HLD Land Development Limited Partnership Units V.HLD.UN

PROXY ISSUES & BE CAREFUL WHAT YOU BELIEVE

[HLDGURU]

Many posts on this website have stated that the management such as Michael Thornton are not taking sides and not advising shareholders to vote FOR the offer. That is the furthest thing from the truth. If you look at your PROXIES that you all have been sent it clearly states that management is recommending you VOTE FOR (IN FAVOR) of selling the assets to them. The last time I checked Micheal Thornton was very much a part of the management of this company. They also recommend you give directors Matthew Ross and John Third discretionary authority to vote on any other matters that may come before the meeting. Either attend and vote yourself or do not give this authority to anyone you do not trust. It is my understanding that CDS has sent out notices that may not be clear and especially if you intend to vote against the offer. You are asked to vote FOR or not vote at all. There seems to be a default which will aoutomatically vote in FAVOR if you do not vote. If you have received one of these types of proxy notices contact CDS as they have misprinted these documents. They can be contacted at www.cds.ca There are a number of different ways to vote your proxies. If you have your HLD shares at a securities dealer they would have sent you a control number and you can vote either by telephone or online at www.proxyvote.com These electronic and telephone proxies work well. If you hold the HLD shares personally then you would have been mailed a proxy which you can either mail in or fax in. The details are on the back of the PROXY in section 3. A copy of this PROXY can be found in the SEDAR filings link on the attached web page dated Feb 20,2006. https://www.fin-info.com/$main$nobody,,18989927$37c4e89234a3/query_results.phtml?search_input=HLD&search_type=root If you hold the HLD shares in a self-directed account at a place like MRS Trust, Laurentian Trust, Canadian Western Bank or a Credit Union held self-directed RSP account, they would have received these misprinted notices which seem to not give any option to vote against the offer. Many shareholders likely hold the HLD shares in this format. These shares seem to be coded to be voting in FAVOUR of the OFFER by simply ignoring the notice or not doing anything. This could turn out to be a large source of YES votes. If you hold shares this way just make sure you vote what you truly intend to vote and don't let the system default the YES vote for you. It is important that all shareholders either attend and vote their proxies in person, or mail or fax their proxies in as stated on the back side of their proxies. The proxy asks you to make 3 resolutions. The first is to appoint a director, or yourself or an appointee to vote on your behalf. Either vote in person or appoint someone you trust. Do not appoint someone who will vote with their interests ahead of yours. The second resolution is to VOTE for or AGAINST the sale of the assets. The third is to appoint discretionary authority in the event other business is voted on at the meeting. It is generally not a good idea to provide this authority. Do your own due diligence.