Investment Program Association elects new leadership, board members

November 19, 2015

ELLICOTT CITY, MD — As it celebrates its 30th anniversary, the Investment Program Association (IPA) has named Tom Sittema, CEO, CNL Financial Group Inc., as chairman of the board for 2016. Sittema will lead the Board as the IPA continues to raise awareness and educate advisors, investors and regulators about Direct Investments, including non-listed REITs (NLREITs), Business Development Companies (BDCs), and Oil and Gas and Equipment Leasing Programs. Mitchell Sabshon, CEO, president & director of Inland Real Estate Investment Corporation has been named chair-elect, and will become chairman of the association in 2017. On January 1, 2016, Sittema will succeed Kevin Shields, chairman and CEO of Griffin Capital Corporation.“The IPA’s robust advocacy initiatives and education platform continue to make a positive impact on the direct investments community, and our industry is poised for a new phase of product innovation,” said IPA president and CEO Kevin Hogan. “We welcome Tom Sittema’s experience, insight and expertise, and know that he will guide the IPA and the industry toward future growth.” “It is my honor to serve as board chairman for the IPA during this pivotal time in our industry,” Sittema said. “For more than 30 years, the IPA has worked closely with our industry regulators and broker dealers to advance high quality alternative investment products historically only available to institutional investors. In 2016, we remain committed to ongoing collaboration to increase transparency of our funds, and individual access to direct investment products.”The IPA is also pleased to name Mitchell Sabshon as chair-elect. Sabshon will take over as chairman of the IPA on January 1, 2017. Hogan added, “I am pleased to know that Mitchell will be working in close partnership with Tom and the Board over the coming year, and we thank him for his continued dedication and leadership.”Also during its Fall board meeting, eight new members were voted onto its board of directors. The IPA welcomes the following executives as newly elected Board Members for 2016:

•Karen Bean, VP, investment products, NFP Advisor Services, LLC •John Carter, co-CEO, Carter Validus REIT Investment Management Company, LLC •Denise Faber, VP, AIG Advisor Group •Alan Feldman, CEO, Resource Real Estate, Inc. •Daniel Gilbert, chief investment and operating officer, NorthStar Asset Management Group, Ltd.•Jeff Rosenthal, executive VP and chief marketing officer, Triad Advisors, Inc. •Wayne Souza, general counsel & EVP, Walton International Group (USA), Inc. •Jerry Stahlecker, executive VP, legal and finance, Franklin Square Capital PartnersThey are joined by the following current Board Members continuing their terms:•Keith Allaire, managing director, Robert A. Stanger & Co., Inc.; •Tony Chereso, director of capital markets, United Development Funding; •Martel Day, founder and principal, NLR Advisory Services, LLC; •John Guthery, SVP, product management, W. P. Carey Inc.; •Nathan Headrick, managing director & founder, Triloma; •Wally Kunzman, president, Kunzman & Bollinger, Inc.; •Frank McCarthy, VP and GM, Ameriprise Financial; •Robert Franklin Muller, Jr., CEO and president, Provasi Capital Partners; •Charles Murray, president, Dividend Capital Securities; •Ella Neyland, president, Steadfast REIT Investments, LLC; •Ryan Parker, managing director of investment & planning solutions, LPL Financial; •Larry Roth, CEO, Cetera Financial Group; •Mitchell Sabshon, CEO, president & director, Inland Real Estate Investment Corp.; •Sherri Schugart, president and CEO, Hines •Kevin Shields, chairman and CEO, Griffin Capital Corporation; •Thomas K. Sittema, CEO, CNL Financial Group Inc.; •Rosemarie Thurston, partner, Alston & Bird LLP.

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