Sierra Income Corporation announced that on October 1, 2014 at the recommendation of the nominating and corporate governance committee, the board of directors unanimously approved the election of Oliver T. Kane to serve as an independent director of the company. Mr. Kane will also serve on the company's audit committee and nominating and corporate governance committee and will serve as a member of the Board until the company's 2016 Annual Meeting of Stockholders, at which time he is expected to stand for re-election. On October 1, 2014, Spencer Neumann, a member of the Board of Sierra resigned from the Board effective immediately.

Mr. Neumann has served as an independent director of the company since February of 2012, and his term as a director was scheduled to expire at the company's 2016 annual meeting of stockholders. Mr. Neumann's decision to resign from the board was not due to any dispute or disagreement with the company on any matter relating to the company's operations, policies or practices.