Dakota REIT  
Real Estate Investment Trust  
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Brion Henderson

Mr. Henderson received a BA in Industrial Engineering from North Dakota State University in 1976. Since that time he has worked in agricultural production services in North Dakota, specializing in chemical and fertilizer application. Personal real estate investments include multi-family apartments and tax credits. Mr. Henderson serves as Chairman of the Board of Trustees.

Gene Smestad

Mr. Smestad graduated from the North Dakota State University in 1965 with a degree in Economics. He spent 2 years with the ND/USDA Extension service, 5 years as a bodily injury claims negotiator with State Farm Insurance, and 32 years with Farm Credit Services starting as a loan officer and ending as the President/CEO of AgCountry FCS of Fargo, ND. As the CEO of AgCountry, Mr. Smestad had over 350 employees, 28 branch offices in Eastern ND and West Central MN, and was accountable for the origin of servicing 3.1 Billion dollars of lease and loan volume with contracts in 31 states nationally. Mr. Smestad serves as the Vice Chairman of the Board of Trustees and on the Finance Committee of the Dakota REIT.

George Gaukler

With 40 years of being involved in all aspects of real estate development, management and sales George Gaukler brings tremendous experience to the Dakota REIT Team. Mr. Gaukler organized Dakota REIT in 1997 as the sponsor and is currently the advisor to the Trust. Mr. Gaukler is a licensed real estate broker in North Dakota.

Mr. Gaukler is a 1962 graduate of Valley City State College. In 1964 he formed Valley Realty, Inc., a real estate development company, which now includes rental management services, real estate sales, land development and construction, of which he is the majority stockholder, president and CEO. Since then Mr. Gaukler has been involved in the development and construction of multi-family apartments and commercial properties throughout North Dakota. The Property Management Division of Valley Realty, Inc. currently manages 2,500 apartment units and commercial property in North Dakota. Mr. Gaukler is the majority stockholder, president and CEO of Hi-Line Construction, Inc., which was organized to build housing and commercial construction in the bonded and bidding market.

Jim Knutson
Executive Vice President

Mr. Knutson graduated from Valley City State University with a BS in Business Education in 1970. He joined Valley Realty, Inc. in 1975, and is its Vice President. His real estate experience encompasses leasing, property management, finance, development, and construction of multi-family apartments and commercial properties. He also prepares due diligence financial review of prospective investment properties for the Dakota REIT. Mr. Knutson is a licensed real estate broker in North Dakota.

Bradley Fay

Mr. Fay is a 1983 graduate of NDSU with a BA in Ag. Economics. He is a life-long North Dakota small business owner and property owner. He is presently involved in several oil & gas development ventures targeting the Bakken & Three Forks reservoirs in Western ND. He is a founding shareholder in Dakota Growers Pasta Company and United Spring Wheat Producers. Mr. Fay served on the Board of Directors for the National Association of Wheat Growers and the North Dakota Grain Growers Association, for which he also served a State President term. He was the leader of the team which developed the N.D. Trade Office from a greenfield start. He maintains interest in international trade opportunities. Brad was previously on The Dakota REIT Finance Committee and has been Secretary of the Board of Trustees since inception of The Dakota REIT.

Ray Braun

Mr. Braun attended the University of North Dakota. He has been a licensed public accountant since 1959. He is the managing partner of Ludvigson and Braun, located in Valley City, North Dakota. The firm specializes in real estate accounting services for real estate investors and property managers. These services include the analysis and reporting of the leasing, financing and development of multi-family apartments and commercial properties. He is presently the owner of 84 multi-family apartment units and commercial property in North Dakota. In addition to his accounting practice Mr. Braun serves on the Board of Directors for the Valley City Development Corporation. Mr. Braun serves as Treasurer of the Dakota REIT's Board of Trustees.

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