Jones Lang Lasalle (Shareholders)

LaSalle Partners announces strong 1998 results
Adjusted Net Earnings Up 28 Percent

CHICAGO, February 22, 1999 - LaSalle Partners Incorporated (NYSE: LAP) today announced that adjusted net earnings for the year ended December 31, 1998 rose 28 percent to $26.6 million, or $1.62 per diluted share, up from $20.7 million, or $1.27 per diluted share in 1997 on a pro forma basis.

The 1998 adjusted net earnings exclude the transition and integration costs related to the previously announced COMPASS acquisition and the Jones Lang Wootton merger, which totaled $6.1 million, or $.37 per diluted share on an after tax basis. LaSalle's 1997 pro forma results reflect the acquisition of Galbreath, conversion to corporate form, the initial public offering, and the application of offering proceeds to repay long-term notes payable, as if they had occurred on January 1, 1996.

Revenues for the year totaled $304.5 million versus $233.0 million on a pro forma basis in the prior year. Operating expenses, exclusive of the merger related transition and integration costs, were $256.6 million, resulting in a 38 percent increase in operating income and EBITDA versus pro forma 1997.

Actual earnings, inclusive of the merger related non-recurring charges, totaled $20.5 million, or $1.25 per diluted share, compared with actual net earnings of $25.8 million, or $1.49 per diluted share in the prior year.

"1998 was a pivotal year in the progression of LaSalle Partners' business strategy. Not only was it extremely successful from a financial perspective, but 1998 also represented an important cornerstone for our future," said Stuart L. Scott, Chairman and Chief Executive Officer of LaSalle Partners. Scott noted that during 1998, LaSalle achieved the following major milestones in support of its growth strategies:

In January, LaSalle acquired the project management business of the Satulah Group, which significantly enhanced the Company's leadership position in this area.
In the area of co-investment, LaSalle completed an initial public offering in April of LaSalle Hotel Properties (LHO), a $400 million hotel real estate investment trust that owns 12 luxury properties. As of December 31, 1998, LaSalle's ownership interest in LHO was approximately 6.4 percent.
Furthering the Company's industry consolidation initiative, LaSalle purchased COMPASS Management and Leasing and the U.S. retail property management business of Lend Lease in October, positioning its Management Services business as the largest real estate management services company in the U.S., with over 400 million square feet under management.
Demonstrating the firm's commitment to long-term client relationships, LaSalle's Tenant Representation group established seven new strategic alliances. In addition, the Facility Services group added nine new client relationships.
Finally, in October, LaSalle reached a definitive agreement to merge operations with Jones Lang Wootton, one of the world's leading real estate services companies. (Pro forma adjusted net earnings for the Jones Lang Wootton Companies for the years ended December 31, 1998 and 1997 are summarized in the attached schedule.)

Scott added that, "Upon closing of the Jones Lang Wootton merger, we will adopt a new company name - Jones Lang LaSalle. Together, the combined company will manage approximately 650 million square feet of property, provide investment management services for $20.3 billion of assets, and operate a business with more than 6,000 employees across 79 key markets in 34 countries on five continents."

The company noted that the completion of the Jones Lang Wootton merger is conditional upon the satisfaction of various closing conditions, including the approval of LaSalle stockholders. A proxy statement soliciting approval has been mailed to stockholders, and a special meeting has been scheduled for March 10, 1999. If LaSalle stockholder approval is received and the other closing conditions are met, the transaction is expected to close shortly after the meeting.

1998 Segment Highlights
In 1998, the Corporate and Financial Services segment reported revenue of $82.4 million and operating income of $19.9 million, a 25 percent increase over the prior year. The gains were driven primarily by strong transaction volume across each of the three business groups within this segment, despite the turbulence in the capital and institutional investment markets, which began in September.

Revenues for Investment Management grew 15 percent to $88.3 million while operating income increased 65 percent to $18.6 million in 1998. While impressive, these results were primarily driven by incentive fees generated by the initial public offering of LaSalle Hotel Properties.

Management Services reported 1998 operating income of $9.4 million, compared with $7.9 million in 1997, primarily attributable to strong leasing volume and new business activities. The segment reported full-year revenue growth of 57 percent to $136.1 million from $86.6 million in the prior year, principally related to the recent acquisitions of Galbreath, Satulah and COMPASS.

Fourth Quarter Results
Adjusted net earnings for the fourth quarter ended December 31, 1998 totaled $17.9 million, or $1.10 per share, compared with pro forma adjusted net earnings of $14.2 million, or $.87 per share in the 1997 fourth quarter. Actual net earnings for the fourth quarter 1998, including merger related, non-recurring charges, totaled $11.8 million, or $.72 per fully diluted share.

Revenue for the quarter totaled $114.4 million, up 37 percent from $83.3 million in the comparable prior-year period. Fourth quarter operating expenses, exclusive of the merger related, non-recurring costs, increased 36 percent to $81.6 million from $60.1 million a year ago, and operating income before merger related non-recurring charges advanced 41 percent to $32.8 million from $23.2 million in the 1997 fourth quarter.

Jones Lang Wootton Pro Forma Results
The 1998 pro forma adjusted net earnings exclude the legal, accounting and other transaction costs associated with the integration of the Jones Lang Wootton Companies and the pending merger with LaSalle Partners. These costs totaled $22.6 million on both a pre-tax and after-tax basis for the year. Jones Lang Wootton's pro forma results reflect the adjustments for market compensation, taxes and other costs associated with the integration of the companies, as described in the LaSalle Partners' proxy dated February 4, 1999.

The Jones Lang Wootton Companies' pro forma adjusted net earnings for the year ended December 31, 1998 rose 23 percent to $27.7 million, up from $22.5 million in 1997. Revenues for the year totaled $482.5 million versus $436.0 million in the prior year. Operating expenses, exclusive of the merger related non-recurring charges, were $437.5 million in 1998, resulting in a 22 percent increase in adjusted operating earnings and an 18 percent increase in adjusted EBITDA versus 1997.

LaSalle Partners Incorporated, founded in 1968 and headquartered in Chicago, is a leading, vertically integrated global real estate services firm providing management services, corporate and financial services and investment management services for public and private institutions and other real estate owners and investors worldwide.

Statements in this press release regarding, among other things, future financial results and performance, achievements, plans 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 LaSalle Partners 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 "Risk Factors" and elsewhere in LaSalle Partners' prospectus filed as part of its registration statement (333-25741); under "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in LaSalle Partners' Annual Report or Form 10-K for the year ended December 31, 1997; under "Risk Factors," "The Transacti! ons," "The Purchase Agreements," "JLW Management's Discussion and Analysis of Financial Conditional Results of Operations of the JLW Companies" and elsewhere in LaSalle Partners' Proxy Statement dated February 4, 1999; and in other reports filed with the Securities and Exchange Commission. Statements speak only as of the date of this release. LaSalle Partners expressly disclaims any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in LaSalle Partners' expectations or results, or any change in events. Statements in this press release regarding parties other than LaSalle Partners are based upon representations of such other parties.

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