Blackwells Capital LLC (together with its affiliates, “Blackwells”), an alternative investment management firm that is a shareholder of both Global Net Lease Inc. (NYSE: GNL) (“Global Net Lease,” “GNL” or the “Company") and The Necessity Retail REIT Inc. (NASDAQ: RTL) (“Necessity Retail REIT” or “RTL”), today issued a presentation that describes Blackwells’ rationale for supporting the proposed merger of GNL and RTL. The compelling combination will result in a pro forma entity with nearly $10 billion in real estate assets, making GNL one of the largest publicly traded net lease REITs. Blackwells expects that the increased scale, diversity and efficiency, combined with internalization of management and impressive governance enhancements, will position the Company to create immediate and long-term value for all shareholders.

Blackwells’ full presentation is available at https://www.blackwellscap.com/wp-content/uploads/2023/06/Blackwells-GNL-RTL-Merger-Presentation-v06.pdf.

Jason Aintabi, Chief Investment Officer of Blackwells, said, “Blackwells has been engaged in extensive discussions with both GNL and RTL, and has had the opportunity to examine the proposed transaction and its potential benefits to shareholders. We have reviewed the portfolios in detail, as well as the proposed and possible cost savings, the benefits of internalization and the details of the governance enhancements, and have signed a non-disclosure agreement in order to continue to pursue this important collaboration.”

Mr. Aintabi continued, “After this review, we are confident in the merits of the transaction and believe the scale and diverse portfolio of the combined company, along with the enhancements to management and board accountability, will lead to meaningful value creation and genuine accountability for the Board. We were also pleased that the management team and Board have asked for our continued involvement and advice as the Company plots the best course forward.”

Mr. Aintabi concluded, “We applaud the internalization and significant governance enhancements that will be in effect as a result of the merger, which will bring the Company’s governance in-line with best practices across the REIT industry. This enhanced accountability and receptivity to shareholder perspectives marks a significant change from past practice and one which, in our view, will underpin long-term value creation. We strongly believe that the new configuration of the Company will cause the stock to re-rate in value, better reflecting the quality of the assets and potential of the business.”

Blackwells will vote in favor of the merger and related proposals at the Special Meetings of both GNL and RTL, as previously announced.

About Blackwells Capital

Blackwells Capital was founded in 2016 by Jason Aintabi, its Chief Investment Officer. Since that time, it has made investments in public securities, engaging with management and boards, both publicly and privately, to help unlock value for stakeholders, including shareholders, employees and communities. Throughout their careers, Blackwells’ principals have invested globally on behalf of leading public and private equity firms and have held operating roles and served on the boards of media, energy, technology, insurance and real estate enterprises. For more information, please visit www.blackwellscap.com

The views stated, analysis presented and materials referenced herein have been prepared by Blackwells alone based on its independent analysis and have not been independently verified by, and are not necessarily the views of, RTL or GNL.

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