October 8, 2007

Dear Friends,

Before crawling into bed with my belly full of turkey and stuffing, I wanted to write you and let you know how thankful Adam and I are for your friendship and your trust. We count it both a great honour and privilege to be your friends and investment partners.

As is my custom to do every year, I "counted my blessings" (literally), and once again I was astounded at just how many there are.

Last Thanksgiving, exactly 181 families joined together in Member-Partnership with League to acquire $42 million in assets. It's just one year later and our league of Members has grown to 612 with an asset base about to surpass $200 million.

I am so proud to know that your 610 families are bound together with ours in Member-Partnership in League, and that our fortunes are positively inter-dependent upon one another. Our success is inextricably tied to yours. And, as I've said in the past, if trust truly is capital, then we are very wealthy men indeed.

From our families to yours, we wish you a wonderful Thanksgiving holiday.

Warmest regards,

Emanuel.

Emanuel Arruda
Chairman & Co-Founder
League Assets Corp.

Through its expertise in providing extraordinary investment opportunities, League helps its Member-Partners accumulate and preserve their wealth across generations of their families.

League's IGW REIT pays the highest distributions of any REIT in Canada. To date, the REIT's portfolio consists of Canadian commercial and retail properties with combined value of more than $180 million.

The trust exists to find, acquire, improve and manage profitable real estate properties across the nation, and to offer these opportunities to other like-minded investors.