TORONTO - Marylandian -- Ilias Konstantopoulos succeeds Jerry Patava as Great Gulf CEO effective January 6th, 2020. After 13 years as CEO of the Great Gulf Group, Jerry Patava will be retiring and taking on the role of Chair of the Great Gulf Strategic Advisory Board. Jerry's stewardship has led the transformation and growth of the Great Gulf Group during his tenure.

Ilias brings to the Great Gulf Group more than 30 years of experience in operations, corporate finance, mergers and acquisitions, capital markets and extensive real estate industry expertise. Most recently, Ilias was Chief Financial Officer at Granite Real Estate Investment Trust, a global industrial REIT listed on the TSX and NYSE, where he was responsible for all aspects of finance and contributed to Granite's strategy and transformation. Previously, llias was a Managing Partner at Brookfield Financial and Managing Director at BMO Capital Markets. Early in his career, Ilias worked in Auditing and Taxation at Ernst & Young where he earned his Canadian Chartered Accountant (CPA) and US Certified Public Accountant (US-CPA) designations and at Bechtel as a Structural Design Engineer. Ilias holds a Bachelor of Engineering (B. Eng.), Master of Business Administration (MBA) from McGill University and is a Professional Engineer (P. Eng.).

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"I congratulate Ilias on his appointment and look forward to working with him," said Jerry Patava. "Ilias will be overseeing all aspects of the Great Gulf Group, reporting to the Great Gulf Strategic Advisory Board. He will be continuing our efforts to expand our business and strengthen and enhance our business relationships in both Canada and the United States. He is an exceptional business leader and his wealth of experience will take the organization to the next level in line with the Board's strategic plan."

Jerry will continue as Chair of Ashton Woods USA L.L.C., as a Board member of Terra Firma Capital Corporation and will also provide oversight of some of the Group's ancillary business investments. -30-

Great Gulf
Established in 1975, the Great Gulf Group including Great Gulf Homes an international award-winning, low-rise and landmark high-rise residential developer providing over 70,000 families with places to call home; Ashton Woods Homes, the 3rd largest private builder and 18th largest in the U.S.; First Gulf, an innovative market leader in sustainable, accessible and transit-oriented commercial developments and large scale design-build industrial facilities; Tucker HiRise, a leading construction management company, specializing in the construction of high-density, mixed-used projects; H+ME Technology, a precision engineering panelization manufacturing facility; and Taboo Muskoka, one of Canada's top-ranked golf courses, is one of North America's premier real estate organizations. With major projects in Canada and the United States, the company's fully-integrated activities span the entire real estate spectrum. Http://www.greatgulf.com

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