In December 2004, Tishman Speyer became the first American real estate company to launch a publicly listed fund of US office properties on the Australian Stock Exchange ("ASX"), marking an important development for Australian investors and Tishman Speyer alike.  For investors, Tishman Speyer Office Fund (TSO) represents not only the first time they were afforded an opportunity to invest in a listed fund with offshore exposure limited to high quality, primarily Class A office buildings, but also to benefit from Tishman Speyer's active management. For Tishman Speyer, TSO represents its first entry as a company into the vibrant Australian market and its only listed vehicle.  Most importantly, it reflects the company's ability to see an opportunity first and transform that opportunity into tangible results for its investors.