ARMSTRONG JONES OFFICE GROUP - A.AJO- Profile

Armstrong Jones Office Group (formerly Armstrong Jones Office Fund (AJO)) maintains a property portfolio throughout the major cities of Australia. AJO owns the Exchange Centre (Sydney), Woodside Headquarters (Perth), MLC Complex, Brisbane and The Mercantile Mutual Centre in Sydney. Talavera, North Ryde, NSW is under contract of sale as at end of fiscal 1999. The Exchange Centre provided 69% of rental income for fiscal 1999; The MLC Complex, 14%; Woodside, 10% and The Mercantile Mutual Centre, 7%. The major tenants are Macquarie Bank, the Australian Stock Exchange and Woodside Energy. The Trust operates solely in Australia.