Extendicare Real Estate Investment Trust 6-K Extendicare to Record US$33.6 Million Tax Benefit in 2004

Exhibit 99.2

NEWS RELEASE
FOR IMMEDIATE RELEASE
February 16, 2005

Extendicare Inc. Declares Preferred Share Dividend Payment — TSX: EXE.PR.E

MARKHAM, ONTARIO — Extendicare Inc. (TSX: EXE.MV and EXE.SV; NYSE: EXE) announced today that a monthly dividend of $0.071 per share, on the Company’s Class II Preferred Shares, Series 1 (EXE.PR.E) has been declared payable on March 15, 2005 to shareholders of record on February 28, 2005. The floating rate monthly dividend on the Class II Preferred Shares, Series 1 is based on the prime interest rate on January 31, 2005.

For further information, contact:

Extendicare Inc.
Christopher Barnes
Manager, Investor Relations
Telephone: (905) 470-5483
Fax: (905) 470-4003
Visit Extendicare’s Website @ www.extendicare.com

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