September 21, 2001

FOR IMMEDIATE RELEASE

CONTACT:  John Pavlik or Leslie Unger at the Academy - 310-247-3090

          Doug Piwinski or Lou Casale, BNC for TrizecHahn - 310-271-7800

Beverly Hills, CA - The Academy of Motion Picture Arts and Sciences and TrizecHahn, owner of Hollywood & Highland^TM, have reached agreement on all issues related to security for the 2002 Oscar telecast. "We have put in place arrangements to ensure the highest level of security and are delighted with the cooperation of TrizecHahn in that regard," Academy President Frank Pierson said late Friday afternoon.

"We have enjoyed an excellent relationship with AMPAS, and this issue is of the utmost importance to both of us. We are extremely pleased that this issue has been addressed to their satisfaction," said Lee Wagman, president of TrizecHahn Development Corporation. "We are looking forward to working with AMPAS to bring the Academy Awards back to Hollywood."

Discussions are continuing with regard to other issues, but both sides indicated that progress was being made.