The full letter to shareholders has been reproduced below: Dear Fellow Shareholder: At the upcoming annual meeting of shareholders on May 18, 2023, shareholders will have an opportunity to halt the ongoing destruction of value at The Necessity Retail REIT, Inc. ("The Necessity Retail REIT" or "RTL") by electing two highly qualified and independent director candidates, Jim Lozier and Richard O'Toole (together, the "Blackwells Nominees"), by voting on the WHITE Universal Proxy Card. Blackwells' WHITE Universal Proxy Card has been cleared by the Securities and Exchange Commission (the "SEC"). Shareholders are fully able to vote on our WHITE Universal Proxy Card.