On August 27, 2013, the Board of Trustees of United Development Funding IV voted to increase the size of the Board from five persons to six persons and to elect Bobby Ray as a new
director to fill the vacancy created by such increase, with such election effective as of September 1, 2013. Mr. Ray will serve as a director with a term expiring at the Registrant's 2014 Annual Meeting of Stockholders and until his successor is duly elected and qualified. Most recently, Mr. Ray was Partner and Vice Chairman of the Board of Directors at Darling Homes.