PRINCIPALS

James A. Stolpestad, Chairman & Principal

James A. Stolpestad is a Principal and Chairman of Exeter Group LLC and the founder of the Exeter real estate business in 1991. He currently focuses on the company’s strategic oversight, acquisition opportunities, investor relations, company marketing, and legal affairs. Jim previously was a real estate attorney in private practice with a national law firm based in the Twin Cities, following positions with the Minnesota Attorney General and the U.S. Department of Housing & Urban Development. He has a JD degree from the University of Minnesota Law School and a BA degree in History from the University of Minnesota’s College of Liberal Arts. Jim has been active in civic and community organizations in the Twin Cities over the years, has been recognized by the University of Minnesota as an Alumni of Notable Distinction, and is the author of published works on real estate development.

Thomas M. Nelson, Chief Investment Manager & Principal

TNelson@ExeterMN.com / 612-805-9369

Thomas M. Nelson is a Principal and Chief Investment Manager with Exeter Group LLC, having joined the company in 2009. He has extensive experience in project finance and management and is currently involved in investor relations, real estate entitlements, finance, and development. Tom oversees strategic planning, historic reviews and approvals, project design, and construction management. He began his commercial real estate career more than 25 years ago with the Eberhardt Company in Minneapolis, and continues to manage family multi-family properties. Tom has a BA degree from the University of Vermont, is involved in various community and civic activities, and is a licensed Minnesota real estate broker.

Robert W. Stolpestad, Chief Financial Manager & Principal

RStolpestad@ExeterMN.com / 651-294-2443

Robert W. Stolpestad is a Principal and Chief Financial Manager of Exeter Group LLC. He joined the company in 1993 and has experience in all aspects of the commercial real estate business, including entitlements, finance, development, leasing, and sales. Rob currently has oversight for accounting, treasury, financial planning, and personnel for the company and supervises sourcing, closing, and managing project financing, including historic rehabilitation and new market tax credit programs. He has a MBA degree in Finance and International Business from the University of Minnesota’s Carlson School of Management, a Certificate of International Business from the Vienna (Austria) School of Economics, and a BA degree in History and Political Science from Northwestern University. Rob is a licensed Minnesota real estate broker, has been involved in community activities over the years, and is an occasional speaker at commercial real estate programs.

Herbert W. Tousley IV, Chief Development Manager & Principal

HTousley@ExeterMN.com / 651-294-2444

Herbert W. Tousley IV is a Principal and Chief Development Manager for Exeter Group LLC. He joined the company in 2003 as a financial analyst and since has assumed the responsibilities for many of the company’s real estate development activities, including entitlements, project design, and construction oversight. He also has a lead role in retail and office leasing and is part of the team providing real estate advisory services to third parties. Herb has an MBA degree in Finance from the University of Minnesota’s Carlson School of Management and a BA degree in Finance from the University of St. Thomas. He is a licensed real estate agent with the State of Minnesota.

Senior Staff

Cheryl A. Hanson, Controller

CHanson@ExeterMN.com / 651-294-2450

Cheryl A. Hanson is the Controller for Exeter Group LLC. She joined the company in 2013 after 20 years of real estate accounting experience with other large real estate firms in the Twin Cities. She is responsible for the accounting operations of the company and its affiliates, including the preparation of financial reports, the maintenance of several industry-specific accounting software systems, and the management of accounting records. She oversees setting controls designed to mitigate risk and enhance the accuracy of financial results to ensure compliance with generally accepted accounting principles. Cheryl has a MBA degree in Business Administration from the University of St. Thomas and a BA degree in Accountancy from the University of Minnesota.

Patrick G. Kyle, Asset Manager

PKyle@ExeterMN.com / 651-294-2448

Patrick G. Kyle is the Asset Manager for Exeter Group LLC. Since joining the company in 2006, Pat has managed the portfolio of retail and other assets owned by company affiliates. His responsibilities have included engaging and supervising on-site management personnel and arranging and monitoring tenant and other build-out projects. Pat has a BA degree from Eckerd College.

Joseph W. Bergman, Development Associate

JBergman@ExeterMN.com / 651-294-2446

Joseph W. Bergman is a Development Associate with Exeter Group LLC. Since joining the company in 2013, he has been involved in leasing activities for Exeter’s portfolio of retail and office properties, as well as various tasks relating to project development, including entitlements and public financing. Joe has a JD degree from the University of Minnesota Law School and a BA degree from the University of Southern California. He is a licensed real estate agent with the State of Minnesota.

Anne O’Neill, Property Manager

ce-loftsmanager@steven-scott.com / 651-645-6387

Anne O’Neill is a Property Manager for residential property owned by an affiliate of Exeter Group LLC. She has a successful ten year track record of leasing and managing large-scale apartment projects in the Twin Cities. Anne has received “standards of excellence” and other recognitions in the local multi-family management industry. She has an AA degree from the Minneapolis Community College and is a licensed Minnesota real estate associate. Anne has been a volunteer with a youth ministry and a homeless shelter.

Jennifer Noll, Property Manager

customhousemanager@steven-scott.com/ 651-222-2616

Jennifer Noll is a Property Manager for residential property owned by an affiliate of Exeter Group LLC. She has a 20 year business career that includes 10 years as a multifamily property manager for other apartment management companies in the Twin Cities. She has received recognition for her leasing and management achievements. Jennifer attended Normandale Community College and the University of St. Thomas Management Center. She is a licensed real estate associate.

SENIOR ADVISORS

Philip W. Ordway, Senior Advisor

POrdway@ExeterMN.com

Philip W. Ordway is a Senior Advisor to Exeter Group LLC and assists the company with project financial analysis. He was Chairman of Exeter Group affiliate Pioneer Property Partners LLC from 1993 through 2015 and was a founding governor of affiliate Ironton Asset Fund LLC. Phil is president of Bain Companies, Inc. in Minneapolis and is extensively involved with personal and family investments. His more than 30 year career in real estate includes acquisition, development, and taxable and tax-exempt financing of industrial, residential and retail properties. Phil has been active in community activities at the board level throughout the years, including the University of Minnesota Medical Foundation, the Science Museum of Minnesota, and the Saint Paul Riverfront Corporation. He has a BA degree from the University of Vermont.

William M. Schmoker, Senior Advisor

WSchmoker@ExeterMN.com

William C. Schmoker is a Senior Advisor to Exeter Group LLC and assists the company with investment matters. He is a Chartered Financial Analyst and is currently Vice President and Senior Investment Manager with a business unit of Wells Fargo & Company in Minneapolis. Bill has a Master 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 BA degree in Economics from Hamilton College. He has been active in community activities over the years.

James W. Nelson, Senior Advisor

JNelson@EberhardtAdvisory.com / 612-333-0006

James W. Nelson is Senior Advisor to Exeter Group LLC and assists the company with strategic and financing matters. He is Principal of Eberhardt Advisory LLC in Minneapolis and from 1976 to 1999 was CEO of the Eberhardt Company, a national mortgage banking, real estate brokerage, property management, and real estate consulting firm. He has been President of the Mortgage Bankers Association of America and Chair of the Fannie Mae National Advisory Council. He has been recognized as Counselor of Real Estate (CRE), Certified Mortgage Banker (CMB), and Recipient of the McRoberts Award for Exemplary Industry Service to the Life Insurance Company Mortgage and Real Officers Council. Jim attended Princeton University and has a BA degree from the University of Minnesota’s College of Liberal Arts. He is a licensed Minnesota real estate broker.

James A. Stolpestad II, Senior Advisor

JAS2@ExeterMN.com / 203-585-7248

James A. Stolpestad II is a Senior Advisor to Exeter Group LLC and assists the company with capital markets and new project opportunities. He has 25 years of real estate experience, primarily with capital markets and transactions, and has a $13 billion track record of first mortgage and mezzanine lending, equity sales and purchases, leveraged equity, and structured joint ventures. Jamie’s transactions have included major markets in the U.S., Canada, the U.K., Spain, and Singapore. He was previously CEO of Allianz Real Estate of America where he built the New York-based U.S. business unit into a $8.7 billion portfolio during his tenure. Before Allianz, he was Managing Director with GE Real Estate in Norwalk, CT and Senior Vice President of The Mills Corporation in Washington, D.C. Jamie is Adjunct Professor at the NYU/Stern School of Business in New York City, advises a public real estate firm in Washington D.C., and consults with the University of Minnesota Foundation’s real estate advisor in Minneapolis. He has an MBA degree in Finance and Marketing from the Kellogg School of Management and a BA degree in Political Science from Northwestern University.