On November 1, 2023, immediately following the Distribution Effective Time, the Board of Trustees of Net Lease Office Properties (i) increased the size of the Board from one member to five members and each of Jason E. Fox, Axel K. A. Hansing, Jean Hoysradt and Richard J. Pinola were appointed to serve as trustees of the Board; and (ii) approved the classification of the Board into three classes: Class I, with a term expiring at the annual meeting of the shareholders to be held in 2025; Class II, with a term expiring at the annual meeting of shareholders to be held in 2026; and Class III, with a term expiring at the annual meeting of shareholders to be held in 2027. Mr. Hansing and Ms. Hoysradt were appointed as Class I trustees, Mr. Pinola was appointed as a Class II trustee and Mr. Fox was appointed a Class III trustee. John Park, a current trustee of the Board, was
also designated as a Class II trustee. In connection with the foregoing, the Board also formed (i) an Audit Committee, comprised of Mr. Pinola (as
Chair), Mr. Hansing and Ms. Hoysradt, (ii) a Compensation Committee, comprised of Mr. Hansing (as Chair), Ms. Hoysradt and Mr. Pinola, and (iii) a Nominating and Corporate Governance Committee, comprised of Ms. Hoysradt (as Chair), Mr. Hansing and Mr. Pinola. Mr. Pinola has been appointed as the Non-Executive Lead Independent Trustee.