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DEFINITIONS: In this letter, unless otherwise specified, all monetary amounts are expressed in Canadian dollars and the following terms have the meanings specified below: (a) "Act" means the Income Tax Act, R.S.C. 1986 (5th Supp.) c.1, as amended from time to time and consolidated to the date of this letter and, unless otherwise expressly stated, every reference herein to a part, section or subsection, paragraph or subparagraph and clause or subclause is a reference to the relevant provision of the Act, and the Income Tax Regulations thereunder are referred to as the "Regulations"; (b) "adjusted cost base" ("ACB") has the meaning assigned by section 54; (c) "agreed amount" in respect of a property means the amount that the transferor and the transferee of the property have agreed upon in an election under subsection 85(1); (d) "Amalco" means the corporation to be formed on the amalgamation of SpinCo and Newco1, as described in Paragraph 56; (e) "arm's length" has the meaning assigned by subsection 251(1); (f) "Butterfly Proportion" means the fraction A/B, where: A = the net fair market value of the property to be transferred to Subco by DC as described in Paragraph 47, determined immediately before such transfer; and B = the net fair market value of all property owned by DC determined immediately before the transfer of property to Subco by DC as described in Paragraph 47; (g) "Canco" means XXXXXXXXXX, a corporation subsisting under the BCA; (h) "capital property" has the meaning assigned by section 54; (i) "BCA" means the Canada Business Corporations Act, R.S.C. 1985, c. ... The Newco1 Note will have a principal amount determined by formula (which is not expected to exceed $XXXXXXXXXX), will have a term of XXXXXXXXXX months (extendible for an additional XXXXXXXXXX at Newco1's option) and will bear interest at Libor + XXXXXXXXXX%. ... Provided that a person who, immediately before the exchange of DC Butterfly Shares for SpinCo Class B Common Shares as described in Paragraph 46 above: (a) holds its DC Butterfly Shares as capital property; (b) deals at arm's length with SpinCo immediately before the exchange; (c) does not include any portion of the gain or loss, otherwise determined, from the disposition of the DC Butterfly Shares in computing the holder's income for the taxation year in which the share exchange takes place; and (d) does not file an election under subsection 85(1) with SpinCo in respect of the DC Butterfly Shares; (e) does not receive any consideration, other than SpinCo Class B Common Shares, on the exchange; and (f) is not a foreign affiliate of a taxpayer resident in Canada, at the end of its taxation year in which the exchange occurred, that has included any portion of the gain or loss, otherwise determined, from the disposition of the exchanged shares in computing its FAPI for its taxation year in which the exchange occurred; and further, provided that immediately after the exchange, (g) such person or other persons with whom the particular person does not deal at arm's length or such person together with other persons with whom the person does not deal at arm's length, will not: (i) control SpinCo; or (ii) beneficially own shares in the capital of SpinCo having a fair market value of more than XXXXXXXXXX % of the fair market value of all the issued and outstanding shares in the capital of SpinCo; then, pursuant to paragraph 85.1(1)(a), such person will be deemed: (f) to have disposed of such DC Butterfly Shares for POD equal to the ACB to such person immediately before the exchange; and (g) to have acquired the SpinCo Class B Common Shares at a cost to such person equal to the ACB to such person of the DC Butterfly Shares immediately before the exchange; and (h) pursuant to paragraph 85.1(1)(b), the cost to SpinCo of each DC Butterfly Share acquired by SpinCo as a result of the exchange will be deemed to be the lesser of its fair market value immediately before the exchange and its PUC immediately before the exchange. ...

François Bordeleau 613-952-1506 2007-024336 October 5, 2007 ENDNOTES 1 AGENCE DU REVENU DU CANADA, Bulletin d'interprétation IT-419R2, " Sens de l'expression "sans lien de dépendance" ", 8 juin 2004, par. 31. ...

.; (l) "Opco 8" means XXXXXXXXXX; (m) "Opco 9" means XXXXXXXXXX; (n) "Opco 10" means XXXXXXXXXX (owned XXXXXXXXXX % by Opco 14 and XXXXXXXXXX % by Subco); (o) "Opco 11" means XXXXXXXXXX; (p) "Opco 12" means XXXXXXXXXX. ... As a result of the mergers described in paragraph 25 above, Newco 4 will have acquired a XXXXXXXXXX % interest in Opco 10. ... Yours truly, for Director International & Trusts Division Income Tax Rulings Directorate Legislative Policy and Regulatory Affairs Branch ...

(p) "GORR" means a XXXXXXXXXX% gross overriding royalty which Partnership 2 is obligated to pay on its XXXXXXXXXX % undivided interest in the Project. ... Accordingly, respective XXXXXXXXXX and XXXXXXXXXX % undivided working interests in the Project were owned by X Co. and Y Co. prior to the corporate amalgamation described below. ... The New Trust Debt was issued under a note indenture and is evidenced by a promissory note, payable on demand, and bearing interest at a rate of XXXXXXXXXX % per annum. ...

Principal Issues: This ruling is a major revision of, and therefore replaces and rescinds, Ruling # 2000- 005024, dated XXXXXXXXXX, 2000. ... This ruling replaces and rescinds Ruling # 2000- 005024, dated XXXXXXXXXX, 2000. ... The remaining XXXXXXXXXX % membership interest in XXXXXXXXXX is owned by XXXXXXXXXX, an arm's length third party. ...

B” means XXXXXXXXXX; “NERDTOH” means “non-eligible refundable dividend tax on hand” and has the meaning assigned by subsection 129(4); “Paragraph” refers to a numbered or lettered paragraph in this letter; “proceeds of disposition” has the meaning assigned by section 54; “Property A” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property B” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property C” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property D” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property E” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property F” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property G” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Property H” means a commercial, revenue-producing rental property located at XXXXXXXXXX; “Proposed Transactions” means the transactions described in Paragraphs 17 to 31; “PUC” means “paid-up capital” and has the meaning assigned by subsection 89(1); “related person” means, in relation to a particular person, another person who is related to the particular person by virtue of subsection 251(2), as modified for the purposes of section 55 by paragraph 55(5)(e); “Rental Properties” means, collectively, Property A, Property B, Property C, Property D, Property E, Property F and Property G; “resident of Canada” means resident of Canada for the purposes of the Act; “Rulings” means the advance income tax rulings labelled “A” to “F” in this letter; “safe income” means, with respect to a taxable dividend described in paragraph 55(2.1)(a) that is received by a dividend recipient from a dividend payor, the amount of the income earned or realized by any corporation — after 1971 and before the safe-income determination time for the transaction, event or series — that could reasonably be considered to contribute to the capital gain that could be realized on a disposition at fair market value, immediately before the dividend, of the share on which the dividend is received; “safe income determination time” has the meaning assigned by subsection 55(1); “series of transactions or events” includes the transactions or events referred to in subsection 248(10); “significant influence” has the meaning assigned by section 3051.05 of the Accounting Standards for Private Enterprises; “specified financial institution” has the meaning assigned by subsection 248(1); “specified investment business” has the meaning assigned by subsection 125(7); “stated capital” means the amount included in the stated capital account attributable to a share of the capital stock of a corporation in accordance with the governing legislation of the corporation; “taxable dividend” has the meaning assigned by subsection 89(1); “taxation year” has the meaning assigned by subsection 249(1); “TC” means XXXXXXXXXX, as described in Paragraphs 8 to 10; “TCC” means “taxable Canadian corporation” and has the meaning assigned by subsection 89(1); “TC Sub” means a corporation incorporated by TC, as described in Paragraph 17; “TC Sub Common Shares” means the common shares of the capital stock of TC Sub, as described in Paragraph 17 a); “TC Sub Preferred Shares” means the preferred shares of the capital stock of TC Sub described in Paragraph 17 b); “TC Sub Redemption Note” means the non-interest bearing demand promissory note to be issued by TC Sub to DC, as described in Paragraph 28; “UCC” means “undepreciated capital cost” and has the meaning assigned by subsection 13(21). ... Immediately following the classification of the types of property and determination of the net FMV of each type of property described in Paragraphs 23 and 24, respectively, DC will transfer to TC Sub a proportionate share of its: a) cash or near-cash property; b) business property; and c) investment property, if any, such that immediately following such property transfer, the aggregate net FMV of each type of property of DC transferred to TC Sub will be equal to or approximate the proportion determined by the formula: A x B / C where: A. is the net FMV (determined as described above) immediately before the transfer, of all property of that type owned at that time by DC; B. is the FMV, immediately before the transfer, of all the shares of the capital stock of DC owned, at that time, by TC; and C. is the FMV, immediately before the transfer, of all the issued and outstanding shares of the capital stock of DC. ...

On XXXXXXXXXX, an inspector of XXXXXXXXXX Tax Administration issued an English translation of a Declaration of residence ("XXXXXXXXXX ", "Declaration") to the effect that the Entity is a resident of XXXXXXXXXX within the meaning of article XXXXXXXXXX of the Convention for avoidance of double taxation between XXXXXXXXXX and Canada. 10. ...

Yours truly, for Director International & Trusts Division Income Tax Rulings Directorate Legislative Policy and Regulatory Affairs Branch ...

(c) Paragraphs (b) and (c) of the "real estate investment trust" ("REIT") definition require that 95% / 75% of the trust's revenues for the taxation year be derived from rent from real or immovable properties etc. ...

January 23, 2008 HELEN PRICE HEADQUARTERS Estates & Trusts Section Income Tax Rulings Directorate Montreal TSO James Atkinson CGA Montreal, QC (519) 457-4832 Ref: 2007-025801 Qualified Small Business Corporation Shares This is in response to your email dated October 31, 2007, requesting our views concerning whether the shares of a corporation (Aco) meet the definition of "qualified small business corporation share" (QSBCS) in subsection 110.6(1) of the Income Tax Act (Act). ...