $129MM annual occupancy expense reduction opportunity identified above plan (JLL)

Portfolio transformation opportunities

Transformation Progress

MLEF

Aggressively rationalize down non client facing portfolio

• Integrating GT&O plans, drive space mod, determine options for a comprehensive/standardized view on vacancy backfill options

• Workforce location 10 year plan

Co-Locations

Bring client facing business together while optimizing space

• 74 market strategies in market president markets

• Assess each site in the context of the entire market

Top down location end state strategy based on talent first

• Multi Market approved plan: 2.3MM SF / $189MM 10 Yr P&L reduction

Program strategy finalized in 2020

• 74 market strategies with co-locations completed

Portfolio Optimization

Occupancy Spend

Workplace Efficiency

• Top-down location end state strategy

• Aggressive SF / occupancy expense reductions

• Capital spend reductions

• Managed expense gaps

• Space Modernization

• Evolving workplace design standards

• Reservation system pilot

Transformation Acceleration Recommendations

• Optimize Merrill portfolio

• Consolidate & repurpose operation space

• Optimized rent rates & capital investments

53% 105 199

seat efficiency improvement floors complete floors in flight

• Rethink BofA’s enterprise workforce model and advance integration with LOBs:

‒ Develop global view to drive optimal portfolio strategy

‒ Identifying best value-add opportunities

• Align enterprise and GRES strategic technology priorities

• Migration to long-term Hybrid workforce model

• Peers have already acknowledged WFH culture:

Reduce Merrill real estate costs while optimizing space

• Determined exit/consolidation viability of all standalone sites based on utilization, lease options, site proximity, LOB insights

Merrill Operational / Processing

• Right size using varying degrees of space mod and coworking Assess back office/processing footprint at enterprise level

• Determine current and forecasted space use for Credit Card Issuance, Document Storage, Document Fulfillment, Foreign Cash Vaults, Lockbox, WARC

241 opportunities analyzed in Pilot and Phase 2 initiative

• 32 approved: 138K SF / $4.5MM annual occ expense reduction

• 30 pending decisions - $3.4MM annual occ expense

• Incorporated Merrill Optimization into Rapid Market Reviews

Ramp down and eliminate / consolidate / repurpose space

• 6 functions - 18 sites in 20 markets – totaling 652K in function SF and operating at 59% capacity

• Opportunity to combine into 7 sites and reduce function space by 340K SF

‒ 3 out of 4 peer banks already have a long-term Hybrid workforce strategy

‒ 2 out of 4 peer banks have exceeded BofA in reduction.

• Transformation to Hybrid Workplace

• Agile Workforce Strategy – drive utilization

• Enhanced Co-Location Strategies

• Demographic customization

• Aggressive downsize and exit strategy

• Technology innovations (personal banking)

• Technology innovations / automation

• Reduced Face-to-Face

• Integration with Retail footprint

ONE! Program

JLL’s 2025 D&I Commitment 2020 Annual Report 45 46

Launched in 2019, the ONE! program features learning sessions, events, and volunteer opportunities to foster integration and teamwork across the account. The program became an integral part of our strategy to keep employees engaged and connected this year as most of the team transitioned to remote working.

ONE! Hours

Lunch-n-learn style sessions featuring representatives from various business lines and regions sharing what’s going on account-wide, answering questions, and fostering learning.

Stay Connected

A series of virtual events designed to foster teamwork and connection while we are all working remotely. Events include virtual cooking and baking session, fitness classes, art sessions, TED Talks and discussions, Trivia Happy Hours and a virtual Kid’s Klub for our working parents.

AWARE

Account Wide Action for Real Equality

Launched this year as part of our ONE! Program, AWARE complements the firm’s Diversity & Inclusion initiatives. The program fosters courageous conversations, allow teammates to have a voice and know they’re being heard. AWARE events cover topics on all forms of equality and engage in meaningful dialogue to affect change.

Diversity & Inclusion Snapshot

Headcount

5% increase YTD

Gender diversity

Notably higher than CS (27%)

Minority diversity

1,155 42.6% 29.2%

• Overall slightly down YTD (29.5%)

• Notable increase in management hires

• Foster an inclusive workplace, where all employees feel respected, heard, engaged & valued

• Increase gender representation at management and leadership levels

• Increase overall minority representation

Proactivity & Innovation

We are leveraging technology to proactively address the client’s business needs. This includes reimagining the workplace experience and developing tools that will be integral to employees’ return to office.

Delivering results

Employee spotlight

Kristi Kruppiak

Kristi leads the Global PMO for Bank of America’s Return to Office and is responsible for communication and coordination between the FP teams and the Bank’s Real Estate Services team. At the onset of COVID, Kristi immediately jumped in to help create the COVID taskforce and successfully led the immediate development and implementation of revised cleaning levels across the bank’s global portfolio to support a safer office environment, ensuring compliance with new CDC guidelines. During those initial chaotic months of COVID, she quickly gained trusted advisor status with key client stakeholders as she showed her ability to keep the team moving forward with her strong organizational and communication skills. Kristi’s responsibilities grew to include all aspects of coordination for the Building Readiness and Building Operations workstreams in addition to ensuring continuity across all RES workstreams. Kristi also works closely with the bank and JLL finance teams to help accurately build and forecast RTO expenses in a constantly changing environment. She’s also spearheaded the COVID technology task force and led key integration points between both FP vendor management teams with RES vendor management. Kristi was able to bring order to chaos in 2020 and is a calming presence for all who know her.

Kristi joined JLL in 2016 as an Ops Team Manager and most recently as the Director of Operations for the IFM COE where her major areas of focus included Business Continuity, FCI and Financial processes. While in that role, she and her partner TFM leaders developed and implemented the Disaster Tracker that created tremendous efficiency for our field teams and allowed essential client reporting. In addition, Kristi was integral to the rollout of Corrigo and developing multiple BI and financial tools to support building-level budgets.

Digital Transformation

In 2020, we continued to develop technology solutions to support business goals such as financial transparency, building level budget analysis, and market plan automation to name a few. We developed a number of innovative tools and dashboards to help manage the COVID crisis. One tool of note, the Safe Distance Approximator, enabled our teams to develop social distancing floor plans in preparation for RTO. This technology was adopted by FMS and is now deployed in several accounts across the firm.

2020 Technology deployments

Business Intelligence

In 2 years since Tableau deployment, BofA Account has the greatest number of users and the second largest number of views of any JLL account. The Bank of America Account makes up more than 10% of all Tableau usage across the firm.

21,500 258,000 33 IFM Financials Revised Utilization Dashboards

Safe Distance Approximator JLL develop algorithm to accurately determine safe distance and apply it to floorplans Building Level Budgets Phase I IFM Benchmarking / Cost Saves

COVID Dashboard RTO Dashboard

RES Portfolio Tactic Modernization

2020 Annual Report JLL/Bank of America Account 49 50

Redesign Cap. Plan Data Model Dashboard Space Mod Dashboards

Continuing Improvements to RTO Reporting Tools

Admin C&J Audit (Admin pilot of sensors from JLL Spark company Disruptive Technologies)

Scenario Planning Tool (SPT) Release 1 SPT Release 2

Consolidated Project Reporting (Kahua) Project Mgmt Financials

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Incubator Day 2 Items

Market Plan Automation

Themes Shaping Technology Strategy

Forward-looking organizations now see the importance of continually rethinking operations and business continuity to prepare to disrupt the next disruption!

Enhanced Workplace Experiences

Enabled through integrated technology eco-system

Two enhanced technologies we plan to deploy in 2021 will greatly improve workplace experience.

Jet Workplace Experience App - AI-based personalized digital assistant with a talk interface. The App will increase employee productivity by streamlining routine tasks.

FMS Employee - Add on module to FMS for hoteling, conference room and desk reservations. It will improve core FMS system already deployed and is an industry leading add on module.

BofA Account Implementations

Power of a Global Firm

The bank constantly wants to know, as we do:

“ ?“ industry

What is happening in the … with our competition?

In 2020, we instituted the Winning Connections program, to leverage the firm’s expertise and thought leadership for the bank keeping them abreast of industry knowledge and trends. The program consists of direct meetings between bank leadership and JLL experts, weekly research updates, webinars and whitepapers on everything from reimaging the workplace to economic insights and real estate implications. We plan to expand the program in 2021 bringing critical thought leadership to the bank.

Sharing of information among Accounts and Product

& Sales

Teams accelerates identification of opportunities for improved service and innovation and strengthens our relationship with the bank.

Looking Ahead

Delivering results

Employee spotlight

Tanqueray Edwards

Tanqueray Edwards joined the JLL team in December 2019 as the first Innovation & Technology Director for the PDS COE. Her unique skill set in project management, construction technology and product development have deepened the collaborative partnerships across JLL technology and innovation teams globally. Early in 2020, she identified and delivered an innovative solution for remote project site walks through Open Space. Tanqueray leveraged her skills in Design Thinking and agile project management to improve the Change Request process. In a challenging year for all our teams, she designed and facilitated a six week innovation incubator called InnovationTANK, which increased employee engagement and enabled the creation five product solutions in Q4, closing out 2020 strong.

2021 and Beyond...

We are focused on continuing to deliver results, transition teams back to the office, propel digital transformation & innovation, drive cost savings and financial transparency, and further optimize the bank’s global portfolio in 2021 and beyond. These are some of the key initiatives our teams will champion in the upcoming year.

Workspace Innovation

• Enhanced Incubator working group and development of bank-wide pilot pipeline

• Support and delivery for Space Mod 2.0 strategy development post COVID to enable Occupancy Cost Reduction program and enable enhanced Associate experience.

• Enhanced AI led Change Management tools/templates for BAU/RTO moves.

Portfolio Strategy

Optimization

• Support ~$1B Occupancy Cost reduction through Portfolio Transformation Program and Re-Imagined

Workforce Strategy

• Transaction review process

• Aggressive Rent reduction and highly focused lease renewal program.

Retail Program

• In 2021, we project an overall budget/dollar volume increase of ~30% over 2020.

Market Tactics

• Monthly tactic reviews to promote strategic decisioning

• Upcoming deliveries – N. Atlanta; Chandler, AZ; Seattle; San Francisco; St. Louis/Columbus and West L.A.

Occupancy Planning

• Support and delivery of hoteling industry best practice and potential pilot(s) to enable Workforce Strategy for “New Normal”

• Retail OP process improvements

• Integration of RTO and Wellness Room program prioritization

• Major markets portfolio capacity planning for “New Normal”.

Financial Discipline

Transparency

• Improved financial controls

• Financial compliance program and dashboard

• Project audit program

• RES Hub source for all financial information

• Automated reporting of enterprise forecast impacts including strategies.

Capital Planning & Management

• Focus on delivery against $1.3B capital closeouts – remains key expense lever

• Manage to target budgets in 2021 – (Semi-Annual or Quarterly)

• Refine priority definitions and tracking tools

• Capital plan details available in Res Hub with drill down capability.

Digital Transformation

• Employee experience tools like the Jet Experience App and the FMS Employee Module

• Scenario Planning Tool

• Phase 3 – Building level budgets

• Planned R&M process rebuild

• Clarizen delivery.

Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2021.Jones Lang LaSalle IP, Inc. All rights reserved.

Developing a

Stronger

Safety Culture Safer together

Contents

Introduction

What is Safety Culture?

Our Safety Culture journey & Safety Vision

Our Safety Model

Our Cardinal Rules – simply stated

What does good Safety Leadership look like?

Fair and Just Culture

Your role in driving a Fair and Just Culture

How am I doing?

Introduction

What is Safety Culture

Your role as a SAFER leader is to inspire our teams to protect our people, and those affected by our services. Everything you say and do, and how you respond to challenges and opportunities, sets the tone for those around you.

It means being curious and sharing ideas to deal with changing circumstances. It means speaking up when something doesn’t seem right, asking difficult questions and being determined to find the answers. And it means doing the right thing because we want to, not because we have to.

Most importantly, it means being accountable for our actions, and committed to reaching the right outcomes through a fair and just culture, where we are honest about and learn from our mistakes.

This leadership guide provides an introduction to our safety vision and how we intend to achieve it so you can be confident in leading a committed safety culture. I look forward to us all working together to become even more committed to safety than we are today.

Mick Moore Global EHS Director, HSBC Account

Put simply, our safety culture is the ‘way we do safety around here’. It is the collective mind-set, attitudes and behaviours of our workers, supervisors, managers and leaders toward safety. It’s also partly shaped what the company has in place to encourage us to follow rules and procedures.

Following a recent review of our safety culture, we identified a number of priorities. First and foremost, for everyone working on the HSBC account to feel part of the same team, striving towards the same end and applying the same standards. To help achieve this we need to make clear what safety means to us all. We need to set out what is expected of everyone across all roles and levels and put in place the systems and tools to conduct our day-to-day business, resolve safety issues and engage with colleagues and partners to continually improve safety across the account.

We also need to re-focus our safety culture goal from one of compliance to one of commitment. This means our people doing the right thing because they believe in it; not simply because they have to follow the rules. A committed safety culture is one where safety is a natural part of everyday activities; where we all take personal responsibility and are prepared to challenge and be challenged. It is built on motivation and trust, supported by a fair and just system.

Our Safety Culture journey & Safety Vision

We are on a journey from compliance to commitment. As leaders, our role is to drive the right attitudes, values and behaviours that will help us achieve our commitment goal.

Every business and operational decision and action you take can have an impact on safety. It’s up to you to make sure that people do the right thing because they want to, not because they have to. Think about what makes a good leader - someone who can engage our people with energy and enthusiasm and help us work together to improve our safety performance.

As a leader, you have a moral and legal obligation to consider safety in everything you do and every decision you make. Failure to do so can have damaging consequences, including loss of revenue, disruption to our business, damage to our reputation and, importantly, injury or even loss of life.

We need you to help us build a strong culture, where safety is always a central part of our decision making, and where our decisions have a positive impact on our client and suppliers, creating an environment that delivers the best business results.

Our safety vision of ‘One Team SAFER Together’ has been created to help focus our minds on what it will look and feel like once we have achieved our commitment goal, to reinforce the message that safety culture is created by people, for people.

Our Safety Model

To support our journey, we have developed a model that describes the elements of a committed safety culture.

It includes our Vision; our Cardinal Rules, in a simple format, so they are clear and easily remembered; the behaviours required of an effective safety leader; and the tools and programmes to create a systematic approach to safety within the workplace.

We know that different national cultures see risk differently, so by clearly identifying a set of rules and behaviours, all groups will be trained and supported to work together to the same safety standards and norms. If we all follow these rules, adopt the behaviours and apply the tools we will reduce injuries and incidents, protect our business and our reputation.

Safer together

11

Our Cardinal Rules

Simply Stated

To ensure our Cardinal Rules are effective, we need to communicate them well. As a leader, you will be actively living the Cardinal Rules yourself, supporting your team to follow them, so they feel confident in speaking up when they are unsure, or need help to do the right thing.

While our existing Cardinal Rules underpin safe working practice, they also need to be memorable, or ‘sticky’, so they become part of our everyday thinking and language. That’s why we have the following ‘simply stated’ versions of our Rules:

Speak up

We have a duty to identify unsafe conditions and prevent unsafe acts. We are empowered to act, intervene and if necessary, stop the job, or alert supervisors immediately if we identify an unsafe act or condition.

Play by the rules

Use the right person for the job

We follow the rules and requirements defined by country legislation and company safety policies and procedures, knowing that they are designed to protect ourselves and others from harm.

Start safe

When conducting work, we ensure we have safe companies and competent individuals assigned to complete tasks.

Communicate & report

Before starting work, we ensure that all hazards and risks are identified and effective safety controls are in place to limit the risk of harm to individuals and others in the vicinity

We need to share information and communicate with each other, promote good practice, share identified risks and monitor performance in order to proactively identify potential causes of harm.

What does good Safety Leadership look like?

As a leader, you have a strong influence on how people behave in the workplace. What you do, what you say and how you say it makes all the difference. Whether you turn a blind eye to unsafe acts, or praise and reward excellent safety behaviour, you are setting expectations, you are setting the culture.

As a leader, it’s vital you think ‘SAFER’:

Speak about safety

Act safely

Focus on safety

Engage others in safety initiatives

Recognise safe performance at work

‘SAFER’ is our new safety leadership framework, it also comes with a set of specific behaviours that will help us select, assess, develop, manage and promote the type of safety leader our employees deserve.

‘SAFER’ behaviours are at the core to our health & safety values and underpin our health & safety programmes.

Safer Leadership Principle Safer Leadership Behaviour

• Regularly report and communicate meaningful information on safety performance

peak about safety

(safety communication and feedback) S

Act safely

(the physical visibility of their efforts to reinforce what they communicate)

Focus on maintaining safety standards (show commitment and perseverance in their safety behaviours over time)

Engage others in safety initiatives (recognise that safety is a group effort and engage with employees in important decisions and initiatives)

Recognise safe performance. (acknowledge employees who are safe in their everyday work)

• Talk enthusiastically about safety in the context of specific situations (reinforcing safety is a priority where employees may have doubts)

• Regularly provide verbal feedback to reports on their personal safety performance, at least three times a month.

• Be visible in the workplace, frequently

• Establish clear expectations for what types of behaviours are appropriate

• Correct inappropriate behaviours, always

• Carry through with your own actions and promises

• Resource safety as a priority

• Practice what you preach, even when under pressure of production targets and deadlines.

• Actively and consistently monitor the safety performance of reports

• Recognise safety compliance issues and be flexible enough to change leadership strategy if it is failing to influence others to comply

• Ensure responses to accidents are ‘fair and just’

• Encourage and be receptive to employees bringing up safety information/issues (and make them feel psychologically safe and valued for doing so)

• Engage in open discussions with employees about safety issues and encourage their questions

• Ensure safety issues are addressed and involve employees in safety decisions

• Provide opportunities for collaborative team discussion and learning

• Show care for employees over their personal safety, health and wellbeing.

• Use social praise, public recognition and non-monetary privileges to reinforce the reporting of hazards

• Praise as soon as possible after each accomplishment

• Ensure the types of accomplishments meriting recognition are consistent over time

• Provide prompt feedback after safety decisions or audits and inspections

• Recognise group and individual performance in balance.

Fair and just culture

The three behaviours

A ‘Fair and Just’ culture is an essential part of a commitment culture. It’s how we react when things go wrong and that is essential to its success. If we can react consistently and fairly, then we will continue to learn lessons and improve our safety performance. This requires:

Critical thinking: Our leaders investigate all root causes, so we can collect relevant data and actively communicate safety information.

Learning: We learn from our mistakes, make changes and share across the whole business.

Flexibility: We adapt effectively to changing demands.

Fair consequence: We don’t punish unintentional errors and unsafe acts. However, deliberate risk-taking and unjustifiable negligent actions are not tolerated.

Speaking up: We investigate incidents in a consistently fair way, so we are confident to reportconcerns, without fear of unfair blame.

As a leader, you must encourage your team to speak up and expect fair consequences, while still ensuring they understand that blatant negligent actions will not be tolerated.

Human Error

Product of our current system design and behavioural choices.

Manage through changes in:

• Choices

• Processes

• Procedures

• Training

• Design

• Environment.

At-Risk Behaviour

A choice: Risk believed insignificant or justified

Manage through:

• Removing incentives for at-risk behaviours

• Creating incentives for healthy behaviours

• Increasing situational awareness.

Reckless Behaviour

Conscious disregard of substantial and unjustifiable risk.

Manage through:

• Remedial action

• Punitive action

Your Role in driving a fair and just culture

As a leader, you are responsible for making sure that:

Your team feels confident to come to you, without fear of being in trouble.

Your team understands that blatant negligent actions will not be tolerated and that we are all accountable for reporting accidents, errors and negligent actions.

You are approachable, open and honest.

You recognise that mistakes are an opportunity to learn and improve.

You understand and inform your team of the line between acceptable and unacceptable behaviour.

You lead by example.

How am I Doing?

Use the SAFER framework to periodically assess how you are doing. This is particularly important at times of greatest business or operational pressure when it can be more difficult to retain a focus on safety:

Speak about safety

(safety communication and feedback)

ct safely

(the physical visibility of their efforts to reinforce what they communicate)

ocus on maintaining safety standards

(show commitment and perseverance in their safety behaviours over time)

ngage others in safety initiatives

(recognise that safety is a group effort and engage with employees in important decisions and initiatives)

ecognise safe performance. (acknowledge employees who are safe in their everyday work)

7760 France Ave S, Bloomington, MN 55435

redefined

At the gateway to the France Avenue corridor.

Superior accessibility + visibility.

Easy access to neighborhood green space.

Unparalleled area service and retail amenities.

Ample housing options in the immediate proximity to executive housing and new market rate apartments.

urban flair

Over 120 dining spots

11 major shopping centers

15 Health & Speciality Fitness

6 entertainment attractions

8 transit routes serving Minneapolis, Richfield, Mall of America, Bloomington, downtown Minneapolis University of Minnesota, Eden Prairie, Chanhassen and Chaska

NEIGHBOURHOOD SPOTLIGHT

The Edina / Bloomington municipalities offer over a combined 4,000 acres of parkland and green space.

NEIGHBOURHOOD EVENTS

WINTER ICE FESTIVAL EDINA FALL INTO THE ARTS FESTIVAL EDINA FARMERS MARKET MAETZOLD AMPHITHEATER

TALENT ACCESS & RETENTION

54% of residents hold at least a bachelor’s degree

France Ave has $300 million in major developments under construction with another $600 million in the pipeline

$96,447 median household income

1400+ luxury apartments and 82 luxury condos

900+ housing united planned or under construction

Proposed Estelle Edina Condos

Edina Promenade

Southdale

Edina HOUSING UNITS PLANNED OR UNDER CONSTRUCTION 1400+ LUXURY APARTMENTS AND 82 LUXURY CONDOS

Shoppes Love WHERE YOU LIVE 900+

Homewood Suites by Hilton

Nine Mile Creek Regional Trail connects the regional parks and trail systems to various destination including the Nokomis-Minnesota River Regional Trail and to the Minnesota Rivers.

The Nine Mile Creek Regional Trail is a 15-mile trail that connects its traveler to various picturesque views over some of Minnesota’s celebrated wetlands – stretching over the communities of Hopkins, Minnetonka, Edina, Richfield, and Bloomington.

EDINA

nine mile CREEK TRAIL promenade

An active extension of 24-acre Centennial Lakes Park, the Edina Promenade includes 0.75 miles of walking and biking pathways connecting numerous retail, residential and recreational amenities including:

lawn games

farmers market

paddle boats

taste of edina

ice skating

golf putting course

fall art festival movies in the park

From MN Center 2 blocks to Trail

amenities

On-site deli

BUILDING AVAILABILITY

MORE RENOVATIONS PLANNED COMING SOON!

Fitness center

Lockers and showers

Training and conference center

Covered ramp parking

Security on-site

Recently updayed common areas

On site property management

contacts

Brent Karkula

612 217 5153

Brent.karkula@am.jll.com

Laura Farrell

612 217 6744

Laura.farrell@am.jll.com

© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not beenverified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_Sept2020