SITQ announces the construction of two six storey office buildings totalling 240,000 square feet in Calgary’s Beltline. The two new class A office buildings will be delivered by 2007. This project located at 211 - 11th Avenue S.W. and 222 - 12th Avenue S.W. will be integrated within SITQ’s owned property known as the IBM Corporate Park. The two new office buildings will match the architectural style of the IBM building. Once completed, the complex will contain three class A office buildings of approximately 375,000 square feet of gross area. The buildings will share an underground heated parking garage of 350 stalls.

“This project represents an important milestone in SITQ’s strategy of enhancing its presence in the Calgary market “, said Paul Campbell, CEO of the company.

The IBM Corporate Park features a large, landscaped outdoor plaza designed to provide a true campus environment. The project offers first class office premises with exceptional access to amenities and the downtown core. The IBM Corporate Park provides a combination of highest quality office space with the convenience of location and the Beltline’s substantial occupancy cost savings over comparable downtown buildings.

SITQ mandated Bentall Real Estate Services as the Development Manager for this project. The Architects are Gibbs Gage Architects of Calgary, and the Leasing Broker is Colliers International.

About SITQ

Founded in 1984, SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. Its main shareholder, the Caisse de dépôt et placement du Québec, is Canada’s leading fund manager, with net assets of C$102.4 billion.

A leader in the Canadian real estate industry, SITQ owns assets of C$6.4 billion consisting of 116 properties (28 million square feet) mainly located in Canada, the US, France and the United Kingdom.

Data to December 31, 2004