For the fourth quarter of 2006, net income was $81 million, or $2.37 per diluted share, compared with net income of $67 million, or $1.99 per diluted share, for the same period in 2005. Revenue for the fourth quarter of 2006 was $704 million, an increase of 41 percent in U.S. dollars and 35 percent in local currencies from 2005, with all segments showing healthy increases. Operating income for the fourth quarter increased 33 percent to $114 million from $86 million in the prior year.

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  Full Year 2006 Highlights:

• Revenue increased 45 percent to $2 billion with growth in all business segments
• Operating income grew 85 percent led by LaSalle Investment Management and EMEA
• Net income increased 70 percent to $176 million

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“We are extremely pleased with our record 2006 performance,” said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. “Such significant increases in revenue and net income show that our strategic growth investments are paying returns across our business platform. We are also very proud that Jones Lang LaSalle has been named to Fortune’s ‘100 Best Companies to Work For’ and, for the second year in a row, to the Forbes ‘400 Best Big Companies.’ We are the only real estate money management and services firm to earn either distinction. Looking ahead, with continued healthy conditions in the world’s major economies, improving real estate fundamentals worldwide and consistently strong capital allocations to real estate, we remain confident about our firm’s prospects for 2007,” Dyer added.

Operating expenses were $1.77 billion in 2006, an increase of approximately 40 percent in both U.S. dollars and local currencies from the prior year and $1.26 billion in 2005. Operating expenses were $591 million for the fourth quarter of 2006 compared with $413 million for the same period in 2005, an increase of 43 percent in U.S. dollars and 36 percent in local currencies. The increase in operating expenses was driven by significant additions in global Capital Markets and Leasing broker teams, additional client-service staff, and by the expansion of offices to support the global business platform. Also contributing to the increase were five strategic acquisitions including Spaulding and Slye in the Americas, which closed in January 2006. Higher incentive compensation costs related to the strong revenue and profit performance also contributed to the increase.
 
Interest expense of $14.3 million for the 2006 full year was higher than the $4.0 million for 2005 due to higher debt balances throughout the year compared with 2005.  The higher debt balances during the year resulted from acquisition spending totaling $192 million, share repurchases of $65 million, including $35 million in the fourth quarter, and net co-investment funding of $44 million in connection with growth in the firm’s investment management business.  Despite these significant cash uses, the firm had no net debt at year end.

Business Segment Full Year and Fourth Quarter Performance Highlights

Investor and Occupier Services

• The Americas region continued its momentum through the end of the year. Revenue for the full year 2006 was $625 million, an increase of 44 percent over the prior year, and fourth-quarter revenue was $227 million, an increase of 38 percent. Compared with 2005, Transaction Services revenue increased 57 percent for the full year and 45 percent for the quarter while Management Services grew 31 percent for the year and 27 percent for the quarter.
  
  The current year’s strong performance benefited from growth in both the Markets group, whose focus is to maximize the firm’s competitive position in key local markets, and the Accounts organization, whose focus is on delivering services and strategic advice to corporate clients. Revenue in the Markets and Accounts groups increased by a combined 47 percent for the full year compared with the prior year. The Spaulding and Slye acquisition had a significant impact on year-over-year revenue growth in both Markets and Accounts. Strong performance in Capital Markets also contributed to the annual year-over-year revenue growth with a 74 percent increase over the previous year. Revenue in the firm’s Americas Hotels business was up 46 percent in 2006 compared with the prior year as a result of the business’ strong position in a healthy industry environment.
  
  Total operating expenses increased 45 percent for the full year and 43 percent for the quarter compared with 2005. The increase in operating expenses resulted from significant additions to the local market teams and from the Spaulding and Slye acquisition. In addition, incentive compensation expenses increased as a result of the growth in both revenue-generating activities and profit performance.
  
  
• EMEA’s full-year revenue grew 38 and 34 percent in U.S. dollars and local currencies, respectively, to $679 million, and fourth-quarter revenue increased 53 percent in U.S. dollars and 39 percent in local currencies to $270 million. Transaction Services revenue grew 44 percent for the full year to $557 million, and 54 percent for the quarter, while Management Services revenue grew 19 percent for the year to $114 million, and 67 percent for the quarter. Year-over-year annual revenue growth in the region was driven by strong performance in Capital Markets, which was up 70 percent for the year driven by increased market share and strong underlying market conditions, and by Agency Leasing, which grew 26 percent. Four strategic acquisitions were completed in the region in 2006 and six new offices were opened which, together with hiring, resulted in approximately 350 revenue-generators being added in the year.
  
  Geographically, the region’s robust full-year growth was driven primarily by France and Germany. Revenue in France grew 83 percent in U.S. dollars for the full year and 60 percent for the fourth quarter compared with the prior year, while Germany had an increase of 58 percent for the full year and 45 percent for the quarter. Russia continued its strong growth with full year revenue doubling compared with the prior year while very favorable trends continued in Central and Eastern Europe and Spain. The EMEA Hotels business also had solid growth with annual revenues up almost 30 percent compared with the prior year.
   
  Operating expenses increased by 36 percent in U.S. dollars and 32 percent in local currencies on a full-year basis and by 56 percent in U.S. dollars and 43 percent in local currencies for the quarter. The increase was primarily due to acquisitions, staff additions to service clients and grow market share, and increased incentive compensation driven by improved revenue and profit performance.
  
  
• Revenue for the Asia Pacific region on a full-year basis was $337 million, an increase of 24 percent in both U.S. dollars and local currencies, and $124 million for the fourth quarter, an increase of 35 percent in U.S. dollars and 31 percent in local currencies from the prior year. Growth for the full year and fourth quarter in U.S. dollars resulted from both Transaction Services revenue, which increased 22 and 32 percent, respectively, and Management Services revenue, which increased 20 and 38 percent, respectively.
  
  Geographically, the strongest profit contributions were from the region’s largest market, Australia, and from the growth markets of China and Korea. Revenue in Australia grew 22 percent for the year and 26 percent for the quarter, while revenue in China increased 60 percent for the year and 64 percent for the quarter, compared with the prior year. Korea’s revenue for the year was up 69 percent, and finished the year strongly with fourth-quarter 2006 revenue more than double compared with the prior year. India and Singapore also made significant revenue growth contributions. The leading Asian Hotels business recorded a very strong finish in 2006 with revenue almost tripling in the last quarter compared with the prior year and with revenue for the full year up 33 percent as a result of higher transaction volume and increased market share. Offsetting the region’s growth was a decline in Japan, where Capital Markets activity was lower in 2006 compared with 2005, which included several significant closed transactions.
  
  Operating expenses on a full-year basis for the Asia Pacific region increased 26 percent in both U.S. dollars and local currencies, and for the fourth quarter increased 34 percent in U.S. dollars and 30 percent in local currencies, over the prior year. The increase was the result of expansion of the geographic platform, service capabilities and infrastructure throughout the region.
  
  Operating income decreased from $20.0 million in 2005 to $18.6 million in 2006. Included in 2006’s full year results were expenses of approximately $1.7 million for net transition costs incurred to outsource the management of the region’s IT infrastructure, call centers and application development, positioning the region for significant future growth. The 2005 full-year results included a benefit of $2.4 million received from a litigation settlement. Excluding the impact of these items, operating income for the region would have increased from $17.6 million in 2005 to $20.3 million in 2006, with operating income margins flat at approximately six percent. The firm is now well-positioned with a leading market share in the region to capitalize on the anticipated growth.

LaSalle Investment Management

• LaSalle Investment Management’s full-year revenue grew to $384 million, up 90 percent in U.S. dollars and 86 percent in local currencies over the prior year, and fourth-quarter revenue increased to $85 million, up 18 percent in U.S. dollars and 13 percent in local currencies. The increase in revenue was driven by the continued growth of the annuity-based business as well as from incentive fees that were generated from strong performance of client’s investments managed by the firm.
  
  The continued focus on the growth in annuity revenue led to a full-year increase in Advisory fees of 39 percent and a fourth quarter increase of 48 percent over 2005. The growth in the annuity business was principally due to the healthy increase in assets under management. Supporting this growth, the firm’s co-investment capital totaled $132 million at the end of 2006, compared with $89 million in the prior year.
  
  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 different clients. In 2006, incentive fees were up significantly for the full year due to the single incentive fee earned in the second quarter of the year, and were slightly down for the fourth quarter compared with last year. The amount of the specific incentive fee was originally disclosed as $109.5 million,  but increased during the second half of the year to $112.5 million as a result of final third-party valuations and audit.
  
  LaSalle Investment Management raised over $7.1 billion of equity during 2006, as it launched three new private equity funds and secured 16 global securities mandates. Investments made on behalf of clients in 2006 were $9.6 billion, including the CenterPoint acquisition, compared with approximately $5.4 billion in 2005. Assets under management grew to $40.6 billion from $30.0 billion, a 35 percent increase over the prior year.

Summary

In 2006, the firm benefited from favorable global market environments, effective execution of its strategic initiatives, and its globally diverse business platform. These initiatives included several acquisitions and the addition of a significant number of people, product lines and infrastructure to its platform. The firm remains committed to future growth, to expanding market share across its businesses and to delivering superior results to clients.

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 150 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 1.0 billion square feet worldwide. 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 $40.6 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
 
Statements in this press release regarding, among other things, future financial results and performance, achievements, plans and objectives, dividend payments and share repurchases may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors 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, 2005 and in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2006, June 30, 2006, and September 30, 2006 and in other reports filed with the Securities and Exchange Commission. There can be no assurance that future dividends will be declared since the actual declaration of future dividends, and the establishment of record and payment dates, remains subject to final determination by the Company’s Board of Directors.  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, January 31 at 9:00 a.m. EST.

To participate in the teleconference, 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: 6757230

Replay Information Available: (12:00 p.m. EST) Wednesday, January 31 through Midnight EST February 7 at the following numbers:

• U.S. callers: +1 800 642 1687
• International callers: +1 706 645 9291
• Pass code: 6757230

Live web cast

Follow these steps to listen to the web cast:
1. You must have a minimum 14.4 Kbps Internet connection
2. Log on to http://www.videonewswire.com/event.asp?id=37597 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 website 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.