June, 2021

Global Research

Worker Preferences
Barometer
Intr oduction
In the 15 months that have passed since the first major lockdowns were
implemented across the world, the pandemic has created a seismic shift in working
and living patterns. Workers adapted to homeworking in compliance with health
and safety guidelines and revealed an appetite for greater flexibility and new hybrid
ways of working.

The latest readings from our global office worker barometer indicate that forced
adoption of remote working has created opportunities, but it is also exposing
new social risks. Workers say they are experiencing an increased amount of virtual
fatigue, or burn-out, and are increasingly wanting to get back to the office most of
the time. This suggests that offices will be more important now than ever before
as the center of the work ecosystem and that outstanding office environments
will remain a critical way to engage employees. More than a year after the start of
Covid-19, our objective was to understand how employees are feeling today about
this new way of working.

What are the key expectations of the workforce for the future?

How has the employee-employer relationship evolved?

Are there signals of homeworking fatigue?

Has remote work improved quality of life?

Was commuting time actually a good thing?

Worker Preferences Barometer | 2

Key insights from our research

1 An outstanding office is the best way to engage

your employees. ‘Office nostalgia’ is huge in exceptional
offices. To help your employees navigate out of the crisis,
your office has a major role to play.

69%
of people highly satisfied with their
office environment strongly miss their
office, whereas it is only 5% among
those who are not fully satisfied with
their usual office environment.

2 As people increasingly miss ‘office life’, homeworking

fatigue is growing. In contrast to last October, employees
are aspiring to more balanced working patterns.

63%
of the workforce want to keep the
possibility to alternate between
different places of work in the future.

3 days a week
in the office is the new employee
preference, with 2 days a week
remote: 1.5 days at home and half a
day in a third-party place.

Worker Preferences Barometer | 3

3 Productivity at home is declining, raising
employees’ renewed expectations for the office.
‘Purpose-led offices’ are the new future.

37%
of the workforce feel more productive
at home than in the office today,
compared with 48% in April 2020.

47%
say they are satisfied with their office
today. This is a major drop compared
with 63% satisfaction recorded a year
ago. The office needs in-depth
redesign to match employees’
new expectations.

4 Flexibility in working patterns has become a ‘must

have’ in the employee package. Work-life balance is now
the number one workforce priority, ahead of salary. It is a
‘ratchet effect’ of the pandemic.

79%
of the time saved on commuting has
been used to improve quality of life
through allowing more leisure time
or enabling people to deal with their
family responsibilities.

88%
of the workforce would like more
flexible working hours in the future.

Worker Preferences Barometer | 4

5 It’s not only about time management, it’s about social
interaction. While working from home extensively, people feel
stuck in an ‘endless day’ and disconnected.

61%
of the workforce are craving
‘real’ human interactions
with colleagues.

52%
miss a change of scenery.

6 Long-lasting homeworking is hiding a heavy social

and mental toll. Workers have higher expectations that
companies support their physical, mental and social health.

48%
of the workforce feel overwhelmed
today by a huge mental load.

58%
consider health and well-being
programs as the key element
that will make their employer
unique in the long run.

Worker Preferences Barometer | 5

7 Sociodemographic and household profiles are key
determinants of the homeworking experience and
workers’ state of mind. Flex-work policies should heavily
consider the needs of Gen Z, young parents and caregivers,
who are particularly at risk.

57%
of Gen Z feel under pressure; half of
them are worried about their jobs.

57%
of young parents feel overwhelmed
by a huge mental load.

Worker Preferences Barometer | 6

Methodology and research scope

A global barometer to understand how office workers feel about their homeworking and how it impacts
their priorities at work, performance and well-being

3,317 10 300
office workers countries respondents per country*

UK
Canada
Germany
USA
China Japan
France
India
Singapore

Australia

The latest readings from our workforce preferences barometer are based on responses
from 3,300 office workers across the world, providing a valuable comparison with the
previous surveys we conducted in April and October 2020.

April 2020 Respondents’ Profile

Human Performance Survey
October 2020
Human Experience Survey
• 18+ y.o.
• Working in companies above 100 employees
• 30% working in SMEs - 70% working in big corporates
• Quotas on age, managerial responsibilities, company size and industry

March 2021
Worker Preferences Survey *Except in the USA with 600 respondents.

Worker Preferences Barometer | 7

Insight #1
An outstanding office is the best way to engage
your employees. To help your employees navigate out of
the crisis, your office has a major role to play.

Nostalgia for the office is directly % Missing the office strongly + fairly
driven by the quality of the office according to…
environment. 69%

• Office nostalgia is huge in exceptional offices.

69% of people highly satisfied with their office
environment strongly miss their office, whereas
it is only 5% among those who are not fully
satisfied with their usual office environment.

• On the other hand, office nostalgia tends to 32%

decrease for employees who are used to working 27%
from home frequently today and willing to 25% 21% 25%
maintain this regularity in the future. 15%
15%
• Office nostalgia has nothing to do with the 19%
feeling of being productive at home. This feeling 10% 6%
5%
only impacts the aspiration to work from home
in the future. Low Average High

Satisfaction with usual

Office nostalgia, March 2021
office environment
Homeworking productivity
19%
Strong (9 to 10) Homeworking frequency today
Ideal homeworking frequency
28%
Fair (7 to 8) Reading note: 69% of the employees highly satisfied
with their usual workplace are missing the office
greatly today.

53%
Low (0 to 6) Q: To what extent do
you miss working from
the office today?
Source: JLL, 2021
Worker Preferences Barometer | 8
The office of the future will have
to be more human, resilient and
respectful of health.

In the long haul of the pandemic,

resilience is gaining momentum. 55%
of employees want to be in places that Traits of the ideal workplace
are able to innovate and adapt to future
October 2020 March 2021
crises. Interestingly, this organizational #1 Human #1 Human (73%)
flexibility is anchored in strong human #2 Inclusive #2 Resilient (55%)
values: employers are expected to #3 Resilient #3 Authentic (50%)
build new ‘authentic’ and ‘inclusive’ #4 Authentic #4 Inclusive (49%)
#5 Augmented #5 Green (38%)
workplaces (top priority for 50% and
#6 Green #6 Augmented (36%)
49% of the workforce respectively),
ahead of ‘green’ and ‘tech-enabled’ work Q: With regard to the places that your organization
aspires to create, which are your most important
environments (a priority for only 38% priorities?
and 36% of employees). Source: JLL, 2021

New healthy habits are here to stay. When asked Crucial working habits, March 2021
about their expectations post-pandemic, the Heightened levels of cleaning
picture presented by employees is exactly the same 50%
as the one shown last October. 1 in 2 employees
Working remotely
considers heightened hygiene protocols as crucial,
45%
but also new working practices such as recourse
to remote work and digital interactions whenever Less dense work environments
possible. 1 in 3 expects long-lasting impacts on the 37%
design of work environments: less density, physical Digital interactions when possible
separations, etc. 1 in 4 does not want to share their 36%
desk anymore, revealing the long-term impact of No large in-person meetings
the crisis on the employee mindset. 34%
Physical space separation within the workspace
33%
No desk-sharing
25%
Limited business travel
24%

Q: Which new habits and work routines will remain

crucial for you after Covid-19?
Source: JLL, 2021
Worker Preferences Barometer | 9
Insight #2
As people increasingly miss ‘office life’, homeworking
fatigue is growing. In contrast to last October, employees are
aspiring to more balanced working patterns.

A year after the start of Covid-19, some signals of homeworking fatigue stand out:

3 days in the office

is the new employee preference, with 2 days remote.
Remote-work expectations are tending to decline
across all homeworkers’ profiles. The workforce
now aspires to work from home 1.5 days a week on
average when the pandemic is over; they wanted
1.9 days 6 months ago. On the other hand, they
expect the same frequency of work in third-party
places, about half a day in the week on average.

33%
of the workforce do not want to work from home in
the future, as opposed to 28% in October last year.

Remote-work expectations post-pandemic



 

 
  

 
 

Never Less than once 1 day a week 2 days 3 days 4 days 5 days
a week
March 2021
October 2020
Weekly average 2021: 1.5 days a week
Weekly average 2020: 1.9 days a week

Q: How many days a week would you like to work from home post Covid-19?
Source: JLL, 2021 Worker Preferences Barometer | 10
Hybrid working remains top of mind for employees, but that interest is
starting to decline.

63% 79%
of the workforce want to work in a hybrid style in the of the workforce aspire to be back in the
future, having the ability to switch between different office at least once a week. It was 74%
places of work: home, office and third-party places. last October.
It was 67% last October. At the other end of the
spectrum, 37% of employees want to work in a
single place.

Proportion of the workforce desiring to work remotely in each place post-pandemic

(at least once a week)

In third-party places
(café, hotel lounge, coworking facility, etc.)

36%
vs. 40% in October 2020

At home Hybrid work*

67% 63%
vs. 67% in October 2020
vs. 72% in 29%: Office + Home In the office
October 2020 20%: Office + Home + Third-party place
9%: Home + Third-party place
4%: Office + Third-party place
79%
vs. 74% in
October 2020

Q: How many days a week would you like to work in these different places post Covid-19?
Source: JLL, 2021

Worker Preferences Barometer | 11

Insight #3
Productivity at home is declining, raising
employees’ renewed expectations for the office.
‘Purpose-led offices’ are the new future.

The feeling of being productive at home is lower Productivity and workplace satisfaction
than a year ago. Strikingly, employees are also
I feel more productive at home
more critical of their usual office. Their level of than in the office
expectation for the places they will work from in 48%
the future is rising drastically.
37%

My usual place of work is very close

37% of the workforce feel more
productive at home than in the
to my ideal one (7-10 scores)
63%
office, compared with 48% in 47%
April 2020.
April 2020 March 2021

47%
are satisfied by their usual place
of work, compared with 63% a Q: To what extent do you miss working from the office?
How close is your usual office environment to your ideal one?
year ago.
(we are focusing here on your usual workplace in your office).
Source: JLL, 2021

Achieving productivity at home is a tricky

challenge. Highly productive homeworkers
are driven by a heavy workload and
demand support and recognition. Highly
committed to their job, they are more at risk,
especially in terms of mental health. While they
expect a lot of flexibility in their workstyles,
they also crave appreciation and supportive
management. At the other end of the spectrum,
less productive homeworkers tend to feel less
fulfilled in their job. The office is key in offering
them structure and a sense of purpose.

Worker Preferences Barometer | 12

Productivity at home, March 2021

37% Ithan

feel more productive
in the office
42% Iasfeelin the

as productive
office
22% Iproductive

feel less
than
in the office

Q: To what extent do you feel productive when working from home today?
Source: JLL, 2021

Zooming in on the 37% of Zooming in on the 22%

employees feeling more of employees feeling
productive at home than less productive at
in the office home than in the office

Who are they? Who are they?

Heavy workload: more than others, they More focused on their private lives: more
use the time saved on commuting for their than others, they use the time saved on
professional commitments. commuting for their leisure and home duties.

Very emotional attitude to work: more
engaged, fulfilled, empowered… but also more
under pressure, overwhelmed, disenchanted
and afraid of the future.
More attached to their office. 53% are highly
satisfied with their office (vs. 47% on average*).
What do they expect?
Less fulfilled by their job, feeling less engaged
and less empowered.
Missing the office greatly for the social life
it offers and work-life boundaries it creates:
65% are missing the office (vs. 47% on average),
67% are missing the human interactions (vs.
61%) and 51% the clear boundaries between
personal and professional life (vs. 46%).

Higher recourse to hybrid work. They expect

3.1 days of remote work per week (vs. 2.1).
More flexibility: 91% would like more flexible
working hours in the future (vs. 88%).
Recognition and a caring workplace: they
expect more than others to be supported with
a healthy lifestyle (22% vs. 17%) and to be
looked-after (18% vs. 14%) by their employer.
28% need to be visible and rewarded (vs. 24%).
What do they expect?
Salary and purpose. More than others, their
priorities at the moment are to secure a
comfortable salary (60% vs. 50%) and to find a
sense of purpose (45% vs. 38%).
Private workspace at home: 47% consider it a
top living priority (vs.40%).
A change of scenery: 59% miss this renewal in
their weekly habits (vs. 52%).

* All comparisons mentioned on this page refer to the average score for all employees.
We undertook a comparison exercise between more / less productive homeworkers and the average employee.

Worker Preferences Barometer | 13

Insight #4
Flexibility in working patterns has become a ‘must have’
in the employee package. Work-life balance is now the
number one workforce priority, ahead of salary. It is a ‘ratchet
effect’ of the pandemic.

It’s confirmed: ‘work-life balance’ is the new
employee motto, designated as the number
one priority of the workforce today, ahead of a
comfortable salary. Working in an environment that
puts health and well-being at the forefront is more
important than ever. ‘Humanity’ is clearly the most
sought-after trait of the ideal workplace of the future.
73% of the workforce aspire to new places that
promote a healthy lifestyle, safety and well-being.
The need to connect is also gaining in importance,
while more traditional levers such as ‘purpose in the
job’ and ‘visibility’ are not the top priorities they
used to be.

New employee priorities, March 2021

Having a great work-life

#1 #1 #1 balance (59%)
Securing a comfortable
#2 #2 #2 salary (55%)
Working in a company that ensures
#3 #3 #3 my health and well-being (44%)

#4 Finding a sense of purpose in

#4 #4 my work (38%)

#5 Feeling connected to my
#5 #5 colleagues (24%)

#6 Being visible, rewarded

#6 #6 and recognized (24%)
Before October March
the pandemic 2020 2021

Q: In light of the current crisis, what are your priorities regarding your work at the moment?
Source: JLL, 2021

Worker Preferences Barometer | 14

 As the appetite for homeworking
diminishes, flex work is more
attractive than ever.

Flexibility aspirations have been reinforced

throughout recent months:

88%
of the workforce would like more flexible
working hours in the future, compared with
71% a year ago.

As a result, living priorities are evolving, with broadband speed and outdoor space more important than
ever. Private workspace at home is now a greater priority.

Top living priorities, March 2021

48% 48% 47% 47%

44% 46% 45%
42% 40%

32%

Broadband Air Natural Personal Private

speed quality light outdoor space workspace

Pre-Covid In light of Covid

Q: What about your living priorities? Have they changed because of the pandemic? How important are the following aspects in
terms of where you live? (% Top 5 criteria)
Source: JLL, 2021

Worker Preferences Barometer | 15

Insight #5
It’s not only about time management, it’s about social
interaction. While working from home extensively, people
feel stuck in an ‘endless day’ and disconnected.

The time saved on commuting has
been seized by workers to boost
their quality of life.
Half of the time has been allocated to leisure or
well-being activities. One-third is being used to better
handle family and home responsibilities, while only
21% is being used to work more. The gain in personal
time is stronger for people living alone, while working
parents with young children are more constrained by
professional and family commitments.

Allocation of the time saved on commuting, March 2021

29% 26% 21% 22%

For my family and home For my leisure For my For my well-being
duties professional activities (sport, stress
Living alone: 31% commitments management, sleep)
Working parents with 50+ y.o.: 28%
young children: 34% Working parents Living alone: 25%
Working mothers: 36% with young Women: 24%
children: 23% Less than
35 y.o.: 24%

2% Other

Q: How do you use the time saved on commuting?

Source: JLL, 2021

Worker Preferences Barometer | 16

However, quality of life is not complete without a social life and the change
of scenery provided from working and living in different places.

61% 1 in 2
of the workforce crave ‘real’ human employees misses the social activities
interactions in the office. within their usual weekly routine.

Most missed aspects of the usual weekly routine, March 2021

A change of scenery
52%

1 Coffee and socializing

49%
Social
activities Going to events (music, sports, shopping...)
45%

Relaxing and slowing down

2 36%
Personal Enjoying moments with my family
time 36%

Exercising

3 32%
Commuting and the time it provides to disconnect
Healthy
and switch from my professional to private life
habits
31%
Cooking healthy meals
17%

Other
Q: And what about your usual weekly routine? 2%
What are you missing the most at the moment? I am missing time for …
Source: JLL, 2021

Worker Preferences Barometer | 17

Insight #6
Long-lasting homeworking is hiding a heavy social and
mental toll. Workers have higher expectations that companies
support their physical, mental and social health.

A social life and a proper work environment remain Most missed aspects of office life, March 2021
the most missed elements of the office routine.
Human interactions
The picture is the same as a year ago, confirming
61%
that when homeworking is imposed rather than
chosen, it can lead to social isolation, less meaningful Collective face-to-face work
interactions, and difficulty setting boundaries 46%
between professional and personal lives. As a Clear boundaries between personal/professional life
result, employees remain committed to their job, 46%
but emotional engagement is at risk. The sense of A professional environment supporting access
belonging and the feeling of a need to be supported to everything I need for work
are tending to decrease. 44%
A daily office routine
39%

Q: While working remotely, what elements of your workplace

do you miss the most at the moment?
Source: JLL, 2021

Mood barometer
October 2020
73% March 2021
67% 67%

71%
63% 62% 48% 46%

45% 45%

Engaged, committed Fulfilled, belonging to Empowered, Concerned about Disenchanted, not

to my work a community supported the future expecting much
anymore

Q: How would you describe your current state of mind? (Rate 6 to 10 out of 10)
Source: JLL, 2021
Worker Preferences Barometer | 18
The psychological wave of the pandemic is here. 1 in 2 employees today is
struggling to achieve boundaries and manage the mental load. Companies
should provide tools that can help employees improve their social and mental
health as well as their physical health.
Mood barometer, March 2021

49% Overwhelmed
I feel a huge mental load
and too many personal
responsibilities to 71% Engaged
cope with I’m committed to my
work and have a sense
48% Under pressure of purpose
I feel exhausted by a
massive workload 63% Fulfilled
I feel a sense of
45% Disenchanted belonging to a
I’m not expecting much community
from my company
anymore 62% Empowered
I’m supported and
45% Concerned encouraged to
about the future take initiatives
I’m worried about my job

Q: How would you describe your current state of mind at the moment? On a scale from 0 to 10 (highest rating)
Source: JLL, 2021

My employer should understand that the lack of human interactions can cause a
lack of motivation, and that current work delivered isn’t reflective of the employee’s
maximum capacity. 

I expect my employer to provide time for us to de-stress and be with

our families during these challenging times.

I expect my employer to compensate for the additional stress

that the pandemic has created.
Worker Preferences Barometer | 19
 Insight #7
Sociodemographic and household profiles are key
determinants of the homeworking experience and
workers’ state of mind. Flex-work policies should heavily
consider the needs of Gen Z, young parents and caregivers,
who are particularly at risk.

Markedly, household profile has a direct impact
on the remote-work experience, revealing the
full spectrum of the employers’ responsibilities
to support homeworking in the future.
• Employees living alone greatly miss a
richer social life.
• Parents with young children need more
personal time.
Working mothers, in particular, are struggling to
find enough time to spend with their family.

Most missed aspects of the usual weekly routine according to household profile, March 2021

Social life
58%
A change of scenery

Going to events 52%

(music, sports...) 48%

Enjoying moments 45% 43%

with my family 43%
40%
Relaxing and 38%
36%
slowing down 36%
36% 33%
Commuting and the time
31% 29%
it provides to disconnect
and switch from my
professional to private life 27%

Personal time All respondents Living alone Family with

young children
(12 y.o. or under)

Q: And what about your usual weekly routine? What are you missing the most at the moment? I am missing time for …
Source: JLL, 2021

Worker Preferences Barometer | 20


Gen Z
The youngest cohort (below 25 y.o.) remains
engaged but 57% feel under pressure vs. 48%
on average. This generation overall feels less
equipped and experienced to tackle the challenges
of the crisis. Hence, they are the most worried
about their job (53% vs. 45% on average).
Caregivers
Those taking care of an elderly relative at home feel
more overwhelmed (57%) and worried (55%) than
the average.
Working parents with young children
reveal a contrasting profile: they are the most
engaged with their job (78% vs. 71% on average),
but also the closest to burning out. They combine
difficulties on both personal and professional sides.
Gen Z, young parents and
caregivers are especially at risk.
Working parents with teenagers
are doing well, while people living
alone have lost the appetite to
get involved and give the best of
themselves at work.
57% feel overwhelmed by a huge mental load
because of too many personal responsibilities
to cope with; 57% also feel under pressure and
exhausted by a massive workload.
Working parents with teenagers
achieve the best of both worlds: a good
commitment together with fair morale.
People living alone
are doing well in terms of mental health, but their
emotional engagement is at risk. They clearly
miss the social aspect of office life and therefore
feel less engaged (65% vs. 71% on average),
fulfilled (54% vs. 63%) and empowered (52% vs.
62%). They have lost the appetite and motivation
to go the extra mile.
Worker Preferences Barometer | 21
Mood barometer according to household profile, March 2021

Burned out
Working parents
with young children
Overwhelmed, under
pressure, worried and
disenchanted

Caregivers 18-24 y.o.

Overwhelmed Under pressure
and worried and worried

Detached Committed to their job

Living alone
Less engaged, Working parents
fulfilled and 50+ y.o. with teenagers
empowered Less fulfilled

Doing well /
Fair morale

Q: How would you describe your current state of mind at the moment? On a scale from 0 to 10 (highest rating)
Source: JLL, 2021

In this context, the office appears to be a tool to structure people’s lives:

Through bringing back social interactions, which are most

important to people living alone and older generations.

Through offering managerial support and learning opportunities

to the younger generations.

Or through recreating a more balanced working life anchored

in healthy routines, with opportunities to socialize, break times and
more clearly defined working hours – all aspects that young families
are missing so much at the moment.

Worker Preferences Barometer | 22

Per spectiv es…
A huge opportunity for the office
ahead: the ‘human first’ imperative.
In reaching the end of our research, we now have
one clear conviction: the office will become the
primary place of work again…on the condition that it
upgrades to meet the new priorities of the workforce.
The months to come will see a ‘flight to quality’, with
top employers acknowledging the new workforce
expectations through an in-depth rethinking of their
approach to work, the workforce and the workplace,
while others will continue to ‘wait and see’, not really
sure where to start from.
73%
of the workforce aspire to new
‘human’ places.
53%
consider that an outstanding work
experience will make their employer
unique in the long run.
The imperative is clear: the office of the future will
have to be human-centered, putting health and
well-being at the forefront. This will benefit both
employers and employees, through boosting
organizational performance while offering highly
attractive workplaces to key talent.
Our research provides a few additional clues…
• The emphasis on health will be a top retention
argument among women, who also expect
places that are able to promote a healthy
lifestyle, safety and well-being (this is a priority
for 77% of women vs. 69% of men). On the
other hand, men will expect, more than others,
renewed managerial practices and ‘authentic’
places anchored in a strong company culture
and brand identity (this is a priority for 53% of
men vs. 47% of women).
• An ‘exceptional work experience’ will be the
universal aspiration, together with a more
sustainable workplace.
• Gen Y and X will be more interested by learning
opportunities, whereas diversity and inclusion
and involvement in CSR initiatives will be a
stronger argument in the youngest (Gen Z), who
are also in search of an authentic workplace
(top priority for 59% of them).
Worker Preferences Barometer | 23
Importantly, start now, seize the transformation opportunity and shape the
future of work for a better world!

Unique selling proposition – what will make the employer unique in the long term, March 2021

Health and well-being

programs 58%

An outstanding
work experience 53%

A sustainable
51%
workplace

Advanced learning and

development programs 43%

A progressive
management culture 40%

Diversity and
inclusion initiatives 36%

Involvement in
CSR initiatives 15%

Other 4%

Q: And how about the future? What will make your employer unique in the long term?
Outside of comfortable pay, it is crucial for me to be able to benefit from…
Source: JLL, 2021

Lastly, I am hoping that employers start to recognize that employee

well-being and mental health is key to a successful business and that they
should invest in their staff instead of treating them as a large cost item.

Worker Preferences Barometer | 24

To find out how we can support your real estate strategy with research insights and
strategic advice, please contact one of the members of the global research team.

Flore Pradère (Research Author) Christian Beaudouin

Director, Corporate Solutions Research Director, Americas Research
flore.pradere@eu.jll.com christian.beaudouin@am.jll.com

Marie Puybaraud Scott Homa

Global Head of Research Director, Americas Research
Corporate Solutions Research scott.homa@am.jll.com
marie.puybaraud@eu.jll.com

Tom Carroll David Barnett

Director, EMEA Corporate Research Manager, Americas Research
tom.carroll@eu.jll.com david.barnett@am.jll.com

James Taylor
Director, Asia Pacific Research
james.taylor@ap.jll.com

About JLL About JLL Research

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This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed, which are inherently
unpredictable. It has been based on sources we believe to be reliable, but we have not independently verified those sources and we do not guarantee that the information in the
report is accurate or complete. Any views expressed in the report reflect our judgment at this date and are subject to change without notice. Statements that are forward-looking
involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements. Advice we
give to clients in particular situations may differ from the views expressed in this report. No investment or other business decisions should be made based solely on the views
expressed in this report