DGC Conference on REITS - The changing World of Real Estate: An International Phenomenon Vogue Hotel, Montréal, April 18, 2007 Speaker(s) Désy Claude M. Fisc.,FCA As real estate investment trusts (REITs) maintained their strong growth, the Canadian government announced changes to the taxation of income trusts and a continued single level of taxation for REITs. While the Canadian REIT taxation system is not unique, given that over 20 countries have similar rules, the growth of REITs continues unabated. The Canadian government has stated that the new taxation rules applicable to REITs will be similar to the REIT rules in the United States. • What are Canada’s new taxation rules? • What are the US rules? • Growth REITs – How do they work? • How are REITs financed in Canada? • How are they financed in the United States? • Performance of Canadian and US REITs: Canadian and US prospects • Recent transactions of interest SPEAKERS Moderator: Claude Désy, FCA, Partner, De Grandpré Chait LLP With the participation of speakers from the financial sector in Canada (National Bank Financial, RBC Capital Markets and Backmont Capital Inc.) and in the US (KPMG and BMO Capital Markets) as well as the real estate investment trust sector (BTB, InStorage and Whiterock).