On September 19, 2023, the Board of Directors of Medalist Diversified REIT, Inc. increased the size of the Board from five (5) to six (6) directors and appointed David Lunin to the Board, effective September 19, 2023, for a term expiring at the Company's 2024 annual meeting of stockholders; and (ii) appointed Mr. Lunin to the Audit Committee of the Board. The Board has determined that Mr. Lunin is an independent director as defined in the listing standards of The Nasdaq Stock Market LLC and the applicable rules of the U.S. Securities and Exchange Commission. Mr. Lunin is expected to participate in the Company's compensation program for its independent directors.