TGS Properties Inc.

Release Date: March 11, 2003
TGS Properties Inc. Receives Interim Order from Court
08:22 EST Tuesday, March 11, 2003

CALGARY, ALBERTA–TGS Properties Inc. (TSX:TSL) announced today that it has received an interim order from the Court of Queen’s Bench to proceed with a Special Meeting of its Securityholders at which Securityholders will be asked to consider and, if thought appropriate, approve the Arrangement which will result in the privatization of TGSPI.

The meeting will be held in the Viking Room of the Calgary Petroleum Club, 319 – 5th Avenue S.W., Calgary, Alberta on Monday, the 7th day of April, 2003, commencing at 10:00 a.m. (Calgary time).

The Notice of Special Meeting of Securityholders, Notice of Petition to the Court of Queen’s Bench of Alberta and Information Circular and Proxy Statement with respect to the proposed Plan of Arrangement were mailed to Securityholders today (March 10, 2003). This information can be viewed on www.sedar.com and www.tgsproperties.com.

Corporate Profile

TGS is a Calgary based commercial real estate and land development company with assets located primarily throughout Western Canada. The company specializes in the acquisition, development and management of office buildings, community malls and industrial warehouse/storage facilities. TGS holds one of the most strategic and valuable land developments in North America, the Three Sisters Mountain Village development located in the Banff/Canmore area of Alberta. For more information about the company, visit the TGS website at www.tgsproperties.com.

Note: This press release contains “forward-looking” statements that involve a number of risks, uncertainties, and other factors. Reliance should not be placed on forward-looking statements because such risks, uncertainties and other factors may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievements, whether implied or expressed in such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated are market, economic and local real estate conditions, and risk factors outlined by the Company in its period reports. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether a result of new information, future events or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT: TGS Properties Inc., Jenelle Wohlberg, Communications Coordinator, (403) 264-9944, Email: jwohlberg@tgsproperties.com, or, TGS Properties Inc., Neil Kuntz, Executive Vice President and CFO, (403) 264-9944, Email: nkuntz@tgsproperties.com, Website: www.tgsproperties.com, The Toronto Stock Exchange has not reviewed and does not, accept responsibility for the adequacy and accuracy of this, release.