FL Master Sherman, Ltd. Announces an Agreement for the Acquisition of FL
Raintree, Ltd. and FL Arrow Wood Apartments, Ltd.

    
    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES/
    

TORONTO, Oct. 5 /CNW/ - FL Master Sherman GP, Inc., the general partner of FL Master Sherman, Ltd. (the "General Partner"), is pleased to announce the execution of two unit purchase agreements on September 25, 2009, for the indirect acquisition of two multi-family residential properties located in Sherman, Texas.

The Raintree Apartments

FL Master Sherman, Ltd. ("Master Sherman") and First Leaside Properties Limited Partnership ("Properties LP") have entered into a unit purchase agreement for the acquisition, by Master Sherman, of all of the issued and outstanding units of limited partnership interest of FL Raintree, Ltd. (the "Raintree Units") for a total aggregate cost of CDN$3,800,000.00, subject to adjustments at closing. The purchase price of the Raintree Units was agreed to pursuant to an independent valuation of FL Raintree, Ltd's sole asset, the Raintree Apartments, provided by Marcus Millichap Capital Corporation ("Marcus Millichap"). Master Sherman has already paid Properties LP CDN$2,330,000.00 towards the purchase price of the Raintree Units, which will bear interest from Properties LP at a rate of 9% per annum, payable monthly, until closing. The closing of the acquisition of the Raintree Units by Master Sherman is expected to occur on or before December 31, 2009.

Fl Raintree, Ltd. owns the Raintree Apartments, located at 800S FM 1417, Sherman, Texas; the Raintree Apartments are situated on approximately 10 acres of land and are comprised of approximately 112,400 square feet of rentable space divided into 144 units.

The Arrow Wood Apartments

Master Sherman and First Leaside Opportunities Limited Partnership ("Opportunities") have entered into a unit purchase agreement for the acquisition, by Master Sherman, of all of the issued and outstanding units of limited partnership interest of FL Arrow Wood Apartments, Ltd. (the "Arrow Wood Units") for a total aggregate cost of CDN$5,275,000.00, subject to adjustments at closing. The purchase price of the Arrow Wood Units was agreed to pursuant to an independent valuation of FL Arrow Wood Apartments, Ltd's sole asset, the Arrow Wood Apartments, provided by Marcus Millichap. Master Sherman has already paid Opportunities CDN$2,209,673.00 towards the purchase price of the Arrow Wood Units, which will bear interest from Opportunities at a rate of 9% per annum, payable monthly, until closing. The closing of the acquisition of the Arrow Wood Units by Master Sherman is expected to occur on or before December 31, 2009.

FL Arrow Wood Apartments, Ltd. owns the Arrow Wood Apartments, located at 1200 W. Taylor, Sherman, Texas; the Arrow Wood Apartments are situated on approximately 11 acres of land and are comprised of approximately 162,232 square feet of rentable space divided into 200 units.

Master Sherman is a non-offering reporting issuer in the provinces of Alberta, British Columbia and Ontario. Master Sherman currently issues securities to First Leaside Properties Fund, a reporting issuer in Alberta, British Columbia and Ontario, pursuant to a prospectus offering by First Leaside Properties Fund, which closed on June 2, 2009. Master Sherman, the General Partner, Properties LP and its general partner (2086056 Ontario Inc.), Opportunities and its general partner (1437290 Ontario Ltd.), FL Raintree, Ltd. and its general partner (FL Raintree GP, Inc.), FL Arrow Wood Apartments, Ltd. and its general partner (FL Arrow Wood Apartments GP, Inc.), and First Leaside Properties Fund, and its manager First Leaside Management Inc. are all members of the First Leaside Group of Companies.

%SEDAR: 00028089E

SOURCE FL MASTER SHERMAN, LTD.

For further information: For further information: CEO of the General Partner, David C. Phillips, (905) 852-1430, info@firstleaside.com

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FL MASTER SHERMAN, LTD.

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