EXHIBIT 99.1
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JONES LANG LASALLE
INVESTOR PRESENTATION
February 2006
JONES LANG LASALLE - PAGE - 2:
FORWARD LOOKING STATEMENTS
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Statements in this presentation regarding, among other things, future
financial results and performance, achievements, plans, targets,
projections 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 and Jones Lang
LaSalle makes no representations or guarantees thereof. 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, 2004, in Jones Lang LaSalle's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2005 and
in other reports filed with the Securities and Exchange Commission.
Statements speak only as of the date of this presentation. 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. In addition, nothing herein may be construed or is intended as an
offering of any security.
JONES LANG LASALLE - PAGE - 3:
OUR VISION -- Global and Diversified Growth
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To be the chosen real estate expert and strategic adviser
to the leading occupiers and investors around the world
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WE ARE: WE ARE NOT:
. A global firm operating across . Asset intensive
50 countries and in over 430
cities . A REIT
. Advisor and service provider
to real estate occupiers and
investors
. Global real estate investment/
fund manager
. Client-relationship oriented
. Dividend payer with frequent
share repurchases
. Disciplined acquirer augmenting
organic growth
JONES LANG LASALLE - PAGE - 4:
GLOBAL AND DIVERSIFIED GROWTH
Record Earnings in 2005
[ Graphic / Line Chart indicating ]
($ Millions)
Net
Revenue Income EPS
-------- ------ -----
2002 $ 860.0 $ 27.1 $0.85
2003 $ 941.9 $ 36.1 $1.12
2004 $1,167.0 $ 64.2 $1.96
2005 $1,390.6 $103.7 $3.12
JONES LAND LASALLE - PAGE - 5:
2005 HIGHLIGHTS
Recently Named to FORBES "Platinum 400"
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Initiated First-Ever Dividend Significant Share Repurchases
In Third Quarter Executed
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.. Semi annual dividend of $0.25 . Repurchased over 1.6 million
per share paid in October shares in 2005 at a cost of
$74 million
.. Anticipate annual dividend
of $0.50 per share . Board of Directors approved
2 million share repurchase
program in September 2005;
1.4 million shares remain
under this approval
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Disciplined Acquisition Process Culminated
in Purchase of Spaulding & Slye LLC
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. Spaulding & Slye was a privately held real estate services and
investment company with offices in Boston and Washington, D.C.
. Acquisition establishes immediate scale in New England region and
strengthens D.C. operations
. Accelerates growth in less cyclical US sectors such as Government,
Life Sciences and Higher Education
. $150 million cash paid at January 3, 2006 closing with provisions for
additional consideration and an earn-out that are subject to certain
contract provisions and performance
. 2006 EPS neutral to modestly accretive after approximately $0.15 per
share impact of financing costs
. EPS accretion higher in 2007 and beyond with performance and as cash
flows reduce debt and financing costs
JONES LANG LASALLE - PAGE - 6:
GROWING REVENUE AND MARGINS ACROSS GEOGRAPHIES
GROWING REVENUES ...
Total 2004 Revenue = Total 2005 Revenue =
$1.2 billion (1) $1.4 billion (1)
---------------------- -------------------------
[ Graphics / Pie Charts indicating ]
IOS - Americas 31% IOS - Americas 31%
IOS - Asia Pacific 19% IOS - Asia Pacific 20%
IOS - Europe 37% IOS - Europe 35%
LaSalle Investment LaSalle Investment
Management 13% (1) Management 14% (1)
.... AND GROWTH OPPORTUNITY IN MARGIN EXPANSION
Operating Income Margin
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Long-Term
2004 2005 Targets
LaSalle Investment Management (1) 21.2% 24.8% 20+%
IOS - Americas 14.4% 11.5% 12-14%
IOS - Europe 4.1% 4.9% 10-12%
IOS - Asia Pacific 4.0% 7.8% 8-10%
Note: IOS refers to our Investor and Occupier Services
(1) Equity earnings are an integral part of this business and are
therefore included in the Geographic Spread and Operating Income
Margin. Equity earnings are not included in the Total Revenue.
JONES LAND LASALLE - PAGE - 7:
DIVERSIFIED REVENUE BY SERVICE
Business Unit Spread
[ Graphics / Pie Charts indicating ]
Total 2004 Revenue - $1.2 billion (1)
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Real Estate Occupier Services - 26%
. Facilities Management - 7%
. Project & Development Services - 10%
. Tenant Representation - 9%
Real Estate Money Management - 13% (1)
Real Estate Investor Services 42%
. Valuations & Consulting - 10%
. Property Management - 15%
. Agency Leasing - 17%
Real Estate Capital Markets - 19%
Total 2005 Revenue - $1.4 billion (1)
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Real Estate Occupier Services - 26%
. Facilities Management - 7%
. Project & Development Services - 11%
. Tenant Representation - 8%
Real Estate Money Management - 15% (1)
Real Estate Investor Services 40%
. Valuations & Consulting - 11%
. Property Management - 14%
. Agency Leasing - 15%
Real Estate Capital Markets - 19%
(1) Equity earnings are an integral part of this business and are
therefore included in the Geographic Spread and Operating Income
Margin. Equity earnings are not included in the Total Revenue.
JONES LANG LASALLE - PAGE - 8:
OUR GROWTH DRIVERS
What Sets Us Apart ...
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Global Capital LaSalle Investment Outsourcing and
Markets Management Offshoring
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. We are uniquely . Globally managed . Multinationals
positioned to business with out- seek our globally
capitalize on the standing track integrated quality
continuing trend of record; performance advice and execu-
cross-border capital results from proven tion managing
flows into real research-based their global real
estate approach and estate needs
execution
JONES LANG LASALLE - PAGE - 9:
GLOBAL CAPITAL FLOWS SEEKING YIELD
Following Global Real Estate Fundamentals
[ Graphics / Pie Chart flow indicating ]
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Asia-Pacific
Europe
North America
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Rental growth slowing
Moscow
Beijing
Hong Kong
Shanghai, Washington D.C.
New York, Los Angeles
Rental growth accelerating
Tokyo, San Francisco
Singapore, Madrid
London, Canada
Paris, Sydney, Chicago, Boston
Rents bottoming out
Warsaw
Milan
Frankfurt
Rents falling
Brussels
Source: Jones Lang LaSalle; LaSalle Investment Management
JONES LANG LASALLE - PAGE - 10:
GLOBAL CAPITAL FLOWS ACCELERATING
Seeking Higher Returns
2004 Global Flows US $59.9 billion
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[ Graphics / Pie Chart flow indicating ]
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Asia-Pacific
Europe
North America
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Source: Jones Lang LaSalle; Property Data (UK); KTI (Finland); Real
capital Analytics (USA)
Note: Direction of arrow indicates flow of capital (e.g. European
investors made purchases in North America amounting to US $2.9
billion, and sales of US $5.1 billion)
Note: US $5.2 billion of transactions involve both Inter-Regional
buyer and seller (e.g. French buying from UK in the USA)
JONES LANG LASALLE - PAGE - 11:
CAPITAL FLOWS WILL CONTINUE AS GLOBAL TRANSPARENCY INCREASES
Global Real Estate Transparency Index
[ Graphics / Global Map indicating ]
HIGHLY TRANSPARENT -
Country -
Australia United Kingdom
New Zealand Canada
United States Netherlands
TRANSPARENT
Country -
Hong Kong Finland Austria
Sweden Switzerland Norway
Singapore Ireland Spain
Germany Belgium Malaysia
France Denmark South Africa
SEMI-TRANSPARENT
Country -
Italy Taiwan Greece
Portugal Poland Estonia
Czech Republic Mexico South Korea
Hungary Israel Philippines
Japan Chile Thailand
LOW-TRANSPARENT
Country -
Brazil Argentina Colombia
Russia India Indonesia
P.R. China Costa Rica United Arab Emirates (UAE)
OPAQUE
Country -
Turkey Saudi Arabia
Vietnam Romania
Egypt Ukraine
Source: Jones Lang LaSalle, 2005
JONES LANG LASALLE - PAGE - 12:
2005 GLOBAL CAPITAL MARKETS PERFORMANCE
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GLOBAL CAPITAL MARKETS
We are uniquely positioned to capitalize
on the continuing trend of cross-border
capital flows into real estate.
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[ Graphics / Global Map indicating ]
$43.5 BILLION
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AMERICAS - $7.1 billion
EUROPE - $23.4 billion
ASIA PACIFIC - $4.5 billion
HOTELS - $8.5 billion
JONES LANG LASALLE - PAGE - 13:
LASALLE INVESTMENT MANAGEMENT
Acquiring Assets Across the Globe
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GLOBAL PUBLIC SECURITIES MANDATES
ING (New Zealand) SG Hiscock (Australia)
MLC (Australia/UK) Skandia (UK)
Nikko (Japan) State Superannuation
NPF (New Zealand) (Australia)
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[ Graphics / Global Map indicating ]
Americas
Canada Income & Growth II
Income & Growth IV
US Trust
Seligman
Europe
LaSalle Euro Growth II
LaSalle French Fund II
Eurozone Open-end Fund
LaSalle German Retail Fund
Barclay's
LaSalle UK Ventures Fund
Asia Pacific
LaSalle Asia Opportunity Fund II
Japan Logistics
JONES LANG LASALLE - PAGE - 14:
LASALLE INVESTMENT MANAGEMENT
A Global Business and Differentiator for Our Firm
Assets
Typical Under
Fee Manage-
Description 2005 Statistics Structure Product ment %
- ----------- --------------- --------- ------- ------- ------
SEPARATE European
ACCOUNT Private
MANAGEMENT . $18.5 billion Equity $12.5 41.9%
(Firm's co- of assets . Advisory
investment = under manage- fees North
$12.1MM) ment . Transaction American
(13% growth fees Private
over 2004) . Incentive Equity $ 9.4 31.5%
fees
. Equity Asia
earnings Pacific
Private
- ---------------------------------------------- Equity $ 2.7 9.1%
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FUND TOTAL
MANAGE- . $6.1 billion . Advisory PRIVATE
MENT of assets fees EQUITY $24.5 82.5%
(Firm's under manage- . Incentive --------------------------
co-invest- ment fees
ment = (65% growth . Equity European
$69.1MM) over 2004) earnings Public
Securities $0.2 0.7%
North
- ---------------------------------------------- American
Public
Securities $5.0 16.8%
PUBLIC --------------------------
SECURITIES . $5.2 billion . Advisory
(Firm's co- of assets fees TOTAL
investment = under manage- PUBLIC
$0.1 MM) ment SECURITIES $5.2 17.5%
(27% growth --------------------------
over 2004)
TOTAL $29.8 100%
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Assets Under Management = $29.8 billion
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24% Growth over 2004
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JONES LANG LASALLE - PAGE - 15:
LASALLE INVESTMENT MANAGEMENT
Positioned to Deliver Unprecedented Growth
[ Line Chart Indicating ]
($ Millions)
Other Advisory Operating
Revenue Fees Income Total AUM
--------- --------- --------- --------- ---------
2002 $ 5.6 $ 83.4 $20.0 $109.0 $23.2B
2003 $ 1.7 $ 93.2 $18.4 $113.3 $21.5B
2004 $17.2 $101.4 $31.8 $150.4 $24.1B
2005 $24.6 $127.9* $50.2 $202.7 $29.8B
(26% (35%
increase) increase)
* Recurring Advisory Fees represent 63% of revenue.
JONES LANG LASALLE - PAGE - 16:
ACCELERATING OUR INVESTMENT APPROACH
Process Evolving to Accelerate Growth
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Traditional Current Opportunity
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Change in
Approach . Strategy . Strategy . Strategy
. Fund Product . Fund Product . ACQUISITIONS
. Capital Raise . ACQUISITIONS . Fund Product
. ACQUISITIONS . Capital Raise . Capital Raise
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Jones Lang
LaSalle
Investment
Approach . Co-investment . Seed Invest- . Full Portfolio
ments
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JONES LANG LASALLE - PAGE - 17:
OUTSOURCING AND OFFSHORING -
GROWING TREND CONTINUES
Corporate Solutions Multi-Region RFPs
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Outsourcing and Offshoring
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.. Multinationals seek our globally
integrated quality advice and
execution managing their global
real estate needs
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[ Line Chart Indicating ]
RFPs
2002 6
2003 9
2004 18
2005 34
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Win Rate Consistently Exceeds 50%
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JONES LANG LASALLE - PAGE - 17:
GROWING MARKETS DRIVING REVENUE GROWTH
[ Line Chart Indicating ]
($ Millions)
CHINA
Revenue Employees
2002 $5.5 135
2005 $20.2 335
2006 (Projected) $50-$55 515
INDIA
2002 $2.9 52
2005 $13.4 304
2006 (Projected) $22-$25 420
JAPAN
2002 $10.0 84
2005 $30.8 176
2006 (Projected) $55-$60 250
RUSSIA
2002 $4.3 35
2005 $15.3 120
2006 (Projected) $40-$45 200
JONES LANG LASALLE - PAGE - 19:
WHY IS CHINA IMPORTANT - IN PROPERTY TERMS?
PROPERTY CONSTRUCTED
. In 1997 - 140 million sqm (1.5 billion s.f.)
. In 2004 - 640 million sqm (6.8 billion s.f.)
. Annual pace of construction has quadrupled.
CHINA ACCOMMODATES
. Over 90% Fortune 100 Co.'s
. 80% of Fortune 500 Co.'s
. MNC's absorb over 50% of new office stock and
70% of Grade-A construction
[ Line Chart Indicating ]
REAL ESTATE CONSTRUCTION IN CHINA
(Millions of Sqm)
1997 140
1998 204
1999 226
2000 296
2001 374
2002 428
2003 547
2004 605
Source: China Statistics Bureau: 2005
JONES LANG LASALLE - PAGE - 20:
OUR CHINA OPERATIONS
[ Graphics / Global Map indicating ]
Beijing (1)
Changsha (2)
Chengdu (2)
Chongqing (3)
Dalian (2)
Guangzhou (1)
Han Zhong (3)
Harbin (2)
Hong Kong (1)
Jinan (2)
Kowloon (2)
Macau (1)
Nanjing (2)
Nanning (2)
Shanghai (1)
Shenyang (2)
Shenzhen (2)
Suzhou (3)
Taipei (1)
Tianjin (2)
Wuhan (2)
Xian (3)
(1) Jones Lang LaSalle full service office
(2) Jones Lang LaSalle project offices
(3) Jones Lang LaSalle 2006 planned expansions
JONES LANG LASALLE - PAGE - 21:
EXPANDING ACROSS CHINA
Over 250 Transactions During 2004
[ Graphics / Global Map indicating ]
Beijing
Changchun
Changska
Chengdu
Chongqing
Dalian
Fuzhou
Guangzhou
Guiyang
Haikou
Hangzhou
Hefei
Jinan
Kunming
Lanzhou
Nanchang
Nanjing
Nanning
Quingdao
Shanghai
Shenyang
Shenzhen
Shijiazhuang
Suzhou
Taiyuan
Tianjin
Urumqi
Wuhan
Wuxi
Xiamen
Xian
Zhengzhou
JONES LANG LASALLE - PAGE - 22:
OUR CLIENT ROSTER IS IMPRESSIVE AND GROWING
A FEW EXAMPLES ...
BANK OF AMERICA DEUTSCHE BANK
MICROSOFT P&G
WHIRLPOOL MOTOROLA
CalPERS HSBC
3M TIAA CREF
TAAssociates THE OHIO STATE UNIVERSITY
GM DEPARTMENT OF THE ARMY -
UNITED STATES OF AMERICA
Cisco Systems
Merrill Lynch
Hermes Property Asset
Management Limited Deka Immobilien Investment
Scottish Widows
Skandia
JONES LANG LASALLE - PAGE - 23:
THE LEADING REAL ESTATE SERVICES BRAND
. DOMINANT GLOBAL PLATFORM
- Over 100 offices worldwide
- Over 9,000 real estate professionals
. LEADING PROPERTY MANAGEMENT BUSINESS
- 923 million s.f. under management
. ONE OF THE WORLD'S LARGEST AND MOST DIVERSE
REAL ESTATE INVESTMENT MANAGEMENT FIRMS
- $30 billion under management
. GLOBAL CAPITAL MARKETS LEADERSHIP
- Advised $43.5 billion in 2005
. LEADING PROFESSIONAL PROJECT MANAGEMENT BUSINESS
- Over 1,000 dedicated professionals
. GLOBAL REAL ESTATE RESEARCH CAPABILITY
- 195 dedicated professionals
JONES LANG LASALLE - PAGE - 24:
APPENDIX 1 --
BUSINESS UNIT STATISTICS
JONES LANG LASALLE - PAGE - 25:
REAL ESTATE MONEY MANAGEMENT
Funds in Asia Reflect Strong Research and On-The-Ground Expertise
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Jones Lang
Total Assets LaSalle
Equity Buying Under Co-
Raised Power Mgmt Investment
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LaSalle Asia Recovery
Fund I - $242 $650 $12
Launched in 2000 million million million
(commit-
ment)
Fund Objective
.. An opportunistic, diversified fund fully invested; currently selling
assets with expectations of exceeding its initial targeted return
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Japan Logistics
Fund - $366 $1.5 $600 $12
Launched in 2004 million billion million million
(commit-
ment)
Fund Objective
.. LaSalle Investment Management's first country and sector focused Asian
vehicle; acquiring warehouse investments in the key distribution centers
of Japan
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LaSalle Asia
Opportunity Fund II - $1 $4 $777 $29
Launched in 2005 billion billion million million
(commit-
ment)
Fund Objective
.. Continuing with successful approach to LARF-I above, focusing on
value-added activities with a primary regional focus in North Asia
(Japan, Greater China and Korea)
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JONES LANG LASALLE - PAGE - 26:
APPENDIX 2 --
SUPERIOR CASH FLOW
JONES LANG LASALLE - PAGE - 27:
SUPERIOR CASH FLOW - HIGH RETURN
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Actual
$MM (except per share data) 2005 2004 2003
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EBITDA $178 $129 $ 99
Less: Interest Expense (4) (9) (18)
Less: Income Taxes (36) (22) (8)
Plus: Working capital &
non-cash expenses (17) 63 37
NET CASH FROM OPERATIONS $121 $161 $110
PRIMARY USES OF CASH
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Acquisition 5 3 1
Co-Investment 16 (3) (4)
Capital Expenses 40 28 19
Net Debt Repayment 13 114 88
Net Share Repurchase 38 19 6
Other 9 -- --
TOTAL $121 $161 $110
FREE CASH FLOW PER SHARE
(excludes CapEx and working capital)
2005 $3.95
2004 $2.80
2003 $2.51
JONES LANG LASALLE - PAGE - 28:
APPENDIX 3 --
GAAP AND NON-GAAP RESULTS AND RECONCILIATION
JONES LANG LASALLE - PAGE - 29:
CALCULATION OF EBITDA
AND FREE CASH FLOW PER SHARE
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Actual
$MM 2005 2004 2003
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OPERATING INCOME
(including Equity Earnings) $144 $ 96 $ 62
Plus: Depreciation & Amortization 34 33 37
EBITDA $178 $129 $ 99
Less: Interest Expense (4) (9) (18)
Less: Income Taxes (36) (22) (8)
Less: Working capital &
non-cash expenses (17) 63 37
NET CASH FROM OPERATIONS $121 $161 $110
Less: Capital Expenditures (4) (28) (19)
Less: Working Capital 50 (41) (10)
FREE CASH FLOW $131 $ 92 $ 81
FREE CASH FLOW PER SHARE $3.95 $2.80 $2.51
JONES LANG LASALLE - PAGE - 30:
EXPLANATION OF EBITDA, FREE CASH FLOW AND NET DEBT
. EBITDA represents earnings before interest expense,
income taxes, depreciation and amortization
. Free Cash Flow represents Net Cash from Operations
less Capital Expenditures and Working Capital
. Net Debt represents debt minus cash and cash equivalents
. Management believes that EBITDA and Free Cash Flow are
useful to investors as a measure of operating performance
and liquidity
. Management believes that Net Debt is useful to investors
as a measure of financial position
. EBITDA, Free Cash Flow and Net Debt should not be considered
alternatives to (i) net income (loss) (determined in
accordance with GAAP), (ii) cash flows (determined in
accordance with GAAP), or (iii) liquidity