Cadillac Fairview Announces Major Media Partnership.

TORONTO--(BUSINESS WIRE)--March 22, 1999--Cadillac Fairview Co(TSE:CDF.) (NYSE:CDF) Cadillac Fairview Corporation announced today that it has entered into a joint venture with Phoenix-based Eller Media Companies and The Ellman Companies to form Eller Media Company Canada, a firm focussed on bringing to Canada state-of-the-art advertising displays similar to those found in New York's Times Square. The redevelopment of the area surrounding the intersection of downtown Toronto's Yonge and Dundas streets -- Dundas Square -- will be the first project for the Eller Media Company Canada. This will include a spectacular 219 foot media tower at the southwest corner of the intersection at Cadillac Fairview's landmark 3.5 million square foot mixed-use Toronto Eaton Centre, one of the most successful retail facilities in Canada and the city's most popular tourist attraction. The tower will incorporate specially designed features and a full colour LED video display.

"The Toronto Eaton Centre, is at the heart of a historic initiative by the City of Toronto to transform the Yonge and Dundas intersection into a major cultural square, similar to London's Picadilly Circus" said Bruce Duncan, Chairman, President and Chief Executive Officer of Cadillac Fairview. "Our joint venture with Eller Media Companies and The Ellman Companies will ensure that we can create excitement for shoppers, Toronto residents and tourists at the Toronto Eaton Centre as well as centres and communities across Canada.

A second, 223 foot media tower will also be incorporated later this year into the 1.1 million square foot Atrium on Bay retail complex located at the north west corner of Yonge and Dundas Streets, the busiest intersection in Canada with pedestrian traffic of approximately 37 million per year. Both the Toronto Eaton Centre and Atrium on Bay media towers will overlook the new Dundas Square, an open park area that is planned to include a large entertainment venue and multiplex theater. The Ellman Companies is the Managing Partner in the Atrium on Bay Complex.

Eller's top Canadian representative, John Jory remarked "great cities around the world are known for their landmark squares where world class retailers, city events and spectacular outdoor media all come together. Like New York's Times square, Toronto residents will soon see the redevelopment of Dundas Square begin to take shape and become the site for many important Toronto events including serving as a review area for the annual Santa Claus parade and the annual New Year's Eve gala." Eller Media Company Canada plans to develop additional locations throughout Canada where opportunities to build spectacular signage exist.

Eller Media is the world's largest outdoor advertising company with operations in twenty-seven countries on five continents with offices in forty of the top U.S. cities. Eller Media also manages the advertising displays inside and around Toronto's Lester B. Pearson International Airport and along the Gardiner Expressway. Eller Media Company is a subsidiary of Clear Channel communications, which trades on the New York Stock Exchange under the symbol CCU.

The Ellman Companies is a privately held international investment and real estate company specializing in the development of office, retail and urban entertainment centers, with 6,000,000 square feet currently owned or under development throughout the United States, Canada and the Carribean.

Cadillac Fairview is one of the largest owners, managers and developers of commercial real estate in North America, focusing on high quality retail centres in Canada and the U.S., and office properties in major Canadian cities. It owns interests in or manages 104 properties amounting to over 51 million square feet, including some of Canada's landmark properties such as the Toronto Eaton Centre and Toronto-Dominion Centre in Toronto, Pacific Centre in Vancouver and Montreal Eaton Centre in Montreal. Included in Cadillac Fairview's portfolio are interests in 11 centres in the southeastern United States totalling 9.2 million square feet.