EXHIBIT 99.1
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JONES LANG LASALLE
Experience: A World of Difference ...
INVESTOR PRESENTATION
May 2007
JONES LANG LASALLE - PAGE - 2:
Experience: A World of Difference ...
FORWARD LOOKING STATEMENTS
--------------------------
Statements in this presentation 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, 2006 and in the Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2007, September 30, 2006, and June 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
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.
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 450
cities . A REIT
. Advisor and service provider
to real estate occupiers and
investors
. Global real estate investment/
fund manager - LaSalle
Investment Management
. Disciplined acquirer augmenting
organic growth
. Positioned for continued
profitable growth
JONES LANG LASALLE - PAGE - 4:
GLOBAL AND DIVERSIFIED GROWTH
[ 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 $103.3 $3.12
2006 (1) $2,013.6 $175.3 $5.24
(1) Includes incentive fee from single client of $112.5 million
or $1.01 per share
JONES LANG LASALLE - PAGE - 5:
GROWING REVENUE AND MARGINS ACROSS GEOGRAPHIES
GROWING REVENUES ...
Total 2005 Revenue = Total 2006 Revenue =
$1.4 billion (1) $2.0 billion (1)
---------------------- -------------------------
[ Graphics / Pie Charts indicating ]
Americas 31% Americas 31%
Asia Pacific 20% Asia Pacific 17%
EMEA 35% EMEA 33%
LaSalle Investment LaSalle Investment
Management 14% Management 19% (1)
.... AND GROWTH OPPORTUNITY IN MARGIN EXPANSION
Operating Income Margin
-----------------------
Long-Term
2005 2006 Targets
LaSalle Investment Management (1) 24.9% 32.4% 20+%
Americas 11.6% 10.5% 12-14%
EMEA 5.0% 6.5% 10-12%
Asia Pacific 7.3% 5.5% 8-10%
(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 - 6:
DIVERSIFIED REVENUE BY SERVICE
Business Unit Spread
[ Graphics / Pie Charts indicating ]
Total 2006 Revenue = $2.0 billion (1)
-------------------------------------
Real Estate Occupier Services - 28%
. Facilities Management - 6%
. Project & Development Services - 12%
. Tenant Representation - 10%
Real Estate Money Management - 14%
Real Estate Investor Services 35%
. Agency Leasing - 13%
. Property Management - 12%
. Valuations & Consulting - 10%
Real Estate Capital Markets - 23%
(1) Percentage based on $1.9 billion of revenue which excludes an
incentive fee from a single client of $112.5 million.
JONES LANG LASALLE - PAGE - 7:
OUR GROWTH DRIVERS
What Sets Us Apart ...
-------------------- -------------------- --------------------
Global Capital LaSalle Investment Outsourcing and
Markets Management Offshoring
-------------------- -------------------- --------------------
. 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
-------------------- -------------------- --------------------
GLOBAL
DIVERSIFICATION ANNUITY COUNTER CYCLICAL
-------------------- -------------------- --------------------
Local Markets
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. Positioned for
leadership in
local markets
where we choose
to compete
--------------------
EXECUTION
--------------------
JONES LANG LASALLE - PAGE - 8:
ACQUISITIONS ADDING TO
TOP-LINE AND BOTTOM-LINE GROWTH
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Acquisition What The Acquisition Brings
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.. Spaulding & Slye . New leading position in Boston market and
bolstered presence in already strong
Washington D.C. market
.. Rogers Chapman . Strong position in the West London and Thames
Valley markets in industrial agency, investment
and development and UK-wide corporate
consultancy and tenant representation
.. Littman Partnership . Leading team with a highly regarded planning
business who enhance the UK's National Planning
& Development business
.. RSP Group . Immediate scale in the Middle East & North Africa
from a base in the important Dubai market
.. areAZero . Leading occupier fit-out practice in Spain
.. NSC Corporate . Solid agency business and an impressive client
base in Western Australia, the second fastest
growing state in Australia
.. Hargreaves Goswell . Niche London City agency business; adding team
of five to already strong City team results in
unrivalled experience and capability in vital
market
.. Troostwijk Makelaars . 75-person Dutch business with strong specialties
in capital markets, office leasing and tenant
representation; joining our 150-person team to
create dominant force in Holland
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Projected 2007 Revenue Over $150 million
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JONES LANG LASALLE - PAGE - 9:
HEALTHY GLOBAL CLOCK FOR REAL ESTATE FUNDAMENTALS
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Local Markets
---------------------
. Positioned for
leadership in local
markets where we
choose to compete
[ Graphics / Pie Chart flow indicating ]
----------------
Asia-Pacific
EMEA
Americas
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RENTAL GROWTH SLOWING
Hong Kong
Moscow, Washington DC
Shanghai, Toronto
Tokyo
RENTAL GROWTH ACCELERATING
San Francisco, Singapore
Mumbai, Delhi, San Paulo, New York, London
Los Angeles, Boston, Dublin, Sydney
Dallas, Chicago, Mexico City, Stockholm, Paris
Atlanta, Philadelphia, Seoul, Warsaw
Brussels, Frankfurt
Rome
Amsterdam, Milan, Prague
RENTS BOTTOMING OUT
Berlin, Detroit
RENTS FALLING
Beijing
Source: Jones Lang LaSalle; LaSalle Investment Management
JONES LANG LASALLE - PAGE - 10:
IMPROVED EUROPEAN OFFICE LEASING MARKETS
Office Vacancy Rates Q1 2007
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Local Markets
---------------------
. Positioned for
leadership in local
markets where we
choose to compete
[ Graphics / Bar Chart flow indicating ]
Decrease Over Vacancy
the Last 12 Months Rate
------------------ --------
Frankfurt 15.2
Amsterdam 13.9
Stockholm 13.8
Dublin 11.5
Budapest 9.9
Brussels 9.9
Berlin 9.8
Milan 7.6
Prague 6.1
London 5.0
Paris 5.0
Barcelona 4.8
Warsaw 3.8
Madrid 3.5
Increase Over Vacancy
the Last 12 Months Rate
------------------ --------
Moscow 3.3
Source: Jones Lang LaSalle European Research, January 2007
JONES LANG LASALLE - PAGE - 11:
IMPROVED EUROPEAN OFFICE LEASING MARKETS
---------------------
Local Markets
---------------------
. Positioned for
leadership in local
markets where we
choose to compete
'000 m(2)
[ Graphics / Bar Chart flow indicating ]
CEE WE
CEE WE Vacancy Vacancy
Period Completions Completions Rate Rate
------ ----------- ----------- ---------- ----------
1998 667 2,174 10.10% 5.90%
1999 998 2,448 14.40% 4.70%
2000 983 2,984 13.80% 3.60%
2001 755 4,187 11.10% 4.80%
2002 839 3,761 11.80% 7.60%
2003 840 3,961 11.10% 9.60%
2004 877 2,845 10.60% 9.90%
2005 950 2,896 7.10% 9.30%
2006 1,744 3,101 5.80% 8.30%
2007* 1,776 3,446 6.3% 7.60%
2008* 2,110 4,466 7.5% 7.60%
* Forecast
Western Europe (WE): Amsterdam, Barcelona, Berlin, Brussels, Dublin,
Dusseldorf, Edinburgh, Frankfurt, Hamburg, London, Luxembourg, Lyon,
Madrid, Milan, Munich, Paris, Rotterdam, Stockholm, The Hague, Utrecht;
Central & Eastern Europe (CEE): Budapest, Moscow, Prague, Warsaw
Source: Jones Lang LaSalle European Research, January 2007
JONES LANG LASALLE - PAGE - 12:
CROSS BORDER CAPITAL FLOWS ARE INCREASING
Search for Higher Returns and Global Diversification
Driving Cross-Border Investment
----------------------
Global Capital Markets
----------------------
. We are uniquely
positioned to
capitalize on the
continuing trend of
cross-border capital
flows into real estate
[ Graphics / Bar Chart flow indicating ]
Intra- Inter-
Domestic Regional Regional
---------- ---------- ----------
2003 264 33.36 56.64
2004 279 33 81
2005 311 50 114
2006 394 87 201
US$bn
Source: JLL; Property Data (UK); KTI Finland, Real Capital Analytics (USA)
JONES LANG LASALLE - PAGE - 13:
LASALLE INVESTMENT MANAGEMENT
Delivering Annuity Revenue and Incentive Fees
[ Graphics / Bar Chart flow indicating ]
($ Millions)
Advisory
and
Trans-
Incentive Equity action Total Operating
Fees Earnings Fees Revenue Income AUM =
--------- --------- --------- --------- --------- -------
2003 4.7 8.0 $100.6 $113.3 $ 18.4 $21.5B
2004 20.0 17.0 $113.4 $150.4 $ 31.8 $24.1B
2005 43.4 11.8 $147.5 $202.7 $ 50.2 $29.8B
2006 170.6 7.1 $206.7 $384.3* $124.4 $40.6B
* Total revenue includes incentive fee from a single client of $112.5
million.
JONES LANG LASALLE - PAGE - 14:
LASALLE INVESTMENT MANAGEMENT
A Global Business and Differentiator for Our Firm
Assets
Typical Under
Q1 2007 Fee Manage-
Description Statistics Structure Product ment %
- ----------- --------------- --------- ------- ------- ------
SEPARATE European
ACCOUNT Private
MANAGEMENT . $26.2 billion Equity $16.9 38.2%
(Firm's co- of assets . Advisory
investment = under manage- fees North
$32.6MM) ment . Transaction American
(19% growth fees Private
over Q1 2006) . Incentive Equity $14.3 32.3%
fees
. Equity Asia
earnings Pacific
Private
- ---------------------------------------------- Equity $ 3.6 8.1%
--------------------------
FUND TOTAL
MANAGE- . $8.6 billion . Advisory PRIVATE
MENT of assets fees EQUITY $34.8 78.6%
(Firm's under manage- . Incentive --------------------------
co-invest- ment fees
ment = (37% growth . Equity TOTAL
$85.5MM) over Q1 2006) earnings PUBLIC
SECURITIES $ 9.5 21.4%
--------------------------
- ----------------------------------------------
TOTAL $44.3 100%
PUBLIC
SECURITIES . $9.5 billion . Advisory --------------------------
(Firm's co- of assets fees
investment = under manage-
$0.1 MM) ment
(67% growth
over Q1 2006)
- ----------------------------------------------
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Assets Under Management = $44.3 billion
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30% Growth over Q1 2006
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JONES LANG LASALLE - PAGE - 15:
LASALLE INVESTMENT MANAGEMENT
Separate Accounts and Funds with Potential Incentive Fees
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Number
Investment of AUM
Investment Type Style Clients Region ($MM)
- ---------------------------------------------------------------------------
Separate Accounts Core 14 Americas/ $ 6,900
Asia Pacific/
Europe
Value-Add 3 Americas/ $ 7,100
Europe
Opportunistic 2 Americas/ $ 200
Europe
--- -------
Total 19 $14,200
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Number Buying
Investment of Power
Investment Type Style Funds Region ($MM)
- ---------------------------------------------------------------------------
Commingled Funds Core 3 Americas $ 3,600
Value-Add 12 Americas/ $ 8,900
Asia Pacific/
Europe
Opportunistic 4 Americas/ $ 7,800
Asia Pacific
--- -------
Total 19 $20,300
Note: Buying Power represents the current AUM of a fund plus potential
investments based on commitments to existing funds and leverage
JONES LANG LASALLE - PAGE - 16:
LASALLE INVESTMENT MANAGEMENT
Funds Driving AUM Growth, Advisory Fees and Potential Incentive Fees
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Number Buying
Investment of Power
Vintage Year Style Funds Region ($MM)
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Pre-2001 Value-Add 1 Americas $ 200
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2001 Value-Add 1 Europe $ 1,300
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2002 Value-Add 2 Americas $ 1,100
Opportunistic Asia Pacific
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2003 Value-Add 1 Americas $ 500
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2004 Core, 4 Americas (2) $ 3,100
Value-Add (2) Asia Pacific
Opportunistic Europe
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2005 Core 6 Americas (2) $ 9,500
Value-Add (3) Asia Pacific
Opportunistic (2) Europe (3)
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2006 Value-Add (3) 4 Americas $ 4,600
Core Asia Pacific
Europe (2)
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Total 19 $20,300
- ---------------------------------------------------------------------------
Note: Vintage Year represents the year in which the fund made its first
capital call from investors. Buying Power represents the current AUM
of a fund plus potential investments based on commitments to existing
funds and leverage.
JONES LANG LASALLE - PAGE - 17:
OUTSOURCING AND OFFSHORING - GROWING TREND CONTINUES
Corporate Solutions Multi-Region RFPs
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Outsourcing and Offshoring
---------------------------
. Multinationals seek our
globally integrated
quality advice and
execution managing their
global real estate needs
[ Bar Chart indicating ]
RFPs
2002 6
2003 9
2004 18
2005 35
2006 44
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5-Year Win Rate of 60%
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JONES LANG LASALLE - PAGE - 18:
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
GM DEPARTMENT OF THE ARMY -
UNITED STATES OF AMERICA
Cisco Systems
Merrill Lynch
Hermes Property Asset
Management Limited Deka Immobilien Investment
Scottish Widows Adidas
Sun Microsystems
JONES LANG LASALLE - PAGE - 19:
THE LEADING REAL ESTATE SERVICES BRAND
. DOMINANT GLOBAL PLATFORM
- Approximately 160 offices worldwide
- Nearly 12,000 real estate professionals
. LEADING PROPERTY MANAGEMENT BUSINESS
- Over 1 billion s.f. under management
. ONE OF THE WORLD'S LARGEST AND MOST DIVERSE
REAL ESTATE INVESTMENT MANAGEMENT FIRMS
- $44.3 billion under management
. GLOBAL CAPITAL MARKETS LEADERSHIP
- Advised $70.9 billion in 2006
. LEADING PROFESSIONAL PROJECT MANAGEMENT BUSINESS
- 1,700 dedicated professionals
. GLOBAL REAL ESTATE RESEARCH CAPABILITY
- 220 dedicated professionals
JONES LANG LASALLE - PAGE - 20:
APPENDIX 1 --
SUPERIOR CASH FLOW
JONES LANG LASALLE - PAGE - 21:
SUPERIOR CASH FLOW
----------------------------------------------------------------
Actual
$MM 2006 2005 2004
----------------------------------------------------------------
OPERATING INCOME $244 $132 $ 78
Plus: Depreciation and Amortization 49 34 33
Plus: Equity Earnings and Other 10 12 18
EPITDA $303 $178 $129
Less: Interest Expense (14) (4) (9)
Less: Income Taxes (64) (36) (22)
Plus: Working capital &
non-cash expenses 153 (17) 63
NET CASH FROM OPERATIONS $378 $121 $161
PRIMARY USES OF CASH
--------------------
Acquisition 192 5 3
Co-Investment 44 16 (3)
Capital Expenses 70 40 28
Net Debt Repayment 18 13 114
Net Share Repurchase (1) 33 38 19
Dividend 21 9 --
TOTAL $378 $121 $161
(1) Net Share Repurchase in 2006 includes $65 million of
repurchases under our program plus repurchases for taxes less
cash inflows from shares issued under share programs and
related tax benefits.
--------------------------
EXPLANATION OF EBITDA
--------------------------
. EBITDA represents earnings before interest expense, income
taxes, depreciation and amortization
. Management believes that EBITDA is useful to investors as a
measure of operating performance
. EBITDA should not be considered an alternative to (i) net
income (loss) (determined in accordance with GAAP) or
(ii) cash flows (determined in accordance with GAAP)
JONES LANG LASALLE - PAGE - 22:
APPENDIX 2 --
LaSALLE INVESTMENT MANAGEMENT FUND AND
SEPARATE ACCOUNT INFORMATION
JONES LANG LASALLE - PAGE - 23:
LASALLE INVESTMENT MANAGEMENT
Incentive Fee Potential in Funds and Separate Accounts
.. Funds average lives typically vary by investment style
. Core Fund - 7-10 year typical life
. Value-Add Fund - 5-7 year typical life
. Opportunistic Fund - 3-5 year typical life
.. Funds typically have targeted return hurdles above which incentive
fees can be earned; incentive fees begin during fund liquidation as
assets are sold and as investor hurdles are met
. Core Fund - target return of 6%-8%
. Value-Add Fund - target return of 12%-14%
. Opportunistic Fund - target return of greater than 16%
. Incentive fees generally include sharing of investment proceeds
above an agreed benchmark (at or below target return)
. Firm's share varies from 10% on Core Funds to 30% on
Opportunistic Funds
.. Separate Accounts (portfolios managed for a single client) calculated
at client agreed benchmark at predetermined measurement periods
JONES LANG LASALLE - PAGE - 24:
APPENDIX 3 --
OFFICE VACANCY RATES BY MARKET
JONES LANG LASALLE - PAGE - 25:
AMERICAS
MAJOR METRO VACANCY RATES SHOW IMPROVEMENT
[ Graphics / Bar Chart flow indicating ]
Q1:
2003 2005 2006 2007
------ ------ ------ ------
Atlanta 22.00% 17.30% 17.10% 17.50%
Boston 17.30% 14.40% 11.90% 12.20%
Chicago 18.10% 16.90% 15.40% 15.60%
Los Angeles 16.20% 11.50% 10.00% 9.70%
New York 10.20% 7.70% 6.50% 6.20%
San Francisco 19.90% 13.10% 10.80% 10.90%
Washington, DC 12.60% 9.30% 9.10% 9.80%
Calgary 11.30% 4.10% 1.80% 1.60%
Toronto 12.80% 10.90% 9.10% 9.00%
Mexico City 19.00% 12.00% 7.00% 6.00%
Sources: TWR, Jones Lang LaSalle, Altus InSite
JONES LANG LASALLE - PAGE - 26:
EUROPE
OFFICE VACANCY RATES ARE IMPROVING
[ Graphics / Bar Chart flow indicating ]
Q4 2003 Q4 2005 Q1 2007
------- ------- -------
Frankfurt 13.8% 17.5% 15.2%
Amsterdam 12.5% 17.7% 13.9%
Stockholm 18.3% 16.8% 13.8%
Athens 16.6% 14.0% 12.5%
Dublin 16.7% 15.2% 11.5%
Brussels 9.5% 10.3% 9.9%
Berlin 9.4% 10.3% 9.8%
Budapest 16.9% 10.2% 9.9%
Munich 8.1% 10.4% 9.4%
Milan 6.5% 8.2% 7.6%
Lyon 5.5% 7.2% 6.8%
Prague 12.2% 12.9% 6.1%
London/City 15.7% 10.0% 6.1%
Paris 6.4% 5.7% 5.0%
Barcelona 7.1% 5.7% 4.8%
Warsaw 14.0% 8.2% 3.9%
Madrid 8.2% 6.5% 3.5%
London/West End 7.0% 4.4% 3.5%
Moscow 4.2% 3.0% 3.3%
Source: Jones Lang LaSalle
JONES LANG LASALLE - PAGE - 27:
ASIA PACIFIC
STRONG DEMAND IN OFFICE MARKETS TIGHTENED AVAILABILITY OF SPACE
[ Graphics / Bar Chart flow indicating ]
2003 2005 2007F
------ ------ ------
Sydney 10.50% 10.40% 7.80%
Melbourne 10.30% 8.10% 7.20%
Brisbane 6.00% 3.00% 0.90%
Tokyo 7.30% 1.80% 1.00%
Seoul 4.10% 2.90% 1.50%
Hong Kong 11.20% 6.20% 4.30%
Singapore 16.60% 7.60% 1.60%
Bangkok 18.40% 11.50% 15.10%
Beijing 15.50% 14.20% 16.80%
Shanghai 13.80% 4.90% 4.60%
Guangzhou 10.30% 13.80% 25.00%
Membai 13.90% 2.90% 2.30%
Bangalore 6.10% 0.70% 4.10%