Positive returns from strategic investments made in 2005 and 2006 and continued favorable market conditions, together with size and timing of transactions, led to strong operating performance from all segments. The Asia Pacific region had the strongest revenue and operating income growth driven by the significant hotel transaction advisory fee. The Americas and EMEA regions continued to deliver solid growth and LaSalle Investment Management generated healthy increases in advisory fee revenue earned from assets under management along with significant incentive fees from performance for clients.

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Second Quarter 2007 Highlights:

• Revenue increased 33 percent to $676 million
• Operating income increased 20 percent to $101 million
• Asia Pacific Hotels business earned significant advisory fee

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“The impressive second quarter performance in all our businesses and geographies, together with our strong first quarter, puts us in an excellent position for the second half," said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. "To build additional momentum, we continue to invest in our operations, and to deepen and strengthen our service delivery to clients," Dyer added.

Operating expenses were $575 million for the second quarter of 2007, an increase of 35 percent, and $1.0 billion on a year-to-date basis, a 36 percent increase. Continued additions to capital markets and leasing teams, additional client-service staff, and the expansion of offices contributed to increased operating expenses. Higher incentive compensation costs related to the strong revenue and profit performance also resulted in an increase to operating expenses.

Business Segment Second Quarter Performance Highlights

Investor and Occupier Services

• In the Americas region, revenue for the second quarter of 2007 was $179 million, an increase of 33 percent over the prior year. The year-to-date revenue was $327 million, an increase of 32 percent over the same period in 2006. Revenue growth in the second quarter was driven both by Management Services, which grew 33 percent, and Transaction Services, which grew 28 percent. On a year-to-date basis, Management Services and Transaction Services revenue increased 24 and 37 percent, respectively, over the prior year.
  
  The current quarter’s revenue growth benefited from an increased number of large transactions in both local markets and Capital Markets. Second quarter Capital Markets revenue increased 69 percent over the prior year, reflecting the successful investments made over the past two years. Higher volumes in the project and development service business also contributed to the growth.
  
  Total operating expenses for the quarter and year to date increased 26 and 25 percent, respectively, over the prior year due to the addition of a significant number of staff and higher incentive compensation expenses driven by growth in both revenue-generating activities and profit performance.
  
  
• EMEA’s second quarter revenue was $197 million, an increase of 45 percent, and $374 million for the first half of the year, an increase of 56 percent over 2006, with robust growth across all businesses. Transaction Services revenue grew 45 percent for the quarter and 59 percent year to date over the prior year, while Management Services revenue grew approximately 55 percent for both the second quarter and first half of the year.
   
  Transaction Services revenue benefited from Capital Markets, which increased 45 and 77 percent for the quarter and first half of the year, respectively, driven by increased market share and continued favorable market activity. Agency Leasing revenue increased 36 percent for the quarter and 30 percent for the first half of the year. Advisory Services revenue, which increased 95 percent for the quarter and 84 percent for the first half of the year over 2006, contributed to the growth in Management Services.
  
  Geographically, England and Russia contributed to the region’s growth for both the quarter and year to date. England’s revenue increased 55 and 40 percent for the second quarter and first half of the year, respectively, compared with 2006, benefiting from the investments made in 2006 and healthy growth in Management Services. Russia’s revenue nearly tripled for both the quarter and first half of the year over the prior year driven by the increased volume of valuations completed. Revenue in Germany more than doubled over the prior year on a year-to-date basis with all other countries providing solid year-over-year revenue growth.
  
  Two strategic acquisitions were completed during the second quarter of 2007. The firm joined forces with Troostwijk Makelaars, one of the leading and fastest growing independent property advisors in the Netherlands, and the English business expanded its operations with the acquisition of KHK Group, a national 54-person project and development services business.
  
  Operating expenses in 2007 increased by 39 percent for the second quarter of 2007 compared with the prior year, and increased 44 percent for the first half of the year. The increase was primarily due to acquisitions, staff additions to service clients and grow market share, and increased incentive compensation resulting from improved revenue and profit performance.
  
  
• Revenue for the Asia Pacific region was $211 million for the second quarter, and $298 million for the first half of 2007, a significant increase over the prior year. The growth was driven by the Asia Pacific Hotels business recognizing a transaction advisory fee on the sale of an All Nippon Airways (ANA) portfolio of 13 Japanese assets. This transaction was the latest phase of a long-established global relationship with this client and followed the firm’s advisory role in the innovative ANA-InterContinental Hotels Group joint venture in 2006. 
  
  The region accelerated its momentum with healthy top-line growth in both Transaction and Management Services revenue. Geographically, the second quarter revenue contributions came equally from growth markets (India, Japan, China and Korea) and core markets (Hong Kong, Singapore and Australia). Revenue from the growth markets more than doubled, led by Japan and India, while revenue for the core markets increased 45 percent, led by Singapore and Australia. On a year-to-date basis, revenue from the growth markets was up over 100 percent and core markets’ revenue increased 34 percent compared with the same period in 2006.
  
  Operating expenses for the region increased as a result of higher incentive compensation driven by the Hotels fee and continued expansion of the operating platform.

LaSalle Investment Management

LaSalle Investment Management’s revenue for the second quarter of 2007 was $95 million and $174 million for the first half of 2007. Excluding the revenue impact of the $109.5 million incentive fee recognized in the second quarter of 2006, revenue for the second quarter of 2007 increased 51 percent, while for the first half of the year revenue increased 39 percent. The growth of annuity-based revenue remained strong, with advisory fees of $54 million for the second quarter of 2007, compared with $43 million in 2006, an increase of 26 percent over the prior year and an increase of 33 percent, to $108 million, on a year-to-date basis. The growth in the annuity revenue was driven by a continued healthy increase in assets under management, which were nearly $46 billion at the end of the second quarter of 2007, an increase of 26 percent over the prior year.

Incentive fees were $29.8 million for the second quarter of 2007, and $51.7 million for the first half of 2007, as the firm liquidates its maturing funds. The firm continues to build a portfolio capable of producing incentive fees on a recurring basis. Incentive fees vary significantly from period to period due to both the performance of the underlying investments and the contractual timing of the measurement periods for clients.

LaSalle Investment Management raised over $2.8 billion of equity during the second quarter of 2007. Global securities mandates accounted for approximately 50 percent of the year-to-date capital raise of $4.2 billion. Investments made on behalf of clients in the second quarter of 2007 were $2.1 billion, bringing the total investments to $3.4 billion on a year-to-date basis.

Summary

The firm’s aggressive investments made over the last two years to expand market share and client wins, together with its strategic acquisitions, are contributing to the positive results. The globally diverse business platform and service lines, along with the continued overall strength of the global real estate markets, have positioned the firm to expect solid performance from all businesses for the remainder of the year.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine’s “100 Best Companies to Work For” and Forbes magazine’s “400 Best Big Companies,” has approximately 160 offices worldwide and operates in more than 450 cities in over 50 countries.  With 2006 revenue of over $2.0 billion, the company provides comprehensive integrated real estate and investment management expertise on a local, regional and global level to owner, occupier and investor clients. Jones Lang LaSalle is an industry leader in property and corporate facility management services, with a portfolio of over 1.1 billion square feet worldwide. In 2006, the firm completed capital markets sales and acquisitions, debt financing, and equity placements on assets and portfolios valued at $70.9 billion. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse real estate money management firms, with approximately $45.8 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.
 
Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance, achievements, plans and objectives of Jones Lang LaSalle to be materially different from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include those discussed under “Business,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk,” and elsewhere in Jones Lang LaSalle’s Annual Report on Form 10-K for the year ended December 31, 2006 and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and in other reports filed with the Securities and Exchange Commission.  Statements speak only as of the date of this release. Jones Lang LaSalle expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in Jones Lang LaSalle’s expectations or results, or any change in events.
 
Conference Call
The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, July 25 at 9:00 a.m. Eastern.

As additional information, please note that, shortly following the public dissemination of our Second Quarter Earnings Release, at approximately 4:30 p.m. Eastern (or soon thereafter) on Tuesday, July 24th, Colin Dyer, Chief Executive Officer of Jones Lang LaSalle, is currently scheduled to appear as a special guest on Bloomberg (U.S.) Television's “Final Word” program. On the program, Mr. Dyer will review company performance and discuss industry trends. A link to the program will be available on Jones Lang LaSalle’s Web site at http://www.joneslanglasalle.com/en-GB/Investor+Relations/ approximately two hours after the program airs.

To participate in the teleconference on July 25 at 9:00 a.m. Eastern, please dial into one of the following phone numbers five to ten minutes before the start time:

• U.S. callers: +1 877 809 9540
• International callers: +1 706 679 7364
• Pass code: 7021951

Replay Information Available: (11:00 a.m. EDT) Wednesday, July 25 through Midnight EDT August 1 at the following numbers:

• U.S. callers: +1 800 642 1687
• International callers: +1 706 645 9291
• Pass code: 7021951

Live webcast
 
Follow these steps to listen to the webcast:

1. You must have a minimum 14.4 Kbps Internet connection

2. Log on to http://www.videonewswire.com/event.asp?id=41114 and follow instructions

3. Download free Windows Media Player software: (link located under registration form)

4. If you experience problems listening, send an e-mail to webcastsupport@tfprn.com

This information is also available on the company’s Web site at www.joneslanglasalle.com
 
If you have any questions, call Yvonne Peterson of Jones Lang LaSalle’s Investor Relations department at +1 312 228 2919.