On September 1, 2016, NASDAQ Listing Qualifications staff (Staff) notified
United Development Funding IV (Company) that it determined to delist the
Company based on Rule 5250(c)(1).  On September 7, 2016, the Company
exercised its right to appeal the Staff's determination to the Listing
Qualifications Hearings Panel (Panel) pursuant to Rule 5815.  A Panel
hearing was held on October 13, 2016.  On October 25, 2016, the Panel
issued a decision that granted the Company through February 23, 2017
to regain compliance.  However, after the Company informed the Panel
that it would not meet this new deadline, the Panel issued a delisting
decision on February 6, 2017. On February 6, 2017, the Company exercised
its right to appeal the Panel decision to the Nasdaq Listing and Hearing
Review Council (Council) pursuant to Rule 5820(a).  On April 6, 2017,
the Council issued a decision that affirmed the Panel decision to delist
the Companys securities.  On April 27, 2017, the Company was provided
notice that the Nasdaq Board of Directors declined to call the Council
decision for review pursuant to Rule 5825(a).