Press Release
October 5, 2006

Brookfield Properties and Blackstone Complete $7.2 Billion Trizec Acquisition

Oct. 5, 2006 — Brookfield Properties Corporation and its joint venture partner The Blackstone Group today announced that they have completed the acquisition of Trizec Properties, Inc. Under the terms of the merger agreement, holders of shares of Trizec Properties common stock (other than Trizec Canada) will receive a total of $29.0209 in cash per share.

Brookfield Properties also announced the completion of the acquisition of all of the outstanding subordinate voting shares and multiple voting shares of Trizec Canada for US $30.9809 per share.

The overall transaction is valued at approximately $7.2 billion of assets.

Prior to the close of the transaction, Trizec Properties sold 13 office properties totaling approximately 13.3 million square feet in Atlanta, Charlotte, Chicago, Dallas and Minneapolis to affiliates of Blackstone and third parties for an aggregate consideration of approximately $1.8 billion. The remaining portfolio consists of approximately 26 million square feet located in New York, Washington, D.C., Los Angeles, Houston and San Diego, consistent with Brookfield Properties' strategy to invest in markets driven by financial services, government and energy sector tenants.

Goodwin Procter attorneys Gil Menna, Samuel Richardson, Robert Houser, Howard Cubell and represented Brookfield Properties in this transaction.