TGS Properties Ltd.

November 29, 2002

Release Date: November 29, 2002
TGS Properties Ltd. Reports Strong Q3 Results
09:23 EST Friday, November 29, 2002

CALGARY, ALBERTA–TGS Properties Ltd. (“TGP”- TSX) today announced its consolidated financial results for the third quarter ended September 30, 2002.

TGS Q3 Operational Highlights

Land sales of $4.1 million at Three Sisters Creek Subdivision

Land sales of $3.1 million in The Cairns on the Bow

Golf course revenue of $2.6 million

Management has received court approval to create the TGS North American Real Estate Investment Trust (REIT) which would see the sale of five of its properties from TGS Properties to the REIT

REIT Creation Strategy

Earlier this year, TGS announced its intention to pursue the creation of a North American REIT. The Board of Directors, through its Special Committee, directed management to work with a team of advisors to construct a strategy that had the potential to eliminate the market value discount relative to net asset value (NAV) per share.

During the third quarter work continued on investigation and then formation of a new entity, the TGS North American REIT. The reasons for this decision and the process were described at length in the Information Circular dated October 2, 2002. The objective is to enhance shareholder value. The initiative to create the REIT was overwhelmingly approved by TGS Securityholders on October 30, 2002 and received court approval on November 25, 2002. The REIT has filed its final prospectus in connection with its initial public offering of 14,180,000 Units at $10 per Unit and this offering is scheduled to close on or about December 6, 2002. Shortly thereafter, TGS shareholders will receive units of the REIT in return for the properties vended in to the REIT by TGS.

Operations

TGS reported solid operating and financial results during the third quarter ended September 30, 2002 and year to date net earnings are up 45.8% over the same period in 2001.

Rental revenue of $19.7 million increased 15.2% over the $17.1 million reported for the same period of 2001.

Lot sales at Three Sisters Creek Subdivision (TSCS) contributed $11.3 million to total revenues for TGS with an additional $3.1 million in revenue derived from The Cairns on the Bow, a new estate lot development in Three Sisters Mountain Village. With the completion of a successful golf season, Stewart Creek posted revenues to date of $3.6 million.

With respect to future approvals, in the second quarter of this year, Three Sisters entered into a statutory Area Structure Plan for Site 1 and Site 3 of Three Sisters Mountain Village. The Three Sisters management team is currently devoting significant efforts to this process.

Outlook

“We are very pleased with the performance of TGS during the third quarter of 2002. With total revenue of $7.2 million from lot sales including Three Sisters Creek Subdivision and our new development The Cairns on the Bow, this has been a strong quarter for Three Sisters Mountain Village,” commented Blair E. Richardson, CEO of TGS. “Further, the completion of the TGS North American REIT which is scheduled to close in the fourth quarter of 2002 is poised to enhance value for investors in TGS.”

Conference Call and Webcast

You are invited to participate in a conference call and webcast that will be held to discuss the company’s third quarter results on Monday December 2, 2002 at 11:30 a.m. EST (9:30 a.m. MST/CST). To participate in the conference call, kindly RSVP to Jenelle Wohlberg, Communications Coordinator, at 403 264 9944 or email infotgsproperties.com.

Conference call dial-in: Please dial one of the following numbers approximately five minutes prior to commencement: (416) 695-9703 within Toronto and 1-877-323-2090 outside Toronto.

Webcast: To access the live webcast of the call, please visit the TGS web site www.tgsproperties.com at least 15 minutes prior to the start of the call.

Replay: Should you be unable to participate in the conference call, an audio recording will be available approximately two hours after the call for one week. It may be accessed by dialing (416) 695-9728 within Toronto or 1-888-509-0081 outside Toronto.

Corporate Profile

TGS is a Calgary based commercial real estate and land development company with assets located primarily throughout Western Canada and in the Western United States. 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.

TO OUR SHAREHOLDERS

We are pleased to share with you the financial results from our third quarter in 2002. With an increase in funds from operations and net earnings over the comparable period in 2001, this has been a strong quarter for your company.

During the third quarter work continued diligently to investigate the formation of a new entity, the TGS North American Real Estate Investment Trust (“REIT”). The reasons for this decision and the process were described at length in the Information Circular dated October 2, 2002. At the end of the day, the objective is to enhance shareholder value. We are pleased to report that the initiative to create the REIT was overwhelmingly approved by TGS Securityholders on October 30, 2002 and received court approval on November 25, 2002. The REIT has filed its final prospectus in connection with its initial public offering of 14,180,000 Units at $10 per Unit and this offering is scheduled to close on or about December 6, 2002. Shortly thereafter, TGS shareholders will receive units of the REIT in return for the properties vended in to the REIT by TGS.

Progress continues on the Three Sisters development project in Canmore, Alberta. During Q3 management focused on preliminary stages of the Area Structure Planning process for Sites One and Three of the Three Sisters Mountain Village Master Plan. This is an important process with respect to the land’s community vision as well as the company’s environmental stewardship.

In addition, nineteen new estate residential lots which we have named “The Cairns on the Bow” were successfully brought to market. Sales of four of these lots combined with sales from the Three Sisters Creek subdivision generated $7.2 million of land sales revenue in the quarter.

Three Sisters Mountain Village had its official show home grand opening on September 14, 2002 with six display homes in the model village.

Stewart Creek Golf Course experienced another strong golf season with a contribution to Q3 revenue of $2.6 million.

Management focus during Q4 will be on the successful conclusion of the REIT; and, on continuing solid customer relationships with our tenants and land development customers. It is our belief that in doing so, we will add to the intrinsic value of TGS and your investment in it.

Donald W. Black, Chairman of the Board

Blair E. Richardson, Chief Executive Officer

MANAGEMENT’S DISCUSSION & ANALYSIS

The following discussion and analysis should be read in conjunction with the unaudited interim consolidated financial statements for the nine months ended September 30, 2002 and the Corporate Overview and Management’s Discussion and Analysis included in the Company’s December 31, 2001 Annual Report with the audited consolidated financial statements and notes thereto.

RESULTS OF OPERATIONS

Revenue for the first nine months of 2002 was $40.1 million, a 2% increase over the first nine months of 2001. Funds from operations (“FFO”) were $6.8 million representing an increase of $0.7 million over the comparable period of 2001. On a per share basis, basic earnings per share were $0.089 for the nine months ended September 30, 2002 compared to $0.061 for the nine months ended September 30, 2001. Basic FFO per share was $0.180 compared to $0.167 in the comparable period of 2001.

Rental Revenue

The commercial property portfolio continued to provide a stable revenue base for the Company. During the first nine months of 2002 rental revenue was $19.7 million, which represents a 15% increase over the first nine months of 2001. This net $2.6 million increase is due to the following:

Six months of 108th Street Building (acquired June 30, 2001);

Eight months of Sterling Place which was acquired January 31, 2002; and

Dispositions of four properties – two properties in the second half of 2001, one property in March 2002 and one property in April 2002.

In addition to the above, the existing portfolio vacancies continued to be leased-up with leases being rolled over at market rates. Following is a summary of the net increase in rental revenue:

Golf Course Revenue

Revenue from the Stewart Creek Golf Course has declined by $0.1 million for the nine months ended September 30, 2002 as compared to 2001. This is a result of the late opening for the course due to unseasonable weather in the spring.

Land Sales

All land sales are generated from the Company’s subsidiary, Destination Resorts Inc. (“DRI”). There are three developments generating land sales revenue; Quail Ridge subdivision in Kelowna, British Columbia, Three Sisters Creek subdivision and Cairns on the Bow in Canmore, Alberta. Sales for the first nine months of 2002 were $14.7 million, a decrease of $1.3 million over the comparable period of 2001. This net reduction is due primarily to the $2.1 million of remaining inventory at the Peaks of Grassi subdivision and the $840,000 bulk lot sale at Quail Ridge which occurred during the first half of 2001. The $14.7 million of land sales booked in the first nine months of 2002 were comprised as follows:

Showhomes in Three Sisters Creek subdivision have opened to the public in the third quarter of 2002 and housing pre-sales are taking place. Occupancies in this subdivision will occur in the fourth quarter of 2002.

During the first quarter of 2002, the Company booked a provision for diminution in property value of $1.4 million relating to the remaining land held for future development in Kelowna. Land held for future development in Kelowna is the only remaining asset at the site, and it is the Company’s strategy to exit this market as expeditiously as possible.

Interval ownership sales

Interval ownership units in the Borgata Lodge, in Kelowna were sold out during the second quarter of 2002.

Interest

Interest expense increased $35,000 during the nine month period ended September 30, 2002 over the comparable nine month period ended September 30, 2001.

Debt on properties and debenture financing increased by a net $4.9 million from December 31, 2001 primarily due to the $4.4 million of debt (TGS’s 1/3 interest) placed in the third quarter on the Preston Crossing property under development. Other changes during the nine months included the acquisition of Sterling Place, the sales of First Canadian Place and Coronation Centre and the repayment of the DRI debentures – see “Liquidity and Capital Resources”. The consolidated weighted average interest rate was 7.53% at September 30, 2002, a reduction of 18 basis points from December 31, 2001. Following is a summary of this rate:

Other Expenses

Operating costs and property taxes in relation to rental revenue were 44% in the first nine months of 2002 as compared to 49% in the comparable period of 2001. This effective increase in the margin is primarily due to lower costs and a resultant higher margin at Silverthorne Mall. Administrative costs increased $0.2 million in the nine months of 2002 as compared to the comparable period of 2001, mainly as a result of additional staff and costs associated with Three Sisters Creek subdivision, the privatization of the Stewart Creek Golf Course and costs related to the potential creation of a Real Estate Investment Trust.

FINANCIAL POSITION

CORPORATE DEVELOPMENTS

As previously announced, the T.G.S. Properties Ltd. (“TGS”) Board of Directors agreed to promote the formation of a real estate investment trust (“REIT”), subject to certain approvals, fairness opinions and the completion of an initial public offering. The transaction would be accomplished by way of a reorganization of the business and affairs and share capital of TGS, including a Plan of Arrangement which received overwhelming TGS securityholder approval at a meeting held on October 30, 2002. As part of the reorganization, TGS would transfer certain commercial real estate properties to the REIT in exchange for a distribution to the shareholders of Units in the REIT. Effective November 25, 2002, TGS received court approval to reorganize its commercial real estate business into a REIT named TGS North American Real Estate Investment Trust. The REIT has filed its final prospectus in connection with its initial public offering of 14,180,000 Units at $10 per Unit and this offering is scheduled to close on or about December 6, 2002. Under the Plan of Arrangement, shareholders of TGS will receive one common share of TGS Properties Inc. (“TGSPI”), a new public company that was formed to continue the remaining business of TGS and 0.0911 Units of the REIT in exchange for each of their existing common shares in TGS.

Revenue Producing Properties

Revenue producing properties have decreased $85.3 million since December 31, 2001 mainly due to transferring $85.8 million of properties to Properties for sale as part of the pending sale of five properties to the REIT scheduled for the fourth quarter of 2002. The total change is summarized below:

Properties For Sale

Properties for sale have increased by $85.8 million since December 31, 2001 as a result of five properties being transferred from Revenue producing properties to this category pending sale to the REIT. The properties to be sold to the REIT are Sterling Place, Mission Hill Plaza, Silverthorne Factory Stores, TGS Place and 108th Street. Debt associated with these properties in the amount of $63.6 million and the 40% non-controlling interest in Silverthorne of $4.2 million will also be transferred and assumed by the REIT. The anticipated sales price for these properties is $103.6 million which is expected to result in a gain on disposition to TGS, after non-controlling interest and net of costs of selling, of approximately $8.0 million.

Properties Under Development

Properties under development have increased $5.7 million since December 31, 2001 as construction is now 85% complete
on the Preston Crossing 272,483 square foot shopping centre in Saskatoon, Saskatchewan. TGS owns a one third interest in this project.

Land Under Development

Land under development decreased by $3.0 million in the first nine months of 2002. Cost of sales during the quarter were $5.0 million while new development costs incurred were $3.7 million, primarily at Three Sisters Creek subdivision.

Accounts Receivable

Accounts receivable have increased by $4.8 million in the first nine months of 2002. This is primarily due to accounts receivable recorded on new land sales in Canmore in 2002. This is summarized below:

Debt on Properties in the amount of $63.6 million is expected to be
assumed by the REIT effective December 6, 2002, which will result in
remaining Debt on Properties in the amount of $45.2 million.

Pursuant to the Reorganization, the common share capital of TGS Properties Ltd. will be re-organized into TGS Properties Inc. (“TGSPI”) Class A and Class B Common shares. Following the re-organization of Common share capital, TGSPI will distribute the REIT Units and/or cash received from the REIT to common shareholders of TGSPI. Mr. Blair Richardson will receive cash of $4.0 million in exchange for that applicable portion of his TGSPI Common shares. After receiving approximately $0.911 worth of REIT Units and/or cash per common share, TGSPI common shareholders will continue to hold 1 common share for every 1 common share of TGS Properties Ltd. The existing 4,900,000 Preferred Shares, Series II each of which is presently convertible into 1/2 of a common share of TGS, will now be exchanged for common shares of TGSPI on the basis of 0.95 common shares of TGSPI for each Preferred Share, Series II or 4,655,000 common shares of TGSPI.

Since December 31, 2001 the Company has increased its debt on properties by a net $9.2 million summarized as follows:

During the second quarter of 2002, the company’s subsidiary, DRI repaid its 8.0% subordinated convertible redeemable debentures. As part of this transaction, the company submitted its $6,164,000 of DRI debentures and received cash proceeds of $834,000 and applied the remaining proceeds of $5,330,000 to exercise its option to acquire 4,634,783 common shares of DRI at $1.15 per share. This increases the company’s ownership in DRI to 55.3% effective June 30, 2002.

Common share equity decreased $1.4 million during the first nine months of 2002 as a result of 208,333 stock options being exercised at $0.30 per share and 1,347,100 shares being purchased at an average price of $2.02 pursuant to the normal course issuer bid.

FORWARD LOOKING STATEMENTS

Certain statements contained in this report constitute forward looking statements. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, levels of activity and achievements to differ materially from future results expressed or implied by such forward looking statements. As a result of these uncertainties, no assurance can be given as to the future results, levels of activity or achievements.

TGS announced that its Board of Directors had agreed to promote the formation of a real estate investment trust named TGS North American Real Estate Investment Trust (the “REIT”), which would then acquire a substantial portion of TGS Properties’ commercial properties. The transaction will be accomplished by way of a reorganization of the business and affairs and share capital of TGS, including a Plan of Arrangement (the “Reorganization”) which was approved at a securityholders meeting on October 30, 2002.

Pursuant to the reorganization, a substantial portion of the commercial real estate business of TGS (with the exception of the Three Sisters Mountain Village assets and certain other ancillary assets) will be transferred to the REIT. TGS Properties Inc. (“TGSPI”), a new public company, has been formed to continue the remaining business of TGS and will continue primarily as a commercial real estate and land development company and TGS Properties will become a wholly-owned subsidiary of TGSPI. Under the terms of the Plan of Arrangement, which received court approval on November 25, 2002, TGS shareholders will receive one common share of TGSPI and 0.0911 Units of the REIT, in exchange for each of their existing common shares in TGS. The existing stock options in TGS will be exchanged for new options in TGSPI, but with an exercise price reduction of $0.91. The outstanding convertible debentures in TGS will be exchanged for equivalent debentures in TGSPI with a conversion price of $1.589 per common share of TGS or 629.33 common shares of TGSPI for each $1,000 principal amount of convertible debentures. The existing 4,900,000 Preferred Shares, Series II in TGS, each of which is presently convertible into 1/2 of a common share of TGS, will now be exchanged solely for common shares of TGSPI on the basis of 0.95 common shares of TGSPI for each Preferred Share, Series II or 4,655,000 common shares of TGSPI in aggregate, in accordance with an amendment to the Plan of Arrangement. As a result of this amendment to the Plan of Arrangement, Blair Richardson and a family trust of which members of Mr. Richardson’s family are beneficiaries will together beneficially hold 50.4% of the outstanding shares of TGSPI on completion of the Reorganization.

The Plan of Arrangement, as amended, was conditional upon the Independent Committee of the Board of Directors of TGS receiving a final fairness opinion to the effect that the Reorganization, after giving effect to the terms of the initial public offering of the REIT, remains fair from a financial point of view to the minority shareholder of TGS. The Independent Committee received the final fairness opinion on November 25, 2002 concurrently with the filing of the final prospectus for the initial public offering of the REIT. This offering, which is scheduled to close on or about December 6, 2002, consists of 14,180,000 Units at $10 per Unit.

Based on the recommendations of the Independent Committee, the Board of Directors of TGS has concluded that the Reorganization is in the best interests of TGS and fair to TGS securityholders.

As part of this transaction, TGS will sell certain of its commercial real estate properties to the REIT. TGS would record a book gain on disposal of these properties of approximately $8.0 million and would reduce its Properties for sale by $85.8 million, its other assets by $2.2 million, its Debt on properties by $63.6 million and its Non-controlling interest by $4.2 million. There will be no cash received on this transaction as the shareholders of TGS will receive a distribution in the form of REIT units. TGS would enter into certain agreements with the REIT on this sale including a TGS head lease for 13,277 sq. ft. in one of the buildings and a TGS income indemnity and capital improvements indemnity on another building. TGS would also enter into a development agreement with the REIT, whereby TGS would purchase and develop properties with the REIT having first right of refusal to purchase these properties from TGS.

To September 30, 2002, TGS has paid $1.1 million of costs associated with this transaction; of the $1.1 million paid to date, $0.4 million has been deferred and recorded in other assets (to be expensed against the sale of the buildings once the transaction closes) and the remaining $0.7 million has been recorded as a receivable from the REIT. Total TGS costs for this transaction are estimated to be $1.5 million, and will be accounted for in the 4th quarter of 2002.

3. CHANGE IN ACCOUNTING POLICIES

Foreign currency translation

Effective January 1, 2002, the Corporation and its subsidiaries adopted the amendments to Section 1650 of the CICA Handbook. The amendments deal with the elimination of the deferral and amortization method for unrealized translation gains and losses on monetary assets and liabilities and the requirement to disclose the exchange gains or losses in net income. The corporation has applied this policy retroactively with restatement by recording a decrease of $70,000 to retained earnings as at January 1, 2001 and an additional foreign exchange loss of $118,000 was recognized for the nine months ended September 30, 2001. The January 1, 2002 retained earnings were decreased by $177,000.

Stock based compensation

Effective January 1, 2002, the Corporation and its subsidiaries adopted section 3870 of the CICA Handbook with respect to the accounting and disclosure of stock-based compensation, which recommends that awards to employees be valued using a fair-value method of accounting. Under CICA 3870, companies that elect a method other than the fair-value method of accounting are required to disclose pro forma net income and earnings per share information, using a pricing model such as the Black-Scholes model, as if the fair-value method of accounting had been used. These new rules do not apply to pre-existing awards except for those awards that call for settlement in cash or other assets. The Corporation and its subsidiaries have elected to measure compensation expense as the difference, if any, between the quoted market value or fair value of the common shares at the date of grant and the exercise price at the date of grant. If the exercise price of options granted by the Corporation and its subsidiaries is not less than the market value at the date of grant, no compensation expense is recognized.

Non-GAAP Measures Reporting

Funds from operations is calculated as the equivalent of earnings before non-controlling interest, investment gain, amortization, future income taxes, provision for diminution in value of land held for development and gain on sale of revenue producing properties. This amount is determined in accordance with CIPPREC guidelines and is intended to present the funds generated before changes in the non-cash balance sheet operating accounts. It essentially displays the funds generated using an accrual basis of accounting. Readers are cautioned that funds from operations are not a defined measure of performance under Canadian generally accepted accounting principles (“GAAP”). The Corporation’s calculation of funds from operations may be different than the calculation used by other entities.

4. PER SHARE CALCULATIONS

The following table sets forth the computation of basic and diluted per share calculations using the “treasury stock” method:

During the quarter ended September 30, 2002, $85,799,390 of properties were transferred from revenue producing properties to properties for sale as part of the contemplated sale of these properties to the REIT.

During the quarter ended June 30, 2002, a property was sold for $9,100,000 with proceeds used to retire the outstanding mortgage balance in the amount of $4,186,000. The Corporation received a Vendor-take-back mortgage as part of the sale proceeds in the amount of $2,500,000 due July 1, 2003 (subsequently sold for $2,405,000 in the third quarter ended September 30, 2002). The Corporation recorded a gain on disposal of this revenue producing property in the amount of $1,774,000 (before future taxes of $593,000). During the quarter ended March 31, 2002: 1) a property was sold for $3,200,000 with proceeds used to retire the outstanding mortgage balance in the amount of $1,971,000. The Corporation recorded a gain on disposal of this revenue producing property in the amount of $1,707,000 (before future taxes of $461,000); and 2) a property was purchased for $9,250,000 and partially financed by a mortgage in the amount of $6,050,000.

6. PROPERTIES UNDER DEVELOPMENT

The property under development is a 272,483 sq ft shopping centre in Saskatoon, Saskatchewan which represents the first phase of Preston Crossing. TGS has a one third interest in Preston Crossing which is being constructed on leased lands from the University of Saskatchewan. Phases two and three of the project will be developed in the future pending market conditions and approvals from the City of Saskatoon. Phase one is approximately 85% complete at September 30, 2002.

The Corporation and its subsidiaries are involved in certain legal actions which arise in the normal course of business. It is management’s view that these actions, individually or in aggregate, would not have a material effect on the financial position of the Corporation and its subsidiaries.

The Corporation is committed to paying certain costs in relation to the formation of the REIT.

13. RELATED PARTY TRANSACTIONS

On June 30, 2002, the Corporation exercised its option to acquire an additional 4,634,783 common shares of DRI at $1.15 per share for $5,330,000, increasing its ownership interest to 55.3%. This transaction reduced the Corporation’s outstanding option to acquire additional shares to 3,171,622 new common shares of DRI at $1.15 per share. This transaction also reduces a related party equity investor’s ownership interest in DRI to 40.9%.

On June 20, 2002, DRI granted an extension to United Inc. to January 15, 2010 for repayment of its $2,300,000 non-interest bearing loan.

At September 30, 2002, the mortgage debt due to a related party was reduced to $2,644,000 from $3,605,000 at December 31, 2001 and loan interest of $176,000 (2001 – $223,000) was paid to this related party during the first nine months. This debt is on normal commercial terms and is being repaid in the ordinary course of business.

For the nine months ended September 30, 2002, the Corporation recorded a land sale to a related party, a director of the Corporation, for $975,000. This sale was conducted on normal commercial terms given to third parties and is at fair value. As at September 30, 2002, $828,750 is receivable from the related party in connection with this sale.

14. COMPARATIVE FIGURES

Certain of the prior years’ figures have been reclassified to conform with the current presentation.

3 months to Sep. 30 Year Ago

Revenue 16,648,000 18,060,000
Net Profit 1,239,000 1,218,000
Net Profit/Share 0.03 0.03

9 months to Sep. 30 Year Ago

Revenue 40,102,000 39,230,000
Net Profit 3,488,000 2,393,000
Net Profit/Share 0.09 0.06

CORPORATE INFORMATION

DIRECTORS LEGAL COUNSEL REGISTRAR & TRANSFER
AGENT
Donald W. Black, Chairman McCarthy Tetrault LLP Computershare Investor
Regina, Saskatchewan Calgary, Alberta Services Ltd.
Calgary, AB
Donald V. Bailey
Denver, Colorado McKercher McKercher & Whitmore
Thomas F. Bugg Saskatoon, Saskatchewan
Calgary, Alberta
STOCK EXCHANGE
William J.A. Heidt AUDITOR Toronto Stock Exchange
Calgary, Alberta Deloitte & Touche LLP Trading Symbol: TGP
W. Judson Martin
Toronto, Ontario PRINCIPAL BANKER SHARES OUTSTANDING
Royal Bank of Canada Sept 30 2002-35,967,041
The Toronto Dominion Bank
Douglas H. Mitchell, Q.C.
Calgary, Alberta
Blair E. Richardson
Denver, Colorado
Douglas B. Richardson
Saskatoon, Saskatchewan
Leslie E. Skingle, Q.C.
Calgary, Alberta
Donald J. Taylor
Calgary, Alberta

FOR FURTHER INFORMATION PLEASE CONTACT: TGS Properties Ltd., Neil Kuntz, Vice President Finance, (403) 264-9944, or, TGS Properties Ltd., Jenelle Wohlberg, Communications Coordinator, (403) 264-9944, Website: www.tgsproperties.com, The Toronto Stock Exchange has no
reviewed and does not,