Notes: June 20, 2024 -- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions of the United States, today announced that its Board of Directors approved a one-for-ten reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock (the “Common Stock”) and a five-for-one forward stock split of the Common Stock (the “Forward Stock Split” and, together with the Reverse Stock Split, the “Stock Splits”). The Reverse Stock Split is expected to take effect as of 5:00 p.m. Eastern Time, on July 2, 2024. Accordingly, at such time, every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock. The Forward Stock Split is expected to take effect immediately following the Reverse Stock Split as of 5:01 p.m. Eastern Time, on July 2, 2024. Accordingly, at such time, every one issued and outstanding share of Common Stock will be converted into five shares of Common Stock. Corresponding adjustments to the outstanding common units of the Company’s operating partnership, Medalist Diversified Holdings, L.P. will become effective at the respective times. The Common Stock is expected to begin trading on The Nasdaq Capital Market (“Nasdaq”) on a Stock Split-adjusted basis beginning on July 3, 2024, under the new CUSIP number 58403P402. <p> May 3, 2023, Medalist Diversified REIT, Inc., (the “Company”) completed the previously announced reverse stock split of shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and a corresponding adjustment to the outstanding common units of its operating partnership, Medalist Diversified Holdings, L.P. (the “Operating Partnership”), at a ratio of 1-for-8 (the “Reverse Stock Split”). The Reverse Stock Split took effect at 5:00 p.m. Eastern Time on May 3, 2023 (the “Effective Time”) and automatically converted every eight shares of Common Stock outstanding at that time into one share of Common Stock. The new CUSIP number for the Common Stock following the Reverse Stock Split is 58403P303.