Chicago and London, October 28, 1999 - Jones Lang LaSalle Incorporated (NYSE: JLL) today announced adjusted net earnings of $4.8 million, or $0.16 per diluted share, for its third quarter ended September 30, 1999, on revenues of $194.2 million. The adjusted results exclude the non-recurring transition and integration costs and non-cash compensation expenses associated with the Jones Lang Wootton merger and the acquisition of COMPASS Management and Leasing and the U.S. retail businesses of Lend Lease Corporation Limited.

The Company reported an actual net loss for the quarter of $16.9 million, or $0.70 per diluted share, compared with earnings of $4.8 million, or $0.29 per diluted share from the comparable prior year period. The actual third quarter 1999 loss includes $14.9 million of non-cash compensation expenses associated with the issuance of shares pursuant to the merger between LaSalle Partners and the Jones Lang Wootton companies, and $10.8 million of non-recurring transition and integration costs associated with the merger and the acquisition of COMPASS.

Jones Lang LaSalle also announced the closing of a new $380 million unsecured credit agreement. The agreement includes a $223.5 million three-year revolving facility and a $156.5 million term facility due on October 15, 2000. The Company is authorized under the agreement to increase the revolving facility up to a total of $250 million and the term facility up to a total of $175 million through expansion of its existing bank group. These facilities replace the Company's existing $150 million revolving credit facility and $175 million acquisition facility. The agents for the new agreement are Harris Trust and Savings Bank, Bank One NA, and Chase Manhattan Bank.

According to Stuart L. Scott, Chairman and Chief Executive Officer of Jones Lang LaSalle, as stated in July, management expects that adjusted pro forma earnings for the year will not fall below $1.00 per share. He added, "We are satisfied with our progress during the past three months on performance initiatives outlined during the second quarter, as well as new business activity generated in each segment.

"Last quarter, we outlined two overarching initiatives to improve performance and help capture approximately $10.0 million in cost efficiencies during 1999 and 2000. I am pleased with the headway we have made this quarter in identifying specific tactics that support our cost reduction strategy, primarily within the Americas operations and its leasing and management business. Through implementation of various initiatives, including the consolidation of property management delivery systems for office leasing and management and corporate property services, we anticipate achieving a run-rate savings of $7 million by year-end 1999 and an additional $3.7 million that will take effect during fourth quarter 2000."

He continued, "In addition to making progress on our cost-savings program this quarter, we also validated our merger and growth platform by gaining significant new business wins, expanding key client relationships, and launching new investment initiatives." Highlights of Jones Lang LaSalle's segment activities during third quarter 1999 include:

• Securing a strategic alliance with Electronic Data Systems (EDS), a Dallas-based consulting and technology professional services firm, to provide tenant representation, leasing, and lease administration services on an exclusive basis across the United States and Latin America. EDS, a former JLW client, formally reviewed its real estate service providers last May and selected Jones Lang LaSalle as a result of the Company's strengthened capabilities, geographic reach and strong existing relationship.
• Finalizing a joint-venture property management initiative with Skandia, Sweden's leading insurance company, to manage its 22.5 million square foot, 250-property portfolio. As a result, Jones Lang LaSalle strengthened its property management services leadership position in Europe.
• Generating strong investor interest in the Euro 5 Fund, a newly launched LaSalle Investment Management vehicle that targets office, business park, retail and warehouse investments in France, Germany, Spain, Italy and Portugal. With a goal of ultimately raising euros 250-300 million in equity, we currently anticipate an over-subscribed first closing in the fourth quarter of euros 150-200 million.

Highlights of Business Segment Performance
Chris Peacock, President and Chief Operating Officer stated that third quarter performance was positive, with tenant representation, investment banking and corporate property services generating heightened new business activity in the Americas region of the Owner & Occupier Services segment.

"Our management teams have demonstrated a commitment to improving results this quarter and leveraging our merger platform to add client value and expand business opportunities. As a result, we have seen an impressive increase in the volume of new business wins this period."

Owner & Occupier Services
Jones Lang LaSalle's Owner & Occupier Services segments include the Company's property management, corporate property services, leasing, retail, investment banking and other transaction services in four regions.

Consistent with historical seasonal trends of increasing revenues and profitability in the latter half of the year, the Americas region reported operating income of $7.0 million on revenues of $74.0 million. For the nine-month period ended September 30, 1999, the Americas had a pro forma operating loss of $26.5 million on total pro forma revenues of $176.3 million. The adjusted pro forma results are inclusive of the operating results of the Jones Lang Wootton companies for the two months ended February 28, 1999. As noted in the second quarter earnings release, this segment's performance for 1999 has been negatively impacted by increased costs, particularly the failure to capture synergies, and management distractions associated with both the Compass acquisition and the Jones Lang Wootton merger.

The European region generated third quarter operating income of $166,000 on total revenues of $67.8 million. For the nine months ended September 30, this region reported pro forma operating income of $11.9 million on total pro forma revenues of $200.9 million. The decline in operating income from previous quarters is principally due to increased accruals for compensation expenses reflective of the overall strong performance of the segment, and increased pension costs.

The Australasian region reported third quarter operating income of $1.1 million on total revenues of $14.5 million, which brought its year-to-date pro forma operating income to $60,000 on total pro forma revenue of $43.1 million.

The Asian region generated $2.4 million of operating income in the third quarter on total revenue of $17.2 million, bringing year-to-date pro forma operating income to $433,000 on total pro forma revenue of $46.8 million.

Hotel Services
Hotel Services reported operating income of $488,000 in the third quarter on revenue of $3.7 million. This segment had a pro forma operating loss for the nine-month period of $142,000 on total pro forma revenue of $9.1 million.

Investment Management
LaSalle Investment Management recorded revenues of $18.6 million in the quarter, generating an operating profit of $1.6 million. Pro forma operating income for the nine months year-to-date was $5.2 million on total pro forma revenue of $58.8 million.

Jones Lang LaSalle is the world's leading real estate services and investment management firm, operating across 98 key markets in 34 countries on five continents. The Company provides comprehensive and wide-ranging integrated expertise on a local, regional and global level to owners, occupiers and investors. It operates through six business segments: Hotel Services, Investment Management and four geographic regions of Owner & Occupier Services. The Company's investment management business, LaSalle Investment Management, is one of the world's largest and most diverse real estate investment management firms, with $20.5 billion (£12.5 billion) of assets under management. Jones Lang LaSalle is also the industry leader in real estate management services, with a portfolio of 680 million square feet (63 million square meters) of property under management.

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 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 LaSalle Partners' Annual Report on Form 10-K for the year ended December 31, 1998, under "Risk Factors," "The Transactions," "The Purchase Agreements," "JLW Management's Discussion and Analysis of Financial Condition and Results of Operations of the JLW Companies," and elsewhere in LaSalle Partners' Proxy Statement dated February 4, 1999, under "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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 1999 and June 30, 1999, and in other reports filed with the Securities and Exchange Commission. Statements speak only as of the date of this release. 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.

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