The board of trustees of United Development Funding IV elected Lawrence S. Jones to serve as a member of the board of trustees and to hold such position until the next annual meeting of shareholders and until his successor is duly elected and qualifies. As an independent trustee he was also appointed by the board of trustees to serve as a member of the Audit Committee of the board of trustees until the earlier of his death, resignation, or removal by the board of trustees and until his successor duly qualifies. He has extensive experience as a certified public accountant and as a real estate industry executive, with strong leadership, management and technical skills, all of which are expected to bring valuable insight to the Trust’s board of trustees. He has served as an independent director and as the chairman of the audit committee of CIM Real Estate Finance Trust Inc. since March 2012, and as a member of that company’s valuation, compensation and affiliate transactions committee since August 2018.