IGW REIT UNIT VALUE UPDATE

Thursday, September 1, 2011

Dear Member-Partners,

The unit value for the Traditional Class A, AA and AAA IGW REIT Unit has declined this quarter, from $1.055 to 1.050. Distributions on all Common Units remain at 7.5 cents per unit per annum. Outstanding Income Priority Units are unaffected.

Explanation and Analysis

To date, LEAGUE has reported it's financials and calculated the Net Asset Value (NAV) of the IGW REIT in accordance with the standards of Canadian GAAP (Generally Accepted Accounting Principles). It's important to note that we were operating by Canadian standards. Until now, there were no internationally accepted reporting standards.

Effective this year, Canadian securities regulatory authorities have imposed new standards which require the switch to IFRS (International Financial Reporting Standards) for entities such as the IGW REIT that rely on an Offering Memorandum.

It's a new (thicker) rule book

This being the first revaluation since completing our implementation of IFRS across the IGW REIT, these standards have changed the way the Net Asset Value - and hence the current unit price - is calculated. While IFRS requires a different approach to the treatment of some balance sheet items, there are also positive benefits.

For example, IFRS implementation further increases transparency. By having the total market value of all the properties stated on the balance sheet, investors may now see for themselves the market value composition of the assets and liabilities rather than just the book values.

Onward and upward!

While regulations has made it necessary to switch to IFRS accounting, we are pleased to adopt this framework and thus continue to achieve and surpass the highest standards of transparency for our Member-Partners.

We look forward to pursuing the new opportunities now available to us, resulting from this transparency. With IFRS in place, we are now able attract a broader (and possibly international) range of financial resources into the IGW REIT. This improved access to capital could translate to continued acquisitions of high quality assets, greater stability, and a more robust IGW REIT.

On behalf of every one of us at LEAGUE, we thank you for your unwavering commitment to LEAGUE and each other, in partnership in these real estate assets, and the fulfilment of your family's Intergenerational Wealth™ goals.

Warmest Regards,

Emanuel F. Arruda Founding Partner & Co-Chair The LEAGUE Group of Companies