HLD Land Development Limited Partnership Units V.HLD.UN

RE: Inventory

[HLDalongtime]

I like your number crunching and attitude taguar. It is my understanding that Silver Spray alone will be worth $27 million, with Phase A worth about $14 million and at least 80% sold. It appears that one of the Falls land blocks was rezoned in 2004 for over 1,000 lots. The Langley land blocks are probably near the final process of being re-zoned for high density. Have you been to Langley lately? Vancouver is going to have amazing real estate appreciation over the next 4 years due to the 2010 Winter Olympics, a huge bull market in the commodities of which B.C. reigns, and the right government. It is the perfect storm. I can't believe the irresponsible fear-mongering of M. Thornton in his email to investors, suggesting that HLD is undercapitalized, and may have to issue more units, implying a dilutive depreciation factor in our unit’s prices. Why can't we see the 2005 Annual Report, which is supposed to be ready by March 7, before investors have started voting? That report should show over $4 million in demand loan pay-down in 2005 from booked Silver Spray sale’s proceeds.