1037976--3/3/2006--JONES_LANG_LASALLE

related topics

{loan, real, estate}

{operation, international, foreign}

{regulation, change, law}

{investment, property, distribution}

{operation, natural, condition}

{tax, income, asset}

{acquisition, growth, future}

{debt, indebtedness, cash}

{control, financial, internal}

{financial, litigation, operation}

{property, intellectual, protect}

{stock, price, operating}

General economic conditions and real estate market conditions can have a negative impact on our business. Decline in Acquisition and Disposition Activity Decline in Acquisition and Disposition Activity Decline in Real Estate Investment Activity Decline in Real Estate Investment Activity Decline in the Value and Performance of Real Estate and Rental Rates Decline in the Value and Performance of Real Estate and Rental Rates Concentrations of business with corporate clients increase credit risk and the impact from the loss of certain clients. The international scope of our operations, and our operations in particular regions and countries, involve a number of risks for our business. Difficulties and Costs of Staffing and Managing International Operations; Noncompliance with Policies; Communications and Enforcement of Our Policies and Our Code of Business Ethics; Conflicts of Interest Currency Restrictions and Exchange Rate Fluctuations Currency Restrictions and Exchange Rate Fluctuations Potentially Adverse Tax Consequences; Changes in Tax Legislation and Tax Rates Potentially Adverse Tax Consequences; Changes in Tax Legislation and Tax Rates Burden of Complying with Multiple and Potentially Conflicting Laws and Regulations and Dealing with Changes in Legal and Regulatory Requirements; Licensing; Regulatory and Contractual Liabilities Greater Difficulty in Collecting Accounts Receivable in Certain Countries and Regions Greater Difficulty in Collecting Accounts Receivable in Certain Countries and Regions Political and Economic Instability; Terrorist Activities; Health Epidemics Political and Economic Instability; Terrorist Activities; Health Epidemics Real estate services markets are highly competitive. The seasonality of our business exposes us to risks and to volatility in our stock price. Volatility in LaSalle Investment Management incentive fee revenues. We may face liability with respect to environmental issues occurring at properties that we manage or in which we invest. Co-investment and merchant banking activities subject us to real estate investment risks and potential liabilities. We may have indebtedness with fixed or variable interest rates and certain covenants with which we must comply. The charter and the amended bylaws of Jones Lang LaSalle and the Maryland general corporate law could delay, defer or prevent a change of control. Claims and Investigations; Performance Under Client Contracts; Litigation Management. Risks Inherent in Making Acquisitions. Ability to Protect Intellectual Property; Infringement of Third-Party Intellectual Property Rights. Ability to Continue to Maintain Satisfactory Internal Controls and Procedures.

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1037976--3/3/2006--JONES_LANG_LASALLE_INC