Canadian Warrants

Symbol: LRT.WT
Cusip: 515555 11 8
Trading currency: Canadian
Designated market-maker: Desjardins Securities Inc.
Other markets: None

The warrants will be issued as a component of a prospectus offering of investment units to be sold to the public at a price of $1,000 per unit pursuant to the terms of a prospectus dated February 25, 2010. Each unit will consist of one five-year 9.0-per-cent second mortgage bond in the principal amount of $1,000 and 1,000 warrants. The units will separate immediately upon closing of the public offering.

Each warrant will entitle the holder thereof to purchase one trust unit of the REIT at a price of $1 per trust unit at the option of the holder at any time prior to the date that is five years from the date of the closing of the offering.

Details of the supplemental listing of bonds are contained elsewhere in a Toronto Stock Exchange bulletin in Stockwatch. The warrants will be issued in the form of a fully registered Global warrant held by, or on behalf of, CDS Clearing and Depository Services Inc. or its successor as custodian for its participants. All warrants will be represented in the form of a Global warrant registered in the name of the depositary or its nominee. Purchasers of warrants represented by a Global warrant will not receive warrants in definitive form. Rather, the warrants will be represented only in book-entry only form. Each purchaser of a warrant represented by a Global warrant will receive a customer confirmation of purchase from the agent or registered dealer from whom the warrant is purchased in accordance with the practices and procedures of the selling agent or registered dealer.

The warrants will be governed by the terms of a warrant indenture dated as of March 4, 2010, between the REIT and CIBC Mellon Trust Company, as warrant agent. The warrant indenture will provide for appropriate adjustments to the warrants in the event of stock dividends, subdivisions, consolidations and other forms of capital reorganization.