Update: Morguard Corporation Extends Offer for Revenue Properties Company Limited

    MISSISSAUGA, ON, July 16 /CNW/ - 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.