TGS North American REIT

March 20, 2003

Release Date: March 20, 2003
TGS North American Real Estate Investment Trust Declares March Distribution
15:12 EST Thursday, March 20, 2003

CALGARY, March 20 /CNW/ – TGS North American Real Estate Investment Trust (NAR.UN:TSX and NAR.U:TSX) (“TGS NA REIT”), announced today that a distribution of U.S. 6.325 cents per unit has been declared, payable on April 17, 2003 to the Unitholders of record as at March 31, 2003. Distributions continue in accordance with the original projections contained in TGS NA REIT’s November 25, 2002 prospectus for its Initial Public Offering.

Unitholders entitled to receive the distribution in Canadian dollars will be paid in Canadian dollars based on the noon rate of exchange quoted by the Bank of Canada on April 15, 2003 in the case of registered Unitholders and on the exchange rate obtained on that day by their nominee (i.e. stock broker, bank or trustee) in the case of beneficial Unitholders. A unitholder may elect to change the currency in which it receives its distributions by providing TGS NA REIT with at least 30 days notice prior to the Distribution Record Date. Unitholders who wish to minimize currency related fluctuations in monthly distributions are encouraged to consider the election of U.S. currency for their monthly distributions.

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.

%SEDAR: 00018596E

For further information: Arthur G. Lloyd, President and Chief Operating Officer, (403) 264-4310, ext. 247,; Lloyd A. Wiggins, Executive Vice President and Chief Financial Officer, (403) 264-4310, ext. 226,