OUR OUTLOOK 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, Craig Macnab  Chairman and Chief Executive Officer  $ 350M  $300M  $ 250M  $200M  $ 150M  $100M  $ 50M  $ 0M 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9.0% 9.0% 6.0% 0% 6.2% 5.9% 6.9% 5.7% 4.0% 3.4% WELLLADDERED DEBT MATURITIES NNN’s Low Leverage Balance Sheet Strategy is Enhanced by its  Well-Laddered Debt Maturity 14 (As of December 31, 2013)