Settlement Agreement Reached

    Business Editors

    TORONTO--(BUSINESS WIRE)--March 29, 2005--Citigroup Global Markets Inc. has settled a defamation action commenced by Peter Munk, Trizec Properties, Inc. (NYSE:TRZ) and Trizec Canada Inc. (TSX:TZC.SV) arising from statements made by a Citigroup Global Markets analyst in relation to the TrizecHahn restructuring in August 2002. Citigroup Global Markets apologizes for any embarrassment that the statements may have caused Mr. Munk and the Trizec companies, and has agreed to make a generous donation to the Peter Munk Cardiac Centre at the Toronto General Hospital.

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CONTACT: Trizec Properties, Inc. Dennis Fabro, 312-798-6290 Investor Relations or Rick Matthews, 312-798-6128 Media Relations or Trizec Canada Inc. Robert Wickham, 416-682-8616

KEYWORD: ILLINOIS INTERNATIONAL CANADA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING MARKETING AGREEMENTS SOURCE: Trizec Properties, Inc., Trizec Canada Inc. and Peter Munk

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