Highlights

THE FOLLOWING ARE THE DISTINGUISHING FEATURES OF THE WOODFINE LPs:

ALIGNMENT OF INTERESTS

WCP’s only equity interest in a Woodfine LP is held through the ownership of 10% of the LP Units. WCP cannot dispose of its LP Units until the limited partners have received distributions at least equal to their initial investment, or a sale of all assets or LP Units occurs.

REPORTING ISSUER

Woodfine LPs, as they become reporting issuers under securities laws in Canada, must make press releases as to material events, and file annual and quarterly financial statements and material change reports with securities commissions in Canada. Filed press releases and reports are accessible at www.sedar.com.

ANTI-DILUTION

Woodfine LPs are closed-end partnerships with a fixed gross funded value that does not allow for future dilution of equity after an initial period, or an increase in the maximum subscribed capital.

1% ADVISOR FEE

Woodfine LPs retain a subsidiary of WCP as advisor on all aspects of their real estate businesses. The advisor’s fees do not increase as the values of the assets held by each Woodfine LP increase. The advisor charges a single, annual 1% fee, calculated by reference to each Woodfine LP’s gross funded value, as a contribution to overhead for its advisory and management services to each Woodfine LP.

BORROWING LIMITED BY 1.20 INTEREST COVERAGE RATIOS

Woodfine LPs may only issue secured mortgage debentures once they are in receipt of income from tenants. The amount that a Woodfine LP may borrow is limited by the requirement that a Woodfine LP may not exceed a 1.20 interest coverage ratio.

FREELY
TRANSFERABLE UNITS

LP Units are transferable without the consent of the general partner, subject to securities laws requirements and certain restrictions in the partnership agreement.

LEED CORE AND SHELL

All Woodfine LP properties must meet LEED (Leadership in Energy and Environmental Design) standards for energy efficiency.

QUALIFIED INVESTMENTS

Prospective project sites and buildings must meet specific parameters before a project can be approved by a Woodfine LP’s independent board of directors.