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S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
<PAGE>
 
                  PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
 
  The following unaudited pro forma consolidated financial statements are
derived from the Predecessor Partnerships' Combined Financial Statements. The
unaudited pro forma consolidated statements of earnings give effect to the
merger of Galbreath with the Company and the Incorporation Transactions, as if
they had occurred on January 1, 1996. The unaudited pro forma consolidated
statements of earnings, as adjusted, give further effect to the Offering and
the receipt and application of the net proceeds therefrom. The unaudited pro
forma consolidated balance sheet gives effect to the merger of Galbreath with
the Company and the Incorporation Transactions, as if they had occurred on
March 31, 1997. The unaudited pro forma consolidated balance sheet, as
adjusted, gives further effect to the Offering and the receipt and application
of the net proceeds therefrom. See "Incorporation Transactions," "Use of
Proceeds," "Capitalization," and "Management's Discussion and Analysis of
Financial Condition and Results of Operations." The unaudited pro forma
consolidated financial statements should be read in conjunction with the
Predecessor Partnerships' Combined Financial Statements and the notes thereto,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations," and other financial information, all included elsewhere herein.
 
  The pro forma adjustments are based upon available information and certain
assumptions that management of the Company believes are reasonable under the
circumstances. The pro forma consolidated financial statements are not
necessarily indicative of what the actual financial position and results of
operations would have been as of March 31, 1997 and for the year ended
December 31, 1996 and the three months ended March 31, 1997 had the Company
completed the merger of Galbreath with the Company and consummated the
Incorporation Transactions and the Offering (and the receipt and application
of the net proceeds therefrom) as of the dates indicated nor does it purport
to represent the future financial position or results of operations of the
Company.
 
            UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS
 

<TABLE>
<CAPTION>
                                                            THREE MONTHS ENDED MARCH 31, 1997
                   ------------------------------------------------------------------------------------------------
                                             GALBREATH MERGER                                                      
                      HISTORICAL    -----------------------------------                                            
                       COMBINED                  DISPOSITION OF                                        PRO FORMA   
                     PREDECESSOR     HISTORICAL  BUSINESS UNITS   PRO     ACQUISITION   INCORPORATION   COMPANY/   
                   PARTNERSHIPS (1) COMBINED (1) ADJUSTMENTS (2) FORMA  ADJUSTMENTS (3)  ADJUSTMENTS   GALBREATH   
                   ---------------- ------------ --------------- ------ --------------- -------------  ----------  
                                                            (IN THOUSANDS, EXCEPT SHARE DATA)                      
<S>                <C>              <C>          <C>             <C>    <C>             <C>            <C>         
Revenue:                                                                                                           
 Fee-based                                                                                                         
  services.......      $34,244        $12,648        $(6,022)    $6,626      $ --          $   --      $   40,870  
 Equity in                                                                                                         
  earnings from                                                                                                    
  unconsolidated                                                                                                   
  ventures.......        1,394             73            --          73        --              --           1,467  
 Construction                                                                                                      
  operations,                                                                                                      
  net............          205            --             --         --         --              --             205  
 Other income....          176            783           (117)       666        --              --             842  
                       -------        -------        -------     ------      -----         -------     ----------  
 Total revenue...       36,019         13,504         (6,139)     7,365        --              --          43,384  
Operating                                                                                                          
 expenses:                                                                                                         
 Compensation and                                                                                                  
  benefits.......       27,217          9,814         (5,246)     4,568        --              --          31,785  
 Other operating                                                                                                   
  and                                                                                                              
  administrative.       10,300          2,884         (1,174)     1,710        --              --          12,010  
 Depreciation and                                                                                                  
  amortization...        1,774            179            --         179        333             --           2,286  
                       -------        -------        -------     ------      -----         -------     ----------  
 Total operating                                                                                                   
  expenses.......       39,291         12,877         (6,420)     6,457        333             --          46,081  
                       -------        -------        -------     ------      -----         -------     ----------  
 Operating income                                                                                                  
  (loss).........       (3,272)           627            281        908       (333)            --          (2,697) 
Interest expense.        1,695             72            (72)       --         --              --           1,695  
                       -------        -------        -------     ------      -----         -------     ----------  
 Earnings (loss)                                                                                                   
  before                                                                                                           
  provision for                                                                                                    
  income taxes...       (4,967)           555            353        908       (333)            --          (4,392) 
Net provision                                                                                                      
 (benefit) for                                                                                                     
 income taxes....         (248)            33            --          33        --           (1,476)(6)     (1,691) 
                       -------        -------        -------     ------      -----         -------     ----------  
 Net earnings                                                                                                      
  (loss).........      $(4,719)       $   522        $   353     $  875      $(333)        $ 1,476     $   (2,701) 
                       =======        =======        =======     ======      =====         =======     ==========  
Primary and fully                                                                                                  
 diluted earnings                                                                                                  
 (loss) per                                                                                                        
 share...........                                                                                      $    (0.22) 
                                                                                                       ==========  
Supplemental                                                                                                       
 primary and                                                                                                       
 fully diluted                                                                                                     
 earnings (loss)                                                                                                   
 per share.......                                                                                                  
                                                                                                                   
Shares used in                                                                                                     
 computation of                                                                                                    
 primary and                                                                                                       
 fully diluted                                                                                                     
 earnings per                                                                                                      
 share...........                                                                                      12,200,000 (8)
                                                                                                       ==========  
</TABLE>




<TABLE>
<CAPTION>
                   
                   
                                 PRO FORMA
                    OFFERING         AS
                   ADJUSTMENTS    ADJUSTED
                   -----------   ----------
                   
<S>                <C>           <C>
Revenue:           
 Fee-based         
  services.......    $  --       $   40,870
 Equity in         
  earnings from    
  unconsolidated   
  ventures.......       --            1,467
 Construction      
  operations,      
  net............       --              205
 Other income....       --              842
                     ------      ----------
 Total revenue...       --           43,384
Operating          
 expenses:         
 Compensation and  
  benefits.......       --           31,785
 Other operating   
  and              
  administrative.       188 (4)      12,198
 Depreciation and  
  amortization...       --            2,286
                     ------      ----------
 Total operating   
  expenses.......       188          46,269
                     ------      ----------
 Operating income  
  (loss).........      (188)         (2,885)
Interest expense.    (1,430)(5)         265
                     ------      ----------
 Earnings (loss)   
  before           
  provision for    
  income taxes...     1,243          (3,150)
Net provision      
 (benefit) for     
 income taxes....       478 (6)      (1,213)
                     ------      ----------
 Net earnings      
  (loss).........    $  764      $   (1,937)
                     ======      ==========
Primary and fully  
 diluted earnings  
 (loss) per        
 share...........  
                   
Supplemental       
 primary and       
 fully diluted     
 earnings (loss)   
 per share.......                $    (0.12)(7)
                                 ==========
Shares used in     
 computation of    
 primary and       
 fully diluted     
 earnings per      
 share...........                15,869,337 (7)
                                 ==========
</TABLE>

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(Footnotes on following page)
 
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