<SEC-DOCUMENT>0001558370-16-007424.txt : 20160804
<SEC-HEADER>0001558370-16-007424.hdr.sgml : 20160804
<ACCEPTANCE-DATETIME>20160804163358
ACCESSION NUMBER:		0001558370-16-007424
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160804
DATE AS OF CHANGE:		20160804
EFFECTIVENESS DATE:		20160804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INVESTORS REAL ESTATE TRUST
		CENTRAL INDEX KEY:			0000798359
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				450311232
		STATE OF INCORPORATION:			ND
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35624
		FILM NUMBER:		161807990

	BUSINESS ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
		BUSINESS PHONE:		701-837-4738

	MAIL ADDRESS:	
		STREET 1:		1400 31ST AVENUE SW, SUITE 60
		STREET 2:		PO BOX 1988
		CITY:			MINOT
		STATE:			ND
		ZIP:			58702-1988
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>iret-20160920xdefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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		<title>
			iret_Current_Folio_DEFA14A
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	<body><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 14pt;">
			<a name="_GoBack"></a><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;">UNITED STATES</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">Washington, D.C. 20549</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
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		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 14pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;">SCHEDULE 14A</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">(RULE 14a-101)</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">INFORMATION REQUIRED IN PROXY STATEMENT</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">SCHEDULE 14A INFORMATION</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">Proxy Statement Pursuant to Section 14(a) of</font><br /><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:05.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;font-family:Calibri;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Filed by the Registrant&nbsp;&nbsp;</font><font style="display:inline;font-size:10pt;">&#x2612;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Filed by a Party other than the Registrant</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;&nbsp;</font><font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Check the appropriate box:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Preliminary Proxy Statement</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:10pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Definitive Proxy Statement</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2612;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Definitive Additional Materials</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Soliciting Material under &#xA7;240.14a-12</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;height:7.75pt;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;text-align:center;font-family:Calibri;overflow: hidden;font-size:0pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="bottom" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:9.55pt;padding:0pt;">
					<p style="margin:0pt;line-height:14pt;text-align:center;font-family:Calibri;font-size: 14pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:14pt;">Investors Real Estate Trust</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;text-align:center;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(Name of Registrant as Specified In Its Charter)</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;text-align:center;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11.75pt;text-align:center;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;text-align:center;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
			</tr>
			<tr>
				<td colspan="4" valign="top" style="width:100.00%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Payment of Filing Fee (Check the appropriate box):</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2612;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">No fee required.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(1)</font></p>
				</td>
				<td valign="top" style="width:90.30%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Title of each class of securities to which transaction applies:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(2)</font></p>
				</td>
				<td valign="top" style="width:90.30%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Aggregate number of securities to which transaction applies:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(3)</font></p>
				</td>
				<td valign="top" style="width:90.30%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(4)</font></p>
				</td>
				<td valign="top" style="width:90.30%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Proposed maximum aggregate value of transaction:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(5)</font></p>
				</td>
				<td valign="top" style="width:90.30%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Total fee paid:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:04.66%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:90.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Fee paid previously with preliminary materials.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td colspan="3" valign="top" style="width:94.96%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(1)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Amount Previously Paid:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(2)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Form, Schedule or Registration Statement No.:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(3)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Filing Party:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">(4)</font></p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:10pt;">Date Filed:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:05.04%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.36%;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="top" style="width:90.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt;line-height:11pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;text-align:center;font-family:Calibri;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:3pt solid #000000 ;border-top:1pt none #D9D9D9 ;line-height:100%;text-align:center;font-family:Calibri;font-size: 7pt;">
			<font style="display:inline;font-size:7pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 2pt;">
			<font style="display:inline;font-size:2pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			&nbsp;
		</p>
		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;"><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;">*** Exercise Your </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:12pt;">Right</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;"> to Vote ***</font>
		</p>
		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;">Important Notice Regarding the Availability of Proxy Materials for the</font>
		</p>
		<p style="margin:0pt 0pt 3pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:12pt;">Shareholder Meeting to Be Held on September 20, 2016</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:center;line-height:100%;font-family:Gill Sans MT;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
			<tr>
				<td valign="top" style="border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:50.00%;border-right:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-size:10pt;">&nbsp;</font></p>
					<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-style:italic;font-size:10pt;">INVESTORS REAL ESTATE TRUST</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 10pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;text-decoration:underline;">Meeting Information</font></p>
					<p style="margin:3pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 9pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:9pt;">Meeting Type:</font><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"> Annual Meeting</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"></font><font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:9pt;">For holders as of:</font><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"> July 22, 2016</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"></font><font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:9pt;">Date:</font><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"> September 20, 2016&nbsp;&nbsp; </font><font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:9pt;">Time:</font><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"> 9:00 AM CDT</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"></font><font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:9pt;">Location:&nbsp;</font><font style="display:inline;font-family:Gill Sans MT;font-size:8pt;">Grand Hotel</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 North Broadway</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minot, North Dakota 58703</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 2pt;">
						<font style="display:inline;font-size:2pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:50.00%;padding:0pt 6.9pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 6pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:6pt;">INVESTORS REAL ESTATE TRUST</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:6pt;">1400 31st Ave SW</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:6pt;">SUITE 60</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-style:italic;font-size:6pt;">Minot, ND 58702-1988</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:50.00%;padding:0pt 6.9pt;">
					<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 9pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:9pt;">You are receiving this communication because you hold shares in the above named company.</font></p>
					<p style="margin:5pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 9pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:9pt;">This is not a ballot. You cannot use this notice to vote these shares. This communication presents only an overview of the more complete proxy materials that are available to you on the Internet. You may view the proxy materials online at </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:9pt;">www.proxyvote.com</font><font style="display:inline;font-family:Gill Sans MT;font-size:9pt;"> or easily request a paper copy (see reverse side).</font></p>
					<p style="margin:5pt 0pt 3pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 9pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:9pt;">We encourage you to access and review all of the important information contained in the proxy materials before voting.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:50.00%;padding:0pt 6.9pt;">
					<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Gill Sans MT;font-size: 12pt;">
						<font style="display:inline;font-size:12pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:50.00%;background-color: #000000;padding:0pt 6.9pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;color:#FFFFFF;">See the reverse side of this notice to obtain proxy materials and voting instructions.</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Gill Sans MT;">0000296624_1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
			<font style="display:inline;"></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;"><font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
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					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td rowspan="3" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:33.32%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 18pt;">
						<font style="display:inline;font-family:Times New Roman Bold;font-weight:bold;font-size:18pt;">Before You Vote</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:33.34%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<div><hr style="border-width:0;width:25%;height:.5pt;color:#000;background-color:#000;" align="right"></hr></div>
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					<div><hr style="border-width:0;width:25%;height:.5pt;color:#000;background-color:#000;" align="left"></hr></div>
				</td>
			</tr>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:33.32%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:33.34%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">How</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">to</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">Access</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">the</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">Proxy</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">Materials</font>
		</p>
		<p style="margin:0pt;line-height:100%;text-indent:36pt;text-align:center;font-family:Calibri;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 7.2pt 10pt;line-height:2pt;font-family:Calibri;font-size: 3pt;">
						<font style="display:inline;font-size:3pt;">&nbsp;</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">Proxy Materials Available to VIEW or RECEIVE:</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">1.&nbsp;Notice &amp; Proxy Statement&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Annual Report</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">How to View Online:</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">Have the information that is printed in the box marked by the arrow </font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"><img src="iret20160920xdefa14a001.jpg" style="width: 1.491555in; height: 0.1920002in" alt="Picture 1"></font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"> &nbsp;(located on the following page) and visit: </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:10pt;">www.proxyvote.com.</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">How to Request and Receive a PAPER or E-MAIL Copy:</font></p>
					<p style="margin:0pt 7.2pt 2pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">If you want to receive a paper or e-mail copy of these documents, you must request one. There is NO charge for requesting a copy. Please choose one of the following methods to make your request:</font></p>
					<p style="margin:0pt 0pt 10pt 86.4pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">1) </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:10pt;">BY INTERNET</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;www.proxyvote.com</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">2) </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:10pt;">BY TELEPHONE</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">:&nbsp;&nbsp;&nbsp;&nbsp;1-800-579-1639</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">3) </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:10pt;">BY E-MAIL*</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;sendmaterial@proxyvote.com</font></p>
					<p style="margin:0pt 7.2pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">*&nbsp;&nbsp;If requesting materials by e-mail, please send a blank e-mail with the information that is printed in the box marked by the arrow </font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"><img src="iret20160920xdefa14a001.jpg" style="width: 1.491555in; height: 0.1920002in" alt="Picture 18"></font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"> &nbsp;(located on the following page) in the subject line.</font><br /><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">Requests, instructions and other inquiries sent to this e-mail address will NOT be forwarded to your investment advisor. Please make the request as instructed above on or before September 06, 2016 to facilitate timely delivery.</font></p>
					<p style="margin:0pt 7.2pt 10pt;line-height:2pt;font-family:Calibri;font-size: 10pt;">
						&nbsp;</p>
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		</table></div>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
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					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td rowspan="3" valign="middle" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:33.32%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 18pt;">
						<font style="display:inline;font-family:Times New Roman Bold;font-weight:bold;font-size:18pt;">How To Vote</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:33.34%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<div><hr style="border-width:0;width:25%;height:.5pt;color:#000;background-color:#000;" align="right"></hr></div>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:33.34%;padding:0pt;">
					<div><hr style="border-width:0;width:25%;height:.5pt;color:#000;background-color:#000;" align="left"></hr></div>
				</td>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:33.32%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 8pt;">
						<font style="display:inline;font-size:8pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:33.34%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt 0pt 10pt;line-height:100%;text-align:center;font-family:Calibri;font-size: 12pt;">
			<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:12pt;">Please Choose One of the Following Voting Methods</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse:collapse;width: 100.10%;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
			<tr>
				<td valign="top" style="width:100.00%;border-top:1pt solid #000000 ;border-left:1pt solid #000000 ;border-bottom:1pt solid #000000 ;border-right:1pt solid #000000 ;padding:0pt 6.5pt">
					<p style="margin:6pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">Vote In Person:</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"> Many shareholder meetings have attendance requirements including, but not limited to, the possession of an attendance ticket issued by the entity holding the meeting. Please check the meeting materials for any special requirements for meeting attendance. At the meeting, you will need to request a ballot to vote these shares.</font></p>
					<p style="margin:0pt 0pt 10pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">Vote By Internet: </font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">To vote now by Internet, go to </font><font style="display:inline;font-family:Gill Sans MT;font-style:italic;font-size:10pt;">www.proxyvote.com</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">. Have the information that is printed in the box marked by the arrow </font><font style="display:inline;font-family:Gill Sans MT;"><img src="iret20160920xdefa14a001.jpg" style="width: 1.491555in; height: 0.1920002in" alt="Picture 20"></font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"> &nbsp;available and follow the instructions.</font></p>
					<p style="margin:0pt 0pt 6pt;text-align:justify;text-justify:inter-ideograph;font-family:Calibri;line-height:120%;font-size: 10pt;">
						<font style="display:inline;font-family:Gill Sans MT;font-weight:bold;font-size:10pt;">Vote By Mail:</font><font style="display:inline;font-family:Gill Sans MT;font-size:10pt;"> You can vote by mail by requesting a paper copy of the materials, which will include a proxy card.</font></p>
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		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Gill Sans MT;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Gill Sans MT;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;punctuation-wrap:hanging;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Gill Sans MT;font-size: 10pt;">
			<font style="display:inline;">0000296624_2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
			<font style="display:inline;"></font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;"></table></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:130.50pt;border-bottom:2.25pt solid #000000 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:354.30pt;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0pt 36pt;font-family:Calibri;line-height:120%;font-size: 8pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">Voting</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:8pt;">items</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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		</table></div>
		<p style="margin:0pt;line-height:1pt;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;line-height:100%;margin-bottom:0pt;font-size:11pt;">
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">The Board of Trustees recommends you</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">vote FOR the following:</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt 0pt 0pt 11.5pt;text-indent: -11.5pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">1.&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Election</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">of</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Trustees</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;"></font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">Nominees</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">01&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Jeffrey</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">P.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Caira</font></p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">NOTE: </font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Such other business as may properly</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">come before the meeting or any adjournment </font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">thereof.</font></p>
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						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">02&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Michael</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">T.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Dance</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">03&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Linda</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">J.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Hall</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">04&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Terrance</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">P.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Maxwell</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">05&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Timothy</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">P.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Mihalick</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">06&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Jeffrey</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">L.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Miller</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">07&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">John</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">A.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Schissel</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">08&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">John</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">D.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Stewart</font></p>
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						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">09&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Jeffrey</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">K.</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">Woodbury</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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						&nbsp;</p>
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						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">The Board of Trustees recommends you vote</font><br /><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">FOR proposals 2. and 3.</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">2.&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">ADVISORY</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">VOTE</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">ON</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">EXECUTIVE</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">COMPENSATION</font></p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-size:7pt;">&nbsp;</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt 0pt 0pt 10.8pt;text-indent: -10.8pt;font-family:Calibri;line-height:120%;font-size: 7pt;">
						<font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-weight:bold;font-size:7pt;">3.&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">RATIFICATION</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">OF</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">SELECTION</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">OF</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">GRANT</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">THORNTON</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">LLP</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">AS</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">THE</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">COMPANY'S</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">INDEPENDENT</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">AUDITORS</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">FOR</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">THE</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">FISCAL</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">YEAR</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">ENDING</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">APRIL</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">30,</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">&nbsp;</font><font style="display:inline;font-family:Arial,Helvetica,sans-serif;font-size:7pt;">2017.</font></p>
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				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:242.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
						&nbsp;</p>
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		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
			<font style="display:inline;font-family:Gill Sans MT;font-size:10pt;">0000296624_3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 10pt;">
			<font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr><p style="page-break-after:always">&nbsp;</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt 0pt 10pt;font-family:Calibri;line-height:120%;font-size: 1pt;"><font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:100pt 0pt 0pt;punctuation-wrap:hanging;line-height:100%;font-family:Gill Sans MT;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:2.25pt solid #000000 ;punctuation-wrap:hanging;line-height:100%;font-family:Gill Sans MT;font-size: 6pt;">
			<font style="display:inline;font-size:6pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-bottom:1pt solid #000000 ;punctuation-wrap:hanging;line-height:1pt;font-family:Gill Sans MT;font-size: 1pt;">
			<font style="display:inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:10pt 0pt 0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;font-family:Gill Sans MT;">0000296624_4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1.0.1.25</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><hr align="center" style='background-color:#000000; border-width:0; color:#000000; height:2pt; lineheight:0; width:100%;'></hr></div>
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