EXHIBIT 99.1
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JONES LANG LASALLE - PAGE 1:
JONES LANG LASALLE
FEBRUARY 2003
[ Jones Lang LaSalle Logo ]
JONES LANG LASALLE - PAGE - 2:
AGENDA
COMPANY OVERVIEW
FINANCIAL PERFORMANCE
APPENDIX I - BROAD RANGE OF INTEGRATED SERVICES
APPENDIX II - ADJUSTED 2002 PERFORMANCE
JONES LANG LASALLE - PAGE - 3:
HISTORY OF JONES LANG LASALLE - BUILDING A GLOBAL PLATFORM
Jones Lang LaSalle created by the merger of equals
Integrated global platform (NYSE ticker "JLL")
1999
1998
LaSalle Partners acquires Compass Management & Leasing
1997
LaSalle Partners initial public offering - NYSE
1968
LaSalle Partners founded in Chicago
1958
Jones Lang Wootton expands overseas
1783
Jones Lang Wootton founded in London
JONES LANG LASALLE - PAGE - 4:
OUR MISSION
To deliver exceptional strategic,
fully integrated services and
solutions for real estate owners,
occupiers and investors
worldwide
JONES LANG LASALLE - PAGE - 5:
CLIENT SERVICE MODEL
[ Graphic indicating - Owners & Occupiers and Investors encircling and
indicating - ]
Strategic Solutions - through
Research Global Capabilities
Technology Innovation
CORPORATE SOLUTIONS INVESTOR SERVICES
- Space Acquisition - Buying & Selling
- Space Disposition - Leasing
- Facilities Management - Property Management
- Project & Development - Project & Development
Services Services
- Consulting - Consulting
CAPITAL MARKETS INVESTMENT MANAGEMENT
- Acquisitions & Dispositions - Investment Strategy
- Corporate Finance - Private & Public
- Financial Restructuring Markets
- Sale & Leaseback - Direct & Indirect
- Debt & Equity Raising Investment
- Partnering - Income, Growth &
Opportunistic
Programs
JONES LANG LASALLE - PAGE - 6:
OUR VISION
.. Be clients' trusted advisor and preferred business partner
- 50% of top 100 clients take a minimum of 2 services
- Deliver a recognized and differentiated brand
.. Attract, develop and retain the best people
- Achieve 90% recommendation rate from current employees
.. Deliver consistently successful financial performance
- Earnings growth
- Strong balance sheet
- Improve margins year over year
JONES LANG LASALLE - PAGE - 7:
DIVERSIFIED REVENUE SOURCES
[ Graphic / Pie Charts indicating ]
2002
GEOGRAPHIC SPREAD
-----------------
Europe -- 43%
Americas -- 41%
Asia Pacific -- 16%
JONES LANG LASALLE - PAGE - 8:
DIVERSIFIED REVENUE SOURCES
[ Graphic / Pie Charts indicating ]
2002
BUSINESS UNIT SPREAD
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IMPLEMENTATION SERVICES
Valuations & Consulting -- 10%
Capital Markets -- 16%
Agency Leasing -- 16%
Tenant Representation -- 9%
MANAGEMENT AND ADVISORY SERVICES
Property Management (Investors) -- 20%
Property Management (Corporates) -- 6%
Project and Development Management -- 10%
Investment Management -- 13%
ANNUITY-LIKE REVENUE APPROACHING 50%
JONES LANG LASALLE - PAGE - 9:
CAPITALIZING ON OUR STRENGTHS
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GROWTH DRIVER OUR STRENGTHS HOW WE CAPITALIZE
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Fragmented . Integrated global . Apply "Best
industry platform Practices"
. Breadth of services . Disciplined client
relationship
management
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Outsourcing . Global platform . Deliver integrated
services
. Consistent service . Create client
efficiency with
. Innovative technology technology
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Cross-border . Global platform . Expand Capital Markets
capital flows and Corporate Finance
. Investment management capabilities geo-
expertise graphically
. Global research . Deploy co-investment
capital in Investment
Management business
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Share of client . Consistent service . Convert 1X clients
to 2X and 3X
. Integrated marketing
. Explicit cross-
selling objectives
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JONES LANG LASALLE - PAGE - 10:
THE LEADING REAL ESTATE SERVICES BRAND
. #1 Global Platform
- 100 markets on five continents
- 7,000 real estate professionals
- Technology leader
. #1 Property Manager in the World
- 735 million s.f. under management
. #3 Real Estate Investment Advisor in the World
- $23 billion under management
. Leading Real Estate Research Capability
- 170 dedicated professionals
JONES LANG LASALLE - PAGE - 11:
[ JONES LANG LASALLE - LOGO ]
FINANCIAL PERFORMANCE
JONES LANG LASALLE - PAGE - 12:
GAAP EARNINGS REFLECTS YEAR END ORGANIZATION DOWNSIZING
$MM (except per share data)
Actual
---------------------- % Change
2002 2001 Prior Year
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Revenue $ 840 $ 905 (7%)
Operating Expenses 771 815 (5%)
Non-Recurring Charges 14 77 (82%)
OPERATING INCOME 55 13 --
Interest Expense 17 20 (15%)
Income Taxes 11 8 38%
NET INCOME $ 27 $ (15) --
EPS $0.85 $(0.51) --
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EBITDA $ 91 $ 60 52%
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JONES LANG LASALLE - PAGE - 13:
$50 MILLION COST SAVINGS ACHIEVED FROM 2001 DOWNSIZING
Actual 2002 vs 2001
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Excluding
FX
$MM 2002 2001 2000 Total Impact
- --- ------ ------ ------ ------ ---------
EXPENSE SUMMARY
Compensation &
Benefits $ 531 $ 546 $ 582 $ 15 $ 29
Operating &
Administrative 203 222 215 19 24
----- ----- ----- ----- -----
Total Controllable
Expenses $ 734 $ 768 $ 797 $ 34 $ 53
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JONES LANG LASALLE - PAGE - 14:
SUSTAINED DEBT REPAYMENT MASKED BY STRONGER EURO
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Current Debt Ratings:
Standard & Poor's: BBB-
Moody's: Ba1
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$MM
12/31/02 12/31/01 12/31/00
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Short-term Borrowings $ 16 $ 15 $ 9
Long-term Debt:
Credit Facilities 26 61 86
Senior Notes (1) 173 147 155
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TOTAL FUNDED DEBT 215 223 250
Minority Interest -- 1 1
Book Equity 367 314 332
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Total Capitalization $582 $538 $583
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Notes: (1) EUR 165 million.
JONES LANG LASALLE - PAGE - 15:
OPERATING IN A DIFFICULT ENVIRONMENT
. REVENUE OPPORTUNITIES
- Capitalize on Outsourcing trend
- Increase share of clients and market - 1X to 2x and 3x
- Develop Corporate Solutions business in Europe
and expand Investor Services business in Americas
- Expand Investment Management business in all regions
. OPERATING EFFICIENCY
- Continue to focus on cost management and streamline
back office
- Apply client profitability model in rationalizing
clients and geographic markets
- Remain a leader in information technology, improving
client service, reducing operating costs and
increasing process efficiency
JONES LANG LASALLE - PAGE - 16:
PRUDENT APPROACH TO 2003 OUTLOOK
. Q1 2003 guidance is loss of $0.25 - $0.35 per share
- Continued decline in Europe; relatively flat elsewhere
- Stronger euro causes normal Q1 loss to be greater in U.S.
dollar terms
. Waiting until second half of 2003 to provide full year guidance
- Cautious given seasonality of business coupled with
uncertain economic environment
- Expect improvement over 2002 results
. Continue to focus in 2003 on targeted investment in growth
areas, cost containment and debt reduction
- Q4 2002 restructuring charge to produce cost savings of
$20 million in 2003
JONES LANG LASALLE - PAGE - 17:
[ JONES LANG LASALLE - LOGO ]
APPENDIX I - BROAD RANGE OF INTEGRATED SERVICES
JONES LANG LASALLE - PAGE - 18:
BROAD RANGE OF INTEGRATED SERVICES
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2002 Primary
Business Unit Statistics Revenue Type Business Synergies
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Property . 530 million . Annuity type . Agency Leasing
Management s.f. management fees
(Investors) paid monthly . Project &
or quarterly Development
Management
. Investment
Management
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Property . 205 million . Annuity type . Project &
Management s.f. management fees Development
(Corporates) (2001 Combined paid quarterly Management
Property Man-
agement = 730 . Tenant
million sq ft) Representation
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Project & . Strategic . Property
Development Alliances Management
Management (Investors)
. Percentage of
construction . Property
costs Management
(Corporates)
. Tenant
Representation
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JONES LANG LASALLE - PAGE - 19:
BROAD RANGE OF INTEGRATED SERVICES
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2002 Primary
Business Unit Statistics Revenue Type Business Synergies
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Tenant . 3,300 trans- . Recurring . Project &
Representation actions income from Development
40 million strategic Management
sq ft alliances
(2001: 3,300
transactions . Property
and 33 million Management
sq ft) (Corporates)
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Agency . 7,900 trans- . Income sourced . Property
Leasing actions from Property Management
76 million s.f. Management and (Investors)
(2001: 9,100 Investment
transactions Management . Investment
and 82 million Management
sq ft)
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Capital . 1,500 trans- . One-time trans- . Investment
Markets actions action fees, but Management
$18 billion of repeat client
value (2001: business . Property
1,300 trans- Management
actions and
$19 billion . Tenant
of value) Representation
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Valuation & . 25,200 valua- . Regular repeat . Property
Consulting tions valuation fees Management
(2001: 29,400) tied to asset (Corporates)
value
. Capital Markets
. Consulting
fixed fee or . Tenant
hourly rates Representation
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JONES LANG LASALLE - PAGE - 20:
BROAD RANGE OF INTEGRATED SERVICES
INVESTMENT MANAGEMENT
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2002 Primary
Business Unit Statistics Revenue Type Business Synergies
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Direct . $19.5 billion . Contractual base . Capital Markets
Investments of assets under fees (% of assets)
management . Property
(2001: $17.8 . Acquisition fees Management
billion) (Investors)
. Performance fees
. Project &
. Long-term client Development
relationships Management
( >5 years )
. Agency Leasing
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Indirect . $3.7 billion . Contractual base . N/A
Investment of assets under fees (% of assets)
management
(2001: $4.4 . Performance fees
billion)
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JONES LANG LASALLE - PAGE - 21:
[ JONES LANG LASALLE - LOGO ]
APPENDIX II - ADJUSTED 2002 PERFORMANCE
JONES LANG LASALLE - PAGE - 22:
ADJUSTED EARNINGS MEET REVISED EARNINGS GUIDANCE
$MM (except per share data)
YTD Actual
----------------------
2002 2001 % Change
(1) (1) Prior Year
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Revenue $ 840 $ 905 (7%)
Operating Expenses 771 815 (5%)
ADJUSTED OPERATING INCOME 69 90 (23%)
Interest Expense 17 20 (15%)
Income Taxes 18 29 (38%)
Minority Interest -- 1 --
ADJUSTED NET INCOME $ 34 $ 40 (15%)
ADJUSTED EPS $ 1.08 $ 1.31 (18%)
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ADJUSTED EBITDA $ 106 $ 137 (23%)
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Notes: (1) Adjusted to exclude non-operating charges
JONES LANG LASALLE - PAGE - 24:
Some of the information contained herein is forward looking or time
sensitive. Jones Lang LaSalle undertakes no obligation to update any of
this information. Factors that could cause actual results to vary should
be reviewed in reports filed with the Securities and Exchange Commission.