LEAGUE WELCOMES PATRICK M. MINIUTTI AS CFO

Tuesday, September 22, 2009

Dear Friends and Member-Partners,

We are pleased to introduce to you Patrick M. Miniutti, who will be joining League as its Chief Financial Officer.

Patrick will be working extensively with my partner and Cofounder, Adam Gant, and will bring his considerable skills set in the fields of accounting and tax, capital markets and real estate to bear as we move forward. His real estate experience encompasses responsibility for acquisitions, development, asset management, leasing, property management and marketing, as well as finance and accounting. Patrick has extensive experience in the development and management of retail centres, offices, multifamily housing and mixed-use properties in Canada and throughout the United States. His retail centre experience includes power centres, community and neighbourhood centres, regional malls and outlet centres.

Prior to joining League, Patrick served as Managing Director with Sunset Realty Services, a real estate, financial and management advisory services firm. Before this, he served concurrently as Executive Vice President, Chief Financial Officer and Chief Operating Officer of Konover Property Trust, also serving on its Board of Directors. He has also served as Executive Vice President and Chief Financial Officer and on the Board of Directors of Crown American Realty Trust, a company in which he was a critical participant in its Initial Public Offering. In addition, Patrick served as Vice President, Financial Services and Chief Accounting Officer for Cadillac Fairview Corp. All of these organizations were publicly traded companies.

Patrick has a Bachelor of Science degree in Accounting from the University of Bridgeport and obtained his MBA at Michigan State University. He is a Certified Public Accountant.

Patrick brings to the League team the depth and experience that will help us expand our horizons in the coming years, with the ultimate goal of enabling a greater number of Member-Partners secure lasting Intergenerational Wealth.

Kind Regards,

Reminders...

The State of the Units Report for the REIT is published quarterly in March, June, September and December on this web page. This includes detailed updates on ongoing activities at each property.

Distribution payments for the REIT begin on the 21st day of the month following the day you invest. You need not wait until the next revaluation to subscribe and begin receiving your distribution payment.

Tax slips are issued for Limited Partnership and REIT unitholders by March 31st each year. Please note that electronic filing is not possible for Limited Partnerships less than one year old.

New unit values for the REIT are announced on the last day of February, May, August and November. Complete portfolio reappraisals take place prior to the May and November revaluations. At the February and August revaluations, only those properties that we expect to have changed in value are selected for reappraisal. To review how the revaluations are performed, click here or review the Frequently Asked Questions section of the current Investment Overview available in the Members Area.