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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/03/1997
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                     FOR NON-U.S. HOLDERS OF COMMON STOCK
  The following is a general discussion of certain United States federal
income and estate tax consequences of the ownership and disposition of Common
Stock applicable to "Non-United States Holders." Subject to the discussion
below under "Estate Tax," a "Non-United States Holder" is any beneficial owner
of Common Stock that, for United States federal income tax purposes is a non-
resident alien individual, a foreign corporation, a foreign partnership or a
foreign estate or trust as such terms are defined in the Internal Revenue Code
of 1986, as amended (the "Code"). This discussion is based on the Code,
existing, proposed and temporary regulations promulgated thereunder, and
administrative and judicial interpretations as of the date thereof, all of
which are subject to change either retroactively or prospectively. This
discussion does not address all aspects of United States federal income and
estate taxation that may be relevant to Non-United States Holders in light of
their particular circumstances and does not address any tax consequences
arising under the laws of any state, local or foreign taxing jurisdiction or
the application of a particular tax treaty. Prospective investors are urged to
consult their tax advisors regarding the United States federal, state and
local income and other tax consequences, and the non-United States tax
consequences, of owning and disposing of Common Stock.
  Proposed United States Treasury Regulations were issued on April 15, 1996
(the "Proposed Regulations") which, if adopted, could effect the United States
taxation of dividends on Common Stock paid to a Non-United States Holder. The
Proposed Regulations are generally proposed to be effective with respect to
dividends paid after December 31, 1997, subject to certain transition rules.
It cannot be predicted at this time whether the Proposed Regulations will be
adopted as proposed or what modifications, if any, may be made to them. The
discussion below is not intended to include a complete discussion of the
provisions of the Proposed Regulations, and prospective investors are urged to
consult their tax advisors with respect to the effect the Proposed Regulations
may have if adopted.
  Subject to the discussion below, any dividend paid to a Non-United States
Holder generally will be subject to United States withholding tax either at a
rate of 30% of the gross amount of the dividend or such lower rate as may be
specified by an applicable tax treaty. For purposes of determining whether tax
is to be withheld at a 30% rate or at a reduced rate as specified by an
applicable tax treaty, under current United States Treasury Regulations the
Company ordinarily will presume that dividends paid to a holder with an
address in a foreign country are paid to a resident of such country absent
knowledge that such presumption is not warranted. Under such Regulations,
dividends paid to a holder with an address within the United States generally
will be presumed to be paid to a holder who is not a Non-United States Holder
and will not be subject to the 30% withholding tax, unless the Company has
actual knowledge that the holder is a Non-United States Holder.
  The Proposed Regulations would provide for certain presumptions (which
differ from those described above) upon which the Company may generally rely
to determine whether, in the absence of certain documentation, a holder should
be treated as a Non-United States Holder for purposes of the 30% withholding
tax described above. The presumptions would not apply for purposes of granting
a reduced rate of withholding under a treaty. Under the Proposed Regulations,
to obtain a reduced rate of withholding under a treaty a Non-United States
Holder would generally be required to provide an Internal Revenue Service Form
W-8 certifying such Non-United States Holder's entitlement to benefits under a
treaty. The Proposed Regulations also would provide special rules to determine
whether, for purposes of determining the applicability of a tax treaty and for
purposes of the 30% withholding tax described above, dividends paid to a Non-
United States Holder that is an entity should be treated as paid to the entity
or those holding an interest in that entity.
  Dividends received by a Non-United States Holder that are effectively
connected with a United States trade or business conducted by such Non-United
States Holder are exempt from withholding tax. However, such effectively
connected dividends are subject to regular United States income tax in the
same manner as if the

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