Links to more information:
Altus Helyar: www.altushelyar.com/AltusHelyarCost.aspx
The Valuation Agreement: www.league.ca/pdf/altusvaluationagreement.pdf

April 7, 2008

Greetings fellow Member-Partners!

League is proud to announce yet another strategic alliance designed to further assure transparency, accountability and disclosure to current and potential League Member-Partners.

Trusted name
Beginning immediately, Altus Helyar—Canada's largest and oldest cost consulting and development cost management practice, and the leading provider of independent real estate consulting and advisory services, will provide quarterly and annual valuation services for all of the assets in the IGW REIT. In addition, on an annual basis, Altus will certify the Net Asset Value (NAV) and, in conjunction with the audit supplied by KPMG, determine the Unit Value of the IGW REIT.

This new strategic partnership brings significant industry expertise and valuation experience to bear for the Member-Partners of League's IGW REIT.

Independent judgment
From now on, Altus will collect, analyze, and maintain all of the valuation data on all of the properties managed by League. This will create considerable in-house efficiencies in terms of time and expense associated with accumulating and analyzing the data needed to update the NAV each quarter, while assuring current and potential Members-Partners that a single trusted, specialized, and completely independent party is providing the annual NAV calculation and reviewing all our quarterly unit re-valuations.

Over the next 12 months, Altus will gather the appraisal information from previous quarterly re-valuations and, following the completion of the audit by KPMG in the first quarter of 2009, provide a certified Net Asset Valuation for the IGW REIT.

Essential services
For each asset, Altus will provide independent property value assessment services including:

• annual appraisal reports: Annually, all properties will be analyzed using a consistent valuation method-replacement cost, income approach, market comparison-and all of the reports will be consolidated into a single report, along with a summary and commentary as to the total aggregate value of the entire portfolio as well as commentary as to the fair value of the entire REIT. In addition, Altus will continue League's practice of re-valuing the properties selected for that quarter's unit re-valuation.
• replacement cost estimates for insurance purposes: this will ensure that our assets are never under-insured, and that the tenants are always charged exactly what is needed to fully recoup insurance costs.
• property tax assessment reviews: the aim being to reduce property taxes payable. This is good both for the tenants and League, as it decreases operating costs for both parties. (More on this below.)
• summary of the total aggregate value of all assets: this is the actual Net Asset Value (NAV) calculation. It provides the total value for the portfolio as a going concern. Using this value, in conjunction with the financial statements audited by KPMG, the IGW REIT's unit value can now be independently certified.
  

What these services cost
The net cost to Member-Partners is zero. Tenants pay for these services. Because the valuations include replacement cost and property tax assessments for the tenants, appraisal costs will now become "fully-recoverable expenses", and the cost of these services will flow through to the commercial tenants as Cost of Area Maintenance (CAM) charges. This will further reduce the annual operating costs of the REIT by $50,000 to $70,000.

How the NAV is calculated
The NAV will continue to be calculated as it always has, as follows:

NAV = (the total book value or last appraised value of all properties) - (the discounted present value of League's incentive management fee) - (discounted present value of real estate sales commission*) + (The net book value of the short-term assets and the short-term and long-term liabilities)

*Sales commission refers to fees paid to real estate brokers in the event of the disposition of an asset, and assumes a 10% portfolio turn-over annually

Fulfilling our promise
This is yet another of many sequential steps League is taking towards prospectus-level transparency and accountability, but also towards elevating the IGW REIT to an institutional-quality investment.

As always, we invite you to call or write with any questions or comments you may have regarding this or any other matter. Both my partner, Adam Gant, and I-along with all our staff-look forward to speaking with you and helping you and your family to achieve Intergenerational Wealth™ as a Member-Partner in League.

Warmest regards,

Emanuel.

Emanuel Arruda
Chairman & Co-Founder
League Assets Corp.

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Nothing, not even the armies of the night, can stop an idea whose time has come.
- Victor Hugo -
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