Update: Morguard Corporation Extends Offer for Revenue Properties Company Limited

Update: Morguard Corporation Extends Offer for Revenue Properties Company
Limited

MISSISSAUGA, ON, July 16 /PRNewswire-FirstCall/ - Morguard Corporation (MRC:
TSX) ("Morguard") today announced that it has 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.
Morguard announced that as at 8:00 p.m. (Toronto time) on July 16, 2008 (the
"Initial Expiry Time") 739,821 common shares of RPCL were validly deposited to
Morguard's offer to acquire, at the election of each holder, 0.33 of a
Morguard common share (the" Share Alternative") or Cdn.$12.00 (the "Cash
Alternative") for each common share of RPCL, all of the outstanding common
shares of RPCL not already owned by Morguard or its affiliates (the "Offer").
As the terms and conditions under the Offer have been met, Morguard has taken
up and accepted for payment all of the common shares validly deposited. The
common shares taken up and accepted for payment represent approximately 24.90%
of the outstanding common shares of RPCL not already owned by Morguard or its
affiliates. Morguard or its affiliates now own 8,596,317 common shares of RPCL
or approximately 79.40% of the outstanding common shares of RPCL. Payment will
be made on or before July 21, 2008 to RPCL shareholders who have validly
deposited their common shares under the Offer.
Bruce Simmonds, Director and member of the special committee of RPCL, has
tendered 57,200 RPCL common shares to the Offer, electing the Cash
Alternative. In addition, each of K. (Rai) Sahi (Director and Chief Executive
Officer of RPCL and Morguard), David King (Director of RPCL and Morguard) and
Paul Miatello (the Chief Financial Officer of RPCL and Morguard), has tendered
all of their respective RPCL common shares to the Offer, electing the Share
Alternative.
Morguard also announced today that it has extended the expiry time for the
Offer to 8:00 p.m. (Toronto time) on July 29, 2008. All other terms of the
Offer dated June 10, 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.
SOURCE Morguard Corporation

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