Trustees

Detlef Bierbaum is a member of the supervisory board of Sal. Oppenheim KAG, a fund management company in Cologne, Germany. Prior to March 2010, Mr. Bierbaum was a member of the supervisory board of Bankhaus Sal. Oppenheim jr. & Cie and from 1991 to 2008 he held the position of Managing Partner with responsibility for asset management. Prior to 1991, he was the Chief Financial Officer of the Nordstern Insurance Company based in Cologne. He is a member of the board of directors of a number of companies in the asset management and banking sectors based in Germany, England, Ireland, Luxembourg, the United States, Canada and Hong Kong. Mr. Bierbaum is a graduate of the Universities of Cologne and Munich where he studied commercial banking and business administration.

Michael J. Cooper has worked in the real estate investment, development and property management industry since 1987. He is President and Chief Executive Officer of DRC and Vice Chairman and Chief Executive Officer of Dundee REIT, in which capacities he is focused on strategy, acquisitions, capital markets and investor relations. He is also the Managing Partner of Dundee Real Estate Asset Management, a fully diversified real estate investment and asset management company. Mr. Cooper previously was a Vice President of Goodman & Company Investment Counsel Ltd. responsible for investments in real estate and for establishing and co-managing the Dynamic Real Estate Funds. Mr. Cooper currently sits on a variety of public and private boards of directors, including Cancer Care Ontario, Dundee Corporation, Dundee REIT, Dundee Capital Markets Inc. and United Corporations Limited. He holds a law degree from the University of Western Ontario and a masters in Business Administration from York University.

Olivier Brahin has 19 years of experience in commercial real estate investment, financing, and asset management. Mr. Brahin is a partner of the general partner of Lone Star and Senior Managing Director of Lone Star Management Europe Ltd., where he is responsible for overseeing all commercial real estate investments and directing the commercial real estate origination, with a strong focus on European markets mainly in the United Kingdom, Germany and France. Prior to joining Lone Star, Mr. Brahin served as President of Hudson Advisors Germany, directing the underwriting, financing and asset management of all Lone Star investments in Europe. Before joining Hudson Advisors Europe Ltd., Mr. Brahin worked for KBC Bank NV, UIC Sofal, J.E. Robert Companies and Imaffine SA. He began his career in 1989 as a developer. Mr. Brahin graduated from the University of Paris-Dauphine and holds a master's in Finance and a master's in Economics.

Brydon Cruise is President and Managing Partner of Brookfield Financial, a global real estate and infrastructure investment bank. Mr. Cruise has more than 23 years of experience in real estate investment banking. He is responsible for originating and executing real estate mergers and acquisitions, debt and equity capital markets transactions for Brookfield Financial. Mr. Cruise previously worked as a Managing Director at RBC Capital Markets and on the principal side for two prominent United States based real estate finance investment companies, Fortress Investment Group LLC, as a Managing Partner, and Lone Star Opportunity Fund. Prior to that, Mr. Cruise worked in the real estate investment banking group at Citigroup, Inc. He is currently a director of MCAN Mortgage Corp. and serves as Vice Chairman on the board of the YMCA of Greater Toronto. Mr. Cruise holds a business degree from Wilfrid Laurier University.

Jane Gavan has over 20 years of experience in the real estate industry, in all aspects of the business including capital markets, financing, transactions, development and leasing. In addition to her role as CEO of Dundee International REIT, Ms. Gavan also serves as Executive Vice President of DRC and Principal of Dundee Real Estate Asset Management, in which capacity she is responsible for executing corporate strategy and is directly responsible for all major corporate, financing and real estate transactions. Ms. Gavan previously served as senior legal counsel to Oxford Properties Group, Inc., one of Canada's largest real estate owners and managers. Prior to joining Oxford Properties Group, Inc., Ms. Gavan was in private legal practice with one of Canada's largest law firms, Blake, Cassels & Graydon LLP, specializing in real estate and corporate finance. She holds a business degree from Carleton University and a law degree from Osgoode Hall, York University.

Ned Goodman is President and Chief Executive Officer of Dundee Corporation and Ned Goodman Investment Counsel Inc. and is the Chairman of Dundee Capital Markets Ltd. His investment experience spans more than four decades as a securities analyst, portfolio manager and senior executive, and he has an established reputation as one of Canada's most successful investment counsellors. Mr. Goodman is the founder and benefactor of the Goodman Institute of Investment Management, a graduate school for investment management at Concordia University in Montréal, and serves there as an adjunct professor and as a member of the Associates of the Chancellor. Mr. Goodman holds a Bachelor of Science degree from McGill University and a Master of Business Administration from the University of Toronto. He earned the designation of Chartered Financial Analyst in 1967. In 1997, he was awarded a Doctorate of Laws, honoris causa, by Concordia University.

Duncan Jackman is Chairman, President and Chief Executive Officer of E-L Financial Corporation Limited, an investment and insurance holding company. He has been a director of E-L Financial since 1997. He is Chairman of the Boards of E-L Financial's operating subsidiaries, The Empire Life Insurance Company and The Dominion of Canada General Insurance Company. Mr. Jackman is Chairman of Algoma Central Corporation; and Chairman and President of Economic Investment Trust Limited and United Corporations Limited, two closed-end investment companies. In addition, Mr. Jackman sits on the boards of First National Financial Corporation and Labrador Iron Ore Royalty Corporation. Mr. Jackman is also a member of the Economic Advisory Council. He holds an Honours Bachelor of Arts degree from McGill University.

John Sullivan is the President and Chief Executive Officer of Cadillac Fairview Corporation Limited, one of North America's largest real estate companies. Prior to becoming CEO in January 2011, Mr. Sullivan held the position of Executive Vice President, Development. Prior to joining Cadillac Fairview, Mr. Sullivan held positions with Brookfield Properties Corporation and Marathon Realty Company Limited. He brings more than 25 years of experience in all aspects of commercial real estate, including acquisitions and dispositions, leasing, finance, asset management, and development. Mr. Sullivan holds a Bachelor of Civil Engineering degree from Concordia University, a Masters of Business Administration from McGill University and has completed the Advanced Management Program at Harvard University..