Lanesborough Real Estate Investment Trust V.LRT.UN

Unsecured to Secured debentures in 2011

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I went back in the SEDAR documents and noticed the following:

"At the Meeting, the Debentureholders will be asked to approve the following amendments to the Debentures:

• increasing the interest rate on the Debentures from 7.5% per annum to 9.5% per annum;

• extending the maturity date of the Debentures from December 31, 2011 to February 28,

  2015;

• eliminating the ability of Debentureholders to convert the Debentures into trust units of

  LREIT (“Units”);

• amending the redemption features of the Debentures;

• eliminating the ability of LREIT to repay the principal amount of the Debentures through

  the issuance of Units on redemption or maturity of the Debentures;

• eliminating the ability of LREIT to satisfy its interest payment obligations through the

  issuance of freely tradeable Units; and

• improving the security granted by LREIT for the repayment of the Debentures so that the Debentures shall be secured by a charge to and in favor of the Indenture Trustee on all of LREIT’s property and assets, subject to senior debt and permitted encumbrances.

So the debenture holders agreed on an amendment to change from unsecured to secured back in 2011. Very interesting...