Investors Real Estate Trust

Thomas A. Wentz, Sr. is a graduate of Harvard College and Harvard Law School, and has been associated with IRET since its formation on July 31, 1970. Mr. Wentz was a member of IRET's Board of Trustees from 1970 to 1998, Secretary from 1970 to 1987, Vice President from 1987 to July 2000, and has been President and Chief Executive Officer since July 2000. Previously, from 1985 to 1991, Mr. Wentz was a Vice President of IRET's former advisor, Odell-Wentz & Associates, L.L.C., and, until August 1, 1998, was a partner in the law firm of Pringle & Herigstad, P.C.

Diane K. Bryantt is a graduate of Minot State University and joined IRET in June 1996 and served as Controller and Corporate Secretary before being appointed to the positions of Senior Vice President and Chief Financial Officer in 2002. Prior to joining IRET, Ms. Bryantt was employed by First American Bank, Minot, North Dakota.

Timothy P. Mihalick joined IRET as a financial officer in May 1981. He has served in various capacities with IRET over the years and was named Vice President in 1992. Mr. Mihalick has served as the Chief Operating Officer since 1997, as a Senior Vice President since 2002, and as a member of IRET's Board of Trustees since 1999.

Michael A. Bosh joined us as Associate General Counsel and Secretary in September 2002, and was named General Counsel in September 2003. Prior to 2002, Mr. Bosh was a shareholder in the law firm of Pringle & Herigstad, P.C. Mr. Bosh graduated from Jamestown College in 1992 and from Washington & Lee University School of Law in 1995. Mr. Bosh is a member of the American Bar Association and the North Dakota Bar Association.

Jeff L. Miller is a private investor and is a former President of M&S Concessions, Inc. a food service and facility management company. Mr. Miller is also a former President of Minot, North Dakota Coca-Cola Bottling franchise. He is the Managing Partner of Miller Properties, LLP and has served as Trustee since 1985.

C.W. Morgan is President and Chief Executive Officer of Northwest Respiratory Services, LLC, a home medical company. Mr. Morgan has been a member of IRET’s Board of Trustees since 2006.

C.W. Morgan is President and Chief Executive Officer of Northwest Respiratory Services, LLC, a home medical company. Mr. Morgan has been a member of IRET’s Board of Trustees since 2006.

John D. Stewart is President & Director of Fisher Motors, Inc., Minot, N.D., an automobile dealership. He is President of Glacial Holdings, Inc. and Glacial Holdings LLC, multi-family residential and commercial real estate holding companies also serving as President of Glacial Holdings Property Management, Inc., a property management company. He is Chairman of the Bank of North Dakota Advisory Board. He is a former Certified Public Accountant and Partner, Brady, Martz and Associates, P.C. Mr. Stewart has been a member of IRET’s Board of Trustees since 2004.

John T. Reed is a private investor and currently serves as a Board Member of Level 3 Communications, Inc., Tetrad Corporation, and First National of Nebraska. Mr. Reed is a former Chairman of HMG Properties, a real estate investment bank; former Chairman of McCarthy & Co., an investment bank, and former Partner of Arthur Andersen, LLP, an accounting firm. He was recently elected to IRET’s Board of Trustees in September 2008.

Patrick G. Jones is a private investor. He is also a former General Manager of the Minot Daily News and former President of Central Venture Capital Inc. which is an investment firm. Mr. Jones has been a Trustee since 1986.

Stephen L. Stenehjem is President & Chief Executive Officer of Watford City BancShares, Inc. He is President & Chairman of First International Bank & Trust, Watford City, ND. Mr. Stenehjem has been a Trustee since 1999.

W. David Scott is Chief Executive Officer of Magnum Resources, Inc. and has been a member of IRET’s Board of Trustees since 2006.