League.ca

Adam Douglas Gant, Founding Partner & Chief Compliance Officer

Adam Gant is an accomplished entrepreneur, and a valuation specialist with specific expertise in the financial aspects of real estate investment. He has been a board member and part owner of a number of corporations offering diverse products and services, and a member of the Quality of Life program of the Victoria Real Estate Board. He is a member and past president of the Victoria chapter of Entrepreneur's Organization (EO), Pension Real Estate Association, IPE (Investment Pensions Europe — international pension investors).

Mr. Gant co-founded League with Emanuel Arruda in October 2005. He has a wide range of management experience—in office, light industrial, retail, and residential developments.

Within two years of League’s incorporation, Mr. Gant and his partner, Mr. Arruda, had acquired on behalf of their Member-Partners (League’s investors) some 50 individually titled properties worth in excess of $200 million, with real estate projects in five provinces. In 2008, League was ranked ninth in Profit magazine’s Hot 50 list of fastest growing emerging companies in Canada. Currently, he oversees all aspects of the company’s acquisition process. These include due diligence, financial and risk analysis, management reporting, as well as corporate and regulatory compliance.

Mr. Gant is the architect of the company’s management compensation structure — the performance-driven system of compensation that aligns the interests of investors with those of management — and also of the company’s charitable arm: the League Foundation.

Emanuel Furtado Arruda, Founding Partner

Emanuel Arruda is an accomplished entrepreneur and communications specialist with wide experience in advertising, marketing, art direction, and copywriting. For 10 years he was president of his own marketing and design firm, and four more years in the field of business consulting. He is a member of the Victoria chapter of Entrepreneur's Organization (EO).

Mr. Arruda co-founded League Assets Corp., with his partner Adam Gant, in 2005. In the two years following incorporation, he and his partner purchased over $200 million worth of real estate on behalf of their Member-Partners, and did so without any investment brokers or outside investment banks.

Mr. Arruda is the author of The Blue Book of Real Estate Syndication. He wrote it to ensure that every potential Member-Partner could make fully informed decisions before participating in any League investment. He also coined the phrase Intergenerational Wealth™ — the company’s trademarked term for League’s philosophy and services related to producing, protecting, and perpetuating its Member-Partners’ wealth of capital, values, and traditions across generations.

To ensure that League’s daily operations will be guided by the same ideals in perpetuity, Mr. Arruda introduced the company’s Credo, a 22-point declaration of League’s core values and operating principles. In 2007, the Heraldic Authority of Canada granted League its Coat of Arms under the auspices of the Governor General. Mr. Arruda carefully selected each symbol that appears on League’s corporate crest as an iconic reminder of the company’s values.

Currently, Mr. Arruda oversees the writing, design and production of print, web and digital communications distributed to Member-Partners, prospective new members, clients (tenants), and the media. He also initiates new and innovative communication processes.

The Executive Team

Brien Biondi, President, Chief Operating Officer

Brien Biondi brings 25 years of business executive experience to League. Prior to joining League, he served for 10 years as Chief Executive Officer for two high-profile organizations with offices in Canada, the United States, Asia-Pacific and Europe during a period of remarkable growth. He has special expertise in the funding and development of high-growth membership-oriented businesses, with a focus on strategy, business development, and attracting like-minded talent. Earlier, he worked in the audit department of the accounting firm KPMG, where he began his career working with real estate clients.

Mr. Biondi graduated from American University with a B.S. in Business Administration, and received his MBA from the College of William and Mary. He also is a Certified Public Accountant.

Mr. Biondi is an advisor to some 15 Washington DC firms, sitting on boards, providing entrepreneurial mentor-ship and instruction. As well, he serves on several philanthropic organizations, including Chairman of the Greater Washington Area Board of Directors of the Network for Teaching Entrepreneurship. He also served as Controller with the Archdiocese of Washington, DC.

Patrick M. Miniutti, Chief Financial Officer

He is an accomplished executive with a broad range of proven skills and talents. From his early days in public accounting at KPMG to his more recent executive-level operating and finance roles with Sunset Realty Services and Konover Property Trust, Mr. Miniutti has distinguished himself by directing a groundbreaking IPO and consistently delivering higher-than-expected returns for shareholders.

Most recently, Mr. Miniutti served as Managing Director with Sunset Realty Services, a financial and management advisory services firm, which assisted in the development and management of low income and multi-family housing, and the acquisition and management of community and outlet centres. Prior to this, he served concurrently as Executive Vice President, Chief Financial Officer and Chief Operating Officer and also on the Board of Directors for Konover Property Trust, a public company which owned, developed and managed a group of grocery-anchored outlet centres. Mr. Miniutti has also served as: Executive Vice President and Chief Financial Officer and on the Board of Directors for Crown American Realty Trust, public company and an operator of regional malls; Chief Financial Officer at New Market Companies, one of the first developers of power centres; and, Vice President, Financial Services for Cadillac Fairview Corp, a public company and a developer of office and mixed-used properties. He began his career in accounting with KPMG and then moved to Kenneth Leventhal & Company, where he continued to specialize in land and residential housing development.

Mr. Miniutti has a Bachelor of Science degree in Accounting from the University of Bridgeport and has substantially completed his MBA studies at Michigan State University. He is a Certified Public Accountant.

David Yan, Vice President, Member Services

David Yan is a wealth management specialist with more than 20 years experience in the financial services industry. Prior to joining League, he was Regional Vice President for the wealth management arm of TD Bank Financial Group. In this role, he led a team that assisted clients in the accumulation, preservation and transfer of their wealth. He had a long and increasingly responsible career with the TD group of companies going back to 1993.

A graduate of the University of British Columbia with a Bachelor of Commerce degree, he has completed the Leadership Academy Program at the Richard Ivey School of Business. He has also completed the Canadian Securities Course and has acquired the Institute of Canadian Bankers Association Personal Financial Planning Diploma.

Mr. Yan is active in his community, serving as Board Vice-Chair with the Canuck Place Children's Hospice; and committee member of the Sports Celebrities Festival Dinner in support of BC Special Olympics and the Canucks for Kids Fund, among others.

Barbara Hendrickson, Vice President Legal and Sustainability

Prior to joining League, Barbara Hendrickson was a partner with the Toronto law firm of McMillan LP. She has extensive experience in the areas of securities, capital raising, mergers and acquisition, and fund structuring. Previously she worked with the American law firm of Baker & McKenzie LLP and the Ontario Securities Commission. She is a recognized specialist in sustainability and corporate governance and has extensive experience advising companies listed on both Canadian and American exchanges.

Ms. Hendrickson has held senior positions in several professional organizations including the Canadian Bar Association where she currently serves as Treasurer of the Business Law Section and as co-chair of its Securities Committee. She is extensively involved in professional activities relating to her securities practice, including working with the federal government on the development of a common securities regulator.

Past editor of the CCH Securities Newsletter, Ms. Hendrickson published a book on institutional investment in Canada, Canadian Institutional Investment Rules (2003, CCH). She is currently working on a book on American securities law for Canadian lawyers. Ms. Hendrickson is also frequently consulted by Canadian securities commissions on issues relating to regulatory reform, including the areas of corporate social responsibility and sustainability.

Outside her professional activities, Ms. Hendrickson has been active in a number of volunteer roles, including as a board member for a centre that provides services for dually disadvantaged children. She has provided pro bono legal advice for women and their children who find themselves in homeless shelters, and to First Nations communities, as well as leaders in the forestry and sustainability areas.

She is the 2009 recipient of the President's Award from the Women’s Law Association of Ontario for her contribution to the advancement of women in the legal profession.

George Kallergis, Vice President of Residential Development

George Kallergis is an accomplished real estate development executive with 12 years of residential and mixed-use land acquisition, financing and development experience. He has taken a leading role in the planning, design and entitlement of over 11,000 residential units, with nearly 6,000 units developed in the United States valued in excess of $800 million.

Mr. Kallergis brings to the table expertise in all phases of the development process, adding value to League’s own plans and objectives. His background makes him uniquely suited for the task of spearheading the residential development side of the City Center Colwood project.

Prior to joining League, Mr. Kallergis was a Partner at VIVO Development Partners in Phoenix Arizona, responsible for identifying, evaluating and managing development opportunities for luxury multi-family and mixed-use communities. Earlier, he was the Director of Forward Planning and Development for the Urban Series division of D.R. Horton Inc., a Fortune 500 homebuilder, developing condominiums, townhomes and neo-traditional single-family communities. Mr. Kallergis also served as a Development Manager with southwest regional firms Legacy Partners Residential and SNK Development where he managed the land acquisition, development and construction for a variety of product types including class ‘A’ multi-family rental, mixed-use, tax credit and tax-exempt bond financed projects in Arizona and Nevada.

Mr. Kallergis is a graduate of Arizona State University with a Bachelor of Science in Design in Housing and Urban Development.

Accounting

Andy Searle, ACMA - Chief Accounting Officer

Andy Searle comes to League as Chief Accounting Officer after 19 years in the United Kingdom with the international accounting firm Deloitte & Touche LLP.

Andy started with Deloitte & Touche in 1989, as a Finance Assistant, completing his grounding in all aspects of finance within Deloitte's central finance function. In 1996 he was promoted to Senior Finance Assistant supporting the UK Tax Practice' Financial Controller in producing detailed monthly management accounts, trend analysis, short and long term forecasting and managing client portfolios. Andy is an associate member of the Chartered Institute of Management Accountants (CIMA) in the UK, achieving full membership in March 2008.

Andy was promoted to Financial Controller of a newly formed subsidiary of Deloitte's Consulting Practice in 2000 (Human Capital) and has taken on more responsibility over time in line with a period of rapid expansion and consolidation of the practice. At the time of Andy's departure from Deloitte he was the Financial Controller for 3 of the 5 divisions of Deloitte's UK Consulting Practice, his core role being management reporting, budgeting and forecasting and control of client portfolios to aid the leaders of the Consulting Practice in their decision making. Andy has also been heavily involved in systems development and one off projects for both the Consulting Practice and the wider Deloitte organisation.

At League, his responsibilities will include control of all financial processes to ensure completeness and accuracy of accounting records according to League's procedures; delivery of timely information to support strategic decision-making, including performance indicators, monthly results and trend analysis; planning and forecasting: the co-ordination and production of annual profit plans, short- and long-term forecasts, his aim being to satisfy the needs of our key internal and external stakeholders during a time of rapid expansion.

Carol Young, Limited Partnership Controller

Carol is responsible for the financial controlling of League’s Limited Partnerships. After earning her B. Comm. from the University of Guelph, Carol worked in the hotel business for several years. She then moved to the US and the Caribbean where she started a family. After returning to Canada she started her own bookkeeping business. During this time she earned her Certified Management Accountant designation. She then began working in the logging industry first with a contractor on Vancouver Island and then with a start up organization with operations in Ghana, West Africa.

Vincent Chang, Controller

Vincent is responsible for controlling League’s Limited Partnerships. Prior to joining League, he was with Bentall LP, growing progressively through a number of positions until he was most recently Accounting Manager, responsible for a staff of four a portfolio that included commercial towers, industrial properties and development properties worth $2 billion. Prior to that, he worked for Baywest Property Management as Accounting Manager, responsible the management of six accounting staff and the overseeing of a large portfolio of residential properties. Vincent graduated with his Bachelor of Business Administration from Athabasca University and is a Certified Management Accountant. He has also completed, among other accomplishments, the Canadian Securities Course and the Professional Financial Planning Course. He is a Level III candidate for the Chartered Financial Analyst designation.

Acquisitions & Development

Jay Lin, Partner, Acquisitions & Development

Jay Lin is a seasoned real estate executive. As an Acquisition and Development Partner, he calls on his wide range of expertise — including development and construction management, real estate acquisition, financing and leasing — on behalf of League’s Member-Partners.

Mr. Lin has a B.A. from the University of Waterloo and an Urban Land Economics Diploma from the University of British Columbia. Prior to joining League, he was real estate manager for companies such as McDonald’s, Boston Pizza and Loblaws on behalf of which he acquired and developed properties worth in excess of $50 million. Most recently he was a consultant and equity partner in two development projects in Vancouver with combined value in excess of $30 million.

David Fullbrook, Partner, Acquisitions and Development:

David Fullbrook is an expert in retail, office, light industrial, and mixed-use commercial real estate. He is responsible for the operation, leasing and value optimization of League’s property portfolio. He participates in the acquisition, due diligence and development of a value-creation strategy, and then leads its implementation. He is responsible for assembling and overseeing the team assigned to execute the strategic plan for each asset.

Portfolio Operations

James Wallace, Vice President, Portfolio Operations

James Wallace’s role is to ensure operational effectiveness by implementing strategies, policies and practices to maximize return on investment. In addition, he ensures that League’s existing properties, acquisitions, and investments continue to meet its exacting standards.

Mr. Wallace is an experienced and skilled manager who began his career in construction in the 1970s, working on numerous projects that required innovative teamwork and management to finish on time and on budget.

Prior to joining League, he was a partner at the Red Viking Group for five years, consulting on worldwide business operations for several large international firms.

Institutional Capital

Stephen Hughes, Vice President, Institutional Capital

Stephen Hughes has 10 years’ investment management and direct securities experience. Prior to joining League, he was involved in the financing of numerous international and North American small to mid-cap energy and related-sector companies. He has a background in institutional sales and trading, as well as in private client services where he administered an equity portfolio worth approximately $60 million.

At League, he is responsible for business development and investor relations for new and existing clients.

Mr. Hughes received a Business Degree from the University of Calgary and has completed the Canadian Securities Course (CSC), the Conduct and Practices Handbook Course (CPH) and the Wealth Management Essentials (WME) and is and is a Chartered Alternative Investment Analyst candidate. He also sits on the investment committee of Palliser Financial Corp., a private funding company.

Adrienne Giffen, Director, Strategic Relationships

Adrienne Giffen joined League after four years with People First Solutions of Vancouver. As Vice President of Global Development for that organization, she worked closely with League helping to place almost half of League's recent executives and staff. Experiencing first-hand what she said was League’s “integrity and uniqueness,” she proposed that she join League’s team and contribute to the company’s success directly.

Working out of League’s Vancouver office, she has a dual role: first, as recruiter for key League executives; second, as an institutional capital raiser, working with key investment decision-makers of large institutions.

Before joining People First, Adrienne Giffen was with the Hay Group, where she specialized in the sales of leadership programs to a wide range of clients. Today, she is an active board member for the BC Division of the Canadian Mental Health Association. The organization promotes the mental health of all and supports the resilience and recovery of people experiencing mental illness.

Capital Markets & Risk Management

Jacco Kooy, Vice President Capital Markets

Jacco Kooy has been involved in the financial services sector for more than a decade, in Canada and in Europe.

At League, he is responsible for interest rate risk management for the company’s various entities, as well as developing alternative investment funds and credit products.

Before joining League, Mr. Kooy was Head of Foreign Exchange Trading at Cargill Canada's head office treasury division. Cargill is one of the world's largest trading companies. Prior to that, he worked for ABN AMRO Bank NV, a leading European investment bank, and REFCO Canada, (now MF Global) the largest independent commodity broker in North America, where he was responsible for the trading and sales of equities and derivatives to institutional and corporate clientele.

Before entering the financial field, however, Mr. Kooy used his skills in an entirely different risk-mitigating way. Serving in the Royal Netherlands Air Force, he had the responsibility of operating a Surface to Air Missile battery while stationed throughout Europe.

Marketing & Promotions

Ray Seguin, Creative Director

As Creative Director, Ray Seguin oversees the production of all of League’s marketing and advertising. He comes to League from the advertising agency world where he dealt with clients in a broad spectrum of industries, including finance, banking, telecommunications, technology, consumer goods, pharmaceuticals, and professional sports. A former member of Canada’s national track and field team, Mr. Seguin graduated from Southern Methodist University in Dallas, Texas, which he attended on full scholarship.

Mr. Seguin has enjoyed nearly 20 years of success in leading corporations and industries into new areas of success. His specialty is writing, and throughout his career has worked with design professionals to combine words with images to achieve solid results for consumers.

Acquisitions & Development

League has three Acquisitions & Development specialists (including Founding Partner, Adam Gant), and a full-time in-house Project Manager. Together they are responsible for acquiring and developing quality commercial real estate properties throughout Canada and for performing the due diligence, financial and risk analysis required to acquire and develop the best-yielding investment properties for League and its Member-Partners. Collectively, they ensure the IGW REIT is well-stocked with qualified properties and they help keep the development of those properties on track, and on budget. They are also charged with spotting investment opportunities for the specific purpose limited partnerships administered by League.

Accounting and Administration

We consider each member of our current accounting and administrative teams vital to the organization not only because of their skills, but especially because of their personal commitment to excellence and their dedication to helping League achieve its business goals so our Member-Partners can achieve theirs.

Legal Counsel

League employs both in-house and external counsel to provide sound legal advice and ensure full compliance with all applicable laws. Our legal advisors have a wealth of knowledge and experience , which ensures the provision of efficient and timely advice in support of the ongoing development of our business.

The experience and reputation of our legal team ensures that the financial interests of League's Member-Partners are always protected.

Member Services

The Member Services team is committed to helping League's Member-Partners achieve and maintain Intergenerational Wealth™ for their families. Each team member has different skills and resources they can bring to bear. They supply straight, unbiased information to help Member-Partners make informed decisions, independently.

Strategic Alliances

In every city in which League has assets, we prefer to have our own "best people" on the ground. Sometimes, however, these "best people" are already employed elsewhere. In such cases, we use third-party specialists, taking advantage of the skills and technology that the local community can provide. This ensures that we not only have the best talent available, but helps us stay flexible during changing economic cycles. Additionally, having a third-party perspective is another way we ensure accountability and transparency in all our business affairs.

Property Management

To manage the day-to-day needs of its properties and the tenants that occupy them, League contracts with several respected local and regional property management companies.

These experienced professionals are committed to effectively and profitably managing the operations of each of the properties League acquires on behalf of its Member-Partners. Their duties include regular maintenance, and undertaking improvements to increase the value of the buildings and to enhance pride of ownership.

Property managers are also responsible for leasing, responding to tenant requests, collecting rents, paying taxes and expenses, and overseeing cleaning, garden maintenance, landscaping and snow removal.

Although property managers have a contractual responsibility to League, their primary responsibility is to the tenants and their expectations, which are manifestly straightforward:

"Quiet enjoyment . . . assurance of the use of the premises for the intended purposes without interference from the landlord (save for emergencies), comfort, a living environment properly heated, cooled and ventilated with as many amenities as possible compatible with the rental level, security and safety . . . to live or work in a building in which there are no inherent defects or conditions that might be hazardous to health or to property . . . accommodation and facilities that meet social-economic and cultural standards for the tenants and their guests."

Currently, Gateway, Warrington PCI, Gulf Pacific, and Epic Realty Partners, are among our stable of property management providers. League is pleased to have such an experienced group of professionals as partners. We are dedicated to their success, as they are to ours.

Asset Valuation

League retains third-party valuation specialists to provide appraisal, property tax, and cost consulting services as needed for all the asset pools it manages. Thanks to the expertise and valuation experience they bring, Member-Partners can rest assured that trusted, specialized and completely independent updated appraisals are being provided.

These valuation services include:

• Periodic appraisals: each property will be appraised according to a consistent valuation method-replacement cost, income approach and/or market comparison.
• Replacement cost estimates for insurance purposes, thus ensuring that our assets are never under-insured.
• Property tax assessment reviews: the aim is to make sure that assessments-and the property taxes on which they are based-are reasonable compared to similar properties, and provide a basis of appeal where necessary.
• Determination of IGW REIT pricing NAV: the Pricing Net Asset Value (NAV) for the entire IGW REIT portfolio determines the price at which REIT units are issued. Pricing NAV is determined on a quarterly basis.

Beginning in 2009, and on an annual basis thereafter, appraisals of all properties of the IGW REIT portfolio will be consolidated annually into a single report. We will rely on these independent valuations, in conjunction with the audited financial statements, to determine the value of IGW REIT Units. This annual appraisal is supplemented by independent quarterly valuations of selected properties of League's IGW REIT, which are used for the interim (quarterly) valuations.

What these services cost

Except in respect of residential properties, there is no cost to the IGW REIT for these services. Because the independent valuators analyze insurance and property tax assessment, their services are charged to the commercial tenants as Cost of Area Maintenance charges.