Toronto – September 27, 2006

DANIEL MOISANVice President Investments and Asset Management

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Important facts

MissionRecognition by the Canadian investment industry as a first-class real estate advisor for niche products

(Retirement residences, Student residences and others)

Role- Create real estate funds- Provide our clients comprehensive turnkey services

- Respecting high-level governance principles- Assist pension funds,

- To protect and appreciate capital and optimize returns

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Important facts

Maestro’s ownership- CDP 55%- Management 45%

Day-to-day operations responsibility of Maestro’s management team

CDP supports Maestro’s development and growth

4

0

200

400

600

800

1000

1200

2004 2005 2006

Acquisitions and Mezzanine Expansions Increase in value

$713.2M

$174.7M

$115.4M

$1G

$585M

$454M

Important factsAssets Under Management

(in millions of $)

targettarget

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Important facts

May 31, 2006

76%

5%

19%

Quebec Ontario Alberta, BC

End of 2006(est.)

60%

7%

33%

Quebec Ontario Alberta, BC

Assets Under Management

Nov. 30, 2007(est.)

50%

10%

40%

Quebec Ontario Western Canada

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Important facts

■ Senior housing

- Three funds - 3rd largest investor in the retirement residence industry- 6,588 units in Canada - 34 residences in provinces of Quebec, Ontario, Alberta and British-Columbia

- $42 M in equity available for investment- equivalent of $130 M in imminent transactions (Fund III)

- $500 M in capital raised since 2001- 12 institutional investors (pension funds / insurance companies)

- Currently raising $250 M in capital for Retirement Residences Fund IV- (approx. investment potential of $750 M)

MAESTRO WILL PURCHASE AND DEVELOP FOR APPROXIMATELY$1 BILLION OVER THE NEXT 3 YEARS

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Funds Summary (August 2006)Details

Fund I & Fund II Fund III (Investment

period)

Indep. and ass. living$444.5M$503.1M

26 5,457

$135.3M$135.3M

---$65.0M13.25%4 / 3 yrs

16.7 / 28.4%

Indep. and ass. living$120.0M$130.8M

8884

$106.1M$61.2M$45.0M

n/a

13.5%

2 yrs

39.60%

Student housing$45.6M$45.6M

31033

$84.7M$15.0M$69.7M

n/a13.5% (net)

1 yr

n/a

** Gross IRR As of Nov. 30, 2005

Type of client

Total assets at costTotal assets market valueTotal of residencesTotal units/beds

Committed equityInvested EquityEquity availableCapital distributionProjected IRR (gross)

Years since inception

Internal Rate of Return**

Student Fund I(Investment

period)

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Student Housing Industry

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Important facts Student housing

- Closed Fund I in November 2005, raising $85 M

- $45 M investment in January 2006, - Three student residences - 1,033 beds

- $70 M in equity available for investment- Equivalent of $200 M in transactions in the next 30 months

MAESTRO’S GOAL IS TO BE #1 IN CANADA IN THIS INDUSTRY

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Major Markets in 2004

The Canadian market represents* :

1,200,000 students enrolled in 90 universities

800,000 full-time students

19 % of adults aged between 18-21 are full-time university students

27 % of universities account for 72 % of students

4 provinces represent 82 % of studens 43% are in Ontario 21% in Quebec

Student Housing Industry

* Source: CIAU

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Demographic picture in 2004Student Housing Industry

British Columbia10%

Rest of Quebec7%

Montreal14%

Ontario43%

Alberta8%

Others2%

New Brunswick3%

Saskatchewan4%

Manitoba4%

Nova Scotia5%

Geographical allocation of full-time students in Canada 800,000

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Principal issues in student housing

Location

Leasing

Services

Management

Financing

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Principal issues in student housing

- All leases expire at the same time- Intensive activity (in a short period)- High development risk (specific delivery date)

Leasing

- New business model - uncertainty- Very few lenders- Low leverage, low return

Financing

- Very intensive (vs. multi-residential)- High responsibility level

Management

- Expectations from students are high

- Very limited opportunities near campus- Bus route or walking distance- Not all potential markets are good

Elements to consider

Services

Location

Issues

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Why is Maestro in this market?

Solid partnerships

Experienced management team

Leader in providing high quality service

Well established firm

Proven track record