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Hilary Fialho

Dear Hilary:

It is with great pleasure that we take this opportunity to congratulate you on your tremendous sales achievements for the First Half of 2004.

RE/MAX International has recently compiled their First Half Standings and you have been listed as one of the Top 100 Sales Associates in Canada for the First Half of 2004. Considering RE/MAX Currently has over 13,600 Sales Associates in Canada, this places you in the Top 1% of our Canadian Membership. We are extremely proud to recognize you as a true leader amongst the leaders of the Real Estate Industry.

Our sincere congratulations to you for your accomplishments so far this year. We look forward to sharing with you many more years of continued success in the RE/MAX organization.

Yours truly,
RE/MAX Ontario-Atlantic Canada Inc.

Frank J. Polzler, Chairman and Co-Founder
Walter J. Schneider, President and Co-Founder

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