MEMBERS Alberta Investment Management Allied Irish Banks Allied Properties REIT Artis REIT Aspen Properties Ltd. The Honourable John Gerretsen, MPP (Kingston and the Islands) Avison Young Minister of Consumer Services Baybridge Seniors Housing Inc. Bentall Kennedy Group Ontario Ministry of Consumer Services BMO Capital Markets Real Estate Group 6th Floor, Mowat Block Boardwalk REIT Brookfield Financial Real Estate Group 900 Bay Street Brookfield Real Estate Opportunity Fund Cadillac Fairview Corporation Ltd., The Toronto, ON M7A 1L2 Calloway REIT th April 8 , 2011 Canadian Tire Corporation, Limited Canderel CAPREIT CB Richard Ellis Limited Re: Ontario Real Estate and Business Brokers Act (”REBBA”) Chartwell Seniors Housing REIT CIBC World Markets Inc. Colliers International. Inc. Dear Minister Gerretsen, Cominar REIT CREIT (Canadian REIT) Crombie REIT Cushman & Wakefield Ltd. We wanted to reach out to you today regarding the REBBA file, and inquire as to Dorsay Development Corp. how it is progressing. On December 15th, 2010, after several meetings and Dundee REIT ECL Developments Limited positive follow-up dialogue, REALpac was advised by the ‘Ontario Open for EPIC Realty Partners Inc. Business’ staff that the REBBA file had seen some positive movement, and that Fengate Capital Management Ltd. First Capital Realty Inc. the Ministry of Consumer Services would be communicating that back to First National Financial LP Gazit America Inc. stakeholders sometime in the new year; needless to say, we were pleased by this Grosvenor Americas Limited news. GWL Realty Advisors Inc. H & R REIT Homestead Land Holdings Limited Our members are still very concerned with some of the aspects of the Act. In a IGRI Inc. th Ivanhoe Cambridge survey conducted on March 25 , 2011 of CEO’s of REALpac member Killam Properties Inc. companies, respondents indicated that REBBA remains amongst their top 3 M3 Capital Partners Macquarie Capital Markets Canada, Ltd. advocacy priorities. REALpac has begun initial plans to advocate for similar Manulife Financial MCAN Mortgage Corporation changes across Canada in respective provinces, ideally using Ontario as the Melcor Developments Ltd. precedent for a modern real estate act that is free of red tape and unnecessary Menkes Development Ltd. Minto Group, The hurdles. We believe this is an excellent opportunity for Ontario to be a provincial Morguard Corporation leader in this space. Morguard Investments Limited Morguard REIT Mortgage Fund Three If you could provide us with an update on the progress of the file, we would be National Bank Financial Inc. Northern Property REIT pleased. We would also be happy to arrange a meeting between your staff and NorthWest Healthcare Properties REIT Ontario Realty Corporation REALpac member CEO’s, who experience issues with REBBA on a regular basis OPTrust and can provide real world testimony for the necessity to update it. Oxford Properties Group Inc. Parkbridge Lifestyle Communities Inc.. Partners REIT Plazacorp Retail Properties Limited. Please feel free to contact me at your earliest convenience at [email protected] Presima Inc. or 416-642-2700 ext. 225 or Ryan J. Eickmeier at [email protected] or 416- Primaris Retail REIT Public Storage Canadian Properties 642-2700 ext. 224, should you have any questions or comments about our Raymond James Ltd. RBC Capital Markets Real Estate Group recommendations on the REBBA file. Realex Properties Corp. Redcliff Realty Advisors Inc. Retrocom Mid-Market REIT Regards, RioCan REIT Scotia Capital Inc. Scotiabank Scott’s REIT SilverBirch Hotels & Resorts Standard Life Investments (Real Estate) Inc. Sun Life Assurance Company of Canada TD Securities Inc. Timbercreek Asset Management Inc. Transglobe Apartment REIT Michael Brooks Ryan J. Eickmeier Whiterock REIT Chief Executive Officer Manager, Government Relations & Policy .