September 23, 2008

Dear Member-Partners and prospective investors of the IGW REIT,

I am most pleased to report that the temporary cease-trade order from the BC Securities Commission has been lifted and that subscriptions to the IGW REIT will now be processed in the order that your “expressions of interest” were received. We have filed a revised Offering Memorandum for the IGW REIT with the BCSC and the updated version will also be filed with all other provinces in which our members reside.

As you know from my earlier correspondence (see Updates page of this website), the BCSC ordered a halt in the processing of new subscriptions or redemptions for the IGW REIT until an updated OM was filed. Our management team and legal counsel immediately began working with the commission to address their concerns -- the two main ones being:

• our Offering Memorandum dated February 26, 2007, as amended March 5, 2008, did not include audited financial statements for the year ended December 31, 2007 for distributions of units made after April 30, 2008 and therefore essentially expired before updated financial statements could be provided; 
  
• a change in accounting treatment in our 2007 year-end statements that was required by our auditors with respect to the amortization of in-place leasing costs, pursuant to which these costs are now amortized separately from building costs over the remaining lease term. 
  

As a result, we prepared and filed an updated Offering Memorandum. We believe that it provides the most up-to-date information possible to assess your investment in IGW REIT units. Prospective subscribers may receive a copy by submitting a completed Notice of Interest form.

Thank you for being patient and understanding throughout this period.

Warm regards,

Emanuel.

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