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June 15, 2005

Vaughan Mills to welcome Holt Renfrew Last Call

Vaughan, Ontario – Vaughan Mills, one of the largest shopping and entertainment destinations in the Greater Toronto Area, announced today that Holt Renfrew, Canada’s premier specialty retailer, will open a 28,100-square-foot Last Call location. This retailer’s new location will open in October 2005, transitioning from their current location in Thornhill, Ontario.

“Holt Renfrew is revitalizing many areas of the business, including our Last Call location, to better serve our customers,” said Caryn Lerner, President of Holt Renfrew & Co., Limited. “Vaughan Mills has established itself as a major force in the Canadian retail landscape and the fit for Holt Renfrew Last Call is a natural.”

“Holt Renfrew is an institution in Canadian retailing and it is with great pride that we welcome them to Vaughan Mills,” said René Tremblay, President and CEO, Ivanhoe Cambridge. “As the first enclosed shopping centre to open in Canada in 14 years, Vaughan Mills strives to bring a new vitality to the Canadian retail market, a goal we are achieving by bringing on board such forward-thinking retailers as Holt Renfrew.”

“The Mills is pleased to welcome Holt Renfrew Last Call to the spectacular Vaughan Mills, our first mall in Canada,” said Laurence C. Siegel, chairman and CEO of The Mills Corporation. "We continue to build relationships with leading retailers around the world, to provide the best possible retail mix at our innovative shopping destinations.”

“Holt Renfrew’s decision to bring Last Call to Vaughan Mills is a testament to the success Vaughan Mills has enjoyed since grand opening last November,” said Carol Hyams, General Manager, Vaughan Mills.

Vaughan Mills is located at 1 Bass Pro Mills Drive in Vaughan, Ontario, 32 kilometres north of downtown Toronto, at the corner of Highway 400 and Rutherford Road. The centre is open Monday to Saturday, 10:00 a.m. - 9:00 p.m. and Sunday, 11:00 a.m. - 7:00 p.m. For information call 905-879-2110.

Sol Nayman of S.D. Nayman Management Inc. served as the exclusive advisor on this transaction.

About Vaughan Mills
Vaughan Mills is the first enclosed regional shopping centre built in Canada in more than 14 years. The 1.2 million-square-foot enclosed shopping, leisure and entertainment destination features 16 anchor tenants and more than 200 stores, restaurants and entertainment venues. Many are the first of their kind in Canada, including Bass Pro Shops Outdoor World, NASCAR SpeedPark, Lucky Strike Lanes and Hudson’s Bay Company’s designer Depot. The centre also features the world’s largest Tommy Hilfiger Outlet. Located at the southeast corner of Highway 400 and Rutherford Road, in the City of Vaughan, Ontario, Vaughan Mills is owned by a 50/50 joint venture between The Mills Corporation and Ivanhoe Cambridge.

About Holt Renfrew
Holt Renfrew delights its customers with beautiful fashions presented in style. For over 165 years, Holt Renfrew has been renowned for offering its customers the highest standard of excellence in customer service, merchandise quality and selection in its 9 locations across Canada including: Toronto (3), Ottawa, Montreal, Quebec City, Vancouver, Calgary and Edmonton. Holt Renfrew Last Call has locations in Winnipeg and Toronto.

Vaughan Mills, Vaughan, Ontario