May 29, 2002

The CPP Investment Board today announced that it has acquired ownership of an additional 1,115,325 subordinate voting shares (“Trizec Canada Shares”) of Trizec Canada Inc. (“Trizec Canada”) which represent 2.1% of all outstanding Trizec Canada Shares. The Trizec Canada Shares were acquired through the facilities of The Toronto Stock Exchange. As a result of the acquisition, the CPP Investment Board now beneficially owns 10,284,374 Trizec Canada Shares which represent 19.63% of all outstanding Trizec Canada Shares. Such shares represent 6.9% of all Trizec Canada subordinate and multiple voting shares and Trizec Properties Inc. shares outstanding.

The CPP Investment Board has acquired all of its Trizec Canada Shares for investment purposes and may acquire additional Trizec Canada Shares or dispose of such shares from time to time.

The CPP Investment Board currently invests in publicly traded equities, with approximately 70 percent in funds based on the S&P/TSX Composite Index and 30 percent in U.S. and international index funds.

The CPP Investment Board is a crown corporation created by an Act of Parliament in December 1997. It invests funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested only in equities to balance the bond portfolio owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Plan to keep its pension promise to Canadians. The CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm’s length from governments.

For further information contact:

Mark Weisdorf

Vice President – Private Market Investments

416-868-1538       

May 29, 2002

The CPP Investment Board today announced that it has acquired ownership of an additional 1,115,325 subordinate voting shares ("Trizec Canada Shares") of Trizec Canada Inc. ("Trizec Canada") which represent 2.1% of all outstanding Trizec Canada Shares. The Trizec Canada Shares were acquired through the facilities of The Toronto Stock Exchange. As a result of the acquisition, the CPP Investment Board now beneficially owns 10,284,374 Trizec Canada Shares which represent 19.63% of all outstanding Trizec Canada Shares. Such shares represent 6.9% of all Trizec Canada subordinate and multiple voting shares and Trizec Properties Inc. shares outstanding.

The CPP Investment Board has acquired all of its Trizec Canada Shares for investment purposes and may acquire additional Trizec Canada Shares or dispose of such shares from time to time.

The CPP Investment Board currently invests in publicly traded equities, with approximately 70 percent in funds based on the S&P/TSX Composite Index and 30 percent in U.S. and international index funds.

The CPP Investment Board is a crown corporation created by an Act of Parliament in December 1997. It invests funds not needed by the Canada Pension Plan to pay current pensions. Cash flows are currently invested only in equities to balance the bond portfolio owned by the Canada Pension Plan. By increasing the long-term value of funds, the CPP Investment Board will help the Plan to keep its pension promise to Canadians. The CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments.

For further information contact:

Mark Weisdorf

Vice President - Private Market Investments

416-868-1538