8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): February 2, 2010

JONES LANG LASALLE INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland	001-13145	36-4150422
(State or other jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

200 East Randolph Drive, Chicago, IL	60601
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (312) 782-5800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 2, 2010, Jones Lang LaSalle Incorporated issued a press release and supporting supplemental information announcing its financial results for the fourth quarter and year ended December 31, 2009. The full text of the press release and supplemental information are attached as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and are incorporated by reference herein.

The information contained in this Current Report, including the exhibits, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included with this Report:

99.1. Press release issued by Jones Lang LaSalle Incorporated on February 2, 2010 announcing its financial results for the fourth quarter and year ended December 31, 2009.

99.2. Supplemental Information to Fourth Quarter 2009 Earnings Call issued on February 2, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 2, 2010	JONES LANG LASALLE INCORPORATED
	By:	/S/    LAURALEE E. MARTIN
	Name:	Lauralee E. Martin
	Title:	Executive Vice President, Chief Operating and Financial Officer

EXHIBIT INDEX

Exhibit 99.1	Press release issued by Jones Lang LaSalle Incorporated on February 2, 2010 announcing its financial results for the fourth quarter and year ended December 31, 2009.
Exhibit 99.2	Supplemental Information to Fourth Quarter 2009 Earnings Call issued on February 2, 2010.

EX-99.1

EXHIBIT 99.1

News Release

Contact:	Lauralee Martin
Title:	Chief Operating and Financial Officer
Phone:	+1 312 228 2073

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results

Fourth-quarter net income of $52 million, a 26 percent year-over-year increase

CHICAGO, February 2, 2010 – Jones Lang LaSalle Incorporated (NYSE: JLL), the leading integrated financial and professional services firm specializing in real estate, today reported net income of $52 million on a U.S. GAAP basis, or $1.19 per share, for the fourth quarter ended December 31, 2009, compared with $41 million, or $1.17 per share, for the fourth quarter ended December 31, 2008. Adjusting for Restructuring and certain non-cash co-investment charges in the quarter, fourth-quarter 2009 net income would have been $63 million, or $1.44 per share. Revenue for the fourth quarter of 2009 was $815 million, a 2 percent increase from $797 million in 2008 although down 3 percent in local currency. The firm’s adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) in the fourth quarter of 2009 were $112 million.

The net loss for the year ended December 31, 2009, was $4 million, or $0.11 per share, compared with net income of $84 million, or $2.44 per share, for the year ended December 31, 2008. Adjusting for Restructuring and co-investment charges, full-year 2009 net income would have been $70 million, or $1.75 per share. Full-year revenue was $2.5 billion in 2009, an 8 percent decrease in U.S. dollars, 5 percent in local currency, compared with 2008. Adjusted EBITDA was $239 million for the year.

2009 Highlights:

• Fourth-quarter net income of $52 million, a 26 percent increase from fourth-quarter 2008

• Solid performance in the Americas driven by corporate outsourcing and successful Staubach integration

• Asia Pacific generated strong full-year results with improved fourth-quarter transaction performance and annuity revenue growth

• Balance sheet strengthened with net debt repayment of $334 million for the year

– more –

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results – Page 2

Results for full-year 2009 included $47 million of Restructuring charges as well as $51 million of non-cash co-investment charges. Restructuring charges are primarily severance related and also include integration costs from the 2008 acquisitions of The Staubach Company and Kemper’s. Restructuring charges are excluded from segment operating results although they are included for consolidated reporting. The non-cash charges relate primarily to impairments of the firm’s investments in real estate ventures and are included in Equity losses at the consolidated and segment reporting levels. Results for the fourth quarter of 2009 included $11 million of Restructuring charges, taken principally in EMEA for additional staff reductions, and $4 million of non-cash co-investment charges.

“We are very pleased with our strong finish to a difficult year,” said Colin Dyer, Chief Executive Officer of Jones Lang LaSalle. “Although markets face a slow and uneven recovery, the actions we’ve taken to protect our businesses and win market share make us confident about our prospects for 2010.”

Business Line Revenue Comparison for the periods ending December 31, 2009 and 2008:

(in millions, “LC” = local currency)

	Three Months Ended				% Change in LC		Twelve Months Ended				% Change in LC
	2009		2008				2009		2008
Investor and Occupier Services
Leasing	$	288.2	$	258.8	8	%	$	781.0	$	752.7	6	%
Capital Markets		80.9		96.2	(23	%)		202.7		316.9	(33	%)
Property & Facility Management		198.2		157.9	19	%		627.8		544.5	18	%
Project & Development Services		90.9		99.6	(15	%)		311.6		375.9	(15	%)
Advisory, Consulting & Other		92.5		91.3	(2	%)		297.4		351.6	(11	%)
Total IOS Revenue	$	750.7	$	703.8	2	%	$	2,220.5	$	2,341.6	(2	%)
LaSalle Investment Management
Advisory fees	$	62.1	$	62.2	(5	%)	$	242.2	$	277.9	(9	%)
Transaction and Incentive fees		2.3		31.1	(93	%)		18.0		78.1	(76	%)
Total Investment Management	$	64.4	$	93.3	(34	%)	$	260.2	$	356.0	(23	%)
Total Firm Revenue	$	815.1	$	797.1	(3	%)	$	2,480.7	$	2,697.6	(5	%)

The firm benefited from aggressive cost actions taken across all its businesses for staff reductions and discretionary expenses. Excluding Restructuring charges, operating expenses for the fourth quarter were $722 million, compared with $705 million for the fourth quarter of 2008, up 2 percent but down 2 percent in local currency.

For the full year, operating expenses, excluding Restructuring charges, were $2.3 billion in 2009, compared with $2.5 billion in 2008, down 8 percent for the year, 5 percent in local currency.

– more –

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results – Page 3

Income tax expense exceeded pre-tax net income for full-year 2009, resulting in a net loss. The effective tax rate of 23 percent for the fourth quarter of 2009 is more representative of an annual effective tax rate the firm would expect over the long term.

Balance Sheet

At the end of 2009, the outstanding balance on the firm’s long-term credit facilities was $175 million. The firm reduced its net bank debt position by $334 million during the year driven by proceeds from its common stock offering in June 2009, strong cash generation and reduced acquisition and capital spending. During the fourth quarter, the firm reduced its net bank debt by $164 million compared to September 30, 2009. The firm was well within the covenant requirements under its bank agreements.

Business Segment Performance Highlights

Investor and Occupier Services

• Revenue for the fourth quarter of 2009 in the Americas region was $345 million, an increase of 9 percent over the fourth quarter of 2008. Full-year 2009 revenue was $1.0 billion, an increase of 11 percent from the prior year, primarily as a result of the Staubach acquisition contributing to six months of results in 2008 but 12 months in 2009.

Fourth-quarter Leasing revenue increased 20 percent, to $176 million. Leasing revenue increased 34 percent in the year, to $500 million, up from $373 million in 2008. Property and Facility Management revenue increased 25 percent for the quarter, to $80 million, and 15 percent for the year, to $227 million. Though Project & Development Services revenue was down 24 percent in the fourth quarter, to $44 million, early actions were taken to right-size the business and ensure it maintained profit performance. Full-year Project & Development Services revenue was $159 million, down 21 percent from 2008.

Operating expenses were $302 million in the fourth quarter and $945 million for the year, increases of 9 percent in each period compared with 2008. The fourth-quarter increases were primarily the result of increased business activity over the prior-year period while the full-year increases were primarily the result of additional cost structure from the Staubach acquisition.

The region’s fourth-quarter EBITDA was $52 million compared with $56 million in the fourth quarter of 2008. Full-year EBITDA was $134 million compared with $115 million in 2008.

• EMEA’s fourth-quarter revenue was $226 million, compared with $243 million for the fourth quarter of 2008, a reduction of 7 percent, 14 percent in local currency. Full-year revenue was $644 million compared with $871 million in 2008, a decrease of 26 percent, 20 percent in local currency. The decreases were driven by continued reductions in transaction volumes across the region.

– more –

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results – Page 4

Capital Markets revenue was $39 million in the fourth quarter and $107 million for the full year of 2009, down 38 percent and 41 percent in local currency, respectively. Leasing revenue was $70 million for the fourth quarter and $173 million for full-year 2009, down 12 percent and 25 percent in local currency, respectively. EMEA results varied across the region, reflecting significant market declines in Russia, MENA and Germany and stable-to-improving markets in France and the United Kingdom. Property & Facility Management revenue was $44 million in the fourth quarter, an increase of 8 percent in local currency, and $136 million for the full year, up 7 percent in local currency, as the firm continued to drive annuity-like revenue growth.

Operating expenses were $210 million in the fourth quarter, a decrease of 5 percent, 12 percent in local currency. Operating expenses were $653 million for the year, a decrease of 23 percent, 15 percent in local currency. Cost reductions were the result of the aggressive, targeted cost management actions taken across the region.

The region’s fourth-quarter EBITDA was $22 million compared with $28 million in the prior year. Full-year EBITDA was $11 million compared with $50 million in 2008.

• Revenue for the Asia Pacific region was $178 million in the fourth quarter of 2009 compared with $144 million in 2008. Full-year revenue was $539 million, compared with $536 million for the same period in 2008. In local currency, revenue was up 10 percent for the quarter and 2 percent in the year compared with 2008.

Fourth-quarter Property & Facility Management revenue in the region increased to $74 million, or 31 percent, 16 percent in local currency. Property & Facility Management revenue was $266 million for the year, a 28 percent increase from 2008, 30 percent in local currency. Capital Markets revenue was $28 million for the fourth quarter, up 6 percent in local currency compared with the same period in 2008, and $58 million for the year, down 4 percent in local currency. Leasing revenue was $42 million in the fourth quarter, up 1 percent in local currency, and $109 million for the year, down 18 percent in local currency.

The firm leveraged its large China presence to capitalize on the government’s economic stimulus package, which drove 20 percent year-over-year revenue growth across its business in the country. The firm’s Australia business reported the highest U.S. dollar revenue improvement in the region resulting from its strong Property & Facility Management business, favorable foreign currency exchange rates and generally better economic conditions relative to the rest of the region.

Fourth-quarter operating expenses were $153 million, compared with $137 million in 2008, a decrease of 1 percent in local currency. Operating expenses for the region were $507 million for the year, a decrease of 5 percent, 3 percent in local currency.

– more –

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results – Page 5

The region’s fourth-quarter EBITDA was $29 million compared with $11 million in the prior year. Full-year EBITDA was $44 million compared with $18 million in 2008.

LaSalle Investment Management

• LaSalle Investment Management’s fourth-quarter revenue, including equity losses, was $64 million compared with $90 million in the fourth quarter of 2008. There were $1 million of equity losses in the fourth quarter of 2009 compared with $3 million in the fourth quarter of 2008, primarily from non-cash charges related to co-investments. Full-year revenue, including equity losses, was $208 million, compared with $352 million in the prior year. Equity losses were $53 million in 2009, $4 million in 2008. Advisory fees were $242 million for the year, down $36 million from 2008 or 13 percent, 9 percent in local currency. Advisory fees were approximately $60 million in each quarter of 2009.

The business recognized $1 million of Incentive fees in the fourth quarter of 2009, $13 million for the full year. Asset purchases, a key driver of Transaction fees, continued to be limited by the group’s cautious view of the market.

Despite the difficult global real estate environment, LaSalle Investment Management raised over $4.0 billion of net equity in 2009 for separate accounts, funds and public securities. Assets under management were $39.9 billion.

Summary

In the midst of a very challenging environment, the firm continued to perform for clients while protecting its businesses, market positions and top talent. Aggressive but targeted cost actions taken throughout the year contributed to strong fourth-quarter performance. The common stock offering and the firm’s ability to generate cash resulted in a strong balance sheet at year end. With the pace of recovery differing across global markets, the firm will capture emerging opportunities by leveraging its leading market positions and maintaining its focus on containing costs.

– more –

Jones Lang LaSalle Reports Fourth Quarter and Full Year 2009 Results – Page 6

Statements in this press release regarding, among other things, future financial results and performance, achievement, and 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 Jones Lang LaSalle’s Annual Report on Form 10-K for the year ended December 31, 2008, and in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2009, June 30, 2009, and September 30, 2009, 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.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with nearly $40 billion of assets under management. For further information, please visit our Web site, www.joneslanglasalle.com.

200 East Randolph Drive Chicago Illinois 60601 | 22 Hanover Square London W1A 2BN | 9 Raffles Place #39–00 Republic Plaza Singapore 048619

Jones Lang LaSalle Reports Fourth-Quarter and Full-Year 2009 Results – Page 7

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, February 3 at 9:00 a.m. EST.

To participate in the teleconference, please dial into one of the following phone numbers five to 10 minutes before the start time:

•      U.S. callers:	+1 877 809 9540
•      International callers:	+1 706 679 7364
•      Pass code:	51422270

Webcast

Follow these steps to listen to the webcast:

1. You must have a minimum 14.4 Kbps Internet connection

2. Log on to http://www.videonewswire.com/event.asp?id=65416 and follow instructions

3. Download free Windows Media Player software: (link located under registration form)

4. If you experience problems listening, send an e-mail to prnwebcast@multivu.com

Supplemental Information

Supplemental information regarding the fourth quarter 2009 earnings call has been posted to the Investor Relations section of the company’s Web site: www.joneslanglasalle.com.

Conference Call Replay

Available: 12:00 p.m. EST Wednesday, February 3 through 11:59 p.m. EST Wednesday, February 10 at the following numbers:

•      U.S. callers:	+1 800 642 1687
•      International callers:	+1 706 645 9291
•      Pass code:	51422270

Web Audio Replay

Audio replay will be available for download or stream within 24 hours of the conference call. This information and link is also available on the company’s Web site: www.joneslanglasalle.com.

If you have any questions, call Yvonne Peterson of Jones Lang LaSalle’s Investor Relations department at +1 312 228 2919.

###

JONES LANG LASALLE INCORPORATED

Consolidated Statements of Operations

For the Three and Twelve Months Ended December 31, 2009 and 2008

(in thousands, except share data)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
Revenue	$	815,085		$	797,067		$	2,480,736		$	2,697,586
Operating expenses:
Compensation and benefits		519,834			512,440			1,623,795			1,771,673
Operating, administrative and other		183,759			165,958			609,779			653,465
Depreciation and amortization		18,728			26,676			83,335			90,584
Restructuring charges		10,815			20,129			47,423			30,401
Total operating expenses		733,136			725,203			2,364,332			2,546,123
Operating income		81,949			71,864			116,404			151,463
Interest expense, net of interest income		11,428			13,336			55,018			30,568
Equity losses from unconsolidated ventures		(2,637	)		(3,524	)		(58,867	)		(5,462	)
Income before income taxes and noncontrolling interest		67,884			55,004			2,519			115,433
Provision for income taxes		15,483			13,515			5,677			28,743
Net income (loss)		52,401			41,489			(3,158	)		86,690
Net income (loss) attributable to noncontrolling interest		147			(31	)		437			1,807
Net income (loss) attributable to the Company	$	52,254		$	41,520		$	(3,595	)	$	84,883
Net income (loss) attributable to common shareholders	$	52,026		$	41,155		$	(4,109	)	$	83,515
Basic earnings (loss) per common share	$	1.24		$	1.19		$	(0.11	)	$	2.52
Basic weighted average shares outstanding		41,839,401			34,498,974			38,543,087			33,098,228
Diluted earnings (loss) per common share	$	1.19		$	1.17		$	(0.11	)	$	2.44
Diluted weighted average shares outstanding		43,670,994			35,059,856			38,543,087			34,205,120
EBITDA	$	97,665		$	94,682		$	139,921		$	233,410

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Segment Operating Results

For the Three and Twelve Months Ended December 31, 2009 and 2008

(in thousands)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
INVESTOR & OCCUPIER SERVICES
AMERICAS
Segment revenue:
Revenue	$	344,662		$	315,235		$	1,032,784		$	933,004
Equity income (losses)		40			260			(1,141	)		301
		344,702			315,495			1,031,643			933,305
Operating expenses:
Compensation, operating and administrative expenses		292,502			259,595			897,891			818,369
Depreciation and amortization		9,414			16,445			47,526			47,808
		301,916			276,040			945,417			866,177
Operating income	$	42,786		$	39,455		$	86,226		$	67,128
EBITDA	$	52,200		$	55,900		$	133,752		$	114,936
EMEA
Segment revenue:
Revenue	$	227,692		$	244,059		$	646,505		$	871,683
Equity losses		(1,807	)		(939	)		(2,747	)		(840	)
		225,885			243,120			643,758			870,843
Operating expenses:
Compensation, operating and administrative expenses		204,161			214,986			632,387			820,638
Depreciation and amortization		5,400			6,427			21,041			27,291
		209,561			221,413			653,428			847,929
Operating income (loss)	$	16,324		$	21,707		$	(9,670	)	$	22,914
EBITDA	$	21,724		$	28,134		$	11,371		$	50,205
ASIA PACIFIC
Segment revenue:
Revenue	$	178,329		$	144,468		$	541,233		$	536,906
Equity losses		—			(26	)		(2,371	)		(732	)
		178,329			144,442			538,862			536,174
Operating expenses:
Compensation, operating and administrative expenses		149,443			133,642			494,574			518,580
Depreciation and amortization		3,287			3,161			12,485			13,123
		152,730			136,803			507,059			531,703
Operating income	$	25,599		$	7,639		$	31,803		$	4,471
EBITDA	$	28,886		$	10,800		$	44,288		$	17,594
LASALLE INVESTMENT MANAGEMENT
Segment revenue:
Revenue	$	64,402		$	93,305		$	260,214		$	355,993
Equity losses		(870	)		(2,819	)		(52,608	)		(4,191	)
		63,532			90,486			207,606			351,802
Operating expenses:
Compensation, operating and administrative expenses		57,488			70,176			208,722			267,552
Depreciation and amortization		626			642			2,283			2,361
		58,114			70,818			211,005			269,913
Operating income (loss)	$	5,418		$	19,668		$	(3,399	)	$	81,889
EBITDA	$	6,044		$	20,310		$	(1,116	)	$	84,250
Total segment revenue		812,448			793,543			2,421,869			2,692,124
Reclassification of equity losses		(2,637	)		(3,524	)		(58,867	)		(5,462	)
Total revenue	$	815,085		$	797,067		$	2,480,736		$	2,697,586
Total operating expenses before restructuring charges		722,321			705,074			2,316,909			2,515,722
Operating income before restructuring charges	$	92,764		$	91,993		$	163,827		$	181,864

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

December 31, 2009 and 2008

(in thousands)

(Unaudited)

	December 31, 2009			December 31, 2008
ASSETS
Current assets:
Cash and cash equivalents	$	69,263		$	45,893
Trade receivables, net of allowances		669,993			718,804
Notes and other receivables		73,984			89,636
Prepaid expenses		35,689			32,990
Deferred tax assets		82,793			102,934
Other		8,196			9,511
Total current assets		939,918			999,768
Property and equipment, net of accumulated depreciation		213,708			224,845
Goodwill, with indefinite useful lives		1,441,951			1,448,663
Identified intangibles, with finite useful lives, net of accumulated amortization		36,791			59,319
Investments in real estate ventures		167,310			179,875
Long-term receivables		52,941			51,974
Deferred tax assets		139,406			58,639
Other		104,908			53,942
Total assets	$	3,096,933		$	3,077,025
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	347,650		$	352,489
Accrued compensation		479,628			487,895
Short-term borrowings		23,399			24,570
Deferred tax liabilities		1,164			2,698
Deferred income		38,575			29,213
Deferred business acquisition obligations		106,330			13,073
Other		98,349			77,947
Total current liabilities		1,095,095			987,885
Noncurrent liabilities:
Credit facilities		175,000			483,942
Deferred tax liabilities		3,210			4,429
Deferred compensation		27,039			44,888
Pension liabilities		8,210			4,101
Deferred business acquisition obligations		287,259			371,636
Minority shareholder redemption liability		32,475			43,313
Other		86,031			65,026
Total liabilities		1,714,319			2,005,220
Company shareholders’ equity:
Common stock, $.01 par value per share, 100,000,000 shares authorized;
41,843,947 and 34,561,648 shares issued and outstanding as of
December 31, 2009, and December 31, 2008, respectively		418			346
Additional paid-in capital		854,227			599,742
Retained earnings		531,456			543,318
Shares held in trust		(5,196	)		(3,504	)
Accumulated other comprehensive loss		(1,976	)		(72,220	)
Total Company shareholders’ equity		1,378,929			1,067,682
Noncontrolling interest		3,685			4,123
Total equity		1,382,614			1,071,805
Total liabilities and equity	$	3,096,933		$	3,077,025

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Twelve Months Ended December 31, 2009 and 2008

(in thousands)

(Unaudited)

	Twelve Months Ended December 31,
	2009			2008
Cash provided by operating activities	$	250,554		$	33,365
Cash used in investing activities		(109,932	)		(494,864	)
Cash (used in) provided by financing activities		(117,252	)		428,812
Net increase (decrease) in cash and cash equivalents		23,370			(32,687	)
Cash and cash equivalents, beginning of period		45,893			78,580
Cash and cash equivalents, end of period	$	69,263		$	45,893

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Financial Statement Notes

1. Charges excluded from GAAP net income (loss) to arrive at adjusted net income for the quarters and years ended December 31, 2009, and December 31, 2008, respectively, are integration costs related to the Staubach and Kemper’s acquisitions completed in 2008, severance costs and non-cash charges related to co-investments.

Below are reconciliations of GAAP net income (loss) to adjusted net income and calculations of earnings (loss) per share (“EPS”), for each net income (loss) total (in millions after tax, except per share):

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2009		2008		2009			2008
GAAP net income (loss)	$	52.0	$	41.2	$	(4.1	)	$	83.5
Shares (in 000’s)		43,671		35,060		38,543			34,205
GAAP earnings (loss) per share	$	1.19	$	1.17	$	(0.11	)	$	2.44
GAAP net income (loss)	$	52.0	$	41.2	$	(4.1	)	$	83.5
Restructuring, net of tax		8.1		15.1		35.6			22.8
Non-cash co-investment charges, net of tax		2.8		3.7		38.5			4.4
Adjusted net income		62.9		60.0		70.0			110.7
Shares (in 000’s)		43,671		35,060		40,106			34,205
Adjusted earnings per share	$	1.44	$	1.71	$	1.75		$	3.24

An effective tax rate of 24.9 percent is assumed in calculating Restructuring, net of tax, and Non-cash co-investment charges, net of tax, as 24.9 percent was the effective tax rate for the year ended 2008 and is a reasonable estimate of an annual effective tax rate the firm would expect over the long term.

Basic shares outstanding are used in the calculation of full-year 2009 GAAP EPS as the use of dilutive shares outstanding would cause that EPS calculation to be anti-dilutive.

2. EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization. Although EBITDA is a non-GAAP financial measure, it is used extensively by management and is useful to investors and lenders as one of the primary metrics for evaluating operating performance and liquidity. The firm believes that EBITDA is an indicator of ability to service existing debt, to sustain potential future increases in debt and to satisfy capital requirements. EBITDA is also used in the calculations of certain covenants related to the firm’s revolving credit facility. However, EBITDA should not be considered as an alternative either to net income (loss) or net cash provided by operating activities, both of which are determined in accordance with GAAP. Because EBITDA is not calculated under GAAP, the firm’s EBITDA may not be comparable to similarly titled measures used by other companies.

Below is a reconciliation of net income (loss) to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2009		2008		2009			2008
Net income (loss)	$	52,026	$	41,155	$	(4,109	)	$	83,515
Add:
Interest expense, net of interest income		11,428		13,336		55,018			30,568
Provision for income taxes		15,483		13,515		5,677			28,743
Depreciation and amortization		18,728		26,676		83,335			90,584
EBITDA	$	97,665	$	94,682	$	139,921		$	233,410
Add:
Non-cash co-investment charges		3,650		4,879		51,225			5,824
Restructuring		10,815		20,129		47,423			30,401
Adjusted EBITDA	$	112,130	$	119,690	$	238,569		$	269,635

Below is a reconciliation of net cash from operating activities, the most comparable cash flow measure on the consolidated statements of cash flows, to EBITDA and adjusted EBITDA (in thousands):

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
Net cash provided by operating activities	$	206,693		$	146,487		$	250,554		$	33,365
Add (deduct):
Interest expense, net of interest income		11,428			13,336			55,018			30,568
Change in working capital and non-cash expenses		(135,939	)		(78,656	)		(171,328	)		140,734
Provision for income taxes		15,483			13,515			5,677			28,743
EBITDA	$	97,665		$	94,682		$	139,921		$	233,410
Add:
Non-cash co-investment charges		3,650			4,879			51,225			5,824
Restructuring		10,815			20,129			47,423			30,401
Adjusted EBITDA	$	112,130		$	119,690		$	238,569		$	269,635

3. For purposes of segment operating results, the allocation of restructuring charges to the segments has been determined to not be meaningful to investors, so the performance of segment results has been evaluated without allocation of these charges.

4. Each geographic region offers the firm’s full range of Investor Services, Capital Markets and Occupier Services. The Investor and Occupier Services business consists primarily of tenant representation and agency leasing; capital markets; property management and facilities management; project and development management; and advisory, consulting and valuation services. The Investment Management segment provides investment management services to institutional investors and high-net-worth individuals.

5. The consolidated statements of cash flows are presented in summarized form. For complete consolidated statements of cash flows, please refer to the firm’s Annual Report on Form 10-K for the year ended December 31, 2009, to be filed with the Securities and Exchange Commission.

6. EMEA refers to Europe, Middle East, and Africa. MENA refers to Middle East and North Africa.

7. Certain prior year amounts have been reclassified to conform to the current presentation.

EX-99.2

EXHIBIT 99.2

Exhibit 99.2

Supplemental Information Fourth Quarter 2009 Earnings Call

Market & Financial Overview

Capital Values

Investment sales ahead of fundamentals

Q4 2008

Beijing

Atlanta, Berlin, Detroit Hong Kong, Moscow, Mumbai, Singapore, Shanghai

Chicago, Dallas, Denver, Philadelphia

London, Milan, Tokyo

Boston, Brussels, Paris, Toronto Amsterdam, Seoul, Stockholm New York, San Francisco Washington DC

Sydney

Capital Value growth slowing

Capital Value growth accelerating

Capital Value falling Capital Value bottoming out

Asia-Pacific EMEA Americas

Q4 2009

Capital Value growth slowing Capital Value growth accelerating

Capital Value falling Capital Value bottoming out

London, Shanghai Beijing, Hong Kong, Moscow

Paris, Sydney, Seoul

Atlanta, Detroit, Singapore Chicago, Dallas Berlin, Los Angeles, New York, Stockholm

San Francisco, Toronto Brussels, Milan, Mumbai, Tokyo Amsterdam, Washington DC

3

Local and Regional Services

Occupier position strengthened in shifting market

Q4 2008

Amsterdam, Edinburgh, Frankfurt, Paris, Rome Berlin, Toronto

Milan, Singapore, Washington DC Atlanta, Beijing, Boston, Chicago, Denver, Los Angeles, Madrid, New York, San Francisco Dublin, Moscow, Shanghai,

Stockholm

Brussels, Hong Kong, London, Sydney Detroit Mumbai, Philadelphia Tokyo

Dallas

Seoul

Rental growth slowing

Rental growth accelerating

Rental growth falling

Rents bottoming out

Asia-Pacific EMEA Americas

Q4 2009

Rental growth slowing Rental growth accelerating

Rental growth falling Rents bottoming out

Atlanta, Detroit

Chicago, Milan, Los Angeles, Toronto

Dallas, San Francisco New York, Amsterdam, Brussels, Seoul Singapore, Stockholm Beijing

Berlin, Paris, Washington DC

Moscow, Mumbai, Tokyo

London, Sydney, Hong Kong

Shanghai

4

2009 Financial Scorecard

A Year of Action & Performance

Over $70 million actual vs. $50 million projected in discretionary cost savings

$100 million in annualized compensation savings from 2009 actions

Maintained adjusted operating margin of 6.6% vs. 2008

Over 75 new Corporate Solutions wins and expansions

Financially strong: maintained investment grade ratings and reduced net bank debt by $334 million

5

2009 Financial Scorecard

A Year of Action & Performance

Americas

Property & Facility Management revenue up 15%

Staubach integration successful, Q4 Leasing up 20%

Transitioned to commission model for cost flexibility

Capital Markets activity continues at record lows

EMEA

Overall challenging transaction environment

Stabilized businesses in developing markets (e.g. Russia, Dubai)

Nearly $60 million of annualized base compensation savings with 7 month payback

UK & France: Market share gains in first recovering markets

Asia Pacific

Fourth-quarter transaction activity improvement

Leveraged China investment: 20% revenue growth

Successfully achieved 50% annuity revenue in region

30% full-year revenue growth in Property & Facility Management; 16% growth in Q4

LaSalle Investment Management

Advisory fees maintained at $60 million per quarter

Non-cash co-investment charges of nearly $50 million incurred reflecting valuation declines

Over $4 billion net equity raised despite challenging real estate markets

Limited investments given market uncertainties

6

2010 Priorities

Recovery: Country by Country, Market by Market, Product by Product

Solidly positioned to react and capitalize as opportunities unfold

Focus on maintaining cost discipline

Selectively add and upgrade talent to build capabilities and grow market share

Continue to build annuity revenue growth momentum

Expand leadership position in the corporate outsourcing space

LaSalle Investment Management: leverage global scale and buying power

7

Recent Business Wins & Expansions

CORPORATE SOLUTIONS

Procter & Gamble

Cisco Systems

SunTrust Banks

Deutsche Bank

AstraZeneca Aon Telstra SAP TRC Companies Suncorp Bank JDS Uniphase Cardinal Health

Americas EMEA Asia Pacific Multi-Regional/Global

8

Recent Business Wins & Expansions

INVESTMENT SALES

Pacific Century Place, Tokyo Shanghai Racquet Club, $145M Clementi Mall, Singapore, $387M

RBS Tower @ Aurora Place, Sydney, $ 685M Silverburn Shopping Centre, Glasgow, £300M

5 Churchill Place, Canary Wharf, London, £200M

A10 Shopping Centre, Berlin, €200M

7 Dutch Government Buildings, €200M

4 French transactions, €350M

Brandywine Realty, $85M

Americas EMEA Asia Pacific

9

Recent Business Wins & Expansions

LEASING

Metallurgical Corp. of China, Beijing, 600K sf Bayer China, Shanghai, 170K sf Multiple Indian transactions, 1.3M sf PNK-Chekhov, Russia, 720K sf Main Point, Czech Republic, 390K sf Sidicinum Shopping Centre, Italy, 215K sf United Airlines, Chicago, 460K sf Baker & McKenzie, Chicago, 230K sf

Paul, Weiss, Rifkind, Wharton & Garrison, New York, 19 floors

Americas EMEA Asia Pacific

10

Fourth Quarter Financial Information

Q4 Revenue Performance

($ in millions; “LC”=Local Currency)

9% 14% in LC

26% $344.7

$315.5 $327.4(26%)(7%)

$250.0 $243.1 $225.9

2007 2008 2009 2007 2008 2009

Americas EMEA

10% in LC 33% in LC

(15%) 23%

(21%)

$170.5 $178.3(30%)

$144.4

$114.7 $90.5

$63.5

2007 2008 2009 2007 2008 2009

Asia Pacific LIM

3% in LC

(8%) 2%

$861.8

$797.1 $815.1

2007 2008 2009

Consolidated

Note: Equity gains of $0.8M in 2007 and Equity losses of $3.5M and $2.6M in 2008 and 2009, respectively, are included in segment results, however, are excluded from Consolidated totals.

12

Q4 Leasing Revenue

($ in millions; “LC”=Local Currency)

20% 12% in LC 1% in LC

69%

$176.3

$147.1

(17%)(5%)

$87.0 $89.4 11%

$74.2 $70.3(29%)

$52.8 $37.5 $41.6

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

8% in LC

13% 11%

$288.2

$258.8

$229.2

2007 2008 2009

Consolidated

13

Q4 Capital Markets and Hotels Revenue

($ in millions; “LC”=Local Currency)

38% in LC 6% in LC

$117.5(51%)

$58.0(33%) 21%

(59%)(7%) $38.8 $41.5(44%)

$36.4

$23.4 $28.3

$14.8 $13.8

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

23% in LC

$195.4(51%)

(16%)

$96.2

$80.9

2007 2008 2009

Consolidated

14

Q4 Property & Facility Management Services Revenue

($ in millions; “LC”=Local Currency)

8% in LC 16% in LC

25% 31%

43% $79.9 18% 14% $74.4

$64.0 4% $56.7

$44.7 $43.9 $49.6

$35.9 $37.2

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

19% in LC

26%

21% $198.2

$157.9

$130.2

2007 2008 2009

Consolidated

15

Q4 Project & Development Services Revenue

($ in millions; “LC”=Local Currency)

4% in LC 16% in LC

17%(24%)

$57.7

$49.5 $43.7 32% 24%

$27.9 $34.5(3%)(9%)

$21.1

$14.5 $14.0 $12.7

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

15% in LC

17%(9%)

$99.6

$85.1 $90.9

2007 2008 2009

Consolidated

16

Q4 LaSalle Investment Management Revenue

($ in millions; “LC”=Local Currency)

5% in LC

(15%) 0%

$73.3

$62.2 $62.1

2007 2008 2009

Advisory Fees

93% in LC

(24%)(93%)

$41.0

$31.1

$2.3

2007 2008 2009

Transaction & Incentive Fees

n.m.

$0.4

($2.8)($0.9)

2007 2008 2009

Equity Losses

33% in LC

$114.7(21%)

$90.5(30%)

$63.5

2007 2008 2009

Total LaSalle Investment Management

Notes:

No non-cash co-investment charges taken in Q4 2007

LIM Q4 2008 non-cash co-investment charges of $4.0M included in Equity Income (Losses)

LIM Q4 2009 non-cash co-investment charges of $1.9M included in Equity Losses • n.m. – not meaningful

17

Full Year Financial Information

18

FY Revenue Performance

($ in millions; “LC”=Local Currency)

20% in LC

11%

22%(6%)(26%)

$1,031.6

$933.3 $926.1 $870.8

$765.2

$643.7

2007 2008 2009 2007 2008 2009

Americas EMEA

2% in LC 37% in LC

(11%) 1%

(5%)

$602.1 $536.2 $538.9(41%)

$370.8 $351.8

$207.6

2007 2008 2009 2007 2008 2009

Asia Pacific LIM

5% in LC

2%

(8%)

$2,652.0 $2,697.6

$2,480.7

2007 2008 2009

Consolidated

Note: Equity gains of $12.2M in 2007 and Equity losses of $5.5M and $58.9M in 2008 and 2009, respectively, are included in segment results, however, are excluded from Consolidated totals.

19

FY Leasing Revenue

($ in millions; “LC”=Local Currency)

25% in LC 18% in LC

34%

55%

$500.0

$372.6 9%(30%)

$240.8 $246.7 7%(19%)

$226.9

$172.5 $124.7 $133.4 $108.5

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

6% in LC

27% 4%

$752.7 $781.0

$592.4

2007 2008 2009

Consolidated

20

FY Capital Markets and Hotels Revenue

($ in millions; “LC”=Local Currency)

41% in LC 4% in LC

$339.4(42%)

$195.8(45%)

(46%)(38%)(43%)(4%)

$113.7 $107.4 $104.4

$61.1 $60.0 $57.7

$37.6

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

33% in LC

$557.5

(43%)

$316.9(36%)

$202.7

2007 2008 2009

Consolidated

21

FY Property & Facility Management Services Revenue

($ in millions; “LC”=Local Currency)

7% in LC 30% in LC

15% 28%

39% 11%(3%) 22% $265.6

$226.7 $207.5

$197.3 $170.3

$142.0 $126.0 $139.7 $135.5

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

18% in LC

24%

15%

$627.8

$544.5

$438.3

2007 2008 2009

Consolidated

22

FY Project & Development Services Revenue

($ in millions; “LC”=Local Currency)

2% in LC 23% in LC

17%(21%)

$199.5 113%(6%)

$170.9 $158.6

9%(27%)

$116.1 $108.8

$54.4 $55.5 $60.3 $44.2

2007 2008 2009 2007 2008 2009 2007 2008 2009

Americas EMEA Asia Pacific

15% in LC

34%(17%)

$375.9

$280.8 $311.6

2007 2008 2009

Consolidated

23

FY LaSalle Investment Management Revenue

($ in millions; “LC”=Local Currency)

9% in LC 76% in LC

13%

$277.9(13%) n.m.

$245.1 $242.2 $9.7

(33%)($4.2)

($52.6)

$116.0(77%)

$78.1 $18.0

2007 2008 2009 2007 2008 2009 2007 2008 2009

Advisory Fees Transaction & Incentive Fees Equity Losses

37% in LC

(5%)

$370.8 $351.8(41%)

$207.6

2007 2008 2009

Total LaSalle Investment Management

Notes:

No non-cash co-investment Impairment charges taken in 2007

LIM FY 2008 non-cash co-investment charges of $4.9M included in Equity Income (Losses)

LIM FY 2009 non-cash co-investment charges of $48.5M included in Equity Losses • n.m. – not meaningful

24

Strong Balance Sheet Position

Reduced spending and strong cash generation drive net debt repayment

2009 2008

($ in millions)

Net Cash from Operations $251 $33

Primary Uses of Cash

Capital Expenses (1) (44) (104)

Acquisitions & Deferred Business Obligations (27) (349)

Co-Investment (39) (42)

Dividends (8) (26)

Net Cash Outflows (118) (521)

Net Share Issuance & Other Financing 201 (10)

Net Debt Repayment/(Borrowing) $334 ($498)

Standard & Poor’s: Investment Grade Rated as of December 31, 2009

BBB- (Outlook: Stable)

Moody’s Investor Services:

Baa2 (Outlook: Stable)

Balance Sheet as of December 31, 2009

($ in millions)

Cash and Cash Equivalents $ 69

Short Term Borrowings 23

Credit Facilities 175

Net Bank Debt $ 129

Deferred Business Obligations 394

Total Debt $ 523

Key Covenants as of December 31, 2009

Leverage 1.95x

Maximum 3.75x

Interest 3.24x

Minimum 2.00x

(1) 2009 and 2008 capital expenditures net of tenant improvement allowances received were $36 million and $102 million, respectively.

25

Appendix

LaSalle Investment Management

Assets Under Management

Description Q4 2009 Statistics (1) Typical Fee

Structure

Separate Account • $16.7 billion of assets • Advisory fees

Management under management • Transaction fees

(Firm’s co-investment =(29% decline from 2008) • Incentive fees

$21.3MM) • Equity earnings

Fund Management • $16.2 billion of assets • Advisory fees

(Firm’s co-investment = under management • Incentive fees

$146.2MM)(11% decline from 2008) • Equity earnings

Public Securities • $7.1 billion of assets • Advisory fees

(Firm’s co-investment = under management

$0.1MM)(51% growth over 2008)

Assets Under

Product%

Management

European Private $12.8 32.0%

Equity

North American Private $12.4 31.2%

Equity

Asia Pacific Private $7.6 19.1%

Equity

Total Private Equity $32.8 82.3%

Total Public Securities $7.1 17.7%

Total $39.9 100%

(1) AUM data reported on a one-quarter lag.

Assets Under Management = $39.9 billion

Note: This information does not constitute investment advice or an offer to invest or to provide management services.

27

Q4 Adjusted EBITDA* Performance

($ in millions)

$55.9 $53.9

$52.2

$41.6

$29.0

$23.5

2007 2008 2009 2007 2008 2009

Americas EMEA

$37.6

$28.9

$24.3

$24.7

$10.8

$7.9

2007 2008 2009 2007 2008 2009

Asia Pacific LIM

$156.1

$119.7

$112.1

2007 2008 2009

Consolidated

* Refer to page 31 for Reconciliation of GAAP Net Income (Loss) to EBITDA and adjusted EBITDA for the three months ended December 31, 2009, 2008 and 2007 for details relative to these adjusted EBITDA calculations. Segment adjusted EBITDA is calculated by adding the segment’s Depreciation and amortization and non-cash co-investment charges to its reported Operating income (loss), which excludes Restructuring charges. Consolidated adjusted EBITDA is the sum of the adjusted EBITDA of the four segments less net income attributable to non-controlling interests and dividends on unvested common stock.

28

FY Adjusted EBITDA* Performance

($ in millions)

$133.8

$105.8 $114.9 $111.1

$51.1 $14.1

2007 2008 2009 2007 2008 2009

Americas EMEA

$113.8

$89.2

$79.0 $17.6 $44.3 $47.4

2007 2008 2009 2007 2008 2009

Asia Pacific LIM

412.7

$269.6

$238.6

2007 2008 2009

Consolidated

* Refer to page 31 for Reconciliation of GAAP Net Income (Loss) to EBITDA and adjusted EBITDA for the twelve months ended December 31, 2009, 2008 and 2007 for details relative to these adjusted EBITDA calculations. Segment adjusted EBITDA is calculated by adding the segment’s Depreciation and amortization and non-cash co-investment charges to its reported Operating income (loss), which excludes Restructuring charges. Consolidated adjusted EBITDA is the sum of the adjusted EBITDA of the four segments less net income attributable to noncontrolling interests and dividends on unvested common stock.

29

Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income

($ in millions)

Three Months Ended Twelve Months Ended

December 31, December 31,

2009 2008 2007 2009 2008 2007

GAAP Net income (loss) $ 52.0 $ 41.2 $ 104.7 $(4.1) $ 83.5 $ 256.5

Shares (in 000’s) 43,671 35,060 33,102 38,543 34,205 33,578

GAAP Earnings (loss) per share $ 1.19 $ 1.17 $ 3.16 $(0.11) $ 2.44 $ 7.64

GAAP Net income (loss) $ 52.0 $ 41.2 $ 104.7 $(4.1) $ 83.5 $ 256.5

Restructuring, net of tax 8.1 15.1—35.6 22.8 -

Non-cash co-investment charges, net of tax 2.8 3.7—38.5 4.4 -

Adjusted Net income $ 62.9 $ 60.0 $ 104.7 $ 70.0 $ 110.7 $ 256.5

Shares (in 000’s) 43,671 35,060 33,102 40,106 34,205 33,578

Adjusted Earnings per share $ 1.44 $ 1.71 $ 3.16 $ 1.75 $ 3.24 $ 7.64

Note: Basic shares outstanding are used in the calculation of full-year 2009 GAAP EPS as the use of dilutive shares outstanding would cause that EPS calculation to be anti-dilutive.

30

Reconciliation of GAAP Net Income (Loss) to EBITDA and Adjusted EBITDA

($ in millions)

Three Months Ended Twelve Months Ended

December 31, December 31,

2009 2008 2007 2009 2008 2007

Net income (loss) $ 52.0 $ 41.2 $ 104.7 $(4.1) $ 83.5 $ 256.4

Add:

Interest expense, net of interest income 11.5 13.3 3.0 55.0 30.6 13.1

Provision for income taxes 15.5 13.5 31.7 5.7 28.7 87.6

Depreciation and amortization 18.7 26.7 16.7 83.3 90.6 55.6

EBITDA $ 97.7 $ 94.7 $ 156.1 $ 139.9 $ 233.4 $ 412.7

Non-cash co-investment charges 3.6 4.9—51.3 5.8 -

Restructuring 10.8 20.1—47.4 30.4 -

Adjusted EBITDA $ 112.1 $ 119.7 $ 156.1 $ 238.6 $ 269.6 $ 412.7

31