Dear valued clients,

First and foremost I would like to like to take this opportunity to recognize the patience you have demonstrated with regards to our Montpellier conversion project. Your resilience has been more
than reasonable. We have been working diligently to produce tangible results before reinitiating
contact with you.

As you probably already know, undivided co-ownerships exchange hands everyday on the island of Montreal. What many people don’t know however is that the great majority of these undivided units
find themselves within smaller complexes usually comprised of 24 units or less. Unlike in the United States and Europe, where fractional-ownership of larger-sized properties is well-known and widespread, here in Quebec, it is in its infancy stage and Redex is at the forefront.

If you read our Press Release dated August 9th 2006, you learned that we decided it was in the best interest of our clients and shareholders to establish a retail financing division. Less than three months later we are very pleased to inform you that Redex Mortgage Corporation is ready to process your Offers to purchase!

This new division will be able to offer you highly competitive financing rates as well as unprecedented features and flexibility to both our local investors and for the first time to International clients.

According to Statistic Canada’s Consumer Price Index dated October 20th 2006, owner occupied properties have appreciated 3.14% over the last 12 months. Nonetheless we stand firm on our position to offer you a valuable discount with respect to the original market value of your unit(s) as a token of our appreciation. Your Redex representative will contact you shortly to fill you in on all the details.

Shortly thereafter, Mr. Romain Gagne, Director of Retail Financing for Redex, will contact you to process your financing application. It is our intention to notarize existing sales between December 1st and February 28th, 2007.

It certainly has taken us much longer than anticipated but we have never lost focus of our mission:
to enrich the lives of our tenants and investors with real estate. We are proud of the fact that we make institutional quality properties, typically owned only by REITs and major institutions, available to individual buyers such as yourself. I firmly believe that owning quality residential revenue property is one of the most secure means of growing your wealth and securing your retirement.

On behalf of the entire Redex team, we thank-you for your continued interest and look forward to assisting you in the acquisition of your Strategic Wealth Accumulation Property in our Montpellier project in the weeks to come.

For any questions, please do not hesitate to contact Nabil Ishak V.P. sales and marketing at
514-874-4000 or 514-951-6900

Yours truly,
Michel Piette
President & C.E.O.