INCOME - Key Persons

Job Titles:

• Chief Financial Officer
• Executive Vice President
• Member of the Management Team
• Executive Vice President and Chief Financial Officer of Pillar Income Asset Management

Erik Johnson is the Executive Vice President and Chief Financial Officer of Pillar Income Asset Management, Transcontinental Realty Investors, Inc., American Realty Investors, Inc., and Income Opportunity Investors, Inc. He also serves as President and Chairman of the Board of Directors of Southern Properties Capital, Ltd. Mr. Johnson is responsible for the accounting, financial reporting, investor relations and capital market activities of the Company and its affiliates. Prior to joining Pillar, Erik served as Vice President of Financial Reporting at Macerich (NYSE: MAC), the third-largest retail REIT in the US with over $9.2 billion in assets. He spent 15 years ensuring the quality, accuracy, and timely consolidation of financial data from 100 subsidiaries, drafting SEC reports, and structuring transactions such as acquisitions, dispositions, and joint ventures. He previously worked for North American Scientific, Inc. as their Chief Accounting Officer. He began his career as an auditor with PricewaterhouseCoopers. Erik has 30 years of experience in accounting and finance with over 16 years in the real estate industry. He holds a CPA with a BS in Accounting from Rutgers University.

Job Titles:

• Chairman of the Board
• Director, Independent, since November 2005 and Chairman of the Board since May 2009

Retired (since April 30, 2019); Mr. Butler served as Vice President for Pillar from April 2011 to April 30, 2019. Mr. Butler has been a Director of the Company since February 2021 and Chairman of the Board since May 2021. He also served as Chairman of the Board since May 2009 and as a Director since July 2003 of ARL and Chairman of the Board since May 2011 and a Director since February 2011 of TCI.

Job Titles:

• Executive Vice President, Tax Counsel, General Legal Counsel, and Secretary of Pillar Income Asset Management

Job Titles:

• Member of the Management Team
• Executive Vice President, Secretary and Tax Counsel / General Legal Counsel
• Executive Vice President, Tax Counsel, General Legal Counsel and Secretary

Louis "Lou" Corna is the Executive Vice President, Tax Counsel, General Legal Counsel, and Secretary of Pillar Income Asset Management, Transcontinental Realty Investors, Inc., American Realty Investors, Inc., and Income Opportunity Investors, Inc. He also serves as General Counsel, Secretary, and Director of Southern Properties Capital, Ltd. Mr. Corna provides tax planning, legal counsel, operating and negotiating expertise to daily transactions and operations of the companies. Louis previously served as Chief Financial Officer and now manages the corporate compliance with SEC and stock exchange requirements for Pillar's three publicly traded companies. He has been significantly involved with transactions in over thirty countries and was a Contributing Editor of a three-volume treatise of Mergers and Acquisitions. Louis has more than 20 years of multi-national experience as both a lawyer and, a certified public accountant. He is nationally recognized as a tax expert in real estate, partnership, corporate and international taxes. Mr. Corna is licensed to practice law in Illinois, Texas, and has a licensed CPA in Texas.

Job Titles:

• Member of the Board of Directors
• Director, Independent, since June 2016

Mr. Roberts is currently retired. Mr. Roberts has served as Director of the Company since June 2, 2016. He has also served as Director of TCI and ARL since June 2, 2016. For more than five years prior to December 31, 2014, he was Director of Aviation of Steller Aviation, Inc., a privately held corporation engaged in the business of aircraft (Boeing 737) and logistical management. He is also a director of New Concept Energy, Inc. since June 2015, which has its common stock listed and traded on the NYSE American Exchange.

Job Titles:

• Member of the Board of Directors
• Director, Independent, since November 2005
• Territory Manager for Artesa Labs

Mr. Jakuszewski has served as a Territory Manager for Artesa Labs since April 2015. He was a Medical Specialist from January 2014 to April 2015 for VAYA Pharma, Inc., Senior Medical Liaison from January 2013 to July 2013 for Vein Clinics of America, and the Vice President of Sales and Marketing from September 1998 to December 2012 for New Horizons Communications, Inc. Mr. Jakuszewski has been a Director of the Company since March 2004. He has also been a Director of TCI since November 2005 and a Director of ARL since November 2005.

Job Titles:

• Member of the Board of Directors
• Director, Independent, since February 2004

Mr. Munselle has been Vice President and Chief Financial Officer of Landmark Nurseries, Inc. since October 1998. On February 17, 2012, he was appointed as a member of the Board of Directors for Spindletop Oil & Gas Company and as Chairman of their Audit Committee. Spindletop's stock is traded on the Over-the-Counter (OTC) market. Mr. Munselle has been a Director of the Company since May 2009. He has also served as Director of TCI since February 2004 and Director of ARL since February 2004. Mr. Munselle is qualified as an Audit Committee financial expert within the meaning of SEC regulations and the Board of Directors has determined that he has accounting and related financial management expertise within the meaning of the listing standards of the NYSE. Mr. Munselle is a Certified Public Accountant.