FROM:    MARCY MONYEK AND ASSOCIATES   FOR: THE CHICAGO DOCK AND CANAL TRUST
         55 West Wacker Drive               455 East Illinois Street
         Chicago, Illinois  60601           Chicago, Illinois  60611
         312/263-2135                       312/467-1870

Contact: Pat Higgins                   Contact:  David R. Tinkham

                                       FOR IMMEDIATE RELEASE


                   THE CHICAGO DOCK AND CANAL TRUST (NASDAQ/DOCKS)
             ADVISES NEWSWEB CORPORATION OF RECEIPT OF SUPERIOR PROPOSAL

    CHICAGO, December 17, 1996 -- The Chicago Dock and Canal Trust (the
"Trust") announced today that it has advised Newsweb Corporation that the
previously disclosed proposal received by the Trust from Cityfront Center,
L.L.C. to acquire all of the issued and outstanding shares of beneficial
interest in the Trust for $23.00 per share in cash has been determined by the
Trust to be a "Superior Proposal" for purposes of the existing agreement and
plan of merger dated September 27, 1996 among the Trust, Newsweb Corporation and
CDCT Acquisition Trust, an affiliate of Newsweb Corporation, providing for the
acquisition of the Trust's shares at a price of $21.00 per share.
    Under the merger agreement with Newsweb Corporation, the Trust has the
right, in certain circumstances, to approve or recommend a Superior Proposal or
terminate the merger agreement with Newsweb Corporation.  Any such action by the
Trust is subject to compliance by the Trust with the provisions of the merger
agreement with Newsweb Corporation, including a provision requiring the Trust to
provide Newsweb Corporation with not less than three business days notice of the
receipt of a Superior Proposal.
    There can be no assurance that the receipt by Trust of the Cityfront
Center, L.L.C. proposal will result in the termination of the merger agreement
with Newsweb Corporation or the approval of or entry into a definitive agreement
between Cityfront Center, L.L.C. and the Trust.  Cityfront Center, L.L.C.'s
offer is the subject of certain litigation filed by Newsweb Corporation against
the Trust, its trustees, Cityfront Center L.L.C. and certain related parties.  A
hearing with respect to Newsweb Corporation's claims has been scheduled for
December 19 and 20, 1996.
    The Chicago Dock and Canal Trust is a real estate investment trust engaged
primarily in the business of acquiring and holding real estate and interests in
real estate for investment.  Formed in 1962, the Trust is a successor to The
Chicago Dock and Canal Company which was founded in 1857 by Chicago's first
mayor, William Ogden.  The Chicago Dock and Canal Trust is traded on NASDAQ
under the trading symbol DOCKS.
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