Villarboit Development Corporation ("VDC")

Guery Goyo - President

Mr. Goyo is the President of Villarboit Developments and has over 25 years of successful land development, construction, and leasing experience in the retail, commercial, industrial and homebuilding sectors.

He is an experienced negotiator and is involved in all facets of the development business including site selection and acquisitions, planning, zoning, construction and management. He has completed well in excess of 1 million square feet of construction projects and over 800 acres of land development focused on the retail sector for his own and investor accounts, as well as third party owners and retailers. His extensive retailer relationships provides a considerable advantage in the acquisition and site selection process. Passion and commitment to his work have driven a successful track record for his investors, and provides a high level of service for Villarboit's tenants and customers.

Guery has a Masters in Urban Planning specializing in land development from Queen's University.

Sandra Noest, CGA - Chief Financial Officer

Ms. Noest is the CFO of Villarboit and has overall responsibility for accounting, investor reporting, capital and treasury management, and tax planning. She is also directly involved in transaction and financing execution. She has over 25 years of real estate development, property management and finance experience.

Prior to Villarboit, Ms. Noest was Vice President of Accounting for Dundee Realty, where she was part of their Urban Development group, responsible for Toronto condominium development and commercial operations. The portfolio represented over $1 billion in development costs, and was comprised of over 2,000 residential condominiums, retail and land development lands, and also included the management of a 500,000sf commercial and retail portfolio.

Prior to Dundee, Ms. Noest was Controller for Tribute Communities, a leading builder of new homes and condominiums, and has also held senior financial positions at O&Y.

Her experience covers strategic planning, project management, retail development and cost control experience in public, private high net worth, and larger institutional investor based firms.

David Goyo - President, Regency Heights Homes
Partner, Villarboit Development Corporation

Mr. Goyo is President of Regency Heights Homes and has over 25 years of success in the new home construction and development. His residential experience covers the full cycle of residential building, including the acquisition and development of land, design, servicing, construction and final sale. At Regency Homes, he has completed the development or construction of over 700 new homes on different sites throughout the Greater Toronto Area and surrounding communities. These developments include townhomes through to Regency's well known "mega-lot" estate homes. He has a broad range of industry contacts in land ownership, planning, construction and marketing. Regency has consistently had an excellent rating with Tarion, a testament to the efforts of Mr. Goyo and his team.

David Goyo graduated Ryerson University in Architecture Technology and is a member of A.A.T.O.

Mark Kiani, P.Eng., MSc., LEED AP - Director, Villarboit Construction

Mr. Kiani is the Director of Villarboit Construction and has over 25 years of experience retail, office, industrial and high rise construction, as well as municipal infrastructure developments. He is a member of the Professional Engineers of Ontario, and has a LEED AP designation. His experience covers a wide range of construction projects from feasibility study, to management of site preparation and engineering, structural design and construction, and final tenant improvements. During his time at Villarboit, Mr. Kiani has managed the development of over 200 acres of land and construction of over one million square feet of commercial buildings for national and international tenants and clients. Along with his extensive experience, Mr. Kiani has developed a solid network of consultants, architects and contractors to deliver a high quality product for clients.

Mark has a MSc. in Civil Engineering from Tehran University.

Nick Latinovich, C.A. - Vice President, Construction Finance and Accounting

Mr. Latinovich is a former partner with Grant Thorton International and has over 25 years of accounting, audit and tax experience. In addition to his leadership of the accounting department, he is also involved with maximizing the returns for investors through building cost negotiations, and managing mortgage and construction financing arrangements.

Nick graduated from McMaster University with a B.Sc.

Mary Goyo, C.A. - Vice President of Finance and Reporting

Ms. Goyo has been involved with Villarboit's development activities since inception and has an extensive background in construction management and corporate accounting. She is directly involved in investor relations and reporting, and construction cost management and controls.

Mary has a BA from the University of Toronto.

Barry Browning, LLB - Corporate Counsel

Mr. Browning was previously a partner with O'Neill, Browning and Pineau practising general corporate and real estate law for high net worth individuals and private developers. His real estate experience covers all aspects of property level transactions and negotiations. At Villarboit, he is directly involved with tenant lease negotiations, property acquisitions and financings, and overall corporate dealings.

Barry has a BA from McMaster University, and a LLB from York University (Osgoode Hall).

Robert Nicholson - Director, Investment Committee

Mr. Nicholson is an accomplished real estate veteran in retail development with extensive relationships with multiple leading retailers across the country and abroad. Mr. Nicholson is currently Director of Asset Management at Morguard Corporation.

Prior to his work at Morguard, Mr. Nicholson was instrumental in the growth of Best Buy's international and Canadian presence, where he was Vice-President of International Real Estate and was directly responsible for overall real estate strategy, site selection, construction and leasing. In Canada, his work culminated in 147 new locations, as well as the management of a team that was responsible for over 200 locations. He also oversaw the acquisition and development of over 1.5 million square feet of new distribution facilities.

Mr. Nicholson along with his development expertise has a broad and full network of land owner, construction and retailer leasing relationships.

Robert has an Executive MBA from Simon Frasier University.