Update: Morguard Corporation Further Extends Offer for Revenue Properties Company Limited

    MISSISSAUGA, ON, July 29 /CNW/ - Morguard Corporation (MRC: TSX)
("Morguard") today announced that it has further extended its offer to acquire
all of the outstanding common shares of Revenue Properties Company Limited
(RPC: TSX) ("RPCL") that it does not already own, pursuant to its takeover bid
as of June 10, 2008, as initially extended by a notice of extension on
July 17, 2008.
    Morguard announced that as at 8:00 p.m. (Toronto time) on July 29, 2008
(the "Extended Expiry Time") an additional 253,589 common shares of RPCL were
validly deposited to Morguard's offer to acquire all of the outstanding common
shares of RPCL not already owned by Morguard or its affiliates for, at the
election of each holder, 0.33 of a Morguard common share or Cdn.$12.00 (the
    Morguard has taken up all such common shares deposited to the Offer
during such period and payment will be made on or before August 1, 2008 to
RPCL shareholders who have validly deposited their common shares under the
Offer. Combined with the 739,821 common shares of RPCL taken up by Morguard in
respect of the initial offer period that ended on July 16, 2008, Morguard and
its affiliates now own, directly or indirectly, 8,849,906 common shares of
RPCL or approximately 81.73% of the outstanding common shares of RPCL.
    Morguard also announced today that it has further extended the expiry
time for the Offer to 6:00 p.m. (Toronto time) on August 12, 2008. All other
terms of the Offer dated June 10, 2008, as extended July 17, 2008 are
unchanged. Morguard expects to mail a formal notice of extension to RPCL
shareholders shortly.

    Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings through its investments in Morguard REIT and Revenue
Properties Company Limited. Morguard provides management services to
institutional and other investors for commercial and residential real estate
through Morguard Investments Limited and Morguard Residential.

    Legal Notice

    Shareholders are advised to review the notice of extension and any other
relevant documents filed with securities regulatory authorities by Morguard
because they will contain important information, including full details of the
Offer, as extended, and its terms and conditions.

For further information:

For further information: Paul Miatello, Chief Financial Officer, Tel:
(905) 281-3800, Fax: (905) 281-5890, pmiatello@morguard.com; www.morguard.com

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