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, 2011

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 1, 2011, 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, 2010. 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 exhibit is included with this Report:

99.1.	Press release issued by Jones Lang LaSalle Incorporated on February 1, 2011, announcing its financial results for the fourth quarter and year ended December 31, 2010.
99.2.	Supplemental Information to Fourth Quarter 2010 Earnings Call issued on February 1, 2011.

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, 2011	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 1, 2011, announcing its financial results for the fourth quarter and year ended December 31, 2010.
Exhibit 99.2	Supplemental Information to Fourth Quarter 2010 Earnings Call issued on February 1, 2011.

EX-99.1

Exhibit 99.1

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

Jones Lang LaSalle Reports Record Full-Year Revenue Driven by Strong Fourth Quarter

Adjusted annual net income of $166 million; adjusted EPS of $3.77

CHICAGO, February 1, 2011 – Jones Lang LaSalle Incorporated (NYSE: JLL) today reported net income of $154 million on a U.S. GAAP basis, or $3.48 per share, for the year ended December 31, 2010, compared with a net loss of $4 million, or $0.11 per share, for the year ended December 31, 2009. Adjusting for Restructuring and co-investment charges, full-year 2010 net income would have been $166 million, or $3.77 per share, compared with $70 million, or $1.75 per share, in 2009. Full-year revenue was a record high $2.9 billion, an increase of 18 percent in U.S. dollars, 17 percent in local currency, compared with 2009. The firm’s adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) were $337 million for the year.

For the quarter ended December 31, 2010, net income was $84 million on a U.S. GAAP basis, or $1.91 per share, compared with $52 million, or $1.19 per share, for the fourth quarter ended December 31, 2009. Adjusting for Restructuring and certain non-cash co-investment charges, fourth-quarter 2010 net income would have been $86 million, or $1.94 per share, compared with fourth-quarter 2009 net income of $63 million, or $1.44 per share, on an adjusted basis. Revenue for the fourth quarter of 2010 was $956 million, a 17 percent increase from $815 million in 2009, 18 percent in local currency. Adjusted EBITDA in the fourth quarter of 2010 was $143 million.

2010 Full-Year Highlights:

• Record high revenue of $2.9 billion, up 18 percent for the year

• Continued transactional revenue improvement; Leasing revenue of $1.0 billion

• Adjusted operating income margin improves to 9.1 percent from 6.6 percent in 2009; adjusted EBITDA margin improves to 11.5 percent

• $5.0 billion of net capital raised by LaSalle Investment Management

Results for full-year 2010 included $6 million of Restructuring charges as well as $10 million of non-cash co-investment charges, compared with $47 million and $51 million in 2009, respectively.

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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 2

Results for the fourth quarter of 2010 included $1 million of Restructuring charges and $1 million of non-cash co-investment charges. 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.

“Our strong fourth-quarter and full-year results were achieved with activity from all our regions as well as LaSalle Investment Management,” said Colin Dyer, CEO of Jones Lang LaSalle. “As markets continue to recover, we are working to take additional market share and maintain good growth momentum into 2011,” Dyer added.

Business Line Revenue Comparison for the periods ending December 31, 2010 and 2009:

(in millions, “LC” = local currency)

	Three Months Ended Dec 31,				% Change			Twelve Months Ended Dec 31,				% Change
	2010		2009		in LC			2010		2009		in LC
Real Estate Services
Leasing	$	360.0	$	290.0		25	%	$	999.9	$	783.0		27	%
Capital Markets		115.6		81.0		50	%		305.7		203.8		51	%
Property & Facility Management		216.2		198.0		7	%		716.0		627.4		11	%
Project & Development Services		99.1		90.7		11	%		337.4		311.0		9	%
Advisory, Consulting & Other		98.1		91.0		7	%		309.5		295.3		5	%
Total RES Revenue	$	889.0	$	750.7		18	%	$	2,668.5	$	2,220.5		18	%
LaSalle Investment Management
Advisory fees	$	61.4	$	62.1		(1	%)	$	237.5	$	242.2		(3	%)
Transaction and Incentive fees		5.9		2.3		126	%		19.6		18.0		2	%
Total Investment Management	$	67.3	$	64.4		3	%	$	257.1	$	260.2		(3	%)
Total Firm Revenue	$	956.3	$	815.1		18	%	$	2,925.6	$	2,480.7		17	%

Year-to-date operating expenses excluding Restructuring charges were $2.7 billion, an increase of 14 percent in local currency compared with 2009. On a full-year basis, total compensation as a percentage of firm revenue improved to 64.9 percent, from 65.5 percent in 2009, driven by better productivity across the firm. Full-year adjusted operating income margin, which excludes Restructuring charges, was 9.1 percent, up from 6.6 percent in 2009. Full-year adjusted EBITDA margin was 11.5 percent, up from 9.6 percent in 2009.

Operating expenses excluding Restructuring charges were $832 million for the fourth quarter, compared with $722 million in 2009. On a local currency basis, operating expenses excluding Restructuring charges increased 15 percent over 2009, with increases the result of business growth

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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 3

and performance compensation. Adjusted operating income margin improved to 13.0 percent in the fourth quarter, compared with an 11.4 percent margin in the same period of 2009.

Balance Sheet

In 2010, the firm reduced its net debt position by $250 million, including a reduction in net bank debt of $155 million and a reduction in deferred acquisition obligations of $95 million. The firm’s total net debt position at December 31, 2010, was $273 million. The net debt reduction during the year was driven by strong cash flows generated from operations and modest cash outflows due to disciplined capital expenditures, effective tax management and low cash interest expense associated with reduced borrowing levels on the firm’s investment-grade balance sheet.

Business Segment Full-Year and Fourth-Quarter Performance Highlights

Americas Real Estate Services

Full-year revenue in the Americas region was nearly $1.3 billion, an increase of 22 percent over the prior year, driven by increased transactional activities both in Leasing, which increased 28 percent to $638 million, and Capital Markets and Hotels, which more than doubled to $84 million.

	Three Months Ended Dec 31,				% Change			Twelve Months Ended Dec 31,					% Change
Americas (in millions)	2010		2009		In LC			2010		2009			in LC
Leasing	$	228.3	$	176.2		30	%	$	637.9	$	498.2			28	%
Capital Markets & Hotels		35.1		13.7		156	%		84.1		38.3			120	%
Property & Facility Management		86.1		79.7		8	%		269.4		226.2			19	%
Project & Development Services		48.1		43.5		11	%		158.9		158.0			1	%
Advisory, Consulting and Other		30.9		31.6		(2	%)		110.9		112.0			(1	%)
Operating revenue	$	428.5	$	344.7		24	%	$	1,261.2	$	1,032.7			22	%
Equity earnings (losses)		0.0		0.0		n/m			0.3		(1.1	)		n/m
Total segment revenue	$	428.5	$	344.7		24	%	$	1,261.5	$	1,031.6			22	%
n/m – not meaningful

Year-to-date operating expenses were $1.1 billion, compared with $945 million for the same period in 2009, an 18 percent increase. Americas operating income margin improved to 11.8 percent, from 8.4 percent in 2009 on a full-year basis. Full-year EBITDA for 2010 was $184 million, a margin of 14.6 percent, compared with $134 million for 2009, a margin of 13.0 percent.

Operating expenses were $359 million in the fourth quarter, 19 percent higher than a year ago, but operating income margin improved to 16.2 percent, from 12.4 percent in the fourth quarter last year. EBITDA for the fourth quarter of 2010 was $79 million, compared with $52 million for the fourth quarter of 2009.

Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 4

EMEA Real Estate Services

EMEA’s full-year revenue was $729 million in 2010 compared with $644 million in 2009, an increase of 13 percent, 17 percent in local currency, with the most significant contribution from Capital Markets and Hotels. Transactional activity improved in the firm’s largest European markets. Capital Markets and Hotels momentum picked up in the fourth quarter, driving revenue up 41 percent in local currency compared with the fourth quarter of 2009.

	Three Months Ended Dec 31,					% Change			Twelve Months Ended Dec 31,						% Change
EMEA (in millions)	2010		2009			in LC			2010			2009			in LC
Leasing	$	69.3	$	70.3			4	%	$	202.6		$	172.5			22	%
Capital Markets & Hotels		52.0		38.8			41	%		141.2			107.3			37	%
Property & Facility Management		40.7		43.9			(3	%)		142.9			135.5			8	%
Project & Development Services		32.2		34.5			0	%		115.0			108.8			11	%
Advisory, Consulting and Other		43.2		40.2			13	%		127.2			122.4			7	%
Operating revenue	$	237.4	$	227.7			10	%	$	728.9		$	646.5			17	%
Equity losses		0.0		(1.8	)		n/m			(0.1	)		(2.8	)		n/m
Total segment revenue	$	237.4	$	225.9			11	%	$	728.8		$	643.7			17	%
n/m – not meaningful

Year-to-date operating expenses were $709 million, an increase of 9 percent, 12 percent in local currency. On a full-year basis, operating income margin was 2.7 percent, compared with an operating loss of 1.5 percent in the prior year. Full-year EBITDA for 2010 was $38 million, a margin of 5.3 percent, compared with $11 million in 2009, a margin of 1.8 percent.

Operating expenses were $217 million in the fourth quarter, an increase of 4 percent from the prior year, 9 percent in local currency, primarily due to increased variable compensation expense related to improved year-over-year performance. Operating income margin in EMEA improved to 8.5 percent in the fourth quarter, from 7.2 percent in 2009. The region’s EBITDA for the fourth quarter of 2010 was $26 million, compared with $22 million for the same period last year.

Asia Pacific Real Estate Services

Revenue in the Asia Pacific region was $679 million in 2010, an increase of 26 percent compared with 2009, 17 percent in local currency. The year-over-year increase was principally driven by transactional revenue improvement across most countries in the region compared with a year ago. Fourth-quarter revenue was $223 million, compared with $178 million for the same period in 2009, an increase of 25 percent, 18 percent in local currency.

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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 5

	Three Months Ended Dec 31,				% Change			Twelve Months Ended Dec 31,					% Change
Asia Pacific (in millions)	2010		2009		In LC			2010		2009			in LC
Leasing	$	62.4	$	43.5		36	%	$	159.4	$	112.3			34	%
Capital Markets & Hotels		28.5		28.5		(7	%)		80.4		58.2			25	%
Property & Facility Management		89.4		74.4		13	%		303.7		265.7			6	%
Project & Development Services		18.8		12.7		41	%		63.5		44.2			35	%
Advisory, Consulting and Other		24.0		19.2		20	%		71.4		60.9			11	%
Operating revenue	$	223.1	$	178.3		18	%	$	678.4	$	541.3			17	%
Equity earnings (losses)		0.1		0.0		n/m			0.1		(2.4	)		n/m
Total segment revenue	$	223.2	$	178.3		18	%	$	678.5	$	538.9			17	%
n/m – not meaningful

Operating expenses for the region were $629 million for full-year 2010, compared with $507 million in 2009, an increase of 16 percent in local currency. Full-year operating income margin was 7.3 percent, compared with 5.9 percent in 2009. EBITDA for 2010 was $62 million, a margin of 9.2 percent, compared with $44 million in 2009, a margin of 8.2 percent.

Fourth-quarter operating expenses were $198 million, compared with $153 million in 2009, an increase of 22 percent year over year in local currency. The region’s EBITDA for the fourth quarter of 2010 was $29 million, consistent with very strong EBITDA in the fourth quarter of 2009.

LaSalle Investment Management

LaSalle Investment Management’s full-year Advisory fees were $238 million, compared with $242 million in 2009, a decrease of 3 percent in local currency. Fourth-quarter Advisory fees were $61 million, down 1 percent compared with last year in both U.S. dollars and local currency. Transaction and incentive fees increased to $5.9 million in the fourth quarter versus $2.3 million in the prior year due to increased acquisition levels, bringing the year-to-date fees to $19.6 million.

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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 6

LaSalle Investment Management	Three Months Ended Dec 31,						% Change			Twelve Months Ended Dec 31,						% Change
(in millions)	2010			2009			in LC			2010			2009			in LC
Advisory fees	$	61.4		$	62.1			(1	%)	$	237.5		$	242.2			(3	%)
Transaction and Incentive fees		5.9			2.3			126	%		19.6			18.0			2	%
Operating revenue	$	67.3		$	64.4			3	%	$	257.1		$	260.2			(3	%)
Equity losses		(0.5	)		(0.9	)		n/m			(11.7	)		(52.6	)		n/m
Total segment revenue	$	66.8		$	63.5			4	%	$	245.4		$	207.6			16	%
n/m – not meaningful

Full-year adjusted operating income margin, which excludes non-cash co-investment impairment charges, was 19.1 percent compared with 17.6 percent in 2009.

LaSalle Investment Management raised net capital of $5.0 billion during the year, making 2010 the second-best year of capital raise in LaSalle history. Investments totaled $3.2 billion for the year. At the end of the fourth quarter assets under management were $41.3 billion.

Summary

The firm had a record-setting year of revenue and a strong recovery in profit performance. It finished the year with a strong foundation for future growth and performance. The Americas expanded its market positions, EMEA returned to positive operating income, and Asia Pacific demonstrated continued annuity and transaction revenue growth. LaSalle Investment Management generated healthy margins on its advisory fees and raised significant levels of capital. Profitability improved in all operating segments. The firm is well positioned to take advantage of a consolidating industry and global economic recovery.

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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 7

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 2010 global revenue of more than $2.9 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 1.7 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 more than $41 billion of assets under management. For further information, please visit the company’s website, 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

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, 2009, and in the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010, 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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Jones Lang LaSalle Reports Full-Year and Fourth-Quarter 2010 Results – Page 8

Conference Call

The firm will conduct a conference call for shareholders, analysts and investment professionals on Wednesday, February 2 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:	+1 877 800 0896
•    International callers:	+1 706 679 7364
•    Pass code:	37984267

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=75940 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 2010 earnings call has been posted to the Investor Relations section of the company’s website: www.joneslanglasalle.com.

Conference Call Replay

Available: 12:00 p.m. EST Wednesday, February 2 through 11:59 p.m. EST Wednesday, February 9 at the following numbers:

•    U.S. callers:	+1 800 642 1687
•    International callers:	+1 706 645 9291
•    Pass code:	37984267

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 website: 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, 2010 and 2009

(in thousands, except share data)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
Revenue	$	956,253		$	815,085		$	2,925,613		$	2,480,736
Operating expenses:
Compensation and benefits		610,327			519,834			1,899,181			1,623,795
Operating, administrative and other		202,986			183,759			687,815			609,779
Depreciation and amortization		18,584			18,728			71,573			83,335
Restructuring charges		885			10,815			6,386			47,423
Total operating expenses		832,782			733,136			2,664,955			2,364,332
Operating income		123,471			81,949			260,658			116,404
Interest expense, net of interest income		10,063			11,428			45,802			55,018
Equity losses from unconsolidated ventures		(442	)		(2,637	)		(11,380	)		(58,867	)
Income before income taxes and noncontrolling interest		112,966			67,884			203,476			2,519
Provision for income taxes		28,220			15,483			49,038			5,677
Net income (loss)		84,746			52,401			154,438			(3,158	)
Net income attributable to noncontrolling interest		190			147			537			437
Net income (loss) attributable to the Company	$	84,556		$	52,254		$	153,901		$	(3,595	)
Net income (loss) attributable to common shareholders	$	84,397		$	52,026		$	153,524		$	(4,109	)
Basic earnings (loss) per common share	$	1.98		$	1.24		$	3.63		$	(0.11	)
Basic weighted average shares outstanding		42,652,006			41,839,401			42,295,526			38,543,087
Diluted earnings (loss) per common share	$	1.91		$	1.19		$	3.48		$	(0.11	)
Diluted weighted average shares outstanding		44,235,319			43,670,994			44,084,154			38,543,087
EBITDA	$	141,264		$	97,665		$	319,937		$	139,921

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Segment Operating Results

For the Three and Twelve Months Ended December 31, 2010 and 2009

(in thousands)

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2010			2009			2010			2009
REAL ESTATE SERVICES
AMERICAS
Revenue:
Operating revenue	$	428,431		$	344,662		$	1,261,178		$	1,032,784
Equity earnings (losses)		30			40			310			(1,141	)
		428,461			344,702			1,261,488			1,031,643
Operating expenses:
Compensation, operating and administrative expenses		349,751			292,502			1,077,556			897,891
Depreciation and amortization		9,179			9,414			35,594			47,526
		358,930			301,916			1,113,150			945,417
Operating income	$	69,531		$	42,786		$	148,338		$	86,226
EBITDA	$	78,710		$	52,200		$	183,932		$	133,752
EMEA
Revenue:
Operating revenue	$	237,397		$	227,692		$	728,838		$	646,505
Equity losses		(21	)		(1,807	)		(66	)		(2,747	)
		237,376			225,885			728,772			643,758
Operating expenses:
Compensation, operating and administrative expenses		211,755			204,161			690,427			632,387
Depreciation and amortization		5,529			5,400			18,778			21,041
		217,284			209,561			709,205			653,428
Operating income (loss)	$	20,092		$	16,324		$	19,567		$	(9,670	)
EBITDA	$	25,621		$	21,724		$	38,345		$	11,371
ASIA PACIFIC
Revenue:
Operating revenue	$	223,135		$	178,329		$	678,452		$	541,233
Equity earnings (losses)		55			—			55			(2,371	)
		223,190			178,329			678,507			538,862
Operating expenses:
Compensation, operating and administrative expenses		194,528			149,443			616,101			494,574
Depreciation and amortization		3,062			3,287			13,010			12,485
		197,590			152,730			629,111			507,059
Operating income	$	25,600		$	25,599		$	49,396		$	31,803
EBITDA	$	28,662		$	28,886		$	62,406		$	44,288
LASALLE INVESTMENT MANAGEMENT
Revenue:
Operating revenue	$	67,290		$	64,402		$	257,145		$	260,214
Equity losses		(506	)		(870	)		(11,679	)		(52,608	)
		66,784			63,532			245,466			207,606
Operating expenses:
Compensation, operating and administrative expenses		57,279			57,488			202,912			208,722
Depreciation and amortization		814			626			4,191			2,283
		58,093			58,114			207,103			211,005
Operating income (loss)	$	8,691		$	5,418		$	38,363		$	(3,399	)
EBITDA	$	9,505		$	6,044		$	42,554		$	(1,116	)
Total segment revenue		955,811			812,448			2,914,233			2,421,869
Reclassification of equity losses		(442	)		(2,637	)		(11,380	)		(58,867	)
Total revenue	$	956,253		$	815,085		$	2,925,613		$	2,480,736
Total operating expenses before restructuring charges		831,897			722,321			2,658,569			2,316,909
Operating income before restructuring charges	$	124,356		$	92,764		$	267,044		$	163,827

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Consolidated Balance Sheets

December 31, 2010 and December 31, 2009

(in thousands)

	December 31, 2010 (Unaudited)			December 31, 2009
ASSETS
Current assets:
Cash and cash equivalents	$	251,897		$	69,263
Trade receivables, net of allowances		721,486			669,993
Notes and other receivables		76,374			73,984
Prepaid expenses		41,195			35,689
Deferred tax assets		82,740			82,793
Other		21,149			8,196
Total current assets		1,194,841			939,918
Property and equipment, net of accumulated depreciation		198,685			213,708
Goodwill, with indefinite useful lives		1,444,708			1,441,951
Identified intangibles, with finite useful lives, net of accumulated amortization		29,025			36,791
Investments in real estate ventures		174,578			167,310
Long-term receivables		42,735			52,941
Deferred tax assets		149,020			139,406
Other		116,269			104,908
Total assets	$	3,349,861		$	3,096,933
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	400,681		$	347,650
Accrued compensation		554,841			479,628
Short-term borrowings		28,700			23,399
Deferred tax liabilities		3,942			1,164
Deferred income		45,146			38,575
Deferred business acquisition obligations		163,656			106,330
Other		99,346			98,349
Total current liabilities		1,296,312			1,095,095
Noncurrent liabilities:
Credit facilities		197,500			175,000
Deferred tax liabilities		15,450			3,210
Deferred compensation		15,130			27,039
Pension liabilities		5,031			8,210
Deferred business acquisition obligations		134,889			287,259
Minority shareholder redemption liability		34,118			32,475
Other		79,496			86,031
Total liabilities		1,777,926			1,714,319
Company shareholders’ equity:
Common stock, $.01 par value per share, 100,000,000 shares authorized; 42,659,999 and 41,843,947 shares issued and outstanding as of December 31, 2010, and December 31, 2009, respectively		427			418
Additional paid-in capital		883,046			854,227
Retained earnings		676,397			531,456
Shares held in trust		(6,263	)		(5,196	)
Accumulated other comprehensive income (loss)		15,324			(1,976	)
Total Company shareholders’ equity		1,568,931			1,378,929
Noncontrolling interest		3,004			3,685
Total equity		1,571,935			1,382,614
Total liabilities and equity	$	3,349,861		$	3,096,933

Please reference attached financial statement notes.

JONES LANG LASALLE INCORPORATED

Summarized Consolidated Statements of Cash Flows

For the Twelve Months Ended December 31, 2010 and 2009

(in thousands)

(Unaudited)

	Twelve Months Ended December 31,
	2010			2009
Cash provided by operating activities	$	384,270		$	250,554
Cash used in investing activities		(196,674	)		(109,932	)
Cash used in financing activities		(4,962	)		(117,252	)
Net increase in cash and cash equivalents		182,634			23,370
Cash and cash equivalents, beginning of period		69,263			45,893
Cash and cash equivalents, end of period	$	251,897		$	69,263
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, 2010, and December 31, 2009, respectively, are primarily 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,
	2010		2009		2010		2009
GAAP net income (loss)	$	84.4	$	52.0	$	153.5	$	(4.1	)
Shares (in 000’s)		44,235		43,671		44,084		38,543
GAAP earnings (loss) per share	$	1.91	$	1.19	$	3.48	$	(0.11	)
GAAP net income (loss)	$	84.4	$	52.0	$	153.5	$	(4.1	)
Restructuring, net of tax		0.7		8.1		4.9		35.6
Non-cash co-investment charges, net of tax		0.7		2.8		7.9		38.5
Adjusted net income		85.8		62.9		166.3		70.0
Shares (in 000’s)		44,235		43,671		44,084		40,106
Adjusted earnings per share	$	1.94	$	1.44	$	3.77	$	1.75

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. Adjusted EBITDA represents EBITDA adjusted for Restructuring and non-cash co-investment charges. EBITDA represents earnings before interest expense, net of interest income, income taxes, depreciation and amortization. Although adjusted EBITDA and EBITDA are non-GAAP financial measures, they are used extensively by management and are useful to investors and lenders as metrics for evaluating operating performance and liquidity. The firm believes that adjusted EBITDA and EBITDA are indicators 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, adjusted EBITDA and EBITDA should not be considered as alternatives either to net income (loss) or net cash provided by operating activities, both of which are determined in accordance with GAAP. Because adjusted EBITDA and EBITDA are not calculated under GAAP, the firm’s adjusted EBITDA and 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,
	2010		2009		2010		2009
Net income (loss)	$	84,397	$	52,026	$	153,524	$	(4,109	)
Add:
Interest expense, net of interest income		10,063		11,428		45,802		55,018
Provision for income taxes		28,220		15,483		49,038		5,677
Depreciation and amortization		18,584		18,728		71,573		83,335
EBITDA	$	141,264	$	97,665	$	319,937	$	139,921
Add:
Non-cash co-investment charges		901		3,650		10,433		51,225
Restructuring		885		10,815		6,386		47,423
Adjusted EBITDA	$	143,050	$	112,130	$	336,756	$	238,569

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,
	2010			2009			2010			2009
Net cash provided by operating activities	$	276,198		$	206,693		$	384,270		$	250,554
Add (deduct):
Interest expense, net of interest income		10,063			11,428			45,802			55,018
Change in working capital and non-cash expenses		(173,217	)		(135,939	)		(159,173	)		(171,328	)
Provision for income taxes		28,220			15,483			49,038			5,677
EBITDA	$	141,264		$	97,665		$	319,937		$	139,921
Add:
Non-cash co-investment charges		901			3,650			10,433			51,225
Restructuring		885			10,815			6,386			47,423
Adjusted EBITDA	$	143,050		$	112,130		$	336,756		$	238,569

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 Real Estate Services businesses consisting 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, 2010, 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

Supplemental Information 

Fourth Quarter          Earnings Call

2010

Exhibit 99.2

Market & Financial Overview

3

Americas

EMEA

Asia Pacific

Capital Values

As of Q4 2010

The Jones Lang LaSalle Property Clocks

SM

Beijing, Hong Kong

Moscow

Capital Value

growth slowing

Capital Value

growth

accelerating

Capital Value

bottoming out

Capital Value

falling

New York, Paris, San Francisco

Sao Paulo, Seoul, Sydney

London

Shanghai

Detroit

Singapore

Brussels,

Chicago,

Milan

Mumbai, Tokyo

Amsterdam,

Toronto

Dallas

Q4 2009

Washington DC

Berlin, Stockholm

Capital Value

growth slowing

Capital Value

growth

accelerating

Capital Value

bottoming out

Capital Value

falling

Hong Kong,

London,

Sao Paulo

Washington DC

Shanghai

Dallas,

Mumbai, Seoul

Sydney, Tokyo

Singapore

Brussels

Moscow

Berlin, Paris, Stockholm

Amsterdam,

Milan

New York

San Francisco

Chicago, Toronto

Detroit

Beijing

Q4 2010

4

Leasing Market Fundamentals

Q4 2010

As of Q4 2010

The

Jones

Lang

LaSalle

Property

Clocks

SM

Shanghai

Rental Value

growth slowing

Rental Value

growth

accelerating

Rental Values

bottoming out

Rental Values

falling

Hong Kong, London,

Sao Paulo, Sydney

Stockholm,

Singapore

Chicago

Mumbai

Amsterdam, Brussels,

Seoul

Toronto

Tokyo

Q4 2009

Dallas, Milan,

San Francisco

Beijing, Moscow

Berlin, Paris,

Washington DC

Detroit

New York

Americas

EMEA

Asia Pacific

Hong Kong

Rental Value

growth slowing

Rental Value

growth

accelerating

Rental Values

bottoming out

Rental Values

falling

Paris, Tokyo

Shanghai, Sydney

Chicago,

Seoul

Amsterdam, New York

Berlin, Mumbai, San Francisco

London

Brussels

Toronto

Moscow, Stockholm

Detroit

Dallas

Sao Paulo

Beijing

Milan

Singapore,

Washington DC

2010 Accomplishments and Trends

Consolidated

5

–

Full-year revenue of more than $2.9 billion

–

Adjusted operating

income

margin

of

9.1%,

adjusted

EBITDA

margin

of

11.5%

–

Leasing revenue increased 28%

–

Strong Capital Markets & Hotels

revenue growth

–

2010 high-impact hires provide

momentum into 2011

–

Larger markets 9-12 months into

cyclical recovery

–

Improved productivity in

transactional businesses

–

Retail, Corporate Solutions,

Tetris provide improved revenue

opportunities

–

Both US and Regional multi-

national corporate wins

–

More than 50M sf

added to

Property Management annuity

base

–

Second-best capital raising

year in LaSalle history: $5B

–

Nearly $3.2B capital invested

–

Focused on performance

Americas

EMEA

Asia Pacific

LaSalle

Balance Sheet

–

$250M of net debt repayment in the year

–

Maintained the firm’s investment-grade ratings

Q4 Selected Business Wins and Expansions

6

–

AT&T Mobility –

2,300 sites

–

Beaumont Hospitals, Detroit –

8.5M sf

–

SAIC –

10M sf

–

353 N. Clark, Chicago –

$400M

–

300 S. Riverside, Chicago –

$120M

–

Navistar, Chicago –

$33M / 1.2M sf

–

The Northern Trust Company, Chicago –

207K sf

–

Healthfirst, New York –

172M sf

–

Interpublic Group –

3M sf

–

Vasakronen, Stockholm –

€483M

–

Norges, Regent Street, London –

£452M

–

Espace

Saint-Quentin, Paris –

€172M

–

Hotel de Crillon, Paris

–

Le Richmonde, Geneva  –

$161M

–

The Shard, London –

595K sf

–

Soyak

Tower, Instanbul

–

538K sf

–

Publicis, Dusseldorf –

129K sf

–

Standard Chartered Bank –

16M sf

–

Alcatel Lucent –

6M sf

–

Colonial First State Property, Australia –

$229M

–

Procter & Gamble, Shanghai –

7.5M sf

–

Dusit

Thani

Phuket, Thailand –

$85M

–

Orchard Funds Management, Australia –

4.3M sf

–

Supertech

Emerald, India –

1M sf

–

Dow Chemical, Shanghai –

290K sf

Americas

EMEA

Asia Pacific

Financial Information

$643.7

$728.8

2009

2010

8

FY 2010 Revenue Performance

Note: Equity losses of $58.9M and $11.4M in 2009 and 2010, respectively, are included in segment results, however, are

excluded from Consolidated totals.

($ in millions; % change in local currency

)

Americas

EMEA

Asia Pacific

$1,031.6

$1,261.5

2009

2010

$538.9

$678.5

2009

2010

$245.4

$207.6

2009

2010

Consolidated

$2,480.7

$2,925.6

2009

2010

LIM

17%

17%

16%

17%

22%

Asia Pacific

9

FY 2010 Real Estate Services Revenue

($ in millions; % change in local currency over FY 2009)

Americas

EMEA

Leasing

Capital Markets &

Hotels

Property & Facility

Management

Project &

Development Services

Advisory, Consulting

& Other

Total RES

Operating Revenue

$637.9

$84.1

$269.4

$158.9

$110.9

$1,261.2

28%

120%

19%

1%

1%

22%

$202.6

$141.2

$142.9

$115.0

$127.2

$728.9

22%

37%

8%

11%

7%

17%

$159.4

$80.4

$303.7

$63.5

$71.4

$678.4

34%

25%

6%

35%

11%

17%

$999.9

$305.7

$716.0

$337.4

$309.5

$2,668.5

27%

51%

11%

9%

5%

18%

Total RES

Revenue

Note: Segment and Consolidated Real Estate Services (“RES”) operating revenue exclude Equity earnings (losses).

10

Q4 2010 Revenue Performance

Note: Equity losses of $2.6M and $0.4M in 2009 and 2010, respectively, are included in segment results, however, are excluded

from Consolidated totals.

Americas

EMEA

Asia Pacific

$344.7

$428.5

2009

2010

$225.9

$237.4

2009

2010

$178.3

$223.2

2009

2010

$66.8

$63.5

2009

2010

Consolidated

$815.1

$956.3

2009

2010

($ in millions; % change in local currency )

LIM

24%

11%

18%

4%

18%

Asia Pacific

11

Q4 2010 Real Estate Services Revenue

Americas

EMEA

Leasing

Capital Markets &

Hotels

Property & Facility

Management

Project &

Development Services

Advisory, Consulting

& Other

Total RES

Operating Revenue

$228.3

$35.1

$86.1

$48.1

$30.9

$428.5

30%

156%

8%

11%

2%

24%

$69.3

$52.0

$40.7

$32.2

$43.2

$237.4

4%

41%

3%

0%

13%

10%

$62.4

$28.5

$89.4

$18.8

$24.0

$223.1

36%

7%

13%

41%

20%

18%

$360.0

$115.6

$216.2

$99.1

$98.1

$889.0

25%

50%

7%

11%

18%

Total RES

Revenue

7%

($ in millions; % change in local currency over Q4 2009)

Note: Segment and Consolidated Real Estate Services (“RES”) operating revenue exclude Equity earnings (losses).

•

$5

billion

of

net

new

capital

raised,

2

best

year

in

LaSalle

history

•

More than $3 billion invested worldwide in 2010

•

Healthy margins generated from Advisory Fees

A premier global investment manager

LaSalle Investment Management

2010 Highlights

Product

Assets Under

Management

($ in billions)

Average

Performance

Private Equity

U.K.

$11.3

Above benchmark

Continental Europe

$4.2

Return: +1x equity

North America

$9.8

Above benchmark

Asia Pacific

$7.3

Return: +1x equity

Public Securities

$8.7

Above benchmark

Total Q4 2010 AUM

$41.3 B

AUM by Fund type

Note: AUM data reported on a one-quarter lag

($ in billions)

12

nd

Solid Cash Flows and Balance Sheet Position

•

Strong cash from earnings growth

•

Net debt repayment of $250 million

•

Paid first deferred Staubach obligation

of $76 million

(2)

•

Renewed and extended credit facility

-

Capacity increased to $1.1 billion,

previously $840 million

-

Maturity extended to September 2015

•

Investment grade ratings affirmed:

Standard & Poor’s:

BBB-

(Outlook: Stable)

Moody’s Investor Services:

Baa2 (Outlook: Stable)

Cash Flows

FY 2010

FY 2009

Cash from Earnings

$316

$244

Working Capital

68         

7

Cash from Operations

$384

$251

Primary Uses

Capital Expenses

(1)

(48)

(44)

Acquisitions & Deferred Payment Obligations

(130)

(27)

Co-Investment

(19)

(39)

Dividends

(9)

(8)

Net Cash Outflows

($206)

($118)

Net Share Activity & Other Financing

(23)

201

Net Bank Debt  (Borrowings) / Repayments

$155

$334

Balance Sheet

FY 2010

FY 2009

Cash

$252

$69

Short Term Borrowings

28             

23             

Credit Facility

198

175           

Net Bank Debt

($26)

$129

Deferred Business Obligations

299          

394

Total Net Debt

$273

$523

($ in millions)

(1)

YTD

Capital

Expenditures

for

2010

and

2009

net

of

tenant

improvement

allowances

received

were

$46

million

and

$36

million,

respectively

(2)

$78

million

due

less

$2

million

deferred

in

accordance

with

the

merger

agreement

2010 Highlights

13

Appendix

15

FY 2010 Adjusted EBITDA

*

Performance

Americas

EMEA

Asia Pacific

$133.8

$183.9

2009

2010

$14.1

$38.3

2009

2010

$44.3

$62.4

2009

2010

$53.0

$47.4

2009

2010

Consolidated

$238.6

$336.7

2009

2010

($ in millions)

LIM

* Refer to slide 18 for Reconciliation of GAAP Net Income (Loss) to EBITDA and adjusted EBITDA for the twelve months ended December 31, 2010, and 2009, 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.

16

Q4 2010 Adjusted EBITDA

*

Performance

Americas

EMEA

Asia Pacific

LIM

$52.2

$78.7

2009

2010

$23.5

$25.6

2009

2010

$28.9

$28.7

2009

2010

$7.9

$10.4

2009

2010

Consolidated

$112.1

$143.1

2009

2010

($ in millions)

* Refer to slide 18 for Reconciliation of GAAP Net Income (Loss) to EBITDA and adjusted EBITDA for the three months ended December 31, 2010, and 2009, 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.

17

($ in millions)

Reconciliation of GAAP Net Income (Loss) to

Adjusted Net Income

Note: Basic shares outstanding are used in the calculation of GAAP EPS for the twelve months ending December 31, 2009, as the use of dilutive shares outstanding

would cause that EPS calculation to be anti-dilutive.

2010

2009

2010

2009

GAAP net income (loss)

84.4

$      

52.0

$      

153.5

$     

(4.1)

$       

Shares (in 000's)

44,235

43,671

44,084

38,543

GAAP earnings (loss) per share

1.91

$      

1.19

$      

3.48

$      

(0.11)

$     

GAAP net income (loss)

84.4

$      

52.0

$      

153.5

$     

(4.1)

$       

Restructuring, net of tax

0.7

8.1

4.9

35.6

Non-cash co-investment charges, net of tax

0.7

2.8

7.9

38.5

Adjusted net income

85.8

$      

62.9

$      

166.3

$     

70.0

$      

Shares (in 000's)

44,235

43,671

44,084

40,106

Adjusted earnings per share

1.94

$      

1.44

$      

3.77

$      

1.75

$      

Three Months Ended

December 31,

Twelve Months Ended

December 31,

18

($ in millions)

Reconciliation of GAAP Net Income (Loss) to

EBITDA and Adjusted EBITDA

2010

2009

2010

2009

Net income (loss)

84.4

$      

52.0

$      

153.5

$     

(4.1)

$       

Interest expense, net of interest income

10.1

11.5

45.8

55.0

Provision (benefit) for income taxes

28.2

15.5

49.0

5.7

Depreciation and amortization

18.6

18.7

71.6

83.3

EBITDA

141.3

$     

97.7

$      

319.9

$     

139.9

$     

Non-cash co-investment charges

0.9

3.6

10.4

51.3

Restructuring

0.9

10.8

6.4

47.4

Adjusted EBITDA

143.1

$     

112.1

$     

336.7

$     

238.6

$     

Three Months Ended

December 31,

December 31,

Twelve Months Ended