Jones Lang Lasalle (99AR)

($ in thousands)		Adjusted Jones Lang Lasalle	COMPASS⁽¹⁾	JLW Companies⁽²⁾	Acquisition Adjustments⁽³⁾	Adjusted Pro Forma Jones Lang Lasalle

1999
Revenue	$	755,439	—	58,460	—	813,899
Operating expenses⁽⁴⁾		675,341	—	65,267	850	741,458

Operating income⁽⁴⁾		80,098	—	(6,807)	(850)	72,441

Adjusted net earnings⁽⁴⁾		36,809	—	(4,011)	(527)	32,271

Adjusted EBITDA⁽⁴⁾	$	116,774	—	(4,610)	—	112,164

1998
Revenue	$	304,464	61,385	482,476	—	848,325
Operating expenses⁽⁴⁾		256,601	63,622	437,464	3,255	760,942

Operating income⁽⁴⁾		47,863	(2,237)	45,012	(3,255)	87,383

Adjusted net earnings⁽⁴⁾		26,553	(7,014)	27,660	(2,937)	44,262

Adjusted EBITDA⁽⁴⁾	$	61,318	4,900	57,582	—	123,800

⁽¹⁾ COMPASS results for 1998 reflect operating activity for the nine months ended September 30, 1998, including the effect of amortization of intangible assets and goodwill resulting from the acquisition, incremental interest expense resulting from borrowings used to fund the acquisition and income taxes. ⁽²⁾ JLW Companies' results for 1999 and 1998 reflect operating activity of the Jones Lang Wootton companies for the two months ended February 28, 1999 (the day prior to the effective date of the merger) and the twelve months ended December 31, 1998, respectively. ⁽³⁾ Acquisition adjustments give effect to the amortization of goodwill associated with the merger with Jones Lang Wootton. ⁽⁴⁾ 1999 and 1998 results for Jones Lang LaSalle and Jones Lang Wootton exclude merger related non-recurring charges associated with the acquisition of COMPASS and the merger with Jones Lang Wootton.