GOVERNANCE

Mr. Stolpestad is Chairman and an owner of Exeter Realty Company which he founded in 1991. Since 2003 he has been Chief Executive Officer and a Governor of Pioneer Property Partners LLC. Since 2009 he has been Chief Manager and a Founding Governor of Ironton Asset Fund LLC and Chief Manager of Ironton Management LLC.

Mr. Stolpestad was previously a senior partner with the Doherty, Rumble & Butler national law firm; a senior partner with the Stolpestad, Brown & Smith law firm; Special Assistant Attorney General with the State of Minnesota; and attorney with the U.S. Department of Housing & Urban Development. He is currently a member of the Real Estate Advisory Committee of the University of Minnesota Foundation. His past professional and community affiliations include Public Member of the Board of Directors of the American Institute of Architects Minnesota Chapter; Member of the founding Board of Directors of the Minneapolis-Saint Paul Family Housing Fund; President and Member of the Board of Directors of the Ramsey County Historical Society; Vice Chair, Member of the Board of Directors, and Co-Founder and Co-Chair of the Metro East Development Partnership of the Saint Paul Area Chamber of Commerce; and Member of the Board of Directors of the Saint Paul Riverfront Corporation. He was also a McKnight Fellow at the Salzburg Seminar, Salzburg, Austria.

Mr. Stolpestad has a Juris Doctor degree from the University of Minnesota Law School and a Bachelor of Arts degree in History from the University of Minnesota. He is a licensed attorney and real estate broker.

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Mr. Stolpestad is President and an owner of Exeter Realty Company which he joined in 1993. Since 2003 he has been Chief Financial Officer and a Governor of Pioneer Property Partners LLC. Since 2009 he has been Treasurer and a Founding Governor of Ironton Asset Fund LLC and Chief Financial Manager of Ironton Management LLC.

Mr. Stolpestad is currently a member of the Twin Cities Advisory Board of U.S. Bank. His other professional and community affiliations include Chair of the Governmental Relations Committee for Minnesota, North Dakota, and South Dakota of the International Council of Shopping Centers; Co-Chair of the Legislative Committee of the Minnesota Shopping Center Association; and member of the Executive Committee and Board of Directors of the Minnesota Children's Museum.

Mr. Stolpestad has a Master of Business Administration degree in Finance and International Business from the Carlson School of Management at the University of Minnesota; a Certificate of International Business from the Vienna School of Economics, Vienna, Austria; and a Bachelor of Arts degree in History and Political Science from Northwestern University, Evanston, IL. He is a licensed real estate broker.

651-294-2443 Direct Line
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Mr. Tousley is Vice President for Development of Exeter Realty Company which he joined in 2003. He previously held the positions of Financial Analyst, Project Manager, and Leasing and Development Manager with the company. Mr. Tousley had a lead management role in the company’s development and sale of the 93-unit upscale Cobalt Condominiums project in Minneapolis, MN. He was previously employed on the accounting staff by Supervalu, Minneapolis, MN. His professional affiliations include the Minnesota Shopping Center Association, the International Shopping Center Association, and the Leadership Emergence and Development Project.

Mr. Tousley has a Master of Business Administration degree from the Carlson School of Management at the University of Minnesota and a Bachelor of Arts degree in Financial Management from the University of Saint Thomas, Saint Paul, MN. He is a licensed real estate agent with the State of Minnesota.

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Ms. Miller is Accounting Manager of Exeter Realty Company which she joined in 2006. Ms. Miller is responsible for all property accounting, administration, and reporting for the company and has been involved in all budgeting and financial forecasting for the company’s office and retail ownership affiliates in Minneapolis and Saint Paul, MN. She has had a lead role in the financial management of the company’s sale of a 93-unit upscale condominium project in Minneapolis, MN. She has been involved in all credit transactions of the company with regional and national banks, conduit lenders, insurance companies, and investment funds. Ms. Miller was previously employed as an accountant by Perennial Management Company, Saint Paul, MN, and as a bookkeeper with Bauer Machine & Tool, Inc., Scandia, MN. She has a Bachelor of Accounting degree, magna cum laude, from the University of Minnesota-Duluth.

651-294-2450 Direct Line
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Mr. Kyle is Asset & Property Manager of Exeter Realty Company which he joined in 2006. He is responsible for all asset and property management aspects of the company’s operations, supervises a staff of site management personnel, and directs all property construction and tenant build-out projects. Mr. Kyle was previously employed as a residential property inspector in Saint Paul, MN and Santa Barbara, CA and as a property maintenance specialist with Pergola Management, Saint Paul, MN. Mr. Kyle has a Bachelor of Arts degree in Anthropology from Eckerd College, St. Petersburg, FL and participated in the Kansai Gaidai Language and Cultural Immersion Program in Osaka, Japan.

651-294-2446 Direct Line
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Mr. Ordway has been Chairman of Pioneer Property Partners LLC since 2003 and a Founding Governor of Ironton Asset Fund LLC since 2009. He previously was a Governor of several predecessor property ownership affiliates of Pioneer Property Partners LLC.

Mr. Ordway is President of Bain Companies, Minneapolis, MN, which is involved with various personal and family business and investment activities. Mr. Ordway has a 25-year career in real estate development, finance, and investment for his own account and has been involved in the acquisition, development, redevelopment, and/or sale of numerous projects in the industrial, housing, and retail sectors of the real estate industry. Early in his career, he was employed by Miller & Schroeder Financial, Inc., Minneapolis, MN, where he was involved in originating, structuring, and closing conventional and tax-exempt real estate financing. Mr. Ordway is currently a Member of the Board of Trustees of the University of Minnesota Medical Foundation. His past professional and community affiliations include Member of the Boards of Directors of the Science Museum of Minnesota, the Saint Paul Riverfront Corporation, and Anchor Bank of Saint Paul.

Mr. Ordway has a Bachelor of Arts degree from the University of Vermont.

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Mr. Nelson has been Chief Investment Manager of Ironton Management LLC and a Governor of Ironton Asset Fund LLC since 2009.

Mr. Nelson is President and owner of Eberhardt Properties, Inc., Minneapolis, MN, a real estate investment and management company. He was previously employed by the Eberhardt Company, Minneapolis, MN, a national multi-office mortgage banking, real estate brokerage, property management, and real estate consulting firm; Aetna Insurance Company, Hartford, CT; and IBM Japan in Tokyo, Japan. Mr. Nelson is currently a member of the Board of Directors of Wilderness Inquiry and the Advisory Board of Friends of PACER.

Mr. Nelson has a Bachelor of Arts degree from the University of Vermont. He is a licensed real estate broker.

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Mr. Schmoker has been a Governor of Ironton Asset Fund LLC since 2010.

Mr. Schmoker has been Vice President and Senior Investment Manager with a unit of Wells Fargo & Company in Minneapolis, MN since 1996. He previously was Corporate Trust Officer with Norwest Bank Minnesota, N.A., Minneapolis, MN. Mr. Schmoker's community affiliations include Member of the Board of Directors of the Minnesota Children's Museum and Chair of the Board of Directors.

Mr. Schmoker has a Masters of Science degree and Diploma in Economics from the London School of Economics, has completed an advanced summer program in political and international economics at Mansfield College of Oxford University, and has a Bachelor of Arts degree in Economics from Hamilton College. Mr. Schmoker is a Chartered Financial Analyst.

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