George Myhal

Director & Chairman

Board of Directors

George Myhal Lorraine Bell Simon Dean Allen Karp Gail Kilgour

Forward-Looking Statement

This presentation contains “forward-looking statements” The words “plan”, “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Fund to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include general economic conditions, interest rates, availability of equity and debt financing and other risks detailed in the Fund’s annual information form filed with Securities Commissions. The Fund undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Phil Soper

President & CEO

Topics for Discussion

Leadership

Operating achievements Financial performance

Housing Market Dynamics

Interest rates Consumer confidence Moderating house prices

Industry Developments

New entrants in low end of market IDX update: debate on access and sharing of data Quebec market: new regulations

2011 Highlights & Achievements

Shelter Foundation: new fundraising record reached Via Capitale: launch of new tools

Q&A

Royal LePage: Mobile, Commercial and 100-year anniversary

PERFORMANCE

Financial Results

2011 Financial Results

COMPANY GROWTH (number of REALTORS ® ) ROYALTIES ($ millions) * As of Jan 1 st 2012. Prior years also as of Jan 1 st .

2011 Financial Results

CASH FLOW FROM OPERATIONS ($ millions) SHAREHOLDER DIVIDEND ($ per Share) * Defined as net income prior to fair value changes, amortization, impairment, interest on exchangeable units, interest on Trust units, income taxes, items related to other income and interests of exchangeable shareholders. * After conversion from an income trust capital structure to a taxable corporation

National Network of REALTORS

® From Coast to Coast OVER 15,000 AGENTS AND 665 LOCATIONS

HOUSING MARKET

Activity Dynamics

Update on Market Activity

On a rolling twelve-month basis, Market transactional dollar volume of $168.0 billion, closed up 11% from March 31, 2011, driven by a 6% increase in selling price and an increase in home sale activity of 5%. For the three months ended March 31, 2012, transactional dollar volume was up 5% over the same period in 2011, driven by a 1% and 4% increase in selling price and home sale activity, respectively.

Three months ended

Canada

Transaction dollar volume Average selling price Number of units sold

Greater Toronto Area

Transaction dollar volume Average selling price Number of units sold Twelve months ended (2011)

Canada

Transaction dollar volume Average selling price Number of units sold

Greater Toronto Area

Transaction dollar volume Average selling price Number of units sold Quarter % Change 12-mth rolling % Change

5% 1% 4% 16% 2% 14% 18% 10% 7% 11% 5% 5% 19% 9% 9% 15% 5% 9% 1% 0% 1% 4% 2% 2%

Housing Market Dynamics

Interest rates Housing values continued to climb in 2011 Growth stimulated by ongoing ultra low interest rates Concerns over debt levels Consumer confidence Strengthening U.S. economy is impacting Canadian consumer confidence positively Conference Board index improving each month in 2012 Moderating house price appreciation Signs exist of over-shooting values and strained affordability in our largest cities Likely more modest price appreciation as the year unfolds

Interest Rates

While interest rates are bound to rise, we believe any 2012 changes will be moderate Fragile recovery with modest economic growth Low risk of significant inflation increase Unsettled global economic environment, especially Europe With high household debt levels, the impact of a significant interest rate increase could be damaging Bank of Canada generally prefers rates to be only modestly above those set by the U.S. Federal Reserve Rising Canadian interest rates place upward pressure on the dollar, which is already seen as too high

Canada’s Housing Market Steadies

EXISTING HOME SALES 000s of units, annualized EXISTING HOME SALES $000s, national average

forecast forecast 10-year average

Canada Canada Source: CREA, Scotia Economics.

Affordability Still Good but has Probably Peaked

HOUSING AFFORDABILITY ratio of mortgage payments to disposable income per worker MORTGAGE DELINQUENCIES % of total loans past due three or more months U.S.

Canada

LT Average = 0.38

Based on average MLS price, 5% downpayment, 25-year amortization, and average of prime & 5-year posted rate.

Source: MBA, CBA, Bloomberg, Scotia Economics.

Rising High-Rise Demand

HOUSING STARTS % share of total Single-detached Apartment WHY IS CONDO LIVING SO POPULAR?

Demographics Affordable Lifestyle choices Selection Urban intensification Tight rental vacancy Investor factor Source: CMHC, Scotia Economics.

INDUSTRY DEVELOPMENTS

New Entrants: Discount Brokerages IDX: Sharing Data Québec’s New Regulations

New Entrants: Discount Brokerages

Discount brokerage & For-Sale-by Owner (FSBO) firms operate within the low-fee, narrow service segment of the Canadian real estate market Limited impact on Company’s performance to-date Market share changes appear to be between existing and new low-fee providers; full service firms holding steady Without significant market share gains, new entrants questionable as going-concerns, particularly in soft markets Anticipate consumers will continue to look to professional guidance during the home-buying and -selling process

IDX: Sharing Data

The Company a proponent of the Internet Data Exchange (“IDX”) movement Shared property listings among Multiple Listing Service (“MLS”) participants National/regional firms display each other’s website listings Consumers will be able to see many more listings on www.royallepage.ca

Brokers need to opt-in Already well established in some regions of the country and U.S.

IDX: Lead Generation

Canadian Real Estate Association (“CREA”) investing in the initiative Developing the platform to establish permissions and facilitate data sharing With more listings, real estate companies will enjoy similar consumer viewership as www.realtor.ca

BRESI Web Properties Adapting Via Capitale IDX enabled today Re designing Royal LePage’s website to capture leads User-friendly with valuable new information, unique data and features

Québec: New Regulations

Introduction of stringent new real estate educational requirements and higher licensing costs Many fewer new agents entering industry Modifying our training programs Working with government to encourage support for new entrants

2011 HIGHLIGHTS AND ACHIEVEMENTS

New Tools at Via Capitale

Via Capitale services the Québec market Celebrated 20 years in business with an extensive rebranding, including a name change from La Capitale Late 2011, new marketing tools were launched to further simplify the process of buying and selling including: Via Mag Via Visite

Via Mag

Via Mag

is a program that creates a custom eight page real estate magazine devoted exclusively to marketing a single property

Via Visite

lets clients view listings live via their agent’s smart phone camera

Via Visite

Johnson & Daniel Division

2011 was another year of significant market share gain Achieved #1 in Central Toronto for unit sales and sales volume Enhanced social media presence for division and agents Continued enhancement of professional development activities Expanded presence in West Toronto, King and Caledon, and Lake Simcoe recreational property market

Royal LePage Goes Mobile

2011 saw mobile media use accelerate across markets Popularity of smartphones The growing availability of WiFi hotspots Shift towards a constantly connected consumer lifestyle

Royal LePage Goes Mobile

Royal LePage launched an innovative mobile site for Smartphones Cross-Canada listing information including schools, restaurants and neighbourhoods Includes seller and agent comments with neighbourhood “walkability scores” consumer rankings of nearby businesses invaluable to users Ability to search nationwide listings or connect with an agent

Royal LePage Shelter Foundation

A record-setting

$2 million

was raised in 2011 Superb brand awareness & regional team building tool Since its founding in 1999,

more than $14 million raised

Past five years, fundraising results doubled and recognition through national awards for excellence 100% of the funds go to violence prevention in schools, and direct annual support of over 30,000 women & children

POTENTIAL FUTURE GROWTH OPPORTUNITY

Manager Activity

Prudential Acquisition

Beyond Canada, the Manager made headlines in December 2011 with the acquisition of Prudential Residential Real Estate and Relocation Services Establishes Brookfield as #3 in the N.A. residential real estate brokerage market with ~80,000 real estate agents and 2,800 locations Creates the clear #2 player in global relocation, managing ~85,000 relocations per year

Prudential Acquisition

Prudential joined Real Living in the Manager’s U.S. real estate portfolio BRESI is working with Brookfield to monitor the slowly recovering U.S. real estate industry as a source of potential growth

The Rebirth of Royal LePage Commercial

The Manager re-launched Royal LePage Commercial on April 3, 2012 Target market: the under serviced commercial real estate needs of small and medium-sized businesses and investors in Canada

Royal LePage Commercial

Provides a complete set of tools and resources for commercial practitioners A new Commercial logo, and dedicated website were launched Clients will also benefit from working with an accredited Royal LePage agent who has met specific entrance criteria Trending ahead of plan in early adoption

FOR A CENTURY, CANADA’S REAL ESTATE COMPANY

100 Years of Real Estate Innovation

In 2013 Royal LePage will reach an impressive corporate milestone with its 100 th anniversary

Plans are underway to celebrate nationally Focus on innovation showcasing a century of Canadian real estate and housing, including the company’s

contributions to the housing industry and communities across Canada;

and invite us to imagine the world of real estate 100 years into the future

100 Years of Real Estate Innovation

Consumer and network targeted initiatives such as posters, videos, contests, swag, decals, Facebook game, local office celebrations, fundraising challenges for the Shelter Foundation, public relations initiatives, and more We hope to increase credibility, consumer awareness and visibility for our brand

THANK YOU!