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Madison Pacific Properties Inc. Acquires Shares of MP Western Properties Inc.

Madison Pacific Properties Inc. ("Madison") wishes to announce that it has acquired 3,544,357 class A non-voting participating shares and 4,893,696 class B voting common shares (collectively, the "Shares") of MP Western Properties Inc. ("MP Western") by way of an arrangement pursuant to section 192 of the Canada Business Corporations Act for consideration of $0.06 per Share. Madison now owns 100% of the Shares of MP Western.

The Shares were acquired for investment purposes.

For further information, or a copy of the early warning report filed in respect of the above, please contact William Ramsey.