TGS North American Real Estate Investment Trust

Release Date: July 2, 2003
TGS North American Real Estate Investment Trust Announces Addition to the Board of Trustees

11:42 EDT Friday, May 16, 2003

CALGARY, May 16 /CNW/ – TGS North American Real Estate Investment Trust (NAR.UN:TSX and NAR.U:TSX) (“TGS REIT”), announced today that it has appointed Mr. George W. Watson as a member of the Board of Trustees of TGS REIT.

Mr. Watson is the former President and Chief Executive Officer (CEO) of TransCanada Pipelines Ltd. Prior to his role as CEO of TransCanada, Mr. Watson also served as Chief Financial Officer (CFO) for several years. He has more than 20 years of experience in the oil patch, including positions at Dome Petroleum and as CEO of Intensity Resources Ltd. Mr. Watson sits on the Boards of Queen’s University, Chairman – Canadian 88 Energy Corp., Calgary Olympic Development Association (CODA), Badger Daylighting Inc., Ranchgate Energy Inc. and Chairman of Spirit Energy Inc. Former directorships include the Conference Board of Canada, the Interstate Natural Gas Association of America, the Canadian Energy Pipelines Association, Equitorial Energy Inc., TransCanada Pipelines and subsidiaries, as well as the Toronto Dominion Bank plus many other small entities.

Mr. Watson holds a Bachelor of Science (Engineering) degree and MBA from Queens University as well as an A.M.P. from Harvard.

Mr. Blair E. Richardson, non-Executive Chairman of TGS REIT, stated that “The Board of Trustees is extremely happy to have Mr. Watson as our new Trustee because he is a seasoned business executive, very experienced in corporate governance and the administration of public companies and income trusts, and is highly regarded by the Canadian business community”.

TGS NA REIT is an unincorporated, open-end real estate investment trust governed by the laws of the Province of Alberta. TGS NA REIT provides an opportunity to invest, through a tax efficient Canadian real estate investment trust structure, in a diversified portfolio of commercial income producing properties located in high growth markets of western North America. TGS NA REIT currently owns retail and office properties in Alberta, Colorado and Texas, having approximately 2.4 million sq. ft. of rentable area and over 350 tenants.

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For further information: Arthur G. Lloyd, President and Chief Operating Officer, (403) 264-4310, ext. 247, alloyd@tgsreit.com, lwiggins@tgsreit.com; Lloyd A. Wiggins, Executive Vice President and Chief Financial Officer, (403) 264-4310, ext. 226, Investor Relations, Tel: (403) 264-4310, investorrelations@tgsreit.com

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