Since assuming the role of Chief Executive Officer in September 2004, I have been truly impressed with the caliber of our people, the quality of our clients and the strength of the relationships which we have with them. Add to that our global market presence, our broad service capabilities and our robust financial position, and we are very well positioned for growth in 2005 and beyond.

OUR CULTURE OF CLIENT SERVICE
We are guided by a deep commitment to the long-term interests of our clients at Jones Lang LaSalle. This culture is shared across our global organization and is our greatest strength and differentiator.

This annual report focuses on that commitment and the success which it produces for our clients around the world. Their needs motivate us to deliver world-class services, develop market-leading research and create innovative solutions to their real estate needs. That approach allows our clients to harness opportunities and overcome challenges in real estate services and money management worldwide.

By focusing on the success of our clients, we also create our own success, which is amply demonstrated by our

excellent financial performance in 2004.

2004 FINANCIAL HIGHLIGHTS
2004 was a record year for Jones Lang LaSalle. As economic conditions improved in many parts of the world, we recorded impressive financial results across all our geographic regions and service lines.

Our net income of $64.2 million, or $1.96 per diluted share, represented a 78 percent improvement over our 2003 net income of $36.1 million, or $1.12 per diluted share. Revenues in 2004 were $1,167.0 million, a 24 percent increase in U.S. dollars over 2003 and a 17 percent increase in local currencies.

As of December 31, 2004, our net debt stood at just $29 million, down $119 million from the previous year.

By continuing to drive down our net debt levels, we continued to increase cash generated from operations. Net cash provided by operating activities was $161 million in 2004, up $51 million from the prior year, and 2004 EBITDA was $129 million, up $30 million from 2003.

While we are pleased with our 2004 achievements, the future holds yet more promise for our company.

GROWING WITH OUR CLIENTS
We have outstanding potential for future growth, driven by our client service culture, dedication to the highest ethical standards, wealth of talented and committed individuals, global presence and range of client services.