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O&Y Enterprise Awarded Niagara Falls Casino Project

14 May 2002

TORONTO, Ontario – (Press Release) – May 10, 2002 – O&Y Enterprise, a division of O&Y Properties Inc., is pleased to announce that it has been awarded the leasing services contract for the retail component of the Niagara Falls Casino/Gateway Project. This $800 million world class initiative is being developed by Falls Management Company.

"Falls Management Company is pleased to have O&Y Enterprise on board as our retail-leasing consultant," said Jim Dougan, President and COO, Falls Management Company.

"We went through a very thorough selection process and they scored at the top in each of our evaluation criterion. The O&Y Enterprise retail leasing team gives us a lot of confidence -- they are always thinking like the developer, and because of this, we know that our interests are being well served."

As part of the contract, O&Y Enterprise will prepare a program of retail amenities, develop a leasing strategy and undertake the leasing of the retail component of the development as well as provide other pre-opening services.

"We are thrilled to work with Falls Management Company on this world class attraction," said Ron Taylor, Senior Vice President, O&Y Enterprise.

"The Niagara Falls Casino/Gateway Project stands out as an important development, not only for the Niagara region, but also for Ontario and Canada. It is a great opportunity to showcase the best of what Canada has to offer in retail, entertainment and culinary talent." The O&Y Enterprise Development Services team provides a wide range of specialized services to a diverse client base including owners, financial institutions, municipalities, public authorities, developers and facility managers. The team has a breadth of experience in the planning, development, leasing, marketing and operations of mixed-use real estate.

O&Y Enterprise is Canada's largest real estate services provider. It manages more than 90 million square feet of office, retail and industrial properties from coast to coast (in excess of $8 billion in real estate assets) for leading public real estate organizations, financial institutions and individual investors.

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