Consistent with its fiduciary duties, your board of directors has reviewed and will review any and all bona fide proposals that maximize stockholder value. The strategic alternatives review and sale process resulted in no other credible offers. No third party has contacted ARCT or Goldman Sachs regarding a possible strategic transaction since the announcement of the merger agreement with Realty Income. The ARCT board of directors does not believe it likely that another party will make or accept an offer to engage in a transaction with ARCT that would be more favorable to ARCT and its stockholders than the merger with Realty Income. Independent experts share the assessment of the ARCT board of directors: