A Statement from Keiko Nakamura

Chief Executive Officer, Toronto Community Housing

March 3, 2011

At today’s special meeting, the Board of Directors gave Toronto Community Housing clear
direction on how to proceed in making improvements to correct the problems found by the
Auditor General. The board thanked the Auditor General for his report and unanimously
accepted his recommendations, and directed staff to implement them. With the changes already
made to strengthen financial controls and business systems, as well as the further actions being
taken in 2011, I am confident that the company can implement the recommendations.

At the board meeting, I apologized to tenants for our failures, particularly for wasting money that
could have been put toward repairs and services. The actions taken were completely
unacceptable. I have set clear expectations for all employees that our culture must change. We
must put tenants first and spend the public’s money wisely and well.

I would like to acknowledge the contributions of the seven citizen board members, including
chair David Mitchell, who resigned today. I thank them for their commitment to social housing
and for contributing their time and expertise to the board. Under the board’s direction we have
accomplished many successes, including a public-private partnership for Regent Park
regeneration, effective models for tenant engagement and community economic development,
and the highest levels of investment in capital repairs in the company’s history.

I would especially like to thank David Mitchell. David is a former tenant and a champion of social
housing’s importance in building healthy communities. As chair, he has been a strong supporter
of community engagement, particularly for youth, and of creating conditions that enable each
and every resident to reach their potential. I have appreciated his personal support and the trust
that he and the board have placed in me.

As long as I can contribute meaningfully to the company’s goals, I will proudly serve as CEO.