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## WELLLADDERED DEBT MATURITIES 

Our management team is convinced that we will continue to build value over the medium to long term for our shareholders by: 

• Carefully allocating capital into well underwritten retail  properties. 

• Focusing our energy on increasing per share value  as opposed to simply growing our asset base. 

• Evaluating all corporate or large portfolio acquisition opportunities, but only pursuing those which are consistent with our goal of building long-term shareholder value. 

• Maintaining a conservative and flexible balance sheet. 

Finally, on behalf of the associates and directors of NNN, we thank you, our loyal shareholders, for your continued support. We appreciate your investment in NNN and are committed to working hard to maintain your respect and confidence in the years ahead. 

Sincerely, 

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## OUR OUTLOOK 

NNN’s Low Leverage Balance Sheet Strategy is Enhanced by its Well-Laddered Debt Maturity 

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