HLD Land Development Limited Partnership Units V.HLD.UN

Management Update

[HLDpropmngr]

Hello Folks, I haven't looked at this bullboard for months, since the last time I posted. I do not plan to check it again anytime soon, because it is an unreliable forum filled with inaccurate information. Here's some info to clarify some of the latest speculation: The fact that there were about 10 million Units submitted for redemption while there's only $7 million in immediate cash does NOT mean that anyone will receive only 70 cents per Unit. It simply means that about 70% of each person's Units will be redeemed for cash. The other 30% of your HLD Units will be returned to your account. If everything works out as planned, these debentures will pay out $1.02 at the end of a 7-year term, or sooner. In the interim the HLD Units will share in the net proceeds from 7% annual debenture payments. There are additional bonuses payable to HLD Unitholders if the debentures are redeemed early. HLD will have some costs in order to maintain its TSX listing, conduct audited financials, distribute debenture payments, send out T5013s, etc. I have no idea what HLD's operating costs will be, but if costs can be kept below $100,000 a year, over 5.5% in net interest payments from the debentures will flow through to HLD Unit holders. If that proves to be the case, each HLD Unit should pay about $1.40 over the 7 year term. (5.5% x 7 years = 38.5% of $1.02 = $0.39 + $1.02 = $1.41) As long as the TSX listing is maintained, HLD Units will remain publicly tradable at whatever price buyers and sellers agree upon. Example: For every 10,000 HLD Units submitted for redemption, you should receive approximately $7,000 in cash plus the return of about 3,000 Units. You can either sell or continue to hold the 3,000 Units. If you keep them, you share in the net proceeds from the debentures, and should receive $1.02 per Unit upon their final redemption. I hope this makes things more clear. For further information go to www.sedar.com and do a public company search for HLD. Best Regards, Michael Thornton