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

    MISSISSAUGA, ON, Aug. 12 /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
dated June 10, 2008, as previously extended by notice of extension.
    Morguard announced that as at 6:00 p.m. (Toronto time) on August 12, 2008
an additional 14,868 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 "Offer").
    Morguard has taken up all such common shares deposited to the Offer
during such period and payment will be made on or before August 15, 2008 to
RPCL shareholders who have validly deposited their common shares under the
Offer. Combined with the common shares of RPCL previously taken up by
Morguard, Morguard and its affiliates now own, directly or indirectly,
8,864,655 common shares of RPCL or approximately 81.87% 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 27, 2008. All other
terms of the Offer dated June 10, 2008, as extended are unchanged. Morguard
expects to mail a formal notice of extension to RPCL shareholders shortly.
    With the common shares of RPCL that Morguard has now acquired under the
Offer and the common shares of RPCL to be deposited under the extension of the
Offer, Morguard fully expects to have a sufficient number of RPCL common
shares to be able to proceed with a subsequent acquisition transaction through
which it would acquire all of the remaining outstanding RPCL common shares,
and Morguard intends to take the appropriate steps to proceed with a meeting
of shareholders to approve a subsequent acquisition transaction as soon as
possible after the expiry of the Offer and in any event, within 120 days after
the expiry date.

    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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