TORONTO, ON February 15, 2008 – Tarion Warranty Corporation announced today that Gregory W. Gee, President and Chief Executive Officer of Tarion, will retire as of the Annual Meeting of the Corporation on March 27, 2008.

Currently in his seventh year with Tarion, Mr. Gee was hired by Tarion’s Board of Directors to rebuild the organization into a modern corporate environment, with a focus on customer service. Under his leadership, a dynamic organization has been built, with corporate best practices and state-of-the-art technology being used in virtually all of Tarion’s business processes.

“The improvements to our business as a result of the extensive rebuilding of Tarion over the past few years was recognized recently by both the buyers and builders of new homes in Ontario,” said Bob Wade, Chairman of the Board of Tarion, and former Mayor of the City of Hamilton. “A survey conducted in September 2007 by Harris/Decima Research involving more than 53,000 new home buyers in Ontario gave Tarion an 87% satisfaction rating for customer service. An independent survey of new home builders in Ontario conducted late in 2007 gave Tarion an 89% rating for overall satisfaction. Greg Gee has been instrumental in providing the leadership and vision to achieve these remarkable results.”

“Given his strong background as a business lawyer and financial services executive, we had great faith in Greg’s ability to rebuild the organization through a period of challenge and change in the Ontario home building industry. Home builders and consumers in Ontario owe a debt of gratitude to Greg for the way Tarion has been transformed under his leadership into a modern and efficient corporation with a highly skilled staff. He will definitely be missed as he steps down,” said Al Libfeld, former Chairman of the Board of Tarion, and President of Tribute Communities, one of the largest home builders in Ontario.

Tarion Warranty Corporation is a private corporation established in 1976 to serve as the Regulator of the new home building industry in Ontario. In this role, Tarion licenses all new home and condominium builders pursuant to provincial legislation. This statute requires new home builders to provide purchasers with warranty coverage that is guaranteed by Tarion. The Corporation has also established minimum time standards for after-sales service, and adjudicates issues between homeowners and builders. Over 1.45 million homes in Ontario have been protected under warranty by Tarion.

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For further information: Janice Mandel, Vice President, Corporate Affairs (416) 229-3853 janice.mandel@tarion.com