FL Master Sherman, Ltd. Completes Previously Announced Acquisitions of
Raintree Apartments and Arrow Wood Apartments

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

TORONTO, July 9 /CNW/ - FL Master Sherman GP, Inc. (the "General Partner"), the general partner of FL Master Sherman, Ltd. ("Master Sherman") is pleased to announce the completion of the previously announced acquisitions of two multi-family residential properties located in Sherman, Texas known as the Raintree Apartments and the Arrow Wood Apartments.

    
    Raintree Apartments
    -------------------
    

On June 30, 2010, Master Sherman completed the acquisition of 99.99% of the outstanding limited partnership units of FL Raintree, Ltd. ("Raintree LP") from First Leaside Properties Limited Partnership ("Properties LP"). The sole asset of Raintree LP is a residential apartment complex known as the "Raintree Apartments", situated on approximately 10 acres of land, comprised of approximately 112,400 square feet of rentable space divided into 144 units and located at 800S FM 1417, Sherman, Texas, USA. The general partner of Raintree LP, FL Raintree Apartments, GP Inc., retains 0.01% of the outstanding limited partnership units of Raintree LP.

The aggregate purchase price for the Raintree Apartments of USD$3,601,492 was paid by Master Sherman to Properties LP through (i) the forgiveness of loans previously provided by Master Sherman to Properties LP in the principal amount of USD$3,601,492.

    
    Arrow Wood Apartments
    ---------------------
    

On June 30, 2010, Master Sherman also completed the acquisition of 99.99% of the outstanding limited partnership units of FL Arrow Wood, Ltd. ("Arrow Wood LP") from First Leaside Opportunities Limited Partnership ("Opportunities LP") The sole asset of Arrow Wood LP is a residential apartment complex known as the "Arrow Wood Apartments", situated on approximately 11 acres of land, comprised of approximately 162,232 square feet of rentable space divided into 200 units and located at 1200 W. Taylor, Sherman, Texas, USA. The general partner of Arrow Wood LP, FL Arrow Wood Apartments, GP Inc., retains 0.01% of the outstanding limited partnership units of Arrow Wood LP.

An aggregate purchase price for the Arrow Wood Apartments of USD$5,291,909 was paid by Master Sherman to Opportunities LP through (i) the forgiveness of loans previously provided by Master Sherman to Opportunities LP in the principal amount of USD$2,023,141 and (ii) the payment of an additional amount of USD$3,268,768 in cash.

    
    Master Sherman
    --------------
    

Master Sherman, a reporting issuer in the provinces of Alberta, British Columbia and Ontario, is an aggregator of multi-unit residentially rental properties, currently focussing in the State of Texas.

%SEDAR: 00028079E

SOURCE FIRST LEASIDE PROPERTIES FUND

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

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FIRST LEASIDE PROPERTIES FUND

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FL MASTER SHERMAN, LTD.

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