On October 27, 2023, Devin Murphy, President of Phillips Edison & Company, Inc. notified the Company that he will step down as the Company?s President, effective December 31, 2023. Mr. Murphy will serve as Managing Director of Investment Management through his planned retirement at the end of June 2024. He will work closely with the Company's senior leadership team through the transition date to ensure a seamless handoff of his current responsibilities.

In addition, Mr. Murphy is in discussions with the Nominating and Governance Committee about joining the Company?s board of directors following his retirement. Mr. Murphy?s resignation is not a result of any disagreement with the Company. Robert Myers, the Company?s current Chief Operating Officer and Executive Vice President, has been selected to serve as the Company?s President and will assume such role effective January 1, 2024, following the effectiveness of Mr. Murphy?s resignation, at which time Mr. Myers will no longer serve as the Company?s Chief Operating Officer.

Mr. Myers has served as the Company?s Chief Operating Officer since October 2010 and Executive Vice President since August 2020. Mr. Myers joined the Company in 2003 as a Senior Leasing Manager, was promoted to Regional Leasing Manager in 2005 and became Vice President of Leasing in 2006. He was named Senior Vice President of Leasing and Operations in 2009, Chief Operating Officer in 2010 and Executive Vice President in 2020.

Before joining the Company, Mr. Myers spent six years with Equity Investment Group, where he started as a property manager in 1997. He served as director of operations for Equity Investment Group from 1998 to 2000 and as director of lease renegotiations/leasing agent for Equity Investment Group from 2000 to 2003. He received his Bachelor of Science in business administration from Huntington College in 1995.

Effective January 1, 2024, in connection with Mr. Myers? appointment as President, Joseph Schlosser, the Company?s current Senior Vice President of Portfolio Management, has been selected to serve as the Company?s Chief Operating Officer and Executive Vice President. Mr. Schlosser has been with the Company for 19 years and joined the Company in 2004 as a Financial Analyst and underwriter.

In 2005, he became a Leasing Agent and was promoted to Director of Leasing in 2007. He was named Director of Portfolio Management in 2010, Vice President in 2014 and Senior Vice President in 2016, where his role has been to develop and execute the Company?s long-term asset management strategy at a national level. Prior to joining the Company, Mr. Schlosser gained extensive experience providing construction management services on commercial real estate projects including grocery-anchored shopping centers.

It has not yet been determined if any plans, contracts or arrangements will be entered into in connection with Mr. Schlosser?s appointment as Chief Operating Officer.