Monday, August 18, 2008

Greetings Member-Partners,

Following last Friday's email, I wanted to inform you on the progress being made toward filing the updated Offering Memorandum, which will allow the IGW REIT to once again issue new units.

To reiterate, this has no effect on the operations of the investment, it simply interrupts our ability to issue new units.

Originally, we planned to announce the requirement to file an updated Offering Memorandum and the news about the Caese Trade Order on Friday the 15th because we believed we were on track to have it reviewed and approved by then. We expected to give you all the news at once. We realized on Friday morning that confirmation would not be received before the end the day, as we were still waiting for the final response from British Columbia Securities Commission (the "BCSC").

Based on our experience dealing with the BCSC, and our experience updating the Offering Memorandum last February, it became apparent that it would take a few more days to complete. Although both sides are working as quickly as possible, we have learned not to make predictions about timing as it is partially out of our control. Even so, we feel confident, that things will move much more quickly this time around.

We received feedback from the BCSC late last Friday, after we had already left the office, and our legal and and accounting personnel immediately went to work assembling the remaining information that they required throughout the weekend so that we may complete our response to the BCSC as soon as possible. Once final approval on the Offering Memorandum updates is received from the BCSC, we will be up and running at full subscription capacity once again.

Meanwhile, the work on the properties continues without interruption. Some new updates are in the works to inform you of the progress on two of the shopping centers in Alberta, as well as news of the completion of the remaining work at the Tyee Plaza scheduled for the first week in September. As you've no doubt read in the management review that was included with the audited financial statements that were included in our email, we have made excellent progress towards finishing the new buildings and renovations.

Adam and I are still very much in contact and monitoring our email. Now that the Offering Memorandum updates are being actively processed on both sides, I will likely have real news to deliver in the near future. As progress is made I will, of course, send updates.

Of course, if you have questions that can't wait until next week, feel free to send us an email directly.

We look forward to keeping you informed about the the Offering Memorandum update progress, as well as the latest information about the growth of the REIT and the newly added features to improve its operating performance.

Thank you for your patience as we work through this process.

Sincerely,

Emanuel.

Emanuel F. Arruda
Chairman & Co-Founder
League Assets Corp.

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"We don't want to make a big impression, we want to make a big difference."
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