WINNIPEG and TORONTO, October 25, 2000: The Manitoba Securities Commission and the Ontario Securities Commission will be considering applications made in connection with the take-over bid by Aspen Properties Ltd. for 30% of the common shares of Consolidated Properties Ltd.

On October 5, 2000 the Commissions received an application by Aspen Properties Ltd. for an order to cease trade the shareholders rights plan of Consolidated Properties Ltd. On October 12, 2000 the Commissions received an application by Consolidated Properties Ltd. for an order requiring Aspen Properties Ltd. to amend documents issued by Aspen Properties Ltd. in connection with its take-over bid for Consolidated Properties Ltd.

The hearings in connection with the applications will commence at 9:00 a.m. (Winnipeg time) on October 26, 2000 in the large board room of the MTS Video Conferencing Center located on the main floor of the Trizec Building, 360 Main Street, Winnipeg, Manitoba. The OSC will take part in the hearings by video conference from the OSC offices (17^th floor, 20 Queen Street West, Toronto, Ontario).

The MSC and OSC are industry funded provincial agencies responsible for maintaining the efficiency and integrity of the capital markets by administering securities legislation in their respective jurisdictions. Together with other members of the Canadian Securities Administrators, the MSC and OSC develop and operate the Canadian Securities Regulatory System.

For additional information or copies of the applications please contact Ainsley Cunningham at (204) 945-4733 (1130-405 Broadway, Winnipeg, MB R3C 3L6) or Frank Switzer at (416) 593-8120 (17^th floor, 20 Queen Street West, Toronto, ON M5H 3S8).