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Second Quarter 2008 Highlights:

• LaSalle Investment Management’s Advisory fees increased 34 percent
• Management Services revenue increased 28 percent
• Leasing revenue increased 23 percent

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Revenue decreased in the second quarter of 2008 compared with 2007 by only two percent to $660 million, despite the significant advisory fee earned in Asia Pacific Hotels in 2007 and decreased Capital Markets and Hotels revenue in 2008. Capital Markets and Hotels revenue, excluding the Asia Pacific Hotels fee, for the second quarter decreased $34.3 million, or 30 percent, from 2007. The decline in Capital Markets and Hotels was offset by increased revenue in the quarter across other business lines, led by LaSalle Investment Management’s Advisory fees, which increased 34 percent, to $72.6 million, over the prior year. The solid second-quarter performance in Transaction Services revenue included solid contribution from Leasing, which increased 23 percent to $163 million. Excluding Capital Markets and Hotels, Transaction Services revenue increased by 33 percent over 2007, to $266 million, for the second quarter, with increases across all regions. Management Services revenue increased 28 percent to $215 million for the second quarter, with all operating regions achieving revenue growth.

For the first half of 2008, revenue increased to $1.2 billion, five percent over the prior year, despite a year-over-year revenue decrease in Capital Markets and Hotels of $88.5 million and the 2007 Asia Pacific Hotels advisory fee. Factors driving year-to-date performance were similar to those experienced in the second quarter. The current revenue contribution from 2007 and 2008 acquisitions was approximately $57 million and $96 million for the 2008 second quarter and year to date, respectively.

"Solid revenue performance from LaSalle Investment Management and our diverse business lines offset the continued impact of illiquid credit markets on revenue generated by our Capital Markets businesses," said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. "We are focused on driving our expenses to appropriately reflect current operating conditions, while maintaining leadership positions in Capital Markets and Hotels to respond to the anticipated needs of the marketplace," Dyer added.

Operating expenses were $621 million for the second quarter of 2008, an increase of eight percent over 2007, and $1.2 billion year to date, a 14 percent increase. First-half operating costs increased across all investor and occupier services, principally due to costs associated with the 13 acquisitions that closed in 2007, nine of which were completed in the second half of the year, including larger transactions in India and France. 2008 operating expenses also include costs associated with 10 acquisitions completed this year, seven in the first quarter and three in the second.  As a result, year-to-date 2008 operating expenses include costs from these acquired businesses, including integration and intangible amortization, of approximately $53 million for the second quarter and $92 million year to date, which were not reflected in the firm’s 2007 results. The firm’s earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the 2008 second quarter and year to date were $55.3 million and $76.9 million, respectively.

Business Segment Second Quarter Performance Highlights

Investor and Occupier Services

• In the Americas region, revenue for the second quarter of 2008 was $190 million, an increase of six percent over the same period last year. For the first half of 2008, revenue was $364 million, an increase of 11 percent. Excluding the impact of reduced revenue from Capital Markets and Hotels, which decreased from 2007 by $10.0 million or 40 percent for the quarter, and by $23.1 million or 50 percent year to date, revenue increased 14 percent for the quarter and 21 percent for the first half of 2008.
  
  Second-quarter revenue benefited from Management Services revenue, which increased 10 percent over the prior year to $94.9 million, while Transaction Services revenue excluding Capital Markets and Hotels grew 22 percent. The year-over-year revenue increase for the first half of 2008 was driven mainly by Management Services, which increased 17 percent to $184 million, and Transaction Services excluding Capital Markets and Hotels, which grew 29 percent primarily as a result of increased leasing activity. The region’s total Leasing revenue in the second quarter, including both Tenant Representation and Agency Leasing, increased 17 percent to $59.8 million, and on a year-to-date basis increased 27 percent to $117 million, compared with 2007. The growth in Leasing was driven by activity from recruited transactors and acquisitions completed during 2007. Additionally, revenue in the firm’s Mexico and South America businesses more than doubled for both the second quarter and first half of the year compared with 2007.
  
  Operating expenses were $179 million for the second quarter of 2008, an increase of 12 percent, and $353 million for the first half of the year, an increase of 17 percent over the prior year. Costs associated with the hiring of revenue generators in key markets and completion of acquisitions contributed to the increase in operating expenses.  The region’s EBITDA for the 2008 second quarter and year to date was $18.1 million and $25.3 million, respectively.
  
  On July 11, 2008, the firm completed the previously announced transaction to merge operations with The Staubach Company, adding significant strength to the firm’s tenant representation business. Its founder, Roger Staubach, was named to the Jones Lang LaSalle Board of Directors and to the position of Executive Chairman, Americas.
  
  
• EMEA’s second-quarter revenue was $236 million, an increase of 20 percent over the prior year, while revenue in the first half of 2008 was $419 million, an increase of 12 percent over 2007. The growth in total revenue occurred despite lower revenue from Capital Markets and Hotels, which decreased in the second quarter by $17.7 million, or 26 percent, and decreased for the first half of the year by $54.1 million, or 37 percent, compared with the prior year. Excluding Capital Markets and Hotels, revenue for both the second quarter and year to date increased by 44 percent over 2007. The current revenue contribution from 2007 and 2008 acquisitions was approximately $33 million and $57 million for the 2008 second quarter and year to date, respectively.
  
  Management Services revenue grew 68 percent to $59.0 million for the second quarter and 59 percent to $107 million for the first half of 2008. Transaction Services revenue excluding Capital Markets and Hotels increased 38 percent for the second quarter and 40 percent for the first half of 2008. While the firm experienced a lower volume of Capital Markets transactions compared with the prior year, demand and market share for other services increased. Leasing revenue, included in Transaction Services revenue, increased over the prior year for both the second quarter and year to date by 23 and 25 percent, respectively. Advisory Services revenue, which is also included in Transaction Services, increased 45 percent for second quarter and 42 percent year to date over the prior year.
  
  Geographically, the slowdown in Capital Markets activity during the first half of 2008 significantly impacted the UK, Germany and France, while Capital Markets activity and revenue increased in Dubai, Russia and Holland, driving healthy year-to-date revenue growth over 2007 in these markets.
  
  Operating expenses for the second quarter increased 29 percent to $234 million, and increased 23 percent to $424 million, for the first half of 2008 compared with 2007, primarily due to the impact of acquisitions. Of the ten acquisitions completed since the beginning of 2007, seven were completed during or after the third quarter of 2007. Acquired businesses added approximately $33 million of incremental operating expenses, including integration and amortization, in the second quarter results, and approximately $56 million year to date. Acquisitions in the second quarter of 2008 included Kemper’s, a 150-person, market-leading retail specialist business in Germany, and the acquisition of the remaining 51 percent interest in a Finnish Leasing and Capital Markets business. The region’s EBITDA for the 2008 second quarter and year to date was $9.2 million and $8.2 million, respectively.
  
  
• Revenue for the Asia Pacific region was $142 million for the second quarter of 2008, compared with $211 million in 2007, and $259 million for the first half of 2008, compared with $298 million in 2007. Included in the firm’s second quarter 2007 results was the significant transaction advisory fee earned in the Asia Pacific Hotels business. Management Services revenue for the second quarter of 2008 was $61.4 million, an increase of 31 percent, and $119 million for the first half of 2008, an increase of 29 percent over the prior year. The current revenue contribution from 2007 and 2008 acquisitions was approximately $20 million and $32 million for the 2008 second quarter and year to date, respectively.
  
  Capital Markets and Hotels revenue, excluding the 2007 advisory fee in Hotels, decreased in the second quarter of 2008 by $6.6 million or 30 percent, and decreased for the first half of 2008 by $11.3 million or 33 percent. Leasing activity momentum continued from the first quarter of 2008 and, as a result, Leasing revenue increased by 32 percent for the second quarter and 42 percent for the first half of 2008, compared with 2007.
  
  The strongest contributors to the year-over-year revenue growth were the growth markets of China, Japan and India. Revenue for these markets increased 40 percent for both the second quarter and first half of the year over 2007, as they benefited from both growing local economic markets and the acquisition in India at the beginning of the third quarter of 2007.  The core market of Australia had second-quarter revenue growth of 23 percent over the prior year, while Hong Kong grew by 18 percent.
  
  Operating expenses for the region were $137 million for the second quarter of 2008 and $262 million for the first half of 2008. The operating expenses decreased year over year for the quarter as a result of incentive compensation recognized in 2007 related to the transaction advisory fee in the Hotels business. The impact of acquisitions completed since the beginning of 2007 is included in 2008 operating expenses, adding approximately $15 million to the second quarter and approximately $28 million to the first half of 2008. During the second quarter of 2008, the firm completed the acquisition of a market-leading agency business in the Philippines. The region’s EBITDA for the 2008 second quarter and year to date was $8.2 million and $3.2 million, respectively.

LaSalle Investment Management

• LaSalle Investment Management continues to benefit from the growth of its annuity-based business, which generated a year-over-year increase in Advisory fees of 34 percent for both the second quarter and first half of 2008. This growth in LaSalle Investment Management’s annuity business was principally due to an 18 percent increase in assets under management over the prior year, to $54.1 billion, together with Advisory fees generated from committed capital. Supporting this growth, the firm’s co-investment capital grew to $177 million at the end of the first quarter of 2008, a 36 percent increase over the prior year.
  
  During the second quarter of 2008, Incentive fees were $13.0 million, compared with $29.8 million in 2007, reflecting varied timing in asset sales compared with a year ago. 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.
   
  LaSalle Investment Management raised $1.0 billion of equity in the first half of 2008, compared with $2.8 billion for the first half of 2007. Investments made on behalf of clients in the first half of the year 2008 were $2.2 billion, compared with $3.4 billion in 2007.

Summary

The firm continued to grow its core businesses and globally diverse business platform, both through organic growth and recent targeted strategic acquisitions. LaSalle Investment Management’s solid financial results reflect its outstanding track record and research-based approach for delivering value for clients. Despite the continuing uncertainty in the credit markets, the firm is actively managing its cost base, while remaining committed to its leadership position in Capital Markets and Hotels, and making selective investments in growth geographies and service lines.

 
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, 2007 and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 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.

If you have any questions, call Yvonne Peterson of Jones Lang LaSalle’s Investor Relations department at +1 312 228 2919.