Mr. Douglas Goss reports

MELCOR ANNOUNCES ELECTION OF DIRECTORS

Melcor Developments Ltd. has released the results of its annual general meeting (AGM), held today. A total of 23,164,739 shares were voted in person or by proxy, representing 77.07 per cent of the outstanding shares as of the record date.

Shareholders approved all items of business before the AGM, including the election of directors, as detailed in the attached table.

About Melcor Developments Ltd.

Melcor is a diversified real estate development and asset management company with a rich heritage of innovation in real estate since 1923. While the specifics of our business have changed over the years to reflect the times, real estate is fundamental to what Melcore is.

Through integrated operating divisions, Melcor manages the full life cycle of real estate development: acquiring raw land, community planning, construction and development, and managing revenue-producing office, retail and residential assets. Melcor develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centres, and golf courses.

Melcor is committed to building communities that enrich quality of life.