<SEC-DOCUMENT>0001193125-23-184202.txt : 20230710
<SEC-HEADER>0001193125-23-184202.hdr.sgml : 20230710
<ACCEPTANCE-DATETIME>20230710070100
ACCESSION NUMBER:		0001193125-23-184202
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20230710
DATE AS OF CHANGE:		20230710

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REGENCY CENTERS CORP
		CENTRAL INDEX KEY:			0000910606
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				593191743
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272735
		FILM NUMBER:		231078213

	BUSINESS ADDRESS:	
		STREET 1:		ONE INDEPENDENT DRIVE
		STREET 2:		SUITE 114
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202
		BUSINESS PHONE:		9045987000

	MAIL ADDRESS:	
		STREET 1:		ONE INDEPENDENT DRIVE
		STREET 2:		SUITE 114
		CITY:			JACKSONVILLE
		STATE:			FL
		ZIP:			32202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REGENCY REALTY CORP
		DATE OF NAME CHANGE:	19930813
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>d506590ds4a.htm
<DESCRIPTION>S-4/A
<TEXT>
<HTML><HEAD>
<TITLE>S-4/A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on July 10, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-272735</FONT> </B></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>  <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Amendment
No. 1 to </B></P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:20pt; font-family:Times New Roman" ALIGN="center"><B>REGENCY CENTERS CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" ALIGN="center"><B>Florida</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>6798</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">59-3191743</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B><I></I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B></B><I></I><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(Primary Standard Industrial</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>Classification Code Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B><I></I></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B></B><I></I><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>One Independent Drive, Suite 114 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Jacksonville, Florida 32202 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(904) <FONT STYLE="white-space:nowrap">598-7000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices) </B></P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Michael R. Herman </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Senior
Vice President, General Counsel </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Regency Centers Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>One Independent Drive, Suite 114 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Jacksonville, Florida 32202 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(904) <FONT STYLE="white-space:nowrap">598-7000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address, including zip code, and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Adam O. Emmerich</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>David K. Lam</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Wachtell,
Lipton, Rosen&nbsp;&amp; Katz</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>51 West 52nd Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10019</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(212) <FONT STYLE="white-space:nowrap">403-1000</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Miyun Sung</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Senior Vice President, Chief Legal</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Officer and Secretary</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle Properties Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>321 Railroad Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Greenwich, Connecticut 06830</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(203) <FONT STYLE="white-space:nowrap">863-8200</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>David W. Bonser</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Stacey P. McEvoy</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Hogan
Lovells US LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>555 Thirteenth Street, NW</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20004</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(202) <FONT STYLE="white-space:nowrap">637-5600</FONT></B></P></TD></TR>
</TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman"><B>Approximate date of commencement of the proposed sale of the securities to the public:</B> As soon as practicable after this Registration
Statement becomes effective and all other conditions to the proposed merger described in the enclosed document have been satisfied or waived. </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance
with General Instruction G, check the following box.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">If this Form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act of 1933, as amended, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">If this Form is a post-effective amendment filed pursuant to Rule&nbsp;462(d) under the Securities Act, check
the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp; &#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company, or emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company&#148;
and &#147;emerging growth company&#148; in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act. (Check one): </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="61%"></TD>

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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
</TABLE> <P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction: </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">Exchange Act <FONT STYLE="white-space:nowrap">Rule&nbsp;13e-4(i)</FONT> (Cross-Border Issuer Tender Offer)&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman">Exchange Act <FONT STYLE="white-space:nowrap">Rule&nbsp;14d-1(d)</FONT> (Cross-Border Third-Party Tender Offer)&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:3pt; margin-bottom:0pt; text-indent:4%; font-size:9pt; font-family:Times New Roman"><B>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as amended, or until the Registration
Statement shall become effective on such date as the U.S. Securities and Exchange Commission, acting pursuant to said Section&nbsp;8(a), may determine. </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow"><FONT COLOR="#eb0029"><B>The information contained in this proxy statement/prospectus is not complete and may be
changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes
effective. This proxy statement/prospectus shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
</B></FONT></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT COLOR="#eb0029"><B>PRELIMINARY&nbsp;&#151;&nbsp;SUBJECT TO COMPLETION&nbsp;&#151;&nbsp;DATED JULY 10, 2023 </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g506590g06a06.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MERGERS PROPOSED&nbsp;&#151;&nbsp;YOUR VOTE IS VERY IMPORTANT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Stockholders of Urstadt Biddle Properties Inc.: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2023, the board of directors of Urstadt Biddle Properties Inc. (which we refer to as &#147;Urstadt Biddle&#148;) approved an
Agreement and Plan of Merger, dated as of May&nbsp;17, 2023 (which we refer to, as amended from time to time, as the &#147;merger agreement&#148;), by and among Regency Centers Corporation (which we refer to as &#147;Regency&#148;), Hercules Merger
Sub, LLC, a wholly owned subsidiary of Regency (which we refer to as &#147;Merger Sub&#148;), Urstadt Biddle, UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (which we refer to as &#147;UB Sub I&#148;), and UB Maryland II, Inc., a
wholly owned subsidiary of UB Sub I (which we refer to as &#147;UB Sub II&#148;). The merger agreement provides that (i)&nbsp;UB Sub II will be merged with and into Urstadt Biddle (which we refer to as the &#147;first merger&#148;), with Urstadt
Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I, and (ii)&nbsp;following the first merger, UB Sub I will be merged with and into Merger Sub (which we refer to as the &#147;second merger&#148; and together with the first
merger, the &#147;mergers&#148;), with Merger Sub surviving the second merger as a wholly owned subsidiary of Regency. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection
with the mergers, holders of UB common stock and UB Class&nbsp;A common stock (which we refer to as the &#147;Urstadt Biddle stockholders&#148;) will have the right to receive 0.347 (which we refer to as the &#147;exchange ratio&#148;) of a newly
issued share of Regency common stock for each share of UB common stock and for each share of UB Class&nbsp;A common stock that they own immediately prior to the effective time of the first merger. In the mergers, each share of Urstadt Biddle 6.25%
Series H Cumulative Redeemable Preferred Stock (which we refer to as &#147;UB Series H preferred stock&#148;), and each share of Urstadt Biddle 5.875% Series K Cumulative Redeemable Preferred Stock (which we refer to as &#147;UB Series K preferred
stock&#148; and, together with UB Series H preferred stock, &#147;UB preferred stock&#148;), will be converted into one share of newly issued Regency 6.25% Series A Cumulative Redeemable Preferred Stock (which we refer to as &#147;Regency Series A
preferred stock&#148;), and Regency 5.875% Series B Cumulative Redeemable Preferred Stock (which we refer to as &#147;Regency Series B preferred stock&#148; and, together with Regency Series A preferred stock, &#147;Regency preferred stock&#148;),
respectively, having substantially similar terms as those of the corresponding series of preferred stock of Urstadt Biddle. Holders of UB common stock and UB Class&nbsp;A common stock will receive cash in lieu of fractional shares of Regency common
stock. The exchange ratio is fixed (except for in limited circumstances, including with respect to REIT dividends, as described in the proxy statement/prospectus). UB common stock, UB Class&nbsp;A common stock, UB Series H preferred stock and UB
Series K preferred stock are traded on the New York Stock Exchange (which we refer to as the &#147;NYSE&#148;) under the ticker symbols &#147;UBP,&#148; &#147;UBA,&#148; &#147;UBPPRH&#148; and &#147;UBPPRK,&#148; respectively. Regency common stock
is traded on the Nasdaq Stock Market (which we refer to as the &#147;Nasdaq&#148;) under the ticker symbol &#147;REG.&#148; Based on the closing price of Regency common stock on the Nasdaq of $58.78 on May&nbsp;17, 2023, the last practicable trading
day before public announcement of the proposed mergers, the exchange ratio represented approximately $20.40 in Regency common stock for each share of UB common stock and each share of UB Class&nbsp;A common stock. Based on the closing price of
Regency common stock on the Nasdaq of $62.00 on July 6, 2023, the latest practicable date before the date of this proxy statement/prospectus, the exchange ratio represented approximately $21.51 in Regency common stock for each share of UB common
stock and each share of UB Class&nbsp;A common stock. <B>Because the exchange ratio is fixed, the market value of the merger consideration will fluctuate with changes in the market price of Regency common stock and you will not be able to ascertain
the precise value of the merger consideration at the time that you vote. We urge you to obtain current market quotations of Regency common stock, UB common stock and UB Class</B><B></B><B>&nbsp;A common stock.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the number of shares of UB common stock and UB Class&nbsp;A common stock (including each restricted stock award with respect to UB
common stock and UB Class&nbsp;A common stock (which we refer to as the &#147;UB restricted stock awards&#148;) and excluding any shares of UB Class A common stock that may be issued in connection with the conversion or repurchase of equity
interests in one or more of the Urstadt Biddle four unconsolidated joint ventures (which we refer to as the &#147;DownREITs&#148;)) outstanding as of July 6, 2023, we </P>
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anticipate that Regency will issue approximately 13.6&nbsp;million shares of Regency common stock in the mergers. Upon completion of the mergers, based on the number of shares of UB common stock
and UB Class&nbsp;A common stock&nbsp;(including the number of UB restricted stock awards and excluding any shares of UB Class A common stock that may be issued in connection with the conversion or repurchase of equity interests in the DownREITs)
and shares of Regency common stock outstanding on July 6, 2023, we expect that the former holders of UB common stock and UB Class&nbsp;A common stock&nbsp;would own approximately 7.4% of the outstanding Regency common stock immediately after the
closing of the mergers, and holders of Regency common stock immediately prior to the closing of the mergers would own approximately 92.6% of the outstanding Regency common stock immediately after the closing of the mergers. The number of shares of
Regency common stock that will be issued in the mergers will depend on, among other factors, the number of shares of UB common stock and UB Class&nbsp;A common stock&nbsp;(including the number of UB restricted stock awards) outstanding immediately
prior to the first merger effective time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle will hold a special meeting of the holders of UB common stock and UB
Class&nbsp;A common stock live via audio webcast on August 16, 2023 beginning at 2:00 p.m., Eastern Time (which we refer to as the &#147;special meeting&#148;) in connection with the mergers and the other transactions contemplated by the merger
agreement. The special meeting can be accessed by visiting www.virtualshareholdermeeting.com/UBA2023SM, where you will be able to participate in the meeting live and vote online. We encourage you to allow ample time for online <FONT
STYLE="white-space:nowrap">check-in,</FONT> which will open at 1:45 p.m., Eastern Time. Please note that because there will not be a physical meeting location, you will not be able to attend the special meeting in person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the special meeting, holders of UB common stock and UB Class&nbsp;A common stock will be asked to consider and vote on (i)&nbsp;a proposal
to approve the mergers and the other transactions contemplated by the merger agreement (which we refer to as the &#147;Merger Proposal&#148;), (ii)&nbsp;a proposal to approve, on a <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory basis,
the compensation that may be paid or become payable to Urstadt Biddle&#146;s named executive officers that is based on or otherwise relates to the mergers (which we refer to as the &#147;Compensation Proposal&#148;) and (iii)&nbsp;a proposal to
approve one or more adjournments of the special meeting, if necessary or appropriate, to solicit additional proxies in favor of the Merger Proposal (which we refer to as the &#147;Adjournment Proposal&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the execution of the merger agreement, Willing L. Biddle, Catherine U. Biddle, Elinor F. Urstadt, Urstadt Property Company,
Inc., Urstadt Realty Associates Co LP and Urstadt Realty Shares II L.P. (which we refer to as the &#147;Urstadt Biddle Family Stockholders&#148;) entered into a voting agreement with Regency and Urstadt Biddle (which we refer to as the &#147;voting
agreement&#148;) to vote the shares of UB common stock and UB Class&nbsp;A common stock beneficially owned by them, representing approximately 68% of the voting power of UB common stock and UB Class A common stock as of the record date, in favor of
the Merger Proposal. <B>Because the</B><B></B><B>&nbsp;approval of the Merger Proposal requires the affirmative vote of the holders of UB common stock and UB Class</B><B></B><B>&nbsp;A common stock, voting together as a single class, representing a
majority of all votes entitled to be cast on the matter at the special meeting, the approval of the Urstadt Biddle Family Stockholders at the special meeting will be sufficient to approve the Merger Proposal, even if no other holders of UB common
stock or UB Class</B><B></B><B>&nbsp;A common stock vote in favor of the Merger Proposal.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Your vote is very important, regardless
of the number of shares you own.</B> The record date for determining the stockholders entitled to receive notice of, and to vote at, the special meeting is the close of business on July 6, 2023. The mergers cannot be completed unless holders of
shares of UB common stock and UB Class&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter vote in favor of the Merger Proposal at the special meeting. The obligations of
Urstadt Biddle and Regency to complete the mergers are subject to the satisfaction or waiver of certain conditions set forth in the merger agreement, including approval of the Merger Proposal. All holders of record of UB preferred stock are entitled
to notice of, but may not vote at, the special meeting. The vote of the holders of UB preferred stock is not required to approve any of the proposals at the special meeting and is not being solicited. More information about Urstadt Biddle, Regency,
Merger Sub, UB Sub I, UB Sub II, the special meeting, the merger agreement, the mergers and the other transactions contemplated by the merger agreement is included in this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE FOLLOW THE INSTRUCTIONS ON THE PROXY CARD TO VOTE BY TELEPHONE OR INTERNET AS
PROMPTLY AS POSSIBLE, OR PROMPTLY COMPLETE, DATE, SIGN AND RETURN THE </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
ENCLOSED PROXY CARD IN THE <FONT STYLE="white-space:nowrap">PRE-ADDRESSED</FONT> POSTAGE-PAID ENVELOPE. IF YOUR SHARES ARE HELD IN THE NAME OF A BANK, BROKER OR OTHER NOMINEE, PLEASE FOLLOW THE
VOTING INSTRUCTIONS PROVIDED BY SUCH BANK, BROKER OR OTHER NOMINEE. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Your proxy is being solicited by the Urstadt Biddle board of
directors. After careful consideration, the Urstadt Biddle board of directors (i)&nbsp;declared that the merger agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in the best interests of
Urstadt Biddle and its stockholders; (ii)&nbsp;approved the mergers and the other transactions contemplated by the merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal to approve the
mergers and the other transactions contemplated by the merger agreement for consideration by the holders of UB common stock and UB Class&nbsp;A common stock at the special meeting; and (iv)&nbsp;resolved to recommend that the holders of UB common
stock and UB Class&nbsp;A common stock approve the mergers and the other transactions contemplated by the merger agreement. The Urstadt Biddle board of directors recommends that the holders of UB common stock and UB Class&nbsp;A common stock vote
&#147;FOR&#148; the Merger Proposal, which approval is necessary to complete the mergers, &#147;FOR&#148; the Compensation Proposal and &#147;FOR&#148; the Adjournment Proposal. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>We urge you to read carefully the risks that are described in the &#147;<A HREF="#toc506590_4">Risk Factors</A>&#148; section, beginning on
page</B><B></B><B>&nbsp;23 of this proxy statement/prospectus</B>. In addition, in considering the recommendation of the Urstadt Biddle board of directors, you should be aware that the directors and executive officers of Urstadt Biddle have certain
interests in the mergers and the other transactions contemplated by the merger agreement that may be different from, or in addition to, the interests of Urstadt Biddle stockholders generally. See the section entitled &#147;Urstadt Biddle
Proposals&nbsp;&#151;&nbsp;Proposal 2: Compensation Proposal&#148; beginning on page&nbsp;142 of this proxy statement/prospectus and &#147;The Mergers&nbsp;&#151;&nbsp;Interests of Urstadt Biddle Directors and Executive Officers in the Mergers&#148;
beginning on page&nbsp;71 of this proxy statement/prospectus for a more detailed description of these interests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>If you have questions
about the mergers or the accompanying proxy statement/prospectus, would like additional copies of the proxy statement/prospectus or need to obtain proxy cards or other information related to the proxy solicitation, please contact Urstadt
Biddle&#146;s Secretary at: </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(203) <FONT STYLE="white-space:nowrap">863-8200</FONT> or 321 Railroad Avenue, Greenwich, CT 06830. For a
more detailed description of the information incorporated by reference in this proxy statement/prospectus and how you may obtain it, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus provides you with detailed information about the mergers and the other transactions
contemplated by the merger agreement and we urge you to read carefully in its entirety this proxy statement/prospectus, including the Annexes and documents incorporated by reference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Urstadt Biddle board of directors, thank you for your consideration and continued support. We look forward to the successful
combination of Urstadt Biddle and Regency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">WILLING L. BIDDLE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">President&nbsp;&amp; Chief Executive Officer
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This proxy statement/prospectus is dated [&nbsp;&#151;&nbsp;], 2023 and is first being mailed to Urstadt Biddle stockholders on or about
[&nbsp;&#151;&nbsp;], 2023. </B></P>
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<IMG SRC="g506590g06a06.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle Properties Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>321 Railroad Avenue </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Greenwich, CT 06830 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(203) <FONT STYLE="white-space:nowrap">863-8200</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF SPECIAL MEETING OF STOCKHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To Be Held On August&nbsp;16, 2023 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Stockholders: </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are pleased to
invite you to attend a special meeting of stockholders of Urstadt Biddle Properties Inc. (which we refer to as &#147;Urstadt Biddle&#148;). The meeting will be held live via audio webcast on August&nbsp;16, 2023, beginning at 2:00&nbsp;p.m., Eastern
Time (which we refer to as the &#147;special meeting&#148;), to consider and vote upon the matters listed below. The special meeting can be accessed by visiting www.virtualshareholdermeeting.com/UBA2023SM, where you will be able to participate in
the meeting live and vote online. We encourage you to allow ample time for online <FONT STYLE="white-space:nowrap">check-in,</FONT> which will open at 1:45&nbsp;p.m., Eastern Time. Please note that because there will not be a physical meeting
location, you will not be able to attend the special meeting in person. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The special meeting will be held for the following purposes:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to consider and vote on a proposal to approve, pursuant to the Agreement and Plan of Merger, dated as of
May&nbsp;17, 2023 (which we refer to, as amended from time to time, as the &#147;merger agreement&#148;), by and among Regency Centers Corporation (which we refer to as &#147;Regency&#148;), Hercules Merger Sub, LLC, a wholly owned subsidiary of
Regency (which we refer to as &#147;Merger Sub&#148;), Urstadt Biddle, UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (which we refer to as &#147;UB Sub I&#148;), and UB Maryland II, Inc., a wholly owned subsidiary of UB Sub I
(which we refer to as &#147;UB Sub II&#148;), the mergers of (i)&nbsp;UB Sub II with and into Urstadt Biddle, with Urstadt Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I (which we refer to as the &#147;first
merger&#148;), and (ii)&nbsp;following the first merger, UB Sub I with and into Merger Sub, with Merger Sub surviving the second merger as a wholly owned subsidiary of Regency (which we refer to as the &#147;second merger&#148; and together with the
first merger, the &#147;mergers&#148;), and the other transactions contemplated by the merger agreement (which we refer to as the &#147;Merger Proposal&#148;); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to consider and vote on a proposal to approve, on a <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory
basis, the compensation that may be paid or become payable to Urstadt Biddle&#146;s named executive officers that is based on or otherwise relates to the mergers (which we refer to as the &#147;Compensation Proposal&#148;); and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to consider and vote on a proposal to approve one or more adjournments of the special meeting, if necessary or
appropriate, to solicit additional proxies in favor of the Merger Proposal (which we refer to as the &#147;Adjournment Proposal&#148;). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Merger Proposal by holders of UB common stock and UB Class&nbsp;A common stock, voting together as a single class,
representing a majority of all votes entitled to be cast on the matter is a condition to closing under the merger agreement. If holders of UB common stock and UB Class&nbsp;A common stock fail to approve the Merger Proposal, the mergers and the
other transactions contemplated by the merger agreement will not occur. The approval of the Compensation Proposal and the Adjournment Proposal requires the affirmative vote of a majority of the votes cast on the matter by the holders of UB common
stock and UB Class&nbsp;A common stock at the special meeting, assuming a quorum is present.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because the vote on the Compensation Proposal
is only advisory in nature, it will not be binding on Urstadt Biddle or the board of directors of Urstadt Biddle. Accordingly, if the Merger Proposal is approved by holders of </P>
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UB common stock and UB Class&nbsp;A common stock and the mergers are completed, the compensation payments that are contractually required to be paid by Urstadt Biddle to its named executive
officers will or may be paid, subject only to the conditions applicable thereto, regardless of the outcome of the <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory vote of the holders of UB common stock and UB Class&nbsp;A common stock
on the Compensation Proposal. Please refer to the attached proxy statement/prospectus for further information with respect to the business to be transacted at the special meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of record of UB common stock and UB Class&nbsp;A common stock at the close of business on July&nbsp;6, 2023 are entitled to notice of,
and to vote on, all proposals at the special meeting and any adjournments or postponements of the special meeting. All holders of record of UB preferred stock are entitled to notice of, but may not vote at, the special meeting. The vote of the
holders of UB preferred stock is not required to approve any of the proposals at the special meeting and is not being solicited. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Proxies from holders of shares of UB common stock and UB Class&nbsp;A common stock are being solicited by the Urstadt Biddle board of
directors. After careful consideration, the Urstadt Biddle board of directors (i)&nbsp;declared that the merger agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in the best interests of
Urstadt Biddle and its stockholders; (ii)&nbsp;approved the mergers and the other transactions contemplated by the merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal to approve the
mergers and the other transactions contemplated by the merger agreement for consideration by the holders of UB common stock and UB Class&nbsp;A common stock at the special meeting; and (iv)&nbsp;resolved to recommend that the holders of UB common
stock and UB Class&nbsp;A common stock approve the mergers and the other transactions contemplated by the merger agreement. <B>The Urstadt Biddle board of directors recommends that you vote </B><B>&#147;</B><B>FOR</B><B>&#148;</B><B> the Merger
Proposal, which approval is necessary to complete the mergers, </B><B>&#147;</B><B>FOR</B><B>&#148;</B><B> the Compensation Proposal, and </B><B>&#147;</B><B>FOR</B><B>&#148;</B><B> the Adjournment Proposal. The Urstadt Biddle board of directors
made its determination after evaluating the mergers in consultation with Urstadt Biddle</B><B>&#146;</B><B>s management and legal and financial advisors and considering a number of factors.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>We urge you to read carefully the risks that are described in the &#147;<A HREF="#toc506590_4">Risk Factors</A>&#148; section, beginning on
page&nbsp;23 of this proxy statement/prospectus. In considering the recommendation of the Urstadt Biddle board of directors, you should be aware that the directors and executive officers of Urstadt Biddle have certain interests in the mergers and
the other transactions contemplated by the merger agreement that may be different from or in addition to the interests of Urstadt Biddle stockholders generally. See the sections entitled &#147; Urstadt Biddle Proposals&nbsp;&#151;&nbsp;Proposal 2:
Compensation Proposal&#148; beginning on page&nbsp;142 of this proxy statement/prospectus and &#147;The Mergers&nbsp;&#151;&nbsp;Interests of Urstadt Biddle Directors and Executive Officers in the Mergers&#148; beginning on page 71 of this proxy
statement/prospectus for a more detailed description of these interests. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING,
PLEASE FOLLOW THE INSTRUCTIONS ON THE PROXY CARD TO VOTE BY TELEPHONE OR INTERNET AS PROMPTLY AS POSSIBLE, OR PROMPTLY COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD IN THE <FONT STYLE="white-space:nowrap">PRE-ADDRESSED</FONT> POSTAGE-PAID
ENVELOPE. IF YOUR SHARES ARE HELD IN THE NAME OF A BANK, BROKER OR OTHER NOMINEE, PLEASE FOLLOW THE VOTING INSTRUCTIONS PROVIDED BY SUCH BANK, BROKER OR OTHER NOMINEE. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By Order of the Directors </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MIYUN SUNG </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Senior Vice President, Chief Legal Officer&nbsp;&amp; Secretary</I> </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus incorporates by reference important business and financial information about Regency and Urstadt Biddle from
other documents that Regency and Urstadt Biddle have filed with the SEC and that are not included in or delivered with this proxy statement/prospectus. For a listing of documents incorporated by reference herein and additional information on how you
can obtain copies of these documents free of charge from Regency or Urstadt Biddle, please see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy statement/prospectus. This information is
also available for you to review free of charge through the SEC&#146;s website at https://www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You may request copies of this
proxy statement/prospectus and any of the documents incorporated by reference herein or other information concerning Regency or Urstadt Biddle, without charge, upon written or oral request to the applicable company&#146;s executive offices. The
respective addresses and telephone numbers of such executive offices are listed below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For information about Regency:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Regency Centers Corporation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">One Independent Drive, Suite 114</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jacksonville, FL 32202</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(904) <FONT
STYLE="white-space:nowrap">598-7000</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn.: Investor Relations</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">For information about Urstadt Biddle:</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle Properties Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">321 Railroad Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Greenwich, CT
06830</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(203) <FONT STYLE="white-space:nowrap">863-8200</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attn.: Secretary</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investors may also consult the websites of Regency or Urstadt Biddle for more information concerning the
mergers and the other transactions described in this proxy statement/prospectus. The website of Regency is https://www.investors.regencycenters.com and the website of Urstadt Biddle is https://www.investors.ubproperties.com. Information included on
these websites is not incorporated by reference into this proxy statement/prospectus. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>If you would like to request any documents,
please do so by August&nbsp;9, 2023, in order to receive them before the special meeting. </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>In addition, if you have questions
about the mergers or the accompanying proxy statement/prospectus, would like additional copies of the proxy statement/prospectus or need to obtain proxy cards or other information related to the proxy solicitation, please contact: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Urstadt Biddle&#146;s Secretary at: (203) <FONT STYLE="white-space:nowrap">863-8200</FONT> or 321 Railroad Avenue, Greenwich, CT 06830. For
a more detailed description of the information incorporated by reference in this proxy statement/prospectus and how you may obtain it, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy
statement/prospectus. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ABOUT THIS DOCUMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document constitutes a prospectus of Regency under Section&nbsp;5 of the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), with respect to the Regency common stock, Regency Series A preferred stock and Regency Series B preferred stock to be issued in connection with the mergers, as well as a proxy statement of Urstadt Biddle under Section&nbsp;14(a) of the
Securities Exchange Act of 1934, as amended. It also constitutes a notice of meeting with respect to the special meeting, at which holders of UB common stock and UB Class&nbsp;A common stock will be asked to vote upon certain proposals to approve
the mergers and other related matters. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No one has been authorized to provide you with information that is different from that
contained in, or incorporated by reference into, this proxy statement/prospectus, and Regency and Urstadt Biddle take no responsibility for, and can provide no assurance as to the reliability of, any information others may give you. This proxy
statement/prospectus is dated [&#151;], 2023. You should not assume that the information contained in, or incorporated by reference into, this proxy statement/prospectus is accurate as of any date other than the date on the front cover of those
documents. Neither the mailing of this proxy statement/prospectus to Urstadt Biddle stockholders nor the issuance of Regency common stock in connection with the mergers will create any implication to the contrary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle stockholders should not construe the contents of this proxy statement/prospectus as legal, tax or financial advice. Urstadt
Biddle stockholders should consult with their own legal, tax, financial or other professional advisors. All summaries of, and references to, the agreements governing the terms of the transactions described in this proxy statement/prospectus are
qualified by the full copies of and complete text of such agreements in the forms attached hereto as annexes, which are also available on the Electronic Data Gathering Analysis and Retrieval System of the SEC website at www.sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>This proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the
solicitation of a proxy, in any jurisdiction in which or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction. Information contained in this proxy statement/prospectus regarding Regency has been provided
by Regency and information contained in this proxy statement/prospectus regarding Urstadt Biddle has been provided by Urstadt Biddle. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES TO BE ISSUED IN CONNECTION WITH THE
MERGERS OR DETERMINED IF THIS PROXY STATEMENT/PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_1">QUESTIONS AND ANSWERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_2">SUMMARY</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_3">COMPARATIVE PER SHARE MARKET PRICE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_4">RISK FACTORS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_5">Risks Relating to the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_6">Risks Relating to Regency After Completion of the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_7">Risks Relating to the Status of Regency, Urstadt Biddle and UB Sub I as REITs
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_8">Risks Relating to an Investment in Regency Common Stock Following the Mergers
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_9">Other Risks</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_10">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_11">INFORMATION ABOUT THE COMPANIES</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_12">Regency Centers Corporation</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_13">Hercules Merger Sub, LLC</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_14">Urstadt Biddle Properties Inc.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_15">UB Maryland I, Inc.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_16">UB Maryland II, Inc.</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_17">THE MERGERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_18">Background of the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_19">Recommendation of the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s
 Reasons for the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_20">Opinion of Urstadt Biddle&#146;s Financial Advisor</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_21">Certain Urstadt Biddle Unaudited Prospective Financial
Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">65</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_22">Certain Regency Unaudited Prospective Financial Information</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">68</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_23">Interests of Urstadt Biddle Directors and Executive Officers in the Mergers
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_24">Treatment of UB Restricted Stock Awards in the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_25">Accounting Treatment</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_26">Regulatory Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">77</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_27">Exchange of Shares in the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_28">Dividends</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_29">Listing of Regency Common Stock, Regency Series A Preferred Stock and Regency
 Series B Preferred Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_30"><FONT STYLE="white-space:nowrap">De-Listing</FONT> and Deregistration of UB Common
 Stock, UB Class&nbsp;A Common Stock, and UB Preferred Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_31">No Appraisal Rights or Dissenters&#146; Rights</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_32">Treatment of Indebtedness and Preferred Stock</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">80</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_33">THE MERGER AGREEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_34">Form of the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_35">Closing; Effective Time</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_36">Governing Documents</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_37">Directors and Officers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_38">Merger Consideration</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">83</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_39">Exchange of Shares in the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">84</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_40">Representations and Warranties of Urstadt Biddle</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_41">Representations and Warranties of Regency and Merger Sub</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">86</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_42">Definition of &#147;Material Adverse Effect&#148;</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_43">Conduct of Urstadt Biddle&#146;s Business Pending the Mergers</A></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">88</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_44">Conduct of Regency&#146;s Business Pending the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">92</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_45">Other Covenants and Agreements</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">93</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_46">The Special Meeting</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">i </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="95%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_47">Employee Matters</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_48">Dividends</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_49">No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">97</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_50">Conditions to Completion of the Mergers</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_51">Fees and Expenses</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_52">Termination of the Merger Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_53">Director and Officer Indemnification and Insurance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">103</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_54">Amendment, Extension and Waiver of the Merger Agreement</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_55">Governing Law</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_56">Remedies; Specific Performance</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">104</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_57">THE VOTING AGREEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">105</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_58">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">106</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_59">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS REGARDING REGENCY&#146;S TAXATION
 AS A REIT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">110</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_60">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO HOLDERS OF REGENCY COMMON STOCK
AND REGENCY PREFERRED STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">126</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_61">THE SPECIAL MEETING</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">135</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_62">URSTADT BIDDLE PROPOSALS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_63">PROPOSAL 1: MERGER PROPOSAL</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_64">PROPOSAL 2: COMPENSATION PROPOSAL</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_65">PROPOSAL 3: ADJOURNMENT PROPOSAL</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_66">DESCRIPTION OF REGENCY CAPITAL STOCK</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">144</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_67">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_68">COMPARISON OF RIGHTS OF REGENCY STOCKHOLDERS AND URSTADT BIDDLE STOCKHOLDERS
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">154</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_69">LEGAL MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_70">EXPERTS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_71">FUTURE STOCKHOLDER PROPOSALS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">167</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_72">OTHER MATTERS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_73">HOUSEHOLDING OF PROXY MATERIALS</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#toc506590_74">WHERE YOU CAN FIND MORE INFORMATION</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">169</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexa">ANNEX A: AGREEMENT AND PLAN OF MERGER </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexb">ANNEX B: OPINION OF URSTADT BIDDLE&#146;S FINANCIAL ADVISOR</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">B-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexc">ANNEX C: VOTING AGREEMENT</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">C-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexd">ANNEX D: FORM OF ARTICLES OF AMENDMENT CLASSIFYING SERIES A PREFERRED STOCK
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">D-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#annexe">ANNEX E: FORM OF ARTICLES OF AMENDMENT CLASSIFYING SERIES B PREFERRED STOCK
</A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">E-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><A HREF="#partii">PART II INFORMATION NOT REQUIRED IN PROSPECTUS </A></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">II-1</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">ii </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_1"></A>QUESTIONS AND ANSWERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following are answers to some questions that you, as a stockholder of Urstadt Biddle, may have regarding the proposed mergers between
Regency and Urstadt Biddle and the other matters being considered at the special meeting. Regency and Urstadt Biddle urge you to carefully read this proxy statement/prospectus because the information in this section does not provide all the
information that might be important to you with respect to the mergers and the other matters being considered at the special meeting. Additional important information is also contained in the annexes to and the documents incorporated by reference
into this proxy statement/prospectus. </I></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What are the mergers? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regency has agreed to acquire Urstadt Biddle pursuant to the terms of the merger agreement, by and among
Regency, Merger Sub, Urstadt Biddle, UB Sub I and UB Sub II. A copy of the merger agreement is attached as Annex A to this proxy statement/prospectus. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The merger agreement contemplates that two mergers will occur. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the first merger, each share of UB Class&nbsp;A common stock outstanding as of immediately prior to the effective time of the first merger
(which we refer to as the &#147;first merger effective time&#148;) will be converted into one share of UB Sub I Class A common stock, and each share of UB common stock outstanding as of immediately prior to the first merger effective time will be
converted into one share of UB Sub I common stock (which we refer to together as &#147;UB Sub I common shares&#148;). In addition, holders of each share of UB Series H preferred stock will receive one share of preferred stock in UB Sub I (which we
refer to as &#147;UB Sub I Series H preferred stock&#148;) for each share of UB Series H preferred stock that they own immediately prior to the first merger effective time, and holders of each share of UB Series K preferred stock will receive one
share of preferred stock in UB Sub I (which we refer to as &#147;UB Sub I Series K preferred stock&#148; and, together with UB Sub I Series H preferred stock, &#147;UB Sub I preferred stock&#148;) for each share of UB Series K preferred stock that
they own immediately prior to the first merger effective time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In the second merger, each UB Sub I common share will be converted into the
right to receive 0.347 of a newly issued share of Regency common stock. No fractional share of Regency common stock will be issued, and holders of record of UB Sub I common shares will receive cash in lieu of fractional shares. The exchange ratio is
fixed (except for in limited circumstances, including with respect to REIT Dividends, as described herein) and will not be adjusted to reflect stock price changes prior to the closing of the mergers. Because the exchange ratio is fixed (except for
in limited circumstances, including with respect to REIT Dividends, as described herein), the market value of the merger consideration will fluctuate with changes in the market price of Regency common stock, and you will not be able to ascertain the
precise value of the merger consideration at the time that you vote. We urge you to obtain current market quotations of Regency common stock, UB common stock and UB Class&nbsp;A common stock. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, in connection with the second merger, holders of each share of UB Sub I Series H preferred stock (other than UB Sub I Series H
preferred stock owned directly by Urstadt Biddle, Regency or Merger Sub, which will be retired and shall cease to exist) will receive one share of Regency Series A preferred stock for each share of UB Sub I Series H preferred stock that they own
immediately prior to the effective time of the second merger (which we refer to as the &#147;second merger effective time&#148;), and holders of each share of UB Sub I Series K preferred stock (other than UB Sub I Series K preferred stock owned
directly by Urstadt Biddle, Regency or Merger Sub, which will be retired and shall cease to exist) will receive one share of Regency Series B preferred stock for each share of UB Sub I Series K preferred stock that they own immediately prior to the
second merger effective time. The Regency Series A preferred stock and the Regency Series B preferred stock will have substantially similar terms to those of the UB Series H preferred stock and UB Series K preferred stock, respectively, and will be
traded on the Nasdaq under the ticker symbols &#147;REGCP&#148; and &#147;REGCO,&#148; respectively. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What will happen to Urstadt Biddle as a result of the mergers? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Following the mergers, Urstadt Biddle will no longer be a publicly traded company, and UB common stock, UB
Class&nbsp;A common stock and UB preferred stock will be delisted from the NYSE and deregistered under the Exchange Act. As a result of the mergers, immediately following the mergers, Urstadt Biddle will be a direct wholly owned subsidiary of Merger
Sub, which itself will be a wholly owned subsidiary of Regency. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">It is currently anticipated that, following the second
merger effective time, Urstadt Biddle will be converted into a Maryland limited liability company in accordance with applicable law. Thereafter, it is anticipated that Regency will contribute all of the equity interests of Merger Sub to Regency
Centers, L.P. (which we refer to as the &#147;Regency Partnership&#148;) in exchange for (i)&nbsp;a number of common units of the Regency Partnership equal to the number of shares of Regency common stock issued in the second merger; (ii)&nbsp;a
number of preferred units having terms substantially equivalent to the Regency Series A preferred stock equal to the number of shares of Regency Series A preferred stock issued in the second merger; (iii)&nbsp;a number of preferred units having
terms substantially equivalent to the Regency Series B preferred stock equal to the number of shares of Regency Series B preferred stock issued in the second merger; and (iv)&nbsp;such other rights and obligations to be mutually agreed by and
between Regency and the Regency Partnership. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What happens if the market price of shares of Regency common stock, UB common stock or UB Class&nbsp;A
common stock changes before the closing of the mergers? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No change will be made to the exchange ratio of 0.347 if the market price of shares of Regency common stock, UB
common stock or UB Class&nbsp;A common stock changes before the closing of the mergers. Because the exchange ratio is fixed (other than in specified circumstances as discussed below), the value of the consideration to be received by the Urstadt
Biddle stockholders in the mergers will depend on the market price of Regency common stock at the closing of the mergers. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For more information, see the section entitled &#147;Risk Factors&nbsp;&#151;&nbsp;Risks Relating to the Mergers&nbsp;&#151;&nbsp;The exchange
ratio is fixed and will not be adjusted in the event of any change in the stock prices of either Regency or Urstadt Biddle&#148; beginning on page 24 of this proxy statement/prospectus. In addition, the exchange ratio may be adjusted in certain
circumstances where a REIT Dividend (as defined in the section entitled &#147;The Mergers&nbsp;&#151;&nbsp; Dividends&#148; beginning on page&nbsp;79 of this proxy/prospectus) is declared by either Regency or Urstadt Biddle prior to the first merger
effective time. For more information, see the section entitled &#147;The Mergers &nbsp;&#151;&nbsp; Dividends&#148; beginning on page&nbsp;79 of this proxy/prospectus. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Why am I receiving this document? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The mergers cannot be completed without the affirmative vote of holders of shares of UB common stock and UB
Class&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus contains important information about the mergers and the other proposals being voted on at the special meeting,
and you should read it carefully. It is a proxy statement because the Urstadt Biddle board of directors is soliciting proxies from holders of shares of UB common stock and UB Class&nbsp;A common stock. It is a prospectus because Regency will issue
shares of Regency common stock, Regency Series A preferred stock and Regency Series B preferred stock in connection with the mergers, which issuances are each being registered under the Securities Act. If you are a holder of record of UB common
stock or UB Class&nbsp;A common stock, the enclosed voting materials allow you to vote your shares without attending the special meeting. If you hold your shares through a bank, broker or other nominee in &#147;street name,&#148; you must follow the
voting instructions provided by your bank, broker or other nominee in order to vote your shares. </P>  <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Why is Urstadt Biddle proposing the mergers? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Urstadt Biddle board of directors believes that the mergers will provide a number of significant benefits
and opportunities that are in the best interests of Urstadt Biddle and its stockholders. For more information </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
regarding key factors the Urstadt Biddle board of directors considered in determining to recommend that Urstadt Biddle&#146;s stockholders approve the mergers and the other transactions
contemplated by the merger agreement, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Recommendation of the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s Reasons for the Mergers&#148; beginning on page 52 of this proxy
statement/prospectus. </TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>When and where will the special meeting be held? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The special meeting will be held live via audio webcast on August 16, 2023, at 2:00 p.m., Eastern Time. The
special meeting can be accessed by visiting www.virtualshareholdermeeting.com/UBA2023SM, where holders of UB common stock and UB Class&nbsp;A common stock will be able to participate in the meeting live and vote online. We encourage you to allow
ample time for online <FONT STYLE="white-space:nowrap">check-in,</FONT> which will open at 1:45 p.m., Eastern Time. Please note that because there will not be a physical meeting location, you will not be able to attend the special meeting in person.
Holders of record of UB common stock and UB Class&nbsp;A common stock will need the control number found on their proxy card in order to access the special meeting website. If you hold your shares through a bank, broker or other nominee in
&#147;street name,&#148; you must obtain a specific control number from your bank, broker or other nominee in order to attend and vote at the special meeting via the special meeting website. For more information, see the section entitled &#147;The
Special Meeting &nbsp;&#151;&nbsp;Date, Time and Place&#148; beginning on page 135. </P></TD></TR></TABLE>  <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How do I vote? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you are a holder of record of UB common Stock or UB Class&nbsp;A common stock, you may vote at the special
meeting by proxy through the internet, by telephone or by mail, or by attending the special meeting and voting via the special meeting website, as described below. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Internet: </B>By visiting the internet address provided on the proxy card and following the instructions
provided on your proxy card. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Telephone: </B>By calling the number provided on the proxy card and following the recorded instructions.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Mail: </B>If you have received a paper copy of the proxy materials by mail, you may complete, sign, date
and return by mail the enclosed proxy card in the envelope provided with your proxy materials. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Via the Special Meeting Website: </B>All holders of record of UB common stock or UB Class&nbsp;A common stock
may vote at the special meeting by attending the meeting via the special meeting website. Holders of UB common stock or UB Class&nbsp;A common stock who plan to attend the special meeting will need the control number included on their proxy card in
order to access the special meeting website and to attend and vote thereat. </P></TD></TR></TABLE>  <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you are a holder of record of UB
common stock or UB Class&nbsp;A common stock, proxies submitted over the internet or by telephone as described above must be received by 11:59&nbsp;p.m., Eastern Time, on August&nbsp;15, 2023, and proxies submitted by mail must be received by
11:59&nbsp;p.m., Eastern Time, on August&nbsp;15, 2023. To reduce administrative costs and help the environment by conserving natural resources, Urstadt Biddle asks that you vote by proxy in advance of the special meeting through the internet or by
telephone. </P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you hold your shares of UB common stock or UB Class&nbsp;A common stock through a bank, broker or other nominee in
&#147;street name&#148; instead of as a stockholder of record, you must follow the voting instructions provided by your bank, broker or other nominee in order to vote your shares, as further described herein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For more information, see the section entitled &#147;The Special Meeting &nbsp;&#151;&nbsp; Voting by Proxy or in Person&#148; beginning on
page&nbsp;137. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What am I being asked to vote upon? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At the special meeting, Urstadt Biddle stockholders will be asked to consider and vote on the following
proposals: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Merger Proposal, pursuant to which Urstadt Biddle stockholders are being asked to approve the mergers and
the other transactions contemplated by the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Compensation Proposal, pursuant to which Urstadt Biddle stockholders are being asked to approve, on a <FONT
STYLE="white-space:nowrap">non-binding,</FONT> advisory basis, the compensation that may be paid or become payable to the Urstadt Biddle named executive officers that is based on or otherwise relates to the mergers; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Adjournment Proposal, pursuant to which Urstadt Biddle stockholders are being asked to approve one or more
adjournments of the special meeting, if necessary or appropriate, to solicit additional proxies in favor of the Merger Proposal if there are insufficient votes at the time of such adjournment to approve the Merger Proposal. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The approval of the Merger Proposal is a condition to closing under the merger agreement. The approval of the Compensation Proposal and the
Adjournment Proposal are not conditions to the completion of the mergers. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What vote is required to approve each proposal? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Proposal 1: Merger Proposal</I>. The Merger Proposal requires the affirmative vote of holders of UB common
stock and UB Class&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to vote on the matter at the special meeting. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Proposal 2: Compensation Proposal</I>. The Compensation Proposal requires the affirmative vote of holders of a majority of all votes cast on
the matter at the special meeting by the holders of UB common stock and UB Class&nbsp;A common stock, voting together as a single class, entitled to vote on the matter at the special meeting, assuming a quorum is present. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Proposal 3: Adjournment Proposal</I>. The Adjournment Proposal requires the affirmative vote of holders of a majority of all votes cast on
the matter at the special meeting by the holders of UB common stock and UB Class&nbsp;A common stock, voting together as a single class, entitled to vote on the matter at the special meeting, assuming a quorum is present. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>The approval of the Merger Proposal is a condition to closing under the merger agreement, as Urstadt Biddle stockholders must approve the
mergers in order for the mergers to occur. If Urstadt Biddle stockholders fail to approve the Merger Proposal, the mergers will not occur. The approval of the Compensation Proposal and the Adjournment Proposal are not conditions to the completion of
the mergers. The vote on each proposal is a vote separate and apart from the other proposals. Accordingly, you may vote in favor of one or more of the proposals and vote not to approve the other proposal(s). </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How does the Urstadt Biddle board of directors recommend that I vote? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Urstadt Biddle board of directors recommends that holders of UB common stock and UB Class&nbsp;A common
stock vote &#147;<B>FOR</B>&#148; the Merger Proposal, &#147;<B>FOR</B>&#148; the Compensation Proposal and &#147;<B>FOR</B>&#148; the Adjournment Proposal. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How many votes do I have? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You are entitled to one vote for each share of UB common stock that you owned as of the close of business on
July&nbsp;6, 2023, the record date for the special meeting, and 1/20 of one vote per share of UB Class&nbsp;A common stock that you owned as of the close of business on the record date. As of the record date, there were 10,358,591 outstanding shares
of UB common stock and 28,972,016 outstanding shares of UB </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
Class&nbsp;A common stock. As of the record date, the directors and executive officers of Urstadt Biddle beneficially owned approximately 43.8% of the outstanding shares of UB common stock and
1.9% of the outstanding shares of UB Class&nbsp;A common stock entitled to vote at the special meeting, representing approximately 38.7% of the voting power of UB common stock and UB Class A common stock. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Concurrently with the execution of the merger agreement, the Urstadt Biddle Family Stockholders entered into the voting agreement to vote the
UB common stock and UB Class&nbsp;A common stock owned by them, representing approximately 68% of the voting power of UB common stock and UB Class A common stock as of the record date, in favor of the Merger Proposal, subject to the terms and
conditions of the voting agreement. <B>Because the approval of the Merger Proposal requires the affirmative vote of the holders of UB common stock and UB Class</B><B></B><B>&nbsp;A common stock, voting together as a single class, representing a
majority of all votes entitled to be cast on the matter at the special meeting, the approval of the Urstadt Biddle Family Stockholders at the special meeting will be sufficient to approve the Merger Proposal, even if no other holders of UB common
stock or UB Class</B><B></B><B>&nbsp;A common stock vote in favor of the Merger Proposal</B>. </P>  <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I own shares of UB preferred stock. Do I have a vote on account of the shares of UB preferred stock I own?
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No. Only holders of UB common stock and UB Class&nbsp;A common stock as of the close of business on the record
date are entitled to vote on the proposals at the special meeting. Holders of UB preferred stock are entitled to notice of, but may not vote at, the special meeting. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What constitutes a quorum? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The presence, either in person or by properly executed proxy, of the holders of UB common stock and UB
Class&nbsp;A common stock entitled to cast a majority of all votes at the special meeting constitutes a quorum for the purposes of the special meeting. Abstentions will be counted as present for purposes of determining a quorum. Shares held in
&#147;street name&#148; will not be counted as present for the purpose of determining the existence of a quorum unless the holder of UB common stock or UB Class&nbsp;A common stock provides their bank, broker or other nominee with voting
instructions for at least one of the proposals before the special meeting. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>If my shares of UB common stock or UB Class&nbsp;A common stock are held in &#147;street name&#148; by my
broker, will my broker vote my shares for me? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you hold your shares through a bank, broker or other nominee in &#147;street name&#148; instead of as a
stockholder of record, you must follow the voting instructions provided by your bank, broker or other nominee in order to vote your shares. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Broker <FONT STYLE="white-space:nowrap">non-votes</FONT> are votes that are not cast (and are not permitted to be cast) on a <FONT
STYLE="white-space:nowrap">non-routine</FONT> matter because the broker has not received voting instructions from the beneficial owner. On routine matters, brokers have discretionary authority to cast a vote in the absence of voting instructions
from the beneficial owner. However, because all of the proposals in this proxy statement/prospectus are considered <FONT STYLE="white-space:nowrap">non-routine</FONT> matters under NYSE rules, shares held in &#147;street name&#148; will not be
counted as present for the purpose of determining the existence of a quorum unless the holder of UB common stock or UB Class&nbsp;A common stock provides their bank, broker or other nominee with voting instructions for at least one of the proposals
before the special meeting. Further, in accordance with rules of the NYSE, brokers, banks and other nominees who hold UB common stock or UB Class&nbsp;A common stock in &#147;street name&#148; for their customers do not have discretionary authority
to vote the shares with respect to the Merger Proposal, the Compensation Proposal or the Adjournment Proposal. Accordingly, if brokers, banks or other nominees do not receive specific voting instructions from the beneficial owner of such shares,
they may not vote such shares with respect to the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
Merger Proposal, the Compensation Proposal or the Adjournment Proposal, as applicable. It is therefore critical that you cast your vote by instructing your bank, broker or other nominee on how to
vote. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What will happen if I fail to instruct my bank, broker or other nominee how to vote?
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you hold your shares of UB common stock or UB Class&nbsp;A common stock in &#147;street name,&#148; your
shares will not be represented and will not be voted on any matter unless you affirmatively instruct your bank, broker or other nominee how to vote your shares in accordance with the voting instructions provided by your bank, broker or other
nominee. Banks, brokers or other nominees will not be able to vote on any of the proposals at the special meeting unless they have received voting instructions from the beneficial owners. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What will happen if I fail to vote or I abstain from voting? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any abstentions or failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will
have the same effect as a vote &#147;AGAINST&#148; the Merger Proposal, but will have no effect on the vote count for the Compensation Proposal or the Adjournment Proposal, assuming a quorum is present. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What if I return my proxy card without indicating how to vote? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If you properly sign your proxy card but do not mark the boxes showing how your shares of UB common stock or UB
Class&nbsp;A common stock should be voted on a matter, the shares of UB common stock or UB Class&nbsp;A common stock represented by your properly signed proxy will be voted in accordance with the recommendations of the Urstadt Biddle board of
directors. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Can I change my vote? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any Urstadt Biddle stockholder giving a proxy has the right to revoke it at any time before the proxy is voted
at the special meeting. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you are a stockholder of record, you may revoke your proxy by any of the following actions:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by voting again by internet or telephone as instructed on your proxy card before the closing of the voting
facilities at 11:59 p.m., Eastern Time, on August&nbsp;15, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by sending a signed written notice of revocation to Urstadt Biddle&#146;s Secretary, provided such statement is
received no later than 11:59 p.m., Eastern Time, on August&nbsp;15, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by submitting a properly signed and dated proxy card with a later date that is received by Urstadt Biddle&#146;s
Secretary no later than 11:59 p.m., Eastern Time, on August&nbsp;15, 2023; or </P></TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by attending the special meeting via the special meeting website and requesting that your proxy be revoked or
voting via the website as described above. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Only your last submitted proxy will be considered. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If your shares are held in &#147;street name&#148; and you previously provided voting instructions to your broker, bank or other nominee, you
should follow the instructions provided by your broker, bank or other nominee to revoke or change your voting instructions. You may also change your vote by obtaining your specific control number and instructions from your bank, broker or other
nominee and voting your shares at the special meeting via the special meeting website. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What are the material U.S. federal income tax consequences of the mergers to U.S. holders and <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders of UB common stock, UB Class&nbsp;A common stock or UB preferred stock? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>A:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B></B>Regency and Urstadt Biddle intend for each of the first merger and the second merger to qualify as a
&#147;reorganization&#148; for U.S. federal income tax purposes within the meaning of Section&nbsp;368(a) of the Code. It </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
is a condition to the completion of the mergers that Regency and Urstadt Biddle receive written opinions from their respective counsel, dated as of the closing date, to the effect that each of
the first merger and the second merger will qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. If each of the first merger and the second merger so qualify, then a U.S. holder of UB common stock, UB
Class&nbsp;A common stock or UB preferred stock generally will not recognize any gain or loss for U.S. federal income tax purposes upon (i)&nbsp;the receipt of shares of UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred
stock in exchange for shares of UB common stock, UB Class&nbsp;A common stock or UB preferred stock, respectively, in the first merger and (ii)&nbsp;the receipt of shares of Regency common stock in exchange for shares of UB Sub I common stock or UB
Sub I Class&nbsp;A common stock, or the receipt of shares of Regency preferred stock in exchange for shares of UB Sub I preferred stock, in the second merger (other than gain or loss with respect to cash received in lieu of a fractional share of
Regency common stock, if any). </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The U.S. federal income tax consequences of the mergers to
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders of UB common stock, UB Class&nbsp;A common stock or UB preferred stock are expected to be similar to the U.S. federal income tax consequences to U.S. holders, except that any gain required to
be recognized (including cash in lieu of fractional shares of Regency common stock) will be subject to U.S. federal income tax only in limited circumstances. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The particular consequences of the mergers to each Urstadt Biddle stockholder and each holder of UB preferred stock will depend on such
holder&#146;s particular facts and circumstances. Urstadt Biddle stockholders and holders of UB preferred stock are urged to consult their tax advisors to understand fully the consequences to them of the mergers in their specific circumstances. For
more information, see the section entitled &#147;Material U.S. Federal Income Tax Consequences of the Mergers&#148; beginning on page 106 of this proxy statement/prospectus. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Are there any conditions to the closing of the mergers that must be satisfied for the mergers to be
completed? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Yes. In addition to the approval by the Urstadt Biddle stockholders of the Merger Proposal, there are a number
of conditions that must be satisfied or waived for the mergers to be completed. For more information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Conditions to Completion of the Mergers&#148; beginning on page 99 of this
proxy statement/prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>When do you expect the mergers to be completed? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Regency and Urstadt Biddle are working to complete the mergers in the third quarter of calendar year 2023.
However, the mergers are subject to various conditions, and it is possible that factors outside the control of Regency and Urstadt Biddle could result in the mergers being completed at a later time, or not at all. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How will I receive the UB Sub I common shares or UB Sub I preferred stock to which I am entitled at the
first merger effective time? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">You will not be required to surrender your certificates (or book-entry shares or other instruments) of UB
common stock, UB Class&nbsp;A common stock or UB preferred stock or take any other action in order to receive UB Sub I common shares or UB Sub I preferred stock, as applicable, in the first merger. Each certificate (or book-entry share) representing
outstanding UB common stock, UB Class&nbsp;A common stock, or UB preferred stock will automatically be deemed, from and after the first merger effective time through the second merger effective time, to represent the same number of shares of capital
stock of UB Sub I into which such shares are converted in the first merger in accordance with the merger agreement. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>How will I receive the merger consideration to which I am entitled at the second merger effective time?
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The merger agreement provides that, as soon as reasonably practicable after the second merger effective time,
Regency will cause the exchange agent to mail to each holder of record of a certificate representing the UB Sub I common shares a letter of transmittal and instructions for surrendering any certificates representing UB Sub I common shares in
exchange for the applicable merger consideration and, if applicable, cash in lieu of fractional shares of Regency common stock. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Upon surrender of their certificates, if applicable, representing UB Sub I common shares for cancellation along with the executed letter of
transmittal, and other required documents described in the instructions, holders of record of UB Sub I common shares will be entitled to receive in exchange, in respect of each UB Sub I common share they hold, the merger consideration and, if
applicable, cash in lieu of fractional shares of Regency common stock. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Holders of book-entry UB Sub I common shares are not required to
deliver an executed letter of transmittal in order to receive the merger consideration (and, if applicable, cash in lieu of fractional shares of Regency common stock). Subject to receipt of any documentation as may be required by the exchange agent,
Regency will cause the exchange agent to pay and deliver as soon as reasonably practicable after the second merger effective time (and, in any event no later than three business days thereafter) the merger consideration and, if applicable, cash in
lieu of fractional shares of Regency common stock. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What happens if the mergers are not completed? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">If the Merger Proposal is not approved by Urstadt Biddle stockholders, or if the mergers are not completed for
any other reason, Urstadt Biddle stockholders will not receive any payment for their UB common stock, UB Class&nbsp;A common stock or UB preferred stock in connection with the mergers. Instead, Urstadt Biddle will remain an independent public
company, Urstadt Biddle stockholders will continue to own their UB common stock, UB Class&nbsp;A common stock, and UB preferred stock, as applicable, and the UB common stock, UB Class&nbsp;A common stock, and UB preferred stock will continue to be
registered under the Exchange Act and listed on the NYSE. Under specified circumstances, if the mergers are not completed, Urstadt Biddle may be obligated to pay Regency a termination fee of $31.6&nbsp;million (which we refer to as the
&#147;termination fee&#148;). For more information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Termination of the Merger Agreement&#148; beginning on page&nbsp;101 of this proxy statement/prospectus. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Are Urstadt Biddle stockholders entitled to appraisal rights or dissenters&#146; rights in connection with
the mergers? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No. Urstadt Biddle stockholders are not entitled to appraisal rights or dissenters&#146; rights under the
Maryland General Corporation Law (which we refer to as the &#147;MGCL&#148;). For more information, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;No Appraisal Rights or Dissenters&#146; Rights&#148; beginning on page 80 of this proxy
statement/prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What do I need to do now? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Carefully read and consider the information contained in and incorporated by reference into this proxy
statement/prospectus, including its annexes. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE FOLLOW THE
INSTRUCTIONS ON THE PROXY CARD TO VOTE BY TELEPHONE OR INTERNET AS PROMPTLY AS POSSIBLE, OR PROMPTLY COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD IN THE <FONT STYLE="white-space:nowrap">PRE-ADDRESSED</FONT> POSTAGE-PAID ENVELOPE. IF YOUR
SHARES ARE HELD IN THE NAME OF A BANK, BROKER OR OTHER NOMINEE, PLEASE FOLLOW THE VOTING INSTRUCTIONS PROVIDED BY SUCH BANK, BROKER OR OTHER NOMINEE. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Will I receive any fractional shares of Regency common stock in connection with the mergers?
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fractional share of Regency common stock will be issued as merger consideration. Any holder of record of UB
Sub I common shares otherwise entitled to receive a fractional share of Regency common stock pursuant to the second merger will be entitled to receive a cash payment, without interest, in lieu of such fractional share, valued based on the volume
weighted average of the closing price of shares of Regency common stock on the Nasdaq on each of the last 10 consecutive trading days ending on and including the second business day immediately preceding the closing date of the mergers. No holder of
record of UB Sub I common shares receiving a cash payment in lieu of fractional shares of Regency common stock will be entitled to any dividends, voting rights or other rights in respect of any fractional share of Regency common stock.
</P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What happens if I sell my shares of UB common stock, UB Class&nbsp;A common stock or UB preferred stock
before the closing of the mergers? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In order to receive the merger consideration, you must hold UB common stock or UB Class&nbsp;A common stock
immediately prior to the first merger effective time. Consequently, if you transfer your UB common stock or UB Class&nbsp;A common stock before such time, you will have transferred your right to receive the merger consideration in respect of such
shares of UB common stock or UB Class&nbsp;common stock if the mergers are completed. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Similarly, in order to receive
Regency Series A preferred stock or Regency Series B preferred stock in the mergers, you must hold UB Series H preferred stock or UB Series K preferred stock, respectively, immediately prior to the first merger effective time. If you transfer your
UB Series H preferred stock or UB Series K preferred stock before such time, you will have transferred your right to receive the Regency preferred stock in respect of such shares if the mergers are completed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The record date, which determines the Urstadt Biddle stockholders entitled to vote at the special meeting, is earlier than the first merger
effective time. If you are a holder of UB common stock or UB Class&nbsp;A common stock on the record date and you transfer your UB common stock or UB Class&nbsp;A common stock after the record date but prior to the closing of the mergers, you will
retain any rights you hold to vote at the special meeting but will not have the right to receive the merger consideration. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>What respective equity stakes will Urstadt Biddle and Regency stockholders hold in the combined company
immediately following the mergers? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on the number of shares of UB common stock, UB Class&nbsp;A common stock, Regency common stock and the
number of Urstadt Biddle equity awards outstanding on July 6, 2023, the latest practicable date prior to the date of this proxy statement/prospectus, upon completion of the mergers, former Urstadt Biddle stockholders are expected to own
approximately 7.4% of the outstanding shares of Regency common stock, and Regency stockholders immediately prior to the mergers are expected to own approximately 92.6% of the outstanding shares of Regency common stock. The relative ownership
interests of Regency stockholders and former Urstadt Biddle stockholders in the combined company immediately following the mergers will depend on the number of shares of Regency common stock, UB Sub I common shares and the number of shares
underlying UB Sub I restricted stock awards outstanding immediately prior to the second merger effective time. </P></TD></TR></TABLE>  <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Can I attend the special meeting in person? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No. The special meeting will be held live via audio webcast and can be accessed by visiting
www.virtualshareholdermeeting.com/UBA2023SM, where you will be able to participate in the meeting live and vote online. Because there will not be a physical meeting location, you will not be able to attend the special meeting in person.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Why am I being asked to consider and vote on the Compensation Proposal? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Under SEC rules, Urstadt Biddle is required to seek a <FONT STYLE="white-space:nowrap">non-binding,</FONT>
advisory vote with respect to compensation that may be paid or become payable to the Urstadt Biddle named executive officers that is based on or otherwise relates to the mergers. </P></TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Who can help answer my questions? </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Urstadt Biddle stockholders who have questions about the mergers or the other matters to be voted on at the
special meeting or who desire additional copies of this proxy statement/prospectus or additional proxy cards should contact: Urstadt Biddle&#146;s Secretary at (203) <FONT STYLE="white-space:nowrap">863-8200</FONT> or 321 Railroad Avenue, Greenwich,
CT 06830. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Q:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>I am a <FONT STYLE="white-space:nowrap">non-managing</FONT> member of one of Urstadt Biddle&#146;s
DownREITs. Do I have any rights with respect to the mergers? </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Urstadt Biddle has four consolidated joint ventures (which we refer to as the &#147;DownREITs&#148;). The <FONT
STYLE="white-space:nowrap">non-managing</FONT> members of the DownREITs generally have the right to require Urstadt Biddle to repurchase all or a portion of their <FONT STYLE="white-space:nowrap">non-managing</FONT> member interests for cash or
shares of UB Class&nbsp;A common stock, at Urstadt Biddle&#146;s election, at prices and on terms set forth in the applicable DownREIT operating agreement. <FONT STYLE="white-space:nowrap">Non-managing</FONT> members of the DownREITs do not have
voting rights in connection with the mergers on account of their interests in the DownREITs. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">However, if, prior to the
first merger effective time, you exercise your repurchase right in respect of your non-managing member interests in accordance with the terms of the applicable DownREIT operating agreement, Urstadt Biddle elects to satisfy such repurchase obligation
in shares of UB Class A common stock and you continue to hold such UB Class&nbsp;A common stock as of immediately prior to the first merger effective time, you will be entitled to receive the merger consideration. In addition, <FONT
STYLE="white-space:nowrap">non-managing</FONT> members of certain of the DownREITs may be entitled to elect to receive shares of Regency common stock directly on account of their <FONT STYLE="white-space:nowrap">non-managing</FONT> member interests
in connection with the mergers as if their <FONT STYLE="white-space:nowrap">non-managing</FONT> member interests had been repurchased in exchange for shares of UB Class&nbsp;A common stock immediately prior to the first merger effective time in
accordance with the applicable DownREIT operating agreement. Urstadt Biddle will provide the <FONT STYLE="white-space:nowrap">non-managing</FONT> members of the DownREITs with notices and, if applicable, election documents, prior to the first merger
effective time containing more information regarding the non-managing members&#146; respective rights under the applicable DownREIT operating agreement in connection with the mergers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">As of July&nbsp;6, 2023, the latest practicable date before the date of this proxy statement/prospectus, 2,900,000 was the approximate maximum
number of shares of UB Class&nbsp;A common stock into which the <FONT STYLE="white-space:nowrap">non-managing</FONT> member interests in the DownREITs were convertible if all of the non-managing members elected to require Urstadt Biddle to
repurchase all of their non-managing member interests in all of the DownREITs and Urstadt Biddle elected to satisfy all such repurchase obligations in shares of UB Class A common stock to the extent permitted under the applicable DownREIT operating
agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<div style ="BORDER-BOTTOM:1.00pt solid #000000;BORDER-LEFT:1.00pt solid #000000;BORDER-RIGHT:1.00pt solid #000000;BORDER-TOP:1.00pt solid #000000;MARGIN-LEFT:0px; MARGIN-RIGHT:0px;max-width:100%"><div style="width:97%; margin-top:1.5%; margin-bottom:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_2"></A>SUMMARY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>This summary highlights information contained elsewhere in this proxy statement/prospectus and may not contain all of the information that
is important to you. Regency and Urstadt Biddle urge you to read carefully this proxy statement/prospectus, including the attached annexes, and the other documents to which we have referred you because this section does not provide all of the
information that might be important to you with respect to the mergers and the related matters being considered at the special meeting. See also the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169&nbsp;of
this proxy statement/prospectus. Page references have been included to direct you to a more complete description of the topics presented in this summary. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information about the Companies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regency Centers Corporation (See page 37) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency, a Florida corporation, is a fully integrated real estate company and self-administered and self-managed real estate investment trust
that began its operations as a publicly-traded REIT in 1993. Regency Partnership is the entity through which Regency conducts substantially all of its operations and owns substantially all of its assets. Regency&#146;s business consists of
acquiring, developing, owning, and operating income-producing retail real estate principally located in top markets within the United States. Regency generates revenues by leasing space to necessity, service, convenience, and value-based retailers
serving the essential needs of Regency&#146;s communities. Regency has been an S&amp;P 500 Index member since 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31,
2023, Regency had full or partial ownership interests in 404 properties, primarily anchored by market-leading grocery stores, encompassing 51.1&nbsp;million square feet of gross leasable area. Regency&#146;s
<FONT STYLE="white-space:nowrap">pro-rata</FONT> share of this gross leasable area is 43.3&nbsp;million square feet, including its share of properties owned through unconsolidated investment partnerships. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency is a preeminent national owner, operator and developer of shopping centers located in suburban trade areas with compelling
demographics. Regency&#146;s mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Regency&#146;s vision is to elevate quality of life as an integral thread in the
fabric of Regency&#146;s communities. Regency&#146;s portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> retailers that connect with their neighborhoods, communities, and customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Regency are located at One Independent Drive, Suite 114, Jacksonville, Florida 32202, and its telephone
number is (904) <FONT STYLE="white-space:nowrap">598-7000.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency common stock is listed on the Nasdaq, trading under the symbol
&#147;REG.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional information about Regency and its subsidiaries is included in documents incorporated by reference into this
proxy statement/prospectus. For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Urstadt Biddle Properties Inc. (See page 37) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc., a Maryland corporation that has elected to be treated as a real estate investment trust for federal income tax
purposes,&nbsp;is a self-administered equity REIT which owns or has equity interests in 77 properties containing approximately 5.3&nbsp;million square feet of space. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Urstadt Biddle are located at 321 Railroad Avenue, Greenwich, Connecticut 06830, and its telephone number
is (203) <FONT STYLE="white-space:nowrap">863-8200.</FONT> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>UB common stock, UB Class&nbsp;A common stock, UB Series H preferred stock and UB
Series K preferred stock are each traded on the NYSE under the ticker symbols &#147;UBP,&#148; &#147;UBA,&#148; &#147;UBPPRH&#148; and &#147;UBPPRK,&#148; respectively. </I></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Hercules Merger Sub, LLC (See page 37) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merger Sub, a Maryland limited liability company, is a subsidiary of Regency. Merger Sub was formed in Maryland on May&nbsp;16, 2023 for the
sole purpose of facilitating Regency&#146;s acquisition of Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Merger Sub are located at
One Independent Drive, Suite 114, Jacksonville, Florida 32202, and its telephone number is (904) <FONT STYLE="white-space:nowrap">598-7000.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>UB Maryland I, Inc. (See page 38) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UB Sub I, a Maryland corporation, is a direct wholly owned subsidiary of Urstadt Biddle. UB Sub I was formed in Maryland on May&nbsp;16, 2023
for the sole purpose of facilitating Regency&#146;s acquisition of Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of UB Sub I are
located at 321 Railroad Avenue, Greenwich, CT 06830, and its telephone number is (203) <FONT STYLE="white-space:nowrap">863-8200.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>UB Maryland II, Inc. (See page 38) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UB Sub II, a Maryland corporation, is a direct wholly owned subsidiary of UB Sub I. UB Sub II was formed in Maryland on May&nbsp;16, 2023 for
the sole purpose of facilitating Regency&#146;s acquisition of Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of UB Sub II are located
at 321 Railroad Avenue, Greenwich, CT 06830, and its telephone number is (203) <FONT STYLE="white-space:nowrap">863-8200.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Risk Factors (See
page 23) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Before voting at the special meeting, you should carefully consider all of the information contained in or incorporated by
reference into this proxy statement/prospectus, as well as the specific factors under the heading &#147;Risk Factors&#148; beginning on page 23 of this proxy statement/prospectus, including the risks that: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the mergers are subject to a number of conditions and may not be completed on the currently contemplated timeline
or terms, or at all; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a failure to complete the mergers could have a material adverse effect on Urstadt Biddle or Regency;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the exchange ratio is fixed and will not be adjusted in the event of any change in the stock prices of either
Regency or Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency may be unable to successfully integrate Urstadt Biddle&#146;s businesses in order to realize the
anticipated benefits of the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency and Urstadt Biddle expect to incur substantial costs in connection with the mergers; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency may incur adverse tax consequences if Regency or Urstadt Biddle has failed or fails to qualify as a REIT
for U.S. federal income tax purposes. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The Merger Agreement (See page 82) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency, Urstadt Biddle, Merger Sub, UB Sub I and UB Sub II have entered into the merger agreement, a copy of which is attached as Annex A to
this proxy statement/prospectus. The Regency board of directors and the </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Urstadt Biddle board of directors have both approved the mergers. Regency and Urstadt Biddle encourage you to read the entire merger agreement carefully because it is the principal legal document
governing the mergers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Form of the Mergers (See page 82) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the merger agreement, the transaction will include two mergers. In the first merger, UB Sub II will merge with and into Urstadt
Biddle, with Urstadt Biddle surviving as a wholly owned subsidiary of UB Sub I. The first merger will result in all of the outstanding capital stock of Urstadt Biddle being directly owned by a new holding company, UB Sub I. In the second merger,
Urstadt Biddle&#146;s new holding company, UB Sub I, will merge with and into Merger Sub, with Merger Sub being the surviving entity (which we refer to as the &#147;Surviving Entity&#148;). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Consideration to Urstadt Biddle Stockholders in the Mergers (See page 83) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the terms and subject to the conditions set forth in the merger agreement, at the first merger effective time, each share of UB common
stock, UB Class&nbsp;A common stock, and UB preferred stock will be converted into one share in UB Sub I, with respect to each class, subject to limited exceptions set forth in the merger agreement. Immediately thereafter, at the second merger
effective time, each UB Sub I common share will be converted into 0.347 of a share of Regency common stock, without interest and subject to certain adjustments and limited exceptions set forth in the merger agreement, and each share of UB Sub I
Series H preferred stock and UB Sub I Series K preferred stock will be converted into one share of newly issued Regency Series A preferred stock and Regency Series B preferred stock, respectively, having substantially similar terms to those of the
UB Series H preferred stock and UB Series K preferred stock, respectively. The merger agreement also provides that, at the first merger effective time, each UB restricted stock award that is outstanding as of immediately prior to the first merger
effective time will first be converted into an identical equity award with respect to shares of UB Sub I common stock or UB Sub I Class&nbsp;A common stock, as applicable (each of which we refer to as a &#147;UB Sub I restricted stock award&#148;),
and, at the second merger effective time, each such UB Sub I restricted stock award that is outstanding as of immediately prior to the second merger effective time will then vest in full and, following any net settlement, be converted into the right
to receive the merger consideration. Any shares of UB Sub I capital stock held by Regency, Merger Sub or UB Sub I will be cancelled and cease to exist without consideration. In lieu of Regency issuing fractional shares, cash will be paid in an
amount equal to (x)&nbsp;such fraction of a share of Regency common stock, multiplied by (y)&nbsp;the <FONT STYLE="white-space:nowrap">10-trading</FONT> day volume-weighted average price per share of Regency common stock ending on and including the
second business day prior to the closing date of the mergers. For more details on the treatment of Urstadt Biddle&#146;s existing preferred stock under the merger agreement, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Exchange of
Shares in the Mergers&#148; beginning on page 78. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the closing price of Regency common stock on the Nasdaq of $62.00 on
July&nbsp;6, 2023, the last practicable trading day before the date of this proxy statement/prospectus, the exchange ratio represented approximately $21.51 in Regency common stock for each share of UB common stock or UB Class&nbsp;A common stock.
For more information, see the section entitled &#147;Comparative Per Share Market Price Information&#148; beginning on page 22 of this proxy statement/prospectus. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents trading information for Regency common stock, UB common
stock and UB Class&nbsp;A common stock on May&nbsp;17, 2023, the last practicable trading day before public announcement of the mergers following the closing of trading on that day, and July 6, 2023, the last practicable trading day before the date
of this proxy statement/prospectus. Equivalent per share value of the merger consideration for Urstadt Biddle stockholders, giving effect to the exchange ratio of 0.347, is also provided for each of these dates. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Regency<BR>Common<BR>Stock<BR>(Close)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB&nbsp;common<BR>stock<BR>(Close)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB Class&nbsp;A<BR>common&nbsp;stock<BR>(Close)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equivalent&nbsp;Per&nbsp;Share<BR>Value of merger<BR>consideration&nbsp;(giving&nbsp;effect<BR>to the exchange ratio)<BR>(Close)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>May&nbsp;17, 2023</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>July 6, 2023</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market prices of Regency common stock, UB common stock and UB Class&nbsp;A common stock fluctuate. As
a result, we urge you to obtain current market quotations of Regency common stock and UB common stock or UB Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, (i)&nbsp;if Urstadt Biddle declares a REIT Dividend prior to the first merger effective time, the merger consideration will be reduced by an amount based on the amount of the REIT Dividend, and (ii)&nbsp;if Regency declares a REIT Dividend
prior to the effective time, the merger consideration will be increased by the amount of the REIT Dividend, in each case, upon the terms and subject to the conditions set forth in the merger agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Treatment of UB Restricted Stock Awards in the Mergers (See page 77) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the terms and subject to the conditions of the merger agreement, except as described in the immediately following paragraph, at the first
merger effective time, each then-outstanding UB restricted stock award will first be converted into a UB Sub I restricted stock award. Each such UB Sub I restricted stock award that is outstanding as of immediately prior to the second merger
effective time will then, at the second merger effective time, vest in full and, following any net settlement, be converted into the right to receive (a)&nbsp;a number of shares of Regency common stock equal to the product of (i)&nbsp;the number of
shares of UB Sub I common stock or UB Sub I Class&nbsp;A common stock, as applicable, underlying such UB Sub I restricted stock award and (ii)&nbsp;the exchange ratio, plus (b)&nbsp;cash in lieu of fractional shares of Regency common stock into
which UB Sub I restricted stock awards would have been converted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that, in connection with the mergers, Willing L. Biddle
will enter into a consulting agreement with Regency pursuant to which, among other things, his UB Sub I restricted stock awards would convert into restricted stock awards with respect to Regency common stock based on the exchange ratio and with
terms and conditions materially similar to those of his UB Sub I restricted stock awards, except that Mr.&nbsp;Biddle would no longer be entitled to the acceleration of vesting upon completion of the mergers but he would be entitled to the
acceleration of vesting upon the termination of such consulting agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Recommendation of the Urstadt Biddle Board of Directors;
Urstadt Biddle&#146;s Reasons for the Mergers (See page 52) </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors recommends that Urstadt Biddle
stockholders vote &#147;<B>FOR</B>&#148; the Merger Proposal, &#147;<B>FOR</B>&#148; the Compensation Proposal and &#147;<B>FOR</B>&#148; the Adjournment Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the factors considered by the Urstadt Biddle board of directors in reaching its decision to approve the merger agreement and make the
foregoing recommendations, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Recommendation of </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s Reasons for the Merger&#148; beginning on page&nbsp;52 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Opinion of Urstadt Biddle&#146;s Financial Advisor (See page 57) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the mergers, Urstadt Biddle&#146;s financial advisor, Eastdil Secured Advisors LLC (which we refer to as &#147;Eastdil
Secured&#148;), rendered to the Urstadt Biddle board of directors at a meeting of the Urstadt Biddle board of directors on May&nbsp;17, 2023, held to evaluate the mergers, its oral opinion, confirmed by delivery of a written opinion dated
May&nbsp;17, 2023 to the effect that, as of such date and based on and subject to various assumptions made, procedures followed, factors considered and limitations and qualifications on the review undertaken as stated in its opinion, the exchange
ratio provided for in the mergers was fair, from a financial point of view, to the holders (other than Regency, any subsidiary of Regency or any wholly owned subsidiary of Urstadt Biddle) of UB common stock and UB Class&nbsp;A common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The full text of Eastdil Secured&#146;s written opinion, dated May&nbsp;17, 2023, which sets forth, among other things, the assumptions
made, procedures followed, factors considered and limitations and qualifications on the review undertaken by Eastdil Secured in rendering its opinion, is attached as Annex B to this proxy statement/prospectus and is incorporated herein by reference.
The summary of the opinion of Eastdil Secured is qualified in its entirety by reference to the full text of the opinion. The opinion was addressed to the Urstadt Biddle board of directors (in its capacity as such) for its information and use in
connection with its evaluation of the exchange ratio from a financial point of view and did not address any other terms, aspects or implications of the mergers or any related transactions. Eastdil Secured&#146;s opinion did not address the merits of
the underlying decision by Urstadt Biddle to enter into the merger agreement or the relative merits of the mergers or related transactions compared with other business strategies or transactions available or that have been or might be considered by
Urstadt Biddle or the Urstadt Biddle board of directors or in which Urstadt Biddle might engage. Eastdil Secured&#146;s opinion does not constitute a recommendation to the Urstadt Biddle board of directors or any other person or entity in respect of
the mergers or any related transactions, including as to how any holder of UB common stock or UB Class&nbsp;A common stock or other person should vote or act in connection with the mergers, any related transactions or any other matter. For more
information, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Opinion of Urstadt Biddle&#146;s Financial Advisor&#148; beginning on page 57 and Annex B to this proxy statement/prospectus. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Interests of Urstadt Biddle Directors and Executive Officers in the Mergers (See page 71) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering the recommendation of the Urstadt Biddle board of directors, you should be aware that Urstadt Biddle directors and executive
officers may have certain interests in the mergers and the other transactions contemplated by the merger agreement that may be different from, or in addition to, the interests of Urstadt Biddle stockholders generally. The members of the Urstadt
Biddle board of directors were aware of and considered these interests in reaching the determination to approve the mergers and the other transactions contemplated by the merger agreement and recommend to the holders of UB common stock and UB
Class&nbsp;A common stock that they vote to approve the proposals to be voted on at the special meeting. These interests include, among others, potential severance benefits, accelerated vesting of equity-based awards in connection with the mergers,
potential consulting arrangements with Regency and rights to ongoing indemnification and insurance coverage. See the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Interests of Urstadt Biddle Directors and Executive Officers in the
Mergers.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Accounting Treatment (See page 77) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with FASB ASC Topic 805, <I>Business Combinations, </I>a screen test is required to evaluate if substantially all of the fair
value of the assets acquired is concentrated in a single identifiable asset or group of </P>
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similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition.&nbsp;In the event that the screen test is not met, the rules require a further assessment
to determine whether an asset acquisition or a business combination has occurred. The determination to account for the mergers as an asset acquisition or business combination will be made closer to the closing of the mergers. For more information,
see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Accounting Treatment.&#148; </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regulatory Matters (See page 77)
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the issuance of Regency common stock in the second merger, pursuant to the merger agreement, as a condition to
the closing of the mergers, Regency must file a registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> with the SEC under the Securities Act, of which this proxy statement/prospectus forms a part, that is declared effective by
the SEC and must not be the subject of any stop order or proceedings seeking a stop order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle are not aware of
any other material federal or state regulatory requirements that must be complied with, or approvals that must be obtained, in connection with the mergers or the other transactions contemplated by the merger agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Conditions to Completion of the Mergers (See page 99) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As more fully described in this proxy statement/prospectus and in the merger agreement, the completion of the mergers depends on a number of
conditions being satisfied or, where legally permissible, waived. These conditions include: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle obtaining the required vote of its holders of UB common stock and UB Class&nbsp;A common stock to
approve the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which this proxy
statement/prospectus is a part having become effective, and the registration statement not being the subject of any stop order or proceedings seeking a stop order; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the absence of any temporary restraining order, preliminary or permanent injunction or other order issued by any
court of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency common stock and Regency preferred stock to be issued in the second merger having been approved for
listing on the Nasdaq, subject to official notice of issuance; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the articles of amendment classifying the Regency Series A preferred stock and the articles of amendment
classifying the Regency Series B preferred stock having been filed with and accepted for record by the Florida Department of State; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the representations and warranties of the other party being true and correct to the extent and as of the dates
specified in the merger agreement, including that there have been no events, changes, effects, developments, circumstances, conditions or occurrences since, in the case of Urstadt Biddle, October&nbsp;31, 2022, and in the case of Regency,
December&nbsp;31, 2022, which have had or would reasonably be expected to have, individually or in the aggregate, a material adverse effect with respect to such party; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">such other party and the other party having performed in all material respects all of the obligations required to
be performed by it under the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the absence of any event, change or occurrence arising after May&nbsp;17, 2023 that, individually, or in the
aggregate constitutes a material adverse effect with respect to the other party, and receipt of an </P></TD></TR></TABLE>
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officer&#146;s certificate from such party at or prior to the closing certifying that the conditions discussed in this bullet and the two immediately preceding bullets have been satisfied;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Regency of a written opinion of REIT counsel to Urstadt Biddle and UB Sub I, dated as of the
closing date, to the effect that for all taxable periods commencing with Urstadt Biddle&#146;s taxable year ended October&nbsp;31, 2019, and ending at the moment in time immediately prior to the second merger effective time, Urstadt Biddle, and,
from and after the first merger effective time, UB Sub I, have each been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Internal Revenue Code of 1986, as amended (which we refer to as
the &#147;Code&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Urstadt Biddle of a written opinion of REIT counsel to Regency, dated as of the closing date, to
the effect that for all taxable periods commencing with Regency&#146;s taxable year ended December&nbsp;31, 2019, and through the closing date, Regency has been organized and operated in conformity with the requirements for qualification and
taxation as a REIT under the Code and that Regency&#146;s proposed method of organization and operation will permit Regency to continue to qualify for taxable as a REIT under the Code for its taxable year which includes the closing date;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Regency of a written opinion of its counsel, dated as of the closing date, to the effect that, on
the basis of facts, representations and assumptions set forth in such opinion, each of the first merger and the second merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Urstadt Biddle of a written opinion of its counsel, dated as of the closing date, to the effect
that, on the basis of facts, representations and assumptions set forth in such opinion, each of the first merger and the second merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Regency nor Urstadt Biddle can be certain when, or if, the conditions to the mergers will be satisfied or waived, or that the mergers
will be completed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation (See page 97) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has agreed that until the earlier of the second merger effective time and the termination of the merger agreement, it will not,
among other things and subject to specified exceptions, solicit, initiate, or knowingly encourage or knowingly facilitate any inquiry, proposal or offer with respect to, or the announcement, making or completion of, any acquisition proposal (as
defined in the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page 97 of this proxy statement/prospectus), or any inquiry proposal or offer
that could reasonably be likely to lead to any acquisition proposal or any other effort or attempt to make or implement an acquisition proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If at any time before the time the Urstadt Biddle stockholders approve the Merger Proposal, (i)&nbsp;the Urstadt Biddle board of directors
receives a bona fide written acquisition proposal made after May&nbsp;17, 2023, that has not resulted from a violation of Urstadt Biddle&#146;s <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions (as specified in the section
entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page 97 of this proxy statement/prospectus) and (ii)&nbsp;the Urstadt Biddle board of directors
determines in good faith, after consultation with its financial advisor and outside legal counsel, that such acquisition proposal constitutes or would reasonably be expected to lead to a superior proposal (as defined in the section entitled
&#147;The Merger Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page 97 of this proxy statement/prospectus), Urstadt Biddle may furnish
<FONT STYLE="white-space:nowrap">non-public</FONT> information to and participate in negotiations with such person and its representatives. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In response to a superior proposal or an Intervening Event (as defined in the section
entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page&nbsp;97 of this proxy statement/prospectus), the Urstadt Biddle board of directors may, subject
to specified conditions and requirements, change its recommendation in favor of the Merger Proposal. Prior to effecting such change, the Urstadt Biddle board of directors must provide Regency with written notice and four business days of good-faith
negotiations (and in the case of any material supplements or amendments to such superior proposal or any material change to the conditions constituting such Intervening Event, the Urstadt Biddle board of directors must provide Regency with a new
written notice and two business days of good-faith negotiations), and must consider in good faith any revisions to the terms of the merger agreement proposed by Regency and Merger Sub. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has the right to terminate the merger agreement to accept a superior proposal (as defined in the section entitled &#147;The
Merger Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page&nbsp;97 of this proxy statement/prospectus). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Termination of the Merger Agreement (See page 101) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement may be terminated prior to the second merger effective time, whether before or after the required approval of the Urstadt
Biddle stockholders is obtained (subject to specified limitations and qualifications): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by mutual written agreement of Regency and Urstadt Biddle; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by either Regency or Urstadt Biddle if the mergers are not consummated on or before February&nbsp;17, 2024;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by either Regency or Urstadt Biddle, if a court or other governmental authority issues a final and nonappealable
order permanently enjoining or otherwise prohibiting the mergers or any law has been enacted or enforced by a governmental authority after May&nbsp;17, 2023, that makes illegal the consummation of the transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by either Regency or Urstadt Biddle if the approval of the Merger Proposal by the Urstadt Biddle stockholders was
not obtained at the special meeting or at any adjournment or postponement thereof, in each case, at which a vote on the Merger Proposal was taken; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by either Regency or Urstadt Biddle, if there is a breach, violation or failure to perform any of the
representations, warranties, covenants or agreements of the other party as set forth in the merger agreement, and such breach, violation or failure to perform of the other party, either individually or in the aggregate, if occurring or continuing on
the closing date, would result in a failure of the related closing conditions to be satisfied, subject to a cure period; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by Regency, if, prior to approval of the Merger Proposal by the Urstadt Biddle stockholders, Urstadt Biddle, its
board, or a committee thereof (a)&nbsp;effects an &#147;adverse recommendation change&#148; (as defined in the below), (b) fails to, after the announcement of an acquisition proposal, recommend against the acquisition proposal and publicly reaffirm
the Urstadt Biddle board of directors&#146; recommendation within 10 business days of being requested by Regency to do so or (c)&nbsp;fails to include the Urstadt Biddle board of directors&#146; recommendation in the proxy statement; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by Urstadt Biddle, if, prior to approval of the Merger Proposal by the Urstadt Biddle stockholders, the Urstadt
Biddle board of directors determines to enter into an agreement with respect to a superior proposal and the termination fee is paid in full substantially concurrently with such termination. </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Expenses and Termination Fees (See page 101) </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other than as provided below, all fees and expenses incurred in connection with the mergers will be paid by the party incurring those expenses,
whether or not the mergers are completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement further provides that, upon termination of the merger agreement under
specified circumstances, Urstadt Biddle may be required to pay Regency a termination fee of $31.6&nbsp;million. For more information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Termination of the Merger Agreement&#148;
beginning on page&nbsp;101 of this proxy statement/prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>No Appraisal Rights or Dissenters&#146; Rights (See page 80)
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Maryland law, dissenting stockholders may have, subject to satisfying certain procedures, the right to demand and receive
payment of the fair value of their shares of stock in connection with certain transactions (often referred to as appraisal rights), including a proposed merger, share exchange or sale of substantially all of the assets of the corporation. Under
Maryland law, however, dissenters&#146; rights generally are not available to holders of shares of stock, such as UB common stock and UB Class&nbsp;A common stock, that are listed on a national securities exchange such as the NYSE, nor are
dissenters&#146; rights available for stock that is not entitled to vote on the transaction, such as UB Series H preferred stock and UB Series K preferred stock (which are also listed on the NYSE). Furthermore, the merger consideration is in the
form of shares of Regency common stock, which is also listed on a national securities exchange. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Voting Agreement (See page 105)
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the voting agreement, the Urstadt Biddle Family Stockholders agreed, among other things: (i)&nbsp;to vote (or cause to
be voted) all of the UB common stock and UB Class&nbsp;A common stock owned of record or beneficially by the Urstadt Biddle Family Stockholders as of the date of the merger agreement and any additional UB common stock or UB Class&nbsp;A common stock
of which any such Urstadt Biddle Family Stockholders acquires record or beneficial ownership after the date of the merger agreement (a)&nbsp;in favor of the Merger Proposal (or any similar proposal required to be approved in order for either of the
mergers to be consummated) and (b)&nbsp;against (i)&nbsp;any action or agreement that would reasonably be expected to result in any of the conditions to Urstadt Biddle&#146;s obligations to complete the mergers not being fulfilled or result in a
breach of any covenant, representation or warranty or any other obligation or agreement of Urstadt Biddle contained in the merger agreement or (ii)&nbsp;any acquisition proposal. The Urstadt Biddle Family Stockholders have also agreed not to
transfer any of the shares such stockholders owned of record or beneficially by the Urstadt Biddle Family Stockholders as of the date of the merger agreement or acquired after the date of the merger agreement. The voting agreement expires on the
earliest of (A)&nbsp;the second merger effective time, (B)&nbsp;an adverse recommendation change (as defined in the voting agreement), and (C)&nbsp;such time as the merger agreement is terminated in accordance with the terms of the merger agreement.
</P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The UB common stock and UB Class&nbsp;A common stock held by the Urstadt Biddle Family Stockholders represent approximately 68% of
the voting power of UB common stock and UB Class A common stock as of the record date. <B>Because the</B><B></B><B>&nbsp;approval of the Merger Proposal requires the affirmative vote of the holders of UB common stock and UB
Class</B><B></B><B>&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter at the special meeting, the approval of the Urstadt Biddle Family Stockholders at the special meeting
will be sufficient to approve the Merger Proposal, even if no other holders of UB common stock or UB Class</B><B></B><B>&nbsp;A common stock vote in favor of the Merger Proposal.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For more information, see the section entitled &#147;The Voting Agreement&#148; beginning on page&nbsp;105 of this proxy statement/prospectus.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. Federal Income Tax Consequences of the Mergers (See page 106) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle intend for each of the first merger and the second merger to qualify as a &#147;reorganization&#148; for U.S.
federal income tax purposes within the meaning of Section&nbsp;368(a) of the Code. It is a condition to the completion of the mergers that Regency and Urstadt Biddle receive written opinions from their respective counsel, dated as of the closing
date, to the effect that each of the first merger and the second merger will qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. If each of the first merger and the second merger so qualify, then a U.S.
holder of UB common stock, UB Class&nbsp;A common stock or UB preferred stock generally will not recognize any gain or loss for U.S. federal income tax purposes upon (i)&nbsp;the receipt of shares of UB Sub I common stock, UB Sub I Class&nbsp;A
common stock or UB Sub I preferred stock in exchange for shares of UB common stock, UB Class&nbsp;A common stock or UB preferred stock, respectively, in the first merger and (ii)&nbsp;the receipt of shares of Regency common stock in exchange for
shares of UB Sub I common stock or UB Sub I Class&nbsp;A common stock, or the receipt of shares of Regency preferred stock in exchange for shares of UB Sub I preferred stock, in the second merger (other than gain or loss with respect to cash
received in lieu of a fractional share of Regency common stock, if any). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. federal income tax consequences of the mergers to <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holders of UB common stock, UB Class&nbsp;A common stock or UB preferred stock are expected to be similar to the U.S. federal income tax consequences to U.S. holders, except that any gain required to be
recognized (including cash in lieu of fractional shares of Regency common stock) will be subject to U.S. federal income tax only in limited circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You should read the section entitled &#147;Material U.S. Federal Income Tax Consequences of the Mergers&#148; beginning on page&nbsp;106 of
this proxy statement/prospectus for a more complete discussion of the U.S. federal income tax considerations relevant to the mergers. The tax consequences of the mergers to you will depend on your particular facts and circumstances. <B>You should
consult your tax advisor to determine the particular tax consequences of the mergers to you.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a discussion of the material U.S.
federal income tax consequences of the ownership and disposition of Regency common stock, see the sections entitled &#147;Material U.S. Federal Income Tax Consequences to Holders of Regency Common Stock and Regency Preferred Stock&#148; and
&#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT&#148; beginning on page 126 and 110, respectively, of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Special Meeting (See page 135) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The special meeting will be held live via audio webcast on August 16, 2023, at 2:00 p.m., Eastern Time. The special meeting can be accessed by
visiting www.virtualshareholdermeeting.com/UBA2023SM, where holders of UB common stock and UB Class&nbsp;A common stock will be able to participate in the meeting live and vote online. We encourage you to allow ample time for online <FONT
STYLE="white-space:nowrap">check-in,</FONT> which will open at 1:45 p.m., Eastern Time. Please note that because there will not be a physical meeting location, you will not be able to attend the special meeting in person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has set the close of business on July 6, 2023, as the record date for the special meeting. All holders of record of UB common
stock and UB Class&nbsp;A common stock at the close of business on the record date are entitled to receive notice of and attend the special meeting or any postponement or adjournment of the special meeting. Each holder of UB common stock is entitled
to one vote on each matter presented at the special meeting for each share of UB common stock that such holder owned as of the record date. Each holder of UB Class&nbsp;A common stock is entitled to 1/20 of one vote on each matter presented at the
special meeting for each share of UB Class&nbsp;A common stock that such holder owned as of the record date. On the record date, the outstanding voting securities of Urstadt Biddle consisted of 10,358,591 shares of UB common stock and 28,972,016
shares of UB Class&nbsp;A common stock.&nbsp;All holders of record of UB preferred stock are entitled to notice of, but may not vote at, the special meeting. The vote of the holders of UB preferred stock is not required to approve any of the
proposals at the special meeting and is not being solicited. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the special meeting, holders of UB common stock and UB Class&nbsp;A common stock will be
asked to consider and vote on (i)&nbsp;the Merger Proposal, (ii)&nbsp;the Compensation Proposal and (iii)&nbsp;the Adjournment Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval by the holders of UB common stock and UB Class&nbsp;A common stock of the Merger Proposal is a condition to closing under the
merger agreement. If holders of UB common stock and UB Class&nbsp;A common stock fail to approve the Merger Proposal, the mergers will not occur. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because the vote on the Compensation Proposal is only advisory in nature, it will not be binding on Urstadt Biddle or the Urstadt Biddle board
of directors. Accordingly, if the Merger Proposal is approved by holders of UB common stock and UB Class&nbsp;A common stock and the mergers are completed, the compensation payments that are contractually required to be paid by Urstadt Biddle to its
named executive officers will or may be paid, subject only to the conditions applicable thereto, regardless of the outcome of the <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory vote of the holders of UB common stock and UB
Class&nbsp;A common stock on the Compensation Proposal. The approval of the Merger Proposal requires the affirmative vote of the holders of shares of UB common stock and UB Class&nbsp;A common stock, voting together as a single class, representing a
majority of all votes entitled to be cast on the matter.&nbsp;The approval of the Compensation Proposal and the Adjournment Proposal requires the affirmative vote of a majority of the votes cast on the matter at the special meeting, assuming a
quorum is present. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the record date, the directors and executive officers of Urstadt Biddle beneficially owned approximately 68%
of the voting power of UB common stock and UB Class A common stock. The directors and executive officers of Urstadt Biddle have informed Urstadt Biddle that they currently intend to vote all such shares of UB common stock and UB Class&nbsp;A common
stock &#147;<B>FOR</B>&#148; the Merger Proposal, &#147;<B>FOR</B>&#148; the Compensation Proposal and &#147;<B>FOR</B>&#148; the Adjournment Proposal. Willing L. Biddle and Catherine U. Biddle have separately agreed to vote all UB common stock and
UB Class&nbsp;A common stock they directly or indirectly own in favor of the Merger Proposal pursuant to the terms of the voting agreement. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The
Urstadt Biddle board of directors recommends that holders of UB common stock and UB Class&nbsp;A common stock vote &#147;FOR&#148; all of the proposals set forth above. For more information, see the section entitled &#147;The Special Meeting&#148;
beginning on page&nbsp;135 of this proxy statement/prospectus. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Rights of Urstadt Biddle Stockholders Will Change as a Result of the Mergers (See
page 154) </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle stockholders will have different rights once they become stockholders of Regency, due to differences between
the governing documents of Regency and Urstadt Biddle. These differences are described in the section entitled &#147;Comparison of Rights of Regency Stockholders and Urstadt Biddle Stockholders&#148; beginning on page&nbsp;154 of this proxy
statement/prospectus. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_3"></A>COMPARATIVE PER SHARE MARKET PRICE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of Regency common stock are listed on the Nasdaq under the trading symbol &#147;REG&#148;. UB common stock and UB Class&nbsp;A common
stock are listed on the NYSE under the ticker symbols &#147;UBP&#148; and &#147;UBA,&#148; respectively. As of July&nbsp;6, 2023, the latest practicable date before the date of this proxy statement/prospectus, there were 170,998,004 shares of
Regency common stock, 10,358,591 shares of UB common stock (including shares underlying the UB restricted stock awards) and 28,972,016 shares of UB Class&nbsp;A common stock (including shares underlying the UB restricted stock awards) outstanding.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents trading information for Regency common stock, UB common stock and UB Class&nbsp;A common stock on
May&nbsp;17, 2023, the last practicable trading day before public announcement of the merger agreement following the closing of trading on that day, and July 6, 2023, the last practicable trading day before the date of this proxy
statement/prospectus. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Regency common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB Class&nbsp;A</B><br><B>common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May&nbsp;17, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">15.34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.99</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July&nbsp;6, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For illustrative purposes, the following table provides UB common stock and UB Class&nbsp;A common stock
equivalent per share information on each of the specified dates. UB common stock and UB Class&nbsp;A common stock equivalent per share amounts are calculated by multiplying the per share price of each share of Regency common stock by 0.347, the
exchange ratio, and rounded up or down to the nearest cent. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="46%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Regency common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>UB</B><br><B>Class&nbsp;A common stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Date</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>High</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Low</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Close</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">May&nbsp;17, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58.87</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">57.04</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">58.78</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.43</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">19.79</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.40</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">July&nbsp;6, 2023</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.08</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">60.46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">62.00</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20.98</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21.51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exchange ratio in the second merger is fixed (other than in specified circumstances as discussed
herein) and will not be adjusted for changes in the market value of Regency common stock, UB common stock or UB Class&nbsp;A common stock. Because of this, the implied value of the consideration to Urstadt Biddle stockholders in the second merger
based on the trading price of shares of Regency common stock will fluctuate between now and the completion of the second merger. As a result, you should obtain recent market prices of Regency common stock, UB common stock and UB Class&nbsp;A common
stock prior to voting your shares. For more information, see the section entitled &#147;Risk Factors&#148; beginning on page&nbsp;23 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle stockholders are encouraged to obtain current market quotations for Regency common stock, UB common stock and UB Class&nbsp;A
common stock and to review carefully the other information contained in this proxy statement/prospectus or incorporated by reference herein. No assurance can be given concerning the market price of Regency common stock before or after the second
merger effective time. For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169&nbsp;of this proxy statement/prospectus. </P>
</div></div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_4"></A>RISK FACTORS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>In addition to the other information included and incorporated by reference into this proxy statement/prospectus, including the matters
addressed in the section entitled &#147;Cautionary Statement Regarding Forward-Looking Statements,&#148; Urstadt Biddle stockholders should read and consider the following risks before deciding how to vote. In addition, Urstadt Biddle stockholders
should read and consider the risks associated with each of the businesses of Regency and Urstadt Biddle because these risks will also affect Regency, as the combined company, following completion of the transactions. These risks can be found in the
Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, and Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended&nbsp;March 31, 2023,&nbsp;of Regency and in
the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended October&nbsp;31, 2022, and Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarters ended January&nbsp;31, 2023 and&nbsp;April
30, 2023,&nbsp;of Urstadt Biddle, each of which is filed with the SEC and incorporated by reference into this proxy statement/prospectus. For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on
page&nbsp;169&nbsp;of this proxy statement/prospectus. </I></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_5"></A>Risks Relating to the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The pending mergers may not be completed on the currently contemplated timeline or terms, or at all, which could result in a requirement
that Urstadt Biddle pay certain termination fees. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The completion of the mergers is subject to various conditions, including, among
others, customary conditions relating to: (1)&nbsp;the approval of the mergers and the other transactions contemplated by the merger agreement by the affirmative vote of the holders of UB common stock and UB Class&nbsp;A common stock, voting
together as a single class, representing a majority of all votes entitled to be cast on the matter at the special meeting; (2)&nbsp;the effectiveness of a registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> to register the
issuance of Regency common stock, Regency Series A preferred stock and Regency Series B preferred stock in connection with the mergers; (3)&nbsp;the absence of any law or order prohibiting completion of the mergers; (4)&nbsp;the shares of Regency
common stock, Regency Series A preferred stock and Regency Series B preferred stock to be issued in the second merger having been approved for listing on the Nasdaq; (5)&nbsp;each of the articles of amendment classifying the Regency Series A
preferred stock and Regency Series B preferred stock having been filed with and accepted for record by the Florida Department of State; (6)&nbsp;the absence of any material adverse effect with respect to Urstadt Biddle or Regency; (7)&nbsp;the
receipt of tax opinions relating to the status as a real estate investment trust of each of Regency and Urstadt Biddle (and UB Sub I, from and after the first merger) and the <FONT STYLE="white-space:nowrap">tax-free</FONT> nature of the mergers;
(8)&nbsp;the accuracy of all representations and warranties (subject to certain materiality exceptions) made by the parties to the merger agreement; and (9)&nbsp;performance of, in all material respects, each party&#146;s agreements and covenants
under the merger agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Regency nor Urstadt Biddle can provide assurance that the conditions to completing the mergers will
be satisfied or waived, and accordingly, that the mergers will be completed on the terms or timeline that the parties anticipate or at all. If any condition to the mergers is not satisfied, it could delay or prevent the mergers from occurring, which
could negatively impact the price of the UB common stock, UB Class&nbsp;A common stock or Regency common stock and Regency&#146;s or Urstadt Biddle&#146;s business, financial condition, results of operations and growth prospects. In addition, either
Regency or Urstadt Biddle may terminate the merger agreement under specified circumstances, including, among other reasons, if the mergers are not completed on or before February&nbsp;17, 2024 (which we refer to as the &#147;outside date&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the above risks, if the merger agreement is terminated and Urstadt Biddle seeks an alternative transaction, Urstadt Biddle
stockholders cannot be certain that Urstadt Biddle will be able to find a party willing to engage in a transaction on more attractive terms than the mergers. In addition, if the merger agreement is terminated under certain circumstances specified
therein, Urstadt Biddle may be required to pay Regency a termination fee of $31.6&nbsp;million. For more information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Termination of the Merger Agreement&#148; beginning on
page&nbsp;101 of this proxy statement/prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Failure to complete the pending mergers could have an adverse effect on Regency or
Urstadt Biddle. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Either Regency or Urstadt Biddle may terminate the merger agreement under specified circumstances. If the mergers
are not completed, Regency&#146;s or Urstadt Biddle&#146;s business, financial condition, results of operations and growth prospects may be adversely affected and, without realizing any of the benefits of having completed the mergers, Regency and
Urstadt Biddle will be subject to a number of risks, including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the market price of Regency common stock, UB common stock or UB Class&nbsp;A common stock could decline;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency and Urstadt Biddle will have incurred substantial costs relating to the mergers, such as legal,
accounting, financial advisor, filing, printing and mailing fees and integration costs that have already been incurred or will continue to be incurred until the closing of the mergers, which could adversely affect the business, financial condition,
results of operations and growth prospects of Regency or Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the merger agreement is terminated and the Urstadt Biddle board of directors seeks another transaction,
Urstadt Biddle stockholders cannot be certain that Urstadt Biddle will be able to find another party willing to enter into a transaction as attractive as the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency or Urstadt Biddle could be subject to litigation related to any failure to complete the mergers or
related to any enforcement proceeding commenced against such party to perform its obligations under the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency and Urstadt Biddle will not realize the benefit of the time and resources, financial and otherwise,
committed by management to matters relating to the mergers that could have been devoted to pursuing other beneficial opportunities; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency or Urstadt Biddle may experience reputational harm due to the adverse perception of any failure to
successfully complete the mergers or negative reactions from the financial markets or from Regency&#146;s or Urstadt Biddle&#146;s tenants, managers, vendors, employees and other commercial relationships; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle may be required, under specified circumstances, to pay Regency a termination fee of
$31.6&nbsp;million. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of these risks could adversely affect Regency&#146;s or Urstadt Biddle&#146;s business,
financial condition, results of operations and growth prospects. Similarly, delays in the completion of the mergers could, among other things, result in additional transaction costs, loss of revenue or other negative effects associated with delay
and uncertainty about completion of the mergers and could adversely affect Regency&#146;s or Urstadt Biddle&#146;s business, financial condition, results of operations and growth prospects after the mergers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx506590_24"></A>The exchange ratio is fixed and will not be adjusted in the event of any change in the stock prices of either
Regency or Urstadt Biddle. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the mergers, a holder of one share of UB common stock as of immediately prior to the
first merger effective time will receive 0.347 of a share of Regency common stock, a holder of one share of UB Class&nbsp;A common stock as of immediately prior to the first merger effective time will receive 0.347 of a share of Regency common
stock, a holder of one share of UB Series H preferred stock will receive one share of Regency Series A preferred stock and a holder of one share of UB Series K preferred stock will receive one share of Regency Series B preferred stock. The exchange
ratio is fixed and will not be adjusted to reflect stock price changes of Regency common stock, UB common stock, UB Class&nbsp;A common stock, UB Series H preferred stock or UB Series K preferred stock prior to the closing of the mergers, although
the 0.347 exchange ratio will be adjusted in specified circumstances, including in the event that Urstadt Biddle declares a Permitted REIT Dividend or Regency declares a REIT Dividend in accordance with the terms of the merger agreement. For more
information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Dividends&#148; beginning on page&nbsp;96 of this proxy statement/prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Changes in the price of Regency common stock prior to the mergers will affect the market
value of the merger consideration that holders of UB common stock and UB Class&nbsp;A common stock will receive on the closing of the mergers. Stock price changes may result from a variety of factors (many of which are beyond the control of Regency
and Urstadt Biddle), including the following factors: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in the respective businesses, operations, assets, liabilities and prospects of Regency or Urstadt Biddle;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in market assessments of the business, operations, financial position and prospects of Regency or Urstadt
Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">market assessments of the likelihood that the mergers will be completed; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the expected timing of the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">interest rates, general market and economic conditions and other factors affecting the price of Regency common
stock, UB common stock or UB Class&nbsp;A common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">federal, state and local legislation, governmental regulation and legal developments in the businesses in which
Regency and Urstadt Biddle operate; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other factors beyond the control of Regency or Urstadt Biddle, including those described under this &#147;Risk
Factors&#148; heading. </P></TD></TR></TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The price of Regency common stock at the closing of the mergers may vary from its price on
the date the merger agreement was executed, on the date of this proxy statement/prospectus and on the date of the special meeting. As a result, the market value of the merger consideration represented by the exchange ratio will also vary. For
example, based on the range of closing prices of Regency common stock during the period from May&nbsp;17, 2023, the last practicable trading day before public announcement of the Merger, through July&nbsp;6, 2023, the last practicable trading day
before the date of this proxy statement/prospectus, the exchange ratio of 0.347 represented a market value per share of UB common stock ranging from a low of $19.14 to a high of $21.65 and a market value per share of UB Class&nbsp;A common stock
ranging from a low of $19.14 to a high of $21.65. Because the mergers will be completed after the date of the special meeting, at the time of the special meeting, you will not know the exact market value of the Regency common stock that holders of
UB common stock and UB Class&nbsp;A common stock will receive upon completion of the mergers. If the price of Regency common stock declines between the date the merger agreement was signed or the date of the special meeting and the closing of the
mergers, including for any of the reasons described above, holders of UB common stock and UB Class&nbsp;A common stock will receive shares of Regency common stock that have a market value upon completion of the mergers that is less than the market
value of such shares calculated pursuant to the exchange ratio on the date the merger agreement was signed or on the date of the special meeting, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Therefore, since the number of shares of Regency common stock to be issued per share of UB common stock and UB Class&nbsp;A common stock is
generally fixed, holders of UB common stock and UB Class&nbsp;A common stock cannot be sure of the market value of the merger consideration they will receive upon completion of the mergers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Urstadt Biddle stockholders will have a reduced ownership and voting interest in Regency after the second merger effective time and will
exercise less influence over management. </I></B></P>  <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The mergers will result in Urstadt Biddle stockholders having an ownership stake in
Regency that is significantly smaller than their current ownership stake in Urstadt Biddle. Upon completion of the mergers, based on the number of shares of Regency common stock and the number of shares of UB common stock and UB Class&nbsp;A common
stock (including the number of UB restricted stock awards and excluding any shares of UB Class A common stock that may be issued in connection with the conversion or repurchase of equity interests in the DownREITs) outstanding as of July&nbsp;6,
2023, the latest practicable date before the date of this proxy statement/prospectus, the former holders of UB common stock and UB Class&nbsp;A common stock are expected to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>

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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
own approximately 7.4% of the outstanding Regency common stock immediately after the closing of the mergers. The number of shares of Regency common stock that will be issued in the mergers will
depend on, among other factors, the number of shares of UB common stock and UB Class&nbsp;A common stock (including the number of UB restricted stock awards) outstanding immediately prior to the first merger effective time. Consequently, Urstadt
Biddle stockholders, as a general matter, will have less influence over the management and policies of Regency after the second merger effective time than they currently exercise over the management and policies of Urstadt Biddle. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The merger agreement contains provisions that could make it more difficult for a third party to acquire Urstadt Biddle or could result
in any competing proposal being at a lower price than it might otherwise be. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is subject to certain restrictions on
its ability to solicit alternative acquisition proposals from third parties, to enter into an acquisition agreement with respect to an alternative acquisition proposal and to participate in discussions or negotiations with or provide <FONT
STYLE="white-space:nowrap">non-public</FONT> information to any person relating to an alternative acquisition proposal, subject to customary exceptions. In addition, Urstadt Biddle may be required to pay Regency a termination fee of
$31.6&nbsp;million under specified circumstances, including if (A)&nbsp;Regency terminates the merger agreement because the Urstadt Biddle board of directors changes its recommendation before the special meeting that the holders of UB common stock
and UB Class&nbsp;A common stock vote to approve the mergers, (B)&nbsp;Urstadt Biddle terminates the merger agreement in order to enter into an acquisition agreement with respect to a superior acquisition proposal, as described in the merger
agreement, or (C)&nbsp;Urstadt Biddle, within 12 months of a termination of the merger agreement (1)&nbsp;by Regency on account of a breach by Urstadt Biddle or (2)&nbsp;by Regency or Urstadt Biddle on account of a failure to obtain approval of the
Merger Proposal, consummates an alternative acquisition proposal or enters into an acquisition agreement with respect to an acquisition proposal that is later consummated, and prior to the termination there was a public alternative acquisition
proposal that was not withdrawn publicly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding these <FONT STYLE="white-space:nowrap">&#147;no-shop&#148;</FONT> restrictions,
prior to obtaining the approval of the Merger Proposal at the special meeting, under specified circumstances, the Urstadt Biddle board of directors may change its recommendation of the transaction, and Urstadt Biddle may also terminate the merger
agreement to enter into an acquisition agreement with respect to a superior acquisition proposal upon payment of the termination fee described above. For more information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;No
Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page&nbsp;97 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These provisions could make it more difficult for a third party that might have an interest in acquiring all or a significant part of Urstadt
Biddle from considering or proposing such an acquisition, even if it were prepared to pay consideration with a higher per share cash or market value than that market value proposed to be received in the mergers, or might result in a potential
competing acquirer proposing to pay a lower price than it might otherwise have proposed to pay because of the added expense of the termination fee that may become payable in specified circumstances under the merger agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The pendency of the mergers could adversely affect Urstadt Biddle&#146;s businesses and operations. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the pending mergers, some tenants, managers, vendors or other parties with commercial relationships with Urstadt Biddle may
delay or defer decisions, which could adversely affect Urstadt Biddle&#146;s business, financial condition, results of operations and growth prospects, regardless of whether the mergers are completed. Similarly, employees of Urstadt Biddle may
experience uncertainty about their future roles with the combined company following the mergers, which may adversely affect the ability of Urstadt Biddle to attract and retain key personnel during the pendency of the mergers. In addition, due to
covenants in the merger agreement, Urstadt Biddle may be unable (without Regency&#146;s prior written consent), during the pendency of the mergers, to undertake significant transactions involving the acquisition and/or disposition of assets, make
significant capital expenditures, enter into a new line of business or form or enter into any new funds or joint ventures or expand </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">26 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Urstadt Biddle&#146;s liquor, self-storage, solar or other <FONT STYLE="white-space:nowrap">non-real</FONT> estate businesses, undertake certain significant financing transactions and otherwise
pursue other actions, even if such actions are believed by Urstadt Biddle to be beneficial. Regency is subject to a more limited set of operating covenants that may limit or restrict its ability to act in certain circumstances. In addition, until
the mergers close or the merger agreement is terminated, Urstadt Biddle&#146;s liquidity requirements will primarily be funded by Urstadt Biddle&#146;s cash flow from operations, its revolving credit agreement and certain other capital activities
allowed under the merger agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The directors and executive officers of Urstadt Biddle may have interests in seeing the mergers
completed that may be different from, or in addition to, those of Urstadt Biddle stockholders generally. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The directors and
executive officers of Urstadt Biddle may have interests in the mergers and the other transactions contemplated by the merger agreement that may be different from, or in addition to, those of Urstadt Biddle stockholders generally. The members of the
Urstadt Biddle board of directors were aware of and considered these interests in reaching the determination to approve the mergers and the transactions contemplated by the merger agreement and recommend to holders of UB common stock and UB
Class&nbsp;A common stock that they vote to approve the Merger Proposal. These interests include, among others, potential severance benefits, accelerated vesting of equity-based awards in connection with the mergers, potential consulting
arrangements with Regency and rights to ongoing indemnification and insurance coverage. For more information, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Interests of Urstadt Biddle Directors and Executive Officers in the
Merger&#148; beginning on page&nbsp;71 of this proxy statement/prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If the mergers are not consummated by the outside date,
either Regency or Urstadt Biddle may terminate the merger agreement. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Either Regency or Urstadt Biddle may terminate the merger
agreement if the mergers have not been consummated by the outside date. However, this termination right will not be available to a party if that party failed to comply with any provision under the merger agreement and that failure was the principal
cause of the failure to consummate the mergers before such date. Any termination of the merger agreement may adversely affect Regency&#146;s or Urstadt Biddle&#146;s business, financial condition, results of operations and growth prospects. For more
information, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Termination of the Merger Agreement&#148; beginning on page&nbsp;101 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If the first merger and second merger do not both qualify as a &#147;reorganization,&#148; there may be adverse tax consequences.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the first merger and second merger is intended to qualify as a &#147;reorganization&#148; within the meaning of
Section&nbsp;368(a) of the Code. It is a condition to the completion of the mergers that Regency and Urstadt Biddle receive written opinions from their respective counsel to the effect that each of the first merger and the second merger will qualify
as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. The foregoing opinions, however, are limited to the factual representations provided by Regency and Urstadt Biddle to counsel and the assumptions set forth
therein, and are not a guarantee that each of the first merger and the second merger, in fact, will qualify as a &#147;reorganization.&#148; Moreover, neither Regency nor Urstadt Biddle has requested or plans to request a ruling from the IRS that
either of the first merger or the second merger qualifies as a &#147;reorganization.&#148; If either of the first merger or the second merger were to fail to qualify as a &#147;reorganization,&#148; then each U.S. holder (as defined in the
discussion under the heading &#147;The Mergers &#151; Material U.S. Federal Income Tax Consequences of the Mergers&#148;) of UB common stock, UB Class&nbsp;A common stock and UB preferred stock generally would recognize gain or loss, as applicable,
equal to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">with respect to the first merger, the sum of (x)&nbsp;the difference between the fair market value of shares of
UB Sub I common stock received by such holder of UB common stock in the first merger and such holder&#146;s adjusted tax basis in its UB common stock, (y)&nbsp;the difference between the fair market value of shares of UB Sub I Class&nbsp;A common
stock received by such holder of UB Class&nbsp;A common stock in </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">27 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
the first merger and such holder&#146;s adjusted tax basis in its UB Class&nbsp;A common stock, and (z)&nbsp;the difference between the fair market value of shares of UB Sub I preferred stock
received by such holder of UB preferred stock in the first merger and such holder&#146;s adjusted tax basis in its UB preferred stock; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">with respect to the second merger, the sum of (x)&nbsp;the difference between the fair market value of the
shares of Regency common stock and cash in lieu of any fractional share of Regency common stock received by such holder of UB Sub I common stock in the second merger, and such holder&#146;s adjusted tax basis in its UB Sub I common stock received in
the first merger and (y)&nbsp;the difference between the fair market value of the shares of Regency common stock and cash in lieu of any fractional share of Regency common stock received by such holder of UB Sub I Class&nbsp;A common stock received
in the second merger and such holder&#146;s adjusted tax basis in its UB Sub I Class&nbsp;A common stock received in the first merger, and (z)&nbsp;the difference between the fair market value of the shares of Regency preferred stock received by
such holder of UB Sub I preferred stock in the second merger and such holder&#146;s adjusted tax basis in its UB Sub I preferred stock received in the first merger. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>An adverse outcome in any litigation or other legal proceedings relating to the merger agreement, or the transactions contemplated by
the merger agreement, could have a material adverse impact on the businesses of Regency and Urstadt Biddle and their ability to consummate the mergers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Transactions like the mergers are frequently the subject of litigation or other legal proceedings, including actions alleging that either
party&#146;s board of directors breached its respective duties to its stockholders or other equityholders by entering into a merger agreement, by failing to obtain a greater value in a transaction for its stockholders or any other claims
(contractual or otherwise) arising out of a merger or the transactions related thereto. An adverse outcome in such matters, as well as the costs and efforts of a defense even if successful, could have a material adverse impact on Regency&#146;s or
Urstadt Biddle&#146;s ability to complete the mergers or their respective businesses, financial conditions, results of operations and growth prospects, including through the possible diversion of either company&#146;s resources or distraction of key
personnel. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Urstadt Biddle stockholders will not have appraisal rights or dissenters&#146; rights in the mergers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Appraisal rights are statutory rights that, if applicable under law, enable stockholders to dissent from an extraordinary transaction, such as
a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to stockholders in connection with the extraordinary transaction.
Urstadt Biddle is organized as a corporation under Maryland law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Maryland law, dissenting stockholders may have, subject to
satisfying certain procedures, the right to demand and receive payment of the fair value of their shares of stock in connection with certain transactions (often referred to as appraisal rights), including a proposed merger, share exchange or sale of
substantially all of the assets of the corporation. Under Maryland law, however, dissenters&#146; rights generally are not available to holders of shares of stock, such as UB common stock and UB Class&nbsp;A common stock, that are listed on a
national securities exchange such as the NYSE, nor are dissenters&#146; rights available for stock that is not entitled to vote on the transaction, such as UB Series H preferred stock and UB Series K preferred stock (which are also listed on the
NYSE). Furthermore, the merger consideration is in the form of shares of Regency common stock, which is also listed on a national securities exchange. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_6"></A>Risks Relating to Regency After Completion of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regency may not realize the anticipated benefits and synergies from the pending mergers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The mergers involve the combination of two companies which currently operate as independent public companies. While Regency and Urstadt Biddle
will continue to operate independently until the completion of the mergers, the success of the mergers will depend, in part, on Regency&#146;s ability to realize the anticipated benefits </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">28 </P>

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from successfully combining its and Urstadt Biddle&#146;s businesses. Regency plans on devoting substantial management attention and resources to integrating its and Urstadt Biddle&#146;s
business practices and operations so that Regency can fully realize the anticipated benefits of the mergers. Nonetheless, the business and assets acquired may not be successful or continue to grow at the same rate as when operated independently or
may require greater resources and investments than originally anticipated. The mergers could also result in the assumption of unknown or contingent liabilities. Potential difficulties Regency may encounter in the integration process include the
following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the inability to successfully combine the businesses of Regency and Urstadt Biddle in a manner that permits
Regency to achieve the cost savings anticipated to result from the mergers, which would result in some anticipated benefits of the mergers not being realized in the time frame currently anticipated, or at all; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the failure to integrate operations and internal systems, programs and controls; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the inability to successfully realize the anticipated value from some of Urstadt Biddle&#146;s assets;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">lost sales, loss of tenants and other commercial relationships; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the complexities associated with managing the combined company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the additional complexities of combining two companies with different histories, cultures, markets, strategies
and customer bases; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the failure to retain key employees of either of the two companies that may be difficult to replace;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the disruption of each company&#146;s ongoing businesses or inconsistencies in services, standards, controls,
procedures and policies; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with
the mergers; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">performance shortfalls at one or both of the two companies as a result of the diversion of management&#146;s
attention caused by completing the mergers and integrating Regency&#146;s and Urstadt Biddle&#146;s operations. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any of
these risks could adversely affect each company&#146;s ability to maintain relationships with tenants, managers, vendors, employees and other commercial relationships. As a result, the anticipated benefits of the mergers may not be realized fully
within the expected time frame or at all or may take longer to realize or cost more than expected, which could adversely affect Regency&#146;s business, financial condition, results of operations and growth prospects. In addition, changes in laws
and regulations could adversely impact Regency&#146;s business, financial condition, results of operations and growth prospects. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regency expects to incur substantial expenses related to the mergers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency expects to incur substantial expenses in completing the mergers and integrating the business, operations, practices, policies and
procedures of Urstadt Biddle. While Regency and Urstadt Biddle have assumed that a certain level of transaction and integration expenses would be incurred, there are a number of factors beyond their control that could affect the total amount or the
timing of their integration expenses. Many of the expenses that will be incurred, by their nature, are difficult to estimate accurately at the present time. The expenses in connection with the mergers are expected to be significant, although the
aggregate amount and timing of such charges are uncertain at present. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Following the mergers, Regency&#146;s operating partnership
will have a substantial amount of indebtedness and may need to incur more in the future. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except for $200&nbsp;million of unsecured
private placement debt, Regency does not directly have any indebtedness for borrowed money. Instead, it guarantees the indebtedness of the Regency Partnership. As of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">29 </P>

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March&nbsp;31, 2023, the Regency Partnership had approximately $3.7&nbsp;billion of outstanding indebtedness. This amount excludes the outstanding indebtedness of Urstadt Biddle which, as of
April&nbsp;30, 2023, was approximately $340&nbsp;million, which may be repaid or remain outstanding (or a combination thereof) in connection with the mergers. The instruments governing Regency&#146;s existing indebtedness permit Regency to incur
substantial additional debt, including secured debt, and Regency may satisfy its capital and liquidity needs through additional borrowings. A high level of indebtedness would require Regency to dedicate a substantial portion of its cash flow from
operations to the payment of debt service, thereby reducing the funds available to implement its business strategy and make distributions to Regency stockholders. A high level of indebtedness on an absolute basis or as a ratio to its cash flow could
also have the following consequences: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential limits on Regency&#146;s ability to adjust rapidly to changing market conditions and vulnerability in
the event of a downturn in general economic conditions or in the real estate or healthcare industries; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential impairment of Regency&#146;s ability to obtain additional financing to execute on its business
strategy; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">potential downgrade in the rating of Regency&#146;s debt securities by one or more rating agencies, which could
have the effect of, among other things, limiting Regency&#146;s access to capital and increasing its cost of borrowing. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, from time to time, Regency mortgages certain of its properties to secure payment of indebtedness. In addition, as of
April&nbsp;30, 2023, Urstadt Biddle had total mortgage debt of $298.7&nbsp;million. Regency expects to assume Urstadt Biddle mortgage debt in connection with closing of the mergers. If Regency is unable to meet its mortgage payments, then the
encumbered properties could be foreclosed upon or transferred to the mortgagee with a resulting loss of income and asset value. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Counterparties to certain agreements with Urstadt Biddle may exercise contractual rights under such agreements in connection with the
mergers. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is party to certain agreements that give the counterparty certain rights following a &#147;change in
control,&#148; including in some cases the right to terminate such agreements, or which provide the counterparty with termination or other rights even in the absence of a change in control. Any such counterparty may request modifications of its
respective agreements as a condition to granting a waiver or consent under its agreement. There is no assurance that such counterparties will not exercise their rights under such agreements, including termination rights where available, that the
exercise of any such rights will not result in a material adverse effect or that any modifications of such agreements will not result in a material adverse effect. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regency expects to assume ownership of Urstadt Biddle&#146;s consolidated joint ventures, which may impose an obligation on Regency to
distribute additional Regency common stock to the non-managing members of those joint ventures, diluting current stockholders of Regency. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has four DownREITs; the <FONT STYLE="white-space:nowrap">non-managing</FONT> members of each of these DownREITs are entitled to
receive annual or quarterly cash distributions payable from available cash of the joint venture, with Urstadt Biddle being required to provide such funds if the joint venture is unable to do so. <FONT STYLE="white-space:nowrap">Non-managing</FONT>
members of these DownREITs also have the right to require Urstadt Biddle to repurchase all or a portion of their <FONT STYLE="white-space:nowrap">non-managing</FONT> member interests for cash or shares of UB Class&nbsp;A common stock, at Urstadt
Biddle&#146;s election, at prices and on terms set forth in the applicable DownREIT operating agreements. The right of these <FONT STYLE="white-space:nowrap">non-managing</FONT> members to put their equity interests to Urstadt Biddle could require
Urstadt Biddle to expend cash or issue UB Class&nbsp;A common stock at a time or under circumstances that are not desirable to it. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon
consummation of the mergers, Regency expects to assume these DownREITs and, as a result, the associated risks described above, including an obligation, if certain rights are exercised, for Regency to repurchase all or a portion of the non-managing
member interests for cash or shares of Regency common stock, potentially diluting current stockholders of Regency. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_7"></A>Risks Relating to the Status of Regency, Urstadt Biddle and UB Sub I as REITs
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The combined company may incur adverse tax consequences if Regency or Urstadt Biddle (or UB Sub I, after the first merger) has
failed or fails to qualify as a REIT for U.S. federal income tax purposes. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of Regency and Urstadt Biddle has operated in a
manner that it believes has allowed it to qualify as a REIT for U.S. federal income tax purposes under the Code and intends to continue to do so through the closing date or the moment in time immediately prior to the first merger effective time,
respectively. Urstadt Biddle intends that from the first merger effective time through the moment in time immediately prior to the second merger effective time, UB Sub I will qualify as a REIT under the Code. Additionally, Regency and Urstadt Biddle
intend that the combined company will continue to operate in such a manner after the second merger. It is a condition to the obligation of Regency to complete the mergers that (i)&nbsp;Regency receive an opinion from Urstadt Biddle&#146;s REIT
counsel to the effect that, for all taxable periods commencing with its taxable year ended October&nbsp;31, 2019 and ending at the moment in time immediately before the second merger effective time, Urstadt Biddle and, from and after the first
merger effective time, UB Sub I have each been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code and (ii)&nbsp;Urstadt Biddle receive an opinion from Regency&#146;s REIT counsel to the
effect that, for all taxable periods commencing with its taxable year ended December&nbsp;31, 2019 and through the closing date, Regency has been organized and operated in conformity with the requirements for qualification and taxation as a REIT
under the Code. The opinions will be subject to customary exceptions, assumptions and qualifications and will be based on customary representations made by Urstadt Biddle and Regency, respectively. If any such representations are or become
inaccurate or incomplete, such opinion may be invalid and the conclusions reached therein could be jeopardized. In addition, the opinions will not be binding on the IRS or any court, and there can be no assurance that the IRS will not take a
contrary position or that such position would not be sustained. Moreover, neither Regency nor Urstadt Biddle has requested or plans to request a ruling from the IRS that it (or UB Sub I, after the first merger) qualifies as a REIT. Qualification as
a REIT involves the application of highly technical and complex Code provisions for which there are only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable U.S. Treasury regulations is
greater in the case of a REIT, like Regency, that holds assets through a partnership. The determination of various factual matters and circumstances not entirely within Regency&#146;s and Urstadt Biddle&#146;s control may affect their ability to
qualify as REITs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any of Regency, Urstadt Biddle, UB Sub I (after the first merger) or the combined company (after the second merger)
has failed or fails to qualify as a REIT for U.S. federal income tax purposes, it will face serious tax consequences that would substantially reduce its cash available for distribution, including cash available to pay dividends to its stockholders,
because: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it would be subject to U.S. federal income tax on its net income at regular corporate rates for the years it did
not qualify for taxation as a REIT (and, for such years, would not be allowed a deduction for dividends paid to stockholders in computing its taxable income); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">it could be subject to the corporate alternative minimum tax, stock buyback excise tax, and possibly increased
state and local taxes for such periods; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">unless it is entitled to relief under applicable statutory provisions, neither it nor any &#147;successor&#148;
company could elect to be taxed as a REIT until the fifth taxable year following the year during which it was disqualified; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for the five-year period following <FONT STYLE="white-space:nowrap">re-election</FONT> of REIT status, upon a
taxable disposition of any of asset owned as of such <FONT STYLE="white-space:nowrap">re-election,</FONT> it could be subject to corporate-level tax with respect to all or a portion of the gain so recognized. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of all these factors, the failure of any of Regency, Urstadt Biddle, UB Sub I (after the first merger), or the combined company
(after the second merger) to qualify as a REIT could impair the combined company&#146;s ability to expand its business and raise capital, and would materially adversely affect the value of its capital stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">31 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_8"></A>Risks Relating to an Investment in Regency Common Stock Following the Mergers
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The market price of Regency common stock may decline as a result of the mergers. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The market price of Regency common stock may decline as a result of the mergers if, among other things, Regency does not achieve the perceived
benefits of the mergers or the effect of the mergers on Regency&#146;s results of operations or financial conditions is not consistent with the expectations of financial or industry analysts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, upon consummation of the mergers, Regency stockholders and Urstadt Biddle stockholders will own interests in Regency, which will
operate an expanded business. Current stockholders of Regency and Urstadt Biddle may not wish to continue to invest in Regency, or may wish to dispose of some or all of their shares of Regency common stock. If, following the second merger effective
time or while the mergers are still pending, large amounts of Regency common stock are sold, the price of Regency common stock could decline, perhaps substantially. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Following the mergers, holders of UB common stock or UB Class&nbsp;A common stock who receive shares of Regency common stock will have
different rights that may be less favorable than their current rights as Urstadt Biddle stockholders. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After the second merger
effective time, holders of UB common stock or UB Class&nbsp;A common stock who receive shares of Regency common stock in connection with the mergers will have different rights, which may be less favorable than their current rights as Urstadt Biddle
stockholders. For more information, see the section entitled &#147;Comparison of Rights of Regency Stockholders and Urstadt Biddle Stockholders&#148; beginning on page&nbsp;154 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Following the mergers, Regency may not continue to pay dividends at or above the rate currently paid by Regency or Urstadt Biddle.
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the mergers, the stockholders of Regency may not receive dividends at the same rate that they did as stockholders of
Regency or Urstadt Biddle prior to the mergers for various reasons, including those discussed elsewhere in this section entitled &#147;Risk Factors&#148; and the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency may not have enough cash to pay such dividends due to changes in Regency&#146;s cash requirements,
capital spending plans, cash flow or financial position; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s ability to declare and pay dividends on its common stock will be subject to the preferential
rights of Regency Series A preferred stock and Regency Series B preferred stock that is anticipated to be issued in connection with the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">decisions on whether, when and in what amounts to pay any future dividends will remain at all times entirely at
the discretion of the Regency board of directors, which reserves the right to change Regency&#146;s dividend practices at any time and for any reason, subject to applicable REIT requirements; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the amount of dividends that Regency&#146;s subsidiaries may distribute to Regency may be subject to restrictions
imposed by state law and restrictions imposed by the terms of any current or future indebtedness that these subsidiaries may incur. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stockholders of Regency will have no contractual or other legal right to dividends that have not been declared by the Regency board of directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Following the mergers, the newly issued shares of Regency Series A preferred stock and Regency Series B Preferred Stock will have
dividend and liquidation rights that are senior to Regency common stock.</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the mergers, holders of Regency Series A
preferred stock and Regency Series B preferred stock will have certain rights that holders of Regency common stock do not have. These include rights to dividends in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">32 </P>

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priority to dividends on Regency common stock (including cumulative dividends) and a right to receive, upon a liquidation of Regency, a preference amount out of the assets available for
distribution to stockholders before any distribution can be made to holders of Regency common stock. In the event of a bankruptcy, holders of shares of Regency Series A preferred stock and Regency Series B preferred stock outstanding at that time
would have a claim that is senior to any claim the holders of Regency common stock would have. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_9"></A>Other Risks </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>The market price and trading volume of the Regency common stock may be volatile. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investors in shares of Regency common stock may experience a decrease, which could be substantial, in the value of their shares, including
decreases unrelated to Regency&#146;s operating performance or prospects. In addition, United States stock markets, including the Nasdaq, on which Regency common stock is listed under the trading symbol &#147;REG,&#148; have experienced significant
price volatility and may continue to experience similar volatility. Regency and Urstadt Biddle cannot assure you that the market price of Regency common stock will not fluctuate or decline significantly in the future. In addition to the risks listed
in this section entitled &#147;Risk Factors&#148; and the section entitled &#147;Risk Factors&#148; in Regency&#146;s most recently filed reports on Forms <FONT STYLE="white-space:nowrap">10-K</FONT> and <FONT STYLE="white-space:nowrap">10-Q,</FONT>
a number of factors could negatively affect Regency&#146;s share price or result in fluctuations in the price or trading volume of Regency common stock, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the annual yield from distributions on Regency common stock as compared to yields on other financial instruments;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">equity issuances by Regency (including issuances of Regency common stock in the mergers) or future sales of
substantial amounts of Regency common stock by its existing or future stockholders, or the perception that such issuances or future sales may occur; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increases in market interest rates or a decrease in Regency&#146;s distributions to stockholders that lead
purchasers of Regency common stock to demand a higher yield; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in market valuations of similar companies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fluctuations in stock market prices and volumes; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">additions or departures of key management personnel; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s operating performance and the performance of other similar companies; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">actual or anticipated differences in Regency&#146;s quarterly operating results; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in expectations of future financial performance or changes in estimates of securities analysts;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">publication of research reports about Regency or its industry by securities analysts; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure to qualify as a REIT; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adverse market reaction to any indebtedness Regency incurs in the future, including indebtedness to be assumed or
incurred in connection with the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">strategic decisions by Regency or its competitors, such as acquisitions, divestments, spin-offs, joint ventures,
strategic investments or changes in business strategy; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the passage of legislation or other regulatory developments that adversely affect Regency or its industry or any
failure by Regency to comply with regulatory requirements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the expiration or loss of local tax abatements, tax credit programs, or other governmental incentives;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the imposition of a penalty tax as a result of certain property transfers that may generate prohibited
transaction income; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the inability of Regency to sell properties if and when it would be appropriate to do so; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">33 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks and liabilities in connection with Regency&#146;s <FONT STYLE="white-space:nowrap">co-investment</FONT>
ventures and investment in new or existing <FONT STYLE="white-space:nowrap">co-investment</FONT> ventures, including that Regency&#146;s property ownership through joint ventures may limit its ability to act exclusively in its interests and may
depend on the financial performance of its <FONT STYLE="white-space:nowrap">co-venturers;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">speculation in the press or investment community; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in Regency&#146;s results of operations, financial condition or prospects; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure to satisfy the listing requirements of the Nasdaq; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure to comply with the requirements of the Sarbanes-Oxley Act; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">actions by institutional stockholders of Regency; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in accounting principles; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes in environmental conditions or the potential impact of climate change; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">terrorist attacks or other acts of violence or war in areas in which Regency&#146;s properties are located or
markets on which Regency&#146;s securities are traded; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">general economic or market conditions, including other factors unrelated to Regency&#146;s performance.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the past, securities class action litigation has often been instituted against companies following periods of
volatility in the price of their common stock. This type of litigation could result in substantial costs and divert Regency&#146;s management&#146;s attention and resources, which could have a material adverse effect on Regency&#146;s business,
financial condition, results of operations and growth prospects. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Regency and Urstadt Biddle face other risks. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The risks listed above are not exhaustive, and you should be aware that, following the mergers, Regency will face various other risks,
including those discussed in reports filed by Regency and Urstadt Biddle with the SEC from time to time, such as those discussed under the heading &#147;Risk Factors&#148; in their respective most recently filed reports on Forms <FONT
STYLE="white-space:nowrap">10-K</FONT> and <FONT STYLE="white-space:nowrap">10-Q.</FONT> For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy statement/prospectus.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">34 </P>

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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_10"></A>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus and the documents incorporated by reference into this proxy statement/prospectus contain
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Urstadt Biddle and Regency, including, but not limited to, statements related to the mergers and the anticipated timing, results and
benefits thereof; statements regarding the expectations and beliefs of the Urstadt Biddle board of directors, Urstadt Biddle management, the Regency board of directors or Regency management and other statements that are not historical facts. You can
generally identify forward-looking statements by the use of forward-looking terminology such as &#147;may,&#148; &#147;will,&#148; &#147;could,&#148; &#147;can,&#148; &#147;should,&#148; &#147;plan,&#148; &#147;seek,&#148; &#147;would,&#148;
&#147;expect,&#148; &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148; &#147;forecast,&#148; &#147;project,&#148; &#147;anticipate,&#148; &#147;continue,&#148; &#147;guidance,&#148; or the negative thereof or other variations thereon or
comparable terminology. These forward-looking statements are based on each of Urstadt Biddle&#146;s and Regency&#146;s current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many
of which are beyond Urstadt Biddle&#146;s or Regency&#146;s control. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which
include, without limitation, risks and uncertainties associated with Urstadt Biddle&#146;s and Regency&#146;s ability to complete the mergers on the proposed terms or on the anticipated timeline, or at all, as those set forth in the section entitled
&#147;Risk Factors&#148; beginning on page&nbsp;23 of this proxy statement/prospectus, as well as the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks and uncertainties related to satisfaction of closing conditions to consummate the mergers;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the occurrence of any event, change or other circumstance that could give rise to the termination of the merger
agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks related to diverting the attention of Urstadt Biddle and Regency management from ongoing business
operations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">failure to realize the expected benefits of the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">significant transaction costs and/or unknown or inestimable liabilities; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk of litigation in connection with the mergers, including resulting expense or delay;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk that Urstadt Biddle&#146;s business will not be integrated successfully or that such integration may be
more difficult, time-consuming or costly than expected; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks related to future opportunities and plans for the combined company, including the uncertainty of financial
performance and results of the combined company following completion of the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the ability of the combined company to qualify and maintain its qualification as a REIT for U.S. federal income
tax purposes and the potentially onerous consequences that any such failure to maintain such qualification would have on the combined company&#146;s business; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">disruption from the mergers, making it more difficult to conduct business as usual or maintain relationships with
property managers, tenants, employees or other third parties; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">effects relating to the announcement of the mergers or any further announcements or the consummation of the
mergers on the market price of UB common stock, UB Class&nbsp;A common stock and Regency common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the possibility that, if Regency does not achieve the perceived benefits of the mergers as rapidly or to the
extent anticipated by financial analysts or investors or at all, the market price of Regency common stock could decline; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">regulatory initiatives and changes in tax laws; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk associated with Regency&#146;s and Urstadt Biddle&#146;s ability to complete the proposed transaction on
the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the proposed transaction;
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">35 </P>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">risks related to market volatility and changes in economic conditions, pandemics or other health crises,
operating retail-based shopping centers, real estate investments, the environment affecting Urstadt Biddle&#146;s and Regency&#146;s properties, corporate matters and Urstadt Biddle&#146;s and Regency&#146;s respective partnerships, joint ventures,
funding strategies and capital structure; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other risks and uncertainties affecting Urstadt Biddle and Regency, including those described from time to time
under the caption &#147;Risk Factors&#148; and elsewhere in Urstadt Biddle&#146;s and Regency&#146;s SEC filings and reports, including Urstadt Biddle&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year
ended October&nbsp;31, 2022, Regency&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2022, and subsequent filings and reports by either Regency or Urstadt Biddle.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Moreover, other risks and uncertainties of which Urstadt Biddle or Regency are not currently aware may affect each
company&#146;s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. Readers of this proxy statement/prospectus are cautioned that forward-looking statements are not guarantees
of future performance. The forward-looking statements made in this proxy statement/prospectus are made only as of the date hereof or as of the dates indicated in the forward-looking statements and reflect the views stated therein with respect to
future events as at such dates, even if they are subsequently made available by Urstadt Biddle or Regency on their respective websites or otherwise. Except as otherwise required by law, neither Urstadt Biddle nor Regency undertakes any obligation,
and each expressly disclaims any obligation, to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which
the forward-looking statements were made. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_11"></A>INFORMATION ABOUT THE COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_12"></A>Regency Centers Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency, a Florida corporation, is a fully integrated real estate company and self-administered and self-managed real estate investment trust
that began its operations as a publicly-traded REIT in 1993. Regency Partnership is the entity through which Regency conducts substantially all of its operations and owns substantially all of its assets. Regency&#146;s business consists of
acquiring, developing, owning, and operating income-producing retail real estate principally located in top markets within the United States. Regency generates revenues by leasing space to necessity, service, convenience, and value-based retailers
serving the essential needs of Regency&#146;s communities. Regency has been an S&amp;P 500 Index member since 2017. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31,
2023, Regency had full or partial ownership interests in 404 properties, primarily anchored by market leading grocery stores, encompassing 51.1&nbsp;million square feet of gross leasable area. Regency&#146;s
<FONT STYLE="white-space:nowrap">pro-rata</FONT> share of this gross leasable area is 43.3&nbsp;million square feet, including its share of properties owned through unconsolidated investment partnerships. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling
demographics. Regency&#146;s mission is to create thriving environments for retailers and service providers to connect with surrounding neighborhoods and communities. Regency&#146;s vision is to elevate quality of life as an integral thread in the
fabric of Regency&#146;s communities. Regency&#146;s portfolio includes thriving properties merchandised with highly productive grocers, restaurants, service providers, and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> retailers that connect with their neighborhoods, communities, and customers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Regency are located at One Independent Drive, Suite 114, Jacksonville, Florida 32202, and its telephone
number is (904) <FONT STYLE="white-space:nowrap">598-7000.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency common stock is listed on the Nasdaq, trading under the symbol
&#147;REG.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional information about Regency and its subsidiaries is included in documents incorporated by reference into this
proxy statement/prospectus. For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_13"></A>Hercules Merger Sub, LLC </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Merger Sub, a Maryland limited liability company, is a direct wholly owned subsidiary of Regency. Merger Sub was formed on May&nbsp;16, 2023,
for the purpose of entering into the merger agreement and effecting the mergers. Merger Sub has not carried on any business, conducted any operations or incurred any liabilities or obligations other than the execution of the merger agreement, the
performance of its obligations thereunder and matters ancillary thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Merger Sub are located at One
Independent Drive, Suite 114, Jacksonville, Florida 32202, and its telephone number is (904) <FONT STYLE="white-space:nowrap">598-7000.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_14">
</A>Urstadt Biddle Properties Inc. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc., a Maryland corporation that has elected to be treated as a real
estate investment trust for federal income tax purposes,&nbsp;is a self-administered equity REIT which owns or has equity interests in 77 properties containing approximately 5.3&nbsp;million square feet of space. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of Urstadt Biddle are located at 321 Railroad Avenue, Greenwich, CT 06830, and its telephone number is (203) <FONT
STYLE="white-space:nowrap">863-8200.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">37 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UB common stock, UB Class&nbsp;A common stock, UB Series K preferred stock and UB Series H
preferred stock are each traded on the NYSE under the ticker symbols &#147;UBP,&#148; &#147;UBA,&#148; UBPPRK&#148; and &#147;UBPPRH&#148;, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additional information about Urstadt Biddle and its subsidiaries is included in documents incorporated by reference into this proxy
statement/prospectus and &#147;Where You Can Find More Information&#148; beginning on page&nbsp;
169 of this proxy statement/prospectus. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_15"></A>UB Maryland I, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UB Sub I, a Maryland corporation, is a direct wholly owned subsidiary of Urstadt Biddle. UB Sub I was formed in Maryland on May&nbsp;16, 2023
for the sole purpose of facilitating Regency&#146;s acquisition of Urstadt Biddle. UB Sub I has not carried on any business, conducted any operations or incurred any liabilities or obligations other than the execution of the merger agreement, the
performance of its obligations thereunder and matters ancillary thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of UB Sub I are located at 321
Railroad Avenue, Greenwich, CT 06830, and its telephone number is (203) <FONT STYLE="white-space:nowrap">863-8200.</FONT> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_16"></A>UB Maryland II, Inc. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">UB Sub II, a Maryland corporation, is a direct wholly owned subsidiary of UB Sub I. UB Sub II was formed in Maryland on May&nbsp;16, 2023 for
the sole purpose of facilitating Regency&#146;s acquisition of Urstadt Biddle. UB Sub II has not carried on any business, conducted any operations or incurred any liabilities or obligations other than the execution of the merger agreement, the
performance of its obligations thereunder and matters ancillary thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The principal executive offices of UB Sub II are located at 321
Railroad Avenue, Greenwich, CT 06830, and its telephone number is (203) <FONT STYLE="white-space:nowrap">863-8200.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">38 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_17"></A>THE MERGERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_18"></A>Background of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of the mergers are the result of <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> negotiations between Urstadt Biddle and
Regency. The following is a summary of the events leading up to the agreement to merge and the key meetings, negotiations, discussions and actions between Urstadt Biddle and Regency and their respective advisors that preceded the public announcement
of the mergers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors periodically and in the ordinary course of business reviews, with Urstadt
Biddle&#146;s executive management team, its long-term strategies and objectives as real estate markets, capital market conditions, and the business environment and capabilities change. As part of such review, the Urstadt Biddle board of directors
has, from time to time, evaluated and considered various potential strategic alternatives with the goal of maximizing value for its stockholders, including potential acquisitions, dispositions, strategic business combination transactions and joint
venture investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, members of Urstadt Biddle&#146;s executive management team from time to time have met or otherwise
communicated informally and independently with representatives of other REITs and real estate companies as well as investors regarding industry trends and the performance, business, strategic direction and prospects of their respective companies,
including on occasion discussing the possible benefits and considerations arising from potential business combinations or other strategic transactions. Urstadt Biddle is generally familiar with the businesses and operations of its peer companies,
including the efforts some of these companies have undertaken over the years to reposition their portfolios, and from time to time, representatives of Urstadt Biddle and other REITs and real estate companies, including Regency, have had informal
communications with each other, including at industry events and elsewhere, but no specific terms of a potential transaction between the parties were discussed during these informal communications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;6, 2021, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management
team and representatives of Deutsche Bank Securities Inc. (which we refer to as &#147;Deutsche Bank&#148;) participating. Deutsche Bank has regularly provided financial advisory services to Urstadt Biddle in connection with capital markets
transactions and, from time to time, has provided the Urstadt Biddle board of directors with educational or informational observations related to capital markets and strategic transactions, market and industry conditions and Urstadt Biddle and its
peers. At the meeting, Willing Biddle, President and Chief Executive Officer of Urstadt Biddle, discussed with the Urstadt Biddle board of directors developments in the real estate industry during the past few years that have impacted Urstadt
Biddle. Representatives of Deutsche Bank then discussed with the Urstadt Biddle board of directors its observations regarding the neighborhood and community shopping center industry, Urstadt Biddle&#146;s stock performance over the past five years
and Urstadt Biddle&#146;s current implied trading capitalization rate, discount to NAV and FFO multiple. Representatives of Deutsche Bank also discussed with the Urstadt Biddle board of directors potential strategic alternatives available to Urstadt
Biddle and the potential benefits and considerations of such alternatives, including as compared to Urstadt Biddle maintaining the status quo and continuing to operate on its strategic plan. Representatives of Deutsche Bank then left the meeting
and, upon Mr.&nbsp;Biddle&#146;s recommendation and following discussion, the Urstadt Biddle board of directors authorized Deutsche Bank to further review potential strategic alternatives, but recommended that the Urstadt Biddle executive management
team also consider speaking with other potential financial advisors with expertise in advising on strategic transactions who could assist with a potential transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;9, 2021, Urstadt Biddle engaged Hogan Lovells US LLP (which we refer to as &#147;Hogan Lovells&#148;) to provide legal
counsel to the Urstadt Biddle board of directors and Urstadt Biddle in connection with its consideration of strategic alternatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
December&nbsp;20, 2021, members of Urstadt Biddle&#146;s executive management team, representatives of Deutsche Bank and representatives of Hogan Lovells discussed the process and timeline for initiating a potential strategic transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">39 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;12, 2022, the Urstadt Biddle board of directors held a meeting, with members
of Urstadt Biddle&#146;s executive management team and representatives of Eastdil Secured and Hogan Lovells participating. Mr. Biddle noted that the meeting was in response to the Urstadt Biddle board of directors&#146; prior recommendation to speak
with other potential financial advisors who may be qualified to provide Urstadt Biddle with financial advice regarding potential strategic transactions. At the meeting, representatives of Eastdil Secured discussed with the Urstadt Biddle board of
directors Eastdil Secured&#146;s expertise, capabilities and ability to provide advice in connection with a potential strategic transaction. Representatives of Eastdil Secured also discussed with the Urstadt Biddle board of directors Eastdil
Secured&#146;s observations regarding Urstadt Biddle&#146;s current implied trading capitalization rate, discount to NAV and FFO multiple, as well as preliminary financial analyses relating to Urstadt Biddle. Representatives of Eastdil Secured then
discussed with the Urstadt Biddle board of directors various strategic alternatives that Urstadt Biddle could consider, including both standalone and strategic transaction options, as well as potential benefits and considerations for such
alternatives. Representatives of Eastdil Secured then left the meeting and the Urstadt Biddle board of directors discussed the potential engagement of each of Eastdil Secured and Deutsche Bank (which we refer to, collectively, as the &#147;Financial
Advisors&#148;). After such discussion, the Urstadt Biddle board of directors concluded that it would be in the best interests of Urstadt Biddle and its stockholders to engage both Financial Advisors given their respective strengths and authorized
Mr.&nbsp;Biddle to finalize discussions with Eastdil Secured and Deutsche Bank regarding their potential engagement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;14,
2022, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team participating. At the meeting, Mr.&nbsp;Biddle provided an update on his discussions with Eastdil Secured and Deutsche Bank
regarding the potential engagement of each of them, and recommended that Urstadt Biddle engage Eastdil Secured as lead financial advisor and Deutsche Bank as an additional financial advisor in connection with a potential strategic transaction. The
Urstadt Biddle board of directors discussed these recommendations and agreed that Eastdil Secured should be further considered for the role of lead financial advisor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;20, 2022, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management
team and representatives of Hogan Lovells participating. At the meeting, Mr.&nbsp;Biddle updated the Urstadt Biddle board of directors regarding his recent discussions with both Eastdil Secured and Deutsche Bank. After discussion, the Urstadt Biddle
board of directors approved Eastdil Secured&#146;s engagement as lead financial advisor and Deutsche Bank&#146;s engagement as an additional financial advisor, in each case in connection with a potential strategic transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Over the next three months, Urstadt Biddle&#146;s executive management team worked with the Financial Advisors to prepare for a possible
strategic transaction, which work included populating an electronic data room with due diligence materials and preparing information regarding leasing activities and rent rolls. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;3, 2022, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team and
representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, representatives of Eastdil Secured discussed with the Urstadt Biddle board of directors an overview of current capital markets conditions, as well as the
recent performance of the neighborhood and community shopping center industry and select REIT peers of Urstadt Biddle. Representatives of Eastdil Secured also discussed with the Urstadt Biddle board of directors certain key considerations in
evaluating potential strategic alternatives and a number of strategic alternatives Urstadt Biddle could consider, including a strategic merger or sale of Urstadt Biddle. Representatives of Eastdil Secured also reviewed with the Urstadt Biddle board
of directors certain illustrative preliminary financial analyses of Urstadt Biddle. Representatives of Eastdil Secured then discussed with the Urstadt Biddle board of directors the benefits and considerations of a focused outreach to potential
buyers or investors as compared to a broader outreach. Members of the Urstadt Biddle board of directors discussed that a benefit of a focused outreach was that it likely would be less disruptive to Urstadt Biddle&#146;s business, would maintain
confidentiality and reduce the likelihood of a leak and provided the flexibility to discontinue the process or expand the outreach, depending on how the process played out. Representatives of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">40 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
Eastdil Secured then discussed with the Urstadt Biddle board of directors a preliminary list of potential target buyers and investors and potential strategies for outreach to such target buyers
and investors. Members of the Urstadt Biddle board of directors agreed to reconvene at a later time in May to confirm whether the Financial Advisors were authorized to reach out to an agreed upon list of potential buyers/investors. Representatives
of the Financial Advisors then left the meeting, and representatives of Hogan Lovells reviewed with the Urstadt Biddle board of directors their duties as directors of a Maryland corporation in connection with consideration of strategic transactions.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;24, 2022, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management
team and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, representatives of Eastdil Secured provided the Urstadt Biddle board of directors a market update and then reviewed with the Urstadt Biddle board of
directors a list of multiple potential candidates for a potential strategic transaction with Urstadt Biddle, including Regency, Party A, Party B, Party C and Party D (each as defined herein). Members of the Urstadt Biddle board of directors
discussed the merits of pursuing a strategic transaction at this time and the benefits of a focused outreach to the identified potential candidates. Following discussion, the Urstadt Biddle board of directors authorized Urstadt Biddle&#146;s
executive management team and the Financial Advisors to contact and provide select due diligence materials to the potential candidates discussed at the meeting, subject to each such candidate entering into a customary
<FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement with Urstadt Biddle, with the understanding that the Urstadt Biddle board of directors would reconvene in the event of a change in market conditions prior to such outreach. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following that meeting, in light of continued volatile market conditions, including geopolitical and interest rate uncertainties, as well as
concerns that a broader outreach would make it more challenging to maintain confidentiality regarding the process, Urstadt Biddle&#146;s executive management team and representatives of the Financial Advisors discussed potentially narrowing the
outreach to only one of the potential candidates discussed at the meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;2, 2022, the Urstadt Biddle board of directors
held a meeting, with members of Urstadt Biddle&#146;s executive management team and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, Mr.&nbsp;Biddle and representatives of Eastdil Secured discussed with the
Urstadt Biddle board of directors changes in market conditions since the May&nbsp;24, 2022 meeting of the Urstadt Biddle board of directors and a potential change in strategy to reach out to only one of the potential candidates discussed at the
prior meeting. Representatives of Eastdil Secured then discussed with the Urstadt Biddle board of directors the proposed process of an initial approach solely to one publicly traded shopping center REIT (which we refer to as &#147;Party A&#148;),
which Eastdil Secured believed would be successful given Party A&#146;s profile, geographic focus, capitalization, valuation and other characteristics and which Mr.&nbsp;Biddle mentioned had previously expressed an interest in Urstadt Biddle from
time to time. The Urstadt Biddle board of directors discussed the importance of maintaining confidentiality regarding any potential strategic transaction process, and that a leak could be particularly harmful to Urstadt Biddle in a volatile market
environment. The Urstadt Biddle board of directors also discussed the fact that if Party A did not submit a compelling proposal, the Urstadt Biddle board of directors would have the option of approaching other potential candidates for a strategic
transaction. Following discussion, the Urstadt Biddle board of directors authorized Urstadt Biddle&#146;s executive management team and the Financial Advisors to contact and provide select due diligence materials solely to Party A, subject to Party
A entering into a customary <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement with Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;2, 2022,
Mr.&nbsp;Biddle and the chief executive officer of Party A met to discuss Party A&#146;s potential interest in pursuing a strategic transaction involving Urstadt Biddle, subject to entering into a
<FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement. Later on June&nbsp;2, 2022, at the direction of the Urstadt Biddle board of directors, representatives of Eastdil Secured sent to representatives of Party A a draft <FONT
STYLE="white-space:nowrap">non-disclosure</FONT> agreement, which did not restrict Urstadt Biddle from engaging in discussions with other parties regarding a strategic transaction (which we refer to as an &#147;exclusivity provision&#148;).
Following negotiations regarding, among other terms, the length of the standstill period, on June&nbsp;7, 2022, Party A and Urstadt Biddle executed the <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement (which we refer to as the
&#147;Party A NDA&#148;). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On June&nbsp;8, 2022, Party A was provided access to the electronic data room containing
select due diligence materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Throughout June 2022, Party A conducted due diligence, including participating in <FONT
STYLE="white-space:nowrap">in-person</FONT> property tours with Mr. Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;1, 2022, Party A provided an initial indication
of interest to acquire Urstadt Biddle through a merger. The initial indication of interest contemplated a mix of stock and cash consideration consisting of (i)&nbsp;an exchange ratio per share of UB common stock and per share of UB Class&nbsp;A
common stock of 0.833 of a share of Party A&#146;s common stock and (ii) $1.83 cash per share of UB common stock and per share of UB Class&nbsp;A common stock (which we refer to as the &#147;Party A 2022 Proposal&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;12, 2022, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team
and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, Mr.&nbsp;Biddle summarized the process to date of exploring potential strategic transactions, including Urstadt Biddle&#146;s engagement with Party A
leading to the Party A 2022 Proposal. Representatives of Eastdil Secured then reviewed the process timeline with the Urstadt Biddle board of directors and discussed with the Urstadt Biddle board of directors the Party A 2022 Proposal, noting that it
was comprised of 90% stock consideration and 10% cash consideration, and implied a per share price of $18.34 and premium of 7.0% to UB common stock and 12.8% to UB Class&nbsp;A common stock based on the closing prices of UB common stock and UB
Class&nbsp;A common stock, respectively, on July&nbsp;8, 2022, relative stock prices of the companies <FONT STYLE="white-space:nowrap">pre-</FONT> and <FONT STYLE="white-space:nowrap">post-COVID-19,</FONT> net asset value estimates for both
companies, general market conditions and changes in market conditions over previous months, benchmark interest rates, Party A&#146;s company profile, and an illustrative pro forma analysis of the combined company. Representatives of Eastdil Secured
then discussed with the Urstadt Biddle board of directors potential next steps, including continuing engagement with Party A, approaching other potential investors, or discontinuing the process for the time being and returning to business as usual
until more favorable market conditions return. In response to questions from the Urstadt Biddle board of directors, representatives of Eastdil Secured provided an overview of debt markets and the likelihood of private investors engaging in a
strategic transaction at this time, given market conditions. Following this discussion, representatives of the Financial Advisors left the meeting and the Urstadt Biddle board of directors, members of Urstadt Biddle&#146;s executive management team
and representatives of Hogan Lovells discussed the Party A 2022 Proposal and the strategic transaction process generally. Mr.&nbsp;Biddle expressed his view that the Party A 2022 Proposal did not adequately reflect Urstadt Biddle&#146;s value and,
given the backdrop of weak market conditions and likelihood that no other party was likely to make a more attractive offer at this time, recommended that Urstadt Biddle terminate its bilateral discussions with Party A, discontinue the strategic
transaction process for the time being and return to business as usual, noting that Urstadt Biddle could choose to revisit the strategic transaction process in the event market conditions improved. The Urstadt Biddle board of directors discussed the
benefits and considerations of the Party A 2022 Proposal and the strategic transaction process. Following these discussions, the Urstadt Biddle board of directors unanimously concluded that the Party A 2022 Proposal was inadequate for the reasons
discussed at the meeting and authorized Urstadt Biddle&#146;s executive management team and the Financial Advisors to formally decline the Party A 2022 Proposal, terminate bilateral discussions with Party A and discontinue the strategic transaction
process for the time being. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On July&nbsp;13, 2022, Urstadt Biddle sent Party A a letter indicating that the Urstadt Biddle board of
directors determined that the Party A 2022 Proposal was insufficient and the potential transaction was not in the best interests of Urstadt Biddle and its stockholders at this time, and accordingly terminated discussions regarding a potential
transaction. Also on July&nbsp;13, 2022, Mr.&nbsp;Biddle called the chief executive officer of Party A to relay the same message, and both acknowledged that geopolitical and interest rate uncertainties had created a very difficult market for doing a
transaction and that they would discontinue any discussions at this time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;27, 2022, Martin E. Stein, Jr., the former
chief executive officer of Regency and current executive chairman of Regency, contacted Mr.&nbsp;Biddle and suggested that Mr.&nbsp;Biddle get to know Lisa Palmer, </P>
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the president and chief executive officer of Regency. Mr.&nbsp;Stein and Mr.&nbsp;Biddle also discussed the possibility of the two companies exploring potential opportunities together in the
future. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On&nbsp;September&nbsp;29, 2022, the chief executive officer of Party A contacted&nbsp;Mr.&nbsp;Biddle to set up a meeting the
following month to discuss general market conditions in the retail sector. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On October&nbsp;6, 2022, Ms.&nbsp;Palmer contacted
Mr.&nbsp;Biddle. Ms.&nbsp;Palmer suggested that she and Mr.&nbsp;Biddle meet, and they agreed to meet on November&nbsp;29, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
October&nbsp;31, 2022, Mr.&nbsp;Biddle and the chief executive officer of Party A met. During this meeting, the chief executive officer of Party A expressed Party A&#146;s continued interest in Urstadt Biddle, although no specific terms of any
potential strategic transaction were discussed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;29, 2022, Mr.&nbsp;Biddle and Ms.&nbsp;Palmer met. During the meeting,
Ms.&nbsp;Palmer expressed that Regency may have an interest in some form of strategic transaction with Urstadt Biddle. Mr.&nbsp;Biddle stated that such a transaction might be of interest to Urstadt Biddle, but that he would need to consult with the
Urstadt Biddle board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;19, 2023, Ms.&nbsp;Palmer contacted Mr.&nbsp;Biddle to see if he would be attending
the JPMorgan CEO conference in New York on March&nbsp;2, 2023, and they agreed to meet after the conference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;26, 2023,
Mr.&nbsp;Biddle contacted Ms.&nbsp;Palmer and inquired whether Regency was still interested in pursuing a potential strategic transaction with Urstadt Biddle. Ms.&nbsp;Palmer indicated she would consult with the Regency board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January&nbsp;30, 2023, Ms.&nbsp;Palmer contacted Mr.&nbsp;Biddle and indicated that Regency was conducting some preliminary due diligence
on Urstadt Biddle based on publicly available information, but that Regency&#146;s review of a potential strategic transaction with Urstadt Biddle had not yet been presented to the Regency board of directors. Mr.&nbsp;Biddle informed Ms.&nbsp;Palmer
that there had been another party interested in a potential strategic transaction previously, but there were currently no active discussions with such other party at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;1, 2023, Mr.&nbsp;Biddle contacted Ms.&nbsp;Palmer to inquire about the level of Regency&#146;s interest in Urstadt Biddle.
Although no specific pricing was discussed, Mr.&nbsp;Biddle indicated that Regency would need to understand that Urstadt Biddle was currently trading at a discount to net asset value and propose transaction consideration that recognized this
disparity for any strategic transaction to be possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;9, 2023, Ms.&nbsp;Palmer contacted Mr.&nbsp;Biddle and informed
him that the potential strategic transaction with Urstadt Biddle had been discussed with the Regency board of directors and that the Regency board of directors was supportive of Regency continuing to explore a potential strategic transaction with
Urstadt Biddle. Mr.&nbsp;Biddle informed Ms.&nbsp;Palmer that Urstadt Biddle would be holding a special meeting of the Urstadt Biddle board of directors on February&nbsp;23, 2023 to discuss Regency&#146;s interest in a potential strategic
transaction with Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On February&nbsp;23, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt
Biddle&#146;s executive management team and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, the Urstadt Biddle board of directors reviewed the process undertaken in 2022 of exploring potential strategic
transactions, culminating in declining the Party A 2022 Proposal and subsequent termination of discussions with Party&nbsp;A and pausing the strategic transaction process. Mr.&nbsp;Biddle then updated the Urstadt Biddle board of directors on the
conversations he had with Ms.&nbsp;Palmer regarding Regency&#146;s interest in exploring a potential strategic transaction with Urstadt Biddle. Mr.&nbsp;Biddle also updated the Urstadt Biddle board of directors regarding his meetings with the chief
executive officer of Party A. Mr.&nbsp;Biddle expressed that, given these circumstances, the Urstadt Biddle board of directors should assess whether Urstadt Biddle should </P>
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<FONT STYLE="white-space:nowrap">re-start</FONT> the process for a potential strategic transaction with Regency, Party A and/or other potential parties. Representatives of Eastdil Secured then
discussed with the Urstadt Biddle board of directors current market conditions, changes in Urstadt Biddle&#146;s market price since July 2022, and the Party A 2022 Proposal. Representatives of Eastdil Secured also discussed with the Urstadt Biddle
board of directors various publicly traded shopping center REITs as potential counterparties, including Regency, Party A, and another publicly traded shopping center REIT (which we refer to as &#147;Party B&#148;), which were identified as strong
potential candidates who could recognize the highest value for Urstadt Biddle in a strategic transaction. Representatives of Eastdil Secured also identified other possible candidates, including two other publicly traded shopping center REITs (which
we refer to as &#147;Party C&#148; and &#147;Party D&#148;). Among the factors considered by the Urstadt Biddle board of directors were the candidates&#146; expressed interest in Urstadt Biddle or in growth generally, portfolio compatibility, their
ability to execute an accretive transaction, and their ability to access liquidity without seeking financing from third parties other than <FONT STYLE="white-space:nowrap">in-place</FONT> credit lines, a particularly important factor given Urstadt
Biddle&#146;s desire to maintain confidentiality regarding the process. Representatives of Eastdil Secured and members of Urstadt Biddle&#146;s executive management team discussed with the Urstadt Biddle board of directors considerations in
evaluating potential strategic alternatives, including the advantages and disadvantages of a multiparty process and maintaining the status quo and continuing to execute on Urstadt Biddle&#146;s strategic plan, and a potential timeline for the
process. Representatives of the Financial Advisors then left the meeting and the Urstadt Biddle board of directors discussed the potential for a multiparty process that included Regency, Party A and Party B, and possibly other potential parties. The
Urstadt Biddle board of directors determined that it needed additional information regarding the potential valuation of Urstadt Biddle to reassess its expectations regarding pricing, at which point it would determine whether Urstadt Biddle should <FONT
STYLE="white-space:nowrap">re-start</FONT> the strategic transaction process with Regency, Party A and/or Party B, and possibly other potential parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;2, 2023, Mr.&nbsp;Biddle and Ms.&nbsp;Palmer met in person. During this meeting, Mr.&nbsp;Biddle advised Ms.&nbsp;Palmer that
the Urstadt Biddle board of directors requested that Urstadt Biddle and the Financial Advisors work together to perform a preliminary financial analysis of Urstadt Biddle prior to proceeding further. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;9, 2023, at the request of the chief executive officer of Party C, Mr.&nbsp;Biddle and the chief executive officer of Party C
met to discuss general market conditions in the retail sector. During the meeting, the chief executive officer of Party C suggested that Urstadt Biddle and Party C explore a merger transaction. Mr.&nbsp;Biddle advised the chief executive officer of
Party C that he did not believe such a transaction would be of interest to Urstadt Biddle. Mr.&nbsp;Biddle&#146;s belief was based on prior discussions with the Urstadt Biddle board of directors and the Financial Advisors that Party C did not likely
have the ability to pay what Regency and Party A could likely pay, as well as the increased risk of a leak regarding the transaction process if Party C were to be included. Also during the meeting, the chief executive officer of Party C inquired
whether Mr.&nbsp;Biddle and other Urstadt Biddle Family Stockholders would be interested in selling Party C their shares in Urstadt Biddle. Mr.&nbsp;Biddle responded that he would speak with the other Urstadt Biddle Family Stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;10, 2023, Mr.&nbsp;Biddle contacted the chief executive officer of Party C and informed him that the Urstadt Biddle Family
Stockholders had considered the offer for Party C to purchase their shares in Urstadt Biddle, but that they were not prepared to engage in any discussions at this time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;16, 2023, Ms.&nbsp;Palmer contacted Mr.&nbsp;Biddle and proposed that Regency make an offer based solely on publicly available
information. Mr.&nbsp;Biddle responded that he would discuss the proposal with Urstadt Biddle&#146;s legal and financial advisors and the Urstadt Biddle board of directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;23, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team
and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, representatives of Eastdil Secured discussed with the Urstadt Biddle board of directors its observations regarding Urstadt Biddle&#146;s historical
trading prices, NAV and cash flow. Representatives of Eastdil Secured discussed the potential likelihood of Party A and Regency having the financial ability to execute a transaction that recognizes the highest value for Urstadt Biddle, further
noting that Regency&#146;s ability to pay could </P>
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likely be more limited if the valuation were based on publicly available information. Mr.&nbsp;Biddle updated the Urstadt Biddle board of directors regarding recent communications from
Ms.&nbsp;Palmer who requested an opportunity to conduct a bilateral process with Urstadt Biddle. Mr.&nbsp;Biddle also noted that the chief executive officer of Party A expressed Party A&#146;s continued interest in Urstadt Biddle. Representatives of
the Financial Advisors then left the meeting and the Urstadt Biddle board of directors discussed current market conditions, Urstadt Biddle&#146;s valuation and the proposed strategic transaction process. Following such discussions, the Urstadt
Biddle board of directors agreed that Regency and Party A were likely to have the greatest financial ability to execute a transaction most favorable to Urstadt Biddle stockholders, and authorized Urstadt Biddle&#146;s executive management team and
the Financial Advisors to contact and provide select due diligence materials to Party A and Regency, subject to each party entering into a customary nondisclosure agreement with Urstadt Biddle, as a first step in the potential strategic acquisition
process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Following the meeting of the Urstadt Biddle board of directors, on March&nbsp;23, 2023, Mr.&nbsp;Biddle contacted
Ms.&nbsp;Palmer to inform her that the Urstadt Biddle board of directors would like to engage in a formal process, including inviting other potentially interested parties to participate, rather than engage in bilateral negotiations with Regency,
which process, the Urstadt Biddle board of directors believed, would maximize value for Urstadt Biddle&#146;s stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
March&nbsp;24, 2023, representatives of Hogan Lovells sent to representatives of Regency a draft <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement, which did not contain an exclusivity provision. Following negotiations regarding,
among other terms, the length of the standstill period, on March&nbsp;28, 2023, Urstadt Biddle and Regency then executed the <FONT STYLE="white-space:nowrap">non-disclosure</FONT> agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;29, 2023, representatives of Eastdil Secured, at the direction of Urstadt Biddle, contacted representatives of RBC Capital
Markets and Wells Fargo Securities, Regency&#146;s financial advisors, regarding Regency&#146;s potential interest in participating in a process for a potential strategic transaction involving Urstadt Biddle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On March&nbsp;30, 2023, Regency was provided access to an electronic data room containing select due diligence materials relating to Urstadt
Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;3, 2023, Mr.&nbsp;Biddle and the chief executive officer of Party A met to discuss whether Party A would be
interested in participating in the <FONT STYLE="white-space:nowrap">re-started</FONT> process regarding a potential strategic transaction involving Urstadt Biddle. The chief executive officer of Party A indicated that Party A would need the deal to
be accretive to earnings. Mr.&nbsp;Biddle provided to the chief executive officer of Party A a draft amendment to the Party A NDA, which amendment provided for an extension of the standstill period for the
<FONT STYLE="white-space:nowrap">12-month</FONT> period following the date of the amendment and also extended the term of the Party A NDA for the same period. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;4, 2023, Party A and Urstadt Biddle executed the amendment to the Party A NDA. On April&nbsp;5, 2023, Party A was provided
access to an electronic data room containing select due diligence materials relating to Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Throughout the remainder of April
2023, Regency and Party A conducted due diligence and members of Urstadt Biddle&#146;s executive management team responded to due diligence requests from each of Regency and Party A and their respective advisors. During this time, representatives of
Regency participated in <FONT STYLE="white-space:nowrap">in-person</FONT> property tours with Mr.&nbsp;Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;25, 2023,
Regency sent to representatives of Eastdil Secured its <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal to acquire 100% of the outstanding common equity of Urstadt Biddle in a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">stock-for-stock</FONT></FONT> merger (which we refer to as the &#147;Regency Initial Proposal&#148;), which Eastdil Secured sent to the Urstadt Biddle board of directors. The Regency Initial Proposal contemplated that in
the merger each share of UB common stock and each share of UB Class&nbsp;A common stock would receive 0.344 of a share of Regency common stock. Based on Regency&#146;s closing stock </P>
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price of $61.43 on April&nbsp;28, 2023, the exchange ratio implied a value of $20.13 per share of UB common stock and per share of UB Class&nbsp;A common stock, representing a premium of 32.2%
and 22.7% to the closing prices of UB common stock and UB Class&nbsp;A common stock, respectively, on April&nbsp;28, 2023. The Regency Initial Proposal indicated that the merger would be structured to be
<FONT STYLE="white-space:nowrap">tax-free</FONT> to Urstadt Biddle stockholders and contemplated that Regency would assume Urstadt Biddle&#146;s mortgage debt and Urstadt Biddle&#146;s Series H and Series K preferred shares, and Urstadt
Biddle&#146;s outstanding equity awards for Urstadt Biddle employees who remain with Regency following the closing of the proposed merger would be converted into equivalent equity awards of Regency based on the exchange ratio. The Regency Initial
Offer did not address the treatment of Urstadt Biddle dividends between signing and closing, and did not contemplate any financing contingency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;28, 2023, Party A sent to representatives of Eastdil Secured its <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal to
acquire 100% of the outstanding shares of UB common stock and UB Class&nbsp;A common stock through a merger (which we refer to as the &#147;Party A 2023 Initial Proposal&#148;), which Eastdil Secured sent to the Urstadt Biddle board of directors.
The Party A 2023 Initial Proposal contemplated consideration per share of 0.75 of a newly issued share of Party A common stock and $4.80 in cash. The proposed consideration consisted of 75% stock consideration and 25% cash consideration and implied
a value of $19.19 per share of UB common stock and per share of UB Class&nbsp;A common stock, representing a premium of 20.1% and 11.5% to the closing prices of UB common stock and UB Class&nbsp;A common stock, respectively, on April&nbsp;28, 2023.
The Party A 2023 Initial Proposal also contemplated that Party A would assume Urstadt Biddle&#146;s mortgage debt and Urstadt Biddle&#146;s outstanding Series K preferred shares, Urstadt Biddle&#146;s Series H preferred shares would be redeemed for
cash at its liquidation preference of $25.00 per share, and Urstadt Biddle would continue to pay its regular quarterly dividend distributions at Urstadt Biddle&#146;s current rate of $0.225 for each share of UB common stock and $0.250 for each share
of UB Class&nbsp;A common stock until closing. The Party A 2023 Initial Proposal did not contemplate any financing contingency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
May&nbsp;2, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, Mr.&nbsp;Biddle
provided the Urstadt Biddle board of directors with an update on the strategic transaction process to date. Representatives of Eastdil Secured then discussed with the Urstadt Biddle board of directors the terms of the Regency Initial Proposal and
the Party A 2023 Initial Proposal, including the proposed transaction structure, consideration, treatment of preferred equity, dividends and financing. Representatives of Eastdil Secured also discussed with the Urstadt Biddle board of directors the
implied value of both offers, the differences between the stock and cash components of the offers and the potential impact of stock price variations. Representatives of Eastdil Secured also discussed with the Urstadt Biddle board of directors the
impact of the offers on stockholders, including stockholder dividends, and discussed the potential combined company in terms of portfolio, capitalization and certain other considerations. During these discussions, members of the Urstadt Biddle board
of directors and Urstadt Biddle&#146;s executive management team asked questions regarding the offers, and representatives of the Financial Advisors responded. Mr.&nbsp;Biddle discussed his interactions with the two parties and their apparent levels
of interest and engagement. Representatives of Eastdil Secured then discussed with the Urstadt Biddle board of directors potential next steps, including timing and potential strategies for responding to both parties. Representatives of the Financial
Advisors then left the meeting, and the Urstadt Biddle board of directors discussed the strategic transaction process, the offers from Regency and Party A, the timeline and Urstadt Biddle&#146;s prospects. Following these discussions, the Urstadt
Biddle board of directors authorized the Financial Advisors to inform both Party A and Regency that each of their offers were being seriously considered, but that each should improve its offer. The Urstadt Biddle board of directors further
authorized Hogan Lovells to provide a draft merger agreement to both parties along with additional due diligence materials. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Later on
May&nbsp;2, 2023, at the direction of the Urstadt Biddle board of directors, representatives of Eastdil Secured contacted the advisors for each of Party A and Regency and outlined the next steps in the process, including preparing a markup of the
draft merger agreement, conducting further due diligence, engaging in further underwriting discussions, and Urstadt Biddle conducting reverse diligence on Party A and Regency to </P>
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evaluate the stock consideration, and requested that each party submit an updated proposal no later than May&nbsp;11, 2023, which should include (i)&nbsp;a complete markup of a draft form of
merger agreement; (ii)&nbsp;confirmation of the completion of its due diligence review of Urstadt Biddle; and (iii)&nbsp;an updated transaction proposal. Representatives of Eastdil Secured also sent to the financial advisors for Party A and Regency
a financial and real estate reverse due diligence request list. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;2, 2023, representatives of Hogan Lovells sent to
counsel for Party A and to Wachtell, Lipton, Rosen&nbsp;&amp; Katz (which we refer to as &#147;Wachtell&#148;), counsel for Regency, a draft merger agreement and also sent to counsel for Party A an amended and restated Party A NDA making the Party A
NDA mutual. The draft merger agreement provided for, among other things: (i)&nbsp;the merger of Urstadt Biddle with and into a wholly owned subsidiary of an affiliate of the buyer; (ii)&nbsp;the assumption by the buyer of Urstadt Biddle&#146;s
Series H and Series K preferred stock; (iii)&nbsp;acceleration of all outstanding UB restricted stock awards; (iv)&nbsp;the ability for Urstadt Biddle to continue paying its regular quarterly dividends at Urstadt Biddle&#146;s current rate of $0.225
for each share of UB common stock and $0.250 for each share of UB Class&nbsp;A common stock until closing; (v)&nbsp;a <FONT STYLE="white-space:nowrap">30-day</FONT> &#147;window shop&#148; period during which Urstadt Biddle would be permitted to
furnish <FONT STYLE="white-space:nowrap">non-public</FONT> information and participate in negotiations with a third party upon receipt of an unsolicited bona fide acquisition proposal; (vi)&nbsp;a <FONT STYLE="white-space:nowrap">two-tiered</FONT>
termination fee payable by Urstadt Biddle of 1.0% of Urstadt Biddle&#146;s equity value during the window shop period and 2.0% of Urstadt Biddle&#146;s equity value thereafter; (vii)&nbsp;the ability of the Urstadt Biddle board of directors to
change its recommendation to Urstadt Biddle stockholders in the event of an intervening event or superior proposal; (viii)&nbsp;the ability of Urstadt Biddle to terminate the merger agreement to enter into an alternative acquisition agreement in
respect of a superior proposal, subject to the payment of the termination fee; (ix)&nbsp;a covenant that, for a period of 12 months following the closing of the transaction, any employees continuing with buyer would be paid (A)&nbsp;base salary at
least equal to the base salary provided to such employee as of immediately prior to the effective time of the merger, (B)&nbsp;with respect to the 2024 calendar year, annual cash bonus at least equal to the annual cash bonus provided with respect to
the 2022 calendar year, and (C)&nbsp;with respect to the 2024 calendar year, either (x)&nbsp;an equity grant in buyer equivalent in value to the UB restricted stock award provided to such employee in January 2023 with such buyer equity grant
providing for complete vesting no later than the shorter of the vesting described in the UB restricted stock award provided to such employee in January 2023 and the buyer equity grants received by other similarly situated employees of buyer or
(y)&nbsp;a cash amount equal in value to the UB restricted stock award provided to such employee in January 2023; and (xi)&nbsp;a covenant that all employees of Urstadt Biddle immediately prior to the effective time of the merger be paid a pro rata
cash bonus in respect of the calendar year 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;3, 2023, representatives of Hogan Lovells sent to counsel for Party A and
Wachtell a reverse due diligence request list. Also on May&nbsp;3, 2023, counsel for Party A sent to representatives of Hogan Lovells a revised draft of the amended and restated Party A NDA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;4, 2023, Party A and Urstadt Biddle executed the amended and restated Party A NDA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;5, 2023, representatives of Wachtell sent to representatives of Hogan Lovells Regency&#146;s responses to the reverse due
diligence request list. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;8, 2023, representatives of Hogan Lovells sent to counsel for each of Party A and Regency an initial
draft of Urstadt Biddle&#146;s disclosure letter to the merger agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;8, 2023, counsel to Party A sent to
representatives of Hogan Lovells an initial markup of the draft merger agreement and a proposed voting agreement. Among other things, Party A&#146;s markup of the draft merger agreement proposed the following modified terms: (i)&nbsp;the assumption
by Party A of Urstadt Biddle&#146;s Series K preferred stock and the redemption of Urstadt Biddle&#146;s Series H preferred stock; (ii)&nbsp;Urstadt Biddle aligning its dividend record and payment dates with Party A; (iii)&nbsp;deleting the window
shop period; (iv)&nbsp;limiting the ability of the Urstadt Biddle board of directors to change its recommendation to Urstadt Biddle stockholders only in the case of a superior proposal; (v)&nbsp;deleting the ability of Urstadt Biddle to terminate
the merger </P>
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agreement to enter into an alternative acquisition agreement in respect of a superior proposal; (vi)&nbsp;a termination fee of 4% of Urstadt Biddle&#146;s equity value; (vii)&nbsp;a covenant
requiring Urstadt Biddle to conduct a special stockholder meeting to vote on the merger, regardless of a change in recommendation by the Urstadt Biddle board of directors (a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;force-the-vote</FONT></FONT> provision&#148;); (viii) a covenant that, for a period of 12 months following the closing of the transaction, any employees continuing with Party A
would be paid (A)&nbsp;base salary at least equal to the base salary provided to such employee as of immediately prior to the effective time of the merger, and (B)&nbsp;with respect to the 2024 calendar year, target annual cash bonus opportunity at
least equal to the target annual cash bonus opportunity provided with respect to the 2022 calendar year; and (ix)&nbsp;deleting the covenant that all employees of Urstadt Biddle immediately prior to the effective time of the merger be paid a pro
rata cash bonus in respect of the calendar year 2023. Party A&#146;s proposed voting agreement required, among other things, that the Urstadt Biddle Family Stockholders party to the voting agreement vote their shares at the special meeting in favor
of the merger with Party A, which voting agreement did not provide for a termination thereof in the event the Urstadt Biddle board of directors changed its recommendation to Urstadt Biddle stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;10, 2023, representatives of Hogan Lovells and counsel for Party A discussed Party A&#146;s markup of the draft merger agreement
and the proposed voting agreement. Among other things, representatives of Hogan Lovells suggested to counsel for Party A that Party A should <FONT STYLE="white-space:nowrap">re-consider</FONT> its position on deal protection generally, and also
discussed the proposed changes to the employee-related covenants. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;11, 2023, Regency sent to representatives of the Financial
Advisors a <FONT STYLE="white-space:nowrap">non-binding</FONT> final proposal to acquire 100% of Urstadt Biddle in a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">stock-for-stock</FONT></FONT> transaction (which we refer to as
the &#147;Regency Final Proposal&#148;), which the Financial Advisors sent to the Urstadt Biddle board of directors. The Regency Final Proposal contemplated that in the merger each share of UB common stock and each share of UB Class&nbsp;A common
stock would receive 0.347 of a share of Regency common stock. Based on Regency&#146;s closing stock price of $58.49 on May&nbsp;11, 2023, the exchange ratio implied a value of $20.30 per share of UB common stock and per share of UB Class&nbsp;A
common stock, representing a premium of 35.0% and 21.9% to the closing prices of UB common stock and UB Class&nbsp;A common stock, respectively, on May&nbsp;11, 2023. The Regency Final Proposal was not subject to any financing contingency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Enclosed with Regency&#146;s Final Proposal was Regency&#146;s initial markup of the draft merger agreement and a proposed voting agreement.
Among other things, Regency&#146;s markup of the draft merger agreement proposed the following modified terms: (i)&nbsp;a <FONT STYLE="white-space:nowrap">two-step</FONT> merger transaction in which (A)&nbsp;a newly formed indirect wholly owned
subsidiary of Urstadt Biddle would merge with and into Urstadt Biddle, with Urstadt Biddle surviving the merger as a wholly owned subsidiary of a new holding company and (B)&nbsp;such new holding company would merge with and into a wholly owned
direct subsidiary of Regency, with Regency&#146;s subsidiary surviving the merger; (ii)&nbsp;conversion of UB restricted stock awards into Regency restricted stock awards with respect to employees of Urstadt Biddle who continue employment with
Regency; (iii)&nbsp;Urstadt Biddle aligning its dividend record and payment dates with Regency and the first dividend following the execution of the merger agreement being <FONT STYLE="white-space:nowrap">pro-rated</FONT> to <FONT
STYLE="white-space:nowrap">two-thirds</FONT> of Urstadt Biddle&#146;s current dividend rate; (iv)&nbsp;deleting the window shop period; (v)&nbsp;deleting the ability of Urstadt Biddle to terminate the merger agreement to enter into an alternative
acquisition agreement in respect of a superior proposal; (vi)&nbsp;a termination fee of 3.9% of Urstadt Biddle&#146;s fully diluted equity value; (vii)&nbsp;a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">force-the-vote</FONT></FONT> provision; (viii)&nbsp;a covenant that, for a period of 12 months following the closing of the transaction, any employees continuing with Regency would be
paid base salary, target cash bonus opportunity and/or target long-term incentive opportunity in the aggregate that is at least equal to the aggregate base salary, target cash bonus opportunity and/or target long-term incentive opportunity provided
to such employee by Urstadt Biddle immediately prior to the second merger effective time; and (ix)&nbsp;deleting the covenant that all employees of Urstadt Biddle immediately prior to the effective time of the merger be paid a pro rata cash bonus in
respect of the calendar year 2023. Regency&#146;s proposed voting agreement required, among other things, that the controlling stockholders party to the voting agreement vote their shares at the special meeting in favor of the mergers with Regency,
which voting agreement did not provide for a termination thereof in the event the Urstadt Biddle board of directors changed its recommendation to Urstadt Biddle stockholders. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;11, 2023, counsel for Party A sent to representatives of Hogan Lovells documents
in response to the reverse due diligence request list. Also on May&nbsp;11, 2023, Party A sent to representatives of the Financial Advisors a further revised <FONT STYLE="white-space:nowrap">non-binding</FONT> proposal (which we refer to as the
&#147;Party A Final Proposal&#148;), which the Financial Advisors sent to the Urstadt Biddle board of directors. The Party A Final Proposal contemplated consideration per share of 0.75 of a newly issued share of Party A common stock and $4.60 in
cash. The proposed consideration consisted of 74.6% stock consideration and 25.4% cash consideration and implied a value of $18.10 per share of UB common stock and per share of UB Class&nbsp;A common stock, representing a premium of 20.4% and 8.7%
to the closing prices of UB common stock and UB Class&nbsp;A common stock, respectively, on May&nbsp;11, 2023. The Party A Final Proposal was not subject to any financing contingency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;11, 2023, counsel for Party A sent to representatives of Hogan Lovells a further revised markup of the draft merger agreement
and a revised voting agreement. Among other things, Party A&#146;s revised markup of the draft merger agreement: (i)&nbsp;permitted the Urstadt Biddle board of directors to make a change of recommendation to Urstadt Biddle stockholders in the event
of an intervening event; (ii)&nbsp;did not include a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">force-the-vote</FONT></FONT> provision; (iii)&nbsp;permitted Urstadt Biddle to terminate the merger agreement to enter into an
alternative acquisition agreement in respect of a superior proposal; and (iv)&nbsp;increased the termination fee payable by Urstadt Biddle to 5% of Urstadt Biddle&#146;s equity value. The revised voting agreement proposed by Party A provided that
the voting agreement would terminate upon a change of recommendation by the Urstadt Biddle board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;11, 2023,
a representative of Party D contacted Mr.&nbsp;Grellier, a member of the Urstadt Biddle board of directors, and expressed an interest in participating in any process regarding a strategic transaction involving Urstadt Biddle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;12, 2023, representatives of Hogan Lovells and representatives of Wachtell discussed Regency&#146;s markup of the draft merger
agreement and the proposed voting agreement, including, among other things, the deal protection covenants, the <FONT STYLE="white-space:nowrap">pro-rated</FONT> quarterly dividend and the employee-related covenants. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Later on May&nbsp;12, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management
team and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, representatives of Eastdil Secured and Hogan Lovells discussed with the Urstadt Biddle board of directors the terms of the Regency Final Proposal and
the Party A Final Proposal, including the proposed transaction structure, consideration, treatment of preferred equity, dividends and financing and a comparison to the Regency Initial Proposal and the Party A 2023 Initial Proposal, respectively.
Representatives of Eastdil Secured and members of Urstadt Biddle&#146;s executive management team then discussed with the Urstadt Biddle board of directors the implied value of both offers, the differences between the stock and cash components of
the offers and the potential impact of stock price variations. Mr.&nbsp;Grellier then updated the Urstadt Biddle board of directors on the unsolicited call he received on May&nbsp;11, 2023 from a representative of Party D regarding Party D&#146;s
potential interest in Urstadt Biddle should Urstadt Biddle be pursuing a strategic transaction. Representatives of Eastdil Secured discussed with the Urstadt Biddle board of directors a comparison of the business, portfolios and financial
performance of Urstadt Biddle, Regency, Party A and Party D, as well as certain debt considerations, including credit ratings, equity market capitalizations, outstanding public debt and liquidity with respect to Regency, Party A and Party D. The
Urstadt Biddle board of directors, together with representatives of the Financial Advisors and representatives of Hogan Lovells, discussed the benefits and considerations of inviting Party D to join the process, including, among other things, the
late stage of the process and potential for creating transaction risk relative to Party A or Regency, the profile of assets owned by Party D and the markets in which Party D owned assets, Party D&#146;s investment strategy, and the likelihood of
Party D being able to submit a proposal superior to the proposal submitted by Regency. Mr.&nbsp;Biddle and Charles Urstadt, executive chairman of the Urstadt Biddle board of directors, both Urstadt Biddle Family Stockholders, expressed that they did
not believe the long-term, future prospects of combining with Party D were as beneficial as a combination with either Party A or Regency, particularly given that Party D&#146;s investment strategy with respect to markets and profile of assets did
not align with Urstadt Biddle. After discussion, the Urstadt Biddle board of </P>
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directors determined that it was in the best interests of the stockholders of Urstadt Biddle not to invite Party D to participate in the process for the reasons noted above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Representatives of Hogan Lovells then discussed with the Urstadt Biddle board of directors the revised drafts of the merger agreement and
proposed voting agreement provided by each of Party A and Regency, including, among other things, their respective proposals regarding deal protection, dividends and employee-related covenants. Mr.&nbsp;Biddle and Mr.&nbsp;Urstadt both expressed
their views that they did not want to be in a position where the obligations of the Urstadt Biddle Family Stockholders to approve a transaction could diverge from the recommendation of the Urstadt Biddle board of directors and the interests of the
other Urstadt Biddle stockholders. Representatives of Eastdil Secured and Mr.&nbsp;Biddle discussed current events, the potential for continued volatility in the markets, the unsolicited call from Party D and the upcoming International Council of
Shopping Centers Conference (which we refer to as the &#147;ICSC Conference&#148;), and whether it would be in Urstadt Biddle&#146;s best interest to move quickly to see if Urstadt Biddle and Regency could agree on terms for a strategic transaction
prior to the start of the ICSC Conference, where maintaining confidentiality regarding a potential strategic transaction would be more challenging. Representatives of the Financial Advisors then left the meeting and the Urstadt Biddle board of
directors, members of Urstadt Biddle&#146;s executive management team and representatives of Hogan Lovells discussed the strategic transaction process, the Party A Final Offer, the Regency Final Offer, the higher implied value of the Regency Final
Offer, the unsolicited call from Party D, the deal protection provisions in the merger agreement and deal certainty post-signing, the timeline to get to signing of a merger agreement and next steps. After these discussions, the Urstadt Biddle board
of directors authorized Urstadt Biddle and its advisors to continue discussions with Regency and its advisors regarding the Regency Final Offer and terms for a proposed strategic transaction consistent with the discussions at the meeting, including
changes to the deal protection terms, determined that the Urstadt Biddle board of directors would reconvene on May&nbsp;15, 2023 to discuss any updates, and determined that Urstadt Biddle should not engage in further discussions with Party A at this
time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;13, 2023, representatives of Wachtell sent to representatives of Hogan Lovells Regency&#146;s initial revisions to
Urstadt Biddle&#146;s disclosure letter to the merger agreement. Also on May&nbsp;13, 2023, representatives of Hogan Lovells and representatives of Wachtell discussed, among other things, the <FONT STYLE="white-space:nowrap">two-step</FONT> merger
transaction structure, the deal protection provisions, the proposed proration of Urstadt Biddle&#146;s next regular quarterly dividend and the employee-related covenants in Regency&#146;s markup of the draft merger agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;14, 2023, Mr.&nbsp;Biddle and Ms.&nbsp;Palmer had a call to discuss deal protection provisions and the proposed voting agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;14, 2023, representatives of Hogan Lovells sent to representatives of Wachtell a further revised draft of the merger
agreement, which, among other things: <FONT STYLE="white-space:nowrap">(i)&nbsp;re-inserted</FONT> acceleration and vesting of Urstadt Biddle&#146;s restricted stock awards for all Urstadt Biddle employees; (ii)&nbsp;agreed to align dividend record
and payment dates with Regency during the period between signing and closing, but deleted the <FONT STYLE="white-space:nowrap">two-thirds</FONT> proration of Urstadt Biddle&#146;s next regular quarterly dividend; (iii)&nbsp;accepted Regency&#146;s
deletion of the window shop period; (iv)&nbsp;deleted the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">force-the-vote</FONT></FONT> provision; <FONT STYLE="white-space:nowrap">(v)&nbsp;re-inserted</FONT> Urstadt Biddle&#146;s
ability to terminate the merger agreement to enter into an alternative acquisition agreement in respect of a superior proposal; (vi)&nbsp;provided for a termination fee payable by Urstadt Biddle of 2.5% of the equity value of Urstadt Biddle; <FONT
STYLE="white-space:nowrap">(vii)&nbsp;re-inserted</FONT> Urstadt Biddle&#146;s prior employee-related covenants; and (viii)&nbsp;included an obligation of Regency to pay the employees of Urstadt Biddle immediately prior to the second merger
effective time a <FONT STYLE="white-space:nowrap">pro-rated</FONT> cash bonus based on the amount set forth in Urstadt Biddle&#146;s disclosure letter to the merger agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;15, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team
and representatives of the Financial Advisors and Hogan Lovells participating. At the meeting, representatives of Eastdil Secured and Hogan Lovells updated the Urstadt Biddle board of directors regarding the progress of negotiations with Regency and
the status of the draft merger agreement and related deal terms. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;15, 2023, representatives of Hogan Lovells sent to representatives of
Wachtell a further revised draft of Urstadt Biddle&#146;s disclosure letter to the merger agreement and a revised draft of the voting agreement providing for the termination of the voting agreement in the event of a change in recommendation by the
Urstadt Biddle board of directors. Also on May&nbsp;15, 2023, representatives of Hogan Lovells contacted representatives of Wachtell and requested on behalf of Urstadt Biddle that Regency agree to make a
<FONT STYLE="white-space:nowrap">&#147;gross-up&#148;</FONT> payment in respect of any excise taxes imposed on certain senior executives of Urstadt Biddle under Section&nbsp;4999 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Early in the morning on May&nbsp;16, 2023, representatives of Wachtell sent to representatives of Hogan Lovells a further revised draft of the
merger agreement, which, among other things, provided for (i)&nbsp;a termination fee payable by Urstadt Biddle of 3.95% of the equity value of Urstadt Biddle; (ii)&nbsp;a proration equal to 2.5 divided by 3 of Urstadt Biddle&#146;s next regular
quarterly dividend; and (iii)&nbsp;a covenant that, for a period of 12 months following the closing of the transaction, any employees continuing with Regency would be paid base salary at least equal to the base salary provided to such employee by
Urstadt Biddle immediately prior to the second merger effective time, with respect to the 2024 calendar year, target annual cash bonus opportunity at least equal to the target annual cash bonus opportunity provided to such employee with respect to
the 2022 calendar year and with respect to the 2024 calendar year, a Regency equity grant that is equivalent in value and comparable in terms to the Regency equity grant provided to similarly situated Regency employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;16, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team
and representatives of the Financial Advisors and Hogan Lovells participating. Prior to the Financial Advisors joining the meeting, representatives of Hogan Lovells reviewed with the Urstadt Biddle board of directors the duties of a director under
Maryland law that would be applicable when considering a potential strategic transaction with Regency. After the Financial Advisors joined the meeting, Mr.&nbsp;Biddle provided the Urstadt Biddle board of directors an update regarding the status of
negotiations with respect to the potential transaction with Regency. Representatives of Eastdil Secured then reviewed Eastdil Secured&#146;s preliminary financial analysis of the potential transaction. Representatives of Hogan Lovells then reviewed
with the Urstadt Biddle board of directors the material terms of the revised drafts of the merger agreement and the voting agreement with the Urstadt Biddle board of directors. During this discussion, representatives of each of Eastdil Secured and
Deutsche Bank and Hogan Lovells responded to questions from the Urstadt Biddle board of directors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also on May&nbsp;16, 2023,
representatives of Wachtell sent to representatives of Hogan Lovells an initial draft of Regency&#146;s disclosure letter to the merger agreement. Later on May&nbsp;16, 2023, representatives of Wachtell contacted representatives of Hogan Lovells and
informed them that Regency rejected Urstadt Biddle&#146;s request for a <FONT STYLE="white-space:nowrap">&#147;gross-up&#148;</FONT> payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;16 and May&nbsp;17, 2023, representatives of Hogan Lovells and representatives of Wachtell worked to finalize the drafts of the
merger agreement, the voting agreement and the disclosure letters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2023, representatives of Wachtell and representatives
of Hogan Lovells discussed employee-related matters, including the continuity of employee compensation and benefits and alternatives to a <FONT STYLE="white-space:nowrap">&#147;gross-up&#148;</FONT> payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On May&nbsp;17, 2023, the Urstadt Biddle board of directors held a meeting, with members of Urstadt Biddle&#146;s executive management team
and representatives of the Financial Advisors and Hogan Lovells participating. Prior to the Financial Advisors joining the meeting, representatives of Hogan Lovells reviewed with the Urstadt Biddle board of directors the duties of a director under
Maryland law when considering a potential strategic transaction with Regency. After the Financial Advisors joined the meeting, Mr.&nbsp;Biddle provided the Urstadt Biddle board of directors an update regarding the status of negotiations with respect
to the potential transaction with Regency, representatives of Hogan Lovells provided an update on the near-final draft merger agreement, and representatives of Eastdil Secured reviewed Eastdil Secured&#146;s financial analysis of the proposed
transaction. </P>
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During the meeting, representatives of Eastdil Secured rendered to the Urstadt Biddle board of directors its oral opinion, subsequently confirmed by delivery of a written opinion dated
May&nbsp;17, 2023, to the effect that, as of that date, and based on and subject to the assumptions, qualifications, limitations and other matters set forth in such opinion, the exchange ratio pursuant to the merger agreement was fair, from a
financial point of view, to holders (other than any wholly owned Urstadt Biddle subsidiary, Regency and any Regency subsidiary) of shares of UB common stock and UB Class&nbsp;A common stock. The opinion of Eastdil Secured is more fully described in
the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Opinion of Urstadt Biddle&#146;s Financial Advisor&#148;. The Urstadt Biddle board of directors, with the advice and assistance of its Financial Advisors and Hogan Lovells and Urstadt
Biddle&#146;s executive management team, evaluated and discussed the terms of the merger agreement and the transactions contemplated thereby as well as the value provided by the exchange ratio. Following these discussions, and other discussions by
the Urstadt Biddle board of directors concerning, among other things, the matters described in the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Recommendation of the Urstadt Biddle Board of Directors of Directors; Urstadt Biddle&#146;s
Reasons for the Mergers,&#148; the Urstadt Biddle board of directors, on behalf of Urstadt Biddle, then (i)&nbsp;declared that the merger agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in
the best interests of Urstadt Biddle and its stockholders; (ii)&nbsp;approved the mergers and the other transactions contemplated by the merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal
to approve the mergers and the other transactions contemplated by the merger agreement for consideration by the holders of UB common stock and UB Class&nbsp;A common stock at the special meeting and (iv)&nbsp;resolved to recommend that the holders
of UB common stock and UB Class&nbsp;A common stock approve the mergers and the other transactions contemplated by the merger agreement. In accordance with Deutsche Bank&#146;s guidance, Richard Grellier, a director of Urstadt Biddle and an employee
of Deutsche Bank, recused himself from the vote on the merger agreement, the mergers and the other transactions contemplated by the merger agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the late evening on May&nbsp;17, 2023, Urstadt Biddle and Regency executed and delivered the merger agreement, and the Urstadt Biddle
Family Stockholders executed and delivered the voting agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the morning of May&nbsp;18, 2023, prior to the opening of trading of
shares of common stock of Regency and Urstadt Biddle on the Nasdaq and the NYSE, respectively, Regency and Urstadt Biddle issued a joint press release publicly announcing the mergers and execution of the merger agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_19"></A>Recommendation of the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s Reasons for the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">After careful consideration, at a meeting held on May&nbsp;17, 2023, the Urstadt Biddle board of directors (i)&nbsp;declared that the merger
agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in the best interests of Urstadt Biddle and its stockholders, (ii)&nbsp;approved the mergers and the other transactions contemplated by the
merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal to approve the mergers and the other transactions contemplated by the merger agreement for consideration by the holders of UB common
stock and UB Class&nbsp;A common stock at the special meeting; and (iv)&nbsp;resolved to recommend that the holders of UB common stock and UB Class&nbsp;A common stock approve the mergers and the other transactions contemplated by the merger
agreement. As described in the section entitled &#147;The Mergers&nbsp;&#151; Background of the Mergers&#148; beginning on page&nbsp;39 of this proxy statement/prospectus, in evaluating the mergers, the Urstadt Biddle board of directors consulted
with and received the advice of Urstadt Biddle&#146;s outside legal counsel and financial advisors, held discussions with Urstadt Biddle&#146;s executive management team and considered a number of factors that it believed supported its decision to
enter into the merger agreement and to recommend adoption by Urstadt Biddle stockholders. These factors included, but were not limited to, the following (not necessarily in order of relative importance): </P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Premium Over Share Trading Price</I>. Based on Regency&#146;s closing stock price of $58.78 on May&nbsp;17,
2023, the exchange ratio implied a value of $20.40 per share of UB common stock or UB Class&nbsp;A </P></TD></TR></TABLE>
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common stock, which represented a premium of 33.0% and 20.4% to the closing prices of UB common stock and UB Class&nbsp;A common stock, respectively, on May&nbsp;17, 2023, the last practicable
trading day prior to the public announcement of the mergers. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Strategic and Financial Considerations</I>. The mergers are expected to provide a number of strategic and
financial benefits that have the potential to create additional value for Urstadt Biddle stockholders, including the following: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the mergers will combine two strong and complementary portfolios of neighborhood and community shopping center
assets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the combined company is expected to have a stronger leverage profile than Urstadt Biddle on a standalone basis,
which is expected to provide the combined company with continued operational and strategic flexibility and greater potential for growth than Urstadt Biddle on a standalone basis; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the combined company will provide greater geographic diversification than Urstadt Biddle on a standalone basis,
including a portfolio of high-quality, grocery-anchored shopping center assets located in suburban trade areas with compelling demographics; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the combined company is expected to have a well-capitalized and flexible balance sheet, with the ability to
pursue appropriate growth opportunities and the potential for a lower cost of debt capital; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the combination of Urstadt Biddle and Regency is expected to generate corporate and operational cost savings; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the combined company will have meaningful scale, which is expected to allow it to capitalize on its <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> management platform and national tenant relationships to drive revenue synergies and improve leasing of shop space. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Participation in Future Appreciation and Dividends</I>. The receipt of Regency common stock as merger
consideration provides Urstadt Biddle stockholders with the opportunity to have an ownership stake in the combined company and to share in any future price appreciation of, and any dividends declared on, Regency common stock. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Enhanced Liquidity</I>. The merger consideration, consisting of Regency common stock, which will be listed for
trading on the Nasdaq, will provide greater liquidity for Urstadt Biddle stockholders after the mergers given the greater trading volume of Regency common stock. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Negotiated Benefits</I>. Through negotiations with Regency, Urstadt Biddle was able to obtain an increase in
the exchange ratio that Regency was willing to offer to acquire Urstadt Biddle from 0.344 in the Regency Initial Proposal to 0.347 in the Regency Final Proposal, which in the Urstadt Biddle board of directors&#146; belief was the highest price per
share that Regency was willing to pay. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Knowledge of Businesses</I>. The Urstadt Biddle board of directors&#146; familiarity with the business,
operations, financial condition, earnings and prospects of Urstadt Biddle and its knowledge regarding Regency, including information obtained through Urstadt Biddle&#146;s due diligence review of Regency, as well as its knowledge of the current and
prospective environment in which Urstadt Biddle and Regency operate and related industry, economic and market conditions and trends. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Regency Management Depth and Experience</I>. The existing Regency senior management team has extensive
experience in real estate operations and a proven track record of successfully executing Regency&#146;s development and redevelopment plans, including successfully acquiring other companies and integrating past acquisitions. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Fixed Exchange Ratio</I>. The exchange ratio is fixed and will not fluctuate as a result of changes in the
market price of UB common stock, UB Class&nbsp;A common stock or Regency common stock, which allows Urstadt Biddle stockholders to receive the benefit of any share price appreciation prior to closing. </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Opinion of Financial Advisor</I>. The Urstadt Biddle board of directors considered the oral opinion rendered
by Eastdil Secured to the Urstadt Biddle board of directors on May&nbsp;17, 2023, subsequently confirmed by delivery of a written opinion dated May&nbsp;17, 2023, to the effect that, as of that date, and based on and subject to the assumptions,
qualifications, limitations and other matters set forth in such opinion, the exchange ratio pursuant to the merger agreement was fair, from a financial point of view, to holders (other than any wholly owned Urstadt Biddle subsidiary, Regency and any
Regency subsidiary) of UB common stock and UB Class&nbsp;A common stock. See the section entitled &#147;The Mergers&nbsp;&#151; Opinion of Urstadt Biddle&#146;s Financial Advisor&#148; beginning on page&nbsp;57 of this proxy statement/prospectus and
Annex B to this proxy statement/prospectus. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Superior Proposals</I>. The Urstadt Biddle board of directors has the ability, under certain circumstances, to
consider and respond to an unsolicited acquisition proposal, to furnish information to the person making such a proposal, to engage in discussions or negotiations with the person making such a proposal, and to terminate the merger agreement in order
to enter into a superior proposal, subject to certain notice requirements and the payment of a $31.6&nbsp;million termination fee to Regency (as described in the section entitled &#147;The Merger Agreement&nbsp;&#151; Termination of the Merger
Agreement&#148; beginning on page&nbsp;101 of this proxy statement/prospectus). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I><FONT STYLE="white-space:nowrap">Tax-Free</FONT> Transaction</I>. Urstadt Biddle and Regency intend for each
of the mergers to qualify as a <FONT STYLE="white-space:nowrap">tax-free</FONT> reorganization for U.S. federal income tax purposes, and if each of the mergers so qualifies, then U.S. holders of UB common stock and UB Class&nbsp;A common stock
generally will not recognize any gain or loss for U.S. federal income tax purposes upon the receipt of merger consideration (except with respect to any cash in lieu of fractional shares of Regency common stock). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Equal Merger Consideration for All Stockholders</I>. The fact that all Urstadt Biddle stockholders would
receive the same per share merger consideration. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>High Likelihood of Consummation</I>. The Urstadt Biddle board of directors considered the likelihood that the
mergers would be consummated and anticipated timing of closing based on, among other things: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the limited scope of the conditions to closing, including that no merger control filings (including pursuant to
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder) or vote of the Regency stockholders is required to consummate the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that the mergers are subject to approval by the affirmative vote of the holders of the UB common stock and UB
Class&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter at the special meeting, which approval can be satisfied by the Urstadt Biddle Family Stockholders who, pursuant to
the voting agreement, have agreed to vote the UB common stock and UB Class&nbsp;A common stock owned by them, representing approximately 68% of the voting power of UB common stock and UB Class A common stock as of the record date, in favor of the
Merger Proposal, subject to the terms and conditions of the voting agreement; </P></TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the level of Regency&#146;s commitment to satisfy the conditions to closing, and the assessment of the Urstadt
Biddle board of directors, after considering the advice of its outside legal counsel, regarding the likelihood of such closing conditions being satisfied; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the scope of what can constitute a material adverse effect under the merger agreement and the exceptions
therefrom that were negotiated by Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that Urstadt Biddle is entitled to specific enforcement of Regency&#146;s obligations under the merger agreement;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">other terms of the merger agreement, including, among other things: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that the merger agreement permits Urstadt Biddle to continue to pay its stockholders regular quarterly cash
dividends of up to $0.225 per share of UB common stock and $0.25 per share of </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">54 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
UB Class&nbsp;A common stock (or such lesser amount in the case of the First Interim Dividend, as described in the section entitled &#147;The Mergers&nbsp;&#151; Dividends&#148; beginning on
page&nbsp;79 of this proxy statement/prospectus); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Urstadt Biddle board of directors&#146; ability, under certain circumstances prior to receipt of the
requisite approval of the Urstadt Biddle stockholders, to effect an adverse recommendation change, including to withdraw, qualify or modify the Urstadt Biddle board of directors&#146; recommendation in favor of the Merger Proposal or to approve or
recommend an alternative acquisition proposal; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Urstadt Biddle board of directors&#146; assessment, after considering the advice of its financial advisors
and outside legal counsel, that the termination fee of $31.6&nbsp;million, which represents approximately 3.95% of the equity value of Urstadt Biddle, would not present a meaningful deterrent to a third party from making or consummating an
alternative acquisition proposal for Urstadt Biddle. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the course of its deliberations, the Urstadt Biddle board of
directors also considered a variety of risks, uncertainties and other countervailing factors related to the mergers, including, but not limited to (not necessarily in order of relative importance): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the potential upside in Urstadt Biddle&#146;s standalone plan and prospects and that, following the completion of
the mergers, Urstadt Biddle would no longer exist as an independent public company and Urstadt Biddle stockholders would not be able to participate in any future earnings growth Urstadt Biddle might have achieved solely through their ownership of
Regency common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the exchange ratio is fixed and will not fluctuate as a result of changes in the price of Regency common stock or
UB common stock or UB Class&nbsp;A common stock prior to the effective time of the mergers, which means that the market value of the merger consideration could decrease prior to the effective time of the merger if the trading price of Regency common
stock decreases; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that former Urstadt Biddle stockholders are expected to own less than 7.4% of the outstanding Regency common
stock after the consummation of the mergers and accordingly will have limited ability to directly influence Regency&#146;s corporate affairs; </P></TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the possibility that the mergers or the other transactions contemplated by the merger agreement may not be
completed, or that their completion may be delayed for reasons that are beyond the control of Urstadt Biddle or Regency, including the failure of Urstadt Biddle stockholders to approve the mergers, or the failure of Urstadt Biddle or Regency to
satisfy other requirements that are conditions to closing the merger; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk that failure to complete the merger could negatively affect the price of UB common stock and/or UB
Class&nbsp;A common stock and/or the future business and financial results of Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk that a different strategic alternative potentially could be more beneficial to Urstadt Biddle
stockholders than the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk that the provisions of the merger agreement that restrict Urstadt Biddle&#146;s ability to solicit,
participate in, facilitate, discuss, negotiate or furnish information in connection with alternative acquisition proposals, subject to certain exceptions, would dissuade third parties from making or consummating an alternative acquisition proposal
for Urstadt Biddle, including that: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle will be required to afford Regency certain match rights prior to the Urstadt Biddle board of
directors being able to make an adverse recommendation change or effect a superior proposal termination; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency will be entitled to the termination fee of $31.6&nbsp;million in specified circumstances, including if
the merger agreement is terminated by Urstadt Biddle to accept a superior proposal or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">55 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
if Regency exercises its right to terminate the merger agreement after the Urstadt Biddle board of directors makes an adverse recommendation change, including to recommend an alternative
acquisition proposal; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the significant costs incurred by Urstadt Biddle in connection with negotiating and entering into the merger
agreement, which, if the mergers are not consummated, will generally be borne by Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the potential diversion of management focus and resources from operational matters and other strategic
opportunities and the risk of any loss or change in the relationship of Urstadt Biddle with its employees, tenants and other business relationships while the mergers are pending; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk of not realizing all of the anticipated strategic and financial benefits of the mergers within the
expected time frame or at all and that Urstadt Biddle stockholders will be subject to future financial, business and operational risks associated with the combined company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that, if the mergers are completed, the mergers will bind all Urstadt Biddle stockholders and that appraisal or
dissenters&#146; rights will not be available to Urstadt Biddle stockholders in connection with the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the risk of litigation in connection with the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that provisions in the merger agreement placing certain restrictions on the operation of Urstadt Biddle&#146;s
business during the period between the signing of the merger agreement and consummation of the mergers may delay or prevent Urstadt Biddle from pursuing business opportunities that may arise or other actions it would otherwise take with respect to
its operations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">that Urstadt Biddle and Regency may be obligated to complete the mergers without having obtained appropriate
consents, approvals or waivers from the counterparties under certain of Urstadt Biddle&#146;s contracts that require consent or approval to consummate the mergers, and the risk that such consummation could trigger the termination of, or default
under, such contracts or the exercise of rights by the counterparties under such contracts; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">various other risks associated with the mergers and the businesses of Urstadt Biddle, Regency and the combined
company described in the section entitled &#147;Risk Factors&#148; beginning on page&nbsp;23 of this proxy statement/prospectus. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Urstadt Biddle board of directors was aware of and considered the interests of its directors and executive officers that may
be different from, or in addition to, the interests of Urstadt Biddle stockholders generally when approving the merger agreement and recommending that Urstadt Biddle stockholders vote to approve the mergers. For more information, see the section
entitled &#147;The Mergers&nbsp;&#151; Interests of Urstadt Biddle Directors and Executive Officers in the Mergers&#148; beginning on page&nbsp;71 of this proxy statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors determined that, overall, these potential risks and uncertainties were outweighed by the benefits that
the Urstadt Biddle board of directors expects to achieve for Urstadt Biddle stockholders as a result of the mergers. The Urstadt Biddle board of directors realized that there can be no assurance about future results, including results considered or
expected as disclosed in the foregoing reasons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing discussion of the information and factors that the Urstadt Biddle board of
directors considered is not intended to be exhaustive, but is meant to include the material factors regarding the mergers that the Urstadt Biddle board of directors considered, which are not necessarily presented in order of relative importance. In
light of the complexity and wide variety of factors that the Urstadt Biddle board of directors considered, the Urstadt Biddle board of directors did not find it practical to, and did not attempt to, quantify, rank or otherwise assign relative or
specific weights or values to any of the factors considered and did not undertake to make any specific determinations as to whether any particular factor, or any aspect of any particular factor, was favorable or unfavorable to the ultimate
determination of the Urstadt Biddle board of directors. Rather, the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">56 </P>

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Urstadt Biddle board of directors made its recommendation based on the totality of the information available to the Urstadt Biddle board of directors. In addition, individual members of the
Urstadt Biddle board of directors may have given different weights to different factors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of Urstadt
Biddle&#146;s consideration of the factors supporting the mergers is forward-looking in nature. This information should be read in light of the factors discussed in the section entitled &#147;Cautionary Statement Regarding Forward-Looking
Statements&#148; beginning on page&nbsp;35 of this proxy statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Accordingly, the Urstadt Biddle board of directors
recommends that Urstadt Biddle stockholders vote &#147;FOR&#148; the Merger Proposal, &#147;FOR&#148; the Compensation Proposal and &#147;FOR&#148; the Adjournment Proposal. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_20"></A>Opinion of Urstadt Biddle&#146;s Financial Advisor </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle retained Eastdil Secured as a financial advisor in connection with the mergers. The Urstadt Biddle board of directors selected
Eastdil Secured as a financial advisor based on Eastdil Secured&#146;s qualifications, expertise and reputation, its knowledge of and involvement in recent transactions in the industry, and its knowledge of Urstadt Biddle&#146;s business and
affairs. As part of Eastdil Secured&#146;s engagement, the Urstadt Biddle board of directors requested that Eastdil Secured evaluate the fairness, from a financial point of view, to holders (other than Regency, any subsidiary of Regency or any
wholly owned subsidiary of Urstadt Biddle) of UB common stock and UB Class&nbsp;A common stock of the exchange ratio provided for in the mergers. On May&nbsp;17, 2023, at a meeting of the Urstadt Biddle board of directors held to evaluate the
mergers, Eastdil Secured rendered an oral opinion, confirmed by delivery of a written opinion dated May&nbsp;17, 2023, to the Urstadt Biddle board of directors to the effect that, as of such date and based on and subject to various assumptions made,
procedures followed, factors considered and limitations and qualifications on the review undertaken as stated in its opinion, the exchange ratio provided for in the mergers was fair, from a financial point of view, to the holders (other than
Regency, any subsidiary of Regency or any wholly owned subsidiary of Urstadt Biddle) of UB common stock and UB Class&nbsp;A common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The full text of Eastdil Secured&#146;s written opinion, dated May&nbsp;17, 2023, to the Urstadt Biddle board of directors is attached as
Annex B to this proxy statement/prospectus and is incorporated herein by reference. The written opinion sets forth, among other things, the assumptions made, procedures followed, factors considered and limitations and qualifications on the review
undertaken by Eastdil Secured in rendering its opinion. The following summary is qualified in its entirety by reference to the full text of the opinion. The opinion was addressed to the Urstadt Biddle board of directors (in its capacity as such) for
its information and use in connection with its evaluation of the exchange ratio from a financial point of view and did not address any other terms, aspects or implications of the mergers or any related transactions. Eastdil Secured&#146;s opinion
did not address the merits of the underlying decision by Urstadt Biddle to enter into the merger agreement or the relative merits of the mergers or related transactions compared with other business strategies or transactions available or that have
been or might be considered by Urstadt Biddle or the Urstadt Biddle board of directors or in which Urstadt Biddle might engage. Eastdil Secured&#146;s opinion does not constitute a recommendation to the Urstadt Biddle board of directors or any other
person or entity in respect of the mergers or any related transactions, including as to how any holder of UB common stock or UB Class&nbsp;A common stock or other person should vote or act in connection with the mergers, any related transactions or
any other matter. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of the mergers and related transactions were determined through negotiations between Urstadt Biddle and
Regency, rather than by any financial advisor, and the decision to enter into the merger agreement was solely that of the Urstadt Biddle board of directors. Eastdil Secured did not recommend any specific form of consideration to the Urstadt Biddle
board of directors or that any specific form of consideration constituted the only appropriate consideration for the mergers. Eastdil Secured&#146;s opinion was only one of many factors considered by the Urstadt Biddle board of directors in its
evaluation of the mergers and should not be viewed as </P>
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determinative of the views of the Urstadt Biddle board of directors, management or any other party with respect to the mergers or the exchange ratio. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In arriving at its opinion, Eastdil Secured, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed a draft, dated May&nbsp;17, 2023, of the merger agreement, including the financial terms thereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed certain publicly available business, financial and other information regarding Urstadt Biddle and
Regency, including information set forth in Urstadt Biddle&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended October&nbsp;31, 2022 and quarterly report on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended January&nbsp;31, 2023 and Regency&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2022 and quarterly report on
Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the period ended March&nbsp;31, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed certain other business and financial information regarding Urstadt Biddle and Regency furnished to
Eastdil Secured by and discussed with the managements of Urstadt Biddle and Regency, including financial forecasts and estimates relating to Urstadt Biddle approved by the management of Urstadt Biddle (we refer to such financial forecasts and
estimates as the &#147;Urstadt Biddle Forecasts&#148; solely for purposes of this section&nbsp;entitled &#147;The Mergers&#151;Opinion of Urstadt Biddle&#146;s Financial Advisor&#148;) and financial forecasts and estimates relating to Regency
prepared by the management of Regency and approved by the management of Urstadt Biddle (we refer to such financial forecasts and estimates as the &#147;Regency Forecasts&#148; solely for purposes of this section&nbsp;entitled &#147;The
Mergers&#151;Opinion of Urstadt Biddle&#146;s Financial Advisor&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discussed with the management of Urstadt Biddle the operations and prospects of Urstadt Biddle and Regency,
including the historical financial performance and trends in the results of operations of Urstadt Biddle and Regency; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">discussed with the management of Urstadt Biddle the strategic rationale for the mergers and financial and
strategic benefits anticipated by the management of Urstadt Biddle to result from the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">participated in discussions and negotiations among representatives of Urstadt Biddle, Regency and their
respective advisors regarding the proposed mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">reviewed reported prices and trading activity for UB common stock, UB Class&nbsp;A common stock and Regency
common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analyzed the estimated net asset value of each of Urstadt Biddle&#146;s and Regency&#146;s real estate portfolios
and other assets based upon the financial forecasts and estimates referred to above and assumptions relating thereto discussed with and confirmed as reasonable by the management of Urstadt Biddle; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compared certain financial data of Urstadt Biddle and Regency with similar data of certain publicly traded
companies that Eastdil Secured deemed relevant in evaluating Urstadt Biddle and Regency; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">analyzed the estimated present value of the future cash flows of Urstadt Biddle and Regency based upon the
financial forecasts and estimates referred to above and assumptions relating thereto discussed with and confirmed as reasonable by the management of Urstadt Biddle; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">considered such other information, such as financial studies and analyses, as well as financial, economic and
market criteria, and made such other inquiries, as Eastdil Secured deemed relevant. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with Eastdil
Secured&#146;s review, Eastdil Secured assumed and relied upon the accuracy and completeness of the financial and other information provided, discussed with or otherwise made available to Eastdil Secured, including all accounting, tax, regulatory
and legal information, and Eastdil Secured did not make (and did not assume any responsibility for) any independent verification of such information. Eastdil Secured relied upon assurances of the managements of Urstadt Biddle and Regency that they
were not aware of any facts or circumstances that would make such information inaccurate or misleading. With respect to the financial forecasts, estimates and other information relating to Urstadt Biddle and Regency that Eastdil Secured
</P>
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was directed to utilize in its analyses, Eastdil Secured was advised by the respective managements of Urstadt Biddle and Regency and Eastdil Secured assumed that they were reasonably prepared and
reflected the best currently available estimates, judgments and assumptions of the managements of Urstadt Biddle and Regency, as the case may be, as to the future financial performance of Urstadt Biddle and Regency, as the case may be, the potential
pro forma financial effects of the mergers and the other matters covered thereby. Eastdil Secured assumed no responsibility for, and expressed no view as to, such forecasts, estimates or other information utilized in Eastdil Secured&#146;s analyses
or the judgments or assumptions upon which they were based. Eastdil Secured also assumed that there had been no meaningful changes in the condition (financial or otherwise), results of operations, businesses or prospects of Urstadt Biddle or Regency
since the respective dates of the most recent financial statements and other information provided to Eastdil Secured. Eastdil Secured relied, at the direction of Urstadt Biddle, upon the assessments of the managements of Urstadt Biddle and Regency
as to, among other things, (i)&nbsp;the potential impact on Urstadt Biddle and Regency of certain market and other trends in and prospects for the commercial real estate market and related credit and financial markets and (ii)&nbsp;the ability to
integrate the businesses and operations of Urstadt Biddle and Regency as contemplated. Eastdil Secured assumed, with Urstadt Biddle&#146;s consent, that there would not be any developments with respect to any of the foregoing, or any adjustment to
the exchange ratio, that would be meaningful in any respect to Eastdil Secured&#146;s analyses or opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In arriving at its opinion,
Eastdil Secured did not conduct physical inspections of the properties or assets of Urstadt Biddle, Regency or any other entity, and Eastdil Secured did not make and was not provided with any evaluations or appraisals of the properties, assets or
liabilities (contingent, derivative, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet or otherwise) of Urstadt Biddle, Regency or any other entity. Eastdil Secured also did not evaluate the solvency or fair value of Urstadt Biddle, Regency
or any other entity under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In rendering its
opinion, Eastdil Secured assumed, at the direction of Urstadt Biddle, that the final form of the merger agreement, when signed by the parties thereto, would not differ from the draft merger agreement reviewed by Eastdil Secured in any respect
meaningful to Eastdil Secured&#146;s analyses or opinion, that the mergers and related transactions would be consummated in accordance with the terms described in the merger agreement and related documents and in compliance with all applicable laws,
documents and other requirements without amendment or waiver of any material terms or conditions and that, in the course of obtaining any necessary governmental, regulatory or third party consents, approvals or agreements for the mergers and related
transactions, no delay, limitation or restriction, including any divestiture or other requirements, would be imposed or action would be taken that would have an adverse effect on Urstadt Biddle, Regency, the mergers or related transactions. Eastdil
Secured also assumed, at the direction of Urstadt Biddle, that the mergers would qualify for U.S. federal income tax purposes as a reorganization within the meaning of Section&nbsp;368(a) of the Code. Eastdil Secured was advised by Urstadt Biddle
and Regency, and Eastdil Secured assumed, at the direction of Urstadt Biddle, that each of Urstadt Biddle and Regency has operated in conformity with the requirements for qualification as a REIT for U.S. federal income tax purposes since its
election to be taxed as a REIT and Eastdil Secured further assumed, at the direction of Urstadt Biddle, that the mergers and related transactions would not adversely affect such REIT status or the operations of the pro forma combined entity
resulting from the mergers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured did not express any opinion as to the actual value of Regency common stock when issued
pursuant to the mergers or the prices at which Regency common stock, UB common stock, UB Class&nbsp;A common stock or any other securities would trade at any time. Eastdil Secured&#146;s opinion was necessarily based on economic, market, financial
and other conditions existing, and information made available to Eastdil Secured, as of the date of Eastdil Secured&#146;s opinion. As Eastdil Secured noted in its opinion to the Urstadt Biddle board of directors, the credit, financial and stock
markets, and the industries and regions in which Urstadt Biddle and Regency operate, have experienced and continue to experience volatility and Eastdil Secured expressed no opinion or view as to any potential effects of such volatility on Urstadt
Biddle, Regency (or their respective businesses), the mergers or related transactions (including the contemplated benefits thereof). Although subsequent developments may affect the matters set forth in its opinion, Eastdil Secured does not have any
</P>
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obligation to update, revise, reaffirm or withdraw its opinion or otherwise comment on or consider any such events occurring or coming to Eastdil Secured&#146;s attention after the date of its
opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured&#146;s opinion only addressed the fairness, from a financial point of view and as of the date of its opinion, to
holders of UB common stock and UB Class&nbsp;A common stock (other than Regency, any subsidiary of Regency or any wholly owned subsidiary of Urstadt Biddle) of the exchange ratio provided for in the merger agreement to the extent expressly specified
in Eastdil Secured&#146;s opinion, without regard to individual circumstances of specific holders that may distinguish such holders or the securities of Urstadt Biddle held by such holders (including any rights, preferences, restrictions or
limitations that may be attributable to shares of UB common stock or UB Class&nbsp;A common stock or other securities of Urstadt Biddle), and did not address any related transactions or any other terms, aspects or implications of the mergers,
including, without limitation, the form or structure of the mergers or any other agreement, arrangement or understanding entered into in connection with or contemplated by the mergers, related transactions or otherwise. In addition, Eastdil
Secured&#146;s opinion did not address the fairness of the amount or nature of, or any other aspects relating to, any compensation to be received by any officers, directors or employees of any parties to the mergers or related transactions or any
related entities, or class of such persons, relative to the exchange ratio or otherwise. Eastdil Secured&#146;s opinion did not address the merits of the underlying decision by Urstadt Biddle to enter into the merger agreement or the relative merits
of the mergers or related transactions compared with other business strategies or transactions available or that have been or might be considered by Urstadt Biddle or the Urstadt Biddle board of directors or in which Urstadt Biddle might engage.
Eastdil Secured also did not express any opinion or view with respect to, and at the direction of Urstadt Biddle relied upon the assessments of representatives of Urstadt Biddle and Regency regarding, accounting, tax, regulatory, legal or similar
matters as to which Eastdil Secured understood that Urstadt Biddle and Regency obtained such advice as they deemed necessary from qualified professionals. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with rendering its opinion, Eastdil Secured performed certain financial, comparative and other analyses as summarized below.
This summary is not a complete description of the financial analyses performed and factors considered in connection with such opinion. In arriving at its opinion, Eastdil Secured did not ascribe a specific value to Urstadt Biddle or Regency but
rather made its determinations as to the fairness, from a financial point of view, of the exchange ratio on the basis of various financial and comparative analyses taken as a whole. The preparation of a financial opinion is a complex process and
involves various determinations as to the most appropriate and relevant methods of financial and comparative analyses and the application of those methods to the particular circumstances. Therefore, a financial opinion is not readily susceptible to
summary description. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In arriving at its opinion, Eastdil Secured did not attribute any particular weight to any single analysis or factor
considered but rather made qualitative judgments as to the significance and relevance of each analysis and factor relative to all other analyses and factors performed and considered and in the context of the circumstances of the particular
transaction. Accordingly, the analyses must be considered as a whole, as considering any portion of such analyses and factors, without considering all analyses and factors as a whole, could create a misleading or incomplete view of the process
underlying such opinion. The fact that any specific analysis has been referred to in the summary below is not meant to indicate that such analysis was given greater weight than any other analysis referred to in the summary. No company is identical
to Urstadt Biddle or Regency and an evaluation of Eastdil Secured&#146;s analyses is not entirely mathematical; rather, such analyses involve complex considerations and judgments concerning financial and operating characteristics and other factors
that could affect the public trading or other values of the companies reviewed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In performing its analyses, Eastdil Secured considered
industry performance, general business and economic conditions and other matters existing as of the date of its opinion, many of which are beyond the control of Urstadt Biddle, Regency or any other parties to the mergers and related transactions.
None of Urstadt Biddle, Regency, Eastdil Secured or any other person assumes responsibility if future results are different from those described whether or not any such difference is material. Any estimates contained in these analyses and the ranges
of values resulting from any particular analysis are not necessarily indicative of actual values or predictive </P>
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of future results or values, which may be significantly more or less favorable than as set forth below. In addition, analyses relating to the value of properties, businesses or securities do not
purport to be appraisals or necessarily reflect the prices at which properties, businesses or securities may actually be sold or acquired. Accordingly, the assumptions and estimates used in, and the results derived from, the following analyses are
inherently subject to substantial uncertainty. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Summary of Financial Analyses of Eastdil Secured Advisors LLC </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a summary of the material financial analyses provided on May&nbsp;17, 2023 to the Urstadt Biddle board of directors by Eastdil
Secured in connection with its opinion. <B>Certain financial analyses summarized below include information presented in tabular format. In order to fully understand the financial analyses, the tables must be read together with the text of each
summary, as the tables alone do not constitute a complete description of the financial analyses. Considering the data in the tables below without considering the full narrative description of the financial analyses, including the methodologies and
assumptions underlying the analyses, could create a misleading or incomplete view of such financial analyses. </B>In calculating implied exchange ratio reference ranges as reflected in such analyses, Eastdil Secured (a)&nbsp;compared the <FONT
STYLE="white-space:nowrap">low-end</FONT> of the approximate implied per share equity value reference ranges derived for Urstadt Biddle from such analyses to the <FONT STYLE="white-space:nowrap">high-end</FONT> of the approximate implied per share
equity value reference ranges derived for Regency from such analyses in order to calculate the <FONT STYLE="white-space:nowrap">low-end</FONT> of the implied exchange ratio reference ranges and (b)&nbsp;compared the
<FONT STYLE="white-space:nowrap">high-end</FONT> of the approximate implied per share equity value reference ranges derived for Urstadt Biddle from such analyses to the <FONT STYLE="white-space:nowrap">low-end</FONT> of the approximate implied per
share equity value reference ranges derived for Regency from such analyses in order to calculate the <FONT STYLE="white-space:nowrap">high-end</FONT> of the implied exchange ratio reference ranges. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Net Asset Value Analyses. </I>Eastdil Secured performed separate net asset value analyses of Urstadt Biddle and Regency in which Eastdil
Secured reviewed Urstadt Biddle&#146;s and Regency&#146;s respective assets and liabilities based on financial and other information and data, as described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Urstadt Biddle</I>. Eastdil Secured performed a net asset value analysis of Urstadt Biddle based on Urstadt Biddle&#146;s balance sheet
data as of January&nbsp;31, 2023, publicly available information disclosed in Urstadt Biddle&#146;s public filings and other information and data provided by Urstadt Biddle&#146;s management. An estimated aggregate net asset value reference range
for Urstadt Biddle was calculated by taking into account, on an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">asset-by-asset</FONT></FONT> basis, among other factors, the net operating income forecasts of each asset as provided
by Urstadt Biddle management, market and submarket quality, and the asset quality, tenant roster, location, current occupancy levels and lease maturity profiles of such assets. For purposes of its net asset value analysis, Eastdil Secured also took
into account, based on Urstadt Biddle&#146;s balance sheet as of January&nbsp;31, 2023, publicly available information disclosed in Urstadt Biddle&#146;s public filings and other information and data provided by Urstadt Biddle&#146;s management,
(i)&nbsp;the total estimated value of Urstadt Biddle&#146;s cash, cash equivalents and other assets, and (ii)&nbsp;the total estimated amount of Urstadt Biddle&#146;s liabilities, including total debt, outstanding contractual leasing costs, and
other liabilities and estimated debt <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marked-to-market</FONT></FONT> valuation. This analysis indicated an approximate implied per share equity value reference range for Urstadt Biddle
of $23.39 to $28.96. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Regency</I>. Eastdil Secured performed a net asset value analysis of Regency based on Regency&#146;s portfolio
and balance sheet data as of March&nbsp;31, 2023, publicly available information disclosed in Regency&#146;s public filings and other information and data provided by Regency&#146;s management. An estimated aggregate net asset value reference range
for Regency was calculated by taking into account, among other factors, the net operating income forecasts of the portfolio as provided by Regency&#146;s management, market and submarket quality, and the asset quality, tenant roster, location,
current occupancy levels and lease maturity profiles of such assets. For purposes of its net asset value analysis, Eastdil Secured also took into account, based on Regency&#146;s portfolio and balance sheet as of March&nbsp;31, 2023, publicly
available information disclosed in Regency&#146;s public filings and other information and data provided by Regency&#146;s management, (i)&nbsp;the total estimated value of Regency&#146;s <FONT STYLE="white-space:nowrap">ground-up</FONT> development
and redevelopment projects in progress, cash, cash equivalents and other assets, and (ii)&nbsp;the total estimated amount of </P>
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Regency&#146;s liabilities, including total debt and other liabilities and estimated debt <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marked-to-market</FONT></FONT>
valuation. This analysis indicated an approximate implied per share equity value reference range for Regency of $57.78 to $71.34. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Utilizing the approximate implied per share equity value reference ranges derived for Urstadt Biddle and Regency described above, Eastdil
Secured calculated the following approximate implied exchange ratio reference range, as compared to the exchange ratio: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Implied Exchange Ratio<BR>Reference Range</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Ratio</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">0.328x &#150; 0.501x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">0.347x</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Selected Publicly Traded Companies Analyses. </I>Eastdil Secured performed separate selected publicly
traded companies analyses of Urstadt Biddle and Regency in which Eastdil Secured reviewed and compared financial and operating data relating to Urstadt Biddle, Regency and the selected publicly traded companies listed below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Urstadt Biddle</I>. Eastdil Secured reviewed and compared financial and operating data relating to Urstadt Biddle and the following 6
selected U.S. publicly traded commercial REITs with the scale and operational focus that Eastdil Secured deemed generally relevant (which we refer to in this section as the &#147;selected Urstadt Biddle REITs&#148;): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Acadia Realty Trust </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">InvenTrust Properties Corp. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">RPT Realty </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Saul Centers, Inc. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urban Edge Properties </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Whitestone REIT </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eastdil Secured reviewed closing stock prices on May&nbsp;16, 2023 of the selected Urstadt Biddle REITs as multiples of calendar year 2024 estimated funds
from operations per share (which we refer to in this section as &#147;FFO per share&#148;) and estimated FFO per share as adjusted for certain items, including but not limited to normalized recurring capital expenditures and the adjustment to GAAP
revenue to &#147;straight-line&#148; rents as applicable (which we refer to in this section&nbsp;as &#147;AFFO per share&#148;). Eastdil Secured also calculated and compared total enterprise values of the selected Urstadt Biddle REITs as multiples
of calendar year 2024 estimated earnings before interest, taxes, depreciation and amortization (which we refer to in this section as &#147;EBITDA&#148;). Estimated financial data of the selected Urstadt Biddle REITs were based on public filings,
publicly available research analysts&#146; consensus estimates and other publicly available information. Estimated financial data of Urstadt Biddle was based on the Urstadt Biddle Forecasts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The overall low to high calendar year 2024 estimated FFO per share and AFFO per share multiples observed for the selected Urstadt Biddle REITs
were 8.1x to 12.2x (with a mean of 10.1x and a median of 10.6x) and 9.9x to 15.1x (with a mean of 12.6x and a median of 12.5x), respectively, and the overall low to high calendar year 2024 estimated EBITDA multiples observed for the selected Urstadt
Biddle REITs were 12.5x to 15.6x (with a mean of 14.1x and a median of 14.2x). Eastdil Secured then applied selected ranges of calendar year 2024 estimated FFO per share and AFFO per share multiples of 8.5x to 12.0x and 10.5x to 14.0x, respectively,
and selected ranges of calendar year 2024 estimated EBITDA multiples of 13.0x to 15.0x, derived from the selected Urstadt Biddle REITs to corresponding data of Urstadt Biddle based on the Urstadt Biddle Forecasts. Based on this analysis, Eastdil
Secured selected approximate implied per share equity value reference ranges for Urstadt Biddle, based on calendar year 2024 estimated FFO per share and AFFO per share multiples, of $16.69 to $23.56 and $19.04 to $25.38, respectively, and, based on
calendar year 2024 estimated EBITDA multiples, of $20.01 to $25.55. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Regency</I>. Eastdil Secured reviewed and compared financial and operating data relating
to Regency and the following 7 selected U.S. publicly traded commercial REITs with the scale and operational focus that Eastdil Secured deemed generally relevant (which we refer to in this section&nbsp;as the &#147;selected Regency REITs&#148;):
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Brixmor Property Group </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Federal Realty </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Kimco Realty </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Kite Realty Group </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Phillips Edison </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Retail Opportunity </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">SITE Centers Corp. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured reviewed closing stock prices on May&nbsp;16, 2023 of the selected Regency REITs as multiples of calendar year 2024 estimated
FFO per share and estimated AFFO per share. Eastdil Secured also calculated and compared total enterprise values of the selected Regency REITs as multiples of calendar year 2024 estimated EBITDA. Estimated financial data of the selected Regency
REITs were based on public filings, publicly available research analysts&#146; consensus estimates and other publicly available information. Estimated financial data of Regency were based on the Regency Forecasts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The overall low to high calendar year 2024 estimated FFO per share and AFFO per share multiples observed for the selected Regency REITs were
9.6x to 13.1x (with a mean of 10.9x and a median of 10.9x) and 12.5x to 17.1x (with a mean of 14.1x and a median of 13.8x), respectively, and the overall low to high calendar year 2024 estimated EBITDA multiples observed for the selected Regency
REITs were 12.5x to 15.9x (with a mean of 13.9x and a median of 13.5x). Eastdil Secured then applied selected ranges of calendar year 2024 estimated FFO per share and AFFO per share multiples of 10.0x to 13.5x and 13.5x to 16.5x, respectively, and
selected ranges of calendar year 2024 estimated EBITDA multiples of 13.0x to 16.0x, derived from the selected Regency REITs to corresponding data of Regency based on the Regency Forecasts. Based on this analysis, Eastdil Secured selected approximate
implied per share equity value reference ranges for Regency, based on calendar year 2024 estimated FFO per share and AFFO per share multiples, of $41.80 to $56.43 and $46.71 to $57.09, respectively, and, based on calendar year 2024 EBITDA multiples,
of $42.60 to $58.00. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Utilizing the approximate implied per share equity value reference ranges derived for Urstadt Biddle and Regency
described above, Eastdil Secured calculated the following approximate implied exchange ratio reference ranges, as compared to the exchange ratio: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" NOWRAP STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Implied Exchange Ratio Reference Ranges Based on:</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>CY 2024E FFO</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>CY 2024E AFFO</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>CY 2024E EBITDA</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Ratio</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">0.296x &#150; 0.564x</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">0.333x &#150; 0.543x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">0.345x &#150; 0.600x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center">0.347x</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Discounted Cash Flow Analyses. </I>Eastdil Secured performed separate discounted cash flow analyses of
Urstadt Biddle and Regency to calculate implied per share equity value reference ranges for Urstadt Biddle and Regency. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Urstadt
Biddle</I>. Eastdil Secured calculated the unlevered free cash flows that Urstadt Biddle is forecasted to generate during the last six months of calendar year ending December&nbsp;31, 2023 through the full calendar year ending December&nbsp;31, 2034
utilizing the Urstadt Biddle Forecasts. Eastdil Secured also calculated a range of future residual values for Urstadt Biddle at the end of this period by applying residual capitalization rates ranging from 7.00% to 8.00%, which was estimated by
Eastdil Secured utilizing professional judgement and experience, to estimates of Urstadt Biddle&#146;s cash net operating income for the calendar year ending December&nbsp;31, 2034, as provided in the Urstadt Biddle Forecasts, and added estimates of
the residual value of certain properties and related businesses. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">63 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured then discounted the unlevered free cash flow estimates and the range of
residual values to present value as of July&nbsp;1, 2023 using discount rates ranging from 9.00% to 11.00%, which ranges were chosen by Eastdil Secured based upon an analysis of Urstadt Biddle&#146;s weighted average cost of capital utilizing the
capital asset pricing model (&#147;CAPM&#148;). The present value of the unlevered free cash flow estimates and the range of residual values were then adjusted by factoring in the net other assets and liabilities, debt, and preferred equity as of
January&nbsp;31, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the foregoing, this analysis indicated approximate implied per share equity value reference ranges for
Urstadt Biddle of $20.35 to $28.10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Regency</I>. Eastdil Secured calculated the unlevered free cash flows that Regency is forecasted
to generate during the last six months of calendar year ending December&nbsp;31, 2023 through the full calendar year ending December&nbsp;31, 2027 utilizing the Regency Forecasts as adjusted for certain items as approved by Urstadt Biddle
management, including adjustments for dividend payments, interest expense, estimated <FONT STYLE="white-space:nowrap">non-recurring</FONT> capital expenditures and adjustments to exclude potential future acquisitions, dispositions and development
activities that were not <FONT STYLE="white-space:nowrap">in-process.</FONT> The unlevered free cash flows and other related cash flow line items for Regency for the last six months of calendar year ending December&nbsp;31, 2023 were estimated to be
<FONT STYLE="white-space:nowrap">one-half</FONT> of the full-year forecasts for the calendar year ending December&nbsp;31, 2023 as set forth in the Regency Forecasts. Eastdil Secured also calculated a range of future residual values for Regency at
the end of this period by applying residual capitalization rates ranging from 5.90% to 6.90%, which was estimated by Eastdil Secured utilizing professional judgement and experience, to estimates of Regency&#146;s net operating income for the
calendar year ending December&nbsp;31, 2027, as provided in the Regency Forecasts and adjusted to exclude potential future acquisitions, dispositions, and development activities that were not <FONT STYLE="white-space:nowrap">in-process,</FONT> and
added estimates of the residual value of certain properties and related businesses, utilizing the Regency Forecasts as approved by Urstadt Biddle management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured then discounted the unlevered free cash flow estimates and the range of residual values to present value as of July&nbsp;1,
2023 using discount rates ranging from 7.00% to 9.00%, which ranges were chosen by Eastdil Secured based upon an analysis of Regency&#146;s weighted average cost of capital utilizing the CAPM. The present value of the unlevered free cash flow
estimates and the range of residual values were then adjusted by factoring in the net other assets and liabilities and debt as of March&nbsp;31, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the foregoing, this analysis indicated approximate implied per share equity value reference ranges for Regency of $57.67 to $73.93.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Utilizing the approximate implied per share equity value reference ranges derived for Urstadt Biddle and Regency described above, Eastdil
Secured calculated the following approximate implied exchange ratio reference range, as compared to the exchange ratio: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Implied Exchange Ratio<BR>Reference Range</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exchange Ratio</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">0.275x &#150; 0.487x</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">0.347x</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>General </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured is an internationally recognized real estate investment banking firm which is regularly engaged in providing financial advisory
services in connection with mergers and acquisitions. Urstadt Biddle selected Eastdil Secured as a financial advisor in connection with the mergers because of its qualifications, reputation and experience generally and particularly in the real
estate industry and its familiarity with Urstadt Biddle and its business. The issuance of Eastdil Secured&#146;s opinion was approved by an authorized committee of Eastdil Secured. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">64 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has agreed to pay Eastdil Secured for its financial advisory services in
connection with the mergers an aggregate fee currently estimated to be approximately $7&nbsp;million, a portion of which was payable upon delivery of its opinion and approximately $6.25&nbsp;million of which is contingent upon consummation of the
mergers. Urstadt Biddle also has agreed to reimburse certain of Eastdil Secured&#146;s expenses, including fees and disbursements of Eastdil Secured&#146;s counsel, and to indemnify Eastdil Secured and certain related parties against certain
liabilities, including liabilities under the U.S. federal securities laws, that may arise out of Eastdil Secured&#146;s engagement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Eastdil Secured and its affiliates provide a full range of investment banking and financial advisory, property sales and debt placement
services in the ordinary course of business, for which Eastdil Secured and such affiliates receive customary fees. Eastdil Secured and its affiliates in the past have provided, currently are providing and in the future may provide investment banking
and other financial services to Urstadt Biddle, Regency and certain of their respective affiliates for which Eastdil Secured and its affiliates have received and would expect to receive fees including, during the
<FONT STYLE="white-space:nowrap">two-year</FONT> period prior to the date of Eastdil Secured&#146;s opinion, having acted as debt placement agent to Regency in which Eastdil Secured and its affiliates received aggregate fees of approximately
$550,000 from Regency. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_21"></A>Certain Urstadt Biddle Unaudited Prospective Financial Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle does not as a matter of course make public long-term projections as to future revenues, cash net operating income, EBITDA, funds
from operations, funds from operations, as adjusted, unlevered free cash flow or other results due to, among other reasons, the uncertainty of the underlying assumptions and estimates. However, in connection with the mergers and the other
transactions contemplated by the merger agreement, Urstadt Biddle management prepared and provided to the Urstadt Biddle board of directors in connection with its evaluation of the mergers and the other transactions contemplated by the merger
agreement, and to Urstadt Biddle&#146;s lead financial advisor, Eastdil Secured, for its use and reliance in connection with its financial analyses and opinion (described in this proxy statement/prospectus in the section entitled &#147;The
Mergers&#151;Opinion of Urstadt Biddle&#146;s Financial Advisor&#148;), certain unaudited prospective financial information on a standalone basis regarding Urstadt Biddle&#146;s operations for the second half of calendar year 2023 and calendar years
2024 through 2034 (the &#147;Urstadt Biddle Forecasts&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle Forecasts do not give effect to the mergers or entry
into the merger agreement, including any potential synergies that may be achieved by the combined company as a result of the mergers, any changes to Urstadt Biddle&#146;s strategy or operations that may be implemented after the consummation of the
mergers or any costs incurred in connection with the mergers. The Urstadt Biddle board of directors did not quantify synergies that may be achieved by the combined company as a result of the mergers. Furthermore, the Urstadt Biddle Forecasts do not
take into account the effect of any failure of the mergers to be completed and should not be viewed as relevant or continuing in that context. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The below summary of the Urstadt Biddle Forecasts is included for the purpose of providing Urstadt Biddle stockholders access to certain <FONT
STYLE="white-space:nowrap">non-public</FONT> information that was furnished to the Urstadt Biddle board of directors and Eastdil Secured in connection with the mergers and such information may not be appropriate for other purposes, and is not
included to induce any holder of UB common stock or UB Class&nbsp;A common stock to vote in favor of the proposals contained in this proxy statement/prospectus or to influence any Urstadt Biddle stockholder or any other person to make an investment
decision with respect to the mergers or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle Forecasts were not prepared with a view toward public disclosure,
the published guidelines of the SEC regarding projections and forward-looking statements or the guidelines established by the American Institute of Certified Public Accountants for the preparation and presentation of prospective financial
information, or GAAP, but, in the view of Urstadt Biddle management, were reasonably prepared and reflect the best available estimates, judgments and assumptions at the time of preparation, to the best of Urstadt Biddle management&#146;s knowledge
and belief, as to the expected future financial performance of Urstadt Biddle. The </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">65 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
inclusion of the Urstadt Biddle Forecasts should not be regarded as an indication that such information is predictive of actual future events or results and such information should not be relied
upon as such, and readers of this proxy statement/prospectus are cautioned not to place undue reliance on the Urstadt Biddle Forecasts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While presented with numeric specificity, the Urstadt Biddle Forecasts set forth below were based on numerous variables, expectations and
assumptions (including assumptions related to industry performance and general business, economic, market and financial conditions and additional matters specific to Urstadt Biddle&#146;s business) available at the time they were prepared as to
certain business decisions that are subject to change. Further, such variables, expectations and assumptions are inherently subjective and uncertain and are beyond the control of Urstadt Biddle. Some or all of the variables, expectations and
assumptions underlying the Urstadt Biddle Forecasts may have changed since the date the Urstadt Biddle Forecasts were prepared. Important factors that may affect actual results and cause the Urstadt Biddle Forecasts not to be achieved include, but
are not limited to, risks and uncertainties relating to Urstadt Biddle&#146;s business (including its ability to achieve strategic goals, objectives and targets over applicable periods), industry performance, the regulatory and competitive
environment, general business and economic conditions and other factors described in the sections of this proxy statement/prospectus entitled &#147;Cautionary Statement Regarding Forward-Looking Statements&#148; and &#147;Risk Factors.&#148; As a
result, actual results may differ materially from those contained in this unaudited prospective financial information. Accordingly, there can be no assurance that the projected results summarized below will be realized. Urstadt Biddle stockholders
are urged to review the most recent SEC filings of Urstadt Biddle for a description of Urstadt Biddle&#146;s reported and anticipated results of operations and financial condition and capital resources, including in &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#148; in Urstadt Biddle&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended October&nbsp;31, 2022 and subsequent Quarterly Reports on
Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> which are incorporated by reference into this proxy statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of
Urstadt Biddle, Regency or their respective officers, directors, affiliates, advisors or other representatives can give you any assurance that actual results will not differ materially from the Urstadt Biddle Forecasts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">URSTADT BIDDLE UNDERTAKES NO OBLIGATION TO UPDATE OR OTHERWISE REVISE OR RECONCILE THE BELOW URSTADT BIDDLE FORECASTS TO REFLECT CIRCUMSTANCES
EXISTING AFTER THE DATE THE URSTADT BIDDLE FORECASTS WERE GENERATED OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH INFORMATION ARE SHOWN TO BE IN ERROR. SINCE THE URSTADT BIDDLE
FORECASTS COVER MULTIPLE YEARS, SUCH INFORMATION BY ITS NATURE BECOMES LESS PREDICTIVE WITH EACH SUCCESSIVE YEAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial metrics
presented in this section are <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; as set forth in Item&nbsp;10(e) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> and should not be considered as alternatives
to net income (determined in accordance with GAAP) or as an indication of Urstadt Biddle&#146;s future performance. None of these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures represents cash generated from operating activities
determined in accordance with GAAP, and none are a measure of liquidity or an indicator of Urstadt Biddle&#146;s ability to make cash distributions. The Urstadt Biddle Forecasts should be considered together with, and not as an alternative to,
financial measures prepared in accordance with GAAP. SEC rules that may otherwise require a reconciliation of a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure to a GAAP financial measure do not apply to <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measures provided to directors or a financial advisor (like the below Urstadt Biddle Forecasts) in connection with a proposed transaction like the mergers when the disclosure is included in a
document like this proxy statement/prospectus. In addition, reconciliations of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to GAAP financial measures were not relied upon by Eastdil Secured for purposes of its opinion or by
the Urstadt Biddle board of directors in connection with its consideration of the mergers. Accordingly, Urstadt Biddle has not provided a reconciliation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to the relevant GAAP
financial measures. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">66 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has not made, and is not making, any representation to any Urstadt Biddle
stockholder, in the merger agreement or otherwise, concerning the Urstadt Biddle Forecasts or regarding the ultimate performance of Urstadt Biddle compared to the Urstadt Biddle Forecasts or that the projected results will be achieved. In light of
the foregoing factors and the uncertainties inherent in the Urstadt Biddle Forecasts, Urstadt Biddle urges all stockholders of Urstadt Biddle not to place undue reliance on such information and to review Urstadt Biddle&#146;s most recent SEC filings
for a description of Urstadt Biddle&#146;s reported financial results. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Urstadt Biddle&#146;s registered public accounting firm,
PKF O&#146;Connor Davies, LLP, nor any other registered public accounting firm has compiled, examined or performed any audit or other procedures with respect to the Urstadt Biddle Forecasts contained herein, nor has any registered public accounting
firm expressed any opinion or any other form of assurance on such information or its achievability. The report of PKF O&#146;Connor Davies, LLP contained in Urstadt Biddle&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the year ended October&nbsp;31, 2022, which is incorporated by reference into this proxy statement/prospectus, relates to the historical financial information of Urstadt Biddle. It does not extend to the Urstadt Biddle Forecasts and should not be
read to do so. Furthermore, the Urstadt Biddle Forecasts do not take into account any circumstances or events occurring after the dates on which it was prepared. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In preparing the Urstadt Biddle Forecasts included in this proxy statement/prospectus, Urstadt Biddle made a number of assumptions regarding,
among other things, <FONT STYLE="white-space:nowrap">lease-up</FONT> rates of existing assets, occupancy and tenant retention levels, changes in rent and operating expenses, the scope, timing and cost of tenant inducements, interest rates, corporate
financing activities, the amount, timing, cost and <FONT STYLE="white-space:nowrap">lease-up</FONT> rates of existing development, the amount of liquor store and third-party fee income, the amount of general and administrative costs, the amount of
taxes paid and future <FONT STYLE="white-space:nowrap">non-recurring</FONT> capital expenditures. The Urstadt Biddle Forecasts exclude adjustments relating to potential future dividend payments or potential future acquisitions, dispositions and
development activities that were not <FONT STYLE="white-space:nowrap">in-process.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table presents a summary of the
Urstadt Biddle Forecasts (amounts may reflect rounding). </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle Forecasts </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>($ in millions, except per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="46" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year Ending December&nbsp;31,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2H2023E<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2025E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2026E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2027E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2028E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2029E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2030E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2031E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2032E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2033E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2034E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash NOI<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">116</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">121</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">141</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">156</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">160</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash EBITDA<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">109</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">114</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">142</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">146</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FFO per share<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.96</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.09</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.71</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.82</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AFFO per share<SUP STYLE="font-size:75%; vertical-align:top">(5)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.81</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.02</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.17</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.62</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2.70</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Unlevered Free Cash Flow<SUP STYLE="font-size:75%; vertical-align:top">(6)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">94</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">107</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">111</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">117</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">134</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">137</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reflects Urstadt Biddle management projections from July&nbsp;1, 2023 through December&nbsp;31, 2023.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cash Net Operating Income (&#147;Cash NOI&#148;) is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measure defined as operating income adjusted to add back depreciation and amortization, <FONT STYLE="white-space:nowrap">non-real</FONT> estate related income, general and administrative expense, interest expense, amortization of above and
below-market lease intangibles and to exclude straight-line rent adjustments, interest, dividends and other investment income, equity in net income of unconsolidated joint ventures and gain/loss on sale of operating properties.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Cash EBITDA is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure defined as Cash NOI
adjusted for <FONT STYLE="white-space:nowrap">non-real</FONT> estate related income and general and administrative expenses. Cash EBITDA reflects cash earnings before interest, taxes, depreciation and amortization. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Funds from operations (&#147;FFO&#148;) per share is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measure defined as FFO divided by the weighted average fully diluted shares of UB common stock and UB Class&nbsp;A common stock outstanding. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">67 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
FFO is defined, in accordance with standards established by the National Association of Real Estate Investment Trusts (&#147;Nareit&#148;), as net income (computed in accordance with GAAP),
excluding gains or losses from sales of property, plus real estate-related depreciation and amortization and after adjustments for unconsolidated joint ventures. FFO calculations for Urstadt Biddle exclude GAAP accounting related adjustments, such
as amortization of above and below-market lease intangibles and straight-line rent adjustments. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Adjusted funds from operations (&#147;AFFO&#148;) per share is a
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure defined as AFFO divided by the weighted average fully diluted shares of UB common stock and UB Class&nbsp;A common stock outstanding. AFFO is defined as FFO (as defined above), as
adjusted for certain items, including but not limited to, recurring capital expenditures and leasing costs. The calculation of AFFO differs from Nareit&#146;s definition of FFO and may not be comparable to that of other REITs and real estate
companies. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Unlevered free cash flow is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure that was
calculated by taking Cash EBITDA and adjusting for income taxes, property-level preferred distributions, recurring and <FONT STYLE="white-space:nowrap">non-recurring</FONT> capital expenditures and leasing costs. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_22"></A>Certain Regency Unaudited Prospective Financial Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency does not as a matter of course make public long-term projections as to future total net operating income, funds from operations,
adjusted funds from operations, free cash flow or other results due to, among other reasons, the uncertainty of the underlying assumptions and estimates. However, in connection with the mergers and the other transactions contemplated by the merger
agreement, Regency management prepared and provided to Urstadt Biddle&#146;s lead financial advisor, Eastdil Secured, for its use and reliance in connection with its financial analyses and opinion, as approved by Urstadt Biddle management (described
in this proxy statement/prospectus in the section entitled &#147;The Mergers&#151; Opinion of Urstadt Biddle&#146;s Financial Advisor&#148;), certain unaudited prospective financial information on a standalone basis regarding Regency&#146;s
operations for the calendar years 2023 through 2027 (the &#147;Regency Forecasts&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency Forecasts do not give effect to the
mergers or entry into the merger agreement, including any potential synergies that may be achieved by the combined company as a result of the mergers, any changes to Regency&#146;s strategy or operations that may be implemented after the
consummation of the mergers or any costs incurred in connection with the mergers. Regency did not quantify synergies that may be achieved by the combined company as a result of the mergers. Furthermore, the Regency Forecasts do not take into account
the effect of any failure of the mergers to be completed and should not be viewed as relevant or continuing in that context. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The below
summary of the Regency Forecasts is included for the purpose of providing Urstadt Biddle stockholders access to certain <FONT STYLE="white-space:nowrap">non-public</FONT> information that was furnished to Eastdil Secured in connection with the
mergers and such information may not be appropriate for other purposes, and is not included to induce any holder of UB common stock or UB Class&nbsp;A common stock to vote in favor of the proposals contained in this proxy statement/prospectus or to
influence any Urstadt Biddle stockholder or any other person to make an investment decision with respect to the mergers or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Regency Forecasts were not prepared with a view toward public disclosure, the published guidelines of the SEC regarding projections and forward-looking statements or the guidelines established by the American Institute of Certified Public
Accountants for the preparation and presentation of prospective financial information, or GAAP, but, in the view of Regency management, were reasonably prepared and reflect the best available estimates, judgments and assumptions at the time of
preparation, to the best of Regency management&#146;s knowledge and belief, as to the expected future financial performance of Regency. The inclusion of the Regency Forecasts should not be regarded as an indication that such information is
predictive of actual future events or results and such information should not be relied upon as such, and readers of this proxy statement/prospectus are cautioned not to place undue reliance on the Regency Forecasts. Note further that Regency
defines certain metrics differently than does Urstadt Biddle. The definitions that Regency uses are included underneath the summary of Regency Forecasts table below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">68 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">While presented with numeric specificity, the Regency Forecasts set forth below were based
on numerous variables, expectations and assumptions (including assumptions related to industry performance and general business, economic, market and financial conditions and additional matters specific to Regency&#146;s business) available at the
time they were prepared as to certain business decisions that are subject to change. Further, such variables, expectations and assumptions are inherently subjective and uncertain and are beyond the control of Regency. Some or all of the variables,
expectations and assumptions underlying the Regency Forecasts may have changed since the date the Regency Forecasts were prepared. Important factors that may affect actual results and cause the Regency Forecasts not to be achieved include, but are
not limited to, risks and uncertainties relating to Regency&#146;s business (including its ability to achieve strategic goals, objectives and targets over applicable periods), industry performance, the regulatory and competitive environment, general
business and economic conditions and other factors described in the sections of this proxy statement/prospectus entitled &#147;Cautionary Statement Regarding Forward-Looking Statements&#148; and &#147;Risk Factors.&#148; As a result, actual results
may differ materially from those contained in this unaudited prospective financial information. Accordingly, there can be no assurance that the projected results summarized below will be realized. Urstadt Biddle stockholders are urged to review the
most recent SEC filings of Regency for a description of Regency&#146;s reported and anticipated results of operations and financial condition and capital resources, including in &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148; in Regency&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022 and subsequent Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT>
which are incorporated by reference into this proxy statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">None of Regency, Urstadt Biddle or their respective officers,
directors, affiliates, advisors or other representatives can give you any assurance that actual results will not differ materially from the Regency Forecasts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">REGENCY UNDERTAKES NO OBLIGATION TO UPDATE OR OTHERWISE REVISE OR RECONCILE THE BELOW REGENCY FORECASTS TO REFLECT CIRCUMSTANCES EXISTING
AFTER THE DATE THE REGENCY FORECASTS WERE GENERATED OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH INFORMATION ARE SHOWN TO BE IN ERROR. SINCE THE REGENCY FORECASTS COVER MULTIPLE
YEARS, SUCH INFORMATION BY ITS NATURE BECOMES LESS PREDICTIVE WITH EACH SUCCESSIVE YEAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The financial metrics presented in this section
are <FONT STYLE="white-space:nowrap">&#147;non-GAAP</FONT> financial measures&#148; as set forth in Item&nbsp;10(e) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> and should not be considered as alternatives to net income (determined
in accordance with GAAP) or as an indication of Regency&#146;s future performance. None of these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures represents cash generated from operating activities determined in accordance with GAAP, and
none are a measure of liquidity or an indicator of Regency&#146;s ability to make cash distributions. The Regency Forecasts should be considered together with, and not as an alternative to, financial measures prepared in accordance with GAAP. SEC
rules that may otherwise require a reconciliation of a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure to a GAAP financial measure do not apply to <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures provided to
directors or a financial advisor (like the below Regency Forecasts) in connection with a proposed transaction like the mergers when the disclosure is included in a document like this proxy statement/prospectus. In addition, reconciliations of <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to GAAP financial measures were not relied upon by Eastdil Secured for purposes of its opinion or by the Urstadt Biddle board of directors in connection with its consideration of the
mergers. Accordingly, Regency and Urstadt Biddle have not provided a reconciliation of the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures to the relevant GAAP financial measures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Urstadt Biddle nor Regency has made, and neither is making, any representation to any Urstadt Biddle stockholder, in the merger
agreement or otherwise, concerning the Regency Forecasts or regarding the ultimate performance of Regency compared to the Regency Forecasts or that the projected results will be achieved. In light of the foregoing factors and the uncertainties
inherent in the Regency Forecasts, Regency urges all stockholders of Urstadt Biddle and Regency not to place undue reliance on such information and to review Regency&#146;s most recent SEC filings for a description of Regency&#146;s reported
financial results. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">69 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither Regency&#146;s registered public accounting firm, KPMG, LLP, nor any other
registered public accounting firm has compiled, examined or performed any audit or other procedures with respect to the Regency Forecasts contained herein, nor has any registered public accounting firm expressed any opinion or any other form of
assurance on such information or its achievability. The report of KPMG, LLP contained in Regency&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022, which is incorporated by reference
into this proxy statement/prospectus, relates to the historical financial information of Regency. It does not extend to the Regency Forecasts and should not be read to do so. Furthermore, the Regency Forecasts do not take into account any
circumstances or events occurring after the dates on which it was prepared. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In preparing the Regency Forecasts included in this proxy
statement/prospectus, Regency made a number of assumptions regarding, among other things, <FONT STYLE="white-space:nowrap">lease-up</FONT> rates of existing assets, occupancy and tenant retention levels, changes in rent and operating expenses, the
scope, timing and cost of tenant inducements, interest rates, corporate financing activities, the amount, timing, cost and <FONT STYLE="white-space:nowrap">lease-up</FONT> rates of existing and planned development, annual dividend levels, the amount
of external acquisitions and dispositions, the amount of general and administrative costs, the amount of taxes paid and future capital expenditures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following tables present a summary of the Regency Forecasts (amounts may reflect rounding).&nbsp;&nbsp; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Regency Forecasts </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>($ in
millions, except per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="69%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2025E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2026E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2027E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total NOI<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,013</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,070</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">FCF<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">148</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">161</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">168</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">172</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Total Net Operating Income (&#147;Total NOI&#148;) is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measure defined as the sum of base rent, percentage rent, recoveries from tenants, other lease income, and other property income, less operating and maintenance expenses, real estate taxes, ground rent, and uncollectible lease income. NOI
excludes straight-line rental income and expense, above and below market rent and ground rent amortization, tenant lease inducement amortization, and other fees. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Free Cash Flow (&#147;FCF&#148;) is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure
defined as AFFO further adjusted stock compensation and dividend payments. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Regency Forecasts included the following
metrics: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Regency Forecasts </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>($ in millions, except per share data) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="80%"></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2024E</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Nareit FFO<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">711</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">721</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AFFO<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">577</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">598</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Nareit Funds from Operations (&#147;Nareit FFO&#148;) is a commonly used measure of REIT performance, which the
National Association of Real Estate Investment Trusts (&#147;Nareit&#148;) defines as net income, computed in accordance with GAAP, excluding gains on sales and impairments of real estate, net of tax, plus depreciation and amortization, and after
adjustments for unconsolidated partnerships and joint ventures. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Adjusted Funds From Operations (&#147;AFFO&#148;) is a <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
financial measure defined as Nareit FFO, adjusted for certain items, including but not limited to, transaction related income or expenses; gains or losses from the early extinguishment of debt; certain
<FONT STYLE="white-space:nowrap">non-cash</FONT> components of earnings derived from above and below market rent amortization, straight-line rents, and amortization of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> debt adjustments; recurring capital expenditures and leasing costs; interest charges and other <FONT STYLE="white-space:nowrap">non-cash</FONT> amounts as
they occur. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">70 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_23"></A>Interests of Urstadt Biddle Directors and Executive Officers in the Mergers
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle directors and executive officers may have certain interests in the mergers and the other transactions contemplated by
the merger agreement that may be different from, or in addition to, the interests of Urstadt Biddle stockholders generally. The members of the Urstadt Biddle board of directors were aware of and considered these interests in reaching the
determination to approve the mergers and the other transactions contemplated by the merger agreement and recommend to the holders of UB common stock and UB Class&nbsp;A common stock that they vote to approve the proposals to be voted on the special
meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle executive officers for purposes of the discussion below are Willing L. Biddle (President and Chief Executive
Officer), John T. Hayes (Senior Vice President and Chief Financial Officer), Charles D. Urstadt (Executive Chairman), Stephan A. Rapaglia (Senior Vice President and Chief Operating Officer) and Miyun Sung (Senior Vice President, Chief Legal Officer
and Secretary). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Treatment of Equity and Equity-Based Awards </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Urstadt Biddle directors and executive officers will be entitled to receive, for each share of UB common stock and UB Class&nbsp;A
common stock he or she holds at the first merger effective time, the same merger consideration in the same manner as other holders of UB common stock and UB Class&nbsp;A common stock. For information regarding beneficial ownership of UB common stock
and UB Class&nbsp;A common stock, other than outstanding equity-based awards that will accelerate as a result of the mergers as described below, by each of the Urstadt Biddle directors and named executive officers and all of such directors and
executive officers as a group, please see the section entitled &#147;Security Ownership of Certain Beneficial Owners and Management.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the first merger effective time, except as described in the immediately following paragraph, each then-outstanding UB restricted stock
award will first be converted into a UB Sub I restricted stock award. Each such UB Sub I restricted stock award that is outstanding as of immediately prior to the second merger effective time will then, at the second merger effective time, vest in
full and, following any net settlement, be converted into the right to receive (a)&nbsp;a number of shares of Regency common stock equal to the product of (i)&nbsp;the number of shares of UB Sub I common stock or UB Sub I Class&nbsp;A common stock,
as applicable, underlying such UB Sub I restricted stock award and (ii)&nbsp;the exchange ratio, plus (b)&nbsp;cash in lieu of fractional shares of Regency common stock into which UB Sub I restricted stock awards would have been converted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that, in connection with the mergers, Mr.&nbsp;Biddle will enter into a consulting agreement with Regency pursuant to which,
among other things, his UB Sub I restricted stock awards would convert into restricted stock awards with respect to Regency common stock based on the exchange ratio and with terms and conditions materially similar to those of his UB Sub I restricted
stock awards, except that Mr.&nbsp;Biddle would no longer be entitled to the acceleration of vesting upon completion of the mergers, but he would be entitled to the acceleration of vesting upon the termination of such consulting agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following table sets forth (i)&nbsp;the number of UB restricted stock awards with respect to shares of UB common stock and UB Class&nbsp;A
common stock held by each Urstadt Biddle director and named executive officer as of July 6, 2023, the latest practicable date before the filing of this proxy statement/prospectus, and (ii)&nbsp;the value of such UB restricted stock awards. The
values in the table below have been determined assuming a share price of $19.32 and $19.59, which were the average closing prices of a share of UB common stock and UB Class&nbsp;A common stock, respectively, over the first five trading days
following the first public announcement of the mergers on May&nbsp;18, 2023. The amounts reflected in the table below exclude any UB restricted stock awards </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">71 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
that are vested or are expected to vest in accordance with their terms prior to July 6, 2023 (the assumed closing date of the mergers solely for purposes of this compensation-related disclosure).
</P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Stock Awards<BR>Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Stock Awards<BR>Class A Common Stock</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Unvested</B><br><B>Restricted&nbsp;Stock&nbsp;Awards</B><br><B>(#)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Estimated&nbsp;Aggregate</B><br><B>Restricted&nbsp;Stock</B><br><B>Award&nbsp;Value</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number&nbsp;of&nbsp;Unvested</B><br><B>Restricted Stock</B><br><B>Awards</B><br><B>(#)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Estimated&nbsp;Aggregate</B><br><B>Restricted Stock</B><br><B>Award Value</B><br><B>($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I>Executive Officers</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willing L. Biddle<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">900,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,388,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">22,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 440,775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John T. Hayes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">85,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,665,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles D. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 502,320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephan A. Rapaglia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">90,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,763,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miyun Sung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,371,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Non-Employee</FONT> Directors</I></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kevin J. Bannon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 174,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Catherine U. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 171,948</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noble O. Carpenter, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 174,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bryan O. Colley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 174,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Grellier</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 174,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert J. Mueller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 174,351</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willis H. Stephens, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> &#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> 150,843</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It is expected that, in connection with the mergers, Mr.&nbsp;Biddle will enter into a consulting agreement
with Regency pursuant to which, among other things, his UB Sub I restricted stock awards would convert into restricted stock awards with respect to Regency common stock based on the exchange ratio and with terms and conditions materially similar to
those of his UB Sub I restricted stock awards, except that Mr.&nbsp;Biddle would no longer be entitled to the acceleration of vesting upon completion of the mergers, but he would be entitled to the acceleration of vesting upon the termination of
such consulting agreement. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Severance Entitlements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each of the Urstadt Biddle executive officers is party to a change in control agreement (&#147;change in control agreement&#148;) with Urstadt
Biddle, each dated as of January&nbsp;12, 2022. The change in control agreements each provide that if an executive officer&#146;s employment is terminated by the executive officer for &#147;good reason&#148; or by Urstadt Biddle without
&#147;cause,&#148; in each case within six months prior to, on the date of or within 18 months following a change in control (as such term is defined in the change in control agreements), the executive officer will be entitled to receive a lump sum
cash payment equal to: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">two and <FONT STYLE="white-space:nowrap">one-half</FONT> times the sum of: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">such executive officer&#146;s annual base salary in effect immediately prior to the date of termination of
employment or, if greater, in effect immediately prior to the change in control; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the annual cash bonus paid by Urstadt Biddle to the executive officer in respect to the calendar year ending
immediately prior to the date of termination of employment; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the grant date value of the most recent annual equity award granted to the executive officer by Urstadt Biddle
prior to the date of termination of employment; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Urstadt Biddle contributions to Urstadt Biddle&#146;s Profit Sharing and Savings Plan (&#147;401(k)
Plan&#148;) which the executive officer otherwise would be entitled to during the Benefits Period (as defined below) under such 401(k) Plan (in lieu of making contributions to the 401(k) Plan during the Benefits Period). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">72 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the executive officer&#146;s unvested UB restricted stock awards that are
subject solely to time-based vesting conditions will become fully vested and nonforfeitable as of the date of the executive officer&#146;s termination of employment (or, if the executive officer&#146;s termination of employment occurs prior to the
date of the change in control, as of the date of the change in control). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is also obligated to maintain, for a period of 12
months after the date of the executive officer&#146;s termination of employment or, if earlier, until the executive officer becomes eligible to receive coverage under another employer&#146;s group health plan (the &#147;Benefits Period&#148;), and
at the same level and for the benefit of the executive officer&#146;s family, where applicable, all life insurance, disability, medical and other benefit programs or arrangements in which the executive officer is participating or to which the
executive officer is entitled at the date of the change in control (or, if the executive officer&#146;s termination of employment occurs prior to the date of the change in control, at the date of termination) in each case at the same level and for
the benefit of the executive officer&#146;s family, where applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The mergers will constitute a change in control for purpose of the
change in control agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each executive officer&#146;s receipt of the severance benefits pursuant to the change in control
agreements is subject to the executive officer&#146;s execution and <FONT STYLE="white-space:nowrap">non-revocation</FONT> of a release of claims in favor of Urstadt Biddle and compliance with the restrictive covenants set forth in the change in
control agreement. The change in control agreements contain restrictive covenants relating to the <FONT STYLE="white-space:nowrap">non-disclosure</FONT> of confidential information, <FONT STYLE="white-space:nowrap">non-competition,</FONT> <FONT
STYLE="white-space:nowrap">non-solicitation</FONT> of employees and customers, and mutual <FONT STYLE="white-space:nowrap">non-disparagement.</FONT> The <FONT STYLE="white-space:nowrap">non-competition</FONT> and
<FONT STYLE="white-space:nowrap">non-solicitation</FONT> covenants run until the later of (i) 24 months following the date of a change in control that occurs during the executive officer&#146;s employment with Urstadt Biddle or (ii) 12 months
following the executive officer&#146;s termination of employment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the change in control agreements, &#147;cause&#148;
generally means termination of the executive officer&#146;s employment by Urstadt Biddle because of dishonesty, conviction of a felony, gross neglect of duties (other than as a result of disability or death), or conflict of interest (other than any
conflict of interest which has been fully disclosed to the Urstadt Biddle board of directors and has been determined by them not to be material), which, in the case of gross neglect or conflict, will continue for 30 days after Urstadt Biddle gives
written notice to the executive officer requesting the cessation of such gross neglect or conflict, as the case may be. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of
the change in control agreements, &#147;good reason&#148; generally means the executive officer&#146;s voluntary termination of employment within 180 days following the occurrence of any of the following events without the executive officer&#146;s
express consent, unless the event is fully corrected by Urstadt Biddle within 30 days after the executive officer notifies Urstadt Biddle of the event: (i)&nbsp;a change in the executive officer&#146;s authority, duties or responsibilities which
represents a material diminution in his or her authority, duties or responsibilities immediately prior to a change in control (or, if earlier, the date on which the executive officer&#146;s employment terminates); (ii) a material reduction in the
executive officer&#146;s base salary for any calendar year below the level of the executive officer&#146;s base salary in the completed calendar year immediately preceding a change in control (or, if earlier, the date on which the executive
officer&#146;s employment terminates); (iii) a relocation of the executive officer outside a 35 mile radius of the executive officer&#146;s work site; (iv)&nbsp;Urstadt Biddle fails to require a successor to all or substantially all of its
businesses and/or assets by sale, merger (where Urstadt Biddle is not the surviving entity), lease or otherwise to expressly assume the change in control agreement; or (v)&nbsp;any other material breach by Urstadt Biddle of the terms of change in
control agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">73 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below summarizes the estimated value of severance benefits payable to each Urstadt
Biddle executive officer pursuant to the change in control agreements in the event of certain qualifying terminations within six months prior to, on the date of or within 18 months following completion of the mergers. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="30%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash&nbsp;Compensation</B><br><B>($)<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Continuation&nbsp;of&nbsp;Medical<BR>and</B><br><B>Insurance Benefits ($)<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Other&nbsp;Benefits&nbsp;($)<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willing L. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,133,563</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,177,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John T. Hayes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,997,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,043,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles D. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">559,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,050</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">586,653</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephan A. Rapaglia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,997,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,860</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,043,206</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miyun Sung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,964,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,992,212</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents the cash payments payable to each executive officer under the change in control agreements
consisting of a lump sum severance payment in an amount equal to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">two-and-a-half</FONT></FONT></FONT> times the sum of the executive officer&#146;s
(i)&nbsp;annual base salary ($462,000 for Mr.&nbsp;Biddle, $337,200 for Mr.&nbsp;Hayes, $121,000 for Mr.&nbsp;Urstadt, $337,200 for Mr.&nbsp;Rapaglia and $324,000 for Ms.&nbsp;Sung), (ii) an amount equal to the cash bonus received in the year prior
to the year in which a certain qualifying termination occurs ($115,000 for Mr.&nbsp;Biddle, $82,500 for Mr.&nbsp;Hayes, $11,500 for Mr.&nbsp;Urstadt, $82,500 for Mr.&nbsp;Rapaglia and $82,500 for Ms.&nbsp;Sung), and (iii)&nbsp;the grant date value
of the most recent annual equity award granted to the executive officer by Urstadt Biddle prior to the date of termination ($1,876,425 for Mr.&nbsp;Biddle, $379,400 for Mr.&nbsp;Hayes, $91,450 for Mr.&nbsp;Urstadt, $379,400 for Mr.&nbsp;Rapaglia and
$379,400 for Ms.&nbsp;Sung). </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents an estimate of the cost to provide for one year of continued life insurance, disability, medical and
other benefit programs in which the executive officer is participating or to which he or she is entitled. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents a cash payment to the executive officer in lieu of Urstadt Biddle contributions under Urstadt
Biddle&#146;s 401(k) Plan to which the executive officer otherwise would be entitled. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>2023 Annual Bonus </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of the merger agreement, each of the Urstadt Biddle executive officers is expected to a receive a 2023 <FONT
STYLE="white-space:nowrap">pro-rated</FONT> cash bonus for the portion of the calendar year attributable to the period prior to the closing of the mergers.<B> </B>The table below presents the <FONT STYLE="white-space:nowrap">pro-rated</FONT>
potential cash bonus to be received by each executive officer: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="83%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Bonus<BR>($)<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willing L. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">956,404</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John T. Hayes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">232,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles D. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">49,684</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephan A. Rapaglia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">232,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miyun Sung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">232,408</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Represents a <FONT STYLE="white-space:nowrap">pro-rated</FONT> cash bonus, calculated for this purpose assuming
that the closing of the mergers occurs on July&nbsp;6, 2023. </P></TD></TR></TABLE>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Proposed Consulting Agreements </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that, in connection with the mergers, Mr.&nbsp;Biddle will enter into a consulting agreement with Regency to assist and advise
Regency on transition matters, and reflecting the mutual understanding of the parties, with the specific terms and conditions to be agreed upon by Regency and Mr.&nbsp;Biddle in good faith prior to the closing of the mergers and which consulting
arrangement shall (i)&nbsp;have a term commencing on Mr.&nbsp;Biddle&#146;s date of termination of employment with Urstadt Biddle and ending not less than nine months or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">74 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
more than 12 months thereafter and (ii)&nbsp;provide that Mr.&nbsp;Biddle&#146;s restricted Regency common stock, including the restricted Regency common stock that rolled over from UB restricted
stock awards and that would, but for this agreement, have vested in connection with the mergers pursuant to Mr.&nbsp;Biddle&#146;s change in control agreement, shall become fully vested and nonforfeitable as of the termination of such consulting
arrangement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the mergers, Regency will offer consulting agreements to each of the named executive officers (other than
Mr.&nbsp;Biddle) to assist and advise Regency on transition matters and reflecting the mutual understanding of the parties, with the specific terms and conditions to be agreed upon by Regency and each such named executive officer in good faith prior
to the closing of the mergers and which consulting arrangements shall (i)&nbsp;have a term commencing on such named executive officer&#146;s date of termination of employment with Urstadt Biddle and ending not less than six months or more than nine
months thereafter and (ii)&nbsp;provide for a monthly payment to such named executive officers. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Director and Officer Indemnification and Insurance
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the terms of the merger agreement, the Urstadt Biddle directors and executive officers will be entitled to certain
ongoing indemnification and coverage under directors&#146; and officers&#146; liability insurance policies following the mergers. For a more detailed description of the provisions of the merger agreement relating to director and officer
indemnification, please see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Director and Officer Indemnification and Insurance.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx506590_75"></A>Quantification of Potential Payments and Benefits to Urstadt Biddle Named Executive Officers in Connection with the Mergers
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with Item&nbsp;402(t) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K,</FONT> the table below sets forth
estimates of the amounts of compensation that are based on or otherwise relate to the mergers and that will or may be paid or become payable to the Urstadt Biddle named executive officers either immediately following completion of the mergers
(<I>i.e.</I>, on a &#147;single-trigger&#148; basis) or in the event of certain qualifying terminations of employment in connection with the mergers (<I>i.e.</I>, on a &#147;double-trigger&#148; basis). Holders of UB common stock and UB Class&nbsp;A
common stock are being asked to approve, on a <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory basis, such compensation for the Urstadt Biddle named executive officers. Because the vote to approve such compensation is advisory only, it
will not be binding on either Urstadt Biddle, the Urstadt Biddle board of directors or Regency. Accordingly, if the Merger Proposal is approved by the holders of UB common stock and UB Class&nbsp;A common stock and the mergers are completed, the
compensation payments are contractually required to be paid by Urstadt Biddle to its named executive officers and will or may be paid, subject only to the conditions applicable thereto, which are described in the footnotes to the table below. For
additional information, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Interests of Urstadt Biddle Directors and Executive Officers in the Mergers.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The potential payments in the tables below are quantified in accordance with Item&nbsp;402(t) of
<FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K.</FONT> The estimated values are based on: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">an assumption that the mergers are completed on July&nbsp;6, 2023; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the value of a share of UB common stock and UB Class&nbsp;A common stock assuming a share price of $19.32 and
$19.59, respectively, which was the average closing price of a share of UB common stock and UB Class&nbsp;A common stock, respectively, over the first five trading days following the first public announcement of the merger agreement on May&nbsp;18,
2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the named executive officers&#146; salary and total eligible cash bonus levels as in effect as of the date of
this proxy statement/prospectus; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the number of unvested UB restricted stock awards held by the named executive officers as of July&nbsp;6, 2023,
the latest practicable date before the filing of this proxy statement/prospectus, and excluding any UB restricted stock awards that are vested or are expected to vest in accordance with their terms prior to July&nbsp;6, 2023; </P></TD></TR></TABLE>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">75 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the assumption that each named executive officer experiences a termination of employment by the executive
officer for &#147;good reason&#148; or by Urstadt Biddle without &#147;cause&#148; (as such terms are defined in the change in control agreements) immediately following completion of the mergers; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the assumption that no reduction in payments or benefits will be necessary and/or elected to mitigate the
impact of Sections 280G and 4999 of the Code. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the amounts indicated below are estimates based on multiple assumptions that
may or may not actually occur, including assumptions described in this proxy statement/prospectus, and do not reflect certain compensation actions that may occur before completion of the mergers. As a result, the actual amounts, if any, to be
received by a named executive officer may materially differ from the amounts set forth below. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Potential Payments to Urstadt Biddle
Named Executive Officers </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:9pt; font-family:Times New Roman; "><B>Named Executive Officer</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Cash ($)<SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Equity ($)<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Perquisites/<BR>Benefits&nbsp;($)<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Nonqualified<BR>Deferred<BR>Compensation<BR>($)<SUP STYLE="font-size:75%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total ($)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willing L. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">7,113,266</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">17,828,775</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">21,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">51,353</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,014,580</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John T. Hayes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,247,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,665,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,941,767</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles D. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">615,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">502,320</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">20,728</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,138,657</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephan A. Rapaglia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,247,018</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,763,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">28,596</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,003</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,039,717</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miyun Sung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,213,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,371,300</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,262</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,595,920</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As described in the section entitled &#147;&nbsp;The Mergers &#151;&nbsp;Severance Entitlements&#148; of this
proxy statement/prospectus, the cash payments payable to each listed individual under the change in control agreements consist of (i)&nbsp;a lump sum severance payment in an amount equal to <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">two-and-a-half</FONT></FONT></FONT> times the sum of the executive officer&#146;s (A)&nbsp;annual base salary, (B)&nbsp;an amount equal to the cash bonus received in the year prior to the
year in which a certain qualifying termination occurs, (C)&nbsp;the grant date value of the most recent annual equity award granted to the executive officer by Urstadt Biddle prior to the date of termination, (ii)&nbsp;a cash payment in lieu of
Urstadt Biddle contributions under the 401(k) Plan to which the executive officer otherwise would be entitled during the 12 months after his or her termination of employment, and (iii)&nbsp;as described in the section entitled &#147;The
Mergers&#151;&nbsp;2023 Annual Bonus&#148;, a <FONT STYLE="white-space:nowrap">pro-rated</FONT> 2023 annual cash bonus. The payments under clauses (i)&nbsp;and (ii) are &#147;double-trigger,&#148; as they will be payable only if the executive
officer experiences a qualifying termination following completion of the mergers. The payment under clause (iii)&nbsp;is &#147;single trigger&#148; as it will be payable in accordance with its terms regardless of whether the executive officer&#146;s
employment is terminated. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The estimated amounts shown in this column represent the aggregate value of the executive officers&#146;
unvested UB restricted stock awards, as described in the section entitled &#147;The Mergers &#151;&nbsp;Treatment of Equity and Equity-Based Awards&#148; of this proxy statement/prospectus, as of July&nbsp;6, 2023 (the assumed closing date of the
mergers solely for purposes of this compensation-related disclosure). As described in the sections entitled &#147;The Mergers &nbsp;&#151;&nbsp;Treatment of Equity and Equity-Based Awards&#148; and &#147;The Mergers&nbsp;&#151;&nbsp;Treatment of UB
Restricted Stock Awards in the Mergers&#148; of this proxy statement/prospectus, with the exception of Mr.&nbsp;Biddle&#146;s UB restricted stock awards, each UB restricted stock award will ultimately vest in full and, following any net settlement,
be converted into the right to receive a number of shares of Regency common stock. Amounts in this column assume that any restrictions upon vesting have been removed. The estimated payments in respect of the executive officers&#146; unvested UB
restricted stock awards shown in the above table are &#147;single-trigger&#148; benefits in that they will be payable shortly following completion of the mergers, whether or not such executive officer is later terminated. </P></TD></TR></TABLE>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">As described in the section entitled &#147;The Mergers&#151;&nbsp;Severance Entitlements&#148;, the estimated
amounts shown in this column consist of an estimate of the cost to provide for 12 months of continued life insurance, disability, medical and other benefit programs in which the executive officer is participating or to which he
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">76 </P>

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or she is entitled. This is a &#147;double-trigger&#148; benefit as it will be payable only if the executive officer experiences a qualifying termination following completion of the mergers.
</TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The estimated amounts in this column represent the estimated value of the benefit that would be paid to each of
the executive officers in connection with the accelerated payment of amounts held in the Urstadt Biddle&#146;s Excess Benefit and Deferred Compensation Plan, effective January&nbsp;1, 2005 (the &#147;Excess Benefit Plan&#148;). Under the Excess
Benefit Plan, payment of amounts in excess of the limits that apply to the 401(k) Plan were previously deferred, and such amounts shall be distributed to the participants in a lump sum no later than 90 days following the mergers. This is a
&#147;single trigger&#148; benefit as it will be payable in accordance with its terms following completion of the mergers regardless of whether the executive officer&#146;s employment is terminated. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_24"></A>Treatment of UB Restricted Stock Awards in the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the terms and subject to the conditions of the merger agreement, at the first merger effective time, each then-outstanding UB restricted
stock award will first be converted into, except as described in the immediately following paragraph, a UB Sub I restricted stock award. Each such UB Sub I restricted stock award that is outstanding as of immediately prior to the second merger
effective time will then, at the second merger effective time, vest in full and, following any net settlement, be converted into the right to receive (a)&nbsp;a number of shares of Regency common stock equal to the product of (i)&nbsp;the number of
shares of UB Sub I common stock or UB Sub I Class&nbsp;A common stock, as applicable, underlying such UB Sub I restricted stock award and (ii)&nbsp;the exchange ratio, plus (b)&nbsp;cash in lieu of fractional shares of Regency common stock into
which UB Sub I restricted stock awards would have been converted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that, in connection with the mergers, Mr.&nbsp;Biddle
will enter into a consulting agreement with Regency pursuant to which, among other things, his UB Sub I restricted stock awards would convert into restricted stock awards with respect to Regency common stock based on the exchange ratio and with
terms and conditions materially similar to those of his UB Sub I restricted stock awards, except that Mr.&nbsp;Biddle would no longer be entitled to the acceleration of vesting upon completion of the mergers, but he would be entitled to the
acceleration of vesting upon the termination of such consulting agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_25"></A>Accounting Treatment </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with FASB ASC Topic 805, <I>Business Combinations, </I>a screen test is required to evaluate if substantially all of the fair
value of the assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets to determine whether a transaction is accounted for as an asset acquisition.&nbsp;In the event that the screen test is not met, the
rules require a further assessment to determine whether an asset acquisition or a business combination has occurred.&nbsp;In addition, the rules require the identification of the acquirer, the determination of the acquisition date, the recognition
and measurement, at fair value, of the identifiable assets acquired, liabilities assumed and any noncontrolling interest in the consolidated subsidiaries of the acquiree.&nbsp;The primary accounting differences between an asset acquisition and a
business combination are that transaction costs are capitalized in an asset acquisition versus expensed in a business combination, and that no goodwill or bargain purchase gain is recorded in an asset acquisition, although there need not be goodwill
or a bargain purchase gain in a business combination.&nbsp;The determination to account for the mergers as an asset acquisition or business combination will be made closer to the closing of the mergers. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_26"></A>Regulatory Matters </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle have each agreed to use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do,
or cause to be done, and to assist and cooperate with each other in doing, all things necessary, proper or advisable under applicable law to consummate and make effective, as promptly as practicable, the mergers and the other transactions
contemplated by the merger agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There can be no assurances that all requisite regulatory approvals will be obtained and, if
obtained, there can be no assurances as to the timing of any approvals, Regency&#146;s and Urstadt Biddle&#146;s ability to obtain the approvals </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">77 </P>

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on satisfactory terms or the absence of any litigation challenging such approvals. For more information, see the section entitled &#147;Risk Factors,&#148; beginning on page&nbsp;23 of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties&#146; respective obligations to complete the mergers are conditioned, among other matters, upon
(i)&nbsp;the absence of any temporary restraining order, preliminary or permanent injunction or other order issued by any court of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the mergers,
(ii)&nbsp;the absence of any law, statute, rule or regulation having been enacted, entered, issued, enforced or promulgated by any governmental authority after the date of merger agreement and remaining in effect, that, in any case, makes illegal
the consummation of the mergers and (iii)&nbsp;the effectiveness of the registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which this proxy statement/prospectus forms a part, and the registration statement not being the
subject of any stop order or proceeding seeking a stop order. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle are not aware of any other material federal or
state regulatory requirements that must be complied with, or approvals that must be obtained, in connection with the mergers or the other transactions contemplated by the merger agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_27"></A>Exchange of Shares in the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The First Merger </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of UB common
stock, UB Class&nbsp;A common stock, and UB preferred stock as of the first merger effective time will not be required to surrender their certificates (or book-entry shares or other instruments) of UB common stock, UB Class&nbsp;A common stock, or
UB preferred stock or take any other action in order to receive UB Sub I common shares or UB Sub I preferred stock, as applicable, in the first merger. Each certificate (or book-entry share) representing outstanding UB common stock, UB Class&nbsp;A
common stock, or UB preferred stock will automatically be deemed, from and after the first merger effective time through the second merger effective time, to represent the same number of shares of capital stock of UB Sub I into which such shares are
converted in the first merger in accordance with the merger agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Second Merger </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement provides that, at or prior to the second merger effective time, Regency will deposit with the exchange agent for the
benefit of the holders of UB Sub I common shares and shares of UB Sub I preferred stock other than UB Sub I common shares and shares of UB Sub I preferred stock owned directly by Urstadt Biddle, Regency, UB Sub I or Merger Sub, which will be retired
and shall cease to exist (which shares we refer to as the &#147;excluded shares&#148;), (i)&nbsp;evidence of the shares of Regency common stock and Regency preferred stock in book-entry form equal to the aggregate shares to be issued at the second
merger effective time and (ii)&nbsp;an aggregate amount of cash sufficient to pay the aggregate cash to be delivered to holders of record of UB common stock or UB Class&nbsp;A common stock in lieu of fractional shares of Regency common stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement provides that, as soon as reasonably practicable after the second merger effective time, Regency will cause the exchange
agent to mail to each holder of record of a certificate representing the UB Sub I common shares a letter of transmittal and instructions for surrendering any certificates representing UB Sub I common shares in exchange for the applicable merger
consideration and, if applicable, cash in lieu of fractional shares. Upon surrender of their certificates, if applicable, representing UB Sub I common shares for cancellation along with the executed letter of transmittal, and other required
documents described in the instructions, holders of record of UB Sub I common shares will be entitled to receive in exchange, in respect of each UB Sub I common share they hold, the merger consideration and, if applicable, cash in lieu of fractional
shares of Regency common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of book entry UB Sub I common shares are not required to deliver an executed letter of
transmittal in order to receive the merger consideration and, if applicable, cash in lieu of fractional shares of Regency </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">78 </P>

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common stock. Subject to receipt of any documentation as may be required by the exchange agent, Regency will cause the exchange agent to pay and deliver as soon as reasonably practicable after
the second merger effective time (and, in any event no later than three business days thereafter) the merger consideration and, if applicable, cash in lieu of fractional shares of Regency common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_28"></A>Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the merger agreement, between May&nbsp;17, 2023 and the earlier of the second merger effective time and the termination of the merger
agreement, neither Regency nor Urstadt Biddle may declare, make or pay any dividend without the consent of the other party other than a regular quarterly cash dividend of up to $0.225 per share of UB common stock and $0.25 per share of UB
Class&nbsp;A common stock in the case of Urstadt Biddle and up to $0.65 per share of Regency common stock in the case of Regency. The first such dividend for each party will have a record date of June&nbsp;14, 2023 and a payment date of July&nbsp;6,
2023. In order to account for moving its scheduled dividend record date timing forward to match Regency&#146;s timing, in the merger agreement, Urstadt Biddle has agreed that the amount of such first dividend be equal to (i)&nbsp;the product of (i)
(2.5 <I>divided by</I> 3) <I>multiplied by</I> (ii) $0.225 per share of UB common stock and (ii)&nbsp;the product of (i) (2.5 <I>divided by</I> 3) multiplied by (ii) $0.25 per share of UB Class&nbsp;A common stock (which we refer to as the
&#147;First Interim Dividend&#148;). Accordingly, on June&nbsp;1, 2023, the Urstadt Biddle board of directors declared a dividend of $0.2083 for each share of UB Class&nbsp;A common stock and $0.1875 for each share of UB common stock. The dividends
are payable July&nbsp;6, 2023 to stockholders of record on June&nbsp;14, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that Regency will declare its next
quarterly dividend to holders of Regency common stock thereafter on or around September&nbsp;15, 2023, and its next quarterly dividend thereafter on or around December&nbsp;15, 2023. To the extent that Regency declares any such dividend prior to
closing of the mergers and the closing is expected to occur after such record date, Urstadt Biddle has agreed to declare a dividend on UB common stock and UB Class&nbsp;A common stock with the same record date, with the amount of such dividend being
equal to (a)&nbsp;$0.225 per share of UB common stock and (b) $0.25 per share of UB Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, if either
Urstadt Biddle or Regency (in each case in consultation with the other party) determines that it is necessary to declare a dividend in order to maintain its qualification as a REIT under the Code and to avoid to the extent possible the incurrence of
entity level income or excise tax (which we refer to as a &#147;REIT Dividend&#148;), the declaring party must notify the other party in writing of such determination at least 10 business days prior to the special meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Urstadt Biddle declares a REIT Dividend in accordance with the immediately preceding paragraph, the merger consideration will be adjusted
downward by the amount that the REIT Dividend would have been if Urstadt Biddle had not been required to reduce the First Interim Dividend from its regular dividend amount (which we refer to as the &#147;Hypothetical Permitted REIT Dividend
Amount&#148;), which will be effected by reducing the exchange ratio by an amount (rounded to the fifth decimal place) equal to the product of (i)&nbsp;the then-applicable exchange ratio prior to the adjustment <I>multiplied by</I> (ii)&nbsp;the
quotient obtained <I>by dividing</I> (A)&nbsp;the <FONT STYLE="white-space:nowrap">per-share</FONT> amount of a Hypothetical Permitted REIT Dividend Amount by (B) $20.40. The record date and payment date for any REIT Dividend shall be the close of
business on the last business day prior to the closing date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Regency declares a REIT Dividend, then the exchange ratio will be
increased by an amount (rounded to the fifth decimal place) equal to the product of (i)&nbsp;the then-applicable exchange ratio prior to the adjustment <I>multiplied by</I> (ii)&nbsp;the quotient obtained <I>by dividing</I> (A)&nbsp;the <FONT
STYLE="white-space:nowrap">per-share</FONT> amount of the Regency REIT Dividend by (B)&nbsp;$58.78. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">79 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_29"></A>Listing of Regency Common Stock, Regency Series A Preferred Stock and Regency
Series B Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is a condition to the completion of the mergers that the Regency common stock, Regency Series A preferred
stock and Regency Series B preferred stock to be issued in connection with the mergers be approved for listing on the Nasdaq, subject to official notice of issuance. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_30"></A><FONT STYLE="white-space:nowrap">De-Listing</FONT> and Deregistration of UB Common Stock, UB Class&nbsp;A Common Stock, and UB
Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the mergers are completed, the shares of UB common stock, UB Class&nbsp;A common stock, and UB preferred stock
currently listed on the NYSE will cease to be listed on the NYSE and will be deregistered under the Exchange Act, and Urstadt Biddle will no longer be required to file periodic reports with the SEC with respect to UB common stock, UB Class&nbsp;A
common stock, and UB preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_31"></A>No Appraisal Rights or Dissenters&#146; Rights </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Appraisal rights are statutory rights that, if applicable under law, enable stockholders to dissent from an extraordinary transaction, such as
a merger, and to demand that the corporation pay the fair value for their shares as determined by a court in a judicial proceeding instead of receiving the consideration offered to stockholders in connection with the extraordinary transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under Maryland law, dissenting stockholders may have, subject to satisfying certain procedures, the right to demand and receive payment of the
fair value of their shares of stock in connection with certain transactions (often referred to as appraisal rights), including a proposed merger, share exchange or sale of substantially all of the assets of the corporation. Under Maryland law,
however, dissenters&#146; rights generally are not available to holders of shares of stock, such as UB common stock and UB Class&nbsp;A common stock, that are listed on a national securities exchange such as the NYSE, nor are dissenters rights
available for stock that is not entitled to vote on the transaction, such as UB Series H preferred stock and UB Series K preferred stock (which are also listed on the NYSE). Furthermore, the merger consideration is in the form of shares of Regency
common stock, which is also listed on a national securities exchange. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_32"></A>Treatment of Indebtedness and Preferred Stock
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Indebtedness </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with the mergers, it is expected that Urstadt Biddle&#146;s current $125&nbsp;million unsecured revolving credit facility will be prepaid and terminated in full. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms and timing of any amendments to Urstadt Biddle&#146;s other debt agreements or any other approach chosen by Regency to the
assumption, defeasance, satisfaction or discharge of Urstadt Biddle&#146;s debt agreements and the indebtedness incurred pursuant thereto discussed in this proxy statement/prospectus have not been determined as of the date of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus does not constitute an offer to sell or the solicitation of an offer to buy any
debt securities of Regency or Urstadt Biddle. It does not constitute a prospectus or prospectus equivalent document for any such securities. No offering of any debt securities of Regency shall be made, except by means of a prospectus meeting the
requirements of Section&nbsp;10 of the Securities Act or an exemption therefrom. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Preferred Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the first merger, holders of each share of UB Series H preferred stock will receive one share of UB Sub I Series H preferred
stock for each share of UB Series H preferred stock that they own immediately prior to the first merger effective time, and holders of each share of UB Series K preferred stock </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">80 </P>

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will receive one share of UB Sub I Series K preferred stock for each share of UB Series K preferred stock that they own immediately prior to the first merger effective time. UB Sub I preferred
stock will have substantially similar terms to the corresponding class of UB preferred stock. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the second merger,
holders of each share of UB Sub I Series H preferred stock will receive one share of Regency Series A preferred stock, and holders of each share of UB Sub I Series K preferred stock will receive one share of Regency Series B preferred stock. The
Regency Series A preferred stock and Regency Series B preferred stock will have substantially similar terms to those of the UB Series H preferred stock and UB Series K preferred stock, respectively, and will be traded on the Nasdaq under the ticker
symbols &#147;REGCP&#148; and &#147;REGCO,&#148; respectively. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For more details on the treatment of Urstadt Biddle&#146;s existing
preferred stock under the merger agreement, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Exchange of Shares in the Mergers&#148; beginning on page 78 and for more details on the series of preferred stock to be issued by Regency in
connection with the mergers, see the section entitled &#147;Description of Regency Capital Stock &#150; Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a more
detailed description of Regency&#146;s and Urstadt Biddle&#146;s existing indebtedness and series of preferred stock, see Regency&#146;s Quarterly Report on Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended
March&nbsp;31, 2023, and Urstadt Biddle&#146;s Quarterly Report on and Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended April&nbsp;30, 2023, each of which is incorporated by reference into this proxy
statement/prospectus, and any subsequent report filed with the SEC and incorporated by reference. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_33"></A>THE MERGER AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following section summarizes certain material provisions of the merger agreement. This summary does not purport to be complete and may
not contain all of the information about the merger agreement that is important to you. This summary is subject to, and qualified in its entirety by reference to, the merger agreement, which is attached as Annex A to this proxy statement/prospectus.
The rights and obligations of the parties are governed by the express terms and conditions of the merger agreement and not by this summary or any other information contained in this proxy statement/prospectus. You are urged to read the merger
agreement carefully and in its entirety before making any decisions regarding the merger agreement and the mergers. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The
representations, warranties and covenants contained in the merger agreement and described in this proxy statement/prospectus were made only for purposes of the merger agreement and as of specific dates set forth therein and may be subject to more
recent developments, were made solely for the benefit of the other parties to the merger agreement and may be subject to limitations agreed upon by the contracting parties, including being qualified by reference to confidential disclosures and
exceptions and by each parties&#146; filings with the SEC, for the purposes of allocating risk between the parties to the merger agreement instead of establishing these matters as facts, and may apply standards of materiality in a way that is
different from what may be viewed as material by you or other investors. The representations and warranties contained in the merger agreement do not survive the second merger effective time. Investors should not rely on the representations,
warranties and covenants or any description thereof as characterizations of the actual state of facts or conditions of Regency, Merger Sub, Urstadt Biddle or any of their respective affiliates. Moreover, information concerning the subject matter of
the representations, warranties and covenants may change after the date of the merger agreement, which subsequent information may or may not be fully reflected in public disclosures by Regency or Urstadt Biddle.</I> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_34"></A>Form of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency will acquire Urstadt Biddle through two mergers. In the first merger, UB Sub II will merge with and into Urstadt Biddle with Urstadt
Biddle surviving as a wholly owned subsidiary of UB Sub I. Afterward, UB Sub I will merge with and into Merger Sub, with Merger Sub surviving. As a result of the mergers, Urstadt Biddle will become an indirect wholly owned subsidiary of Regency.
Following these two mergers, Urstadt Biddle will be converted into a Maryland limited liability company in accordance with the terms of the MGCL and the MLLCA and continue under the name &#147;Urstadt Biddle Holding LLC.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_35"></A>Closing; Effective Time </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the parties otherwise agree in writing, upon the terms and subject to the conditions of the merger agreement, the closing of the mergers
will take place on a date and time to be mutually agreed upon by the parties, but in no event later than the third business day after the conditions set forth in the merger agreement (other than those conditions that by their nature are to be
satisfied or waived at the Closing (as defined in the merger agreement), but subject to the satisfaction or valid waiver of such conditions) shall have been satisfied or validly waived by the party entitled to the benefit of such condition (subject
to applicable law), unless such date is modified by mutual agreement by the parties. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the Closing, the parties will prepare and on the closing date, the parties will
cause to be filed articles of merger with respect to the first merger and the second merger to be duly executed and filed with the State Department of Assessments and Taxation in Maryland in accordance with the MGCL and the MLLCA, as applicable, and
make any other filings, recordings or publications required to be made by Regency or Urstadt Biddle under the MGCL or the MLLCA, in connection with the mergers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The first merger will become effective upon the date and at the time set forth in the articles of merger for the first merger, and the second
merger will become effective upon the date and at the time set forth in the articles of merger for the second merger, which time will be after the first merger effective time. The parties will use reasonable best efforts so that the second merger
effective time occurs immediately after (or, if not possible, as promptly as practicable after) the first merger effective time and in all cases on the same date. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_36"></A>Governing Documents </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the first merger effective time, the articles of incorporation and bylaws of UB Sub I will be substantially identical to the Urstadt
Biddle charter and Urstadt Biddle&#146;s Second Amended and Restated Bylaws (which we refer to as the &#147;Urstadt Biddle bylaws&#148;), respectively, except for changes permitted by &#167; <FONT STYLE="white-space:nowrap">3-106.2(b)(4)</FONT> of
the MGCL or that are mutually agreed by Regency and Urstadt Biddle. Effective as of the first merger effective time and by virtue of the first merger, the articles of incorporation and bylaws of UB Sub II as in effect immediately prior to the first
merger effective time will be the charter and bylaws of the surviving corporation in the first merger (except for the change in the name of the surviving corporation to that of Urstadt Biddle). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon the second merger effective time and by virtue of the second merger, the certificate of formation and limited liability company agreement
of Merger Sub as in effect immediately prior to the second merger effective time will be the certificate of formation and limited liability company agreement of the Surviving Entity, until thereafter amended in accordance with applicable law and the
applicable provisions of such certificate of formation and limited liability company agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_37"></A>Directors and Officers
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective as of the first merger effective time, until successors are duly elected or appointed, (i)&nbsp;the officers and directors
of UB Sub I will be the officers and directors of Urstadt Biddle as of immediately prior to the first merger effective time and (ii)&nbsp;the officers and directors of Urstadt Biddle will be the officers and directors of UB Sub II as of immediately
prior to the first merger effective time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Effective as of the second merger effective time, until successors are duly elected or
appointed, the officers of Merger Sub immediately prior to the second merger effective time shall be and remain the officers of the Surviving Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement does not provide for any changes to the officers or directors of Regency. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_38"></A>Merger Consideration </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the first merger, holders of each share of UB Class&nbsp;A common stock will receive one share of UB Sub I Class&nbsp;A
common stock for each share of UB Class&nbsp;A common stock that they own immediately prior to the first merger effective time, and holders of each share of UB common stock will receive one share of UB Sub I common stock for each share of UB common
stock that they own immediately prior to the first merger effective time. In addition, holders of each share of UB Series K preferred stock will receive one share of UB Sub I Series K preferred stock for each share of UB Series K preferred stock
that they own immediately prior to the first merger effective time, and holders of each share of UB Series H preferred stock will receive one share of UB Sub I Series H preferred stock for each share of UB Series K preferred stock that they own
immediately prior to the first merger effective time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the second merger, Urstadt Biddle stockholders will have the right to
receive 0.347 of a newly issued share of Regency common stock, for each share of UB Sub I common stock and UB Sub I Class&nbsp;A common stock (other than excluded shares) that they own immediately prior to the second merger effective time. No
fractional share of Regency common stock will be issued, and holders of record of UB Sub I common shares will receive cash in lieu of fractional shares. The exchange ratio is fixed (except for in limited circumstances with respect to REIT Dividends,
as described herein) and will not be adjusted to reflect stock price changes prior to the closing of the mergers. Because the exchange ratio is fixed (except for in limited circumstances with respect to REIT Dividends, as described herein), the
market value of the merger consideration will fluctuate with changes in the market price of Regency common stock and you will not be able to ascertain the precise value of the merger consideration at the time that you vote. We urge you to obtain
current market quotations of Regency common stock, UB common stock and UB Class&nbsp;A common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The exchange ratio may be adjusted
if there is a change in the number of issued and outstanding shares of Regency common stock, UB common stock or UB Class&nbsp;A common stock, or securities convertible or exchangeable into shares of Regency common stock, UB common stock or UB
Class&nbsp;A common stock, in each case, as a result of a stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification, recapitalization or other similar transaction occurring after
the date of the merger agreement and prior to the second merger effective time. For more information, see the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Dividends&#148; beginning on page&nbsp;79 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, in connection with the second merger, holders of each share of UB Sub I Series H preferred stock will receive one share of
Regency Series A preferred stock, and holders of each share of UB Sub I Series K preferred stock will receive one share of Regency Series B preferred stock. The Regency Series A preferred stock and Regency Series B preferred stock will have
substantially similar terms to those of UB Series H preferred stock and Series K preferred stock, respectively, and will be traded on the Nasdaq under the ticker symbols &#147;REGCP&#148; and &#147;REGCO,&#148; respectively. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_39"></A>Exchange of Shares in the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The First Merger </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of UB common
stock, UB Class&nbsp;A common stock, and UB preferred stock as of the first merger effective time will not be required to surrender their certificates (or book-entry shares or other instruments) of UB common stock, UB Class&nbsp;A common stock, or
UB preferred stock or take any other action in order to receive UB Sub I common shares or UB Sub I preferred stock, as applicable, in the first merger. Each certificate (or book-entry share) representing outstanding UB common stock, UB Class&nbsp;A
common stock, or UB preferred stock will automatically be deemed, from and after the first merger effective time through the second merger effective time, to represent the same number of shares of capital stock of UB Sub I into which such shares are
converted in the first merger in accordance with the merger agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>The Second Merger </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement provides that, at or prior to the second merger effective time, Regency will deposit with the exchange agent for the
benefit of the holders of UB Sub I common shares and shares of UB Sub I preferred stock (other than the excluded shares), (i)&nbsp;evidence of the shares of Regency common stock and Regency preferred stock in book-entry form equal to the aggregate
shares to be issued at the second merger effective time and (ii)&nbsp;an aggregate amount of cash sufficient to pay the aggregate cash to be delivered to holders of record of UB common stock or UB Class&nbsp;A common stock in lieu of fractional
shares of Regency common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement provides that, as soon as reasonably practicable after the second merger effective
time, Regency will cause the exchange agent to mail to each holder of record of a certificate representing the UB </P>
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Sub I common shares a letter of transmittal and instructions for surrendering any certificates representing UB Sub I common shares in exchange for the applicable merger consideration and, if
applicable, cash in lieu of fractional shares. Upon surrender of their certificates, if applicable, representing UB Sub I common shares for cancellation along with the executed letter of transmittal, and other required documents described in the
instructions, holders of record of UB Sub I common shares will be entitled to receive in exchange, in respect of each UB Sub I common share they hold, the merger consideration and, if applicable, cash in lieu of fractional shares of Regency common
stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of book entry UB Sub I common shares are not required to deliver an executed letter of transmittal in order to receive the
merger consideration (and, if applicable, cash in lieu of fractional shares of Regency common stock). Subject to receipt of any documentation as may be required by the exchange agent, Regency will cause the exchange agent to pay and deliver as soon
as reasonably practicable after the second merger effective time (and, in any event no later than three business days thereafter) the merger consideration and, if applicable, cash in lieu of fractional shares of Regency common stock. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_40"></A>Representations and Warranties of Urstadt Biddle </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement contains representations and warranties made by Urstadt Biddle. These representations and warranties are subject to
qualifications and limitations agreed to by Regency and Urstadt Biddle in connection with negotiating the terms of the merger agreement. Some of the significant representations and warranties of Urstadt Biddle contained in the merger agreement
relate to, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">organization, standing, corporate or other power and authority and organizational documents;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authority relative to the execution and delivery of, and performance of obligations under, the merger agreement,
including board approval; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">listing of Urstadt Biddle subsidiaries, including the percentage interest held, directly or indirectly, by
Urstadt Biddle and the classification for U.S. federal income tax purposes of each Urstadt Biddle subsidiary; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">capital structure; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of any contractual obligation that would require Urstadt Biddle or its subsidiaries to (i)&nbsp;issue,
create, or sell additional shares of capital stock or other equity interest, (ii)&nbsp;issue, grant, or extend options, warrants, calls, rights, profits interests, stock appreciation rights, phantom stock, convertible securities, rights of first
refusal or other similar rights, agreements, arrangements, undertakings or commitments, (iii)&nbsp;redeem, repurchase or otherwise acquire any shares of capital stock or other equity interests, or (iv)&nbsp;provide for voting trusts or similar
agreements concerning the voting of any capital stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of a &#147;poison pill&#148; or similar rights plan; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of obligation for Urstadt Biddle or any of its subsidiaries by reason of any contract to register the
offer and sale or resale of any of their securities under the Securities Act; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all dividends on shares of UB common stock or UB Class&nbsp;A common stock which have been authorized or declared
have been paid in full; absence of conflicts with, or violations of, organizational documents and other agreements or obligations in connection with the execution and delivery of, and performance under, the merger agreement and the consummation of
the mergers and required governmental filings and consents; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">possession of and compliance with certain permits, licenses and other approvals from governmental authorities;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with applicable laws; </P></TD></TR></TABLE>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">SEC documents, SEC correspondence, financial statements, system of disclosure and internal controls;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with NYSE listing and governance standards; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">conduct of business in the ordinary course in all material respects and absence of certain other changes in the
conduct of business from October&nbsp;31, 2022 through the date of the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of certain events, circumstances, changes, effects, developments, conditions or occurrences that have had
or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on Urstadt Biddle since October&nbsp;31, 2022; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no undisclosed liabilities or obligations (subject to certain exceptions); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no default of any organizational documents or loan or credit agreements; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of certain litigation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">tax matters, including qualification as a REIT; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">benefits plan and Employee Retirement Income Security Act of 1974, as amended, matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">employment and labor matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accuracy of information supplied or to be supplied by Urstadt Biddle in this proxy statement/prospectus and the
registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which it forms a part; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">intellectual property, data and information technology matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">environmental matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">real property matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">matters relating to certain material contracts; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">insurance matters; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">receipt of opinion from Urstadt Biddle&#146;s financial advisor; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">required stockholder approval; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brokers&#146; and finders&#146; fees in connection with the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">inapplicability of the Investment Company Act of 1940; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all action necessary taken to render inapplicable the restrictions on business combinations and control share
acquisitions contained in Subtitle 6 of Title 3 of the MGCL and Subtitle 7 of Title 3 of the MGCL; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of related party transactions; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">ownership of UB Sub I and UB Sub II capital stock prior to the first merger effective time; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">activities of UB Sub I and UB Sub II since formation. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_41"></A>Representations and Warranties of Regency and Merger Sub </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement contains representations and warranties made by Regency. These representations and warranties are subject to
qualifications and limitations agreed to by Regency and Urstadt Biddle in connection with negotiating the terms of the merger agreement. Some of the significant representations and warranties of Regency and/or Merger Sub contained in the merger
agreement relate to, among other things: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">organization, standing, corporate or other power and authority and organizational documents;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">capital structure; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">86 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authority relative to the execution and delivery of, and performance of obligations under, the merger agreement,
including board approval; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of conflicts with, or violations of, organizational documents and other agreements or obligations in
connection with the execution and delivery of, and performance under, the merger agreement and the consummation of the mergers and required governmental filings and consents; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with applicable laws; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">SEC documents, SEC correspondence, financial statements, system of disclosure and internal controls;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with the Nasdaq listing and governance standards; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">conduct of business in the ordinary course in all material respects consistent with past practice from
December&nbsp;31, 2022, through the date of the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of certain events, circumstances, changes, effects, developments, conditions or occurrences that have had
or would reasonably be expected to have, individually or in the aggregate, a material adverse effect on Regency since December&nbsp;31, 2022; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no undisclosed liabilities or obligations (subject to certain exceptions); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">absence of certain litigation; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">certain tax matters, including qualification as a REIT; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accuracy of information supplied or to be supplied by Regency in this proxy statement/prospectus and the
registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which it forms a part; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">intellectual property matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">environmental matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">real property matters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">matters relating to certain material contracts; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">no stockholder approval required; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">brokers&#146; and finders&#146; fees in connection with the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">inapplicability of the Investment Company Act of 1940; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sufficiency of number of shares of Regency common stock, the authorization and sufficiency of number of shares of
Regency Series A preferred stock and Regency Series B preferred stock; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">at the signing of the merger agreement and at the second merger effective time, all membership interests in
Merger Sub were owned or will be owned by Regency; and. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">activities of Merger Sub since formation. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_42"></A>Definition of &#147;Material Adverse Effect&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Many of the representations of Regency and Urstadt Biddle are qualified by a &#147;material adverse effect&#148; standard (that is, they will
not be deemed to be untrue or incorrect unless their failure to be true or correct, would or would be reasonably expected to, individually or in the aggregate, have a material adverse effect). &#147;Material adverse effect,&#148; for purposes of the
merger agreement, means, with respect to Regency or Urstadt Biddle, any event, circumstance, change, effect, development, condition, or occurrence, individually or in the aggregate, would, or would reasonably be expected to, individually in the
aggregate, have a material adverse effect on the business, assets, properties, liabilities, condition (financial or otherwise), or results of operations of such party and its subsidiaries, taken as a whole, except that no event, circumstance,
change, effect, development, condition </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">87 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
or occurrence to the extent arising out of or resulting from any of the following will constitute a material adverse effect with respect to the applicable party: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any events, circumstances, changes or effects in general economic, financial or business conditions that affect
the retail real estate industry generally; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any changes in the conditions in the United States or global economy or capital, financial or securities markets,
in each case, generally, including changes in interest or exchange rates or the imposition of trade restrictions, tariffs or similar taxes, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any changes in general legal, regulatory or political conditions in the United States or in any other country or
region of the world; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the commencement, escalation or worsening of a war or armed hostilities or the occurrence of acts of terrorism or
sabotage occurring after the date of the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">changes after the date of the merger agreement in law or GAAP (or any binding interpretation thereof);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">earthquakes, hurricanes, floods or other natural disasters; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any epidemic, pandemic or disease outbreak (including <FONT STYLE="white-space:nowrap">COVID-19)</FONT> or
worsening thereof, including governmental or other commercially reasonable measures in response thereto (including the <FONT STYLE="white-space:nowrap">COVID-19</FONT> Measures); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any decline in the market price, or change in trading volume, of the capital stock of the party or any failure of
the party to meet any internal or publicly announced projections or forecasts or any estimates of earnings, revenues or other metrics for any period (provided, that any event, circumstance, change, effect, development, condition or occurrence giving
rise to such decline, change or failure may be taken into account in determining whether there has been a material adverse effect if not falling into one of the other exceptions contained in this definition); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the negotiation, execution and delivery of the merger agreement, the consummation of the mergers, or the public
announcement of the merger agreement, the mergers or the other transactions contemplated by the merger agreement, </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the taking of any action at the written request or with the prior written consent of the other party;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any stockholder litigation, in each case, arising out of or relating to the merger agreement or the transactions
contemplated therein. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">However, exceptions in each of the first five bullets above will only apply if they do not
disproportionately affect the applicable party and its subsidiaries, taken as a whole, relative to other participants in the industry or industries in which such party and its subsidiaries operate. The sixth and seventh bullets above will only apply
if they do not materially disproportionally affect the party and the party&#146;s subsidiaries, taken as a whole, relative to other participants in the retail real estate industry in the geographic regions in which the party and the party&#146;s
subsidiaries operate. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_43"></A>Conduct of Urstadt Biddle&#146;s Business Pending the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the merger agreement, between May&nbsp;17, 2023 and the earlier of the second merger effective time and the termination of the merger
agreement, except (i)&nbsp;to the extent required by applicable law or the regulations or requirements of any stock exchange or regulatory organization, (ii)&nbsp;to the extent action is reasonably taken (or reasonably omitted) in response to <FONT
STYLE="white-space:nowrap">COVID-19</FONT> or <FONT STYLE="white-space:nowrap">COVID-19</FONT> measures, (iii)&nbsp;as may be consented to in advance in writing by Regency, (iv)&nbsp;as may be expressly required pursuant to the merger agreement, or
(v)&nbsp;as otherwise set forth on confidential disclosure letter provided to Regency in connection with the merger agreement, Urstadt Biddle has agreed to and has agreed to cause each of Urstadt Biddle&#146;s subsidiaries to conduct its business in
all material respects in the ordinary course and in a manner consistent with past practice. Urstadt Biddle has further </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">88 </P>

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agreed not to, and to cause its subsidiaries not to (subject to specified exceptions, including, but not limited to, those outlined below): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amend the organizational documents of Urstadt Biddle or any of its subsidiaries, or waive any provision
thereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">split, combine, subdivide or reclassify any shares of capital stock or other equity interests;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">declare, set aside or pay any dividend or make any other distributions with respect to shares of capital stock,
except for: (A)&nbsp;the declaration and payment by Urstadt Biddle of its regular quarterly dividend or REIT Dividends as described in the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Dividends&#148; beginning on page&nbsp;79 of this proxy
statement/prospectus; provided that such dividends cannot exceed $0.225 per share of UB common stock and $0.25 per share of UB Class&nbsp;A common stock; (B)&nbsp;the declaration and payment of dividends or other distributions to Urstadt Biddle or a
wholly owned subsidiary by a wholly owned subsidiary; and (C)&nbsp;REIT Dividends; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">redeem, repurchase or otherwise acquire, directly or indirectly, any shares of its capital stock or other equity
interests of Urstadt Biddle, UB Sub I or a subsidiary of Urstadt Biddle, other than, among other things, redemption, conversion or repurchase of equity interests in a DownREIT pursuant to the requirements of the applicable DownREIT agreement;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">except for (A)&nbsp;transactions among Urstadt Biddle and one or more of its wholly owned subsidiaries or among
two or more wholly owned subsidiaries of Urstadt Biddle, or (B)&nbsp;issuances of shares of UB common stock or UB Class&nbsp;A common stock upon the vesting or scheduled delivery of shares pursuant to, Urstadt Biddle equity awards in accordance with
their terms as in effect on the date of the merger agreement, issue, sell, pledge, dispose, encumber or grant any shares of Urstadt Biddle&#146;s, UB Sub I&#146;s or any of the Urstadt Biddle subsidiaries&#146; capital stock, or any options,
warrants, convertible securities or other rights of any kind to acquire any shares of Urstadt Biddle&#146;s or any of the Urstadt Biddle subsidiaries&#146; capital stock or other equity interests; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquire or agree to acquire (including by merger, consolidation or acquisition of stock or assets) any real
property, personal property, corporation, partnership, limited liability company, other business organization or any division or material amount of assets thereof, except (A)&nbsp;transfers by Urstadt Biddle or any wholly owned subsidiary of Urstadt
Biddle to or from Urstadt Biddle or any existing wholly owned Urstadt Biddle subsidiary, (B)&nbsp;acquisitions of personal property in the ordinary course of business that do not exceed $500,000 in the aggregate or (C)&nbsp;the redemption or
purchase of any equity interests in a DownREIT pursuant to the requirements of the applicable DownREIT Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">sell, mortgage, pledge, lease, license, assign, transfer, dispose of, encumber or grant a lien, or effect a deed
in lieu of foreclosure with respect to, any real property, personal property, intangible property, Urstadt Biddle Intellectual Property or interest in any corporation, partnership, limited liability company or other business organization, except
(A)&nbsp;such matters that constitute a Urstadt Biddle permitted lien, (B)&nbsp;transfers by Urstadt Biddle or any wholly-owned Urstadt Biddle to or from Urstadt Biddle or any wholly-owned Urstadt Biddle subsidiary,
<FONT STYLE="white-space:nowrap">(C)&nbsp;non-exclusive</FONT> licenses of intellectual property granted in the ordinary course of business consistent with past practice or (D)&nbsp;dispositions of immaterial personal property in the ordinary course
of business; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">incur, create, assume, refinance, replace or prepay any Indebtedness or issue or amend the terms of any debt
securities of Urstadt Biddle, UB Sub I, UB Sub II or any of the Urstadt Biddle subsidiaries, or assume, guarantee or endorse, or otherwise become responsible (whether directly, contingently or otherwise) for the indebtedness of any other party
(other than a wholly owned subsidiary of Urstadt Biddle), except (A)&nbsp;indebtedness incurred under Urstadt Biddle&#146;s existing revolving credit facility in the ordinary course of business consistent with past practice for (1)&nbsp;working
capital purposes in an aggregate amount not to exceed $5,000,000, (2) payment of dividends permitted by the merger agreement, (3)&nbsp;tenant improvement at any of the Urstadt Biddle properties and (4)&nbsp;in connection with funding any
transactions permitted by the merger agreement, (B)&nbsp;indebtedness of any wholly owned </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">89 </P>

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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
Urstadt Biddle subsidiary to Urstadt Biddle or to another wholly owned Urstadt Biddle subsidiary or (C)&nbsp;the posting of letters of credit in the ordinary course of business consistent with
past practice in an aggregate amount not to exceed $1,000,000; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">make any loans, advances or capital contributions to, or investments in, any other person (including to any of
its officers, directors, affiliates, agents or consultants), other than (A)&nbsp;by Urstadt Biddle or a wholly owned subsidiary of Urstadt Biddle to Urstadt Biddle or a wholly owned Urstadt Biddle subsidiary and (B)&nbsp;loans, advances, capital
contributions or investments made pursuant to the requirements of any Urstadt Biddle Leases or ground leases pursuant to which any third party is a lessee or sublessee on any Urstadt Biddle property or pursuant to the requirements of any existing
joint venture arrangements or other contract to which Urstadt Biddle or one of its subsidiaries is a party as of the date of the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into, renew, modify, amend or terminate, or waive, release, compromise or assign any rights or claims
under, any (A)&nbsp;material contract, (B)&nbsp;related party agreement, (C)&nbsp;any contract or agreement that relates to Urstadt Biddle&#146;s or any of its subsidiaries&#146; liquor, self-storage or solar businesses or otherwise to any business
other than the primary business of Urstadt Biddle (other than vendor or distribution agreements entered into the ordinary course of business consistent with past practice) or (D)&nbsp;any contract or agreement (excluding leases) that has a value of
$500,000 or greater and where the term of such agreement would extend beyond the second anniversary of the date hereof (unless such agreement is cancelable or terminable by Urstadt Biddle or a subsidiary without cost or penalty), in each case other
than any termination or renewal in accordance with the terms of any such contract that occurs automatically without any action (other than notice of renewal) by (or on behalf of or at the direction or inducement of) Urstadt Biddle, UB Sub I or any
subsidiary of Urstadt Biddle or any of their respective representatives; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into, renew, modify, amend or terminate, or waive, release, compromise or assign any rights or claims
under, any existing or new lease for space of 7,500 square feet or greater or with a term (including any tenant options to extend or renew) of ten years or greater, except, in each case, for (A)&nbsp;any termination, modification or renewal in
accordance with the terms of any such lease that occurs automatically without any action (other than notice of renewal) by (or on behalf of or at the direction or inducement of) Urstadt Biddle, UB Sub I or any subsidiary or (B)&nbsp;any agreement
for the waiver by a tenant of such tenant&#146;s rights under any such lease; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">commence any claim or litigation or waive, release, assign, settle or compromise any claim or litigation, other
than (A)&nbsp;settlements less than or equal to $50,000 individually or $250,000 in the aggregate or for amounts not in excess of Urstadt Biddle&#146;s available insurance coverage as of the date of the merger agreement (so long as any such
settlement does not involve the imposition of any injunctive relief against Urstadt Biddle or any subsidiary and does not provide for any admission of liability or wrongdoing), (B) settlements of any claim or litigation initiated by Urstadt Biddle
or any subsidiary against a former tenant in the ordinary course of business consistent with past practice, or (C)&nbsp;commencement of any claim or litigation against tenants in the ordinary course of business consistent with past practice if the
amount of any damages claimed is not in excess of $50,000 individually and (D)&nbsp;any claim or litigation relating to taxes; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">except as required by applicable law or any Urstadt Biddle benefit plans, or as set forth on the disclosure
letter, (A)&nbsp;hire or terminate the employment (without cause) of any employee with a total annual base salary in excess of $100,000 (other than to replace any employee that departs after the date of the merger agreement), (B) materially increase
in any manner (or accelerate the vesting, payment or funding of) the amount, rate or terms of compensation or benefits of any employee, officer or director or individual service provider or, (C)&nbsp;enter into, adopt, amend or terminate any benefit
plans, (D)&nbsp;amend or waive any of its rights under, or accelerate the vesting, payment or exercisability under, any provision of the Urstadt Biddle Amended and Restated Restricted Stock Plan, dated March&nbsp;22, 2023, or any provision of any
contract evidencing any Urstadt Biddle equity award or otherwise </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">90 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
modify any of the terms of any outstanding Urstadt Biddle equity award, (E)&nbsp;fund or make any contribution to any Urstadt Biddle benefit plan or any related trust or other funding vehicle or
(F)&nbsp;enter into any contract with any labor union or similar organization, including a collective bargaining agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fail to maintain all financial books and records in all material respects in accordance with GAAP (or any binding
interpretation thereof) or make any material change to its methods of accounting, except as required by a change in GAAP (or any binding interpretation thereof) or in applicable law, or make any change with respect to accounting policies, principles
or practices unless required by GAAP, the SEC or the Financial Accounting Standards Board or any similar organization; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into any new line of business or form or enter into any new funds or joint ventures or expand the liquor,
self-storage, solar or other <FONT STYLE="white-space:nowrap">non-real</FONT> estate businesses in any respect; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into or modify in a manner adverse to Urstadt Biddle or Regency or their respective subsidiaries any
Urstadt Biddle tax protection agreement, make, change or rescind any material election relating to taxes, change a material method of tax accounting, file any material tax return that is materially inconsistent (other than as a result of any change
in, or enactment of any new, applicable tax law) with a previously filed tax return of the same type for a prior taxable period (taking into account any amendment prior to the date hereof), amend any material tax return, settle or compromise any
material federal, state, local or foreign tax liability, audit, claim or assessment, enter into any material closing agreement related to taxes, consent (other than in the ordinary course of business consistent with past practice) to any extension
or waiver of the limitation period applicable to any material tax claim or assessment, or knowingly surrender any right to claim any material tax refund, except, in each case, (A)&nbsp;to the extent required by law or regulations applicable to
Urstadt Biddle or (B)&nbsp;to the extent necessary, as reasonably determined by Urstadt Biddle in consultation with Regency, (1)&nbsp;to preserve Urstadt Biddle&#146;s or, following the first merger, UB Sub I&#146;s qualification as a REIT under the
Code or (2)&nbsp;to qualify or preserve the status of any subsidiary of Urstadt Biddle as a disregarded entity or partnership for United States federal income tax purposes or as a qualified REIT subsidiary, taxable REIT subsidiary or REIT under the
applicable provisions of Section&nbsp;856 of the Code, as the case may be; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">take any action that would, or fail to take any action, the failure of which to be taken would, reasonably be
expected to cause (A)&nbsp;Urstadt Biddle or, following the first merger, UB Sub I, to fail to qualify as a REIT or (B)&nbsp;any subsidiary of Urstadt Biddle to cease to be treated as any of (1)&nbsp;a partnership or disregarded entity for federal
income tax purposes or (2)&nbsp;a qualified REIT Subsidiary or a taxable REIT Subsidiary or a REIT under the applicable provisions of Section&nbsp;856 of the Code, as the case may be; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">take any action, or knowingly fail to take any action, which action or failure to act could be reasonably
expected to prevent the first merger and/or the second merger from qualifying as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger,
liquidation or a dissolution, consolidation, recapitalization or bankruptcy reorganization, except as required under the merger agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">make or commit to make any capital expenditures, except (A)&nbsp;in connection with any tenant improvements at
any of the Urstadt Biddle properties, (B)&nbsp;capital expenditures in the ordinary course of business consistent with past practice necessary in an amount not to exceed $100,000, in the aggregate with respect to any one property, or (C)&nbsp;or
capital expenditures in the ordinary course of business consistent with past practice as is reasonably necessary in the event of an emergency situation after prior notice to, and consulting with Regency; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cancel any insurance policies or fail to pay the premiums on any such insurance policies such that such failure
causes a cancellation of such policy, or fail to use commercially reasonable efforts to maintain such policies in the ordinary course of business consent with past practice; or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">91 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authorize, or enter into any contract, agreement, commitment or arrangement to do any of the foregoing.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in the merger agreement prohibits Urstadt Biddle or, following the first merger, UB Sub I, from taking any
action, at any time or from time to time, that in the reasonable judgment of the Urstadt Biddle board of directors, upon advice of counsel to Urstadt Biddle, is reasonably necessary for Urstadt Biddle or, following the first merger, UB Sub I to
avoid or to continue to avoid incurring entity-level income or excise taxes under the Code or to maintain its qualification as a REIT under the Code for any period or portion thereof ending on or prior to the second merger effective time, including
making any dividend or other distribution payments to stockholders of Urstadt Biddle or UB Sub I, as applicable, in accordance with the merger agreement, or to qualify or preserve the status of any subsidiary of Urstadt Biddle as a disregarded
entity or partnership for U.S. federal income tax purposes or as a qualified REIT subsidiary, taxable REIT subsidiary or REIT under the applicable provisions of Section&nbsp;856 of the Code. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_44"></A>Conduct of Regency&#146;s Business Pending the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the merger agreement, during the Interim Period, unless (i)&nbsp;expressly contemplated or required by the merger agreement,
(ii)&nbsp;set forth in the applicable section of Regency&#146;s confidential disclosure letter provided to Urstadt Biddle in connection with the execution of the merger agreement, (iii)&nbsp;required by applicable law, the regulations of the Nasdaq,
or organizational documents, or (iv)&nbsp;consented to by Urstadt Biddle (which consent may not be unreasonably withheld, delayed or conditioned), Regency has agreed to use commercially reasonable efforts to preserve intact in all material respects
its current business organization and ongoing businesses and maintain Regency&#146;s status as a REIT, and has further agreed not to, and to cause its subsidiaries not to (subject to specified exceptions including, but not limited to, those outlined
below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">amend the organizational documents of Regency (other than any amendment necessary to effect the mergers) if such
amendment would be materially adverse to Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">split, combine, reclassify or subdivide any shares of stock or other equity securities or ownership interests of
Regency or any Regency subsidiary; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">declare, set aside or pay any dividend or make any other distributions with respect to shares of capital stock of
Regency or other equity securities or ownership interests in Regency, except the declaration and payment by Regency of its regular quarterly dividend (in accordance with past practice and in an amount not to exceed $0.65 per share of Regency common
stock) or REIT Dividends as described in the section entitled &#147;The Mergers&nbsp;&#151;&nbsp;Dividends&#148; beginning on page&nbsp;79 of this proxy statement/prospectus; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">acquire or agree to acquire (including by merger, consolidation or acquisition of stock or assets) any real
property, personal property, corporation, partnership, limited liability company, other business organization or any division or material amount of assets thereof, if such acquisition would reasonably be expected to materially impair or delay
Regency&#146;s ability to consummate the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">fail to maintain all financial books and records in all material respects in accordance with GAAP (or any binding
interpretation thereof) or make any material change to its methods of financial accounting, except as required by a change in GAAP (or any binding interpretation thereof) or in applicable law, or make any change, with respect to financial accounting
policies, principles or practices, unless required by GAAP, the SEC or the FASB or any similar organization; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">take any action that would, or fail to take any action, the failure of which to be taken would, reasonably be
expected to cause Regency to fail to qualify as a REIT (provided that in no event shall Regency be required to change its practices, classifications or tax positions as of the date of the merger agreement as a result of this clause absent changes in
applicable law); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">take any action, or knowingly fail to take any action, which action or failure to act could be reasonably
expected to prevent the second merger from qualifying as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">92 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger,
liquidation or a dissolution, consolidation, recapitalization or bankruptcy reorganization, except in a manner that would not reasonably be expected to be materially adverse to Regency or to prevent or materially impair Regency&#146;s ability to
consummate the mergers; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">authorize, or enter into any contract, agreement, or arrangement to do any of the foregoing.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in the merger agreement will prohibit Regency from taking any action, at any time or from time to time, that in
the reasonable judgment of the Regency board of directors, upon advice of counsel to Regency, is reasonably necessary for Regency to avoid or to continue to avoid incurring entity-level income or excise taxes under the Code or to maintain its
qualification as a REIT under the Code for any period or portion thereof ending on or prior to the second merger effective time, including making dividend or other distribution payments to stockholders of Regency in accordance with the merger
agreement, or to qualify or preserve the status of any subsidiary of Regency as a disregarded entity or partnership for U.S. federal income tax purposes or as a qualified REIT subsidiary, taxable REIT subsidiary or REIT under the applicable
provisions of Section&nbsp;856 of the Code, as the case may be. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_45"></A>Other Covenants and Agreements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement contains certain other covenants and agreements, including covenants related to (subject in each case to specific
exceptions and qualifications): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to cooperate to prepare this proxy statement/prospectus and the registration
statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which it forms a part; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to afford the representatives of Regency reasonable access to its properties,
offices, books, contracts, personnel and records during normal business hours; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to obtain the consent of the other party prior to issuing press releases and other
public statements with respect to the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to use commercially reasonable efforts to take, or cause to be taken, all actions and
to cooperate with the other Party in doing, all things necessary, proper, or advisable to consummate and make effective the mergers as promptly as practicable, including: (A)&nbsp;taking all actions necessary to cause the conditions to the closing
to be satisfied, (B)&nbsp;obtaining all necessary or advisable actions or nonactions, waivers, consents and approvals from governmental authority or other person necessary in connection with the consummation of the mergers, and (C)&nbsp;solely with
respect to stockholder litigation, the defending of any lawsuits or legal proceedings, whether judicial or administrative challenging the merger agreement or the consummation of the mergers, including seeking to have any stay or temporary
restraining order entered by any court or other governmental authority vacated or reversed; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to (or cause its respective subsidiaries to) use its commercially reasonable efforts
to give any notices to third parties and obtain any third-party consents that are necessary, proper or advisable to consummate the mergers, including furnishing to the other such necessary information and reasonable assistance as the other may
reasonably request in connection with the preparation of any required applications, notices, registrations and requests; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to give the other prompt notice of any notice or communication received from any
governmental authority in connection with merger agreement and the mergers, or from any person alleging that the consent of such person is or may be required in connection with the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to give the other prompt notice if (A)&nbsp;any representation or warranty made by it
contained in the merger agreement becomes untrue or inaccurate such that it would be reasonable to expect that the applicable conditions to Closing as set forth in the merger agreement would be incapable of being satisfied by the outside date or
(B)&nbsp;it fails to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it under the merger agreement; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">93 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to give the other prompt notice of any action commenced or threatened against,
relating to or involving such party or its subsidiaries that relates to the merger agreement or the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to give Regency the opportunity to participate in the defense or settlement of
any litigation against Urstadt Biddle and/or its directors relating to the merger agreement and the mergers and will consider in good faith Regency&#146;s views with respect to such litigation, and will not enter into any settlement without
Regency&#146;s prior consent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s agreement to give Urstadt Biddle the opportunity to reasonably participate in the defense of any
litigation against Regency and/or its directors seeking an injunction to prohibit the consummation of the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s agreement to file with the Nasdaq an application or notification form, as applicable, for the
listing of shares pursuant to which the Regency common stock and the Regency preferred stock to be issued in the second merger will be listed on the Nasdaq, and to use its commercially reasonable efforts to have each such listing accepted by the
Nasdaq as promptly as practicable after its submission such that the Regency common stock and the Regency preferred stock to be issued in the second merger will be so listed at, or prior to, the second merger effective time; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s agreement to take all action necessary to approve and adopt the articles of amendment classifying
the Regency Series A preferred stock and the articles of amendment classifying the Regency Series B preferred stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to take reasonably necessary and advisable steps to cause any disposition of
Urstadt Biddle securities pursuant to the second merger by Urstadt Biddle&#146;s directors or officers to be exempt under <FONT STYLE="white-space:nowrap">Rule&nbsp;16b-3</FONT> under the Exchange Act; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to take all action necessary so that no takeover statute is or becomes applicable
to the mergers or the voting agreement and to take all necessary steps to exempt (or ensure the continued exemption of) the mergers from any applicable takeover statute now or hereafter in effect and in order to, to the extent applicable, exempt any
acquisition of beneficial ownership of Urstadt Biddle&#146;s capital stock pursuant to the voting agreement from the &#147;Ownership Limit&#148; (as set forth in Section&nbsp;9.b of the Urstadt Biddle articles of incorporation) and if any such
takeover statute is or becomes applicable to any of the foregoing, take all action necessary so that the mergers or the voting agreement may be consummated as promptly as practicable on the terms contemplated by the merger agreement and otherwise to
eliminate or minimize the effect of such takeover statute on the mergers and the other transactions contemplated hereby and thereby, including, if necessary, challenging the validity or applicability of any such takeover statute;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to use (i)&nbsp;commercially reasonable efforts to cause each of the mergers to
qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code and (ii)&nbsp;reasonable best efforts to&nbsp;obtain an opinion from its counsel that each of the mergers will qualify as a &#147;reorganization&#148;
within the meaning of Section&nbsp;368(a) of the Code (including by delivering an officer&#146;s certificate containing representations as shall be necessary or appropriate to enable each party&#146;s counsel to render such opinion);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to use reasonable best efforts to obtain the opinion to be delivered to Regency
regarding Urstadt Biddle&#146;s, and, following the first merger effective time, UB Sub I&#146;s qualification as a REIT, and to deliver an officer&#146;s certificate containing representations as shall be reasonably necessary or appropriate to
enable REIT counsel to Urstadt Biddle to render such opinion and to enable REIT counsel to Regency to render its opinion regarding the qualification of Regency as a REIT; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s agreement to use reasonable best efforts to obtain the opinion to be delivered to Urstadt Biddle
regarding its qualification as a REIT (including by delivering an officer&#146;s certificate containing </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">94 </P>

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representations as shall be reasonably necessary or appropriate to enable REIT counsel to Regency to render such opinion); </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to, unless notified in writing by Regency three business days prior to the
closing date, use its commercially reasonable efforts to cause to be delivered to Regency resignations executed by each director and officer of UB Sub I, Urstadt Biddle or any Urstadt Biddle subsidiary in office as of immediately prior to the second
merger effective time, effective upon the second merger effective time; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each party&#146;s agreement to cooperate in connection with the delisting of UB common stock, UB Class&nbsp;A
common stock, and the UB preferred stock from the NYSE and termination of its registration under the Exchange Act; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle&#146;s agreement to provide all cooperation reasonably requested by Regency in connection with
financing arrangements, and use commercially reasonable efforts, if requested by Regency, to seek amendments to Urstadt Biddle&#146;s debt agreements or pursue any approach chosen by Regency to the assumption, defeasance, satisfaction or discharge
of Urstadt Biddle&#146;s debt agreements and the indebtedness incurred pursuant thereto, in each case subject to certain indemnification and reimbursement obligations of Regency. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_46"></A>The Special Meeting </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has agreed to establish a record date for, duly call, give notice of, convene and hold the special meeting as promptly as
practicable following the date on which the registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which this proxy statement/prospectus forms a part is declared effective by the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the Urstadt Biddle board of directors has made an adverse recommendation change (as defined in the section entitled &#147;The Merger
Agreement&nbsp;&#151;&nbsp;No Solicitation; Change in Urstadt Biddle Board of Directors Recommendation&#148; beginning on page 97 of this proxy statement/prospectus) in accordance with the merger agreement (i)&nbsp;Urstadt Biddle has agreed that the
Urstadt Biddle board of directors will recommend to Urstadt Biddle&#146;s stockholders the approval of the Merger Proposal (which we refer to as the &#147;Urstadt Biddle Board of Directors Recommendation&#148;) and (ii)&nbsp;Urstadt Biddle has
agreed to use commercially reasonable efforts to obtain from the stockholders of Urstadt Biddle the approval of the Merger Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has agreed not to postpone or adjourn the special meeting without the consent of Regency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Unless the merger agreement has been terminated, Urstadt Biddle has agreed to hold the special meeting and submit the Merger Proposal to its
stockholders, notwithstanding an adverse recommendation change. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_47"></A>Employee Matters </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For 12 months following the second merger effective time, Regency is required to provide each continuing Urstadt Biddle employee with
(i)&nbsp;base salary or wages, target cash bonus opportunity and/or target long-term incentive opportunity in the aggregate that is at least equal to the aggregate base salary or wages, target cash bonus opportunity and/or target long-term incentive
opportunity provided to similarly situated Regency employees; provided, that base salary or wages shall be at least equal to the greater of (A)&nbsp;the base salary or wages provided to such continuing employee by Urstadt Biddle as of immediately
prior to the second merger effective time and (B)&nbsp;the base salary or wages provided to similarly situated Regency employees and (ii)&nbsp;retirement and health and welfare benefits that are substantially similar, in the aggregate, to those
benefits provided to similarly situated Regency employees, in each case, excluding defined benefit pension, severance, nonqualified retirement, post-retirement medical or welfare, retention, change in control or similar plans (which we refer to as
the &#147;excluded benefits&#148;); provided, that for any continuing employee whose employment with Regency terminates during the 60 days following the closing date, clause (ii)&nbsp;will be satisfied if Regency
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">95 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
provides retirement and health and welfare benefits that are substantially similar, in the aggregate, to those provided to such continuing employee by Urstadt Biddle as of immediately prior to
the second merger effective time, in each case excluding the excluded benefits (but including the severance provided pursuant to the merger agreement). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent Regency benefit plans provide benefits to any continuing employee on or following the second merger effective time, Regency will
use commercially reasonable efforts to (i)&nbsp;cause any <FONT STYLE="white-space:nowrap">pre-existing</FONT> conditions or limitations and eligibility waiting periods under any group health plans of Regency to be waived with respect to the
continuing employees and their eligible dependents, (ii)&nbsp;give each continuing employee credit for the plan year in which the second merger effective time occurs towards applicable deductibles and annual <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> limits for medical expenses incurred prior to the second merger effective time for which payment has been made and (iii)&nbsp;give each continuing employee service credit for such continuing
employee&#146;s employment with Urstadt Biddle for purposes of eligibility to participate, vesting, and solely for severance or vacation accrual, benefit accrual under each applicable Regency benefit plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, within 30 days following the closing date, Regency will pay to each individual who was employed by Urstadt Biddle as of
immediately prior to the second merger effective time a <FONT STYLE="white-space:nowrap">pro-rated</FONT> cash bonus for the portion of the calendar year attributable to the <FONT STYLE="white-space:nowrap">pre-closing</FONT> period. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_48"></A>Dividends </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Between May&nbsp;17, 2023 and the earlier of the second merger effective time and the termination of the merger agreement, neither Regency nor
Urstadt Biddle may declare, make or pay any dividend without the consent of the other party other than a regular quarterly cash dividend of up to $0.225 per share of UB common stock and $0.25 per share of UB Class&nbsp;A common stock in the case of
Urstadt Biddle and up to $0.65 per share of Regency common stock in the case of Regency. The first such dividend for each party will have a record date of June&nbsp;14, 2023 and a payment date of July&nbsp;6, 2023. In order to account for moving its
scheduled dividend record date timing forward in order to match Regency&#146;s timing, Urstadt Biddle has agreed that the amount of the First Interim Dividend be equal to (i)&nbsp;the product of (i) (2.5 divided by 3) <I>multiplied by</I> (ii)
$0.225 per share of UB common stock and (ii)&nbsp;the product of (i) (2.5 divided by 3) <I>multiplied by</I> (ii) $0.25 per share of UB Class&nbsp;A common stock. Accordingly, on June&nbsp;1, 2023, the Urstadt Biddle board of directors declared a
dividend of $0.2083 for each share of UB Class&nbsp;A common stock and $0.1875 for each share of UB common stock. The dividends are payable July&nbsp;6, 2023 to stockholders of record on June&nbsp;14, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is expected that Regency will declare its next quarterly dividend to holders of Regency common stock thereafter on or around
September&nbsp;15, 2023, and its next quarterly dividend thereafter on or around December&nbsp;15, 2023. To the extent that Regency declares any such dividend prior to closing and the closing is expected to occur after such record date, Urstadt
Biddle has agreed to declare a dividend on UB common stock and UB Class&nbsp;A common stock with the same record date, with the amount of such dividend being equal to (a) $0.225 per share of UB common stock and (b) $0.25 per share of UB Class&nbsp;A
common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, if either Urstadt Biddle or Regency (in each case in consultation with the other party) determines that it is
necessary to declare a REIT Dividend, then the declaring party must notify the other party in writing of such determination at least 10 business days prior to the special meeting. The record date and payment date for any such REIT Dividend will be
the close of business on the business day prior to the closing date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Urstadt Biddle declares a REIT Dividend in accordance with the
immediately preceding paragraph, the merger consideration will be adjusted downward by the Hypothetical Permitted REIT Dividend Amount, which will be effected by reducing the exchange ratio by an amount (rounded to the fifth decimal place) equal to
the product of (i)&nbsp;the then-applicable exchange ratio prior to the adjustment multiplied by (ii)&nbsp;the quotient obtained by dividing (A)&nbsp;the <FONT STYLE="white-space:nowrap">per-share</FONT> amount of a Hypothetical Permitted REIT
Dividend Amount by (B) $20.40. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">96 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Regency declares a REIT Dividend, then the exchange ratio will be increased by an amount
(rounded to the fifth decimal place) equal to the product of (i)&nbsp;the then-applicable exchange ratio prior to the adjustment multiplied by (ii)&nbsp;the quotient obtained by dividing (A)&nbsp;the <FONT STYLE="white-space:nowrap">per-share</FONT>
amount of the Regency REIT Dividend by (B) $58.78. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_49"></A>No Solicitation; Change in Urstadt Biddle Board of Directors
Recommendation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has agreed that, until the earlier of the second merger effective time and the termination of the merger
agreement, it will not, and will cause its affiliates and its and their directors, officers, employees, agents or representatives not to, subject to certain exceptions, directly or indirectly: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">solicit, initiate, or knowingly encourage or knowingly facilitate any inquiry, proposal or offer with respect to,
or the announcement, making or completion of, any acquisition proposal (as defined below), or any inquiry proposal or offer that could reasonably be likely to lead to any acquisition proposal or any other effort or attempt to make or implement an
acquisition proposal; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">enter into, continue or otherwise participate in any discussions or negotiations regarding, or furnish to any
party other than Regency or its representatives any <FONT STYLE="white-space:nowrap">non-public</FONT> information in connection with, any acquisition proposal, or any inquiry, proposal or offer that could reasonably be likely to lead to an
acquisition proposal (other than to state that the terms of the merger agreement prohibit such discussions); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">approve, recommend, publicly declare advisable or enter into any letter of intent, memorandum of understanding,
agreement in principle, acquisition agreement, merger agreement, share exchange agreement, consolidation agreement, or other agreement relating to an acquisition proposal (other than an acceptable confidentiality agreement referred to below); or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">agree to or propose publicly to do any of the foregoing. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Urstadt Biddle has agreed to, and to cause its subsidiaries and representatives to: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">immediately cease and cause to be terminated all existing discussions, negotiations and communications with any
person and its representatives (other than Regency or any of its representatives) conducted prior to the merger agreement with respect to any acquisition proposal; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">request the prompt return or destruction, to the extent required upon Urstadt Biddle&#146;s request by any
confidentiality agreement, of all confidential information previously furnished to any such person and its representatives; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">terminate the access of any such person (other than Regency or any of its representatives) to any &#147;data
room&#148; hosted by Urstadt Biddle, its subsidiaries or any of their respective representatives relating to any acquisition proposal. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the merger agreement, an &#147;acquisition proposal&#148; means any bona fide proposal, offer, or inquiry from any person or
group, other than Regency or any of its subsidiaries, relating to any direct or indirect acquisition or purchase, in one transaction or a series of transactions by such person or group, including any merger, reorganization, recapitalization,
restructuring share exchange, consolidation, tender offer, exchange offer, stock acquisition, asset acquisition, business combination, liquidation, dissolution, joint venture, sale, lease, exchange, license, transfer or disposition or similar
transaction, of assets or business generating 20% or more of the net revenues or net incomes or representing 20% or more of the consolidated assets of Urstadt Biddle or 20% or more of the voting power of Urstadt Biddle. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If at any time before the time the Urstadt Biddle stockholders approve the Merger Proposal, (i)&nbsp;the Urstadt Biddle board of directors
receives a bona fide written acquisition proposal made after May&nbsp;17, 2023 that has not resulted from a violation of Urstadt Biddle&#146;s <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions and (ii)&nbsp;the Urstadt Biddle
board of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">97 </P>

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directors determines in good faith, after consultation with its financial advisor and outside legal counsel, that such acquisition proposal constitutes or would reasonably be expected to lead to
a superior proposal (as defined below), Urstadt Biddle may: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">participate in negotiations with such person and its representatives regarding such acquisition proposal; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">furnish to such person and its representatives <FONT STYLE="white-space:nowrap">non-public</FONT> information
relating to Urstadt Biddle or any of its subsidiaries pursuant to an acceptable confidentiality agreement, so long as all such <FONT STYLE="white-space:nowrap">non-public</FONT> information is provided or made available to Regency substantially
concurrently with the time it is provided or made available to such person. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A &#147;superior proposal&#148; means any
bona fide, written acquisition proposal that did not result from a breach or violation of Urstadt Biddle&#146;s <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions made after May&nbsp;17, 2023 (with all references to
&#147;20%&#148; in the definition of acquisition proposal being deemed to be references to &#147;50%&#148;), taking into account all legal, financial, regulatory, financing, timing, risks and any other aspects of the proposal and the person making
the proposal and any other matters that the Urstadt Biddle board of directors considers appropriate, that, if consummated, would be more favorable to the stockholders of Urstadt Biddle from a financial point of view than the transactions
contemplated by the merger agreement (including any adjustment to the terms and conditions thereof proposed in writing by Regency in response to any such acquisition proposal or otherwise). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle will promptly notify Regency (but in no event later than 48 hours) after receipt by Urstadt Biddle or any of its affiliates or
representatives, of any acquisition proposal, any request for <FONT STYLE="white-space:nowrap">non-public</FONT> information from any person that informs Urstadt Biddle or any of its subsidiaries or representatives that it is considering making, or
has made, an acquisition proposal, or any inquiry from any person seeking to have or continue discussions or negotiations with Urstadt Biddle relating to a possible acquisition. Urstadt Biddle will thereafter keep Regency informed of the status and
terms of developments, discussions and negotiations concerning any such acquisition proposal (including after the occurrence of any amendment, modification or supplement thereto) on a reasonably current basis. Except as described below, the Urstadt
Biddle board of directors (i)&nbsp;shall not withdraw, withhold, modify or qualify in any manner adverse to Regency or Merger Sub (or publicly propose to do so) the approval, recommendation or declaration of advisability by the Urstadt Biddle board
of directors of the merger agreement, the mergers or any of the other transactions contemplated thereby and (ii)&nbsp;shall not publicly recommend, endorse or otherwise declare advisable the approval of any acquisition proposal (each such action,
which we refer to as an &#147;adverse recommendation change&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If at any time prior to obtaining the approval of the Merger Proposal
and subject to the process described below, the Urstadt Biddle board of directors may make an adverse recommendation change if (i)&nbsp;the Urstadt Biddle board of directors receives an unsolicited, bona fide written acquisition proposal made after
May&nbsp;17, 2023 that has not resulted from a violation of the <FONT STYLE="white-space:nowrap">non-solicitation</FONT> restrictions and (ii)&nbsp;the Urstadt Biddle board of directors determines in good faith, after consultation with its financial
advisor and outside legal counsel, that such acquisition proposal constitutes a superior proposal and that the failure to do so would be inconsistent with its duties under applicable law. As described below, Urstadt Biddle has the right to terminate
the merger agreement to accept a superior proposal (which termination we refer to as a &#147;superior proposal termination&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, subject to the process described below, the Urstadt Biddle board of directors may also make an adverse recommendation change at any time prior to obtaining the approval of the Merger Proposal, in response to an Intervening Event (defined
below) if the Urstadt Biddle board of directors determines in good faith, after consultation with its financial advisor and outside legal counsel, that the failure to make such adverse recommendation change would be inconsistent with its duties
under applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to making an adverse recommendation change in response to an Intervening Event or a superior proposal or
effecting a superior proposal termination, Urstadt Biddle will: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">first notify Regency and Merger Sub in writing at least four business days before taking such action that Urstadt
Biddle intends to take such action (such notice including (x)&nbsp;in circumstances involving or </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">98 </P>

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<TD WIDTH="9%">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
relating to an acquisition proposal, the terms and conditions of, and attaching a copy of, such acquisition proposal, and (y)&nbsp;in circumstances not involving or relating to an acquisition
proposal, specifying in reasonable detail the reasons therefor); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">negotiate in good faith with Regency during such four-business day notice period, to enable Regency to propose
revisions to the terms of the merger agreement such that the superior proposal ceases to be a superior proposal, or in the case of an Intervening Event, such revisions as proposed by Regency (plus an additional two business days in the case of any
material supplements or amendments to such superior proposal or any material change to the conditions constituting such Intervening Event); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">at the end of such negotiation period, the Urstadt Biddle board of directors must determine in good faith that,
(i)&nbsp;after consultation with its financial advisor and outside legal counsel, in circumstances involving or relating to an acquisition proposal, such superior proposal continues to constitute a superior proposal (taking into account any
adjustment or modification to the terms and conditions of the merger agreement proposed by Regency), and that, after consultation with its outside legal counsel, the failure to effect such superior proposal termination would be inconsistent with its
duties under applicable Law, or (y)&nbsp;after consultation with its financial advisor and outside legal counsel, in circumstances not involving or relating to an acquisition proposal, the failure to effect such adverse recommendation change would
be inconsistent with its duties under applicable law. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An &#147;Intervening Event&#148; means any material fact, event,
circumstance, change or development that materially affects the business, assets or operations of Urstadt Biddle and its subsidiaries (taken as a whole) that (i)&nbsp;has occurred or arisen after May&nbsp;17, 2023, (ii) was not known or reasonably
foreseeable to the Urstadt Biddle board of directors as of or prior to May&nbsp;17, 2023, (iii) first becomes known to the Urstadt Biddle board of directors before stockholder approval of the Merger Proposal has been obtained, and (iv)&nbsp;does not
relate to or involve (A)&nbsp;any acquisition proposal or any inquiry or communications relating thereto or any matter relating thereto or consequence thereof, (B)&nbsp;any change in the market price or trading volume of capital stock of Urstadt
Biddle or of any equity ratings or the ratings outlook for Urstadt Biddle or any of the Urstadt Biddle subsidiaries by any applicable rating agency, or (C)&nbsp;the fact that, in and of itself, Urstadt Biddle meets, exceeds or fails to meet any
internal or published projections, estimates or expectations of Urstadt Biddle revenue, earnings or other financial performance or results of operation for any period (provided that with respect to the foregoing clauses (B)&nbsp;and (C), any fact,
event, circumstance, change or development giving rise to such change, meeting, exceeding or failure of which may otherwise constitute or be taken into account in determining whether an Intervening Event has occurred if not falling into the
foregoing clause (A)&nbsp;of this definition). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_50"></A>Conditions to Completion of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The respective obligations of each of Regency and Urstadt Biddle to effect the mergers are subject to the satisfaction or waiver by Regency and
Urstadt Biddle in writing, at or prior to the closing, of the following conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle obtaining the required vote of its stockholders to approve the mergers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which this proxy
statement/prospectus is a part having become effective, and the registration statement not being the subject of any stop order or proceedings seeking a stop order; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the absence of any temporary restraining order, preliminary or permanent injunction or other order issued by any
court of competent jurisdiction or other legal restraint or prohibition preventing the consummation of the mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency common stock and Regency preferred stock to be issued in the second merger having been approved for
listing on the Nasdaq, subject to official notice of issuance; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the articles of amendment classifying the Regency Series A preferred stock and the articles of amendment
classifying the Regency Series B preferred stock having been filed with and accepted for record by the Florida Department of State. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">99 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the obligations of Regency and Merger Sub to effect the mergers are subject to
the satisfaction or waiver by Regency in writing, at or prior to the closing, of the following additional conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the representations and warranties of Urstadt Biddle being true and correct to the extent and as of the dates
specified in the merger agreement, including that there have been no events, changes, effects, developments, circumstances, conditions or occurrences since October&nbsp;31, 2022 that have had or would reasonably be expected to have, individually or
in the aggregate, a material adverse effect with respect to Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Urstadt Biddle having performed in all material respects all of the obligations required to be performed by it
under the merger agreement at or prior to the Closing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the absence of any event, change, or occurrence arising after May&nbsp;17, 2023 that, individually, or in the
aggregate, constitutes a material adverse effect with respect to Urstadt Biddle; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Regency of a certificate signed on behalf of Urstadt Biddle by the chief executive officer and the
chief financial officer of Urstadt Biddle, certifying that the conditions set forth in the three immediately preceding bullets have been satisfied; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Regency of a written opinion of REIT counsel to Urstadt Biddle and UB Sub I, dated as of the
closing date, to the effect that for all taxable periods commencing with Urstadt Biddle&#146;s taxable year ended October&nbsp;31, 2019 and ending at the moment in time immediately prior to the second merger effective time, Urstadt Biddle and, from
and after the first merger effective time, UB Sub I, have each been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Regency of a written opinion of its counsel, dated as of the closing date, to the effect that, on
the basis of facts, representations and assumptions set forth in such opinion, each of the first merger and the second merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The obligations of Urstadt Biddle to effect the mergers are subject to the satisfaction or waiver by Urstadt Biddle in writing, at or prior to
the closing, of the following additional conditions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the representations and warranties of Regency being true and correct to the extent and as of the dates specified
in the merger agreement, including that there have been no events, changes, effects, developments, circumstances, conditions or occurrences since December&nbsp;31, 2022, which have had or would reasonably be expected to have, individually or in the
aggregate, a material adverse effect with respect to Regency; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency and Merger Sub having performed in all material respects all of the obligations required to be performed
by them under the merger agreement at or prior to the closing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the absence of any event, change, or occurrence arising after May&nbsp;17, 2023 that, individually, or in the
aggregate, constitutes a material adverse effect with respect to Regency; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Urstadt Biddle of a certificate signed on behalf of Regency by the chief executive officer or
chief financial officer of Regency, certifying that the conditions set forth in the three immediately preceding bullets have been satisfied; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Urstadt Biddle of a written opinion of REIT counsel to Regency, dated as of the closing date, to
the effect that for all taxable periods commencing with Regency&#146;s taxable year ended December&nbsp;31, 2019 and through the closing date, Regency has been organized and operated in conformity with the requirements for qualification and taxation
as a REIT under the Code and that Regency&#146;s proposed method of organization and operation will permit Regency to continue to qualify for taxation as a REIT under the Code for its taxable year which includes the closing date; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt by Urstadt Biddle of a written opinion of its counsel, dated as of the closing date, to the effect
that, on the basis of facts, representations and assumptions set forth in such opinion, each of the </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">100 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
first merger and the second merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_51"></A>Fees and Expenses </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Other than as provided below, all fees and expenses incurred in connection with the mergers will be paid by the party incurring those expenses,
whether or not the mergers are completed. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_52"></A>Termination of the Merger Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Termination.</I> The merger agreement may be terminated at any time prior to the second merger effective time, whether before or after the
receipt of the requisite Urstadt Biddle stockholder approvals, under the following circumstances: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by mutual written agreement of Regency and Urstadt Biddle; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by either Regency or Urstadt Biddle: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the mergers are not consummated on or before February&nbsp;17, 2024 (which we refer to as the &#147;outside
date&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if any governmental authority of competent jurisdiction has issued a final and nonappealable order, decree or
ruling, in each case that permanently enjoins or otherwise prohibits the consummation of the mergers or any law has been enacted or enforced by a governmental authority after May&nbsp;17, 2023 that makes illegal the consummation of the transactions;
or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the approval of the Merger Proposal by the Urstadt Biddle stockholders was not obtained at the special meeting
or at any adjournment or postponement thereof, in each case, at which a vote on the Merger Proposal was taken (which we refer to as the &#147;stockholder vote-down termination right&#148;). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by Regency: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if Urstadt Biddle breaches, violates, or fails to perform any of its representations, warranties, covenants or
agreements as set forth in the merger agreement and such breach, violation or failure to perform, either individually or in the aggregate, if occurring or continuing on the closing date would result of a failure of the related closing conditions set
forth in the merger agreement to be satisfied (which we refer to as a &#147;Company terminating breach&#148;) and is not cured within the earlier of (i) 45 days following the notice to Urstadt Biddle by Regency of such breach or failure and
(ii)&nbsp;the outside date, provided that Regency will not have the right to terminate upon a Company terminating breach if a Parent terminating breach (defined below) has occurred and is continuing at the time that Regency delivered notice of its
election to terminate (which we refer to as the &#147;Company Breach Termination Right&#148;); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, prior to approval of the Merger Proposal by the Urstadt Biddle stockholders, Urstadt Biddle, its board, or a
committee thereof (a)&nbsp;effects an adverse recommendation change, (b)&nbsp;fails to, after the announcement of an acquisition proposal, recommend against the acquisition proposal and publicly reaffirm the recommendation of the Urstadt Biddle
board of directors within 10 business days of being requested by Regency to do so, or (c)&nbsp;fails to include the recommendation of the Urstadt Biddle board of directors (which we refer to as the &#147;adverse recommendation change termination
right&#148;). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by Urstadt Biddle: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if Regency breaches, violates, or fails to perform any of its representations, warranties, covenants or
agreements as set forth in the merger agreement and such breach, violation or failure to perform, either individually or in the aggregate, if occurring at the closing date would result of a
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">101 </P>

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failure of the closing conditions set forth in the merger agreement (which we refer to as a &#147;Parent terminating breach&#148;) and is not cured within the earlier of (i)&nbsp;forty-five
(45)&nbsp;days following the notice to Regency by Urstadt Biddle of such breach or failure and (ii)&nbsp;the outside date, provided that Urstadt Biddle will not have the right to terminate upon a Parent terminating breach if a Company terminating
breach has occurred and is continuing at the time that Urstadt Biddle delivered notice of its election to terminate; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, prior to approval of the Merger Proposal by the Urstadt Biddle stockholders, the Urstadt Biddle board of
directors determines to enter into an agreement with respect to a superior proposal and the termination fee is paid in full substantially concurrently with such termination (which we refer to as the &#147;superior proposal termination right&#148;).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Effect of Termination.</I> If the merger agreement is terminated pursuant to its terms, it will become void and of
no effect without liability or obligation of any party to the other parties to the merger agreement other than as described immediately below in the section entitled &#147;Termination Fees and Expense Reimbursement&#148; except that no party will be
released from any liabilities or damages arising out of any fraud in connection with the merger agreement or willful and material breach of any covenants or agreements set forth in the merger agreement by such party. Notwithstanding the foregoing,
certain provisions of the merger agreement relating to fees and expenses, effects of termination, termination fees, expense reimbursement, indemnification, announcement and certain general provisions will survive any termination of the merger
agreement. In addition, the termination of the merger agreement will not affect the respective obligations of Regency and Urstadt Biddle under the confidentiality agreement, dated as of March&nbsp;28, 2023, by and between Regency and Urstadt Biddle.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Termination Fees and Expense Reimbursement</I>. Urstadt Biddle has agreed to pay a termination fee of $31.6&nbsp;million to Regency in
the following circumstances: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if Regency terminates the merger agreement pursuant to the adverse recommendation change termination right;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if Urstadt Biddle terminates the merger agreement pursuant to the superior proposal termination Right; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if (a)&nbsp;Regency terminates the merger agreement pursuant to the Company Breach Termination Right and prior to
the breach giving rise to such termination right, an acquisition proposal has been publicly announced otherwise made known to the Urstadt Biddle board of directors and not irrevocably withdrawn publicly and (b)&nbsp;within 12 months after such
termination, Urstadt Biddle consummates a transition in respect of an acquisition proposal or enters into a definitive agreement with respect to an acquisition proposal that is later consummated (for purposes of clause (b), all percentages included
in the definition of &#147;acquisition proposal&#148; shall be increased to 50%); or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if (a)&nbsp;either party terminates the merger agreement pursuant to the stockholder vote-down termination right
and prior to the special meeting, an acquisition proposal has been publicly announced otherwise made known to the Urstadt Biddle board of directors and not irrevocably withdrawn publicly at least 5 business days prior to the special meeting and
(b)&nbsp;within 12 months after such termination, Urstadt Biddle consummates a transition in respect of an acquisition proposal or enters into a definitive agreement with respect to an acquisition proposal that is later consummated (for purposes of
clause (b), all percentages included in the definition of &#147;acquisition proposal&#148; shall be increased to 50%). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Urstadt Biddle fails to promptly pay the termination fee pursuant to the merger agreement, Urstadt Biddle will also pay any reasonable
costs and expenses incurred by Regency in connection with a legal action to enforce the merger agreement to the extent that such action results in a final, nonappealable judgment for such amount against Urstadt Biddle. Any termination fee not paid
when due will bear interest from the date of termination until the date paid at a rate equal to the prime rate as published in <I>The Wall Street Journal</I> in effect on the date of such payment. Other than in the case of fraud or willful and
material breach, the termination fee and other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">102 </P>

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amounts payable by Urstadt Biddle pursuant to the termination fee provisions of the merger agreement shall be the sole and exclusive remedy of Regency, Merger Sub and their affiliates and
representatives against Urstadt Biddle, its affiliates and representatives (including for any and all losses and damages suffered as a result of the failure of the mergers to be consummated or for a breach or failure to perform by Urstadt Biddle of
its covenants and agreements in the merger agreement), in the event of a termination of the merger agreement in connection with which any termination fee pursuant to the merger agreement is payable by Urstadt Biddle, and upon payment of such
termination fee and any such additional amounts payable, none of Urstadt Biddle, its affiliates and representatives shall have any further liability or obligation relating to or arising out of the merger agreement, any agreement executed in
connection therewith, or the transactions contemplated thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The termination fee payable by Urstadt Biddle to Regency may also be
reduced to the maximum amount, if any, that can be paid to Regency without causing it to fail to meet the requirements of Section&nbsp;856(c)(2) and (3)&nbsp;of the Code (which we refer to as the &#147;REIT Requirements&#148;) for such year. In the
event that Regency is not able to receive the full termination fee payable pursuant to the merger agreement due to the above limitations, Urstadt Biddle will place the unpaid amount in escrow and shall not release any portion thereof to Regency
unless and until Regency receives either (x)&nbsp;a letter from Regency&#146;s independent accountants indicating the maximum amount that can be paid at that time to Regency without causing Regency to fail to meet the REIT Requirements or
(y)&nbsp;an opinion from counsel or other tax advisor or a ruling from the IRS providing that Regency&#146;s receipt of the unpaid fee will not impact its qualification as a REIT under the Code. The obligation of Urstadt Biddle to pay any unpaid
portion of the termination fee pursuant to the merger agreement shall terminate on the December&nbsp;31 that is five years from the date the termination fee first becomes payable. Amounts remaining in escrow after the obligation of Urstadt Biddle to
pay such termination fee terminates will be released to Urstadt Biddle. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_53"></A>Director and Officer Indemnification and Insurance
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement provides that, from and after the second merger effective time and for six&nbsp;years from and after the closing
date, Regency will cause the surviving corporation in the first merger to, indemnify and hold harmless, to the fullest extent permitted by law, all past and present directors, officers, managers, trustees, members, employees, agent or fiduciaries of
Urstadt Biddle and its subsidiaries (which we refer to as the &#147;indemnified parties&#148;) against any fees, costs or expenses (including advancing attorneys&#146; fees, consultants fees and expenses), judgments, fines, losses, claims, damages,
liabilities and amounts paid in settlement in connection with any actual or alleged action or any investigation, defense, preparation thereof or participation therein, in respect of acts or omissions occurring or alleged to have occurred at or prior
to the second merger effective time (whether asserted or claimed prior to, at or after the second merger effective time) (including acts or omissions occurring in connection with the approval of the merger agreement and the consummation of the
transactions, including the consideration and approval of the merger agreement and the transactions and the process in connection with such consideration and approval) in connection with such indemnified parties serving as a director, officer,
manager, trustee, member, employee, agent or other fiduciary of Urstadt Biddle or any of its subsidiaries. The merger agreement also provides that, for the same <FONT STYLE="white-space:nowrap">six-year</FONT> period, Regency will cause the
surviving corporation in the first merger to promptly pay on behalf of or advance to each of the indemnified parties, in each case to the extent such persons are otherwise entitled to payment or advancement of expenses pursuant to the terms of the
organizational documents of Urstadt Biddle, UB Sub I and their respective subsidiaries as in effect on May&nbsp;17, 2023 in connection with, arising out of or otherwise related to any such actual or alleged action, in connection with, arising out of
or otherwise related to matters existing or occurring or alleged to have occurred prior to or at the second merger effective time. Regency further agreed that any indemnification agreement between Urstadt Biddle and any indemnified party shall
entitle such indemnified party to indemnification and advancement of expenses in connection with such party&#146;s service as a director or officer of UB Sub I to the same extent as such party is entitled to indemnification and advancement of
expenses as a director or officer of Urstadt Biddle. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a period of six years following the second merger effective time, the
organizational documents of the surviving corporation in the first merger and of any applicable subsidiary of the surviving corporation in the first </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">103 </P>

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merger shall contain provisions no less favorable with respect to indemnification and limitations on liability of directors and officers than are set forth in the organizational documents of
Urstadt Biddle, UB Sub I or any applicable subsidiary, which provisions shall not be amended, repealed or otherwise modified for a period of six years following the second merger effective time in any manner that would affect adversely the rights of
the applicable indemnified parties thereunder, unless such modification shall be required by applicable law and then only to the minimum extent required by applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, Regency will either cause the surviving corporation in the first merger to maintain in effect, for six years after the second
merger effective time, its directors&#146; and officers&#146; liability insurance policy for acts or omissions occurring prior to the second merger effective time (or no less favorable substitute coverage) or, at Regency&#146;s election, Urstadt
Biddle will obtain extended reporting period coverage under Urstadt Biddle&#146;s existing insurance programs or purchase a <FONT STYLE="white-space:nowrap">six-year</FONT> prepaid &#147;tail&#148; policy, provided that the surviving corporation in
the first merger will not be required to pay in excess of 300% of the most recent annual premiums paid by Urstadt Biddle prior to the date of the merger agreement (and Regency will not be required to elect that Urstadt Biddle obtain any tail policy
with premiums in excess of such amount). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_54"></A>Amendment, Extension and Waiver of the Merger Agreement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Amendment</I>. Subject to the provisions of applicable laws, at any time prior to the second merger effective time, the merger agreement may
be amended or modified if such amendment or modification is in writing authorized by the Urstadt Biddle board of directors and the Regency board of directors, respectively. After approval of the mergers by Urstadt Biddle stockholders has been
obtained, amendments will not be permitted if they change the amount or the form of the consideration to be delivered under the merger agreement to the holders of UB common stock, UB Class&nbsp;A common stock, and/or UB Sub I common shares, or which
by applicable law or, in the case of Regency, in accordance with the rules of the Nasdaq, requires the further approval of the stockholders of Urstadt Biddle or stockholders of Regency without such further approval of such stockholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>Waiver</I>. Subject to the provisions of applicable laws, at any time prior to the second merger effective time, the merger agreement may
be waived if such waiver is in writing and signed by the party against whom the waiver is to be effective. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_55"></A>Governing Law
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger agreement and all related claims are governed by the laws of the State of Maryland (without giving effect to any conflict
of law rules or principles that would result in the application of the law of any other state or jurisdiction). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="toc506590_56"></A>Remedies;
Specific Performance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle agreed that irreparable damage would occur in the event that any of the provisions of
the merger agreement were not performed in accordance with their specific terms or were otherwise breached and that, monetary damages, even if available, would not be an adequate remedy therefor and the right of specific performance and other
equitable relief is an integral part of the transactions contemplated by the merger agreement. The parties further agreed that, prior to the valid termination of the merger agreement, each party shall be entitled to seek an injunction or injunctions
to prevent breaches of the merger agreement and to enforce specifically the terms and provisions of the merger agreement, in addition to any other remedy to which such party is entitled at law or in equity. Each party further agreed to waive any
objections and defenses to the grant of the equitable remedy of specific performance or to an injunction to prevent or restraint breaches of the merger agreement and to waive any requirement for the securing or posting of any bond in connection with
such order or injunction. For the avoidance of doubt, the parties may pursue both a grant of specific performance or other equitable remedies and the payment of damages, in each case as contemplated by the merger agreement, but will not be entitled
or permitted to receive an award of damages if specific performance or other equitable remedies are awarded and consummation of the mergers occurs and shall not be entitled or permitted to receive an award of specific performance or other equitable
remedies if damages are awarded. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">104 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_57"></A>THE VOTING AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I>The following section summarizes certain material provisions of the voting agreement. This summary does not purport to be complete and may
not contain all of the information about the voting agreement that is important to you. This summary is subject to, and qualified in its entirety by reference to, the voting agreement, which is attached as Annex C to this proxy statement/prospectus
and is incorporated by reference into this proxy statement/prospectus. The rights and obligations of the parties are governed by the express terms and conditions of the voting agreement and not by this summary or any other information contained in
this proxy statement/prospectus. You are urged to read the voting agreement carefully and in its entirety. </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The summary of the voting
agreement is included in this proxy statement/prospectus only to provide you with information regarding certain terms and conditions of the voting agreement, and not to provide any other factual information about the Urstadt Biddle Family
Stockholders, Regency or Urstadt Biddle. Accordingly, the representations and warranties and other provisions of the voting agreement should not be read alone, but instead should be read together with the information provided elsewhere in this proxy
statement/prospectus and in the documents incorporated by reference into this proxy statement/prospectus. For more information, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The representations, warranties and covenants contained in the voting agreement and described in this proxy
statement/prospectus were made only for purposes of the voting agreement and as of specific dates set forth therein and may be subject to more recent developments, were made solely for the benefit of the other parties to the merger agreement and may
be subject to limitations agreed upon by the contracting parties. Investors should not rely on the representations, warranties and covenants or any description thereof as characterizations of the actual statement of facts or conditions of the
Urstadt Biddle Family Stockholders, Regency, Urstadt Biddle or any of their respective affiliates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the voting agreement, the
Urstadt Biddle Family Stockholders agreed, among other things: (i)&nbsp;to vote (or cause to be voted) all of the UB common stock and UB Class&nbsp;A common stock owned of record or beneficially by the Urstadt Biddle Family Stockholders as of the
date of the merger agreement and any additional UB common stock or UB Class&nbsp;A common stock of which any such Urstadt Biddle Family Stockholders acquires record or beneficial ownership after the date of the merger agreement (a)&nbsp;in favor of
the Merger Proposal (or any similar proposal required to be approved in order for either of the mergers to be consummated) and (b)&nbsp;against (i)&nbsp;any action or agreement that would reasonably be expected to result in any of the conditions to
Urstadt Biddle&#146;s obligations to complete the mergers not being fulfilled or result in a breach of any covenant, representation or warranty or any other obligation or agreement of Urstadt Biddle contained in the merger agreement or (ii)&nbsp;any
acquisition proposal. The Urstadt Biddle Family Stockholders have also agreed not to transfer the UB common stock and UB Class&nbsp;A common stock they owned of record or beneficially as of the date of the merger agreement or acquired thereafter.
The voting agreement expires on the earliest of (A)&nbsp;the second merger effective time, (B)&nbsp;an adverse recommendation change, and (C)&nbsp;such time as the merger agreement is terminated in accordance with the terms of the merger agreement.
</P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The UB common stock and UB Class&nbsp;A common stock held by the Urstadt Biddle Family Stockholders represent approximately 68% of
the voting power of UB common stock and UB Class A common stock as of the record date. <B>Because the</B><B></B><B>&nbsp;approval of the Merger Proposal requires the affirmative vote of the holders of UB common stock and UB
Class</B><B></B><B>&nbsp;A common stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter at the special meeting, the approval of the Urstadt Biddle Family Stockholders at the special meeting
will be sufficient to approve the Merger Proposal, even if no other holders of UB common stock or UB Class</B><B></B><B>&nbsp;A common stock vote in favor of the Merger Proposal.</B> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">105 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_58"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGERS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a general discussion of the material U.S. federal income tax consequences of the mergers to U.S. holders (as defined
below) and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders (as defined below) of shares of UB common stock, UB Class&nbsp;A common stock or UB preferred stock that, accounting for the combined effects of the first merger and second merger,
exchange such shares for Regency common stock or Regency preferred stock, as applicable, in the mergers. The following discussion is based on the Code, U.S. Treasury regulations promulgated thereunder and judicial and administrative authorities,
rulings and decisions, all as in effect as of the date of this proxy statement/prospectus. These authorities may change, possibly with retroactive effect, and any such change could affect the accuracy of the statements and conclusions set forth in
this discussion. This discussion assumes that the mergers will be completed in accordance with the merger agreement and as further described in this proxy statement/prospectus. This discussion is not a complete description of all of the tax
consequences of the mergers and, in particular, except as specifically discussed below, does not address any tax reporting requirements, tax consequences arising under the unearned income Medicare contribution tax pursuant to the Health Care and
Education Reconciliation Act of 2010, any considerations in respect of the Foreign Account Tax Compliance Act of 2010 (including the U.S. Treasury regulations and administrative guidance promulgated thereunder and intergovernmental agreements
entered into pursuant thereto or in connection therewith and any laws, regulations or practices adopted in connection with any such agreement), or any tax consequences arising under the laws of any state, local or
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction, or under any U.S. federal laws other than those pertaining to the income tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion applies only to U.S. holders and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders of shares of UB common
stock, UB Class&nbsp;A common stock or UB preferred stock who hold such shares as a capital asset within the meaning of Section&nbsp;1221 of the Code (generally, property held for investment). Further, this discussion does not purport to consider
all aspects of U.S. federal income taxation that might be relevant to U.S. holders in light of their particular circumstances and does not apply to holders subject to special treatment under the U.S. federal income tax laws (such as, for example,
banks and certain other financial institutions, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, governmental organizations, partnerships, S corporations or other entities treated as pass-through entities for U.S. federal income tax
purposes (or investors therein), regulated investment companies, real estate investment trusts, controlled foreign corporations, passive foreign investment companies, insurance companies, mutual funds, dealers or brokers in stocks and securities,
commodities or currencies, traders in securities that elect to apply a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> method of accounting, holders who are required to recognize income or gain with
respect to the mergers no later than such income or gain is required to be reported on an applicable financial statement under Section&nbsp;451(b) of the Code, holders subject to any alternative minimum tax provisions of the Code, holders who
acquired UB common stock, UB Class&nbsp;A common stock or UB preferred stock pursuant to the exercise of employee stock options, through a tax qualified retirement plan or otherwise as compensation, holders who actually or constructively own more
than 5% of UB common stock, UB Class&nbsp;A common stock or UB preferred stock, U.S. holders whose functional currency is not the U.S. dollar, holders who hold UB common stock, UB Class&nbsp;A common stock or UB preferred stock as part of a hedge,
straddle, constructive sale, conversion or other integrated transaction, or U.S. expatriates, former citizens or former long-term residents of the United States). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, the term &#147;U.S. holder&#148; means a beneficial owner of UB common stock, UB Class&nbsp;A common stock or
UB preferred stock or UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock, as applicable, that is for U.S. federal income tax purposes (i)&nbsp;an individual who is a citizen or resident of the United States,
(ii)&nbsp;a corporation, or entity treated as a corporation for U.S. federal income tax purposes, organized in or under the laws of the United States or any state thereof or the District of Columbia, (iii)&nbsp;a trust if (a)&nbsp;a court within the
United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b)&nbsp;such trust has made a valid election to be
treated as a U.S. person for U.S. federal income tax purposes or (iv)&nbsp;an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">106 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of this discussion, a <FONT STYLE="white-space:nowrap">&#147;non-U.S.</FONT>
holder&#148; is any beneficial owner of UB common stock, UB Class&nbsp;A common stock or UB preferred stock or UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock, as applicable, that is neither a U.S. holder nor an
entity treated as a partnership for U.S. federal income tax purposes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an entity or an arrangement treated as a partnership for U.S.
federal income tax purposes holds UB common stock, UB Class&nbsp;A common stock or UB preferred stock or UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock, as applicable, the U.S. federal income tax treatment of a
partner in such partnership generally will depend on the status of the partner and the activities of the partnership. Any entity treated as a partnership for U.S. federal income tax purposes that holds UB common stock, UB Class&nbsp;A common stock
or UB preferred stock or UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock, as applicable, and any partners in such partnership should consult their tax advisors regarding the tax consequences of the mergers to
them. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This discussion is not binding on the IRS. No assurance can be given that the IRS would not assert, or that a court would not
sustain, a position contrary to any described herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Determining the actual tax consequences of the mergers to you may be complex and
will depend on your specific situation and on factors that are not within the control of Regency or Urstadt Biddle. You should consult your tax advisor as to the specific tax consequences of the mergers in your particular circumstances, including
the applicability and effect of the alternative minimum tax, U.S. federal <FONT STYLE="white-space:nowrap">non-income</FONT> tax laws, and any state, local, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> and other tax laws and of changes in those
laws. </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Material U.S. Federal Income Tax Consequences of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle intend for each of the first merger and the second merger to qualify as a &#147;reorganization&#148; for U.S.
federal income tax purposes within the meaning of Section&nbsp;368(a) of the Code. It is a condition to the completion of the mergers that Regency and Urstadt Biddle receive written opinions from their respective counsel, dated as of the closing
date, to the effect that each of the first merger and the second merger will qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. The opinions will be based on customary assumptions and representations from
Regency and Urstadt Biddle, as well as certain covenants and undertakings by Regency and Urstadt Biddle. If any of the assumptions, representations, covenants or undertakings is incorrect, incomplete or inaccurate, or is violated, the validity of
the opinions described above may be affected and the U.S. federal income tax consequences of the mergers could differ from those described in this proxy statement/prospectus. An opinion of counsel represents counsel&#146;s best legal judgment but is
not binding on the IRS or any court. Neither Regency nor Urstadt Biddle intends to obtain a ruling from the IRS regarding any matter relating to the mergers. Accordingly, there can be no assurance that the IRS will not assert, or that a court would
not sustain, a position contrary to any of the conclusions set forth below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of U.S. Holders of UB Common Stock, UB Class&nbsp;A Common Stock
and UB Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the basis of the opinion described above, the U.S. federal income tax consequences of the mergers to U.S.
holders of UB Class&nbsp;A common stock, UB common stock and UB preferred stock generally will be as follows: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>The First Merger
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon exchanging UB common stock, UB Class&nbsp;A common stock or UB preferred stock for UB Sub I common stock, UB Sub I Class&nbsp;A
common stock or UB Sub I preferred stock, respectively, a U.S. holder generally will not recognize gain or loss. A U.S. holder&#146;s aggregate tax basis in the UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock
received in the first merger will equal such U.S. holder&#146;s aggregate adjusted tax basis in the applicable class of UB common stock, UB Class&nbsp;A common stock or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">107 </P>

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UB preferred stock surrendered in the first merger. A U.S. holder&#146;s holding period for the UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock received in
the first merger will include such U.S. holder&#146;s holding period for the applicable class of UB common stock, UB Class&nbsp;A common stock or UB preferred stock surrendered in the first merger. If a U.S. holder acquired different blocks of UB
common stock, UB Class&nbsp;A common stock or UB preferred stock at different times or at different prices, the basis and holding period of each block of UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock received
by such U.S. holder in the first merger will be determined on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">block-for-block</FONT></FONT> basis depending on the basis and holding period of the blocks of the applicable class of
UB common stock, UB Class&nbsp;A common stock or UB preferred stock exchanged for such UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock. U.S. holders that acquired different blocks of UB common stock, UB
Class&nbsp;A common stock or UB preferred stock at different times or at different prices should consult their tax advisors regarding the allocation of the tax basis and holding period of such shares to particular shares of UB Sub I common stock, UB
Sub I Class&nbsp;A common stock or UB Sub I preferred stock, respectively, received in the first merger. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>The Second Merger </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon exchanging UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock for Regency common stock or Regency
preferred stock, as applicable, a U.S. holder generally will not recognize gain or loss, except with respect to any cash received in lieu of fractional shares of Regency common stock (as discussed below). A U.S. holder&#146;s aggregate tax basis in
the Regency common stock or Regency preferred stock received in the second merger (including any fractional shares of Regency common stock deemed received and exchanged for cash, as discussed below) will equal such U.S. holder&#146;s aggregate
adjusted tax basis in the UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock (determined as discussed in the preceding paragraph), as applicable, exchanged therefor in the second merger. A U.S. holder&#146;s
holding period for the Regency common stock or Regency preferred stock received in the second merger (including any fractional share of Regency common stock deemed received and exchanged for cash, as discussed below) will include such U.S.
holder&#146;s holding period for the UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock (determined as discussed in the preceding paragraph), as applicable, exchanged therefor in the second merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, a U.S. holder that receives cash in lieu of a fractional share of Regency common stock will be treated as having received such
fractional share of Regency common stock pursuant to the second merger and then as having sold such fractional share of Regency common stock for cash. As a result, such U.S. holder generally will recognize capital gain or loss equal to the
difference between the amount of cash received for such fractional share and such U.S. holder&#146;s tax basis allocable to such fractional share of Regency common stock as set forth above. Any such capital gain or loss generally will be long-term
capital gain or loss if, as of the second merger effective time, the U.S. holder&#146;s holding period for such fractional share (as described above) exceeds one year. Long-term capital gains of certain
<FONT STYLE="white-space:nowrap">non-corporate</FONT> taxpayers, including individuals, may be eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders of UB Common Stock, UB Class&nbsp;A Common Stock and UB Preferred Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On the basis of the opinion described above, the U.S. federal income tax consequences of the mergers to
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders of UB Class&nbsp;A common stock, UB common stock or UB preferred stock generally will be as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>The First Merger </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon
exchanging UB common stock, UB Class&nbsp;A common stock or UB preferred stock for UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock, respectively, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder
generally will not recognize gain or loss. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">108 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>The Second Merger </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Upon exchanging UB Sub I common stock, UB Sub I Class&nbsp;A common stock or UB Sub I preferred stock for shares of Regency common stock or
Regency preferred stock, as applicable, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder generally will not recognize gain or loss, except with respect to any cash received in lieu of fractional shares of Regency common stock. Any gain
recognized by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder on the receipt of cash in lieu of fractional shares of Regency common stock pursuant to the second merger generally will not be subject to U.S. federal income tax unless: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the gain is &#147;effectively connected&#148; with a U.S. trade or business of such <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder (and, if required by an applicable income tax treaty, is also attributable to a permanent establishment or a fixed base in the United States maintained by such
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder), in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder generally will be subject to tax on such gain in the same manner as a U.S. holder and, if the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder is a foreign corporation, such corporation may additionally be subject to branch profits tax at the rate of 30% (or such lower rate as may be specified by an applicable income tax treaty); or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual who is present in
the United States for 183 days or more in the taxable year of the second merger and certain other conditions are met, in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder generally will be subject to a 30% tax on the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s net gain realized in the second merger, which may be offset by U.S. source capital losses of the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, if any. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Reporting and Backup Withholding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In general, information reporting requirements will apply to any cash received pursuant to the mergers. Certain holders of UB common stock, UB
Class&nbsp;A common stock or UB preferred stock may be subject to backup withholding (currently at a rate of 24%) with respect to such payments. Backup withholding generally will not apply, however, to a holder of UB common stock, UB Class&nbsp;A
common stock or UB preferred stock that (i)&nbsp;furnishes a correct taxpayer identification number and certifies that it is not subject to backup withholding on IRS Form <FONT STYLE="white-space:nowrap">W-9,</FONT> (ii) provides a properly
completed applicable IRS Form <FONT STYLE="white-space:nowrap">W-8,</FONT> or (iii)&nbsp;is otherwise exempt from backup withholding and provides appropriate proof of the applicable exemption, in each case to the applicable withholding agent. Backup
withholding is not an additional tax, and any amounts withheld will be allowed as a refund or credit against the U.S. holder&#146;s U.S. federal income tax liability, if any, provided that such U.S. holder timely furnishes the required information
to the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The preceding discussion does not purport to be a complete analysis or discussion of all the potential tax consequences of
the mergers to U.S. holders or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders. Holders of UB common stock, UB Class&nbsp;A common stock or UB preferred stock should consult their tax advisors regarding the specific tax consequences to them
of the mergers, including any tax return reporting requirements or other tax filings that may be required in connection with the mergers, and the applicability and effect of U.S. federal, state, local and
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> and other applicable tax laws in light of their particular circumstances. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">109 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_59"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS REGARDING
REGENCY&#146;S TAXATION AS A REIT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following is a general summary of certain material U.S. federal income tax considerations
regarding Regency&#146;s qualification and taxation as a REIT and the acquisition, ownership and disposition of Regency common stock and Regency preferred stock. This summary is for general information only and is not tax advice. The information in
this summary is based on: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">current, temporary and proposed Treasury regulations promulgated under the Code (the &#147;Treasury
Regulations&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the legislative history of the Code; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">administrative interpretations and practices of the IRS; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">court decisions; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">in each case, as of the date of this proxy statement/prospectus. In addition, the administrative interpretations and practices of the IRS include its
practices and policies as expressed in private letter rulings that are not binding on the IRS except with respect to the particular taxpayers who requested and received those rulings. The sections of the Code and the corresponding Treasury
Regulations that relate to qualification and taxation as a REIT are highly technical and complex. The following discussion sets forth certain material aspects of the sections of the Code that govern the U.S. federal income tax treatment of a REIT
and its stockholders. This summary is qualified in its entirety by the applicable Code provisions, Treasury Regulations promulgated under the Code, and administrative and judicial interpretations thereof. Potential tax reforms may result in
significant changes to the rules governing U.S. federal income taxation. New legislation, Treasury Regulations, administrative interpretations and practices and/or court decisions may significantly and adversely affect Regency&#146;s ability to
qualify as a REIT, the U.S. federal income tax consequences of such qualification, or the U.S. federal income tax consequences of an investment in Regency, including those described in this discussion. Moreover, the law relating to the tax treatment
of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT. Any such changes could apply retroactively to transactions preceding the date of
the change. Regency has not requested, and does not plan to request, any rulings from the IRS that it qualifies as a REIT, and the statements in this proxy statement/prospectus are not binding on the IRS or any court. Thus, Regency can provide no
assurance that the tax considerations contained in this discussion will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. This summary does not discuss any state, local or
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences, or any tax consequences arising under any U.S. federal tax laws other than U.S. federal income tax laws, associated with the acquisition, ownership or disposition of Regency common
stock and Regency preferred stock, or Regency&#146;s qualification and taxation as a REIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>You are urged to consult your tax advisor
regarding the tax consequences to you of: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>the acquisition, ownership and disposition of Regency common stock and Regency preferred stock, including the
U.S. federal, state, local, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> and other tax consequences; </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Regency&#146;s election to be taxed as a REIT for U.S. federal income tax purposes; and
</B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><B>&#149;</B></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>potential changes in applicable tax laws. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of Regency </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_110a">
</A><B><I>General.</I></B> Regency has elected to be taxed as a REIT under Sections&nbsp;856 through 860 of the Code, commencing with its taxable year ended December&nbsp;31, 1993. Regency believes that it has been organized and has operated in a
manner that has allowed it to qualify for taxation as a REIT under the Code commencing with such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">110 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
taxable year, and Regency intends to continue to be organized and operate in this manner. However, qualification and taxation as a REIT depend upon Regency&#146;s ability to meet the various
qualification tests imposed under the Code, including through actual operating results, asset composition, distribution levels and diversity of stock ownership. Accordingly, no assurance can be given that Regency has been organized and has operated,
or will continue to be organized and operate, in a manner so as to qualify or remain qualified as a REIT. See the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of
Regency &#151; Failure to Qualify&#148; beginning on page&nbsp;123 of this proxy statement/prospectus for potential tax consequences if Regency fails to qualify as a REIT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is a condition to Regency&#146;s obligation to complete the mergers that Regency receive an opinion from Hogan Lovells US LLP (or other
counsel reasonably satisfactory to Regency) to the effect that, for all taxable periods commencing with its taxable year ended October&nbsp;31, 2019 and ending at the moment in time immediately prior to the second merger effective time, Urstadt
Biddle and, from and after the first merger effective time, UB Sub I have been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code. It must be emphasized that this opinion will be based
on various assumptions and representations as to factual matters, including representations made by Urstadt Biddle in a factual certificate provided by one or more of its officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is a condition to Urstadt Biddle&#146;s obligation to complete the mergers that Urstadt Biddle receive an opinion of Foley&nbsp;&amp;
Lardner LLP (or other counsel reasonably satisfactory to Urstadt Biddle) to the effect that, for all taxable periods commencing with its taxable year ended December&nbsp;31, 2019 and through the Closing Date, Regency has been organized and operated
in conformity with the requirements for qualification and taxation as a REIT under the Code, and Regency&#146;s proposed method of organization and operation will enable it to continue to qualify for taxation as a REIT under the Code for its taxable
year which includes the Closing Date. It must be emphasized that this opinion will be based on various assumptions and representations as to factual matters, including representations made by Regency and Urstadt Biddle in factual certificates
provided by one or more of their respective officers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither of the opinions described above will be binding on the IRS or the courts.
Regency intends to continue to operate in a manner to qualify as a REIT following the second merger. Regency&#146;s qualification and taxation as a REIT depend upon its ability to meet the various qualification tests imposed under the Code, which
are discussed below, including through actual operating results, asset composition, distribution levels and diversity of stock ownership, the results of which have not been and will not be reviewed by Foley&nbsp;&amp; Lardner LLP. Accordingly, no
assurance can be given that Regency&#146;s actual results of operations for any particular taxable year have satisfied or will satisfy those requirements. Further, the anticipated U.S. federal income tax treatment described herein may be changed,
perhaps retroactively, by legislative, administrative or judicial action at any time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Provided Regency qualifies for taxation as a REIT,
it generally will not be required to pay U.S. federal corporate income taxes on its REIT taxable income that is currently distributed to its stockholders. This treatment substantially eliminates the &#147;double taxation&#148; that ordinarily
results from investment in a C corporation. A C corporation is a corporation that generally is required to pay tax at the corporate level. &#147;Double taxation&#148; means taxation once at the corporate level when income is earned and once again at
the stockholder level when the income is distributed. Regency will, however, be required to pay U.S. federal income tax as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">First, Regency will be required to pay regular U.S. federal corporate income tax on any undistributed REIT
taxable income, including undistributed capital gain. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Second, if Regency has (1)&nbsp;net income from the sale or other disposition of &#147;foreclosure property&#148;
held primarily for sale to customers in the ordinary course of business or (2)&nbsp;other nonqualifying income from foreclosure property, Regency will be required to pay regular U.S. federal corporate income tax on this income. To the extent that
income from foreclosure property is otherwise qualifying income for purposes of the 75% gross income test, this tax is not applicable. Subject to certain other requirements, </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">111 </P>

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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">
foreclosure property generally is defined as property Regency acquired through foreclosure or after a default on a loan secured by the property or a lease of the property. See the section
entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151;&nbsp;Foreclosure Property&#148; beginning on page&nbsp;123 of this proxy statement/prospectus.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Third, Regency will be required to pay a 100% tax on any net income from prohibited transactions. Prohibited
transactions are, in general, sales or other taxable dispositions of property, other than foreclosure property, held as inventory or primarily for sale to customers in the ordinary course of business. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fourth, if Regency fails to satisfy the 75% gross income test or the 95% gross income test, as described below,
but has otherwise maintained its qualification as a REIT because certain other requirements are met, Regency will be required to pay a tax equal to (1)&nbsp;the greater of (A)&nbsp;the amount by which Regency fails to satisfy the 75% gross income
test and (B)&nbsp;the amount by which Regency fails to satisfy the 95% gross income test, multiplied by (2)&nbsp;a fraction intended to reflect its profitability. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Fifth, if Regency fails to satisfy any of the asset tests (other than a de minimis failure of the 5% or 10% asset
test), as described below, due to reasonable cause and not due to willful neglect, and Regency nonetheless maintains its REIT qualification because of specified cure provisions, Regency will be required to pay a tax equal to the greater of $50,000
or the highest U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets that caused it to fail such test. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sixth, if Regency fails to satisfy any provision of the Code that would result in its failure to qualify as a
REIT (other than a violation of the gross income tests or certain violations of the asset tests, as described below) and the violation is due to reasonable cause and not due to willful neglect, Regency may retain its REIT qualification but it will
be required to pay a penalty of $50,000 for each such failure. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Seventh, Regency will be required to pay a 4% excise tax to the extent it fails to distribute during each
calendar year at least the sum of (1)&nbsp;85% of its ordinary income for the year, (2)&nbsp;95% of its capital gain net income for the year, and (3)&nbsp;any undistributed taxable income from prior periods. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Eighth, if Regency acquires any asset from a corporation that is or has been a C corporation in a transaction in
which its tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which Regency acquired the asset, and Regency subsequently recognizes gain on the disposition of the asset during the
five-year period beginning on the date on which Regency acquired the asset, then Regency generally will be required to pay regular U.S. federal corporate income tax on this gain to the extent of the excess of (1)&nbsp;the fair market value of the
asset over (2)&nbsp;Regency&#146;s adjusted tax basis in the asset, in each case determined as of the date on which Regency acquired the asset. The results described in this paragraph with respect to the recognition of gain assume that the C
corporation will refrain from making an election to receive different treatment under applicable Treasury Regulations on its tax return for the year in which Regency acquires the asset from the C corporation. Under applicable Treasury Regulations,
any gain from the sale of property Regency acquired in an exchange under Section&nbsp;1031 (a like-kind exchange) or Section&nbsp;1033 (an involuntary conversion) of the Code generally is excluded from the application of this <FONT
STYLE="white-space:nowrap">built-in</FONT> gains tax. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Ninth, Regency&#146;s subsidiaries that are C corporations and are not qualified REIT subsidiaries, including
Regency&#146;s &#147;taxable REIT subsidiaries&#148; described below, generally will be required to pay regular U.S. federal corporate income tax on their earnings. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Tenth, Regency will be required to pay a 100% tax on any &#147;redetermined rents,&#148; &#147;redetermined
deductions,&#148; &#147;excess interest&#148; or &#147;redetermined TRS service income,&#148; as described below in the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT&nbsp;&#151;
Taxation of Regency &#151; Penalty Tax&#148; beginning on page 118 of this proxy statement/prospectus. In general, redetermined rents are rents from real property that are overstated as a result of services furnished to any of Regency&#146;s tenants
by a taxable REIT subsidiary of Regency. Redetermined </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">112 </P>

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<TR style = "page-break-inside:avoid">
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deductions and excess interest generally represent amounts that are deducted by a taxable REIT subsidiary of Regency for amounts paid to Regency that are in excess of the amounts that would have
been deducted based on <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> negotiations. Redetermined TRS service income generally represents income of a taxable REIT subsidiary that is understated as a result of services provided to Regency
or on Regency&#146;s behalf. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Eleventh, Regency may elect to retain and pay income tax on Regency&#146;s net capital gain. In that case, a
stockholder would include its proportionate share of Regency&#146;s undistributed capital gain (to the extent Regency makes a timely designation of such gain to the stockholder) in its income, would be deemed to have paid the tax that Regency paid
on such gain, and would be allowed a credit for its proportionate share of the tax deemed to have been paid, and an adjustment would be made to increase the tax basis of the stockholder in their Regency stock. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Twelfth, if Regency fails to comply with the requirement to send annual letters to Regency&#146;s stockholders
holding at least a certain&nbsp;percentage of Regency&#146;s stock, as determined under applicable Treasury Regulations, requesting information regarding the actual ownership of Regency&#146;s stock, and the failure is not due to reasonable cause or
is due to willful neglect, Regency will be subject to a $25,000 penalty, or if the failure is intentional, a $50,000 penalty. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Regency&#146;s subsidiaries may be subject to a variety of taxes other than U.S. federal income tax, including payroll taxes and
state and local income, property and other taxes on Regency&#146;s assets and operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_113"></A><B><I>Requirements
for Qualification as a REIT.</I></B> The Code defines a REIT as a corporation, trust or association: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) that is managed by one or more
trustees or directors; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) that issues transferable shares or transferable certificates to evidence its beneficial ownership; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) that would be taxable as a domestic corporation, but for its election to be subject to tax as a REIT under Sections&nbsp;856 through 860
of the Code; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) that is not a financial institution or an insurance company within the meaning of certain provisions of the Code; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(5) that is beneficially owned by 100 or more persons; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(6) that is not more than 50% in value of the outstanding stock of which is owned, actually or constructively, by five or fewer individuals,
including certain specified entities, during the last half of each taxable year; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(7) that meets other tests, described below, regarding
the nature of its income and assets and the amount of its distributions; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(8) that makes an election to be taxable as a REIT, or has
made this election for a previous taxable year, which has not been revoked or terminated, and satisfies all relevant filing and other administrative requirements established by the IRS that must be met to elect and maintain REIT status. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Code provides that conditions (1)&nbsp;to (4), inclusive, must be met during the entire taxable year and that condition&nbsp;(5) must be
met during at least 335&nbsp;days of a taxable year of 12&nbsp;months, or during a proportionate part of a taxable year of less than 12&nbsp;months. Conditions (5)&nbsp;and (6) do not apply until after the first taxable year for which an election is
made to be taxed as a REIT. For purposes of condition (6), the term &#147;individual&#148; includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for
charitable purposes, but generally does not include a qualified pension plan or profit sharing trust. For purposes of the REIT election in condition (8), Regency elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing
with its taxable year ended December&nbsp;31, 1993, and such election has not been revoked or terminated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">113 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency believes that it has been organized and has operated in a manner that has allowed
it, and will continue to allow it, to satisfy conditions&nbsp;(1) through (8), inclusive, during the relevant time periods. In addition, Regency&#146;s charter provides for restrictions regarding ownership and transfer of Regency&#146;s shares that
are intended to assist Regency in continuing to satisfy the share ownership requirements described in conditions&nbsp;(5) and (6)&nbsp;above. A description of the share ownership and transfer restrictions relating to Regency capital stock is
contained in the section entitled &#147;Description of Regency Capital Stock&nbsp;&#151;&nbsp;Restrictions on Ownership and Transfer&#148; beginning on page&nbsp;146 of this proxy statement/prospectus. These restrictions, however, do not ensure that
Regency has previously satisfied, and may not ensure that Regency will, in all cases, be able to continue to satisfy, the share ownership requirements described in conditions&nbsp;(5) and (6)&nbsp;above. If Regency fails to satisfy these share
ownership requirements, then except as provided in the next sentence, Regency&#146;s status as a REIT will terminate. If, however, Regency complies with the rules contained in applicable Treasury Regulations that require Regency to ascertain the
actual ownership of Regency&#146;s shares and Regency does not know, or would not have known through the exercise of reasonable diligence, that it failed to meet the requirement described in condition (6)&nbsp;above, Regency will be treated as
having met this requirement. See the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; Failure to Qualify&#148; beginning on page&nbsp;123 of this
proxy statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Regency may not maintain its status as a REIT unless Regency&#146;s taxable year is the calendar
year. Regency has and will continue to have a calendar taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_114"></A><B><I>Ownership of Interests in
Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries.</I></B> In the case of a REIT that is a partner in a partnership (for purposes of this discussion, references to &#147;partnership&#148; include a limited liability company
treated as a partnership for U.S. federal income tax purposes, and references to &#147;partner&#148; include a member in such a limited liability company), Treasury Regulations provide that the REIT will be deemed to own its proportionate share of
the assets of the partnership based on its interest in partnership capital, subject to special rules relating to the 10% asset test described below. Also, the REIT will be deemed to be entitled to its proportionate share of the income of that
entity. The assets and gross income of the partnership retain the same character in the hands of the REIT for purposes of Section&nbsp;856 of the Code, including satisfying the gross income tests and the asset tests. Thus, Regency&#146;s
pro&nbsp;rata share of the assets and items of income of any partnership or disregarded entity for U.S. federal income tax purposes in which Regency directly or indirectly owns an interest is treated as Regency&#146;s assets and items of income for
purposes of applying the requirements described in this discussion, including the gross income and asset tests described below. A brief summary of the rules governing the U.S. federal income taxation of partnerships is set forth below in the section
entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Tax Aspects of the Subsidiary Partnerships and the Limited Liability Companies&#148; beginning on page 123 of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency generally has control of most of the subsidiary partnerships in which it owns an interest and intends to
operate them in a manner consistent with the requirements for Regency&#146;s qualification as a REIT. Regency may from time to time be a <FONT STYLE="white-space:nowrap">non-managing</FONT> member in some of Regency&#146;s partnerships. If a
partnership in which Regency owns an interest takes or expects to take actions that could jeopardize Regency&#146;s status as a REIT or require Regency to pay tax, Regency may be forced to dispose of Regency&#146;s interest in such entity. In
addition, it is possible that a partnership could take an action which could cause Regency to fail a gross income or asset test, and that Regency would not become aware of such action in time to dispose of its interest in the partnership or take
other corrective action on a timely basis. In such a case, Regency could fail to qualify as a REIT unless it were entitled to relief, as described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency may from time to time own and operate certain properties through wholly owned subsidiaries that it intends to be treated as
&#147;qualified REIT subsidiaries&#148; under the Code. A corporation (or other entity treated as a corporation for U.S. federal income tax purposes) will qualify as Regency&#146;s qualified REIT subsidiary if Regency owns 100% of the
corporation&#146;s outstanding stock and does not elect with the subsidiary to treat it as a &#147;taxable REIT subsidiary,&#148; as described below. A qualified REIT subsidiary is not treated as a separate
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">114 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
corporation, and all assets, liabilities and items of income, gain, loss, deduction and credit of a qualified REIT subsidiary are treated as assets, liabilities and items of income, gain, loss,
deduction and credit of the parent REIT for all purposes under the Code, including all REIT qualification tests. Thus, in applying the U.S. federal income tax requirements described in this discussion, any qualified REIT subsidiaries Regency owns
are ignored, and all assets, liabilities and items of income, gain, loss, deduction and credit of such corporations are treated as Regency&#146;s assets, liabilities and items of income, gain, loss, deduction and credit. A qualified REIT subsidiary
is not subject to U.S. federal income tax, and Regency&#146;s ownership of the stock of a qualified REIT subsidiary will not violate the restrictions on ownership of securities, as described below in the section entitled &#147;Material U.S. Federal
Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; Asset Tests&#148; beginning on page 118 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Ownership of Interests in Taxable REIT Subsidiaries.</I></B> Regency currently owns an interest in a number of taxable REIT subsidiaries
and may acquire securities in additional taxable REIT subsidiaries in the future. A taxable REIT subsidiary is a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) other than a REIT in which a REIT directly
or indirectly holds stock, and that has made a joint election with such REIT to be treated as a taxable REIT subsidiary. If a taxable REIT subsidiary owns more than 35% of the total voting power or value of the outstanding securities of another
corporation, such other corporation will also be treated as a taxable REIT subsidiary. Other than some activities relating to lodging and health care properties, a taxable REIT subsidiary may generally engage in any business, including the provision
of customary or <FONT STYLE="white-space:nowrap">non-customary</FONT> services to tenants of its parent REIT. A taxable REIT subsidiary is subject to U.S. federal income tax as a regular C corporation. A REIT is not treated as holding the assets of
a taxable REIT subsidiary or as receiving any income that the taxable REIT subsidiary earns. Rather, the stock issued by the taxable REIT subsidiary is an asset in the hands of the REIT, and the REIT generally recognizes as income the dividends, if
any, that it receives from the taxable REIT subsidiary. A REIT&#146;s ownership of securities of a taxable REIT subsidiary is not subject to the 5% or 10% asset test described below. See the section entitled &#147;Material U.S. Federal Income Tax
Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; Asset Tests&#148; beginning on page 118 of this proxy statement/prospectus. Taxpayers are subject to a limitation on their ability to deduct net business
interest generally equal to 30% of adjusted taxable income, subject to certain exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Ownership of Interests in Subsidiary
REITs.</I></B> Regency owns and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a &#147;Subsidiary REIT&#148;). A Subsidiary REIT is subject to the various
REIT qualification requirements and other limitations described herein that are applicable to Regency. If a Subsidiary REIT were to fail to qualify as a REIT, then (i)&nbsp;that Subsidiary REIT would become subject to U.S. federal income tax and
(ii)&nbsp;the Subsidiary REIT&#146;s failure to qualify could have an adverse effect on Regency&#146;s ability to comply with the REIT income and asset tests, and thus could impair Regency&#146;s ability to qualify as a REIT unless Regency could
avail itself of certain relief provisions. Investments in Subsidiary REITs may pose additional challenges, such as smaller income and asset bases against which to absorb nonqualifying income and assets. In the case of a Subsidiary REIT acquired by
purchase, its REIT qualification during Regency&#146;s period of ownership could depend on the seller&#146;s compliance with the REIT requirements for periods prior to acquisition. If Regency sells a Subsidiary REIT during the year, such Subsidiary
REIT&#146;s qualification as a REIT for the portion of the year prior to the sale generally would depend on the buyer&#146;s compliance with the REIT requirements for the remainder of such Subsidiary REIT&#146;s taxable year in which the sale
occurs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_115a"></A><B><I>Income Tests.</I></B> Regency must satisfy two gross income requirements annually to maintain
its qualification as a REIT. First, in each taxable year, Regency must derive directly or indirectly at least 75% of its gross income (excluding gross income from prohibited transactions, certain hedging transactions and certain foreign currency
gains) from investments relating to real property or mortgages on real property, including &#147;rents from real property,&#148; dividends from other REITs and, in certain circumstances, interest, or certain types of temporary investments. Second,
in each taxable year Regency must derive at least 95% of its gross income (excluding gross income from prohibited transactions, certain hedging transactions, and certain foreign currency gains) from the
</P>
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real property investments described above or dividends, interest and gain from the sale or disposition of stock or securities, or from any combination of the foregoing. For these purposes, the
term &#147;interest&#148; generally does not include any amount received or accrued, directly or indirectly, if the determination of all or some of the amount depends in any way on the income or profits of any person. However, an amount received or
accrued generally will not be excluded from the term &#147;interest&#148; solely by reason of being based on a fixed&nbsp;percentage or&nbsp;percentages of receipts or sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Rents Regency receives from a tenant will qualify as &#147;rents from real property&#148; for the purpose of satisfying the gross income
requirements for a REIT described above only if all of the following conditions are met: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The amount of rent is not based in whole or in part on the income or profits of any person. However, an amount
Regency receives or accrues generally will not be excluded from the term &#147;rents from real property&#148; solely because it is based on a fixed&nbsp;percentage or&nbsp;percentages of receipts or sales or if it is based on the net income of a
tenant which derives substantially all of its income with respect to such property from subleasing of substantially all of such property, to the extent that the rents paid by the subtenants would qualify as rents from real property if Regency earned
such amounts directly; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Neither Regency nor an actual or constructive owner of 10% or more of Regency&#146;s shares actually or
constructively owns 10% or more of the interests in the assets or net profits of a <FONT STYLE="white-space:nowrap">non-corporate</FONT> tenant, or, if the tenant is a corporation, 10% or more of the total combined voting power of all classes of
stock entitled to vote or 10% or more of the total value of all classes of stock of the tenant. Rents Regency receives from such a tenant that is a taxable REIT subsidiary of Regency, however, will not be excluded from the definition of &#147;rents
from real property&#148; as a result of this condition if at least 90% of the space at the property to which the rents relate is leased to third parties, and the rents paid by the taxable REIT subsidiary are substantially comparable to rents paid by
Regency&#146;s other tenants for comparable space. Whether rents paid by a taxable REIT subsidiary are substantially comparable to rents paid by other tenants is determined at the time the lease with the taxable REIT subsidiary is entered into,
extended, and modified, if such modification increases the rents due under such lease. Notwithstanding the foregoing, however, if a lease with a &#147;controlled taxable REIT subsidiary&#148; is modified and such modification results in an increase
in the rents payable by such taxable REIT subsidiary, any such increase will not qualify as &#147;rents from real property.&#148; For purposes of this rule, a &#147;controlled taxable REIT subsidiary&#148; is a taxable REIT subsidiary in which the
parent REIT owns stock possessing more than 50% of the voting power or more than 50% of the total value of the outstanding stock of such taxable REIT subsidiary; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Rent attributable to personal property, leased in connection with a lease of real property, is not greater than
15% of the total rent received under the lease. If this condition is not met, then the portion of the rent attributable to personal property will not qualify as &#147;rents from real property.&#148; To the extent that rent attributable to personal
property, leased in connection with a lease of real property, exceeds 15% of the total rent received under the lease, Regency may transfer a portion of such personal property to a taxable REIT subsidiary; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency generally may not operate or manage the property or furnish or render services to Regency&#146;s tenants,
subject to a 1% de minimis exception and except as provided below. Regency may, however, perform services that are &#147;usually or customarily rendered&#148; in connection with the rental of space for occupancy only and are not otherwise considered
&#147;rendered to the occupant&#148; of the property. Examples of these services include the provision of light, heat, or other utilities, trash removal and general maintenance of common areas. In addition, Regency may employ an independent
contractor from whom Regency derives no revenue to provide customary services to Regency&#146;s tenants, or a taxable REIT subsidiary (which may be wholly or partially owned by Regency) to provide both customary and
<FONT STYLE="white-space:nowrap">non-customary</FONT> services to Regency&#146;s tenants without causing the rent Regency receives from those tenants to fail to qualify as &#147;rents from real property.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency generally does not intend to take actions Regency believes will cause it to fail to satisfy the rental conditions described above.
However, Regency may intentionally fail to satisfy some of these conditions to the </P>
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extent Regency determines, based on the advice of Regency&#146;s tax counsel, that the failure will not jeopardize Regency&#146;s tax status as a REIT. In addition, with respect to the limitation
on the rental of personal property, Regency generally has not obtained appraisals of the real property and personal property leased to tenants. Accordingly, there can be no assurance that the IRS will not disagree with Regency&#146;s determinations
of value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">From time to time, Regency may enter into hedging transactions with respect to one or more of Regency&#146;s assets or
liabilities. Regency&#146;s hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. Income from a hedging transaction, including gain from the sale or
disposition of such a transaction, that is clearly identified as a hedging transaction as specified in the Code will not constitute gross income under, and thus will be exempt from, the 75% and 95% gross income tests. The term &#147;hedging
transaction,&#148; as used above, generally means (A)&nbsp;any transaction Regency enters into in the normal course of Regency&#146;s business primarily to manage risk of (1)&nbsp;interest rate changes or fluctuations with respect to borrowings made
or to be made by Regency to acquire or carry real estate assets, or (2)&nbsp;currency fluctuations with respect to an item of qualifying income under the 75% or 95% gross income test or any property which generates such income and (B)&nbsp;new
transactions entered into to hedge the income or loss from prior hedging transactions, where the property or indebtedness which was the subject of the prior hedging transaction was extinguished or disposed of. To the extent that Regency does not
properly identify such transactions as hedges or Regency hedges with other types of financial instruments, the income from those transactions is not likely to be treated as qualifying income for purposes of the gross income tests. Regency intends to
structure any hedging transactions in a manner that does not jeopardize Regency&#146;s status as a REIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency has investments in one
or more entities located outside the United States and from time to time may invest in additional entities or properties located outside the United States, through a taxable REIT subsidiary or otherwise. These acquisitions could cause Regency to
incur foreign currency gains or losses. Any foreign currency gains, to the extent attributable to specified items of qualifying income or gain, or specified qualifying assets, however, generally will not constitute gross income for purposes of the
75% and 95% gross income tests, and therefore will be excluded from these tests. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent Regency&#146;s taxable REIT subsidiaries
pay dividends or interest, Regency&#146;s allocable share of such dividend or interest income will qualify under the 95%, but not the 75%, gross income test (except that Regency&#146;s allocable share of such interest would also qualify under the
75% gross income test to the extent the interest is paid on a loan that is adequately secured by real property). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency will monitor the
amount of the dividend and other income from Regency&#146;s taxable REIT subsidiaries and will take actions intended to keep this income, and any other nonqualifying income, within the limitations of the gross income tests. Although Regency expects
these actions will be sufficient to prevent a violation of the gross income tests, Regency cannot guarantee that such actions will in all cases prevent such a violation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If Regency fails to satisfy one or both of the 75% or 95% gross income tests for any taxable year, Regency may nevertheless qualify as a REIT
for the year if Regency is entitled to relief under certain provisions of the Code. Regency generally may make use of the relief provisions if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">following Regency&#146;s identification of the failure to meet the 75% or 95% gross income tests for any taxable
year, Regency files a schedule with the IRS setting forth each item of Regency&#146;s gross income for purposes of the 75% or 95% gross income tests for such taxable year in accordance with Treasury Regulations to be issued; and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Regency&#146;s failure to meet these tests was due to reasonable cause and not due to willful neglect.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">It is not possible, however, to state whether in all circumstances Regency would be entitled to the benefit of these
relief provisions. For example, if Regency fails to satisfy the gross income tests because nonqualifying income that Regency intentionally accrues or receives exceeds the limits on nonqualifying income, the IRS could
</P>
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conclude that Regency&#146;s failure to satisfy the tests was not due to reasonable cause. If these relief provisions do not apply to a particular set of circumstances, Regency will not qualify
as a REIT. See the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151;Failure to Qualify&#148; beginning on page 123 of this proxy statement/prospectus.
As discussed above in the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT&nbsp;&#151; Taxation of Regency &#151; General&#148; beginning on page 110 of this proxy
statement/prospectus, even if these relief provisions apply, and Regency retains its status as a REIT, a tax would be imposed with respect to Regency&#146;s nonqualifying income. Regency may not always be able to comply with the gross income tests
for REIT qualification despite periodic monitoring of Regency&#146;s income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_118b"></A><B><I>Prohibited Transaction
Income.</I></B> Any gain that Regency realizes on the sale of property (other than any foreclosure property) held as inventory or otherwise held primarily for sale to customers in the ordinary course of business, including any gain realized by
Regency&#146;s qualified REIT subsidiaries and Regency&#146;s share of any gain realized by any of Regency&#146;s subsidiary partnerships, will be treated as income from a prohibited transaction that is subject to a 100% penalty tax, unless certain
safe harbor exceptions apply. This prohibited transaction income may also adversely affect Regency&#146;s ability to satisfy the gross income tests for qualification as a REIT. Under existing law, whether property is held as inventory or primarily
for sale to customers in the ordinary course of a trade or business is a question of fact that depends on all the facts and circumstances surrounding the particular transaction. Regency intends to hold its properties for investment with a view to
long-term appreciation, to engage in the business of acquiring, developing and owning Regency&#146;s properties and to make occasional sales of the properties as are consistent with Regency&#146;s investment objectives. Regency does not intend, and
does not intend to permit any of Regency&#146;s subsidiary partnerships, to enter into any sales that are prohibited transactions. However, the IRS may successfully contend that some or all of the sales made by Regency or Regency&#146;s subsidiary
partnerships are prohibited transactions. Regency would be required to pay the 100% penalty tax on Regency&#146;s allocable share of the gains resulting from any such sales. The 100% penalty tax will not apply to gains from the sale of assets that
are held through a taxable REIT subsidiary, but such income will be subject to regular U.S. federal corporate income tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_118a">
</A><B><I>Penalty Tax.</I></B> Any redetermined rents, redetermined deductions, excess interest or redetermined TRS service income Regency generates will be subject to a 100% penalty tax. In general, redetermined rents are rents from real property
that are overstated as a result of any services furnished to any of Regency&#146;s tenants by a taxable REIT subsidiary of Regency, redetermined deductions and excess interest represent any amounts that are deducted by a taxable REIT subsidiary of
Regency for amounts paid to Regency that are in excess of the amounts that would have been deducted based on <FONT STYLE="white-space:nowrap">arm&#146;s-length</FONT> negotiations, and redetermined TRS service income is income of a taxable REIT
subsidiary that is understated as a result of services provided to Regency or on Regency&#146;s behalf. Rents Regency receives will not constitute redetermined rents if they qualify for certain safe harbor provisions contained in the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency does not believe it has been, and does not expect to be, subject to this penalty tax, although any rental or service arrangements
Regency enters into from time to time may not satisfy the safe-harbor provisions described above. These determinations are inherently factual, and the IRS has broad discretion to assert that amounts paid between related parties should be reallocated
to clearly reflect their respective incomes. If the IRS successfully made such an assertion, Regency would be required to pay a 100% penalty tax on any overstated rents paid to it, or any excess deductions or understated income of Regency&#146;s
taxable REIT subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_118"></A><B><I>Asset Tests.</I></B> At the close of each calendar quarter of Regency&#146;s
taxable year, Regency must also satisfy certain tests relating to the nature and diversification of its assets. First, at least 75% of the value of Regency&#146;s total assets must be represented by real estate assets, cash, cash items and U.S.
government securities. For purposes of this test, the term &#147;real estate assets&#148; generally means real property (including interests in real property and interests in mortgages on real property or on both real property and, to a limited
extent, personal property), shares (or transferable certificates of beneficial interest) in other REITs, any stock or debt instrument attributable to the investment of the proceeds of a stock offering or a public offering of debt with a term of at
</P>
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least five&nbsp;years (but only for the <FONT STYLE="white-space:nowrap">one-year</FONT> period beginning on the date the REIT receives such proceeds), debt instruments of publicly offered REITs,
and personal property leased in connection with a lease of real property for which the rent attributable to personal property is not greater than 15% of the total rent received under the lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Second, not more than 25% of the value of Regency&#146;s total assets may be represented by securities (including securities of taxable REIT
subsidiaries), other than those securities includable in the 75% asset test. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Third, of the investments included in the 25% asset class,
and except for certain investments in other REITs, Regency&#146;s qualified REIT subsidiaries and taxable REIT subsidiaries, the value of any one issuer&#146;s securities may not exceed 5% of the value of Regency&#146;s total assets, and Regency may
not own more than 10% of the total vote or value of the outstanding securities of any one issuer. Certain types of securities Regency may own are disregarded as securities solely for purposes of the 10% value test, including, but not limited to,
securities satisfying the &#147;straight debt&#148; safe harbor, securities issued by a partnership that itself would satisfy the 75% income test if it were a REIT, any loan to an individual or an estate, any obligation to pay rents from real
property and any security issued by a REIT. In addition, solely for purposes of the 10% value test, the determination of Regency&#146;s interest in the assets of a partnership in which Regency owns an interest will be based on Regency&#146;s
proportionate interest in any securities issued by the partnership, excluding for this purpose certain securities described in the Code. From time to time, Regency may own securities (including debt securities) of issuers that do not qualify as a
REIT, a qualified REIT subsidiary or a taxable REIT subsidiary. Regency intends that its ownership of any such securities will be structured in a manner that allows Regency to comply with the asset tests described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fourth, not more than 20% of the value of Regency&#146;s total assets may be represented by the securities of one or more taxable REIT
subsidiaries. Regency currently owns the stock of certain corporations that have elected, together with Regency, to be treated as Regency&#146;s taxable REIT subsidiaries, and Regency may acquire securities in additional taxable REIT subsidiaries in
the future. So long as each of these companies qualifies as a taxable REIT subsidiary of Regency, Regency will not be subject to the 5% asset test, the 10% voting securities limitation or the 10% value limitation with respect to Regency&#146;s
ownership of the securities of such companies. Regency believes that the aggregate value of Regency&#146;s taxable REIT subsidiaries has not exceeded, and in the future will not exceed, 20% of the aggregate value of Regency&#146;s gross assets.
Regency generally does not obtain independent appraisals to support these conclusions. In addition, there can be no assurance that the IRS will not disagree with Regency&#146;s determinations of value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Fifth, not more than 25% of the value of Regency&#146;s total assets may be represented by debt instruments of publicly offered REITs to the
extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets, as described above (e.g., a debt instrument issued by a publicly offered REIT
that is not secured by a mortgage on real property). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency through subsidiary partnerships owns directly or indirectly shares (or
transferable certificates of beneficial interest) in Subsidiary REITs, which shares or other interests represent in excess of ten percent (10%) of the value and voting rights of these Subsidiary REITs. These Subsidiary REITs must satisfy all of the
income, assets, distribution and other requirements described in this discussion. In the event that any of these other Subsidiary REITs were to fail to qualify as a REIT for federal income tax purposes, these shares or other interests would cease to
be a real estate asset for purposes of the asset tests. In the event that one of the relief provisions described below was not available in this instance, Regency would not satisfy the REIT asset tests and would cease to qualify as a REIT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The asset tests must be satisfied at the close of each calendar quarter of Regency&#146;s taxable year in which Regency (directly or through
Regency&#146;s qualified REIT subsidiaries or partnerships) acquires securities in the applicable issuer, and also at the close of each calendar quarter in which Regency increases its ownership of securities of such issuer (including as a result of
an increase in Regency&#146;s interest in any partnership that owns </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such securities). For example, Regency&#146;s indirect ownership of securities of each issuer may increase as a result of Regency&#146;s capital contributions to, or the redemption of other
partners&#146; or members&#146; interests in, a partnership in which Regency has an ownership interest. Also, after initially meeting the asset tests at the close of any quarter, Regency will not lose Regency&#146;s status as a REIT for failure to
satisfy the asset tests at the end of a later quarter solely by reason of changes in asset values. If Regency fails to satisfy an asset test because Regency acquires securities or other property during a quarter (including as a result of an increase
in Regency&#146;s interest in any partnership), Regency may cure this failure by disposing of sufficient nonqualifying assets within 30&nbsp;days after the close of that quarter. Regency believes that it has maintained, and it intends to maintain,
adequate records of the value of Regency&#146;s assets to ensure compliance with the asset tests. If Regency fails to cure any noncompliance with the asset tests within the <FONT STYLE="white-space:nowrap">30-day</FONT> cure period, Regency would
cease to qualify as a REIT unless it is eligible for certain relief provisions discussed below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain relief provisions may be
available to Regency if it discovers a failure to satisfy the asset tests described above after the <FONT STYLE="white-space:nowrap">30-day</FONT> cure period. Under these provisions, Regency will be deemed to have met the 5% and 10% asset tests if
the value of Regency&#146;s nonqualifying assets (i)&nbsp;does not exceed the lesser of (a)&nbsp;1% of the total value of Regency&#146;s assets at the end of the applicable quarter or (b)&nbsp;$10,000,000, and (ii)&nbsp;Regency disposes of the
nonqualifying assets or otherwise satisfy such tests within (a)&nbsp;six&nbsp;months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b)&nbsp;the period of time prescribed by Treasury Regulations to
be issued. For violations of any of the asset tests due to reasonable cause and not due to willful neglect and that are, in the case of the 5% and 10% asset tests, in excess of the de minimis exception described above, Regency may avoid
disqualification as a REIT after the <FONT STYLE="white-space:nowrap">30-day</FONT> cure period by taking steps including (i)&nbsp;the disposition of sufficient nonqualifying assets, or the taking of other actions, which allow Regency to meet the
asset tests within (a)&nbsp;six&nbsp;months after the last day of the quarter in which the failure to satisfy the asset tests is discovered or (b)&nbsp;the period of time prescribed by Treasury Regulations to be issued, (ii)&nbsp;paying a tax equal
to the greater of (a)&nbsp;$50,000 or (b)&nbsp;the U.S. federal corporate income tax rate multiplied by the net income generated by the nonqualifying assets, and (iii)&nbsp;disclosing certain information to the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Regency believes it has satisfied the asset tests described above and plans to take steps to ensure that Regency satisfies such tests
for any quarter with respect to which retesting is to occur, there can be no assurance that Regency will always be successful, or will not require a reduction in Regency&#146;s overall interest in an issuer (including in a taxable REIT subsidiary).
If Regency fails to cure any noncompliance with the asset tests in a timely manner, and the relief provisions described above are not available, Regency would cease to qualify as a REIT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_120"></A><B><I>Annual Distribution Requirements.</I></B> To maintain Regency&#146;s qualification as a REIT, Regency is
required to distribute dividends, other than capital gain dividends, to Regency&#146;s stockholders each year in an amount at least equal to the sum of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">90% of Regency&#146;s REIT taxable income; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">90% of Regency&#146;s <FONT STYLE="white-space:nowrap">after-tax</FONT> net income, if any, from foreclosure
property; minus </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the excess of the sum of certain items of <FONT STYLE="white-space:nowrap">non-cash</FONT> income over 5% of
Regency&#146;s REIT taxable income. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For these purposes, Regency&#146;s REIT taxable income is computed without regard
to the dividends paid, deduction and Regency&#146;s net capital gain. In addition, for purposes of this test, <FONT STYLE="white-space:nowrap">non-cash</FONT> income generally means income attributable to leveled stepped rents, original issue
discount, cancellation of indebtedness, or a like-kind exchange that is later determined to be taxable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Regency&#146;s REIT
taxable income will be reduced by any taxes Regency is required to pay on any gain Regency recognizes from the disposition of any asset Regency acquired from a corporation that is or has been a C corporation in a transaction in which Regency&#146;s
tax basis in the asset is less than the fair market value of the asset, in each case determined as of the date on which Regency acquired the asset, within the five-year </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">120 </P>

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period following Regency&#146;s acquisition of such asset, as described above in the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a
REIT &#151; Taxation of Regency &#151; General&#148; beginning on page 110 of this proxy/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Generally, a taxpayer&#146;s
deduction for net business interest expense will generally be limited to 30% of its taxable income, as adjusted for certain items of income, gain, deduction or loss. Any business interest deduction that is disallowed due to this limitation may be
carried forward to future taxable&nbsp;years, subject to special rules applicable to partnerships. If Regency or any of Regency&#146;s subsidiary partnerships are subject to this interest expense limitation, Regency&#146;s REIT taxable income for a
taxable year may be increased. Taxpayers that conduct certain real estate businesses may elect not to have this interest expense limitation apply to them, provided that they use an alternative depreciation system to depreciate certain property.
Regency believes that it or any of its subsidiary partnerships that are subject to this interest expense limitation will be eligible to make this election. If such election is made, although Regency or such subsidiary partnership, as applicable,
would not be subject to the interest expense limitation described above, depreciation deductions may be reduced and, as a result, Regency&#146;s REIT taxable income for a taxable year may be increased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency generally must pay, or be treated as paying, the distributions described above in the taxable year to which they relate. At
Regency&#146;s election, a distribution will be treated as paid in a taxable year if it is declared before Regency timely files its tax return for such year and paid on or before the first regular dividend payment after such declaration, provided
such payment is made during the <FONT STYLE="white-space:nowrap">12-month</FONT> period following the close of such year. These distributions are treated as received by Regency&#146;s stockholders in the year in which they are paid. This is so even
though these distributions relate to the prior year for purposes of the 90% distribution requirement. In order to be taken into account for purposes of Regency&#146;s distribution requirement, except as provided below, the amount distributed must
not be preferential&nbsp;&#151;&nbsp;<I>i.e.</I>, every stockholder of the class of stock to which a distribution is made must be treated the same as every other stockholder of that class, and no class of stock may be treated other than according to
its dividend rights as a class. This preferential dividend limitation will not apply to distributions made by Regency, provided Regency qualifies as a &#147;publicly offered REIT.&#148; Regency believes that it is, and expects it will continue to
be, a &#147;publicly offered REIT.&#148; However, Subsidiary REITs Regency may own from time to time may not be publicly offered REITs. To the extent that Regency does not distribute all of Regency&#146;s net capital gain, or distributes at least
90%, but less than 100%, of its REIT taxable income, as adjusted, Regency will be required to pay regular U.S. federal corporate income tax on the undistributed amount. Regency believes that it has made, and Regency intends to continue to make,
timely distributions sufficient to satisfy these annual distribution requirements and to minimize Regency&#146;s corporate tax obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency anticipates that it generally will have sufficient cash or liquid assets to enable it to satisfy the distribution requirements
described above. However, from time to time, Regency may not have sufficient cash or other liquid assets to meet these distribution requirements due to timing differences between the actual receipt of income and actual payment of deductible
expenses, and the inclusion of income and deduction of expenses in determining Regency&#146;s taxable income. In addition, Regency may decide to retain its cash, rather than distribute it, in order to repay debt or for other reasons. If these timing
differences occur, Regency may borrow funds to pay dividends or pay dividends in the form of taxable stock distributions in order to meet the distribution requirements, while preserving Regency&#146;s cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under some circumstances, Regency may be able to rectify an inadvertent failure to meet the 90% distribution requirement for a year by paying
&#147;deficiency dividends&#148; to Regency&#146;s stockholders in a later year, which may be included in Regency&#146;s deduction for dividends paid for the earlier year. In that case, Regency may be able to avoid being taxed on amounts distributed
as deficiency dividends, subject to the 4% excise tax described below. However, Regency will be required to pay interest to the IRS based upon the amount of any deduction claimed for deficiency dividends. While the payment of a deficiency dividend
will apply to a prior year for purposes of Regency&#146;s REIT distribution requirements, it will be treated as an additional distribution to Regency&#146;s stockholders in the year such dividend is paid. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">121 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, Regency will be required to pay a 4% excise tax to the extent Regency fails to
distribute during each calendar year at least the sum of 85% of Regency&#146;s ordinary income for such year, 95% of Regency&#146;s capital gain net income for the year and any undistributed taxable income from prior periods. Any ordinary income and
net capital gain on which U.S. federal corporate income tax is imposed for any year is treated as an amount distributed during that year for purposes of calculating this excise tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For purposes of the 90% distribution requirement and excise tax described above, dividends declared during the last three&nbsp;months of the
taxable year, payable to stockholders of record on a specified date during such period and paid during January of the following year, will be treated as paid by Regency and received by Regency&#146;s stockholders on December&nbsp;31 of the year in
which they are declared. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency has net operating loss carryforwards that it may use (subject to certain limitations) to reduce its
annual distribution requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Like-Kind Exchanges.</I></B> Regency may dispose of real property that is not held primarily for
sale in transactions intended to qualify as like-kind exchanges under the Code. Such like-kind exchanges are intended to result in the deferral of gain for U.S. federal income tax purposes. The failure of any such transaction to qualify as a
like-kind exchange could require Regency to pay U.S. federal income tax, possibly including the 100% prohibited transaction tax, or deficiency dividends, depending on the facts and circumstances surrounding the particular transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Tax Liabilities and Attributes Inherited in Connection with Acquisitions.</I></B> From time to time, Regency may acquire other
corporations or entities and, in connection with such acquisitions, Regency may succeed to the historical tax attributes and liabilities of such entities. For example, if Regency acquires a C corporation and subsequently disposes of its assets
within five&nbsp;years of the acquisition, Regency could be required to pay the <FONT STYLE="white-space:nowrap">built-in</FONT> gain tax described above in the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding
Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; General&#148; beginning on page 110 of this proxy statement/prospectus. In addition, in order to qualify as a REIT, at the end of any taxable year, Regency must not have any
earnings and profits accumulated in a <FONT STYLE="white-space:nowrap">non-REIT</FONT> year. As a result, if Regency acquires a C corporation, Regency must distribute the corporation&#146;s earnings and profits accumulated prior to the acquisition
before the end of the taxable year in which Regency acquires the corporation. Regency also could be required to pay the acquired entity&#146;s unpaid taxes even though such liabilities arose prior to the time Regency acquired the entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As with the second merger, Regency may from time to time acquire other REITs through a merger or acquisition. If Urstadt Biddle (or, from and
after the first merger effective time, UB Sub I) or any such other REIT failed to qualify as a REIT for any of its taxable&nbsp;years, such REIT would be liable for (and Regency (or Merger Sub in the case of the second merger), as the surviving
entity in the merger or acquisition, would be obligated to pay) regular U.S. federal corporate income tax on its taxable income for such taxable&nbsp;years. In addition, if such REIT was a C corporation at the time of the merger or acquisition, the
tax consequences described in the preceding paragraph generally would apply. If such REIT failed to qualify as a REIT for any of its taxable&nbsp;years, but qualified as a REIT at the time of such merger or acquisition, and Regency acquired such
REIT&#146;s assets in a transaction in which Regency&#146;s tax basis in the assets of such REIT is determined, in whole or in part, by reference to such REIT&#146;s tax basis in such assets, Regency generally would be subject to tax on the <FONT
STYLE="white-space:nowrap">built-in</FONT> gain on each asset of such REIT as described above if Regency were to dispose of the asset in a taxable transaction during the five-year period following such REIT&#146;s requalification as a REIT, subject
to certain exceptions. Moreover, even if such REIT qualified as a REIT at all relevant times, Regency would similarly be liable for other unpaid taxes (if any) of such REIT (such as the 100% tax on gains from any sales treated as &#147;prohibited
transactions&#148; as described above in the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; Prohibited Transaction Income&#148; beginning on page
118 of this proxy statement/prospectus). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">122 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Furthermore, after Regency&#146;s acquisition of another corporation or entity, the asset
and income tests will apply to all of Regency&#146;s assets, including the assets Regency acquires from such corporation or entity, and to all of Regency&#146;s income, including the income derived from the assets Regency acquires from such
corporation or entity. As a result, the nature of the assets that Regency acquires from such corporation or entity and the income Regency derives from those assets may have an effect on Regency&#146;s tax status as a REIT. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_123a"></A><B><I>Foreclosure Property.</I></B> The foreclosure property rules permit Regency (by its election) to foreclose
or repossess properties without being disqualified as a REIT as a result of receiving income that does not qualify under the gross income tests. However, in such a case, Regency would be subject to the U.S. federal corporate income tax on the net <FONT
STYLE="white-space:nowrap">non-qualifying</FONT> income from &#147;foreclosure property,&#148; and the <FONT STYLE="white-space:nowrap">after-tax</FONT> amount would increase the dividends Regency would be required to distribute to stockholders. See
the section entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency &#151; Annual Distribution Requirements&#148; beginning on page 120 of this proxy statement/prospectus.
This corporate tax would not apply to income that qualifies under the REIT 75% income test. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Foreclosure property treatment (other than
for qualified health care property) is available for an initial period of three&nbsp;years and may, in certain circumstances, be extended for an additional three&nbsp;years. Foreclosure property treatment for qualified health care property is
available for an initial period of two&nbsp;years and may, in certain circumstances, be extended for an additional four&nbsp;years. However, foreclosure property treatment will end on the first day on which Regency enters into a lease of the
applicable property that will give rise to income that does not qualify under the REIT 75% income test, but will not end if the lease will give rise only to qualifying income under such test. Foreclosure property treatment also will end if any
construction takes place on the property (other than completion of a building or other improvement that was more than 10% complete before default became imminent). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_123"></A><B><I>Failure to Qualify.</I></B> If Regency discovers a violation of a provision of the Code that would result in
its failure to qualify as a REIT, certain specified cure provisions may be available to it. Except with respect to violations of the gross income tests and asset tests (for which the cure provisions are described above), and provided that the
violation is due to reasonable cause and not due to willful neglect, these cure provisions generally impose a $50,000 penalty for each violation in lieu of a loss of REIT status. If Regency fails to satisfy the requirements for taxation as a REIT in
any taxable year, and the relief provisions do not apply, Regency will be required to pay regular U.S. federal corporate income tax on its taxable income. Distributions to stockholders in any year in which Regency fails to qualify as a REIT will not
be deductible by Regency. As a result, Regency anticipates that its failure to qualify as a REIT would reduce the cash available for distribution by Regency to its stockholders. In addition, if Regency fails to qualify as a REIT, Regency will not be
required to distribute any amounts to its stockholders, and all distributions to stockholders will be taxable as regular corporate dividends to the extent of Regency&#146;s current and accumulated earnings and profits. In such event, corporate
stockholders may be eligible for the dividends-received deduction. In addition, <FONT STYLE="white-space:nowrap">non-corporate</FONT> stockholders, including individuals, may be eligible for the preferential tax rates on qualified dividend income. <FONT
STYLE="white-space:nowrap">Non-corporate</FONT> stockholders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for
taxable&nbsp;years beginning before January&nbsp;1, 2026 for purposes of determining their U.S. federal income tax (but not for purposes of the 3.8% Medicare tax), subject to certain holding period requirements and other limitations. If Regency
fails to qualify as a REIT, such stockholders may not claim this deduction with respect to dividends paid by it. Unless entitled to relief under specific statutory provisions, Regency would also be ineligible to elect to be treated as a REIT for the
four taxable&nbsp;years following the year for which Regency loses its qualification. It is not possible to state whether in all circumstances Regency would be entitled to this statutory relief. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx506590_123b"></A>Tax Aspects of the Subsidiary Partnerships and the Limited Liability Companies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>General.</I></B> From time to time, Regency may own, directly or indirectly, interests in various partnerships and limited liability
companies. Regency expects these will be treated as partnerships or disregarded entities for U.S. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">123 </P>

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federal income tax purposes. In general, entities that are treated as partnerships or disregarded entities for U.S. federal income tax purposes are &#147;pass-through&#148; entities which are not
required to pay U.S. federal income tax. Rather, partners of such partnerships are allocated their shares of the items of income, gain, loss, deduction and credit of the partnership, and are potentially required to pay tax on this income, without
regard to whether they receive a distribution from the partnership. Regency will include in its income its share of these partnership items for purposes of the various gross income tests, the computation of its REIT taxable income, and the REIT
distribution requirements. Moreover, for purposes of the asset tests, Regency will include its pro&nbsp;rata share of assets held by these partnerships, based on Regency&#146;s capital interests in each such entity. See the section entitled
&#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency&nbsp;&#151;&nbsp;Ownership of Interests in Partnerships, Limited Liability Companies and Qualified REIT Subsidiaries&#148;
beginning on page 114 of this proxy statement/prospectus. A disregarded entity is not treated as a separate entity for U.S. federal income tax purposes, and all assets, liabilities and items of income, gain, loss, deduction and credit of a
disregarded entity are treated as assets, liabilities and items of income, gain, loss, deduction and credit of its parent that is not a disregarded entity for all purposes under the Code, including all REIT qualification tests. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Entity Classification.</I></B> Regency&#146;s interests in the subsidiary partnerships and limited liability companies involve special
tax considerations, including the possibility that the IRS might challenge the status of these entities as partnerships or disregarded entities for U.S. federal income tax purposes. For example, an entity that would otherwise be treated as a
partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if it is a &#147;publicly traded partnership&#148; and certain other requirements are met. A partnership would be treated as a publicly traded partnership
if its interests are traded on an established securities market or are readily tradable on a secondary market or a substantial equivalent thereof, within the meaning of applicable Treasury Regulations. Regency does not anticipate that any subsidiary
partnership will be treated as a publicly traded partnership that is taxable as a corporation. However, if any such entity were treated as a corporation, it would be required to pay an entity-level tax on its income. In this situation, the character
of Regency&#146;s assets and items of gross income would change and could prevent Regency from satisfying the REIT asset tests and possibly the REIT income tests. See the sections entitled &#147;Material U.S. Federal Income Tax Considerations
Regarding Regency&#146;s Taxation as a REIT &#151;&nbsp;Taxation of Regency&nbsp;&#151;&nbsp;Asset Tests&#148; and &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency
&nbsp;&#151;&nbsp;Income Tests&#148; beginning on page 118 and 115, respectively, of this proxy statement/prospectus. This, in turn, could prevent Regency from qualifying as a REIT. See the section entitled &#147;Material U.S. Federal Income Tax
Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of Regency&nbsp;&#151;&nbsp;Failure to Qualify&#148; beginning on page 123 of this proxy statement/prospectus for a discussion of the effect of Regency&#146;s failure to meet
these tests. In addition, a change in the tax status of a subsidiary treated as a partnership or disregarded entity to a corporation might be treated as a taxable event. If so, Regency might incur a tax liability without any related cash payment.
Regency believes that each of its subsidiary partnerships and limited liability companies are and will continue to be treated as partnerships or disregarded entities for U.S. federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Allocations of Items of Income, Gain, Loss and Deduction.</I></B> A partnership agreement (or, in the case of a limited liability
company treated as a partnership for U.S. federal income tax purposes, the limited liability company agreement) generally will determine the allocation of income and loss among partners. These allocations, however, will be disregarded for tax
purposes if they do not comply with the provisions of Section&nbsp;704(b) of the Code and the Treasury Regulations thereunder. Generally, Section&nbsp;704(b) of the Code and the Treasury Regulations thereunder require that partnership allocations
respect the economic arrangement of the partners. If an allocation of partnership income or loss does not comply with the requirements of Section&nbsp;704(b) of the Code and the Treasury Regulations thereunder, the item subject to the allocation
will be reallocated in accordance with the partners&#146; interests in the partnership. This reallocation will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect
to such item. Regency intends that the allocations of taxable income and loss in each of the partnerships in which Regency owns an interest from time to time comply with the requirements of Section&nbsp;704(b) of the Code and the Treasury
Regulations thereunder. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Tax Allocations with Respect to the Properties.</I></B> Under Section&nbsp;704(c) of
the Code, items of income, gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership in exchange for an interest in the partnership must be allocated in a manner so that the contributing
partner is charged with the unrealized gain or benefits from the unrealized loss associated with the property at the time of the contribution. The amount of the unrealized gain or unrealized loss generally is equal to the difference between the fair
market value or book value and the adjusted tax basis of the contributed property at the time of contribution (this difference is referred to as a <FONT STYLE="white-space:nowrap">book-tax</FONT> difference), as adjusted from time to time. These
allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners. Some of the partnerships in which Regency owns an interest were formed by way of
contributions of appreciated property. The relevant partnership and/or limited liability company agreements require that allocations be made in a manner consistent with Section&nbsp;704(c) of the Code. Under Section&nbsp;704(c) of the Code Regency
could be allocated less depreciation or more gain on sale with respect to a contributed property than the amounts that would have been allocated to Regency if it had instead acquired the contributed property with an initial tax basis equal to its
fair market value. Such allocations might adversely affect Regency&#146;s ability to comply with the REIT distribution requirements. See the sections entitled &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as
a REIT &#151; Taxation of Regency&nbsp;&#151;&nbsp;Requirements for Qualification as a REIT&#148; and &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT &#151; Taxation of
Regency&nbsp;&#151;&nbsp;Annual Distribution Requirements&#148; beginning on page 113 and 120, respectively, of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any property acquired by a subsidiary partnership in a taxable transaction will initially have a tax basis equal to its fair market value, and
Section&nbsp;704(c) of the Code generally will not apply. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Partnership Audit Rules.</I></B> The Bipartisan Budget Act of 2015
changed the rules applicable to U.S. federal income tax audits of partnerships. Under the new rules (which are generally effective for taxable&nbsp;years beginning after December&nbsp;31, 2017), among other changes and subject to certain exceptions,
any audit adjustment to items of income, gain, loss, deduction, or credit of a partnership (and any partner&#146;s distributive share thereof) is determined, and taxes, interest, or penalties attributable thereto are assessed and collected, at the
partnership level. It is possible that these rules could result in partnerships in which Regency directly or indirectly invests being required to pay additional taxes, interest and penalties as a result of an audit adjustment, and Regency, as a
direct or indirect partner of these partnerships, could be required to bear the economic burden of those taxes, interest, and penalties even though Regency, as a REIT, may not otherwise have been required to pay additional corporate-level taxes as a
result of the related audit adjustment. Investors are urged to consult their tax advisors with respect to these changes and their potential impact on their investment in Regency common stock and Regency preferred stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_60"></A>MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO HOLDERS OF
REGENCY COMMON STOCK AND REGENCY PREFERRED STOCK </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion is a summary of the material U.S. federal income tax
consequences of owning and disposing of Regency common stock and Regency preferred stock received in the second merger by U.S. holders and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders (each as defined in the section titled &#147;Material
U.S. Federal Income Tax Consequences of the Merger&#148; of this proxy statement/prospectus). This discussion does not address all aspects of U.S. federal income taxation and does not address other federal, state, local or <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences that may be relevant to a U.S. holder or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in light of its particular circumstances. In addition, this discussion does not address any
considerations arising under the unearned income Medicare contribution tax pursuant to the Health Care and Education Reconciliation Act of 2010 or any considerations in respect of the Foreign Account Tax Compliance Act of 2010 (including the
Treasury Regulations and administrative guidance promulgated thereunder and intergovernmental agreements entered into pursuant thereto or in connection therewith and any laws, regulations or practices adopted in connection with any such agreement).
You should consult your tax advisor regarding the particular U.S. federal, state, local and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences to you of owning and disposing of Regency common stock and Regency preferred stock received
in the second merger. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of Taxable U.S. Holders of Regency Common Stock and Regency Preferred Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Distributions Generally.</I></B> Distributions out of Regency&#146;s current or accumulated earnings and profits will be treated as
dividends and, other than with respect to capital gain dividends and certain amounts which have previously been subject to corporate level tax, as discussed below, will be taxable to Regency&#146;s taxable U.S. holders as ordinary income when
actually or constructively received. See the section entitled &#147;Material U.S. Federal Income Tax Consequences to Holders of Regency Common Stock and Regency Preferred Stock &#151; Taxation of Taxable U.S. Holders of Regency Common Stock and
Regency Preferred Stock &#151;&nbsp;Tax Rates&#148; beginning on page&nbsp;129 of this proxy statement/prospectus. As long as Regency qualifies as a REIT, these distributions will not be eligible for the dividends-received deduction in the case of
U.S. holders that are corporations or, except to the extent described in the section entitled &#147;Material U.S. Federal Income Tax Consequences to Holders of Regency Common Stock and Regency Preferred Stock &#151; Taxation of Taxable U.S. Holders
of Regency Common Stock and Regency Preferred Stock &#151;&nbsp;Tax Rates&#148; beginning on page&nbsp;129 of this proxy statement/prospectus, the preferential rates on qualified dividend income applicable to
<FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. holders, including individuals. In addition, <FONT STYLE="white-space:nowrap">non-corporate</FONT> U.S. holders, including individuals, generally may deduct 20% of dividends from a REIT,
other than capital gain dividends and dividends treated as qualified dividend income, for taxable&nbsp;years beginning before January&nbsp;1, 2026. See the section entitled &#147;Material U.S. Federal Income Tax Consequences to Holders of Regency
Common Stock and Regency Preferred Stock &#151; Taxation of Taxable U.S. Holders of Regency Common Stock and Regency Preferred Stock &#151;&nbsp;Tax Rates&#148; beginning on page&nbsp;129 of this proxy statement/prospectus. For purposes of
determining whether distributions to holders of Regency common stock and Regency preferred stock are out of Regency&#146;s current or accumulated earnings and profits, Regency&#146;s earnings and profits will be allocated first to Regency&#146;s
outstanding preferred stock, if any, and then to Regency&#146;s outstanding common stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent that Regency makes distributions
on Regency stock in excess of its current and accumulated earnings and profits allocable to such stock, these distributions will be treated first as a <FONT STYLE="white-space:nowrap">tax-free</FONT> return of capital to a U.S. holder to the extent
of the U.S. holder&#146;s adjusted tax basis in such shares of stock. This treatment will reduce the U.S. holder&#146;s adjusted tax basis in such shares of stock by such amount, but not below zero. Distributions in excess of Regency&#146;s current
and accumulated earnings and profits and in excess of a U.S. holder&#146;s adjusted tax basis in its shares will be taxable as capital gain. Such gain will be taxable as long-term capital gain if such U.S. holder&#146;s holding period for such
shares is greater than one year. Dividends Regency declares in October, November, or December of any year and which are payable to a holder of record on a specified date in any of these&nbsp;months will be treated as both paid by Regency and
received by the holder on December&nbsp;31 of that year, provided that Regency actually pays the dividend on or before January&nbsp;31 of the following year. U.S. holders may not include in their own income tax returns any of Regency&#146;s net
operating losses or capital losses. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">U.S. holders that receive taxable stock distributions on their Regency common stock,
including distributions partially payable in Regency common stock and partially payable in cash, would be required to include the full amount of the distribution (<I>i.e.</I>, the cash and the stock portion) as a dividend (subject to limited
exceptions) to the extent of Regency&#146;s current and accumulated earnings and profits for U.S. federal income tax purposes, as described above. The amount of any distribution payable in Regency common stock generally is equal to the amount of
cash that could have been received instead of the common stock. Depending on the circumstances of a U.S. holder, the tax on the distribution may exceed the amount of the distribution received in cash, in which case such U.S. holder would have to pay
the tax using cash from other sources. If a U.S. holder sells the Regency common stock it received in connection with such taxable stock distribution in order to pay this tax and the proceeds of such sale are less than the amount required to be
included in income with respect to the stock portion of the distribution, such U.S. holder could have a capital loss with respect to the stock sale that could not be used to offset such income. A U.S. holder that receives Regency common stock
pursuant to such distribution generally would have a tax basis in such common stock equal to the amount of cash that could have been received instead of such common stock as described above, and would have a holding period in such common stock that
begins on the day immediately following the payment date for the distribution. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Capital Gain Dividends.</I></B> Dividends that
Regency properly designates as capital gain dividends will be taxable to its taxable U.S. holders as a gain from the sale or disposition of a capital asset held for more than one year, to the extent that such gain does not exceed Regency&#146;s
actual net capital gain for the taxable year and may not exceed Regency&#146;s dividends paid for the taxable year, including dividends paid the following year that are treated as paid in the current year. U.S. holders that are corporations may,
however, be required to treat up to 20% of certain capital gain dividends as ordinary income. If Regency properly designates any portion of a dividend as a capital gain dividend, then, except as otherwise required by law, Regency presently intends
to allocate a portion of the total capital gain dividends paid or made available to holders of all classes of Regency capital stock for the year to the holders of each class of Regency capital stock in proportion to the amount that Regency&#146;s
total dividends, as determined for U.S. federal income tax purposes, paid or made available to the holders of each such class of Regency capital stock for the year bears to the total dividends, as determined for U.S. federal income tax purposes,
paid or made available to holders of all classes of Regency capital stock for the year. In addition, except as otherwise required by law, Regency will make a similar allocation with respect to any undistributed long-term capital gains which are to
be included in Regency stockholders&#146; long-term capital gains, based on the allocation of the capital gain amount which would have resulted if those undistributed long-term capital gains had been distributed as &#147;capital gain dividends&#148;
by Regency to its stockholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Retention of Net Capital Gains.</I></B> Regency may elect to retain, rather than distribute as a
capital gain dividend, all or a portion of its net capital gains. If Regency makes this election, it would pay tax on its retained net capital gains. In addition, to the extent Regency so elects, its earnings and profits (determined for U.S. federal
income tax purposes) would be adjusted accordingly, and a U.S. holder generally would: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">include its pro&nbsp;rata share of Regency&#146;s undistributed capital gains in computing its long-term capital
gains on its U.S. federal income tax return for its taxable year in which the last day of Regency&#146;s taxable year falls, subject to certain limitations as to the amount that is includable; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">be deemed to have paid its share of the capital gains tax imposed on Regency on the designated amounts included
in the U.S. holder&#146;s income as long-term capital gain; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">receive a credit or refund for the amount of tax deemed paid by it; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">increase the adjusted tax basis of its Regency capital stock by the difference between the amount of includable
capital gains and the tax deemed to have been paid by it; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">in the case of a U.S. holder that is a corporation, appropriately adjust its earnings and profits for the
retained capital gains in accordance with Treasury Regulations to be promulgated by the IRS. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Passive Activity
Losses and Investment Interest Limitations.</I></B><B> </B>Distributions Regency makes and gain arising from the sale or exchange of Regency common stock and Regency preferred stock by a U.S. holder will not be
</P>
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treated as passive activity income. As a result, U.S. holders generally will not be able to apply any &#147;passive losses&#148; against this income or gain. A U.S. holder generally may elect to
treat capital gain dividends, capital gains from the disposition of Regency common stock and Regency preferred stock and income designated as qualified dividend income, as described in the section entitled &#147;Material U.S. Federal Income Tax
Consequences to Holders of Regency Common Stock and Regency Preferred Stock &#151; Taxation of Taxable U.S. Holders of Regency Common Stock and Regency Preferred Stock &#151;&nbsp;Tax Rates&#148; beginning on page&nbsp;129 of this proxy
statement/prospectus, as investment income for purposes of computing the investment interest limitation, but in such case, the holder will be taxed at ordinary income rates on such amount. Other distributions made by Regency, to the extent they do
not constitute a return of capital, generally will be treated as investment income for purposes of computing the investment interest limitation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dispositions of Regency Common Stock and Regency Preferred Stock.</I></B> If a U.S. holder sells or disposes of shares of Regency common
stock or Regency preferred stock, it will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount of cash and the fair market value of any property received on the sale or other disposition
and the holder&#146;s adjusted tax basis in the shares. This gain or loss will be long-term capital gain or loss if the holder&#146;s holding period for such Regency common stock or Regency preferred stock is greater than one year. However, if a
U.S. holder recognizes a loss upon the sale or other disposition of Regency common stock or Regency preferred stock for which its holding period was six&nbsp;months or less, after applying certain holding period rules, the loss recognized will be
treated as a long-term capital loss to the extent the U.S. holder received distributions from Regency which were required to be treated as long-term capital gains. The deductibility of capital losses is subject to limitations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Redemption of Regency Preferred Stock for Cash</I></B>. The treatment accorded to any redemption by Regency for cash (as distinguished
from a sale, exchange or other disposition) of Regency preferred stock can only be determined on the basis of particular facts as to each holder at the time of redemption. In general a taxable U.S. holder of Regency preferred stock will recognize
capital gain or loss measured by the difference between the amount received upon the redemption and such holder&#146;s adjusted tax basis in the shares of Regency preferred stock redeemed (provided such shares are held as a capital asset) if such
redemption (i)&nbsp;results in a &#147;complete termination&#148; of the holder&#146;s interest in all classes of Regency&#146;s shares under Section&nbsp;302(b)(3) of the Code, (ii)&nbsp;is &#147;substantially disproportionate&#148; with respect to
the holder&#146;s interest in Regency&#146;s shares under Section&nbsp;302(b)(2) of the Code (which will not be the case if only shares of Regency preferred stock are redeemed, since they generally do not have voting rights), or (iii)&nbsp;is
&#147;not essentially equivalent to a dividend&#148; with respect to the holder of Regency preferred stock under Section&nbsp;302(b)(1) of the Code. In applying these tests, there must be taken into account not only the Regency preferred stock owned
by the taxable U.S. holder, but also such holder&#146;s ownership of Regency common stock and any options (including share purchase rights) to acquire any of the foregoing. The holder of Regency preferred stock also must take into account any such
securities (including options) which are considered to be owned by such holder by reason of the constructive ownership rules set forth in Sections 318 and 302(c) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a particular taxable U.S. holder of Regency preferred stock owns (actually or constructively) none of Regency&#146;s common stock or an
insubstantial percentage of Regency&#146;s outstanding common stock, then based upon current law, it is probable that the redemption of shares of Regency preferred stock from such a holder would be considered &#147;not essentially equivalent to a
dividend.&#148; However, whether a dividend is &#147;not essentially equivalent to a dividend&#148; depends on all of the facts and circumstances, and a taxable U.S. holder of Regency preferred stock intending to rely on any of these tests at the
time of redemption should consult the holder&#146;s own tax advisor to determine their application to the holder&#146;s particular situation. If the redemption does not meet any of the tests under Section&nbsp;302 of the Code, then the redemption
proceeds received from the shares of Regency preferred stock will be treated as a distribution on such shares. If the redemption is taxed as a dividend, the taxable U.S. holder&#146;s adjusted tax basis in such shares will be transferred to any
other shares held by the holder. If the holder of Regency preferred stock owns none of Regency&#146;s other shares, under certain circumstances, such basis may be transferred to a related person, or it may be lost entirely. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Conversion of Regency Preferred Stock to Regency Common Stock</I></B>. Assuming that
Regency preferred stock will not be converted at a time when there are distributions in arrears, in general, no gain or loss will be recognized for U.S. federal income tax purposes upon the conversion of shares of Regency preferred stock at the
option of the holder solely into shares of Regency common stock. The basis that a taxable U.S. holder will have for U.S. federal income tax purposes in the shares of Regency common stock received will be equal to the adjusted basis the holder had in
the shares of Regency preferred stock so converted and, provided that the preferred shares were held as a capital asset, the holding period for the common shares received will include the holding period for the preferred shares converted. A holder,
however, will generally recognize gain or loss on the receipt of cash in lieu of a fractional share of Regency common stock in an amount equal to the difference between the amount of cash received and the holder&#146;s adjusted basis in such
fractional share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If a conversion occurs when there is a dividend arrearage on the Regency preferred stock and the fair market value of
the Regency common stock exceeds the issue price of the Regency preferred stock, a portion of the Regency common stock received might be treated as a dividend distribution taxable as ordinary income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, pursuant to the terms of a class of Regency preferred stock, a taxable U.S. holder receives alternative consideration such as cash,
securities or other property or assets (including any combination thereof) in lieu of Regency common stock in connection with the conversion of the taxable U.S. holder&#146;s Regency preferred stock, the tax treatment of the receipt of any such
other consideration will depend on the nature of the consideration and the structure of the transaction that gives rise to the right to receive such alternative consideration, and it may be a taxable exchange. Taxable U.S. holders converting their
Regency preferred stock should consult their tax advisors regarding the U.S. federal income tax consequences of any such conversion and of the ownership and disposition of the consideration received upon any such conversion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><A NAME="tx506590_129"></A><B><I>Tax Rates.</I></B> The maximum tax rate for <FONT STYLE="white-space:nowrap">non-corporate</FONT> taxpayers
for (1)&nbsp;long-term capital gains, including certain &#147;capital gain dividends,&#148; generally is 20% (although depending on the characteristics of the assets which produced these gains and on designations which Regency may make, certain
capital gain dividends may be taxed at a 25% rate) and (2)&nbsp;&#147;qualified dividend income&#148; generally is 20%. In general, dividends payable by REITs are not eligible for the reduced tax rate on qualified dividend income, except to the
extent that certain holding period requirements have been met and the REIT&#146;s dividends are attributable to dividends received from taxable corporations (such as its taxable REIT subsidiaries) or to income that was subject to tax at the
corporate/REIT level (for example, if the REIT distributed taxable income that it retained and paid tax on in the prior taxable year). Capital gain dividends will only be eligible for the rates described above to the extent that they are properly
designated by the REIT as &#147;capital gain dividends.&#148; U.S. holders that are corporations may be required to treat up to 20% of some capital gain dividends as ordinary income. In addition, <FONT STYLE="white-space:nowrap">non-corporate</FONT>
U.S. holders, including individuals, generally may deduct up to 20% of dividends from a REIT, other than capital gain dividends and dividends treated as qualified dividend income, for taxable&nbsp;years beginning before January&nbsp;1, 2026 for
purposes of determining their U.S. federal income tax, subject to certain holding period requirements and other limitations. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of <FONT
STYLE="white-space:nowrap">Tax-Exempt</FONT> Holders of Regency Common Stock and Regency Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Dividend income from Regency
and gain arising upon a sale of shares of Regency common stock and Regency preferred stock generally should not be unrelated business taxable income (which we refer to as &#147;UBTI&#148;) to a <FONT STYLE="white-space:nowrap">tax-exempt</FONT>
holder, except as described below. This income or gain will be UBTI, however, to the extent a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> holder holds its shares as &#147;debt-financed property&#148; within the meaning of the Code. Generally,
&#147;debt-financed property&#148; is property the acquisition or holding of which was financed through a borrowing by the <FONT STYLE="white-space:nowrap">tax-exempt</FONT> holder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For <FONT STYLE="white-space:nowrap">tax-exempt</FONT> holders that are social clubs, voluntary employee benefit associations or supplemental
unemployment benefit trusts exempt from U.S. federal income taxation under Sections&nbsp;501(c)(7), (c)(9) or (c)(17) of the Code, respectively, income from an investment in Regency common stock and Regency preferred
</P>
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stock will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for specific purposes so as to offset the income generated by
its investment in Regency common stock and Regency preferred stock. <FONT STYLE="white-space:nowrap">Tax-exempt</FONT> holders should consult their tax advisors concerning these &#147;set aside&#148; and reserve requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the above, however, a portion of the dividends paid by a &#147;pension-held REIT&#148; may be treated as UBTI as to certain
trusts that hold more than 10%, by value, of the interests in the REIT. A REIT will not be a &#147;pension-held REIT&#148; if it is able to satisfy the &#147;not closely held&#148; requirement without relying on the &#147;look-through&#148;
exception with respect to certain trusts or if such REIT is not &#147;predominantly held&#148; by &#147;qualified trusts.&#148; As a result of restrictions on ownership and transfer of Regency common stock and Regency preferred stock contained in
its charter, Regency does not expect to be classified as a &#147;pension-held REIT,&#148; and as a result, the tax treatment described above should be inapplicable to its holders. However, because Regency common stock and Regency preferred stock is
(and, Regency anticipates, will continue to be) publicly traded, Regency cannot guarantee that this will always be the case. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Taxation of <FONT
STYLE="white-space:nowrap">Non-U.S.</FONT> Holders of Regency Common Stock and Regency Preferred Stock </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following discussion
addresses the rules governing U.S. federal income taxation of the ownership and disposition of Regency common stock and Regency preferred stock received in the second merger by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders. These rules
are complex, and no attempt is made herein to provide more than a brief summary of such rules. Accordingly, the discussion does not address all aspects of U.S. federal income taxation and does not address other federal, state, local or <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences that may be relevant to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder in light of its particular circumstances. Regency urges <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holders to consult their tax advisors to determine the impact of U.S. federal, state, local and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> income and other tax laws and any applicable tax treaty on the ownership and disposition of shares of
Regency common stock and Regency preferred stock received in the second merger, including any reporting requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Distributions
Generally.</I></B> Distributions (including any taxable stock distributions) that are neither attributable to gains from sales or exchanges by Regency of United States real property interests (which we refer to as &#147;USRPIs&#148;) nor designated
by Regency as capital gain dividends (except as described below) will be treated as dividends of ordinary income to the extent that they are made out of Regency&#146;s current or accumulated earnings and profits. Such distributions ordinarily will
be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty, unless the distributions are treated as effectively connected with the conduct by the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent establishment
in the United States to which such dividends are attributable). Under certain income tax treaties, however, lower withholding rates generally applicable to dividends do not apply to dividends from a REIT. Certain certification and disclosure
requirements must be satisfied for a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder to be exempt from withholding under the effectively connected income exemption. Dividends that are treated as effectively connected with a U.S. trade or
business generally will not be subject to withholding but will be subject to U.S. federal income tax on a net basis at the regular rates, in the same manner as dividends paid to U.S. holders are subject to U.S. federal income tax. Any such dividends
received by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may also be subject to an additional branch profits tax at a 30% rate (applicable after deducting U.S. federal income taxes paid on such effectively
connected income) or such lower rate as may be specified by an applicable income tax treaty. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as otherwise provided below, Regency
expects to withhold U.S. federal income tax at the rate of 30% on any distributions made to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a lower income tax treaty rate applies and the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder
furnishes an IRS Form <FONT STYLE="white-space:nowrap">W-8BEN</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> (or other applicable documentation) evidencing eligibility for that reduced income tax
treaty rate; or </P></TD></TR></TABLE>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder furnishes an IRS Form <FONT
STYLE="white-space:nowrap">W-8ECI</FONT> (or other applicable documentation) claiming that the distribution is income effectively connected with the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s trade or business.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Distributions in excess of Regency&#146;s current and accumulated earnings and profits will not be taxable to a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder to the extent that such distributions do not exceed the adjusted tax basis of the holder&#146;s Regency stock, but rather will reduce the adjusted tax basis of such stock. To the extent that such
distributions exceed the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s adjusted tax basis in such stock, they generally will give rise to gain from the sale or exchange of such stock, the tax treatment of which is described below.
However, such excess distributions may be treated as dividend income for certain <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders. For withholding purposes, Regency expects to treat all distributions as made out of its current or accumulated
earnings and profits. However, amounts withheld may be refundable if it is subsequently determined that the distribution was, in fact, in excess of Regency&#146;s current and accumulated earnings and profits, provided that certain conditions are
met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Capital Gain Dividends and Distributions Attributable to a Sale or Exchange of United States Real Property Interests.</I></B>
Distributions to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that Regency properly designates as capital gain dividends, other than those arising from the disposition of a USRPI, generally should not be subject to U.S. federal income
taxation, unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the investment in Regency common stock or Regency preferred stock is treated as effectively connected with the
conduct by the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a
permanent establishment in the United States to which such dividends are attributable), in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to the same treatment as U.S. holders with respect to such gain, except
that a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may also be subject to a branch profits tax of up to 30%, as discussed above; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual who is present in
the United States for 183 days or more during the taxable year and certain other conditions are met, in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to U.S. federal income tax at a rate of 30% on the <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of such <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder (even though the individual is not considered a resident of the United States), provided that the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed U.S. federal income tax returns with respect to such losses.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the Foreign Investment in Real Property Tax Act, which is referred to as &#147;FIRPTA,&#148; distributions
to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that are attributable to gain from sales or exchanges by Regency of USRPIs, whether or not designated as capital gain dividends, will cause the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder to be treated as recognizing such gain as income effectively connected with a U.S. trade or business. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders generally would be taxed at the
regular rates applicable to U.S. holders, subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals. Regency also will be required to withhold and to remit to the IRS 21% of
any distribution to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders attributable to gain from sales or exchanges by Regency of USRPIs. Distributions subject to FIRPTA may also be subject to a 30% branch profits tax in the hands of a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation. The amount withheld is creditable against the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability. However, any distribution with
respect to any class of stock that is &#147;regularly traded,&#148; as defined by applicable Treasury Regulations, on an established securities market located in the United States is not subject to FIRPTA, and therefore, not subject to the 21% U.S.
withholding tax described above, if the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder did not own more than 10% of such class of stock at any time during the <FONT STYLE="white-space:nowrap">one-year</FONT> period ending on the date of the
distribution. Instead, such distribution generally will be treated as an ordinary dividend distribution and subject to withholding in the manner described above with respect to ordinary dividends. In addition, distributions to certain <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> publicly traded shareholders that meet certain record-keeping and other requirements (which we refer to as &#147;qualified shareholders&#148;) are exempt from FIRPTA, except to the extent that owners of
such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of Regency common stock. Furthermore, distributions to &#147;qualified foreign </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">131 </P>

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pension funds&#148; or entities all of the interests of which are held by &#147;qualified foreign pension funds&#148; are exempt from FIRPTA. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
holders should consult their tax advisors regarding the application of these rules. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Retention of Net Capital Gains.</I></B>
Although the law is not clear on the matter, it appears that amounts Regency designates as retained net capital gains in respect of Regency common stock or Regency preferred stock should be treated with respect to
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders as actual distributions of capital gain dividends. Under this approach, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders may be able to offset as a credit against their U.S.
federal income tax liability their proportionate share of the tax paid by Regency on such retained net capital gains and to receive from the IRS a refund to the extent their proportionate share of such tax paid by Regency exceeds their actual U.S.
federal income tax liability. If Regency were to designate any portion of its net capital gain as retained net capital gain, then <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holders should consult their tax advisors regarding the taxation of
such retained net capital gain. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Sale of Regency Common Stock and Regency Preferred Stock.</I></B> Gain realized by a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder upon the sale, exchange or other taxable disposition of Regency common stock and Regency preferred stock generally will not be subject to U.S. federal income tax unless such stock constitutes a
USRPI. In general, stock of a domestic corporation that constitutes a &#147;United States real property holding corporation,&#148; or &#147;USRPHC,&#148; will constitute a USRPI. Regency believes that it is a USRPHC. Regency common stock and Regency
preferred stock will not, however, constitute a USRPI so long as it is a &#147;domestically controlled qualified investment entity.&#148; A &#147;domestically controlled qualified investment entity&#148; includes a REIT in which at all times during
a five-year testing period less than 50% in value of its stock is held directly or indirectly by <FONT STYLE="white-space:nowrap">non-United</FONT> States persons, subject to certain rules. For purposes of determining whether a REIT is a
&#147;domestically controlled qualified investment entity,&#148; a person who at all applicable times holds less than 5% of a class of stock that is &#147;regularly traded&#148; is treated as a United States person unless the REIT has actual
knowledge that such person is not a United States person. Regency believes, but cannot guarantee, that it is a &#147;domestically controlled qualified investment entity.&#148; Because Regency common stock and Regency preferred stock are (and,
Regency anticipates, will continue to be) publicly traded, no assurance can be given that Regency will continue to be a &#147;domestically controlled qualified investment entity.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Even if Regency does not qualify as a &#147;domestically controlled qualified investment entity&#148; at the time a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> holder sells Regency common stock or Regency preferred stock, gain realized from the sale or other taxable disposition by a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of such common stock or
preferred stock would not be subject to U.S. federal income tax under FIRPTA as a sale of a USRPI if: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">such class of common stock or preferred stock is &#147;regularly traded,&#148; as defined by applicable
Treasury Regulations, on an established securities market such as the Nasdaq; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder owned, actually and constructively, 10% or less of
such class of common stock or preferred stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s holding period.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, dispositions of Regency common stock or Regency preferred stock by qualified shareholders are exempt from
FIRPTA, except to the extent owners of such qualified shareholders that are not also qualified shareholders own, actually or constructively, more than 10% of Regency&#146;s common stock or preferred stock. Furthermore, dispositions of Regency common
stock or Regency preferred stock by &#147;qualified foreign pension funds&#148; or entities all of the interests of which are held by &#147;qualified foreign pension funds&#148; are exempt from FIRPTA.
<FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult their tax advisors regarding the application of these rules. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, gain from the sale, exchange or other taxable disposition of Regency common stock or Regency preferred stock
not otherwise subject to FIRPTA will be taxable to a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder if either (a)&nbsp;the investment in Regency common stock or Regency preferred stock is treated as effectively connected with the conduct by
the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder of a trade or business within the United States (and, if required by an applicable income tax treaty, the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder maintains a permanent
establishment in the United States to which such gain is attributable), in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to the same </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">132 </P>

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treatment as U.S. holders with respect to such gain, except that a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder that is a corporation may also be subject to the 30% branch profits tax
(or such lower rate as may be specified by an applicable income tax treaty) on such gain, as adjusted for certain items, or (b)&nbsp;the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder is a nonresident alien individual who is present in the
United States for 183&nbsp;days or more during the taxable year and certain other conditions are met, in which case the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder will be subject to a 30% tax on the
<FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s capital gains (or such lower rate specified by an applicable income tax treaty), which may be offset by U.S. source capital losses of the <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder (even though the individual is not considered a resident of the United States), provided that the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder has timely filed U.S. federal income tax returns with respect to such losses. In
addition, even if Regency is a domestically controlled qualified investment entity, upon disposition of Regency common stock or Regency preferred stock, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder may be treated as having gain from the
sale or other taxable disposition of a USRPI if the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder (1)&nbsp;disposes of such stock within a <FONT STYLE="white-space:nowrap">30-day</FONT> period preceding the
<FONT STYLE="white-space:nowrap">ex-dividend</FONT> date of a distribution, any portion of which, but for the disposition, would have been treated as gain from the sale or exchange of a USRPI and (2)&nbsp;acquires, or enters into a contract or
option to acquire, or is deemed to acquire, other shares of that stock during the <FONT STYLE="white-space:nowrap">61-day</FONT> period beginning with the first day of the <FONT STYLE="white-space:nowrap">30-day</FONT> period described in clause
(1), unless such class of stock is &#147;regularly traded&#148; and the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder did not own more than 5% of such class of stock at any time during the <FONT STYLE="white-space:nowrap">one-year</FONT>
period ending on the date of the distribution described in clause (1). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If gain on the sale, exchange or other taxable disposition of
Regency common stock or Regency preferred stock were subject to taxation under FIRPTA, then the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder would be required to file a U.S. federal income tax return and would be subject to regular U.S.
federal income tax with respect to such gain in the same manner as a taxable U.S. holder (subject to any applicable alternative minimum tax and a special alternative minimum tax in the case of nonresident alien individuals). In addition, if the
sale, exchange or other taxable disposition of Regency common stock or Regency preferred stock were subject to taxation under FIRPTA, and if shares of Regency common stock or Regency preferred stock were not &#147;regularly traded&#148; on an
established securities market, then the purchaser of such common stock or preferred stock generally would be required to withhold and remit to the IRS 15% of the purchase price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>Conversion of Regency Preferred Stock to Regency Common Stock.</I></B> The conversion of shares of Regency preferred stock into shares
of Regency common stock may be a taxable exchange for a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> shareholder if such preferred shares constitute a U.S. real property interest under FIRPTA. Even if such preferred shares constitute a U.S. real
property interest, provided Regency common stock also constitutes a U.S. real property interest, a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> shareholder generally will not recognize gain or loss upon a conversion of Regency preferred stock
into Regency common stock so long as certain FIRPTA-related reporting requirements are satisfied. If Regency preferred stock constitutes a U.S. real property interest and such requirements are not satisfied, however, a conversion will be treated as
a taxable exchange of Regency preferred stock for Regency common stock. Such a deemed taxable exchange will be subject to tax under FIRPTA at the rate of tax, including any applicable capital gains rates, that would apply to a taxable U.S.
shareholder of the same type (e.g., a corporate or a <FONT STYLE="white-space:nowrap">non-corporate</FONT> shareholder, as the case may be) on the excess, if any, of the fair market value of such <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
holder&#146;s Regency common stock received over such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s adjusted basis in its Regency preferred stock so converted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders should consult with their tax advisors regarding the federal income tax consequences
of any transaction by which such <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder exchanges Regency common stock received in a conversion of Regency preferred stock for cash or other property. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Reporting and Backup Withholding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I>U.S. Holders.</I></B> A U.S. holder may be subject to information reporting and backup withholding when such holder receives payments on
Regency common stock or Regency preferred stock or proceeds from the sale or other taxable disposition of such stock. Certain U.S. holders are exempt from backup withholding, including </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">133 </P>

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corporations and certain <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations. A U.S. holder will be subject to backup withholding if such holder is not otherwise exempt and: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the holder fails to furnish the holder&#146;s taxpayer identification number, which for an individual is
ordinarily his or her social security number; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the holder furnishes an incorrect taxpayer identification number; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the applicable withholding agent is notified by the IRS that the holder previously failed to properly report
payments of interest or dividends; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the holder fails to certify under penalties of perjury that the holder has furnished a correct taxpayer
identification number and that the IRS has not notified the holder that the holder is subject to backup withholding. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit
against a U.S. holder&#146;s U.S. federal income tax liability, if any; provided that the required information is timely furnished to the IRS. U.S. holders should consult their tax advisors regarding their qualification for an exemption from backup
withholding and the procedures for obtaining such an exemption. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B><I><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Holders.</I></B>
Payments of dividends on Regency common stock or Regency preferred stock generally will not be subject to backup withholding, provided that the applicable withholding agent does not have actual knowledge or reason to know that the holder is a United
States person and the holder either certifies its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status, such as by furnishing a valid IRS Form <FONT STYLE="white-space:nowrap">W-8BEN,</FONT> <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">W-8BEN-E</FONT></FONT> or <FONT STYLE="white-space:nowrap">W-8ECI,</FONT> as applicable, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any
distributions on Regency common stock and Regency preferred stock paid to the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder, regardless of whether such distributions constitute a dividend or whether any tax was actually withheld. In
addition, proceeds of the sale or other taxable disposition of such stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable
withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person, or the holder otherwise establishes an exemption. Proceeds of a disposition of such stock
conducted through a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> office of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> broker generally will not be subject to backup withholding or information reporting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement
to the tax authorities of the country in which the <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder resides or is established. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit
against a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> holder&#146;s U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT> holders
should consult their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Tax Consequences </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">State, local and <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> income tax laws may differ substantially from the corresponding U.S. federal income tax laws, and this discussion does not purport to describe any aspect of the tax laws of any state, local or <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdiction, or any U.S. federal tax other than income tax. You should consult your tax advisor regarding the effect of state, local and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax laws, and U.S.
federal <FONT STYLE="white-space:nowrap">non-income</FONT> tax laws, with respect to Regency&#146;s tax treatment as a REIT and on an investment in Regency common stock and Regency preferred stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_61"></A>THE SPECIAL MEETING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx506590_135"></A>Date, Time and Place </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The special meeting will be held live via audio webcast on August 16, 2023, at 2:00 p.m., Eastern Time. The special meeting can be accessed by
visiting www.virtualshareholdermeeting.com/UBA2023SM, where holders of UB common stock and UB Class&nbsp;A common stock will be able to participate in the meeting live and vote online. We encourage you to allow ample time for online <FONT
STYLE="white-space:nowrap">check-in,</FONT> which will open at 1:45 p.m., Eastern Time. Please note that because there will not be a physical meeting location, you will not be able to attend the special meeting in person. Holders of record of UB
common stock and UB Class&nbsp;A common stock will need the control number found on their proxy card in order to access the special meeting website. If you hold your shares through a bank, broker or other nominee in &#147;street name,&#148; you must
obtain a specific control number from your bank, broker or other nominee in order to attend and vote at the special meeting via the special meeting website. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle will entertain questions at the special meeting in accordance with the rules of conduct for the meeting to the extent that the
questions posed by a stockholder are relevant to the special meeting and the proposals presented. Any questions or comments that are unrelated to the business of the special meeting will not be addressed at the meeting. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Purpose of the Special Meeting </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the
special meeting, holders of UB common stock and UB Class&nbsp;A common stock will be asked to consider and vote on (i)&nbsp;the Merger Proposal, (ii)&nbsp;the Compensation Proposal and (iii)&nbsp;the Adjournment Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Merger Proposal is a condition to closing under the merger agreement. If holders of UB common stock and UB Class&nbsp;A
common stock fail to approve the Merger Proposal, then the mergers will not occur. A copy of the merger agreement is attached as Annex&nbsp;A to this proxy statement/prospectus, and you are encouraged to read the merger agreement carefully and in
its entirety. For a detailed discussion of the conditions of the Merger, see the section entitled &#147;The Merger Agreement&nbsp;&#151;&nbsp;Conditions to Completion of the Merger&#148; beginning on page 99 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Recommendation of the Urstadt Biddle Board of Directors </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors carefully reviewed and considered the terms and conditions of the merger agreement and the other
transactions contemplated by the merger agreement. The Urstadt Biddle board of directors (i)&nbsp;declared that the merger agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in the best
interests of Urstadt Biddle and its stockholders; (ii)&nbsp;approved the mergers and the other transactions contemplated by the merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal to
approve the mergers and the other transactions contemplated by the merger agreement for consideration by the holders of UB common stock and UB Class&nbsp;A common stock at the special meeting; and (iv)&nbsp;resolved to recommend that the holders of
UB common stock and UB Class&nbsp;A common stock approve the mergers and the other transactions contemplated by the merger agreement. <B>Accordingly, the Urstadt Biddle board of directors recommends a vote &#147;FOR&#148; the Merger Proposal. For a
discussion of the factors that the Urstadt Biddle board of directors considered in determining to recommend the adoption of the Merger Proposal, please see the section entitled &#147;The
Mergers</B><B>&nbsp;</B><B>&#151;</B><B>&nbsp;</B><B>Recommendation of the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s Reasons for the Merger</B><B>s</B><B>&#148; beginning on page</B><B></B><B>&nbsp;52 of this proxy
statement/prospectus. The Urstadt Biddle board of directors also recommends a vote &#147;FOR&#148; the Compensation Proposal and a vote &#147;FOR&#148; the Adjournment Proposal.</B> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Record Date and Outstanding Shares of UB common stock and UB Class&nbsp;A common stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has set the close of business on July 6, 2023 as the record date for the special meeting. All holders of record of UB common
stock and UB Class&nbsp;A common stock at the close of business on the record </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">135 </P>

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date are entitled to receive notice of and attend the special meeting or any postponement or adjournment of the special meeting. Each holder of UB common stock is entitled to one vote on each
matter presented at the special meeting for each share of UB common stock that such holder owned as of the record date. Each holder of UB Class&nbsp;A common stock is entitled to 1/20 of one vote on each matter presented at the special meeting for
each share of UB Class&nbsp;A common stock that such holder owned as of the record date. On the record date, the outstanding voting securities consisted of 10,358,591 shares of UB common stock and 28,972,016 shares of UB Class&nbsp;A common stock.
All holders of record of UB preferred stock are entitled to notice of, but may not vote at, the special meeting. The vote of the holders of UB preferred stock is not required to approve any of the proposals at the special meeting and is not being
solicited. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx506590_136"></A>Quorum, Abstentions and Broker <FONT STYLE="white-space:nowrap">Non-Votes</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The presence, either in person (virtually) or by properly executed proxy, of stockholders entitled to cast a majority of all votes entitled to
be cast at the special meeting is necessary to constitute a quorum at the special meeting, permitting the stockholders to conduct business at the special meeting.&nbsp;Abstentions are counted as present for determining a quorum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Broker <FONT STYLE="white-space:nowrap">non-votes</FONT> are votes that are not cast (and are not permitted to be cast) on a <FONT
STYLE="white-space:nowrap">non-routine</FONT> matter because the broker has not received voting instructions from the beneficial owner. On routine matters, brokers have discretionary authority to cast a vote even in the absence of voting
instructions from the beneficial owner. However, because all of the proposals in this proxy statement/prospectus are considered <FONT STYLE="white-space:nowrap">&#147;non-routine&#148;</FONT> matters under NYSE rules (as described below), shares
held in &#147;street name&#148; will not be counted as present for the purpose of determining the existence of a quorum unless the stockholder provides their bank, broker or other nominee with voting instructions for at least one of the proposals
before the special meeting. If a quorum is not present, then the special meeting may be adjourned or postponed until the holders of the number of shares of holders of UB common stock and UB Class&nbsp;A common stock required to constitute a quorum
attend, subject to the terms and conditions set forth in the merger agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If your shares are held by a broker or other nominee on
your behalf in &#147;street name,&#148; your broker or other nominee will send you instructions as to how to provide voting instructions for your shares by proxy. Many brokerage firms and other nominees have a process for their customers to provide
voting instructions by telephone or via the Internet, in addition to providing voting instructions by proxy card. In accordance with the rules of the NYSE, brokers and other nominees who hold common stock in &#147;street name&#148; for their
customers do not have discretionary authority to vote the shares with respect to the Merger Proposal, the Compensation Proposal or the Adjournment Proposal. Accordingly, if brokers or other nominees do not receive specific voting instructions from
the beneficial owner of such shares, then they may not vote such shares with respect to the Merger Proposal, the Compensation Proposal or the Adjournment Proposal, as applicable. Under such circumstance, a
<FONT STYLE="white-space:nowrap">&#147;broker&nbsp;non-vote&#148;&nbsp;would</FONT> arise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any abstentions or failures to vote, including
broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have the same effect as a vote &#147;AGAINST&#148; the Merger Proposal, but will have no effect on the vote count for the Compensation Proposal or the Adjournment Proposal, assuming a
quorum is present. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vote Required </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Merger Proposal requires the affirmative vote of the holders of shares of UB common stock and UB Class&nbsp;A common stock,
voting together as a single class, representing a majority of all votes entitled to be cast on the matter. For the approval of the Merger Proposal, you may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or &#147;<B>ABSTAIN</B>&#148;. <B>Any
abstentions or failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have the same effect as a vote &#147;AGAINST&#148; the Merger Proposal.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Compensation Proposal requires the affirmative vote of a majority of the votes cast on the matter at the special meeting,
assuming a quorum is present.&nbsp;You may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">136 </P>

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&#147;<B>ABSTAIN</B>&#148; for the Compensation Proposal. Any abstentions or failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have no effect on the vote
count for the Compensation Proposal, assuming a quorum is present. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Adjournment Proposal requires the affirmative vote
of a majority of the votes cast on the matter at the special meeting, assuming a quorum is present. You may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or &#147;<B>ABSTAIN</B>&#148; for the Adjournment Proposal. Any abstentions or
failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have no effect on the vote count for the Adjournment Proposal, assuming a quorum is present. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting by Urstadt Biddle Directors and Executive Officers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the record date, the directors and executive officers of Urstadt Biddle beneficially owned, in the aggregate, 43.8% of the outstanding
shares of UB common stock and 1.9% of the outstanding shares of UB Class&nbsp;A common stock, representing approximately&nbsp;38.7% of the voting power of UB common stock and UB Class A common stock. The directors and executive officers of Urstadt
Biddle have informed Urstadt Biddle that they currently intend to vote all such shares of UB common stock and UB Class&nbsp;A common stock &#147;FOR&#148; the Merger Proposal, &#147;FOR&#148; the Compensation Proposal and &#147;FOR&#148; the
Adjournment Proposal. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx506590_137"></A>Voting by Proxy or in Person </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting or Submitting a Proxy for Urstadt Biddle Common Stock Held by Holders of Record </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a holder of record of UB common stock or UB Class&nbsp;A common stock, then you may vote at the special meeting by proxy through the
internet, by telephone or by mail, or by attending the special meeting and voting via the special meeting website, as described below. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Internet: </B>By visiting the internet address provided on the proxy card and following the instructions
provided on your proxy card. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Telephone: </B>By calling the number provided on the proxy card and following the recorded instructions.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>By Mail: </B>If you have received a paper copy of the proxy materials by mail, you may complete, sign, date
and return by mail the enclosed proxy card in the envelope provided with your proxy materials. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Via the Special Meeting Website: </B>All holders of record of UB common stock or UB Class&nbsp;A common stock
may vote at the special meeting by attending the meeting via the special meeting website. Stockholders who plan to attend the special meeting will need the control number included on their proxy card in order to access the special meeting website
and to attend and vote thereat. </P></TD></TR></TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a holder of record of UB common stock or UB Class&nbsp;A common stock,
then proxies submitted over the internet or by telephone as described above must be received by 11:59&nbsp;p.m., Eastern Time, on August&nbsp;15, 2023, and proxies submitted by mail must be received by 11:59&nbsp;p.m., Eastern Time, on August 15,
2023. To reduce administrative costs and help the environment by conserving natural resources, Urstadt Biddle asks that you vote by proxy in advance of the special meeting through the internet or by telephone. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting and Submitting a Proxy for Urstadt Biddle Common Stock Held in &#147;Street Name&#148; </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you hold your shares through a bank, broker or other nominee in &#147;street name&#148; instead of as a stockholder of record, you must
follow the voting instructions provided by your bank, broker or other nominee in order to vote your shares. Your voting instructions must be received by your bank, broker or other nominee prior to the deadline set forth in the information from your
bank, broker or other nominee on how to submit voting instructions. If you do not provide voting instructions to your bank, broker or other nominee with respect to a proposal, your UB common stock or UB Class&nbsp;A common stock will not be voted on
that proposal as your bank, </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
broker or other nominee does not have discretionary authority to vote on any of the proposals as described above in the section entitled &#147;The Special Meeting&nbsp;&#151;&nbsp;Quorum,
Abstentions and Broker <FONT STYLE="white-space:nowrap">Non-Votes&#148;</FONT> beginning on page&nbsp;136 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you hold your shares through a bank, broker or other nominee in &#147;street name,&#148; you must obtain a specific control number from
your bank, broker or other nominee in order to attend and vote at the special meeting via the special meeting website. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you vote by
proxy, regardless of the method you choose to vote, then the individuals named on the enclosed proxy card, and each of them, with full power of substitution, will vote your UB common stock and UB Class&nbsp;A common stock in the way that you
indicate. When completing the internet or telephone processes or the proxy card, you may specify whether your UB common stock or UB Class&nbsp;A common stock should be voted &#147;<B>FOR</B>&#148; or &#147;<B>AGAINST</B>&#148; or to
&#147;<B>ABSTAIN</B>&#148; from voting on all, some or none of the specific items of business to come before the special meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you
properly sign your proxy card but do not mark the boxes showing how your UB common stock or UB Class&nbsp;A common stock should be voted on a matter, then the UB common stock or UB Class&nbsp;A common stock represented by your properly signed proxy
will be voted in accordance with the recommendations of the Urstadt Biddle board of directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Revocability of Proxies and Changes to a Urstadt Biddle
Stockholder&#146;s Vote </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any holder of UB common stock or UB Class&nbsp;A common stock giving a proxy has the right to revoke it at any
time before the proxy is voted at the special meeting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you are a holder of record of UB common stock or UB Class&nbsp;A common stock,
then you may revoke your proxy by any of the following actions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by voting again by internet or telephone as instructed on your proxy card before the closing of the voting
facilities at 11:59 p.m., Eastern Time, on August 15, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by sending a signed written notice of revocation to Urstadt Biddle&#146;s Secretary, provided such statement is
received no later than 11:59 p.m., Eastern Time, on August 15, 2023; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by submitting a properly signed and dated proxy card with a later date that is received by Urstadt Biddle&#146;s
Secretary no later than 11:59 p.m., Eastern Time, on August 15, 2023; or </P></TD></TR></TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">by attending the special meeting via the special meeting website and requesting that your proxy be revoked or
voting via the website as described above. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Only your last submitted proxy will be considered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Execution or revocation of a proxy will not in any way affect a stockholder&#146;s right to attend the special meeting and vote thereat. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Written notices of revocation and other communications with respect to the revocation of proxies should be addressed to: Urstadt Biddle
Properties Inc., Attention: Secretary, 321 Railroad Avenue, Greenwich, CT 06830. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If your shares are held in &#147;street name&#148; and
you previously provided voting instructions to your broker, bank or other nominee, you should follow the instructions provided by your broker, bank or other nominee to revoke or change your voting instructions. You may also change your vote by
obtaining your specific control number and instructions from your bank, broker or other nominee and voting your shares at the special meeting via the special meeting website. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">138 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IT IS IMPORTANT THAT YOU VOTE YOUR SHARES OF UB COMMON STOCK AND UB CLASS A COMMON STOCK
PROMPTLY. WHETHER OR NOT YOU PLAN TO ATTEND THE SPECIAL MEETING, PLEASE FOLLOW THE INSTRUCTIONS ON THE PROXY CARD TO VOTE BY TELEPHONE OR INTERNET AS PROMPTLY AS POSSIBLE, OR PROMPTLY COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD IN THE <FONT
STYLE="white-space:nowrap">PRE-ADDRESSED</FONT> POSTAGE-PAID ENVELOPE. IF YOUR SHARES ARE HELD IN THE NAME OF A BANK, BROKER OR OTHER NOMINEE, THEN PLEASE FOLLOW THE VOTING INSTRUCTIONS PROVIDED BY SUCH BANK, BROKER OR OTHER NOMINEE. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Adjournments and Postponements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition to the other proposals being considered at the special meeting, holders of UB common stock and UB Class&nbsp;A common stock are also being asked to approve one or more adjournments of the special meeting, if necessary or appropriate, to
solicit additional proxies in favor of the Merger Proposal if there are insufficient votes at the time of such adjournment to approve the Merger Proposal. Approval of the Adjournment Proposal requires the affirmative vote of a majority of the votes
cast on the proposal. If the Adjournment Proposal is approved, then the special meeting could be successively adjourned to any date, not later than 120&nbsp;days after the record date for the special meeting. If the special meeting is adjourned for
the purpose of soliciting additional proxies, then stockholders who have already submitted their proxies will be able to revoke them at any time prior to their exercise at the adjourned meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, prior to or once a meeting has been convened, the presiding officer of the special meeting also has the power to adjourn the
special meeting under the Urstadt Biddle bylaws; provided, however, that if the adjournment is for more than 120 days after the original record date, notice of the adjourned meeting shall be given to each stockholder of record entitled to vote
thereat and each stockholder who by law or under the charter or the Urstadt Biddle bylaws is entitled to such notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The merger
agreement provides that Urstadt Biddle may not adjourn the special meeting without Regency&#146;s prior written consent. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><A NAME="tx506590_139"></A>Anticipated Date of Completion of the Mergers </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the satisfaction or waiver of the closing conditions described under the section entitled &#147;The Merger
Agreement&nbsp;&#151;&nbsp;Conditions to Completion of the Mergers&#148; beginning on page&nbsp;99 of this proxy statement/prospectus, including the approval of the Merger Proposal by holders of UB common stock and UB Class&nbsp;A common stock at
the special meeting, Urstadt Biddle and Regency expect that the mergers will be completed in the third quarter of 2023. However, it is possible that factors outside the control of both companies could result in the mergers being completed at a
different time or not at all. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Solicitation of Proxies </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle will bear the cost of soliciting proxies. In addition to soliciting proxies by mail, certain directors, officers and other
employees of Urstadt Biddle, without additional compensation, may also solicit proxies personally or by mail, telephone, electronic means or other similar means of communication. Urstadt Biddle will reimburse banks, brokerage firms and other
nominees for their reasonable expenses to forward proxy materials to beneficial owners. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Questions and Additional Information </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>If you have questions about the mergers or the accompanying proxy statement/prospectus, need assistance submitting your proxy or voting your
UB common stock or UB Class&nbsp;A common stock, would </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">139 </P>

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like additional copies of the proxy statement/prospectus or need to obtain proxy cards or other information related to the proxy solicitation, please contact: </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle&#146;s Secretary at<B>: (</B>203) <FONT STYLE="white-space:nowrap">863-8200</FONT> or 321 Railroad Avenue, Greenwich, CT 06830.
For a more detailed description of the information incorporated by reference in this proxy statement/prospectus and how you may obtain it, see the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this
proxy statement/prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">140 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_62"></A>URSTADT BIDDLE PROPOSALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_63"></A>PROPOSAL 1: MERGER PROPOSAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is asking holders of UB common stock and UB Class&nbsp;A common stock to approve the mergers in accordance with the terms of
the merger agreement. For a detailed discussion of the terms of the merger agreement, see the section entitled &#147;The Merger Agreement&#148; beginning on page 82 of this proxy statement/prospectus. As discussed in the section entitled &#147;The
Mergers&nbsp;&#151;&nbsp;Recommendation of the Urstadt Biddle Board of Directors; Urstadt Biddle&#146;s Reasons for the Merger&#148; beginning on page&nbsp;52 of this proxy statement/prospectus, after careful consideration, the Urstadt Biddle board
of directors (i)&nbsp;declared that the merger agreement, the mergers and the other transactions contemplated by the merger agreement were advisable and in the best interests of Urstadt Biddle and its stockholders; (ii)&nbsp;approved the mergers and
the other transactions contemplated by the merger agreement and approved and adopted the merger agreement; (iii)&nbsp;directed the submission of a proposal to approve the mergers and the other transactions contemplated by the merger agreement for
consideration by the holders of UB common stock and UB Class&nbsp;A common stock at the special meeting; and (iv)&nbsp;resolved to recommend that the holders of UB common stock and UB Class&nbsp;A common stock approve the mergers and the other
transactions contemplated by the merger agreement. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vote Required </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Merger Proposal requires the affirmative vote of the holders of shares of UB common stock and UB Class&nbsp;A common stock,
voting together as a single class, representing a majority of all votes entitled to be cast on the matter. For the approval of the Merger Proposal, you may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or &#147;<B>ABSTAIN</B>&#148;. Any
abstentions or failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have the same effect as a vote &#147;<B>AGAINST</B>&#148; the Merger Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The vote on the Merger Proposal is a vote separate and apart from the Compensation Proposal and the Adjournment Proposal. Accordingly, you may
vote in favor of the Merger Proposal and not vote to approve the Compensation Proposal and/or Adjournment Proposal and vice versa. The approval of the Merger Proposal is a condition to closing under the merger agreement, as holders of UB common
stock and UB Class&nbsp;A common stock must approve the mergers in order for the mergers to occur. If holders of UB common stock and UB Class&nbsp;A common stock fail to approve this proposal, the mergers will not occur. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The Urstadt Biddle board of directors recommends that you vote &#147;FOR&#148; the Merger Proposal. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">141 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_64"></A>PROPOSAL 2: COMPENSATION PROPOSAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (as set forth in Section&nbsp;14A of the Exchange
Act), Urstadt Biddle is providing holders of UB common stock and UB Class&nbsp;A common stock with the opportunity to cast a <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory vote on the compensation that may be paid or become payable to
Urstadt Biddle&#146;s named executive officers that is based on or otherwise relates to the mergers as disclosed pursuant to Item 402(t) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> in the section entitled &#147;The Mergers &#151;
Interests of Urstadt Biddle Directors and Executive Officers in the Mergers &#151; Quantification of Potential Payments and Benefits to Urstadt Biddle Named Executive Officers in Connection with the Mergers&#148; beginning on page 75 of this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As required by those rules, Urstadt Biddle is asking holders of UB common stock and UB Class&nbsp;A common stock to
vote on the approval of the following resolution: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;RESOLVED, that the compensation that may be paid or become payable to Urstadt
Biddle&#146;s named executive officers that is based on or otherwise relates with the mergers, as disclosed in the section entitled &#147;The Mergers &#151; Interests of Urstadt Biddle Directors and Executive Officers in the Mergers &#151;
Quantification of Potential Payments and Benefits to Urstadt Biddle Named Executive Officers in Connection with the Mergers&#148; beginning on page 75 of this proxy statement/prospectus, is hereby APPROVED.&#148; </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vote Required </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the
Compensation Proposal requires the affirmative vote of a majority of the votes cast on the matter at the special meeting, assuming a quorum is present. You may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or &#147;<B>ABSTAIN</B>&#148; for
Compensation Proposal. Any abstentions or failures to vote, including broker <FONT STYLE="white-space:nowrap">non-votes,</FONT> will have no effect on the vote count for the Compensation Proposal, assuming a quorum is present. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The vote on the Compensation Proposal is a vote separate and apart from the Merger Proposal and the Adjournment Proposal. Accordingly, you may
vote not to approve the Compensation Proposal and vote in favor of the Merger Proposal and/or Adjournment Proposal and vice versa. Because the Compensation Proposal is only advisory in nature, it will not be binding on Urstadt Biddle or the Urstadt
Biddle board of directors. Accordingly, if the Merger Proposal is approved by holders of UB common stock and UB Class&nbsp;A common stock and the mergers are completed, the compensation payments that are contractually required to be paid by Urstadt
Biddle&nbsp;to its named executive officers will or may be paid, subject only to the conditions applicable thereto, regardless of the outcome of the <FONT STYLE="white-space:nowrap">non-binding,</FONT> advisory vote of the holders of UB common stock
and UB Class&nbsp;A common stock&nbsp;on the Compensation Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The Urstadt Biddle board of directors recommends that you vote
&#147;FOR&#148; the Compensation Proposal. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_65"></A>PROPOSAL 3: ADJOURNMENT PROPOSAL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is asking holders of UB common stock and UB Class&nbsp;A common stock to approve one or more adjournments of the special
meeting, if necessary or appropriate,&nbsp;to solicit additional proxies in favor of the Merger Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If, at the special meeting, the
number of shares of UB common stock and UB Class&nbsp;A common stock present or represented by proxy and voting in favor of the Merger Proposal is insufficient to approve such proposal, Urstadt Biddle may move to adjourn the special meeting in order
to solicit additional proxies for approval of the Merger Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If holders of UB common stock and UB Class&nbsp;A common stock approve
the Adjournment Proposal, Urstadt Biddle could adjourn the special meeting and any adjourned session of the special meeting (subject to the terms and conditions of the merger agreement, including Regency&#146;s consent rights over adjournments
described in the section entitled &#147;The Special Meeting&nbsp;&#151;&nbsp;Adjournments and Postponements&#148; beginning on page 139 of this proxy statement/prospectus) and use the additional time to solicit additional proxies, including the
solicitation of proxies from holders of UB common stock and UB Class&nbsp;A common stock who have previously voted. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Vote Required </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The approval of the Adjournment Proposal requires the affirmative vote of a majority of the votes cast on the matter at the special meeting,
assuming a quorum is present. You may vote &#147;<B>FOR</B>,&#148; &#147;<B>AGAINST</B>&#148; or &#147;<B>ABSTAIN</B>&#148; for Adjournment Proposal. Any abstentions or failures to vote, including broker
<FONT STYLE="white-space:nowrap">non-votes,</FONT> will have no effect on the vote count for the Adjournment Proposal, assuming a quorum is present. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The vote on the Adjournment Proposal is a vote separate and apart from the Merger Proposal and the Compensation Proposal. Accordingly, you may
vote in favor of the Adjournment Proposal and/or the Merger Proposal and vote not to approve the Compensation Proposal and vice versa. The approval of the Adjournment Proposal is not a condition to the closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>The Urstadt Biddle board of directors recommends that you vote &#147;FOR&#148; the Adjournment Proposal. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_66"></A>DESCRIPTION OF REGENCY CAPITAL STOCK </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following summary of the terms of Regency capital stock is not complete and is qualified by reference to the Restated Articles of
Incorporation of Regency (which we refer to as the &#147;Regency charter&#148;) and the Regency Amended and Restated Bylaws (which we refer to as the &#147;Regency bylaws&#148;). You should read these documents for complete information on Regency
capital stock. The Regency charter and the Regency bylaws are filed as exhibits to the registration statement on this Form <FONT STYLE="white-space:nowrap">S-4</FONT> of which this proxy statement/prospectus forms a part and are incorporated by
reference herein. Regency files instruments that define the rights of holders of its capital stock as exhibits to its annual reports on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and quarterly reports on Form
<FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the SEC. Also, from time to time Regency might file an amendment to these documents or a new instrument that defines the rights of holders of its capital stock as&nbsp;an exhibit to a Current
Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the SEC. For more information, see the section&nbsp;entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of this proxy statement/prospectus. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the Regency charter,
Regency is currently authorized to issue an aggregate 260&nbsp;million shares of capital stock, consisting of 220&nbsp;million shares of voting common stock (which we refer to as the &#147;Regency common stock&#148;), 10&nbsp;million shares of
common stock which may be issued in one or more classes or series as set forth in the Regency charter (which we refer to as &#147;Regency special common stock&#148;) and 30&nbsp;million shares of Regency preferred stock which may be issued in one or
more classes or series as set forth in the Regency charter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shares Outstanding </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of the record date, there were 170,998,004 outstanding shares of Regency common stock, no outstanding shares of Regency special common
stock, and no outstanding shares of Regency preferred stock. Upon completion of the mergers, based on the number of shares of UB common stock or UB Class&nbsp;A common stock, shares of UB preferred stock and shares Regency common stock and the
number of Urstadt Biddle equity awards, other than options, outstanding as of the record date, and excluding any shares of UB Class A common stock that may be issued in connection with the conversion or repurchase of equity interests in the
DownREITs, it is expected that there will be approximately 184.6&nbsp;million outstanding shares of Regency common stock, 4,600,000 outstanding shares of Regency Series A preferred stock and 4,400,000 outstanding shares of Regency Series B preferred
stock outstanding as of immediately following the mergers. The number of shares of Regency common stock that will be issued in the mergers will depend on, among other factors, the number of shares of UB common stock, UB Class&nbsp;A common stock,
and number of Urstadt Biddle equity awards outstanding immediately prior to the first merger effective time. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regency Common Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All issued and outstanding shares of Regency common stock are duly authorized, fully paid and nonassessable. The rights of holders of common
stock are subject to the rights of holders of any preferred stock that Regency has designated or may designate in the future. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Voting Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of Regency common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. All actions submitted to
a vote of stockholders are voted on by holders of Regency common stock voting together as a single class. Holders of Regency common stock are not entitled to cumulative voting in the election of directors. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Dividend Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of Regency common stock are entitled to receive dividends in cash or in property on an equal <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">share-for-share</FONT></FONT> basis, if and when dividends are declared on the common stock by the Regency board of directors, subject to any preference in favor of outstanding shares of Regency preferred stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Liquidation Preference </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the event of the liquidation of Regency, all holders of Regency common stock will participate on an equal <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">share-for-share</FONT></FONT> basis with each other in Regency&#146;s net assets available for distribution after payment of Regency liabilities and payment of any liquidation preferences in favor of outstanding shares of
Regency&#146;s preferred stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Preemptive Rights </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Holders of Regency common stock are not entitled to preemptive rights under the Regency charter, and the common stock is not subject to
redemption. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Transfer Agent </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The transfer agent for Regency common stock is Broadridge Corporate Issuer Solutions, Inc. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Listing </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of Regency common stock are traded on the Nasdaq under the symbol &#147;REG.&#148; Following completion of the mergers, the shares of
Regency common stock will continue to be traded on the Nasdaq under the symbol &#147;REG.&#148; The Regency Series A preferred stock and Regency Series B preferred stock are expected to be listed on the Nasdaq following the completion of the mergers
under the symbols &#147;REGCP&#148; and &#147;REGCO&#148;, respectively. </P>  <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Ownership Limitation </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">See &#147;Description of Regency Capital Stock &#151; Anti-Takeover Provisions in the Regency Charter and the Regency Bylaws and Under Florida
Law &#151; Restrictions on Ownership and Transfer&#148; on page 146. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Special Common Stock </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">There is currently no outstanding shares of Regency special common stock. The following is a description of the general terms and provisions of
Regency special common stock set forth in the Regency charter. In the event that Regency issues Regency special common stock, such Regency special common stock may be issued in one or more classes or series as set forth in the Regency charter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency special common stock will bear dividends in such amounts as the Regency board of directors may determine with respect to each
class or series. Dividends on any class or series of special common stock must be pari passu with dividends on Regency common stock. This means that Regency cannot pay dividends on the special common stock without also paying dividends on an equal
basis on Regency common stock. Upon the liquidation, dissolution or winding up of the company, the Regency special common stock will participate on an equal basis with the Regency common stock in liquidating distributions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Shares of Regency special common stock will have one vote per share and vote together with the holders of Regency common stock (and not
separately as a class except where otherwise required by law), unless the Regency board of directors creates classes or series with more limited voting rights or without voting rights. The Regency board of directors will have the right to determine
whether shares of Regency special common stock may be converted into shares of any other class or series or be redeemed, and, if so, the redemption price and the other terms and conditions of redemption, and to determine such other rights as may be
allowed by law. Holders of Regency special common stock will not be entitled, as a matter of right, to preemptive rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Because Regency
expects special common stock to be closely held as a general rule, Regency anticipates that most classes or series would be convertible into common stock for liquidity purposes. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Preferred Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At any time, without stockholder approval, the Regency board of directors may issue one or more new series of preferred stock. In some cases,
the issuance of preferred stock could discourage or make more difficult attempts to take control of Regency through a merger, tender offer, proxy contest or otherwise. Preferred stock with special voting rights or other features issued to persons
favoring Regency&#146;s management could stop a takeover by preventing the person trying to take control of Regency from acquiring enough voting shares to take control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the mergers and pursuant to the terms of the merger agreement, Regency expects to authorize and issue shares of Regency
Series A preferred stock and Regency Series B preferred stock through amendments to the Regency charter in the forms included herein as <U>Annex D</U> and <U>Annex E</U>, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency Series A preferred stock will generally be <FONT STYLE="white-space:nowrap">non-voting,</FONT> have no stated maturity and be
redeemable for cash at $25 per share at Regency&#146;s option. The holders of Regency Series A preferred stock have general preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of
Regency Series A preferred stock will not be entitled to vote on most matters.&nbsp;In the event of a cumulative arrearage equal to&nbsp;six quarterly dividends, holders of Regency Series A preferred stock, together with the Regency Series B
preferred stock holders (voting as a single class without regard to series) will have the right to elect two additional members to serve on the Regency board of directors until the arrearage has been cured. Upon the occurrence of a Change of
Control, as defined in the Regency charter, the holders of Regency Series A preferred stock will have the right to convert all or part of the shares of the Regency Series A preferred stock held by such holders on the applicable conversion date into
a number of shares of Regency common stock.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency Series B preferred stock will generally be
<FONT STYLE="white-space:nowrap">non-voting,</FONT> have no stated maturity and be redeemable for cash at $25&nbsp;per share at Regency&#146;s option on or after&nbsp;October 1, 2024. The holders of Regency Series B preferred stock have general
preference rights with respect to liquidation and quarterly distributions. Except under certain conditions, holders of Regency Series B preferred stock will not be entitled to vote on most matters. In the event of a cumulative arrearage equal
to&nbsp;six&nbsp;quarterly dividends, holders of Regency Series B preferred stock, together with Regency Series A preferred stock holders (voting as a single class without regard to series) will have the right to elect&nbsp;two&nbsp;additional
members to serve on the Regency board of directors until the arrearage has been cured. Upon the occurrence of a Change of Control, as defined in the Regency charter, the holders of Regency Series B preferred stock will have the right to convert all
or part of the shares of Regency Series B preferred stock held by such holders on the applicable conversion date into a number of shares of Regency common stock.</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Anti-Takeover Provisions in the Regency Charter and the Regency Bylaws and Under Florida Law </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain provisions of the Regency charter, the Regency bylaws and Florida law, particularly the Florida Business Corporation Act (which we
refer to as the &#147;FBCA&#148;), could make it less likely that Regency&#146;s management would be changed or someone would acquire voting control of Regency without the consent of the Regency board of directors. These provisions could delay,
deter or prevent tender offers or takeover attempts that Regency stockholders might believe are in their best interests, including tender offers or takeover attempts that could allow Regency stockholders to receive premiums over the market price of
their common stock. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I><A NAME="tx506590_146"></A>Restrictions on Ownership and Transfer </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In order for Regency to qualify as a REIT under the Code, not more than 50% in value of its outstanding capital stock may be owned, directly or
indirectly, by five or fewer individuals (as defined in the Code to include certain entities) during the last half of a taxable year; its stock must be beneficially owned (without reference to attribution rules) by 100 or more persons during at
least 335 days in a taxable year of 12 months or during a proportionate part of a shorter taxable year; and certain other requirements must be satisfied. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To assure that five or fewer individuals do not beneficially own (as defined in the Regency
charter to include ownership through the application of certain stock attribution provisions of the Code) more than 50% in value of its outstanding capital stock, the Regency charter provides that, subject to certain exceptions, no holder may own,
or be deemed to own (by virtue of certain of the attribution provisions of the Code), more than 7% by value of outstanding Regency capital stock (which we refer to as the &#147;Ownership Limit&#148;), which may be increased or decreased by the
Regency board of directors; provided, however, that the Ownership Limit may not be increased to a percentage which is greater than 9.8%. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, because rent from a related tenant (any tenant 10% of which is owned, directly or constructively, by Regency) is not qualifying
rent for purposes of the gross income tests under the Code, the Regency charter provides that no constructive owner of Regency stock who owns, directly or indirectly, a 10% interest in any tenant of Regency (which we refer to as a &#147;Related
Tenant Owner&#148;) may own, or constructively own by virtue of certain of the attribution provisions of the Code (which differ from the attribution provisions applied to determine beneficial ownership), more than 9.8% by value of the outstanding
capital stock of Regency (which we refer to as the &#147;Related Tenant Limit&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency board of directors may waive the
Ownership Limit and the Related Tenant Limit if evidence satisfactory to the Regency board of directors is presented that such ownership will not then or in the future jeopardize Regency&#146;s status as a REIT. As a condition of such waiver, the
Regency board of directors may require opinions of counsel satisfactory to it and/or an undertaking from the applicant with respect to preserving Regency&#146;s REIT status. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If shares of capital stock (i)&nbsp;in excess of the applicable Ownership Limit or Related Tenant Limit; or (ii)&nbsp;which (1) would cause
Regency to be beneficially owned by fewer than 100 persons (without application of the attribution rules), or (2)&nbsp;would result in Regency being &#147;closely held&#148; within the meaning of Section&nbsp;856(h) of the Code, are (a)&nbsp;issued
or transferred to any person or (b)&nbsp;retained by any person after becoming a Related Tenant Owner, such issuance, transfer or retention will be null and void to the intended holder, and the intended holder will have no rights to the stock.
Capital stock transferred, proposed to be transferred or retained in excess of the Ownership Limit or the Related Tenant Limit or which would otherwise jeopardize Regency&#146;s status as a REIT (which we refer to as the &#147;excess shares&#148;)
will be deemed held in trust on behalf of Regency and for Regency&#146;s benefit. The Regency board of directors will, within six months after receiving notice of such actual or proposed transfer, either (i)&nbsp;direct the holder of such shares to
sell all shares held in trust for Regency for cash in such manner as the Regency board of directors directs or (ii)&nbsp;redeem such shares for a price equal to the lesser of (x)&nbsp;the price paid by the holder from whom shares are being redeemed,
and (y)&nbsp;the average of the last reported sales prices on the Nasdaq of the relevant class of capital stock on the 10 trading days immediately preceding the date fixed for redemption by the Regency board of directors, or if such class of capital
stock is not then traded on the Nasdaq, the average of the last reported sales prices of such class of capital stock (or, if sales prices are not reported, the average of the closing bid and asked prices) on the 10 trading days immediately preceding
the relevant date as reported on any exchange or quotation system over which such class of capital stock may be traded, or if such class of capital stock is not then traded over any exchange or quotation system, then the price determined in good
faith by the Regency board of directors as the fair market value of such class of capital stock on the relevant date. If the Regency board of directors directs the intended holder to sell the shares, the holder must receive the proceeds from the
sale as trustee for Regency and pay Regency out of the proceeds of the sale all expenses incurred by Regency in connection with the sale, plus any remaining amount of the proceeds that exceeds the amount originally paid by the intended holder for
such shares. The intended holder will not be entitled to distributions, voting rights or any other benefits with respect to such excess shares except the amounts described above. Any dividend or distribution paid to an intended holder on excess
shares must be repaid to Regency upon demand. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All certificates representing capital stock will bear a legend referring to the
restrictions described above. The transfer restrictions described above will not preclude the settlement of any transaction entered through the facilities of the Nasdaq. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">147 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency charter provides that every stockholder of record of more than 5% of the
outstanding capital stock of Regency and every Actual Owner (as defined in the Regency charter) of more than 5% of the outstanding capital stock of Regency held by a nominee must give written notice to Regency of information specified in the Regency
charter within 30 days after December&nbsp;31 of each year. In addition, each beneficial owner of capital stock and each person who holds capital stock for a beneficial owner must provide to Regency such information as Regency may request, in good
faith, in order to determine its status as a REIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The ownership limitations described above may have the effect of precluding
acquisition of control of Regency by a third party even if the Regency board of directors determines that maintenance of REIT status is no longer in Regency&#146;s best interests. The Regency board of directors has the right under the Regency
charter (subject to contractual restrictions, including covenants made to the lenders under Regency&#146;s line of credit) to revoke Regency&#146;s REIT status if the Regency board of directors determines that it is no longer in Regency&#146;s best
interests to attempt to qualify, or to continue to qualify, as a REIT. In the event of such revocation, the ownership limitations in the Regency charter will remain in effect. Any change in the ownership limitations would require an amendment to the
Regency charter. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Advance Notice Provisions For Shareholder Business and Nominations </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency bylaws establish an advance notice procedure for shareholders to make nominations of candidates for election as directors or to
bring other business before any meeting of Regency shareholders. Any shareholder nomination or proposal for action at an upcoming shareholder meeting must be delivered to Regency in the manner and by the deadline described in the Regency bylaws. The
presiding officer at any shareholder meeting is not required to recognize any proposal or nomination which did not comply with these requirements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Proxy Access </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The
Regency bylaws contain a proxy access right provision to permit a shareholder or group of up to 20 shareholders satisfying specified eligibility requirements to include director nominees in Regency&#146;s proxy materials for annual meetings of
Regency shareholders. To be eligible to use these proxy access provisions, such shareholders must, among other requirements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">have owned shares of Regency common stock equal to at least 3% of the aggregate of Regency&#146;s issued and
outstanding shares of common stock continuously for at least the prior three years; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">represent that such shares were acquired in the ordinary course of business and not with the intent to change or
influence control of Regency and that such shareholder or group does not presently have such intent; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">provide a notice requesting the inclusion of director nominees in Regency&#146;s proxy materials and provide
other required information to us not less than 120 days prior to the anniversary of the date of the proxy statement for the prior year&#146;s annual meeting of shareholders (with adjustments if the date for the upcoming annual meeting of
shareholders is more than 30 days before or more than 60 days after the anniversary date of the prior year&#146;s annual meeting). </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing proxy access right is subject to additional eligibility, procedural and disclosure requirements set forth in the Regency bylaws.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Exclusive Forum </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency has adopted an exclusive forum bylaw which provides that, unless Regency consents in writing to the selection of an alternative forum,
the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on behalf of Regency, (ii)&nbsp;any action asserting a claim for breach of a fiduciary duty owed by any director or officer or other employee to Regency or Regency
shareholders, (iii)&nbsp;any action asserting a claim </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">148 </P>

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against Regency or any director or officer or other employee arising pursuant to any provision of the FBCA, the Regency charter, or the Regency bylaws (in each case, as they may be amended from
time to time), or (iv)&nbsp;any action asserting a claim against Regency or any director or officer or other employee governed by the internal affairs doctrine shall be the Federal District Court for the Middle District of Florida, Jacksonville
Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval). </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Indemnification and Limitation of Liability </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The FBCA authorizes Florida corporations to indemnify a present or former director or officer of the corporation (and certain other persons
serving at the request of the corporation in related capacities). The indemnity also applies to any person who is or was serving at the request of the corporation as a director, officer, employee, or agent of another corporation or other entity. The
indemnification applies against liability incurred in connection with such a proceeding, including any appeal, if the person acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the
corporation. To be eligible for indemnity with respect to any criminal action or proceeding, the person must have had no reasonable cause to believe his or her conduct was unlawful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indemnification provisions of the FBCA require indemnification if a director or officer has been wholly successful in defending any
action, suit or proceeding to which he or she was a party by reason of the fact that he or she is or was a director or officer of the corporation. The indemnity covers expenses actually and reasonably incurred in defending the action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The indemnification authorized under Florida law is not exclusive and is in addition to any other rights granted to officers and directors
under the articles of incorporation or bylaws of the corporation or any agreement between officers and directors and the corporation or by a vote of shareholders or disinterested directors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Regency bylaws provide for the indemnification of directors, former directors, officers and former officers to the maximum extent
permitted by Florida law and for the advancement of expenses incurred in connection with the defense of any action, suit or proceeding that the director or officer was a party to by reason of the fact that he or she is or was a director or officer
of Regency, or at Regency&#146;s request, a director, officer, employee or agent of another corporation. The Regency bylaws also provide that we may purchase and maintain insurance on behalf of any director or executive officer against liability
asserted against the director or executive officer in such capacity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to Regency directors, officers or controlling persons pursuant to the foregoing provisions, or otherwise, Regency has been advised that in the opinion of the SEC such indemnification is against public policy as
expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Regency of expenses incurred or paid by a director, officer or controlling person in
the successful defense of any action, suit or proceeding) is asserted by a director, officer or controlling person in connection with the securities being registered, Regency will, unless in the opinion of Regency&#146;s counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of this issue.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under the FBCA, a director or officer is not personally liable for monetary damages to us or to any other person for acts or omissions in
his or her capacity as a director or officer except in certain limited circumstances. Those circumstances include violations of criminal law (unless the director or officer had reasonable cause to believe that such conduct was lawful or had no
reasonable cause to believe such conduct was unlawful), transactions in which the director or officer derived an improper personal benefit, and willful or intentional misconduct or a conscious disregard for the best interest of the corporation (only
if the proceeding is by or in the right of the corporation). Another exception exists for directors involving unlawful distributions. As a result, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">149 </P>

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shareholders may be unable to recover monetary damages against directors or officers for actions taken by them which constitute negligence or gross negligence or which are in violation of their
fiduciary duties, although injunctive or other equitable relief may be available. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Stockholders&#146; Rights Plan </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Although Regency does not have a stockholders&#146; rights plan as of the date of this joint proxy statement/prospectus, under Florida law, the
Regency board of directors can adopt a rights plan without stockholder approval. If adopted, a rights plan could operate to cause substantial dilution to a person or group that attempts to acquire Regency on terms not approved by the Regency board
of directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Florida Interested Shareholder Statute </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency has not opted out of the FBCA provision regarding an &#147;affiliated transaction.&#148; This provision prohibits a publicly held
Florida corporation from engaging in a broad range of business combinations or other extraordinary corporate transactions with an &#147;interested shareholder&#148; unless: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the transaction is approved by a majority of disinterested directors; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the transaction is approved by the board of directors before the person becomes an interested shareholder;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the corporation has not had more than 300 shareholders of record during the three years preceding the
&#147;affiliated transaction&#148;; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the interested shareholder has owned at least 80% of the corporation&#146;s outstanding voting shares for at
least three years; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the interested shareholder is the beneficial owner of at least 90% of the voting shares (excluding shares
acquired directly from the corporation in a transaction not approved by a majority of the disinterested directors); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">consideration is paid to the holders of the corporation&#146;s shares equal to the highest amount per share paid
by the interested shareholder for the acquisition of the corporation&#146;s shares in the last two years or fair market value, and other specified conditions are met; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the transaction is approved by the board of directors and authorized at a meeting of shareholders, and not by
written consent, by the holders of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the corporation&#146;s outstanding voting shares other than those owned by the interested shareholder; or </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the
interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and
also officers, and certain employee stock plans. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">An &#147;interested shareholder&#148; is defined as a person who,
together with affiliates and associates, beneficially owns more than 15% of a company&#146;s outstanding voting shares. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">150 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_67"></A>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
</B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The table below sets forth certain information, as of July&nbsp;6, 2023, the latest practicable date prior to the date of this
filing, available to Urstadt Biddle with respect to shares of UB common stock and UB Class&nbsp;A common stock beneficially owned by: </P>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each person who is known by Urstadt Biddle to beneficially own more than 5% of the shares of UB common stock and
UB Class&nbsp;A common stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each director; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
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<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">each named executive officer; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">all of the current directors and executive officers of Urstadt Biddle as a group. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The SEC has defined &#147;beneficial ownership&#148; of a security to mean the possession, directly or indirectly, of voting power and/or
dispositive power with respect to such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through (i)&nbsp;the exercise
of any option, warrant or right, (ii)&nbsp;the conversion of a security, (iii)&nbsp;the power to revoke a trust, discretionary account or similar arrangement, or (iv)&nbsp;the automatic termination of a trust, discretionary account or similar
arrangement. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The number of shares beneficially owned by each individual or group is based upon information in documents filed by such
person with the SEC or other information available to Urstadt Biddle. Percentage ownership in the following table is based on 10,358,591 shares of UB common stock and 28,972,016 shares of UB Class&nbsp;A common stock (including UB restricted stock
awards) outstanding as of July&nbsp;6, 2023. Unless otherwise noted below, the address of the persons and entities listed on the table is 321 Railroad Avenue, Greenwich, CT 06830. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name and Address of Beneficial Owner</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;of&nbsp;</B><br><B>UB&nbsp;common&nbsp;stock<BR>Beneficially<BR>Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent<BR>of&nbsp;Class</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Shares&nbsp;of&nbsp;</B><br><B>UB&nbsp;Class&nbsp;A</B><br><B>common<BR>stock<BR>Beneficially<BR>Owned</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Percent<BR>of&nbsp;Class</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>5% Stockholders</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">The Vanguard Group, Inc.<BR>100 Vanguard Blvd. <BR>Malvern, PA 19355</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">3,936,381</TD>
<TD NOWRAP VALIGN="bottom">(1)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">13.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">BlackRock, Inc.<BR>55 East 52<SUP STYLE="font-size:75%; vertical-align:top">nd </SUP>Street
<BR>New York, NY 10022</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,754,376</TD>
<TD NOWRAP VALIGN="bottom">(2)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Elinor F. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,093,198</TD>
<TD NOWRAP VALIGN="bottom">(3)(4)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">39.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">176,767</TD>
<TD NOWRAP VALIGN="bottom">(3)(5)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B><U>Directors&nbsp;&amp; Officers</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Charles D. Urstadt</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">56,876</TD>
<TD NOWRAP VALIGN="bottom">(6)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willing L. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,479,570</TD>
<TD NOWRAP VALIGN="bottom">(3)(7)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55,824</TD>
<TD NOWRAP VALIGN="bottom">(3)(8)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Kevin J. Bannon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">52,500</TD>
<TD NOWRAP VALIGN="bottom">(9)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Catherine U. Biddle</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,479,570</TD>
<TD NOWRAP VALIGN="bottom">(3)(7)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">55,824</TD>
<TD NOWRAP VALIGN="bottom">(3)(8)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Noble O. Carpenter, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">11,050</TD>
<TD NOWRAP VALIGN="bottom">(10)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Bryan O. Colley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">26,090</TD>
<TD NOWRAP VALIGN="bottom">(11)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Richard Grellier</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">2,627</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">16,000</TD>
<TD NOWRAP VALIGN="bottom">(12)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Robert J. Mueller</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54,050</TD>
<TD NOWRAP VALIGN="bottom">(13)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Willis H. Stephens, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">9,597</TD>
<TD NOWRAP VALIGN="bottom">(14)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John T. Hayes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">101,606</TD>
<TD NOWRAP VALIGN="bottom">(15)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Stephan A. Rapaglia</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">350</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">139,765</TD>
<TD NOWRAP VALIGN="bottom">(16)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Miyun Sung</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">79,547</TD>
<TD NOWRAP VALIGN="bottom">(17)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">*</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Directors&nbsp;&amp; Executive Officers as a group (12 persons)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">4,539,423</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">43.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">547,879</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">1.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">151 </P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Less than 1% </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Number of shares is based upon information filed with the SEC on February&nbsp;9, 2023 by The Vanguard Group
(&#147;Vanguard&#148;) in a Schedule 13G/A. Vanguard has shared voting power over 20,367 shares of UB Class&nbsp;A common stock, sole dispositive power over 3,892,447 shares of UB Class&nbsp;A common stock and shared dispositive power over 43,934
shares of UB Class&nbsp;A common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Number of shares is based upon information filed with the SEC on January&nbsp;24, 2023 by BlackRock, Inc.
(&#147;Blackrock&#148;) in a Schedule 13G/A. Blackrock has sole voting power over 4,694,419 shares of UB Class&nbsp;A common stock and sole dispositive power over 4,754,376 shares of UB Class&nbsp;A common stock. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">On May&nbsp;17, 2023, Willing L. Biddle, Catherine U. Biddle, Elinor F. Urstadt, Urstadt Property Company,
Inc., Urstadt Realty Associates Co LP and Urstadt Realty Shares II L.P., in their respective capacities as record or beneficial owners of shares of UB common stock and UB Class A common stock (together, the &#147;Urstadt Biddle Family
Stockholders&#148;) collectively representing approximately 68% of the voting power of UB common stock and UB Class A common stock as of the record date, Regency and Urstadt Biddle (solely with respect to certain provisions), entered into a voting
agreement pursuant to which and on the terms and subject to the conditions thereof, among other things, the Urstadt Biddle Family Stockholders have agreed to vote (or cause to be voted) all of the shares of UB common stock and UB Class A common
stock owned of record or beneficially by the Urstadt Biddle Family Stockholders as of May&nbsp;17, 2023 and any additional shares of UB common stock and UB Class&nbsp;A common stock of which any such Urstadt Biddle Family Stockholders acquires
record or beneficial ownership after May&nbsp;17, 2023 in favor of the Merger Proposal. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In her capacity as executor of Mr.&nbsp;Urstadt&#146;s estate, Mrs.&nbsp;Urstadt may be deemed to have
beneficial ownership of the 125,000 shares of UB common stock in Mr.&nbsp;Urstadt&#146;s estate. Mrs.&nbsp;Urstadt is the direct beneficial owner of 76,050 shares of UB common stock and has the power to vote or direct the voting of and to dispose or
direct the disposition of an additional 105,000 shares of UB common stock held by the Urstadt Conservation Foundation (the &#147;Foundation&#148;), representing a total of 181,050 shares of UB common stock. Mrs.&nbsp;Urstadt disclaims beneficial
ownership of any shares held by the Foundation. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mrs.&nbsp;Urstadt also may be deemed to have shared power to vote or
direct the voting of and to dispose of or direct the disposition of (i)&nbsp;the 220,000 shares of UB common stock held by the Charles J. Urstadt 2012 Family Trust, of which she and Catherine Biddle are
<FONT STYLE="white-space:nowrap">co-trustees,</FONT> (ii)&nbsp;the 280,570 shares of UB common stock held by the Marital Deduction Trust UA V under the Will, of which she and Catherine Biddle are <FONT STYLE="white-space:nowrap">co-trustees,</FONT>
(iii)&nbsp;the 888,426 shares of UB common stock directly held by Urstadt Property Company, Inc., a Delaware corporation (&#147;UPCO&#148;), (iv) the 1,942,431 shares of UB common stock held by Urstadt Realty Associates Co LP (&#147;URACO&#148;), a
Delaware limited partnership, of which UPCO is the general partner, and (v)&nbsp;the 455,721 shares of UB common stock held by Urstadt Realty Shares II L.P., a Delaware partnership, of which UPCO is the general partner. Mrs.&nbsp;Urstadt and the
estate of Mr.&nbsp;Urstadt own a controlling amount of the outstanding voting securities of UPCO. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Elinor F. Urstadt has direct beneficial ownership of 18,000 shares of UB Class&nbsp;A common stock. In her
capacity as executor of the Estate of Charles J. Urstadt, Elinor F. Urstadt has beneficial ownership of 58,767 shares of UB Class&nbsp;A common stock held by the Estate of Charles J. Urstadt. Elinor F. Urstadt, for herself and as executor of the
Estate of Charles J. Urstadt, indirectly beneficially owns 100,000 shares of UB Class&nbsp;A common stock directly held by UPCO, in which Elinor F. Urstadt and the Estate of Charles J. Urstadt own a controlling amount of the outstanding voting
securities. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(6)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;C.D. Urstadt directly owns 56,876 shares of UB common stock, of which 26,000 are restricted subject to
vesting. The number of shares reported does not include shares of UB common stock owned by URACO, of which the Charles D. Urstadt Irrevocable Trust is a limited partner. Mr.&nbsp;C.D. Urstadt is the sole beneficiary of the trust. The number of
shares reported also does not include shares of UB common stock owned by UPCO, of which Mr.&nbsp;C.D. Urstadt is an officer and stockholder. Shares held by URACO and UPCO are reported by Elinor F. Urstadt, as the controlling stockholder of UPCO, and
UPCO, the general partner of URACO. </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(7)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Biddle is the direct beneficial owner of 1,395,576 shares of UB common stock individually of which
900,000 are restricted subject to vesting, and Mrs.&nbsp;Biddle is the direct beneficial owner of 18,944 shares of UB common stock individually, of which 8,900 are restricted subject to vesting. When these shares are
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">152 </P>

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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="4%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
added to (i)&nbsp;the 5,163 shares of UB common stock owned by the P.T. Biddle (Deceased) IRA for the benefit of Willing Biddle, (ii)&nbsp;the 906,024 shares of UB common stock owned by the
Catherine U. Biddle 2012 Dynasty Trust, for which Mr.&nbsp;Biddle is the sole trustee, (iii)&nbsp;the 1,070 shares of UB common stock held by the Charles and Phoebe Biddle Trust UAD 12/20/93 for the benefit of the issue of Mr.&nbsp;Biddle,
(iv)&nbsp;the 21,000 shares of UB common stock held by Trust UW PTB Art 4.1, (v) the 1,181,223 shares of UB common stock owned by the Willing L. Biddle 2012 Dynasty Trust for which Mrs.&nbsp;Biddle is the sole trustee, (vi)&nbsp;the 280,570 shares
of UB common stock owned by the Marital Deduction Trust UA V under the Will, for which Mrs.&nbsp;Biddle is a <FONT STYLE="white-space:nowrap">co-trustee</FONT> with Elinor F. Urstadt, (vii)&nbsp;the 220,000 shares of UB common stock held by the
Charles J. Urstadt 2012 Family Trust, for which Mrs.&nbsp;Biddle is a <FONT STYLE="white-space:nowrap">co-trustee</FONT> with Elinor F. Urstadt, and (viii)&nbsp;the 450,000 shares of UB common stock owned by the Elinor F. Urstadt 2016 Gift Trust,
for which Mrs.&nbsp;Biddle is a trustee, Mr.&nbsp;Biddle and Mrs.&nbsp;Biddle beneficially own 4,479,570 shares of UB common stock. The 280,570 shares of UB common stock described in subsection (vi)&nbsp;above and the 220,000 shares of UB common
stock described in subjection (vii)&nbsp;above are also reported by Elinor F. Urstadt and described in footnote (3)&nbsp;to the table. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Biddle and Mrs.&nbsp;Biddle may each be deemed to have shared power to vote and direct the voting of and to dispose of or direct the
disposition of shares owned by the other, as they are spouses. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(8)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr. Biddle directly owns 52,500 shares of UB Class A common stock, of which 22,500 are restricted subject to
vesting. In addition, he is the indirect beneficial owner of 3,324 shares of UB Class A common stock directly held by Mrs. Biddle. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Biddle and Mrs.&nbsp;Biddle may each be deemed to have shared power to vote and direct the voting of and to dispose of or direct the
disposition of shares owned by the other, as they are spouses.<B> </B> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(9)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Bannon directly owns 51,500 shares of UB Class&nbsp;A common stock, of which 8,900 are restricted
subject to vesting. Mr.&nbsp;Bannon is also the indirect beneficial owner of 1,000 shares of shares of UB Class&nbsp;A common stock, which are held directly by a family trust. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(10)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Carpenter directly owns 11,050 shares of UB Class&nbsp;A common stock, of which 8,900 are restricted
subject to vesting. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(11)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Colley directly owns 12,796 shares of UB Class&nbsp;A common stock, of which 8,900 are restricted
subject to vesting. An additional 8,200 shares of UB Class&nbsp;A common stock are held in the Collgates Bryan Trust, of which his wife Sara G. Colley is the trustee and beneficiary, and 5,094 shares of UB Class&nbsp;A common stock are held by the
Sarah G. Colley Trust, of which his wife is also the trustee and beneficiary. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(12)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Grellier directly owns 16,000 shares of UB Class&nbsp;A common stock, of which 8,900 are restricted
subject to vesting. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(13)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Mueller directly owns 54,050 shares of UB Class&nbsp;A common stock, of which 8,900 are restricted
subject to vesting </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(14)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Stephens, Jr. directly owns 8,397 shares of UB Class&nbsp;A common stock, of which 7,700 are
restricted subject to vesting. He is also the indirect beneficial owner of 1,200 shares of shares of UB Class&nbsp;A common stock, which are held by his spouse. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(15)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Hayes directly owns 101,606 shares of UB Class&nbsp;A common stock, of which 85,000 are restricted
subject to vesting. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(16)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Mr.&nbsp;Rapaglia directly owns 139,765 shares of UB Class&nbsp;A common stock, of which 90,000 are restricted
subject to vesting. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(17)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ms.&nbsp;Sung directly owns 79,547 shares of UB Class&nbsp;A common stock, 70,000 of which are restricted
subject to vesting. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">153 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_68"></A>COMPARISON OF RIGHTS OF REGENCY STOCKHOLDERS AND URSTADT BIDDLE
STOCKHOLDERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The rights
of Urstadt Biddle stockholders are governed by the MGCL, the Urstadt Biddle charter and the Urstadt Biddle bylaws, and the rights of Regency stockholders are governed by the FBCA, the Regency charter and the Regency bylaws. As a result of the
mergers, holders of UB common stock or UB Class&nbsp;A common stock who receive UB Sub I common shares in the first merger and, thereafter, shares of Regency common stock as the merger consideration in the second merger will become stockholders of
Regency and, accordingly, their rights will be governed by the FBCA, the Regency charter and the Regency bylaws. The following is a summary of the material differences as of the date of this proxy statement/prospectus between the rights of Urstadt
Biddle stockholders and the rights of Regency stockholders. These differences arise from differences between the respective charters and bylaws of Urstadt Biddle and Regency, as well as differences in the MGCL and the FBCA. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Certain Differences Between the Rights of Regency Stockholders and Urstadt Biddle Stockholders </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following chart is only a summary of certain material differences between the rights of Regency stockholders and Urstadt Biddle
stockholders and does not purport to be a complete description of all of the differences. The identification of some of the differences in the rights of Regency stockholders and Urstadt Biddle stockholders as material is not intended to indicate
that other differences that may be equally important do not exist. Please consult the MGCL, FBCA and the respective charters and bylaws, each as amended, restated, supplemented, or otherwise modified from time to time, of Regency and Urstadt Biddle
for a more complete understanding of these differences. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Authorized Stock</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regency is authorized to issue:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">220,000,000 shares of Regency common stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10,000,000 shares of Regency special common stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30,000,000 shares of preferred stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Upon completion of the mergers, Regency will issue and there will be outstanding 4,600,000 shares of Regency Series A preferred stock and 4,400,000 shares of
Regency Series B preferred stock with substantially similar rights, privileges and preferences as those of the UB Series H preferred stock and the UB Series K preferred stock, respectively.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle is authorized to issue:</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100,000,000 shares of UB Class&nbsp;A common stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">30,000,000 shares of UB common stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">50,000,000 shares of preferred stock, of which 4,600,000 shares of Urstadt Biddle H Preferred Stock are designated, issued and outstanding and 4,400,000 shares
of Urstadt Biddle H Preferred Stock are designated, issued and outstanding.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">20,000,000 shares of Urstadt Biddle excess stock, par value $0.01 per share (which we refer to as &#147;UB Excess Stock&#148;).</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors may amend the Urstadt Biddle charter without
action by stockholders to increase or decrease the number of shares of stock of any class that Urstadt Biddle is authorized to issue.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Preferred Stock</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Regency board of directors is authorized to provide for the issuance of the preferred stock in one or more classes and in one or more series within a class, and is authorized to establish the number of shares to be</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Urstadt Biddle board of directors is authorized to issue shares of preferred stock from time to time in one or more series, without stockholder approval, with such preferences, conversion or other
rights,</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top">included in each class and each series and the preferences, limitations and relative rights of each class and each series, without shareholder action. Such preferences must include the preferential right to receive distributions of
dividends or the preferential right to receive distributions of assets upon the dissolution of Regency and before shares of Regency common stock are entitled to receive such distributions.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">voting powers, restrictions, limitations as to dividends qualifications and terms and conditions of redemption, as may be fixed by the Urstadt Biddle board of directors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Quorum</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">At any meeting of stockholders, the holders of a majority of the issued and outstanding shares of stock entitled to vote present in person or represented by proxy constitute a quorum. If, however, such quorum is not present or
represented at any meeting of the stockholders, the holders of a majority of the shares represented and who would be entitled to vote at the meeting if a quorum were present may adjourn such meeting from time to time.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">At any meeting of stockholders, the presence in person or by proxy of stockholders entitled to cast a majority of all the votes entitled to be cast at the meeting shall constitute a quorum. The shares of UB Excess Stock will not be
considered to be issued or outstanding for purposes of any stockholder vote or for purposes of determining a quorum for such a vote</TD></TR>
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<TD HEIGHT="8" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Voting Rights</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Each record holder of Regency common stock is entitled to one vote per share held by such record holder on all matters on which stockholders are generally entitled to vote.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Common Stock</U></I></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of shares of UB common stock shall be entitled to vote on all matters submitted to the holders of UB common stock for a vote at all meetings of the
stockholders and shall vote together with the holders of the UB Class&nbsp;A common stock as a single class and not as a separate class. Each holder of shares of UB common stock shall be entitled to one vote per share of UB common stock held by such
stockholder.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Class&nbsp;A Common Stock</U></I></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The holders of shares of UB Class&nbsp;A common stock shall be entitled to vote on all
matters submitted to the holders of UB common stock for a vote at all meetings of the stockholders and shall vote together with the holders of the UB common stock as a single class and not as a separate class. Each holder of shares of UB
Class&nbsp;A common stock shall be entitled to <FONT STYLE="white-space:nowrap">one-twentieth</FONT> (1/20th) of one (1)&nbsp;vote for each share of UB Class&nbsp;A common stock held by such stockholder.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Preferred Stock</U></I></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Holders of UB Series K preferred stock and UB Series H preferred stock generally have no
voting rights. However, if Urstadt Biddle is in arrears on dividends on such series of preferred stock for six or more quarterly periods, holders of such series (voting</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">155 </P>

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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">as a class with the holders of all other series of parity preferred stock) will have the exclusive power to vote for the election of two
additional directors, until all dividends accrued on such shares of preferred stock for past period and the then-current period have been fully paid.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In&nbsp;addition, Urstadt Biddle may not (i)&nbsp;terminate Urstadt Biddle&#146;s status as a REIT, (ii)&nbsp;amend,&nbsp;alter or repeal any provision of
the&nbsp;Urstadt Biddle charter, including any supplements, that materially and&nbsp;adversely affect any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of
redemption of the&nbsp;UB Series K preferred stock and UB Series H preferred stock, as applicable, and the holders thereof, or (iii)&nbsp;authorize, create, or&nbsp;increase the authorized number of any class or series or any security convertible
into shares of any class or series of stock of Urstadt Biddle ranking senior to the UB Series K preferred stock or UB Series H preferred stock, as applicable, as to distribution on any liquidation, dissolution or winding up of Urstadt Biddle or as
to the payment of dividends, in each case without the approval of the holders of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the outstanding shares of the votes entitled to be cast by the holders of UB Series K preferred stock and
or UB Series H preferred stock, voting separately as a class.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Excess
Stock</U></I></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">No stockholder may vote any shares of UB Excess Stock.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Special Meeting of Stockholders</I></B></TD></TR>
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<TD VALIGN="top">A special meeting of Regency stockholders may be called at any time by the Regency board of directors, the chairman of the board of directors, the lead director (if any) or the president or upon written demand of the holders of at
least 10% of the votes entitled to be cast on any issue to be considered at the special meeting. Business transacted at the special meeting of stockholders will be limited to the purposes stated in the notice.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Special stockholder meetings may be called by Urstadt Biddle&#146;s chairman, president or a majority of the Urstadt Biddle board of directors and is to be called by Urstadt Biddle&#146;s secretary at the written request of
stockholders entitled to cast at least a majority of all votes entitled to be cast at the meeting.</TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Stockholder Action by Written Consent Without a Meeting</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">Any action required or permitted to be taken by the stockholders at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth
the action to be taken, is signed by the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Any action required or permitted to be taken by stockholders may be taken without a meeting if (i)&nbsp;a unanimous written consent which sets forth the action taken and which is signed by each stockholder entitled to vote on the
matter and (ii)&nbsp;a written waiver</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top">holders not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">of any right to dissent signed by each stockholder entitled to notice of such meeting but not entitled to vote at such meeting, are filed with the records of stockholders meetings.</TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Notice of Stockholder Meetings</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top">Not less than 10 nor more than 60&nbsp;days before the date of each meeting, Regency must provide written notice of such meeting to each stockholder entitled to vote at such meeting. The notice must state the place, date and time of
the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Not less than 10 nor more than 90 days before the date of every meeting of stockholders, Urstadt Biddle must provide written or printed notice of such meeting to each stockholder entitled to vote or entitled to notice by statute,
stating the time and, unless the meeting will be held solely by means of remote communication, place of the meeting and, in the case of a special meeting or as otherwise may be required by statute, the purpose or purposes for which the meeting is
called.</TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Advance Notice Requirement for Director Nominations and Stockholder Proposals</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nominations of persons for election to the Regency board of directors and the proposal of business other than nominations to be considered by
the stockholders may be made at an annual meeting of stockholders only (1)&nbsp;pursuant to Regency&#146;s notice of such meeting (or any supplement thereto), (2)&nbsp;by, or at the direction of, the Regency board of directors or (3)&nbsp;by a
stockholder who was a stockholder of record at the time of giving timely and proper notice, who is entitled to vote at the annual meeting. For nominations or other business to be properly brought before an annual meeting of stockholders by a
stockholder pursuant to the foregoing clause (3), the stockholder must have given timely and proper notice thereof in writing to the secretary of Regency and such business must be a proper subject for stockholder action.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For such proposals and nominations to be timely, a stockholder&#146;s notice (including
required information and documents) must generally be delivered to the secretary of Regency at the principal executive offices of Regency not later than the close of business on the 90th&nbsp;day nor earlier than the close of business on the
120th&nbsp;day prior to the first anniversary of the date of Regency&#146;s proxy statement released to stockholders in connection with the preceding year&#146;s annual meeting of stockholders, subject to extension in limited circumstances.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Nominations of persons for election to the Regency board of directors may be made at a
special meeting of stockholders at which directors are to be elected pursuant to Regency&#146;s notice of meeting only (1)&nbsp;by or at the direction of the Regency board of directors or (2)&nbsp;provided that the Regency board of directors
has</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Nomination of candidates for election as directors and the proposal of business other than nominations to be considered by the stockholders
at any annual meeting may be made only (1)&nbsp;by, or at the direction of, a majority of the Urstadt Biddle board of directors or (2)&nbsp;by a stockholder of record at the time of giving notice and as of the record date for the annual meeting in
question, and who complies with the timing, information and other requirements set forth below.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In order for a stockholder proposal or director nomination to be considered at an annual meeting of stockholders, the stockholder is generally required to
deliver to Urstadt Biddle certain information in accordance with the Urstadt Biddle bylaws not less than 75 days nor more than 120 days prior to the anniversary date of the immediately preceding annual meeting; provided, however, that, if the annual
meeting is scheduled to be held on a date more than 30 days before or more than 60 days after the annual meeting anniversary date, notice must be delivered to Urstadt Biddle not later than the close of business on the later of (1)&nbsp;the 75th day
prior to the scheduled date of such annual meeting or (2)&nbsp;the 15th day after public disclosure of the date of such meeting.</P></TD></TR></TABLE>
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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top">determined that directors shall be elected at such special meeting, by any stockholder of record at the time of giving timely and proper notice. For such nominations to be timely, a stockholder&#146;s notice (including required
information and documents) must be delivered to the secretary of Regency at the principal executive offices of Regency not earlier than the close of business on the 120th&nbsp;day before such special meeting and not later than the close of business
the 90th day prior to the date of such special meeting or the 10th&nbsp;day following the day on which public announcement is first made of the date of the special meeting and, if applicable, of the nominees to be proposed by the Regency board of
directors to be elected at such special meeting.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Proxy Access</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Available for eligible stockholders (or a group of up to 20 stockholders) who have owned at least 3% of outstanding shares of Regency common
stock continuously for a period of three years, for a maximum number of stockholder nominees equal to 25% of the number of directors then in office (rounded down).</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Notice of proxy access must be received not less than 120 days prior to the anniversary of the date of the proxy statement for the previous year&#146;s annual
meeting, subject to certain adjustments if the annual meeting is scheduled to be held more than 30 days before or more than 60 days after the anniversary date of the prior year&#146;s annual meeting.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Urstadt Biddle does not have a proxy access provision in its organization documents that grants proxy access rights in excess of what is provided for under Maryland law.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Amendment of Charter</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Section&nbsp;607.1003 of the FBCA provides that, with the limited exception of certain <FONT STYLE="white-space:nowrap">non-substantive</FONT> amendments that can be effected by a corporation&#146;s board of directors without
stockholder approval, the Regency articles may be amended upon the recommendation of the amendment to the stockholders by the board of directors and approval by the holders of a majority of the outstanding shares entitled to vote unless the FBCA, or
to the extent permitted by the FBCA, the board of directors, requires a greater vote. The Regency articles may be amended under Section&nbsp;607.1003 of the FBCA without a recommendation of the board of directors if the board of directors determines
that, because of conflict of interest or other special circumstances, it should make no recommendation and communicates the basis for its determination to the stockholders with the amendment.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Urstadt Biddle charter may be amended with the approval of a majority of the Urstadt Biddle board of directors and the affirmative vote of a majority of the votes entitled to be cast by Urstadt Biddle stockholders on the
matter.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">158 </P>

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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Bylaws Amendments</I></B></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Regency bylaws may be amended or repealed by either the Regency board of directors or the shareholders, unless the FBCA reserves the power to amend the bylaws generally or any particular bylaw provision, as the case may be,
exclusively to the stockholders or unless the stockholders, in amending or repealing these bylaws generally or any particular bylaw provision, provide expressly that the Regency board of directors may not amend or repeal the bylaws or such bylaw
provision, as the case may be.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Urstadt Biddle bylaws may only be amended with the approval of a majority of the Urstadt Biddle board of directors.</TD></TR>
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<TD HEIGHT="8" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Number and Term of Directors</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of the date of this proxy statement/prospectus, there are 11 directors on the Regency board of directors.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The number of directors may be changed from time to time by a majority of the Regency
board of directors then in office, but in no event will be less than three nor more than 15.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Directors serve <FONT STYLE="white-space:nowrap">one-year</FONT> terms and all directors are elected at each annual meeting.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors is divided into three classes, each serving three-year terms, with the terms of each class beginning in
different years.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">As of the date of this proxy statement/prospectus, there are nine
directors on the Urstadt Biddle board of directors. The number of directors may be changed from time to time by a majority of the Urstadt Biddle board of directors, but in no event shall there be less than three or more than 15
directors.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Election of Directors</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Regency bylaws provide that, in the case of an uncontested election, directors must receive a majority of the votes cast for election at a meeting at which a quorum is present. In the case of a contested election, directors must
receive a plurality of the votes cast for election at a meeting at which a quorum is present.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Urstadt Biddle charter provides that directors must receive a majority of the votes cast for election at a meeting at which a quorum is present.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Removal of Directors</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Regency bylaws provide that stockholders may remove directors with or without cause at a meeting of stockholders if the votes cast in favor of removal exceed the votes opposing removal. If a director is elected by a voting
group, only the stockholders of that voting group may participate in the vote to remove that director<I>.</I></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">The Urstadt Biddle charter provides that subject to the rights of holders of Urstadt Biddle&#146;s preferred stock, any director may be removed (1)&nbsp;only for cause and (2)&nbsp;only by the affirmative vote of holders of not less
than <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the shares then outstanding and entitled to vote for the election of directors. If such director was elected solely by holders of Urstadt Biddle preferred shares, such director may be
removed only for cause and by the holders of the Urstadt Biddle preferred shares.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Filling Vacancies on the Board</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">The Regency bylaws provide that if a vacancy occurs on the Regency board of directors for any reason, including, but not limited to, the resignation, removal or death of a director or an increase in the number of authorized
directors, a majority of the directors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Subject to the rights of the holders of any Urstadt Biddle preferred shares then outstanding with respect to the election of directors, the Urstadt Biddle charter provides that any vacancy occurring on the Urstadt Biddle board of
directors (other than as a result of the</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">159 </P>

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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">remaining in office, although less than a quorum, or stockholders, may elect a successor for the unexpired term and until his or her
successor is elected and qualified. If the directors first fill the vacancy, the shareholders shall have no further rights with respect to the vacancy and, if the shareholders first fill the vacancy, the directors shall have no further rights with
respect to the vacancy.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">If the holders of shares of any voting group are entitled to
elect one or more directors, vacancies of directors in such class major be filled by holders of shares of that voting group or by a majority of directors then in office elected by such voting group. If no director elected by such voting group
remains in office, unless the Regency charter provide otherwise, directors not elected by such voting group may fill vacancies.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">removal of a director) will be filled only by a majority of the remaining directors except that a vacancy resulting from an increase in the number of directors will be filled by a majority of the entire board of directors. A vacancy
resulting from the removal of a director may be filled by the affirmative vote of a majority of all the votes cast at a meeting of the stockholders called for that purpose.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Cumulative Voting</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Regency does not permit cumulative voting with respect to the election of its directors.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Urstadt Biddle does not permit cumulative voting with respect to the election of its directors.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Limits on Ownership and Transfer of Shares</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">With certain limited exceptions, no person may (1)&nbsp;beneficially own more than 7% (in value) of Regency&#146;s outstanding capital stock,
or (2)&nbsp;constructively own more than 9.8% of Regency&#146;s outstanding capital stock for more than 30 days after directly or indirectly acquiring 10% ownership of any of Regency&#146;s tenants. The Regency board of directors may increase or
decrease the ownership limit described in clause (1) (but in no case can it be greater than 9.8%) from time to time if certain conditions are met. No person shall own shares of Regency capital stock to the extent that such ownership would result in
Regency being &#147;closely held&#148; within the meaning of Section&nbsp;856(h) of the Code or otherwise failing to qualify as a REIT.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In the event of a purported transfer or other event that would, if effective, result in the ownership of shares in violation of the ownership limitations
described above, the transfer as to that number of shares that would be owned by the transferee in excess of the ownership limit is void and such shares are deemed to be held in trust on behalf of and for Regency&#146;s benefit. Such shares are
deemed to be a separate class of stock until the shares are sold or redeemed, and the holder shall have no voting rights and no right to receive dividends or other distributions with respect to such shares, and shall have no claim, cause of action
or recourse against the transferor of the shares. The holder&#146;s sole right with</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In general, no person may own more than 7.5% of the aggregate value of all outstanding stock of Urstadt Biddle. Furthermore, (1)&nbsp;a
transfer that violates this limitation is void, (2)&nbsp;shares transferred to a stockholder in excess of this ownership limit are automatically converted into shares of UB Excess Stock, (3)&nbsp;a transferee gets no rights to the shares of UB
Excess Stock, and (4)&nbsp;the shares of UB Excess Stock will be held by Urstadt Biddle as trustee of a trust for the exclusive benefit of future transferees to whom the shares of capital stock will ultimately be transferred without violating the
ownership limit. The Urstadt Biddle board of directors has determined that the ownership limit does not apply to any shares of Urstadt Biddle stock beneficially owned by Elinor F. Urstadt, Willing L. Biddle, Catherine U. Biddle, Elinor P. Biddle,
Dana C. Biddle and Charles D. Urstadt, but only to the extent that the aggregate value of all such stock does not exceed a maximum of 19.90% (or, if certain conditions are met, 27.0%) of the aggregate value of all outstanding stock of Urstadt
Biddle.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">In addition, Urstadt Biddle has the right, for a period of 90 days during
the time any shares of UB Excess Stock are held by Urstadt Biddle in trust, to purchase all or any portion of the UB Excess Stock from the original transferee-stockholder at the lesser of (1)&nbsp;the price paid for such stock in the transaction
that</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">160 </P>

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<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Regency</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">respect to such shares shall be to receive, at Regency&#146;s discretion, either (1)&nbsp;consideration for such shares upon the resale of
the shares as directed by Regency or (2)&nbsp;the redemption price as defined in the Regency articles.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Regency board of directors in its discretion may exempt a person from certain ownership limits upon receipt of a ruling from the IRS or an opinion of
counsel or other evidence satisfactory to the Regency board of directors and upon such other conditions as the Regency board of directors may direct.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">created the shares of Excess Stock, or in the case of a devise or gift, the average closing price for the class of stock at the time of such devise or gift and (2)&nbsp;the average closing price for the class of stock on the date
Urstadt Biddle elects to purchase such shares, or in each case if the class of stock is not then listed on a national securities exchange, the average per share closing bid prices and the average per share closing asked prices in each case during
the <FONT STYLE="white-space:nowrap">30-day</FONT> period ending on the business day prior to the redemption date. The <FONT STYLE="white-space:nowrap">90-day</FONT> period begins on the date written notice is given to Urstadt Biddle of the
violative transfer if the original transferee-stockholder gives notice to us of the transfer, or, if no such notice is given, the date the Urstadt Biddle board of directors determines that a violative transfer has been made.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Dissenters&#146; Rights</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The FBCA provides that stockholders who comply with certain procedural requirements of the FBCA are generally entitled to appraisal rights,
and to obtain payment of the fair value of their shares, in the event of certain transactions including a proposed merger, conversion of the corporation into another business entity, or sale of all or substantially all of the assets of the
corporation, as well as certain amendments to the corporation&#146;s charter or bylaws.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">However, dissenters&#146; rights generally are not available to holders of shares, such as shares of Regency Common stock, which are registered on a national
securities exchange or quoted on a national market security system.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Under Maryland law, dissenting stockholders may have, subject to satisfying certain procedures, the right to demand and receive payment of the fair value of their shares of stock in connection with certain transactions (often
referred to as appraisal rights), including a proposed merger, share exchange or sale of substantially all of the assets of the corporation. Under Maryland law, however, dissenters&#146; rights generally are not available to holders of shares of
stock, such as UB common stock and, UB Class&nbsp;A common stock, that are listed on a national securities exchange such as the NYSE, nor are dissenters rights available for stock that is not entitled to vote on the transaction, such as UB Series H
preferred stock and UB Series K preferred stock (which are also listed on the NYSE).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Stockholder Rights Plans</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Regency does not have a stockholder rights plan in effect.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">As of the date hereof, Urstadt Biddle does not have a stockholder rights plan in effect.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>State Takeover Defense Statutes</I></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><I>Control Share Acquisitions</I>. Under FBCA Section&nbsp;607.0902, unless there is a provision in the articles of incorporation or bylaws electing not to be governed by this provision, &#147;control shares&#148; (shares that would
otherwise have voting power for the election of directors in certain ranges of ownership over 20%) acquired in a control-share acquisition have the same voting rights as were accorded to the shares before such acquisition only to the extent granted
by a resolution approved by the majority of all the votes entitled to be cast by each class or series of the disinterested</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><I>Business Combinations</I>.<I> </I>Under the MGCL, certain &#147;business combinations&#148; (which include a merger, consolidation, share exchange and certain transfers, issuances or reclassifications of equity securities)
between a Maryland corporation and any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation&#146;s outstanding voting stock, or an affiliate or associate of the corporation who beneficially owned,
directly or indirectly, 10% or more of the voting power of the corporation&#146;s then outstanding stock at any time</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">161 </P>

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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">stockholders of the issuing corporation entitled to vote on the matter, subject to certain exceptions.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regency has opted out of FBCA Section&nbsp;607.0902 in its bylaws.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Affiliated Transactions</I>. FBCA Section&nbsp;607.0901 provides that, unless a
specified exception is met (including approval by a majority of the corporation&#146;s disinterested directors), an interested stockholder (i.e., a person beneficially owning 10% or more of a corporation&#146;s outstanding voting stock) and its
affiliates and associates may not engage in an affiliated transaction (including a merger or other specified significant corporate transactions) with a Florida corporation unless such transaction is approved by
<FONT STYLE="white-space:nowrap">two-thirds</FONT> of the voting shares of the corporation excluding the shares beneficially owned by the interested stockholder.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Regency has not opted out of FBCA Section&nbsp;607.0901 in its articles or bylaws.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">within the preceding two years, in each case referred to as an &#147;interested stockholder,&#148; or an affiliate thereof, are prohibited
for five years after the most recent date on which the interested stockholder becomes an interested stockholder. Thereafter, any such business combination must be recommended by the board of directors and approved by the affirmative vote of at least
(i) 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation and <FONT STYLE="white-space:nowrap">(ii)&nbsp;two-thirds</FONT> of the votes entitled to be cast by holders of voting stock of the
corporation other than shares held by the interested stockholder or its affiliates or associates.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The super-majority vote requirements do not apply, however, to business combinations that are approved or exempted by the board of directors prior to the time
that the interested stockholder becomes an interested stockholder or if the business combination satisfies certain minimum price, form of consideration and procedural requirements. The Urstadt Biddle charter provides that these provisions do not
apply to transactions between us and any person who owned 20% of the common stock of a predecessor to Urstadt Biddle as of December&nbsp;31, 1996, or such person&#146;s affiliates. As of that date, only Mr.&nbsp;Charles&nbsp;J. Urstadt, former
Chairman Emeritus of Urstadt Biddle, owned that percentage of UB common stock.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Urstadt Biddle board of directors has from time to time authorized issuances of UB common stock to Mr.&nbsp;Willing&nbsp;L. Biddle, with the effect that he is not an interested stockholder and these provisions do not apply to transactions between us
and Mr.&nbsp;Biddle or his affiliates. In addition, the Urstadt Biddle board of directors has, by resolution, determined that the Maryland law provisions restricting business combinations will not be applicable to spouses, children and other
descendants of Mr.&nbsp;Urstadt or Mr.&nbsp;Biddle and certain trusts created for their benefit, and any of their affiliates.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Control Share Acquisitions</I>. As permitted by the MGCL, the Urstadt Biddle bylaws contain a provision exempting from the control share acquisition any
acquisition of any shares of the stock of Urstadt Biddle.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Subtitle 8 of Title 3 of
the MGCL permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by</P></TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or
bylaws, to any or all of the following five provisions:</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;a classified board;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">&#149;&#8195;&#8202;a&nbsp;two-thirds&nbsp;stockholder</FONT> vote requirement for
removing a director;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;a
requirement that the number of directors be fixed only by vote of the directors;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;a requirement that a vacancy on the board be filled only by the remaining directors and for the
remainder of the full term of the class of directors in which the vacancy occurred; and</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.50em; font-size:10pt; font-family:Times New Roman">&#149;&#8195;&#8202;a requirement pursuant to which the request of stockholders entitled to cast at least a majority
of all votes entitled to be cast is required to call a stockholder-requested special meeting of stockholders.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has a classified board. The Urstadt Biddle charter requires a <FONT STYLE="white-space:nowrap">two-thirds&nbsp;stockholder</FONT> vote
requirement for removing a director. Additionally, the Urstadt Biddle bylaws generally provide that vacancies on the Urstadt Biddle board of directors may be filled only by the remaining directors and for the remainder of the full term of the
directorship in which the vacancy occurred, that the number of directors may be changed by a majority of the Urstadt Biddle board of directors and that at least a majority of all votes entitled to be cast is required to call a stockholder-requested
special meeting of stockholders.</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Exclusive Forum Provision</I></B></TD></TR>
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<TD VALIGN="top">Unless Regency consents in writing to the selection of an alternative forum, the sole and exclusive forum for (i)&nbsp;any derivative action or proceeding brought on behalf of Regency, (ii)&nbsp;any action asserting a claim for
breach of a fiduciary duty owed by any director or officer or other employee of Regency to Regency or Regency&#146;s shareholders, (iii)&nbsp;any action asserting a claim against Regency or any director or officer or other employee of Regency
arising pursuant to any provision of the FBCA or the articles of incorporation or the bylaws (in each case, as they may be amended from time to time), or (iv)&nbsp;any action asserting a claim against Regency or any director or officer or other
employee of Regency governed by the internal affairs doctrine shall be the</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Unless Urstadt Biddle consents in writing to the selection of a different forum, the Circuit Court for Baltimore City, Maryland (or, if the Circuit Court for Baltimore City lacks subject matter jurisdiction, the United States
District Court for the District of Maryland; provided, in each such case that such court has personal jurisdiction over the indispensable parties named as defendants) shall be the sole and exclusive forum for (i)&nbsp;any derivative action or
proceeding brought on behalf of Urstadt Biddle, (ii)&nbsp;any action asserting a claim of breach by any director, officer or other employee of Urstadt Biddle of a duty owed to Urstadt Biddle or Urstadt Biddle&#146;s stockholders or of any standard
of conduct set forth</TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top">Federal District Court for the Middle District of Florida, Jacksonville Division (or, if such court does not have jurisdiction, a state court located within the State of Florida, County of Duval). If any action the subject matter of
which is within the scope of the preceding sentence is filed in a court other than a court located within the State of Florida, County of Duval (which we refer to as a &#147;Foreign Action&#148;), in the name of any shareholder, such shareholder
shall be deemed to have consented to (i)&nbsp;the personal jurisdiction of the state and federal courts located within the State of Florida, County of Duval, in connection with any action brought in any such court to enforce the preceding sentence
and (ii)&nbsp;having service of process made upon such shareholder in any such action by service upon such shareholder&#146;s counsel in the Foreign Action as agent for such shareholder.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">in the MGCL, (iii)&nbsp;any action asserting a claim arising pursuant to any provision of the MGCL including, but not limited to, the meaning, interpretation, effect, validity, performance or enforcement of the charter or bylaws of
Urstadt Biddle, or (iv)&nbsp;any action asserting a claim governed by the internal affairs doctrine. Urstadt Biddle and its stockholders consent to the assignment of any proceeding described in the foregoing sentence to the Business and Technology
Case Management Program pursuant to Maryland Rule 16-308 or any successor thereof.</TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B><I>Exculpation and Indemnification of Directors and Officers</I></B></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The FBCA permits a Florida corporation to indemnify a present or former director or officer of the corporation (and certain other persons
serving at the request of the corporation in related capacities) for liabilities, including legal expenses, arising by reason of service in such capacity if such person shall have acted in good faith and in a manner he reasonably believed to be in
or not opposed to the best interests of the corporation, and in any criminal proceeding if such person had no reasonable cause to believe his conduct was unlawful. However, in the case of actions brought by or in the right of the corporation, no
indemnification may be made with respect to any matter as to which such director or officer shall have been adjudged liable, except in certain limited circumstances.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Regency articles provide that the Regency board of directors is authorized to provide for indemnification of directors and officers to the full extent
permitted by law.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Regency bylaws further provide that the corporation shall
indemnify directors and executive officers against any and all liabilities, and advance all reasonable expenses, incurred in connection with a proceeding to which the director or executive officer is a party or in which he or she is deposed or
called to testify as a witness because he or she is or was a director or executive officer of the corporation. Regency may, but is not required to, purchase insurance on behalf of any of its directors or executive officers, whether or not it would
be obligated to indemnify or advance expenses to such directors or executive officers under the bylaws.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle charter provides that Urstadt Biddle has the power, by the Urstadt Biddle bylaws or by resolution of the Urstadt Biddle
board of directors, to indemnify directors, officers, employees and agents, provided that indemnification is consistent with applicable law.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle bylaws provide that Urstadt Biddle will indemnify, to the fullest extent permitted from time to time by applicable law, Urstadt
Biddle&#146;s directors, officers and employees and any person serving at Urstadt Biddle&#146;s request as a director, officer or employee of another corporation or entity, who by reason of that status or service is or is threatened to be made a
party to, or is otherwise involved in, any action, suit or proceeding.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The Urstadt
Biddle bylaws also provide that the Urstadt Biddle board of directors may indemnify agents. According to the Urstadt Biddle bylaws, indemnification will be against all liability and loss suffered and expenses, including, but not limited to,
attorneys&#146; fees, judgments, fines, penalties and amounts paid in settlement, reasonably incurred by the indemnified person in connection with the proceeding. The Urstadt Biddle bylaws provide, however, that Urstadt Biddle will not be required
to indemnify a person in connection with an action, suit or proceeding initiated by that person unless it was authorized by the Urstadt Biddle board of directors. The Urstadt Biddle bylaws provide that Urstadt Biddle will pay or reimburse reasonable
expenses in advance of final disposition of a proceeding and</P></TD></TR></TABLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Urstadt Biddle</B></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">without requiring a preliminary determination of the ultimate entitlement to indemnification, provided that the individual seeking payment
provides (a)&nbsp;a written affirmation of the individual&#146;s good faith belief that the individual meets the standard of conduct necessary for indemnification under the laws of the State of Maryland, and (b)&nbsp;a written undertaking to repay
the amount advanced if it is ultimately determined that the applicable standard of conduct has not been met.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle has also entered into indemnification agreements with each of its directors and executive officers, which are intended to provide
indemnification to the maximum extent permitted by Maryland law.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">The MGCL permits a
Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from actual receipt of an improper benefit or
profit in money, property or services or active and deliberate dishonesty established by a final judgment as being material to the cause of action. The Urstadt Biddle charter does not contain such a provision that would eliminate such liability to
the maximum extent permitted by the MGCL.</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Copies of the articles of incorporation and bylaws of Regency and Urstadt Biddle are available, without
charge, to any person, including any beneficial owner to whom this proxy statement/prospectus is delivered, by following the instructions set forth in the section entitled &#147;Where You Can Find More Information&#148; beginning on page&nbsp;169 of
this proxy statement/prospectus. </B></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_69"></A>LEGAL MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The validity of the shares of Regency common stock offered by this proxy statement/prospectus will be passed on by Wachtell, Lipton,
Rosen&nbsp;&amp; Katz. Certain U.S. federal income tax consequences relating to the mergers will also be passed upon for Urstadt Biddle by Hogan Lovells US LLP and for Regency by Wachtell, Lipton, Rosen&nbsp;&amp; Katz. Certain U.S. federal income
tax matters regarding Regency&#146;s qualification as a REIT will be passed on by Foley&nbsp;&amp; Lardner LLP. Certain U.S. federal income tax matters regarding Urstadt Biddle&#146;s and, following the first merger effective time, UB Sub I&#146;s,
qualification as a REIT will be passed on by Hogan Lovells US LLP. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_70"></A>EXPERTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements and schedule of Regency Centers Corporation and Regency Centers, L.P. as of December&nbsp;31, 2022 and
2021, and for each of the years in the three-year period ended December&nbsp;31, 2022, and management&#146;s assessment of the effectiveness of internal control over financial reporting as of December&nbsp;31, 2022 have been incorporated by
reference herein and in the registration statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority
of said firm as experts in accounting and auditing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The consolidated financial statements and related financial statement schedules of
Urstadt Biddle Properties Inc. as of October&nbsp;31, 2022 and October&nbsp;31, 2021 and for each of the three years ended October&nbsp;31, 2022 and the effectiveness of Urstadt Biddle Properties Inc.&#146;s internal control over financial reporting
as of October&nbsp;31, 2022 incorporated in this prospectus by reference to the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended October&nbsp;31, 2022 have been audited by PKF O&#146;Connor Davies, LLP, an
independent registered public accounting firm, as set forth in its report thereon, and have been incorporated by reference herein and have been incorporated herein in reliance on said reports of such firm given on its authority as experts in
auditing and accounting in giving said reports. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_71"></A>FUTURE STOCKHOLDER PROPOSALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the mergers are completed prior to the time Urstadt Biddle&#146;s annual meeting of stockholders would normally take place, Urstadt Biddle
will not hold an annual meeting of stockholders in 2024 (which we refer to as the &#147;2024 Annual Meeting&#148;). Instead, Urstadt Biddle stockholders would be entitled to participate as stockholders of Regency in the 2024 annual meeting of
stockholders of Regency. However, if the mergers are not completed for any reason, Urstadt Biddle will hold the 2024 Annual Meeting. A date has not been set for the 2024 Annual Meeting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any stockholder who intends to present a stockholder proposal for consideration at Urstadt Biddle&#146;s 2024 annual meeting of stockholders
by utilizing Rule <FONT STYLE="white-space:nowrap">14a-8</FONT> under the Exchange Act must comply with the requirements as to form and substance established by the SEC for such proposals to be included in the Urstadt Biddle&#146;s proxy statement
for such meeting. Such proposals must be received by Urstadt Biddle by October&nbsp;10, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Any stockholder who wishes to propose a
nominee to the Urstadt Biddle board of directors or propose any other business to be considered by Urstadt Biddle stockholders (other than a stockholder proposal included in the proxy materials of Urstadt Biddle pursuant to Rule <FONT
STYLE="white-space:nowrap">14a-8</FONT> promulgated under the Exchange Act) must comply with the advance notice provisions and other requirements of Sections 1.03 and/or 2.04 of the Urstadt Biddle bylaws which are on file with the SEC and may be
obtained from the Secretary of Urstadt Biddle upon request. Under the Urstadt Biddle bylaws, in order to have a stockholder proposal or director nomination considered at an annual meeting of stockholders, stockholders are generally required to
deliver to Urstadt Biddle certain information concerning themselves and their stockholder proposal or director nomination, as specified in the Urstadt Biddle bylaws, not less than 75 days nor more than 120 days prior to the anniversary date of the
immediately preceding annual meeting (which we refer to as the &#147;annual meeting anniversary date&#148;); provided, however, that, if the annual meeting is scheduled to be held on a date more than 30 days before or more than 60 days after the
annual meeting anniversary date, notice must be delivered to Urstadt Biddle not later than the close of business on the later of the 75th day prior to the scheduled date of such annual meeting or the 15th day after public disclosure of the date of
such annual meeting. Therefore, any notice of intent to consider other matters and/or nominees at the year 2024 Annual Meeting of Stockholders, and related information, must be received by the Urstadt Biddle between November&nbsp;23, 2023 and
January&nbsp;7, 2024. The purpose of the Urstadt Biddle bylaws is to assure adequate notice of, and information regarding, any such matter as to which stockholder action may be sought. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than
Urstadt Biddle&#146;s nominees must provide notice that such stockholder intends to comply with Rule <FONT STYLE="white-space:nowrap">14a-19</FONT> under the Exchange Act and set forth an undertaking to advise the Secretary of Urstadt Biddle if the
stockholder fails to comply with any requirements of Rule <FONT STYLE="white-space:nowrap">14a-19,</FONT> as set forth in Section&nbsp;2.04 of the Urstadt Biddle bylaws. Such notice must be postmarked or transmitted electronically to Urstadt Biddle
no later than January&nbsp;22, 2024. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">167 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_72"></A>OTHER MATTERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Urstadt Biddle board of directors knows of no other business to be presented at the special meeting. If other matters properly come before
the special meeting in accordance with the Urstadt Biddle bylaws, the persons named as proxies will vote on them in accordance with their best judgment to the extent permitted by applicable laws and regulations. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_73"></A>HOUSEHOLDING OF PROXY MATERIALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you and other residents at your mailing address who have the same last name own UB common stock and UB Class&nbsp;A common stock in street
name, your broker or bank may have sent you a notice that your household will receive only one copy of this proxy statement/prospectus. This practice of sending only one copy of proxy materials is known as &#147;householding.&#148; If you did not
respond that you did not want to participate in householding, you were deemed to have consented to the process. If the foregoing procedures apply to you, your broker has sent one copy of this proxy statement/prospectus to your address. However, even
if your broker has sent only one copy of this proxy statement/prospectus, each stockholder in your household should receive a proxy card or should be able to vote individually via telephone or internet. You may revoke your consent to householding at
any time by contacting your broker or bank, if you hold your shares in a &#147;street name,&#148; or by calling Computershare at (866) <FONT STYLE="white-space:nowrap">203-6250</FONT> if you are a &#147;registered&#148; stockholder. The revocation
of your consent to householding will be effective 30 days following its receipt. In any event, if you did not receive an individual copy of this proxy statement/prospectus, we will promptly send a separate copy of this proxy statement/prospectus to
you upon oral or written request. Such request can be made by contacting us at 321 Railroad Avenue, Greenwich, CT 06830, attention: Secretary (telephone number: (203) <FONT STYLE="white-space:nowrap">863-8200).</FONT> Any stockholders sharing the
same address and currently receiving multiple copies of proxy materials who wish to receive only one copy of these materials per household in the future may also contact your broker or bank or us to participate in the householding program. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">168 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc506590_74"></A>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency and Urstadt Biddle file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange
Act. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers, including Regency and Urstadt Biddle, who file electronically with the SEC. The address of that site is
https://www.sec.gov. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Investors may also consult the website of Regency or Urstadt Biddle for more information concerning the mergers. The
website of Regency is https://www.investors.regencycenters.com. The website of Urstadt Biddle is https://www.investors.ubproperties.com. Information included on these websites is not incorporated by reference into this proxy statement/prospectus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency has filed with the SEC a registration statement of which this proxy statement/prospectus forms a part. The registration statement
registers the shares of Regency common stock and Regency preferred stock to be issued to Urstadt Biddle stockholders in connection with the mergers. The registration statement, including the attached annexes, exhibits and schedules, contains
additional relevant information about Regency common stock and Regency preferred stock. The rules and regulations of the SEC allow Regency and Urstadt Biddle to omit certain information included in the registration statement from this proxy
statement/prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the SEC allows Regency and Urstadt Biddle to disclose important information to you by referring you to
other documents filed separately with the SEC. This information is considered to be a part of this proxy statement/prospectus, except for any information that is superseded by information included directly in this proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy statement/prospectus incorporates by reference the documents listed below that Regency has previously filed with the SEC (File <FONT
STYLE="white-space:nowrap">No.&nbsp;001-12298);</FONT> provided, however, that we are not incorporating by reference, in each case, any documents, portions of documents or information deemed to have been furnished and not filed in accordance with
SEC rules. The following documents may contain important information about Regency, its financial condition or other matters: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000095017023003160/reg-20221231.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended December&nbsp;31, 2022, filed on February&nbsp;17, 2023. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Quarterly Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000095017023018317/reg-20230331.htm">Form
 <FONT STYLE="white-space:nowrap">10-Q</FONT></A> for the quarter ended March&nbsp;31, 2023, filed on May&nbsp;5, 2023. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000119312523076308/d420051ddef14a.htm">Schedule
<U></U>&nbsp;14A</A> filed on March&nbsp;22, 2023 incorporated by reference in Regency&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022 (with respect to the information contained
therein that is incorporated by reference in Part&nbsp;III of Regency&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K</FONT> for the fiscal year ended December&nbsp;31, 2022). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000095017023002092/reg-20230208.htm">February
<U></U>&nbsp;8, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000095017023017563/reg-20230504.htm">May<U></U>&nbsp;
4, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000119312523148249/d506307d8k.htm">May<U></U>&nbsp;
18, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/910606/000095017023024152/reg-20230525.htm">May<U></U>&nbsp;25, 2023</A> (in each of the foregoing cases, other than documents or portions of those
documents deemed to be furnished but not filed). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The description of Regency Centers Corporation&#146;s common stock which is contained in <A HREF="http://www.sec.gov/Archives/edgar/data/910606/000156459020004859/reg-ex4e_887.htm">Exhibit
 4(e)</A> to the Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2019, filed on February&nbsp;18, 2020, and as amended by any subsequent amendment or report filed for the purpose of updating
the description. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Regency incorporates by reference into this proxy statement/prospectus any subsequent
filings it makes with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this proxy statement/prospectus and prior to the date of the special meeting. Such documents are considered to be a part of this proxy
statement/prospectus, effective as of the date such documents are filed. In the event of conflicting information in these documents, the information in the latest filed document should be considered correct. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">169 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You can obtain any of the documents listed above from the SEC, through the website of the
SEC at the address described above or from Regency by requesting them in writing or by telephone at the following address: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Regency Centers
Corporation </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">One Independent Drive, Suite 114 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Investor Relations </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jacksonville, Florida 32202 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(904) <FONT
STYLE="white-space:nowrap">598-7000</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These documents are available from Regency without charge, excluding any exhibits to them unless the exhibit
is specifically listed as an exhibit to the registration statement of which this proxy statement/prospectus forms a part. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This proxy
statement/prospectus also incorporates by reference the documents listed below that Urstadt Biddle has previously filed with the SEC (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-12803);</FONT> provided, however, that we are not incorporating
by reference, in each case, any documents, portion of documents or information deemed to have been furnished and not filed in accordance with SEC rules. The following documents contain important information about Urstadt Biddle, its financial
condition or other matters: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980023000012/form10k2022.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the year ended October&nbsp;31, 2022, filed on January&nbsp;13, 2023. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended January&nbsp;31,
2023, filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980023000033/form10q1q2023.htm">March<U></U>&nbsp;10, 2023</A>, and for the&nbsp;quarter ended April&nbsp;
30, 2023, filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980023000052/form10q2q2023.htm">June<U></U>&nbsp;7, 2023</A>. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1029800/000120677423000158/uba4110001-def14a.htm">Schedule
<U></U>&nbsp;14A</A> filed on February&nbsp;7, 2023 incorporated by reference in Urstadt Biddle&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended October&nbsp;31, 2022 (with respect to the information
contained therein that is incorporated by reference in Part III of Urstadt Biddle&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended October&nbsp;31, 2022). </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Current Reports on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> filed on <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980022000058/form8kamendarticlebylaw.htm">December
<U></U>&nbsp;19, 2022</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980023000020/unsecuredloc12623.htm">January<U></U>&nbsp;
27, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000102980023000038/form8kannualmeeting.htm">March<U></U>&nbsp;
24, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1029800/000119312523148285/d503413d8k.htm">May<U></U>&nbsp;18, 2023</A> (in each of the foregoing cases, other than documents or portions of those
documents deemed to be furnished but not filed). </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, Urstadt Biddle incorporates by reference into this proxy
statement/prospectus any subsequent filings it makes with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this proxy statement/prospectus and prior to the date of the special meeting. Such documents are
considered to be a part of this proxy statement/prospectus, effective as of the date such documents are filed. In the event of conflicting information in these documents, the information in the latest filed document should be considered correct.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">You can obtain any of these documents from the SEC, through the website of the SEC at the address described above, or Urstadt Biddle will
provide you with copies of these documents, without charge, upon written or oral request to: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">321 Railroad Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Greenwich,
Connecticut 06830 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Attention: Secretary </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(203) <FONT STYLE="white-space:nowrap">863-8200</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>If you are a stockholder of Regency or a stockholder of Urstadt Biddle and would like to request documents, please do so by August 9, 2023
to receive them before the special meeting. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">170 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This document is a prospectus of Regency and is a proxy statement of Urstadt Biddle for the
special meeting. No one has been authorized to provide you with information that is different from that contained in, or incorporated by reference into, this proxy statement/prospectus, and Regency and Urstadt Biddle take no responsibility for, and
can provide no assurance as to the reliability of, any information others may give you. Therefore, if anyone does give you information of this sort, you should not rely on it. The information contained in this proxy statement/prospectus reads only
as of the date of this proxy statement/prospectus unless the information specifically indicates that another date applies. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">171 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="annexa"></A>Annex A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXECUTION VERSION </B></P> <P STYLE="font-size:130pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BY AND AMONG </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGENCY
CENTERS CORPORATION, </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>HERCULES MERGER SUB, LLC, </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>URSTADT BIDDLE PROPERTIES INC., </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UB MARYLAND I, INC. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>UB MARYLAND II,
INC. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DATED AS OF MAY 17, 2023 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 1</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>DEFINITIONS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-7</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 1.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-7</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 1.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Interpretation and Rules of Construction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-19</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>THE MERGERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-20</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The First Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-20</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">The Second Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-20</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Effective Times</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Governing Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Officers/Directors</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-21</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 2.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tax Consequences</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 3</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>EFFECTS OF THE MERGERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-22</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Effects of First Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-22</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Effects of Second Merger</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-23</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Exchange Fund; Exchange Agent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-24</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Withholding Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-27</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Lost Certificates</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-27</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dissenters Rights</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-27</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Fractional Shares</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-28</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">General Effects of the Mergers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-28</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 3.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Post-Closing Transaction Steps</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-28</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 4</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>REPRESENTATIONS AND WARRANTIES OF COMPANY</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-28</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Organization and Qualification; Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-29</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Organizational Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-29</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Capital Structure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-30</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-31</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Conflict; Required Filings and Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-32</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Permits; Compliance with Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-32</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SEC Documents; Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-33</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Absence of Certain Changes or Events</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-34</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Undisclosed Liabilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-35</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-35</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-35</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-35</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Benefit Plans; Employees</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-38</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Information Supplied</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-40</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Intellectual Property, Data and Information Technology</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-41</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Environmental Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-42</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-42</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section&nbsp;4.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Material Contracts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-45</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-46</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Opinion of Financial Advisor</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-46</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Approval Required</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brokers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Investment Company Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.24</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Takeover Statutes; Excess Stock</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.25</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Related Party Transactions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.26</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Hermes Sub I; Hermes Sub II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-47</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 4.27</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Other Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-48</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 5</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>REPRESENTATIONS AND WARRANTIES OF PARENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-48</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Organization and Qualification; Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-48</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Organizational Documents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-49</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Capital Structure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-49</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authority</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-50</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Conflict; Required Filings and Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-50</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Compliance with Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-51</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">SEC Documents; Financial Statements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-51</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Absence of Certain Changes or Events</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-52</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Undisclosed Liabilities.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-52</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Default</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-53</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-53</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-53</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Information Supplied</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-53</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Intellectual Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-54</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Environmental Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-54</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Properties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-54</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Material Contracts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Shareholder Approval Required</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Brokers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.20</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Investment Company Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.21</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Parent Shares and Funds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.22</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Merger Sub</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-55</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 5.23</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Other Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-56</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 6</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>COVENANTS RELATING TO CONDUCT OF BUSINESS PENDING THE MERGERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-56</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 6.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conduct of Business by Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-56</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 6.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conduct of Business by Parent</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-61</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 6.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Control of Other Party&#146;s Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-62</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 7</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>ADDITIONAL COVENANTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-62</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Preparation of the Form S-4, the Proxy Statement; Stockholders Meeting</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-62</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Access to Information; Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-64</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Solicitation; Company Acquisition Proposals</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-64</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Public Announcements</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-68</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Indemnification; Directors&#146; and Officers&#146; Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-68</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Appropriate Action; Consents; Filings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-70</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notification of Certain Matters; Transaction Litigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-71</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Listing; Classification</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-72</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Section 16 Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-72</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Tax Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-72</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Dividends</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-73</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Takeover Statutes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-74</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Tax Representation Letters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-74</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.14</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Resignations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-75</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="70%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.15</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Employee Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-75</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.16</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Delisting; Deregistration</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-77</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.17</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Certain Company Subsidiary Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-77</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.18</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Merger Sub; Hermes Sub I; Hermes Sub II; Parent Subsidiaries; Company Subsidiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-77</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 7.19</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Financing Cooperation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-77</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 8</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>CONDITIONS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-79</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conditions to Each Party&#146;s Obligation to Effect the Mergers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-79</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conditions to Obligations of Parent and Merger Sub</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-79</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 8.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Conditions to Obligations of Company</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-80</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 9</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>TERMINATION, FEES AND EXPENSES, AND AMENDMENT</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-81</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-81</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Effect of Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-83</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Fees and Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-83</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 9.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Amendment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-84</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>ARTICLE 10</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><B>GENERAL PROVISIONS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B><FONT STYLE="white-space:nowrap">A-85</FONT></B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.1</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Nonsurvival of Representations and Warranties and Certain Covenants</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-85</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.2</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-85</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.3</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-86</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.4</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-86</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.5</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-86</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.6</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">No Third-Party Beneficiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-86</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.7</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Extension; Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-86</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.8</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Governing Law</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-87</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.9</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Consent to Jurisdiction</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-87</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.10</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Assignment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-87</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.11</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Remedies; Specific Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-87</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.12</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-88</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman">Section 10.13</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Authorship</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="white-space:nowrap">A-88</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><FONT STYLE="font-size:10pt"><B>EXHIBITS</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit A</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Articles of Amendment Classifying Parent Series A Preferred Stock</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit B</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Articles of Amendment Classifying Parent Series B Preferred Stock</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit C</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Company REIT Qualification Opinion</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit D</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Parent Section 368 Opinion</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit E</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Parent REIT Qualification Opinion</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Exhibit F</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Form of Company Section 368 Opinion</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AGREEMENT AND PLAN OF MERGER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THIS AGREEMENT AND PLAN OF MERGER</B>, dated as of May&nbsp;17, 2023 (this &#147;<U>Agreement</U>&#148;), is by and among
Regency Centers Corporation, a Florida corporation (&#147;<U>Parent</U>&#148;), Hercules Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Parent (&#147;<U>Merger Sub</U>&#148;), Urstadt Biddle Properties Inc., a
Maryland corporation that has elected to be treated as a real estate investment trust for federal income tax purposes (&#147;<U>Company</U>&#148;), UB Maryland I, Inc., a Maryland corporation and a direct wholly-owned subsidiary of Company
(&#147;<U>Hermes Sub I</U>&#148;), and UB Maryland II, Inc., a Maryland corporation and a direct wholly-owned subsidiary of Hermes Sub I (&#147;<U>Hermes Sub II</U>&#148;). Each of Parent, Merger Sub, Company, Hermes Sub I and Hermes Sub II is
sometimes referred to herein as a &#147;<U>Party</U>&#148; and collectively as the &#147;<U>Parties</U>.&#148; Unless the context otherwise requires, capitalized terms used but not otherwise defined herein have the meanings ascribed to them in
<U>Article 1.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Parties wish to effect a business combination transaction whereby Parent will acquire
Company in accordance with the terms, and subject to the conditions, set forth herein pursuant to the following transaction steps: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) at the First Merger Effective Time, Hermes Sub II will be merged with and into Company (the &#147;<U>First
Merger</U>&#148;), with Company surviving the First Merger as a wholly-owned subsidiary of Hermes Sub I (which will elect to be treated, from and after the First Merger Effective Time, as a real estate investment trust for federal income tax
purposes), whereby (i)&nbsp;each outstanding share of common stock, $0.01 par value per share, of Company (the &#147;<U>Company Common Stock</U>&#148;) issued and outstanding immediately prior to the First Merger Effective Time will be converted
into one share of common stock, $0.01 par value per share, of Hermes Sub I (the &#147;<U>Hermes Sub I Common Stock</U>&#148;), (ii)&nbsp;each outstanding share of Class&nbsp;A common stock, $0.01 par value per share, of Company (the &#147;<U>Company
Class&nbsp;A Common Stock</U>&#148;) issued and outstanding immediately prior to the First Merger Effective Time will be converted into one share of Class&nbsp;A common stock, $0.01 par value per share, of Hermes Sub I (the &#147;<U>Hermes Sub I
Class&nbsp;A Common Stock</U>&#148;), (iii)&nbsp;each share of 5.875% Series K Cumulative Redeemable Preferred Stock, $0.01 par value per share, of Company (the &#147;<U>Company Series K Preferred Stock</U>&#148;) issued and outstanding immediately
prior to the First Merger Effective Time will be converted into one share of 5.875% Series K Cumulative Redeemable Preferred Stock, $0.01 par value per share, of Hermes Sub I (the &#147;<U>Hermes Sub I Series K Preferred Stock</U>&#148;) and
(iv)&nbsp;each share of 6.25% Series H Cumulative Redeemable Preferred Stock, $0.01 par value per share, of Company (the &#147;<U>Company Series H Preferred Stock</U>&#148;), issued and outstanding immediately prior to the First Merger Effective
Time will be converted into one share of 6.25% Series H Cumulative Redeemable Preferred Stock, $0.01 par value per share, of Hermes Sub I (the &#147;<U>Hermes Sub I Series H Preferred Stock</U>&#148;), in each case, upon the terms and conditions set
forth in this Agreement and in accordance with the Maryland General Corporation Law (the &#147;<U>MGCL</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) at
the Second Merger Effective Time, Hermes Sub I will be merged with and into Merger Sub (the &#147;<U>Second Merger</U>&#148; and together with the First Merger, the &#147;<U>Mergers</U>&#148;), with Merger Sub being the surviving entity (the
&#147;<U>Surviving Entity</U>&#148;) in the Second Merger, whereby (i)&nbsp;each outstanding share of Hermes Sub I Common Stock (other than shares of Hermes Sub I Common Stock to be cancelled in accordance with <U>Section&nbsp;3.2(a)(i))</U> issued
and outstanding immediately prior to the Second Merger Effective Time will be converted into the right to receive the Per Share Common Stock Merger Consideration, (ii)&nbsp;each outstanding share of Hermes Sub I Class&nbsp;A Common Stock (other than
shares of Hermes Sub I Class&nbsp;A Common Stock to be cancelled in accordance with <U>Section&nbsp;3.2(a)(i))</U> issued and outstanding immediately prior to the Second Merger Effective Time will be converted into the right to receive the Per Share
Common Stock Merger Consideration, (iii)&nbsp;each share of Hermes Sub I Series H Preferred Stock (other than shares of Hermes Sub I Series H Preferred Stock to be cancelled in accordance with <U>Section&nbsp;3.2(a)(i))</U> issued and outstanding
immediately prior to the Second Merger Effective Time will be converted into the right to receive the Per Share Series H Merger Consideration, and (iv)&nbsp;each share of Hermes Sub I Series K Preferred Stock (other than shares of Hermes Sub I
Series K Preferred Stock to be cancelled in accordance with <U>Section&nbsp;3.2(a)(i))</U> issued and outstanding immediately prior to the Second Merger Effective Time will be converted into the right to receive the Per Share Series K Merger
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Consideration, in each case, upon the terms and conditions set forth in this Agreement and in accordance with the MGCL and the Maryland Limited Liability Company Act (&#147;<U>MLLCA</U>&#148;);
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) following the Second Merger Effective Time, Company will be converted into a Maryland limited liability company in
accordance with the terms of the MGCL and the MLLCA; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) following the effectiveness of the conversion of Company
into a limited liability company as described in the foregoing clause (c), Parent will contribute all of the equity interests of Merger Sub to Regency Centers, L.P., a Florida limited partnership (the &#147;<U>Parent Partnership</U>&#148;), in
exchange for (i)&nbsp;a number of common units of Parent Partnership equal to the number of shares of Parent Common Stock issued in the Second Merger; (ii)&nbsp;a number of preferred units having terms substantially equivalent to the Parent Series H
Preferred Stock equal to the number of shares of Parent Series H Preferred Stock issued in the Second Merger; (iii)&nbsp;a number of preferred units having terms substantially equivalent to the Parent Series K Preferred Stock equal to the number of
shares of Parent Series K Preferred Stock issued in the Second Merger; and (iv)&nbsp;such other rights and obligations to be mutually agreed by and between Parent and the Parent Partnership; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, on May&nbsp;17, 2023, Company amended the Rights Agreement, dated as of August&nbsp;13, 2018, by and between Company
and Computershare Inc., as rights agent, to provide for the expiration thereof as of May&nbsp;17, 2023; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS,
concurrently with the execution of this Agreement, Willing L. Biddle, Catherine U. Biddle, Elinor F. Urstadt, Urstadt Property Company, Inc., Urstadt Realty Associates Co LP and Urstadt Realty Shares II L.P. (collectively, the &#147;<U>Family
Stockholders</U>&#148;) have entered into a voting agreement (the &#147;<U>Voting Agreement</U>&#148;) pursuant to which, among other things, the Family Stockholders will agree, on the terms and subject to the conditions set forth in the Voting
Agreement, to vote (or cause to be voted) all of the Covered Shares (as defined in the Voting Agreement) in favor of approval of the Mergers and the other transactions contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Board of Directors of Company (the &#147;<U>Company Board</U>&#148;) has (i)&nbsp;declared that this Agreement,
the Mergers and the other transactions contemplated by this Agreement are advisable and in the best interests of Company and its stockholders, (ii)&nbsp;approved and adopted this Agreement, the Mergers and the other transactions contemplated by this
Agreement, (iii)&nbsp;directed that the Mergers and the other transactions contemplated by this Agreement be submitted to a vote of the holders of Company Common Stock and Company Class&nbsp;A Common Stock, and (iv)&nbsp;resolved to recommend that
the holders of Company Common Stock and Company Class&nbsp;A Common Stock vote in favor of approval of the Mergers and the other transactions contemplated by this Agreement and to include such recommendation in the Proxy Statement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Board of Directors of Parent (the &#147;<U>Parent Board</U>&#148;) has (i)&nbsp;declared that this Agreement, the
Mergers and the other transactions contemplated by this Agreement, including the issuance of Parent Common Shares and Parent Preferred Shares in the Second Merger, are advisable and in the best interests of Parent and its stockholders and
(ii)&nbsp;approved and adopted this Agreement, the Mergers and the other transactions contemplated by this Agreement, including the issuance of Parent Common Shares and Parent Preferred Shares in the Second Merger as contemplated by this Agreement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Parent, in its capacity as the sole member of Merger Sub, has taken all actions required for the execution of
this Agreement by Merger Sub and has adopted and approved this Agreement and approved the consummation by Merger Sub of the Second Merger and the other transactions contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Board of Directors of Hermes Sub I has (i)&nbsp;declared that this Agreement, the Second Merger and the other
transactions contemplated by this Agreement are advisable and in the best interests of Hermes Sub I and its stockholder, (ii)&nbsp;approved and adopted this Agreement, the Second Merger and the other transactions contemplated by this Agreement, and
(iii)&nbsp;resolved to recommend that Company, in its capacity as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
the sole stockholder of Hermes Sub I, approve of the Second Merger and the other transactions contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Company, in its capacity as the sole stockholder of Hermes Sub I, has taken all actions required for the execution of
this Agreement by Hermes Sub I and has adopted and approved this Agreement and approved the consummation by Hermes Sub I of the Mergers, including the issuance of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock, Hermes Sub I Series
H Preferred Stock and Hermes Sub I Series K Preferred Stock in the First Merger, the merger of Hermes Sub I with and into Merger Sub in the Second Merger and the other transactions contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Board of Directors of Hermes Sub II has (i)&nbsp;declared that this Agreement, the First Merger and the other
transactions contemplated by this Agreement are advisable and in the best interests of Hermes Sub II and its stockholder, (ii)&nbsp;approved and adopted this Agreement, the First Merger and the other transactions contemplated by this Agreement, and
(iii)&nbsp;resolved to recommend that Company, in its capacity as the sole stockholder of Hermes Sub I, on behalf of Hermes Sub I, in its capacity as the sole stockholder of Hermes Sub II, approve of the First Merger and the other transactions
contemplated by this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, Company, in its capacity as the sole stockholder of Hermes Sub I, on behalf of
Hermes Sub I, in its capacity as the sole stockholder of Hermes Sub II, has taken all actions required for the execution of this Agreement by Hermes Sub II and has adopted and approved this Agreement and approved the consummation by Hermes Sub II of
the First Merger and the other transactions contemplated by this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, for U.S. federal income Tax
purposes, (i)&nbsp;it is intended that each of the First Merger and the Second Merger shall qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code, and (ii)&nbsp;this Agreement is intended to be and is hereby
adopted as a &#147;plan of reorganization&#148; for each of the First Merger and the Second Merger for purposes of Sections 354 and 361 of the Code; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Parties desire to make certain representations, warranties, covenants and agreements in connection with the
execution of this Agreement and to prescribe various conditions to the Mergers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">NOW THEREFORE, in consideration of the
foregoing and the respective representations, warranties, covenants and agreements contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be
legally bound, agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.1 <U>Definitions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Action</U>&#148; means any claim, action, cause of action, suit, litigation, proceeding, arbitration, mediation,
interference, audit, assessment, hearing, notice of violation or non-compliance, or proceeding (whether sounding in contract, tort or otherwise, whether civil or criminal or administrative and whether brought, conducted, tried or heard by or before,
or otherwise involving, any Governmental Authority). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Affiliate</U>&#148; of a specified Person means a Person
that, as of the relevant time of determination, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For purposes of the immediately preceding sentence, the
term &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling,&#148; &#147;controlled by&#148; and &#147;under common control with&#148;) as used with </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of
voting securities, by contract or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Benefit Plan</U>&#148; means, with respect to any entity, any
&#147;employee benefit plan&#148; (within the meaning of Section&nbsp;3(3) of ERISA) and any employment, individual consulting, termination, separation, severance, supplemental unemployment, change in control, transaction-based, retention, stock
option, restricted stock, profits interest unit, performance award, outperformance, stock purchase, stock or equity or equity-related awards, deferred compensation, bonus, incentive compensation, fringe benefit, health, medical, dental, vision,
disability, accident, life insurance, welfare benefit, cafeteria, vacation, sick or paid time off, perquisite, retirement, supplemental retirement, profit sharing, pension, savings and any other remuneration, compensation or employee benefit plan,
agreement, program, policy, practice or other arrangement of any kind, whether or not subject to ERISA and whether written or unwritten, or funded or unfunded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Book-Entry Share</U>&#148; means a book-entry share of Company Common Stock, Company Class&nbsp;A Common Stock or
Company Preferred Stock (as applicable) registered in the transfer books of Company; <U>provided</U> that, following the First Merger Effective Time, references to &#147;Company&#148; in the foregoing shall be replaced with &#147;Hermes Sub I&#148;.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Business Day</U>&#148; means any day other than a Saturday, Sunday or any day on which banks located in New
York, New York are authorized or required to be closed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Certificate</U>&#148; means a certificate representing
one or more shares of Company Common Stock or Company Class&nbsp;A Common Stock, as applicable; <U>provided</U> that, following the First Merger Effective Time, references to &#147;Company&#148; in the foregoing shall be replaced with &#147;Hermes
Sub I&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Code</U>&#148; means the United States Internal Revenue Code of 1986, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Acceptable Confidentiality Agreement</U>&#148; means a confidentiality agreement between Company and a Person
making a Company Acquisition Proposal that contains provisions that are not materially less favorable in the aggregate to Company than those contained in the Confidentiality Agreement, <U>provided</U> that such an agreement may contain provisions
that permit Company to comply with the provisions of <U>Section&nbsp;7.3</U> and shall not be required to contain any standstill or similar provisions. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Base Amount</U>&#148; means $31,600,000.00. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Bylaws</U>&#148; means the Second Amended and Restated Bylaws of Company, as amended and supplemented and in
effect from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Charter</U>&#148; means the Amended Articles of Incorporation of Company filed
with the SDAT on December&nbsp;30, 1996, as amended, supplemented and corrected and in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Credit Facility</U>&#148; means that certain Amended and Restated Credit Agreement, dated as of
March&nbsp;30, 2021, by and among the Company, the lenders from time to time party thereto, and the Bank of New York Mellon, as administrative agent, as amended, restated, supplemented or otherwise modified prior to the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Debt Agreements</U>&#148; means (a)&nbsp;the Company Credit Facility and (b)&nbsp;any mortgage by the Company
or any Company Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Equity Awards</U>&#148; means any Company Restricted Stock Awards and any
other equity-based award granted under the Company Equity Incentive Plan. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Equity Incentive Plan</U>&#148; means Company&#146;s
Amended and Restated Restricted Stock Plan, dated March&nbsp;22, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Intellectual Property</U>&#148;
means all Intellectual Property owned or purported to be owned by Company or any Company Subsidiary or used or held for use by Company or any Company Subsidiary in their business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Intervening Event</U>&#148; means a material fact, event, circumstance, change or development that
(w)&nbsp;materially affects the business, assets or operations of Company and the Company Subsidiaries, taken as a whole (other than any fact, event, circumstance, change or development resulting from a breach of this Agreement by Company or its
Representatives), (x) has occurred or arisen after the date of this Agreement, (y)&nbsp;was not known or reasonably foreseeable to the Company Board on the date of this Agreement (or, if known, the consequences of which were not reasonably
foreseeable to the Company Board as of the date of this Agreement), and which does not involve or relate to a Company Acquisition Proposal, and (z)&nbsp;first becomes known to the Company Board before the Company Stockholder Approval is obtained;
<U>provided</U>, <U>however</U>, that in no event shall any of the following constitute or be taken into account in determining whether a &#147;Company Intervening Event&#148; has occurred: (i)&nbsp;the receipt, existence of or terms of a Company
Acquisition Proposal or any matter relating thereto, (ii)&nbsp;a change in the market price or trading volume of capital stock of Company or of any equity ratings or the ratings outlook for Company or any of the Company Subsidiaries by any
applicable rating agency and (iii)&nbsp;the fact that, in and of itself, Company meets, exceeds or fails to meet any internal or published projections, estimates or expectations of Company&#146;s revenue, earnings or other financial performance or
results of operation for any period (<U>provided</U>, <U>further</U>, that, with respect to the foregoing clauses (ii)&nbsp;and (iii), any fact, event, circumstance, change or development giving rise to such change, meeting, exceeding or failure may
otherwise constitute or be taken into account in determining whether a Company Intervening Event has occurred if not falling into the foregoing clause (i)&nbsp;of this definition). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Leases</U>&#148; means each lease or sublease (including ground leases) to which Company or the Company
Subsidiaries are parties as lessors or sublessors with respect to each of the applicable Company Properties (together with all amendments, modifications, supplements, renewals, exercise of options and extensions related thereto). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Material Adverse Effect</U>&#148; means, with respect to Company, any event, circumstance, change, effect,
development, condition or occurrence that, individually or in the aggregate, would, or would reasonably be expected to, individually or in the aggregate, (i)&nbsp;have a material adverse effect on the business, assets, properties, liabilities,
condition (financial or otherwise) or results of operations of Company and the Company Subsidiaries, taken as a whole, or (ii)&nbsp;prevent or materially impair the ability of Company to consummate the Mergers or other transactions contemplated
hereby in the manner contemplated by this Agreement before the Outside Date; <U>provided</U>, that for purposes of clause (i), &#147;Company Material Adverse Effect&#148; shall not include any event, circumstance, change, effect, development,
condition or occurrence to the extent arising out of or resulting from (A)&nbsp;any decline in the market price, or change in trading volume, of the capital stock of Company or any failure of Company to meet any internal or publicly announced
projections or forecasts or any estimates of earnings, revenues or other metrics for any period (<U>provided</U>, that any event, circumstance, change, effect, development, condition or occurrence giving rise to such decline, change or failure may
be taken into account in determining whether there has been a Company Material Adverse Effect if not falling into one of the other exceptions contained in this definition), (B)&nbsp;any events, circumstances, changes or effects in general economic,
financial or business conditions that affect the retail real estate industry generally, (C)&nbsp;any changes in the conditions in the United States or global economy or capital, financial or securities markets, in each case, generally, including
changes in interest or exchange rates or the imposition of trade restrictions, tariffs or similar taxes, (D)&nbsp;any changes in general legal, regulatory or political conditions in the United States or in any other country or region of the world,
(E)&nbsp;the commencement, escalation or worsening of a war or armed hostilities or the occurrence of acts of terrorism or sabotage occurring after the date hereof, (F)&nbsp;the negotiation, execution and delivery of this Agreement, the consummation
of the Mergers or the other transactions contemplated hereby, or </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
the public announcement of this Agreement, the Mergers or the other transactions contemplated hereby (it being understood and agreed that this clause (F)&nbsp;will not apply with respect to any
representation or warranty the purpose of which is to address the consequences of the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or the performance of obligations of Company, Hermes Sub I or
Hermes Sub II hereunder or <U>Section&nbsp;8.2(a)</U> as applies to any such representation or warranty), (G)&nbsp;the taking of any action at the written request or with the prior written consent of Parent, (H)&nbsp;earthquakes, hurricanes, floods
or other natural disasters, (I)&nbsp;any epidemic, pandemic or disease outbreak (including COVID-19) or worsening thereof, including governmental or other commercially reasonable measures in response thereto (including the COVID-19 Measures),
(J)&nbsp;changes after the date hereof in Law or GAAP (or any binding interpretation thereof), or (K)&nbsp;any Action made or initiated by any holder of Company Common Stock, Company Class&nbsp;A Common Stock or Company Preferred Stock, including
any derivative claims, in each case, arising out of or relating to this Agreement or the transactions contemplated hereby, <U>provided</U>, <U>however</U>, that, the exceptions in each of clauses (B), (C), (D), (E)&nbsp;and (J)&nbsp;shall only apply
if they do not disproportionately affect Company and the Company Subsidiaries, taken as a whole, relative to other similarly situated Persons in the retail real estate industry in the United States and in the case of clauses (H)&nbsp;and (I), do not
materially disproportionately affect Company and the Company Subsidiaries, taken as a whole, relative to other similarly situated Persons in the retail real estate industry in the geographic regions in which Company and the Company Subsidiaries
operate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Permitted Liens</U>&#148; means any of the following: (i)&nbsp;Lien for Taxes or governmental
assessments, charges or claims of payment not yet due and payable or that is being contested in good faith by appropriate proceedings and for which adequate accruals or reserves have been established in accordance with GAAP; (ii)&nbsp;Lien that is a
cashiers&#146;, landlords&#146;, workers&#146;, carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other similar Lien arising in the ordinary course of business consistent with past practice that are not
yet due and payable or the validity of which is being contested in good faith by appropriate proceedings; (iii)&nbsp;Lien that is a zoning regulation, survey exceptions, utility easements, rights of way, rights of use, entitlement or other land use
or environmental regulation by any Governmental Authority; (iv)&nbsp;Lien relating to Indebtedness where such Lien is disclosed on <U>Section&nbsp;4.18(a)(v)</U> of the Company Disclosure Letter; (v)&nbsp;any Company Material Contracts, or leases to
third parties for the occupation of portions of Company Properties as tenants only by such third parties, subject to any immaterial purchase rights including immaterial rights of first refusal or offer that may be set forth in such leases or any
title exception disclosed in any Company Title Insurance Policy or other purchase rights (whether material or immaterial) disclosed on <U>Section&nbsp;1.1(b)</U> of the Company Disclosure Letter; (vi)&nbsp;air rights affecting any Company Property;
(vii)&nbsp;non-exclusive licenses of Intellectual Property granted in the ordinary course of business consistent with past practice; (viii)&nbsp;Liens recorded in a public record or other minor imperfections of title, which may include
(A)&nbsp;easements whether or not shown by the public records, overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or personal inspection of the property, (B)&nbsp;any supplemental Taxes or
assessments not shown by the public records and (C)&nbsp;title to any portion of the premises lying within the right of way or boundary of any public road or private road, in each case of this clause (viii), the existence of which does not, and
would not reasonably be expected to, materially impair the marketability, value or use and enjoyment of such property; or (ix)&nbsp;in the case of any real property that is ground leased, any Liens that encumber the fee interest of the owner of such
real property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Properties</U>&#148; means each real property owned, or leased (including ground leased
and including Company Tenancies-in-Common) as lessee or sublessee, by Company or any Company Subsidiary (including all buildings, structures and other improvements and fixtures located on or under such real property and all easements, rights and
other appurtenances to such real property). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Protected Information</U>&#148; means any and all Trade
Secrets owned or purported to be owned by Company or any Company Subsidiary or used or held for use by Company or any Company Subsidiary in their business, including all confidential information of Company or Company Subsidiaries, Trade Secrets of
Company or Company Subsidiaries, information to which Company or any Company Subsidiary has undertaken an obligation of confidentiality to a third party, or information that is related to or capable of being linked to a person that is held, used,
disclosed or collected by Company or any Company Subsidiary. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Restricted Stock Award</U>&#148; means each award of shares
of Company Common Stock or Company Class&nbsp;A Common Stock (or portion thereof) that is unvested or is subject to a repurchase option or obligation, risk of forfeiture or other condition (whether granted by Company pursuant to the Company Equity
Incentive Plan, assumed by Company in connection with any merger, acquisition or similar transaction or otherwise issued or granted). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Stockholder Meeting</U>&#148; means the duly called and held meeting of the holders of shares of Company
Common Stock and Company Class&nbsp;A Common Stock for the purpose of seeking the Company Stockholder Approval, including any postponement or adjournment thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Subsidiary</U>&#148; means any corporation, partnership, limited liability company, joint venture, business
trust, real estate investment trust or other organization, whether incorporated or unincorporated, or other legal entity of which (i)&nbsp;Company directly or indirectly owns or controls at least a majority of the capital stock or other equity
interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions, (ii)&nbsp;Company and/or any Person that is a Company Subsidiary by reason of the application of clause
(i)&nbsp;or clause (iii)&nbsp;of this definition of &#147;Company Subsidiary&#148; is a general partner, manager, managing member, trustee, director or the equivalent, or (iii)&nbsp;Company, directly or indirectly, holds a majority of the
beneficial, equity, capital, profits or other economic interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Company Tenancies-in-Common</U>&#148; means
each of the real properties in which Company or a Company Subsidiary holds a tenancy-in-common interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Confidentiality Agreement</U>&#148; means the Confidentiality Agreement, dated as of March&nbsp;28, 2023, by and
between Parent and Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>COVID-19</U>&#148; means SARS-CoV-2 or COVID-19, and any variants, mutations or
evolutions thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>COVID-19 Measures</U>&#148; means any quarantine, &#147;shelter in place,&#148; &#147;stay
at home,&#148; workforce reduction, social distancing, shut down, closure, sequester or any other Law, order, directive or guidelines by any Governmental Authority in connection with or in response to COVID-19, including the Coronavirus Aid, Relief,
and Economic Security Act (Pub. L. 116-136), as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>DownREIT</U>&#148; means, as applicable, (i)&nbsp;UB
Dumont I, LLC, a Delaware limited liability company, (ii)&nbsp;UB High Ridge, LLC, a Delaware limited liability company, (iii)&nbsp;McLean Plaza Associates, LLC, a New York limited liability company, and (iv)&nbsp;UB Orangeburg, LLC, a Delaware
limited liability company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>DownREIT Agreement</U>&#148; means, as applicable, (i)&nbsp;that certain Amended and
Restated Operating Agreement of UB Dumont I, LLC, dated August&nbsp;1, 2017, as amended, (ii)&nbsp;that certain Amended and Restated Operating Agreement of UB High Ridge, LLC, dated March&nbsp;29, 2017, as amended, (iii)&nbsp;that certain Amended
and Restated Operating Agreement of McLean Plaza Associates, LLC, dated February&nbsp;3, 2015, as amended, and (iv)&nbsp;that certain Amended and Restated Operating Agreement of UB Orangeburg, LLC, dated March&nbsp;28, 2012, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Environmental Law</U>&#148; means any applicable Law (including common law) relating to pollution or the regulation,
investigation, remediation, restoration or protection of the environment (including air, surface water, groundwater, land surface or subsurface land), or human health or safety (as such matters relate to exposure to Hazardous Substances), including
Laws relating to the generation, recycling, processing, labeling, production, manufacture, use, handling, presence, transportation, treatment, storage, disposal, release or discharge of Hazardous Substances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Environmental Permit</U>&#148; means any permit, approval, license, registration, identification number, exemption,
certificate, waiver, variance, order, franchise, clearance or authorization required under any applicable Environmental Law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>ERISA</U>&#148; means the Employee Retirement Income Security Act
of 1974, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>ERISA Affiliate</U>&#148; means, with respect to an entity (the &#147;<U>Referenced
Entity</U>&#148;), any other entity, which, together with the Referenced Entity, would be treated as a single employer under Code Section&nbsp;414 or ERISA Section&nbsp;4001. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>GAAP</U>&#148; means the United States generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Governmental Authority</U>&#148; means the United States (federal, state or local) government or any foreign
government, or any other governmental or quasi-governmental regulatory, judicial or administrative authority, instrumentality, board, bureau, agency, commission, self-regulatory organization, arbitration panel or similar entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Hazardous Substances</U>&#148; means: (i)&nbsp;those substances listed in, designated in, classified in, defined in
or regulated under any Environmental Law, including the following federal statutes and their state counterparts, as amended, and all regulations thereunder: the Resource Conservation and Recovery Act, the Comprehensive Environmental Response,
Compensation and Liability Act, the Toxic Substances Control Act, the Clean Water Act, the Safe Drinking Water Act, the Atomic Energy Act and the Clean Air Act; (ii)&nbsp;petroleum and petroleum products, including crude oil and any fractions
thereof; (iii)&nbsp;polychlorinated biphenyls, methane, asbestos, per- and poly-fluoroalkyl substances, 1-4, dioxane and radon; and (iv)&nbsp;any other substance that poses a risk of harm to human health or the environment in connection with any
Environmental Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Hermes Sub I Preferred Stock</U>&#148; means the Hermes Sub I Series H Preferred Stock and
the Hermes Sub I Series K Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Indebtedness</U>&#148; means, with respect to any Person and without
duplication, (i)&nbsp;the principal of and premium (if any) of all indebtedness, notes payable, accrued interest payable or other obligations for borrowed money, whether secured or unsecured, (ii)&nbsp;all obligations evidenced by bonds, debentures,
notes or similar instruments, (iii)&nbsp;all Indebtedness of others secured by any Lien on owned or acquired property of such Person, whether or not the Indebtedness secured thereby has been assumed (other than a cashiers&#146;, landlords&#146;,
workers&#146;, carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, repairmen&#146;s or other similar Lien arising in the ordinary course of business consistent with past practice related to work performed on behalf of such
other Person), (iv)&nbsp;all obligations under conditional sale or other title retention agreements, or incurred as financing, in either case with respect to property acquired by such Person, (v)&nbsp;all obligations issued, undertaken or assumed as
the deferred purchase price for any property or assets (including any potential future earn-out, purchase price adjustment, release of &#147;holdback&#148; or similar payment), (vi)&nbsp;all obligations under capital or finance leases,
(vii)&nbsp;all obligations, contingent or otherwise, in respect of bankers acceptances or letters of credit, financial guarantees, letters of guarantee, surety bonds and other similar instruments, (viii)&nbsp;all obligations in respect of
securitization transactions, (ix)&nbsp;all obligations under interest rate cap, swap, collar or similar transactions or currency hedging or derivatives transactions (valued at the termination value thereof), (x)&nbsp;any guarantee (or any other
arrangement having the economic effect of a guarantee) of any of the foregoing, whether or not evidenced by a note, mortgage, bond, indenture or similar instrument and (xi)&nbsp;any agreement to provide any of the foregoing; <U>provided</U>, that
notwithstanding the foregoing, &#147;Indebtedness&#148; shall not include any trade payables in the ordinary course of business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Intellectual Property</U>&#148; means all United States and foreign intellectual property rights, including
(i)&nbsp;patents, patent applications, invention disclosures, and all related continuations, continuations-in-part, divisionals, reissues, re-examinations, substitutions and extensions thereof (collectively, &#147;<U>Patents</U>&#148;),
(ii)&nbsp;registered and unregistered trademarks, service marks, trade dress, logos, trade names, corporate names, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>

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Internet domain names, design rights and other source identifiers, together with the goodwill symbolized by any of the foregoing and related registrations and applications for registration
(collectively, &#147;<U>Marks</U>&#148;), (iii)&nbsp;registered and unregistered copyrights in both published and unpublished works and copyrightable works and all copyright registrations and applications (collectively,
&#147;<U>Copyrights</U>&#148;), (iv)&nbsp;confidential and proprietary information, including trade secrets, know-how, ideas, formulae, models, algorithms and methodologies, and rights under applicable trade secret Law in the foregoing
(collectively, &#147;<U>Trade Secrets</U>&#148;), (v)&nbsp;all rights in the foregoing and in other similar intangible assets, and (vi)&nbsp;all applications and registrations for the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Investment Company Act</U>&#148; means the Investment Company Act of 1940, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>IRS</U>&#148; means the United States Internal Revenue Service or any successor agency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Knowledge</U>&#148; means (i)&nbsp;with respect to Company, the knowledge, after reasonable inquiry, of the persons
named in <U>Section&nbsp;1.</U>1(a) of the Company Disclosure Letter and (ii)&nbsp;with respect to Parent, the knowledge, after reasonable inquiry, of the persons named in <U>Section&nbsp;1.</U>1(a) of the Parent Disclosure Letter. For purposes of
<U>Section&nbsp;4.16</U> and <U>Section&nbsp;5.16</U>, &#147;reasonable inquiry&#148; does not require environmental sampling or testing of any kind. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Law</U>&#148; means any and all domestic (federal, state or local) or foreign laws, statutes, ordinances, treaties,
codes, requirements, principles of common law, rules, regulations and Orders promulgated by any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Lien</U>&#148; means with respect to any asset (including any security), any mortgage, deed of trust, claim,
condition, covenant, lien, licenses, pledge, charge, security interest, preferential arrangement, hypothecation, option or other third party right (including right of first refusal or first offer), restriction, right of way, easement, or title
defect or encumbrance of any kind in respect of such asset, including any restriction on the use, voting, transfer, receipt of income or other exercise of any attributes of ownership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Merger Consideration</U>&#148; means the Common Stock Merger Consideration, the Series H Preferred Stock Merger
Consideration and the Series K Preferred Stock Merger Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Nasdaq</U>&#148; means the Nasdaq Stock
Market LLC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NYSE</U>&#148; means the New York Stock Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Order</U>&#148; means a judgment, order, injunction, ruling, writ, verdict or decree of any Governmental Authority.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Organizational Documents</U>&#148; means the articles of incorporation, certificates of formation, bylaws,
limited liability company agreements, certificates of partnership, bylaws, partnership agreement, operating agreement or other organizational documents of an entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Bylaws</U>&#148; means the Bylaws of Parent as amended and supplemented and in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Charter</U>&#148; means the Restated Articles of Incorporation of Parent in effect from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Common Share Price</U>&#148; means the volume weighted average of the closing sale prices per Parent Common
Share on Nasdaq, as reported in the New York City edition of <I>The Wall Street Journal </I>(or, if not reported thereby, as reported in another authoritative source mutually agreed by the Parties), on each of the ten (10)&nbsp;full consecutive
trading days ending on and including the second (2<SUP STYLE="font-size:75%; vertical-align:top">nd</SUP>)&nbsp;Business Day prior to the Closing Date. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Common Shares</U>&#148; means the shares of common stock,
$0.01 par value per share, of Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Equity Incentive Plan</U>&#148; means the Parent Amended and
Restated Omnibus Incentive Plan, dated May&nbsp;7, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Material Adverse Effect</U>&#148; means, with
respect to Parent, any event, circumstance, change, effect, development, condition or occurrence that, individually or in the aggregate, would, or would reasonably be expected to, individually or in the aggregate, (i)&nbsp;have a material adverse
effect on the business, assets, properties, liabilities, condition (financial or otherwise) or results of operations of Parent and the Parent Subsidiaries, taken as a whole, or (ii)&nbsp;prevent or materially impair the ability of Parent to
consummate the Second Merger or other transactions contemplated hereby in the manner contemplated by this Agreement before the Outside Date; <U>provided</U>, that for purposes of clause (i)&nbsp;&#147;Parent Material Adverse Effect&#148; shall not
include any event, circumstance, change, effect, development, condition or occurrence to the extent arising out of or resulting from (A) any decline in the market price, or change in trading volume, of the capital stock of Parent or any failure of
Parent to meet any internal or publicly announced projections or forecasts or any estimates of earnings, revenues or other metrics for any period (<U>provided</U>, that any event, circumstance, change, effect, development, condition or occurrence
giving rise to such decline, change or failure may be taken into account in determining whether there has been a Parent Material Adverse Effect if not falling into one of the other exceptions contained in this definition), (B) any events,
circumstances, changes or effects in the general economic, financial or business conditions that affect the retail real estate industry generally, (C)&nbsp;any changes in the conditions in the United States or global economy or capital, financial or
securities markets, in each case, generally, including changes in interest or exchange rates or the imposition of trade restrictions, tariffs or similar taxes, (D)&nbsp;any changes in general legal, regulatory or political conditions in the United
States or in any other country or region of the world, (E)&nbsp;the commencement, escalation or worsening of a war or armed hostilities or the occurrence of acts of terrorism or sabotage occurring after the date hereof, (F)&nbsp;the negotiation,
execution and delivery of this Agreement, the consummation of the Mergers or the other transactions contemplated hereby, or the public announcement of this Agreement, the Mergers or the other transactions contemplated hereby (it being understood and
agreed that this clause (F)&nbsp;will not apply with respect to any representation or warranty the purpose of which is to address the consequences of the execution and delivery of this Agreement or the consummation of the transactions contemplated
hereby or the performance of obligations of Parent or Merger Sub hereunder or <U>Section&nbsp;8.3(a)</U> as applies to any such representation or warranty), (G)&nbsp;the taking of any action at the written request or with the prior written consent
of Company, (H)&nbsp;earthquakes, hurricanes, floods or other natural disasters, (I)&nbsp;any epidemic, pandemic or disease outbreak (including COVID-19) or worsening thereof, including governmental or other commercially reasonable measures in
response thereto (including the COVID-19 Measures), (J)&nbsp;changes after the date hereof in Law or GAAP (or any binding interpretation thereof), or (K)&nbsp;any Action made or initiated by any holder of Parent Common Shares, including any
derivative claims, arising out of or relating to this Agreement or the transactions contemplated hereby, <U>provided</U>, <U>however</U>, that the exceptions in clauses (B), (C), (D), (E) and (J)&nbsp;shall only apply if they do not
disproportionately affect Parent and the Parent Subsidiaries, taken as a whole, relative to other similarly situated Persons in the retail real estate industry in the United States and in the case of clauses (H)&nbsp;and (I), do not materially
disproportionately affect Parent and the Parent Subsidiaries, taken as a whole, relative to other similarly situated Persons in the retail real estate industry in the geographic regions in which Parent and the Parent Subsidiaries operate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Material Contract</U>&#148; means each Contract to which Parent or any Parent Subsidiary is a party as of the
date of this Agreement and that is required to be filed as an exhibit to the Parent SEC Documents pursuant to Item&nbsp;601(b)(2), (4), (9)&nbsp;or (10)&nbsp;of Regulation S-K promulgated under the Securities Act (but for the avoidance of doubt, no
Benefit Plan of Parent or any Parent Subsidiaries). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Permitted Liens</U>&#148; means any of the following:
(i)&nbsp;Lien for Taxes or governmental assessments, charges or claims of payment not yet due and payable or that is being contested in good faith by appropriate proceedings and for which adequate accruals or reserves have been established in
accordance with GAAP; (ii)&nbsp;Lien that is a cashiers&#146;, landlords&#146;, workers&#146;, carriers&#146;, warehousemen&#146;s, mechanics&#146;, materialmen&#146;s, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-14 </P>

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repairmen&#146;s or other similar Lien arising in the ordinary course of business consistent with past practice that are not yet due and payable or the validity of which is being contested in
good faith by appropriate proceedings; (iii)&nbsp;Lien that is a zoning regulation, survey exceptions, utility easements, rights of way, rights of use, entitlement or other land use or environmental regulation by any Governmental Authority;
(iv)&nbsp;any Parent Material Contracts, or leases to third parties for the occupation of portions of Parent Properties as tenants only by such third parties, subject to any immaterial purchase rights including immaterial rights of first refusal or
offer that may be set forth in such leases or any title exception disclosed in any Parent title insurance policy (whether material or immaterial); (v)&nbsp;air rights affecting any Parent Property; (vi)&nbsp;non-exclusive licenses of Intellectual
Property granted in the ordinary course of business consistent with past practice; (vii)&nbsp;Liens recorded in a public record or other minor imperfections of title, which may include (A)&nbsp;easements whether or not shown by the public records,
overlaps, encroachments and any matters not of record which would be disclosed by an accurate survey or personal inspection of the property, (B)&nbsp;any supplemental Taxes or assessments not shown by the public records and (C)&nbsp;title to any
portion of the premises lying within the right of way or boundary of any public road or private road, in each case of this clause (vii), the existence of which does not, and would not reasonably be expected to, materially impair the marketability,
value or use and enjoyment of such property; or (viii)&nbsp;in the case of any real property that is ground leased, any Liens that encumber the fee interest of the owner of such real property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Preferred Shares</U>&#148; means the shares of Parent Series A Preferred Stock and Parent Series B Preferred
Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Properties</U>&#148; means each real property owned, or leased (including ground leased) as lessee
or sublessee, by Parent or any Parent Subsidiary (including all buildings, structures and other improvements and fixtures located on or under such real property and all easements, rights and other appurtenances to such real property). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Series A Preferred Stock</U>&#148; means each share of Series A Preferred Stock, $0.01 par value per share, of
Parent having rights, preferences and privileges substantially as set forth on <U>Exhibit A</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Series B
Preferred Stock</U>&#148; means each share of Series B Preferred Stock, $0.01 par value per share, of Parent having rights, preferences and privileges substantially as set forth on <U>Exhibit B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parent Subsidiary</U>&#148; means any corporation, partnership, limited liability company, joint venture, business
trust, real estate investment trust or other organization, whether incorporated or unincorporated, or other legal entity of which (i)&nbsp;Parent directly or indirectly owns or controls at least a majority of the capital stock or other equity
interests having by their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions, (ii)&nbsp;Parent and/or any Person that is a Parent Subsidiary by reason of the application of clause
(i)&nbsp;or clause (iii)&nbsp;of this definition of &#147;Parent Subsidiary&#148; is a general partner, manager, managing member, trustee, director or the equivalent, or (iii)&nbsp;Parent, directly or indirectly, holds a majority of the beneficial,
equity, capital, profits or other economic interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Person</U>&#148; or &#147;<U>person</U>&#148; means an
individual, corporation, partnership, limited partnership, limited liability company, person (including a &#147;person&#148; as defined in Section&nbsp;13(d)(3) of the Exchange Act), trust, association or other entity or organization (including any
Governmental Authority or a political subdivision, agency or instrumentality of a Governmental Authority). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Proxy
Statement</U>&#148; means a proxy statement in definitive form relating to the Company Stockholder Meeting, together with any amendments or supplements thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Qualifying Income</U>&#148; means income described in Sections 856(c)(2)(A)-(I)&nbsp;and 856(c)(3)(A)-(I)&nbsp;of the
Code. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Release</U>&#148; means any presence, emission, spill, seepage,
leak, escape, leaching, discharge, injection, pumping, pouring, emptying, dumping, disposal, migration, or release of Hazardous Substances from any source into or upon the indoor or outdoor environment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Representative</U>&#148; means, with respect to any Person, such Person&#146;s directors, trustees, officers,
employees, advisors (including attorneys, accountants, consultants, investment bankers, and financial advisors), agents and other representatives. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>SEC</U>&#148; means the U.S. Securities and Exchange Commission (including the staff thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Securities Act</U>&#148; means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tax</U>&#148; or &#147;<U>Taxes</U>&#148; means any federal, state, local and foreign income,
excise, gross receipts, capital gains, withholding, property (real or personal, tangible or intangible), recording, stamp, transfer, sales, use, franchise, employment, payroll, environmental, profits, value-added, registration, net worth, capital
stock, ad valorem, alternative, add-on minimum and estimated taxes and any other taxes, duties, levies, assessments or similar governmental charges, together with any penalties, interest or additions to tax imposed with respect to such amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tax Guidance</U>&#148; means an opinion from tax counsel or other tax advisor or a ruling from the IRS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tax Return</U>&#148; means any return, declaration, report, claim for refund, election, document, or information
return or statement relating to Taxes filed or required to be filed with a Governmental Authority, including any schedule or attachment thereto, and including any amendment thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Tenant Improvement(s)</U>&#148; means the construction, improvement or alteration of real property (not including
furniture, fixtures, equipment or inventory) for use in a tenant&#146;s trade or business or otherwise, as required pursuant to the applicable Company Lease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>WARN</U>&#148; means the Worker Adjustment and Retraining Notification Act of 1988, as amended, and any and all
comparable Laws of applicable jurisdictions relating to &#147;mass layoffs,&#148; &#147;termination,&#148; &#147;relocation&#148; or any &#147;plant closing.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The following terms have the respective meanings set forth in the sections set forth below opposite such term when
capitalized: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; " ALIGN="right">Location of Definition</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Closing Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(ii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Acquisition Proposal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(i)(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Adverse Recommendation Change</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Alternative Acquisition Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Benefit Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.13</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Board</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Board Recommendation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.4(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Capitalization Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.3(a)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-16 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; " ALIGN="right">Location of Definition</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Class&nbsp;A Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Disclosure Letter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Article 4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.13(f)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Material Contract</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.18(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.3(e)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Permits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.6(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.3(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Qualified DC Plan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.15(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Related Party Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.25</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company SEC Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.7(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Series H Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Series K Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Stockholder Approval</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.21</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Subsidiary Partnership</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.12(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Superior Proposal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(i)(ii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Superior Proposal Termination</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(e)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Tax Protection Agreements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.12(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Terminating Breach</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.1(c)(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Termination Fee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.3(g)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Third Party</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.17(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Title Insurance Policy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.17(l)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Continuing Employee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.15(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Converted Entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.10(d)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Copyrights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 1.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt Transaction</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.19(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Debt Transaction Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.19(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Disregarded Entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.10(d)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Enforcement Expenses</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.3(f)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange Agent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.3(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange Fund</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.3(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Exchange Ratio</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(ii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Excluded Benefits</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.15(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Family Stockholders</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Interim Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.11(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Merger</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Merger Articles of Merger</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.4</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-17 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; " ALIGN="right">Location of Definition</P></TD></TR>


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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">First Merger Effective Time</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Form S-4</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.5(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I Class&nbsp;A Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I Common Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I Restricted Stock Awards</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.1(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I Series H Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub I Series K Preferred Stock</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hermes Sub II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Hypothetical Permitted REIT Dividend Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.11(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Indemnified Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.5(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interim Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 6.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Letter of Transmittal</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.3(d)(ii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Listing</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.8</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Marks</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 1.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maryland Courts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 10.9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Material Company Leases</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.17(g)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Maximum Amount</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.5(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Merger Sub</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mergers</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MGCL</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">MLLCA</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notice Period</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.3(f)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Outside Date</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.1(b)(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent Board</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent Disclosure Letter</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Article 5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent Partnership</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent REIT Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.11(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent SEC Documents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 5.7(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parent Terminating Breach</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.1(d)(i)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Parties</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Party</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Preamble</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Patents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 1.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Payoff Letters</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.19(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Per Share Common Stock Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(ii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Per Share Series H Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(iii)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-18 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; ">Defined Terms</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; " ALIGN="right">Location of Definition</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Per Share Series K Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(iv)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Permitted REIT Dividend</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 6.1(b)(iii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Qualified REIT Subsidiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.1(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Referenced Entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 1.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REIT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.12(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">REIT Requirements</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 9.3(g)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SDAT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Merger</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Merger Articles of Merger</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Second Merger Effective Time</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 2.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Series H Preferred Stock Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(iii)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Series K Preferred Stock Merger Consideration</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 3.2(a)(iv)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SOX Act</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.7(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Surviving Entity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Takeover Statutes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.24</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Taxable REIT Subsidiary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 4.1(c)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade Secrets</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 1.1(a)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Transfer Taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Section 7.10(b)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Voting Agreement</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="right">Recitals</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;1.2 <U>Interpretation and Rules of Construction</U>. In this Agreement, except to
the extent otherwise provided or that the context otherwise requires: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) when a reference is made in this Agreement to
an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) the table of contents and headings for this Agreement are for reference purposes only and shall not affect in any way the
meaning or interpretation of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) whenever the words &#147;include,&#148; &#147;includes&#148; or
&#147;including&#148; are used in this Agreement, they are deemed to be followed by the words &#147;without limitation&#148;; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) the words &#147;hereof,&#148; &#147;herein&#148; and &#147;hereunder&#148; and words of similar import, when used in this
Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) the phrases
&#147;transactions contemplated by this Agreement,&#148; &#147;transactions contemplated hereby&#148; and words or phrases of similar import, when used in this Agreement, refer to the Mergers and the other transactions contemplated by this
Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) when a reference is made in this Agreement, the Company Disclosure Letter or the Parent Disclosure
Letter, to information or documents being &#147;provided,&#148; &#147;made available&#148; or &#147;disclosed&#148; by a Party to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-19 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
another Party or its Affiliates, such information or documents shall include any information or documents (a)&nbsp;included in the Company SEC Documents or the Parent SEC Documents, as the case
may be, that are publicly available at least one (1)&nbsp;Business Day prior to the date of this Agreement, (b)&nbsp;furnished at least one (1)&nbsp;Business Day prior to the date of this Agreement in the electronic data room established by the
disclosing Party and to which access has been granted to the other Party and its Representatives at least one (1)&nbsp;Business Day prior to the date of this Agreement, or (c)&nbsp;otherwise provided in writing (including electronically) to the
chief financial officer or general counsel of the other Party at least two (2)&nbsp;Business Days prior to the date of this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) the word &#147;extent&#148; in the phrase, &#147;to the extent&#148; shall mean the degree to which a subject or other
thing extends and such phrase shall not mean simply &#147;if&#148;; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) any Law defined or referred to herein or in any
agreement or instrument that is referred to herein means such Law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor Laws and (in the case of statutes) any regulations
promulgated thereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) any agreement or instrument defined or referred to herein means such agreement or instrument
as from time to time amended, modified or supplemented, including by waiver or consent, and all attachments thereto and instruments incorporated therein; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j) except when used together with the word &#147;either&#148; or otherwise for the purpose of identifying mutually exclusive
alternatives, the term &#147;or&#148; has the inclusive meaning represented by the phrase &#147;and/or&#148;; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k) any
period of time hereunder ending on a day that is not a Business Day shall be extended to the next succeeding Business Day; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l) where this Agreement states that a Party &#147;shall,&#148; &#147;will&#148; or &#147;must&#148; perform in some manner,
it means that the Party is legally obligated to do so under this Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m) all references to the &#147;ordinary
course of business&#148; shall mean the &#147;ordinary course of business consistent with past practice&#148;; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n) any
pronoun shall include the corresponding masculine, feminine and neuter forms; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(o) all terms defined in this Agreement
have the defined meanings when used in any certificate or other document made or delivered pursuant hereto, unless otherwise defined therein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p) the definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 2 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE
MERGERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.1 <U>The First Merger</U>. Upon the terms and subject to the satisfaction or waiver of the
conditions set forth in this Agreement, and in accordance with &#167; 3-106.2 of the MGCL, at the First Merger Effective Time, Hermes Sub II shall be merged with and into Company with Company surviving the First Merger as a wholly owned subsidiary
of Hermes Sub I, whereupon the separate existence of Hermes Sub II shall cease, and Company shall continue under the same name. The First Merger shall have the effects provided in this Agreement and as specified in the MGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.2 <U>The Second Merger</U>. Upon the terms and subject to the satisfaction or waiver of the conditions set
forth in this Agreement, and in accordance with the MGCL and the MLLCA, at the Second Merger </P>
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Effective Time, Hermes Sub I shall be merged with and into Merger Sub with Merger Sub surviving the Second Merger as a wholly owned subsidiary of Parent, whereupon the separate existence of
Hermes Sub I shall cease, and Merger Sub shall continue under the name &#147;Urstadt Biddle Holding LLC.&#148; The Second Merger shall have the effects provided in this Agreement and as specified in the MGCL and the MLLCA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.3 <U>Closing</U>. The closing (the &#147;<U>Closing</U>&#148;) of the Mergers will take place at the offices of
Hogan Lovells US LLP, 555 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Street NW, Washington, DC 20004, or remotely by exchange of documents and signatures (or their electronic counterparts), on a date and at a time to be mutually
agreed upon by the Parties, but in no event later than the third (3rd)&nbsp;Business Day after all the conditions set forth in <U>Article 8</U> (other than those conditions that by their nature are to be satisfied or waived at the Closing, but
subject to the satisfaction or valid waiver of such conditions) shall have been satisfied or validly waived by the Party entitled to the benefit of such condition (subject to applicable Law), unless such date is modified by mutual agreement of the
Parties (the &#147;<U>Closing Date</U>&#148;). The Parties intend that none of the Mergers shall be consummated at the Closing unless all of the Mergers occur in connection with the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.4 <U>Effective Times</U>. Prior to the Closing, Parent and Company shall prepare and, on the Closing Date,
Parent, Merger Sub and Company shall (a)&nbsp;cause articles of merger with respect to the First Merger (the &#147;<U>First Merger Articles of Merger</U>&#148;) and the Second Merger (the &#147;<U>Second Merger Articles of Merger</U>&#148;) to be
duly executed and filed with the State Department of Assessments and Taxation of Maryland (the &#147;<U>SDAT</U>&#148;) in accordance with the MGCL and the MLLCA, as applicable, and (b)&nbsp;make any other filings, recordings or publications
required to be made by Parent or Company under the MGCL or the MLLCA in connection with the Mergers. The First Merger shall become effective upon the date and at the time set forth in the First Merger Articles of Merger (such date and time, the
&#147;<U>First Merger Effective Time</U>&#148;), and the Second Merger shall become effective upon the date and at the time set forth in the Second Merger Articles of Merger (such date and time, the &#147;<U>Second Merger Effective Time</U>&#148;),
which time shall be after the First Merger Effective Time. The Parties shall use reasonable best efforts so that the Second Merger Effective Time shall occur immediately after (or, if not possible, as promptly as practicable after) the First Merger
Effective Time and in all cases on the same date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.5 <U>Governing Documents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Effective as of the First Merger Effective Time, the articles of incorporation and bylaws of Hermes Sub I shall be
substantially identical to the Company Charter and the Company Bylaws, respectively, except for changes permitted by &#167; 3-106.2(b)(4) of the MGCL or that are mutually agreed by Parent and Company, until thereafter amended in accordance with
applicable Law and the applicable provisions of such articles of incorporation and bylaws. Effective as of the First Merger Effective Time and by virtue of the Second Merger, the articles of incorporation and bylaws of Hermes Sub II as in effect
immediately prior to the First Merger Effective Time shall be the charter and bylaws of the surviving corporation in the First Merger (except for the change in the name of the surviving corporation to that of Company), until thereafter amended in
accordance with applicable Law and the applicable provisions of such articles of incorporation and bylaws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Effective
as of the Second Merger Effective Time and by virtue of the Second Merger, the certificate of formation and limited liability company agreement of Merger Sub as in effect immediately prior to the Second Merger Effective Time shall be the certificate
of formation and limited liability company agreement of the Surviving Entity, until thereafter amended in accordance with applicable Law and the applicable provisions of such certificate of formation and limited liability company agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.6 <U>Officers/Directors</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Effective as of the First Merger Effective Time, until successors are duly elected or appointed, (i)&nbsp;the officers
and directors of Hermes Sub I shall be the officers and directors of Company as of immediately prior to the First Merger Effective Time and (ii)&nbsp;the officers and directors of Company shall be the officers and directors of Hermes Sub II as of
immediately prior to the First Merger Effective Time. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Effective as of the Second Merger Effective Time, until successors are
duly elected or appointed, the officers of Merger Sub immediately prior to the Second Merger Effective Time shall be and remain the officers of the Surviving Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;2.7 <U>Tax Consequences</U>. It is intended that, for U.S. federal income Tax purposes, (a)&nbsp;each of the
First Merger and the Second Merger shall qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code, and (b)&nbsp;this Agreement be, and is hereby adopted as, a &#147;plan of reorganization&#148; for each of the
First Merger and the Second Merger for purposes of Section&nbsp;354 and Section&nbsp;361 of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EFFECTS OF THE MERGERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.1 <U>Effects of First Merger</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Treatment of Equity Interests</U>. At the First Merger Effective Time and by virtue of the First Merger and without
any further action on the part of any Party or the holders of any securities of any Party: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Each share of Company
Common Stock issued and outstanding immediately prior to the First Merger Effective Time shall be converted into one share of Hermes Sub I Common Stock. The rights, preferences and privileges of each share of Hermes Sub I Common Stock from and after
the First Merger Effective Time shall be identical to the rights, preferences and privileges of each share of Company Common Stock as of immediately prior to the First Merger Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) Each share of Company Class&nbsp;A Common Stock issued and outstanding immediately prior to the First Merger Effective
Time shall be converted into one share of Hermes Sub I Class&nbsp;A Common Stock. The rights, preferences and privileges of each share of Hermes Sub I Class&nbsp;A Common Stock from and after the First Merger Effective Time shall be identical to the
rights, preferences and privileges of each share of Company Class&nbsp;A Common Stock as of immediately prior to the First Merger Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) Each share of Company Series H Preferred Stock issued and outstanding immediately prior to the First Merger Effective
Time shall be converted into one share of Hermes Sub I Series H Preferred Stock. Such shares of Hermes Sub I Series H Preferred Stock shall have terms materially the same as the Company Series H Preferred Stock, with changes to such terms as are
required pursuant to and made in compliance with the Articles Supplementary establishing and fixing the rights and preferences of the Company Series H Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) Each share of Company Series K Preferred Stock issued and outstanding immediately prior to the First Merger Effective
Time shall be converted into one share of Hermes Sub I Series K Preferred Stock. Such shares of Hermes Sub I Series K Preferred Stock shall have terms materially the same as the Company Series K Preferred Stock, with changes to such terms as are
required pursuant to and made in compliance with the Articles Supplementary establishing and fixing the rights and preferences of the Company Series K Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Treatment of Hermes Sub II Capital Stock</U>. At the First Merger Effective Time and by virtue of the First Merger and
without any further action on the part of any Party or the holders of any securities of any Party, all capital stock of Hermes Sub II issued and outstanding immediately prior to the First Merger Effective Time shall remain outstanding as capital
stock of the surviving corporation in the First Merger. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Treatment of Company Restricted Stock Awards</U>. At the
First Merger Effective Time and by virtue of the First Merger and without any further action on the part of any Party or the holders of any securities of any Party, each Company Restricted Stock Award that is issued and outstanding as of immediately
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
prior to the First Merger Effective Time shall be converted into identical equity awards of Hermes Sub I with respect to shares of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common
Stock (such Company Restricted Stock Awards, as so converted, &#147;<U>Hermes Sub I Restricted Stock Awards</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.2 <U>Effects of Second Merger</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Treatment of Equity Interests</U>. At the Second Merger Effective Time and by virtue of the Second Merger and without
any further action on the part of any Party or the holders of any securities of any Party: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) <U>Cancellation of Hermes
Sub I Common Stock, Hermes Sub I Class </U><U>A Common Stock and Hermes Sub I Preferred Stock</U>. Each share of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock and Hermes Sub I Preferred Stock issued and outstanding immediately
prior to the Second Merger Effective Time that is held directly by Parent, Merger Sub or Hermes Sub I shall automatically be retired and shall cease to exist, and no Merger Consideration or other consideration or amount shall be paid, nor shall any
other payment be made or right inure with respect thereto in connection with or as a consequence of the Second Merger. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) <U>Conversion of Hermes Sub I Common Stock and Hermes Sub I </U><U>Class&nbsp;A Common Stock</U>. Except as provided in
<U>Section&nbsp;3.2(a)(i)</U> or <U>Section&nbsp;3.2(b)</U> and subject to <U>Section&nbsp;3.2(b)</U>, (A)&nbsp;each share of Hermes Sub I Common Stock and (B)&nbsp;each share of Hermes Sub I Class&nbsp;A Common Stock issued and outstanding
immediately prior to the Second Merger Effective Time will be cancelled and retired and automatically converted into the right to receive (upon the surrender of the Certificate representing such share or, in the case of a Book-Entry Share, the
automatic surrender of such Book-Entry Share), 0.347 (the &#147;<U>Exchange Ratio</U>&#148;, subject to any adjustment pursuant to <U>Section&nbsp;3.2(b)</U>) of a Parent Common Share (the &#147;<U>Per Share Common Stock Merger
Consideration</U>&#148;), without interest, plus the right, if any, to receive pursuant to <U>Section&nbsp;3.7</U>, cash in lieu of fractional Parent Common Shares into which such shares of Hermes Sub I Common Stock and Hermes Sub I Class&nbsp;A
Common Stock would have been converted pursuant to this <U>Section&nbsp;3.2(a)</U>. The aggregate number of Parent Common Shares payable to holders of Hermes Sub I Common Stock and Hermes Sub I Class&nbsp;A Common Stock as the Per Share Common Stock
Merger Consideration is hereinafter referred to as the &#147;<U>Common Stock Merger Consideration</U>&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)
<U>Conversion of Hermes Sub I Series H Preferred Stock</U>. Except as provided in <U>Section&nbsp;3.2(a)(i)</U> and subject to <U>Section&nbsp;3.2(b)</U>, each share of Hermes Sub I Series&nbsp;H Preferred Stock issued and outstanding immediately
prior to the Second Merger Effective Time shall, subject to the terms and conditions set forth herein, automatically be converted into one (1)&nbsp;share of Parent Series A Preferred Stock (the &#147;<U>Per Share Series H Merger
Consideration</U>&#148;). Such shares of Parent Series A Preferred Stock shall have terms materially the same as the Hermes Sub I Series H Preferred Stock, with changes to such terms as are required pursuant to and made in compliance with the
Articles Supplementary establishing and fixing the rights and preferences of the Hermes Sub I Series H Preferred Stock. The aggregate number of shares of Parent Series A Preferred Stock payable to holders of Hermes Sub I Series H Preferred Stock as
the Per Share Series H Merger Consideration is hereinafter referred to as the &#147;<U>Series H Preferred Stock Merger Consideration</U>&#148;. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) <U>Conversion of Hermes Sub I Series K Preferred Stock</U>. Except as provided in <U>Section&nbsp;3.2(a)(i)</U> and
subject to <U>Section&nbsp;3.2(b)</U>, each share of Hermes Sub I Series K Preferred Stock issued and outstanding immediately prior to the Second Merger Effective Time shall, subject to the terms and conditions set forth herein, automatically be
converted into one (1)&nbsp;share of Parent Series B Preferred Stock (the &#147;<U>Per Share Series K Merger Consideration</U>&#148;). Such shares of Parent Series B Preferred Stock shall have terms materially the same as the Series K Preferred
Stock, with changes to such terms as are required pursuant to and made in compliance with the Articles Supplementary establishing and fixing the rights and preferences of the Hermes Sub I Series K Preferred Stock. The aggregate number of shares of
Parent Series B Preferred Stock payable to holders of Hermes Sub I Series K Preferred Stock as the Per Share Series K Merger Consideration is hereinafter referred to as the &#147;<U>Series K Preferred Stock Merger Consideration</U>&#148;. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v) <U>Treatment of Merger Sub Membership Interests</U>. All membership
interests of Merger Sub issued and outstanding immediately prior to the Second Merger Effective Time shall remain outstanding as membership interests of the Surviving Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Adjustments</U>. Without limiting the provisions of this Agreement and subject to Sections <U>6.1(b)(ii)</U> and
<U>6.1(b)(iii)</U>, between the date of this Agreement and the Second Merger Effective Time, if the outstanding shares of Company Common Stock, Company Class&nbsp;A Common Stock, Company Preferred Stock, Hermes Sub I Common Stock, Hermes Sub I
Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock are changed into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares,
reclassification, recapitalization or other similar transaction, then without limiting any other rights of the other Parties hereunder, the Exchange Ratio, Series H Preferred Stock Merger Consideration or Series K Preferred Stock Merger
Consideration, as applicable, will be ratably adjusted to the extent necessary or appropriate to reflect fully the effect of such change. Between the date of this Agreement and the Second Merger Effective Time, if the outstanding Parent Common
Shares or other capital stock of Parent are changed into a different number or class of shares by reason of any stock split, division or subdivision of shares, stock dividend, reverse stock split, consolidation of shares, reclassification or other
similar transaction, then without limiting any other rights of the other Parties hereunder, the Exchange Ratio, Series H Preferred Stock Merger Consideration or Series K Preferred Stock Merger Consideration, as applicable, will be ratably adjusted
to the extent necessary or appropriate to reflect fully the effect of such change. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Treatment of Hermes Sub I
Restricted Stock Awards</U>. At the Second Merger Effective Time and by virtue of the Second Merger and without any further action on the part of any Party or the holders thereof, each Hermes Sub I Restricted Stock Award that is issued and
outstanding as of immediately prior to the Second Merger Effective Time shall become fully vested (and any restrictions shall lapse) with each share of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock, as applicable, subject to
such Hermes Sub I Restricted Stock Award converted automatically into and shall thereafter represent the right to receive the Per Share Common Stock Merger Consideration in accordance with <U>Section&nbsp;3.2(a)(ii)</U>, subject to any withholding
in accordance with <U>Section 3.4.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Share Transfer Books</U>. Effective as of the First Merger Effective Time,
the share transfer books of Company shall be closed and thereafter there shall be no further registration of transfers of Company Common Stock, Company Class&nbsp;A Common Stock or Company Preferred Stock. Effective as of the Second Merger Effective
Time, the share transfer books of Hermes Sub I shall be closed and thereafter there shall be no further registration of transfers of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock. From and after
the Second Merger Effective Time, Persons who held Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock immediately prior to the Second Merger Effective Time shall cease to have rights with respect to
such shares, except as otherwise provided for in this Agreement. On or after the Second Merger Effective Time, any Certificates or Book-Entry Shares presented to the Exchange Agent, Parent or the Surviving Entity for any reason shall be cancelled
and exchanged for the Merger Consideration with respect to Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock, as applicable, formerly represented thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.3 <U>Exchange Fund; Exchange Agent</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Prior to the Second Merger Effective Time, Parent will designate a bank or trust company reasonably acceptable to Company
to act as exchange agent (the &#147;<U>Exchange Agent</U>&#148;) for the payment and delivery of the Merger Consideration, as provided in Sections <U>3.2(a)(ii)</U>, <U>3.2(a)(iii)</U>, <U>Section&nbsp;3.1(a)(iv)</U> and <U>3.7</U>. Prior to the
Second Merger Effective Time, Parent will enter into an exchange agent agreement with the Exchange Agent in a form reasonably acceptable to Company, setting forth the procedures to be used in accomplishing the deliveries and other actions
contemplated by this <U>Section 3.3.</U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) At or before the Second Merger Effective Time, Parent shall deposit, or
cause to be deposited, with the Exchange Agent (i)&nbsp;evidence of the Parent Common Shares, shares of Parent Series A Preferred Stock and shares of Parent Series B Preferred Stock in book-entry form equal to the aggregate shares to be issued as
the Common Stock Merger Consideration, Series H Preferred Stock Merger Consideration and Series K Preferred Stock Merger Consideration, respectively, and (ii)&nbsp;cash in immediately available funds in an amount sufficient to pay the aggregate cash
in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and any dividends or other distributions in accordance with <U>Section&nbsp;3.3(e)</U> (such evidence of book-entry Parent Common Shares, Parent Preferred Shares and cash amounts,
together with any dividends or other distributions with respect thereto, the &#147;<U>Exchange Fund</U>&#148;), in each case, for the sole benefit of the holders of shares of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock and
Hermes Sub I Preferred Stock and the holders of Company Restricted Stock Awards. Parent shall cause the Exchange Agent to make, and the Exchange Agent shall make, delivery of the applicable Merger Consideration, aggregate cash in lieu of fractional
shares pursuant to <U>Section&nbsp;3.7</U> and dividends or other distributions on Parent Common Shares and Parent Preferred Shares in accordance with <U>Section&nbsp;3.3(e)</U> out of the Exchange Fund in accordance with this Agreement (provided
that any amounts payable to holders of Company Equity Awards with respect to whom Company has a Tax withholding obligation shall be paid as applicable to Parent, the Surviving Entity, any of their respective Affiliates, or a third-party payroll
provider for payment through an applicable payroll system). The Exchange Fund shall not be used for any other purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) The cash portion of the Exchange Fund shall be invested by the Exchange Agent as directed by Parent or the Surviving
Entity. Interest and other income on the Exchange Fund shall be the sole and exclusive property of the Surviving Entity and shall be paid to the Surviving Entity as the Surviving Entity directs. No investment of the Exchange Fund shall relieve
Parent, the Surviving Entity or the Exchange Agent from making the payments required by this <U>Article 3</U>, and following any losses from any such investment, Parent or the Surviving Entity shall promptly provide additional funds to the Exchange
Agent to the extent necessary to satisfy Parent&#146;s and the Surviving Entity&#146;s obligations hereunder for the benefit of the holders of shares of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock and Hermes Sub I Preferred
Stock at the Second Merger Effective Time, which additional funds will be deemed to be part of the Exchange Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)
<U>Exchange Procedures</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Each certificate (or book-entry share) representing outstanding shares of Company Common
Stock, Company Class&nbsp;A Common Stock, Company Series H Preferred Stock, Company Series K Preferred Stock or any instrument representing any Company Restricted Stock Award shall be deemed for all purposes, from and after the First Merger
Effective Time, to represent the same number of shares of capital stock or other securities of Hermes Sub I, as the case may be, into which such shares of Company Common Stock, Company Class&nbsp;A Common Stock, Company Series H Preferred Stock,
Company Series K Preferred Stock and Company Restricted Stock Award shall be converted in the First Merger. Holders of such certificates (or book-entry shares) or other instruments shall not be asked to surrender such certificates (or book-entry
shares) or other instruments for cancellation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) As soon as reasonably practicable after the Second Merger Effective
Time, Parent or the Surviving Entity shall cause the Exchange Agent to mail (and to make available for collection by hand) to each holder of record of a Certificate (or affidavit of loss in lieu thereof) (A) a letter of transmittal (a
&#147;<U>Letter of Transmittal</U>&#148;), in customary form as prepared by Parent and reasonably acceptable to Company, which shall specify, among other things, that delivery shall be effected, and risk of loss and title to the Certificates shall
pass, only upon proper delivery of the Certificates (or affidavits of loss in lieu thereof) to the Exchange Agent, and (B)&nbsp;instructions for use in effecting the surrender of the Certificates in exchange for the applicable Merger Consideration
into which the number of shares of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock previously represented by such Certificate shall have been converted pursuant to this Agreement and the Second Merger, together with any amounts
payable in respect of cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and dividends or other distributions on Parent Common Shares in accordance with <U>Section 3.3(e).</U> </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) Upon surrender of a Certificate (or affidavit of loss in lieu
thereof) to the Exchange Agent, together with a properly completed and validly executed Letter of Transmittal, and such other documents as may reasonably be required by the Exchange Agent, the holder of such Certificate shall be entitled to receive
in exchange therefor the applicable Merger Consideration for each share of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock formerly represented by such Certificate pursuant to the provisions of this <U>Article 3</U>, together
with any amounts payable in respect of cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and dividends or other distributions on Parent Common Shares in accordance with <U>Section&nbsp;3.3(e)</U>, by mail or by wire transfer
after the Exchange Agent&#146;s receipt of such Certificate (or affidavit of loss in lieu thereof) and Letter of Transmittal, and the Certificate (or affidavit of loss in lieu thereof) so surrendered or so transferred, as applicable, shall be
forthwith cancelled. The Exchange Agent shall accept such Certificates (or affidavits of loss in lieu thereof) upon compliance with such reasonable terms and conditions as the Exchange Agent may impose to effect an orderly exchange thereof in
accordance with customary exchange practices. No interest shall be paid or accrued for the benefit of holders of the Certificates on the applicable Merger Consideration, cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> or
dividends or other distributions on Parent Common Shares in accordance with <U>Section&nbsp;3.3(e)</U>. In the event of a transfer of ownership of shares of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock that is not registered
in the transfer records of Company, it shall be a condition of payment that any Certificate surrendered or transferred in accordance with the procedures set forth in this <U>Section&nbsp;3.3</U> shall be properly endorsed or shall be otherwise in
proper form for transfer, and that the Person requesting such payment shall have paid any Transfer Taxes and other Taxes required by reason of the payment of the applicable Merger Consideration to a Person other than the registered holder of the
Certificate surrendered, or shall have established to the reasonable satisfaction of Parent and the Exchange Agent that such Taxes either have been paid or are not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) Any holder of Book-Entry Shares shall not be required to deliver an executed Letter of Transmittal to the Exchange Agent
to receive the applicable Merger Consideration or other amounts pursuant to the provisions of this <U>Article 3</U> from Parent that such holder is entitled to receive pursuant to this <U>Article 3</U> with respect to such Book-Entry Shares. Subject
to receipt of any documentation as may reasonably be required by the Exchange Agent, each holder of one or more Book-Entry Shares shall automatically upon the Second Merger Effective Time be entitled to receive, and Parent shall cause the Exchange
Agent to pay and deliver as soon as reasonably practicable after the Second Merger Effective Time (but in no event later than three (3)&nbsp;Business Days thereafter), the applicable Merger Consideration for each such Book-Entry Share pursuant to
the provisions of this <U>Article 3</U>, together with any amounts payable in respect of cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and dividends or other distributions on Parent Common Shares or Parent Preferred Shares in
accordance with <U>Section</U> <U>3.3(e)</U>. Payment of the Merger Consideration payable, the aggregate cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and any dividends and other distributions with respect to Book-Entry
Shares pursuant to <U>Section&nbsp;3.3(e)</U> shall only be made to the person in whose name such Book-Entry Shares are registered. No interest shall be paid or accrued for the benefit of holders of Book-Entry Shares on the Merger Consideration
payable, the aggregate cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and any dividends or distributions to which such holder is entitled pursuant to <U>Section 3.3(e).</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v) At the Second Merger Effective Time, holders of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock and
Hermes Sub I Preferred Stock shall cease to be, and shall have no rights as, stockholders of Hermes Sub I other than the right to receive the applicable Merger Consideration from Parent that such holder has the right to receive pursuant to the
provisions of this <U>Article 3</U>, together with any amounts payable in respect of cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U> and dividends or other distributions on Parent Common Shares and Parent Preferred Shares in
accordance with <U>Section&nbsp;3.3(e)</U>. The applicable Merger Consideration paid upon the surrender for exchange of Certificates (or affidavits of loss in lieu thereof) representing Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common
Stock (or automatic conversion in the case of Book-Entry Shares) in accordance with the terms of this <U>Article 3</U> shall be deemed to have been paid in full satisfaction of all rights and privileges pertaining to the Hermes Sub I Common Stock,
Hermes Sub I Class&nbsp;A Common Stock and Hermes Sub I Preferred Stock, as applicable, theretofore evidenced by such Certificates or Book-Entry Shares. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) <U>Dividends with Respect to Parent Common Shares or Parent Preferred
</U><U>Shares</U>. No dividends or other distributions with respect to Parent Common Shares or Parent Preferred Shares with a record date after the Second Merger Effective Time shall be paid to the holder of any unsurrendered Certificate or
Book-Entry Share not transferred with respect to the number of whole Parent Common Shares and Parent Preferred Shares issuable to such holder hereunder, and all such dividends and other distributions shall instead be paid by Parent to the Exchange
Agent and shall be included in the Exchange Fund, in each case until the surrender of such Certificate (or affidavit of loss in lieu thereof) or transfer of such Book-Entry Share in accordance with this Agreement. Subject to applicable Laws,
following surrender of any such Certificate (or affidavit of loss in lieu thereof) or transfer of any Book-Entry Share there shall be paid to the holder thereof, without interest: (i)&nbsp;the amount of dividends or other distributions with a record
date after the Second Merger Effective Time theretofore paid with respect to the number of whole Parent Common Shares or Parent Preferred Shares, as applicable, to which such holder is entitled pursuant to this Agreement; and (ii)&nbsp;at the
appropriate payment date, the amount of dividends or other distributions with a record date after the Second Merger Effective Time but prior to such surrender and with a payment date subsequent to such surrender payable with respect to such Parent
Common Shares or Parent Preferred Shares, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) <U>Termination of Exchange Fund</U>. Any portion of the
Exchange Fund (including any interest and income received with respect thereto and any applicable dividends or other distributions with respect to Parent Common Shares or Parent Preferred Shares) that remains undistributed to the former holders of
shares of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock, as applicable, for six (6)&nbsp;months after the Second Merger Effective Time shall be delivered to Parent, upon demand, and any former
holders of Hermes Sub I Common Stock, Hermes Sub I Class&nbsp;A Common Stock or Hermes Sub I Preferred Stock prior to the Second Merger who have not theretofore complied with this <U>Article 3</U> shall thereafter look only to Parent and the
Surviving Entity (and only as general creditors thereof) for payment of the applicable Merger Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) <U>No
Liability</U>. None of Parent, Merger Sub, Company, Hermes Sub I, Hermes Sub II, the Surviving Entity, the Exchange Agent, or any employee, officer, director, agent, Representative or Affiliate thereof, shall be liable to any Person in respect of
the applicable Merger Consideration if the Exchange Fund has been delivered to a public official pursuant to any applicable abandoned property, escheat or similar Law. Any amounts remaining unclaimed by holders of any shares of Hermes Sub I Common
Stock, Hermes Sub I Class&nbsp;A Common Stock and Hermes Sub I Preferred Stock immediately prior to the time at which such amounts would otherwise escheat to, or become property of, any Governmental Authority shall, to the extent permitted by
applicable Law, become the property of the Surviving Entity, free and clear of any claims or interest of such holders or their successors, assigns or personal representatives previously entitled thereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.4 <U>Withholding Rights</U>. Notwithstanding anything to the contrary in this Agreement, each of Parent, Merger
Sub, the Surviving Entity and the Exchange Agent, as applicable, shall be entitled to deduct and withhold from the Merger Consideration and any other amounts otherwise payable pursuant to this Agreement, such amounts as it is required to deduct and
withhold with respect to such payments under applicable Law. Any such amounts so deducted and withheld shall be paid over to the applicable Governmental Authority in accordance with applicable Law and shall be treated for all purposes of this
Agreement as having been paid to the Person in respect of which such deduction and withholding was made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.5
<U>Lost Certificates</U>. If any Certificate shall have been lost, stolen or destroyed, then upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by Parent or the
Surviving Entity, the posting by such Person of a bond in such reasonable amount as Parent or the Surviving Entity may direct, as indemnity against any claim that may be made against it with respect to such Certificate, the Exchange Agent will issue
in exchange for such lost, stolen or destroyed Certificate the applicable Merger Consideration, to which the holder thereof is entitled pursuant to this <U>Article 3.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.6 <U>Dissenters Rights</U>. No dissenters&#146; or appraisal rights, or rights of objecting stockholders under
Title 3, Subtitle 2 of the MGCL, shall be available with respect to the First Merger, Second Merger or the </P>
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other transactions contemplated by this Agreement, including any remedy under Sections 3-201 et seq. of the MGCL. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.7 <U>No Fractional Shares</U>. No certificate or scrip representing fractional Parent Common Shares shall be
issued upon the surrender for exchange of Certificates or the transfer of Book-Entry Shares, and such fractional share interests shall not entitle the owner thereof to vote or to any other rights of a stockholder of Parent. Notwithstanding any other
provision of this Agreement, each holder of shares of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock converted into the right to receive the Common Stock Merger Consideration pursuant to <U>Section&nbsp;3.2(a)</U> who would
otherwise have been entitled to receive a fraction of a Parent Common Share shall receive, in lieu thereof, cash, without interest, in an amount equal to the product of (i)&nbsp;the Parent Common Share Price, multiplied by (ii)&nbsp;such fraction of
a Parent Common Share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.8 <U>General Effects of the Mergers</U>. At the First Merger Effective Time, the
effect of the First Merger shall be as set forth in this Agreement and as provided in the applicable provisions of the MGCL. Without limiting the generality of the foregoing, and subject thereto, at the First Merger Effective Time all of the
property, rights, privileges, powers and franchises of Hermes Sub II shall vest in Company, and all debts, liabilities and duties of Hermes Sub II shall become the debts, liabilities and duties of Company. At the Second Merger Effective Time, the
effect of the Second Merger shall be as set forth in this Agreement and as provided in the applicable provisions of the MGCL and the MLLCA. Without limiting the generality of the foregoing, and subject thereto, at the Second Merger Effective Time,
all of the property, rights, privileges, powers and franchises of Hermes Sub I shall vest in the Surviving Entity, and all debts, liabilities and duties of Hermes Sub I shall become the debts, liabilities and duties of the Surviving Entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;3.9 <U>Post-Closing Transaction Steps</U>. Following the Second Merger Effective Time, Company will be converted
into a Maryland limited liability company in accordance with the terms of the MGCL and the MLLCA. Following the effectiveness of the conversion of Company into a limited liability company as described in the preceding sentence, Parent will
contribute all of the equity interests of Merger Sub to the Parent Partnership, in exchange for: (a)&nbsp;a number of common units of Parent Partnership equal to the number of shares of Parent Common Stock issued in the Second Merger; (b)&nbsp;a
number of preferred units having terms substantially equivalent to the Parent Series H Preferred Stock equal to the number of shares of Parent Series H Preferred Stock issued in the Second Merger; (c)&nbsp;a number of preferred units having terms
substantially equivalent to the Parent Series K Preferred Stock equal to the number of shares of Parent Series K Preferred Stock issued in the Second Merger; and (d)&nbsp;such other rights and obligations to be mutually agreed by and between Parent
and the Parent Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF COMPANY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Except (a)&nbsp;as set forth in the disclosure letter prepared by Company, with numbering corresponding to the numbering of
this <U>Article 4</U> delivered by Company to Parent prior to the execution and delivery of this Agreement (the &#147;<U>Company Disclosure Letter</U>&#148;) (it being acknowledged and agreed that disclosure of any item in any Section or subsection
of the Company Disclosure Letter with respect to any Section or subsection of this <U>Article 4</U> shall be deemed disclosed with respect to any other Section or subsection of this <U>Article 4</U> to the extent the applicability of such disclosure
is reasonably apparent on the face of such disclosure); <U>provided</U>, that nothing in the Company Disclosure Letter is intended to broaden the scope of any representation, warranty, covenant or agreement of Company made herein and no reference to
or disclosure of any item or other matter in the Company Disclosure Letter shall be construed as an admission or indication that (1)&nbsp;such item or other matter is material, (2)&nbsp;such item or other matter is required to be referred to in the
Company Disclosure Letter or (3)&nbsp;any breach or violation of applicable Laws or any contract, agreement, arrangement or understanding to which Company or any Company Subsidiary is a party exists or has actually occurred, or (b)&nbsp;as disclosed
in the Company SEC Documents publicly available and filed with, or furnished to, as applicable, the SEC prior to the date of this </P>
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Agreement and publicly available on EDGAR (excluding any risk factor disclosures contained in such documents under the heading &#147;Risk Factors&#148; (but including any description of historic
facts or events included therein) and any disclosure of risks or other matters included in any &#147;forward-looking statements&#148; disclaimer (but including any description of historic facts or events included therein) or other statements that
are cautionary, predictive or forward-looking in nature, which in no event shall be deemed to be an exception to or disclosure for purposes of any representation or warranty set forth in this <U>Article 4</U>), Company hereby represents and warrants
to Parent that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.1 <U>Organization and Qualification; Subsidiaries</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland
and has the requisite organizational power and authority to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now being conducted. Company is duly qualified or licensed to do business as a foreign
corporation, and is in good standing, in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such failures
to be so qualified, licensed or in good standing that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Each Company Subsidiary is duly organized, validly existing and in good standing (to the extent applicable) under the
Laws of the jurisdiction of its incorporation or organization, as the case may be, and has the requisite organizational power and authority to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now
being conducted, except where the failure to be so organized, validly existing or in good standing (to the extent applicable), or to have such power or authority, would not reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect. Each Company Subsidiary is duly qualified or licensed to do business as a foreign corporation, company or partnership, as applicable, and is in good standing (to the extent applicable), in each jurisdiction where the
character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good standing (to the extent
applicable) that would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Section&nbsp;4.1(c)</U> of the Company Disclosure Letter sets forth a true, correct and complete list of the Company
Subsidiaries, together with (1)&nbsp;the percentage of interest held, directly or indirectly, by Company in each Company Subsidiary and (2)&nbsp;the classification for U.S. federal income Tax purposes of each Company Subsidiary as a REIT, a
&#147;qualified REIT subsidiary&#148; within the meaning of Section&nbsp;856(i)(2) of the Code (a &#147;<U>Qualified REIT Subsidiary</U>&#148;), a &#147;taxable REIT subsidiary&#148; within the meaning of Section&nbsp;856(l) of the Code (a
&#147;<U>Taxable REIT Subsidiary</U>&#148;), an entity that is disregarded as an entity separate from its owner under Treasury Regulations Section&nbsp;301.7701-3, or a partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Section&nbsp;4.1(d)</U> of the Company Disclosure Letter sets forth Company&#146;s (or the applicable Company
Subsidiary&#146;s) ownership interest in any Person (other than in the Company Subsidiaries and investments in short-term investment securities). Except as set forth in <U>Section&nbsp;4.1(d)</U> of the Company Disclosure Letter, neither Company nor
any Company Subsidiary directly or indirectly owns any interest or investment (whether equity or debt) in any Person (other than in the Company Subsidiaries and investments in short-term investment securities). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.2 <U>Organizational Documents</U>. Company has made available to Parent complete and correct copies of the
Company Charter and the Company Bylaws and the Organizational Documents of (a)&nbsp;each material Company Subsidiary, (b)&nbsp;each Company Subsidiary that is not wholly owned by Company or another wholly owned Company Subsidiary and (c)&nbsp;each
other entity in which Company or any Company Subsidiary has any material equity interests, in each case as in effect on the date hereof. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.3 <U>Capital Structure</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) The authorized capital stock of Company consists of 100,000,000 shares of Company Class&nbsp;A Common Stock, 30,000,000
shares of Company Common Stock, 50,000,000 shares of preferred stock, of which 4,600,000 shares are designated as Series H Preferred Stock and 4,400,000 shares are designated as Series K Preferred Stock (together, &#147;<U>Company Preferred
Stock</U>&#148;), and 20,000,000 shares of excess stock, $0.01 par value per share. At the close of business on May&nbsp;15, 2023 (the &#147;<U>Company Capitalization Date</U>&#148;), (i)&nbsp;28,972,016 shares of Company Class&nbsp;A Common Stock
(which includes 605,600 Company Restricted Stock Awards) were issued and outstanding, (ii)&nbsp;10,358,591 shares of Company Common Stock (which includes 941,800 Company Restricted Stock Awards) were issued and outstanding, (iii)&nbsp;4,600,000
shares of Series H Preferred Stock were issued and outstanding, (iv)&nbsp;4,400,000 shares of Series K Preferred Stock were issued and outstanding, (v)&nbsp;1,182,125 shares were reserved and available for grant under the Company Equity Incentive
Plan, which at the discretion of the Compensation Committee of the Company Board administering the Company Equity Incentive Plan may be any combination of Company Class&nbsp;A Common Stock or Company Common Stock and (vi)&nbsp;no shares of excess
stock were issued and outstanding. Since the close of business on the Company Capitalization Date to the date of this Agreement, there has been no issuance or grant of any Company Class&nbsp;A Common Stock, Company Common Stock, Company Preferred
Stock or any other securities of Company, other than any issuances of Company Class&nbsp;A Common Stock or Company Common Stock Awards in accordance with the exercise, vesting or settlement, as applicable, of any Company Restricted Stock Awards
outstanding as of the close of business on the Company Capitalization Date in accordance with the terms thereof or as required by the terms of the DownREIT Agreements (in accordance with <U>Section&nbsp;7.17</U>). Subject to the filing of the
applicable articles of amendment and articles supplementary of Hermes Sub I with, and acceptance for record by, the SDAT, the authorized and issued capital stock of Hermes Sub I as of immediately prior to the Second Merger Effective Time shall be
equivalent to that of Company as of immediately prior to the First Merger Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Section&nbsp;4.3(b)</U>
of the Company Disclosure Letter sets forth a true, correct and complete list, as of the Company Capitalization Date, of (i)&nbsp;each Company Restricted Stock Award, (ii)&nbsp;the name of the holder thereof and whether such holder is a current or
former director, employee or other individual service provider of Company and Company Subsidiaries, (iii)&nbsp;the number of shares of Company Class&nbsp;A Common Stock or Company Common Stock underlying each such award, (iv)&nbsp;the grant date,
and (v)&nbsp;the extent to which each such award is vested and the times and extent to which each such award will vest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) All issued and outstanding shares of the capital stock of Company are duly authorized, validly issued, fully paid and
nonassessable, and no class of capital stock is entitled to preemptive rights. There are no outstanding bonds, debentures, notes or other Indebtedness of Company having the right to vote (or convertible into, or exchangeable for, securities having
the right to vote) on any matter on which holders of shares of Company Common Stock or Company Class&nbsp;A Common Stock may vote. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) All of the outstanding shares of capital stock of each of the Company Subsidiaries that is a corporation are duly
authorized, validly issued, fully paid and nonassessable. All equity interests in each of the Company Subsidiaries that is a partnership or limited liability company are duly authorized and validly issued. All shares of capital stock of (or other
ownership interests in) each of the Company Subsidiaries which may be issued upon exercise of outstanding options or exchange rights are duly authorized and, upon issuance will be validly issued, fully paid and nonassessable. Except as set forth on
<U>Section&nbsp;4.1(d)</U> of the Company Disclosure Letter, Company owns, directly or indirectly, all of the issued and outstanding capital stock and other ownership interests of each of the Company Subsidiaries and each other Person in which
Company, directly or indirectly, owns ownership interests, free and clear of all Liens other than transfer restrictions imposed by any applicable Law or the Organizational Documents of any Company Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Except as set forth on <U>Section&nbsp;4.3(e)</U> of the Company Disclosure Letter, there are no outstanding
subscriptions, securities, options, warrants, calls, rights, profits interests, stock appreciation rights, </P>
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phantom stock, convertible securities, rights of first refusal or other similar rights, agreements, arrangements, undertakings or commitments of any kind to which Company or any of the Company
Subsidiaries is a party or, to the Knowledge of Company, by which any of them is bound obligating Company or any of the Company Subsidiaries to (i)&nbsp;issue, transfer, deliver or sell or create, or cause to be issued, transferred, delivered or
sold or created any additional shares of capital stock or other equity interests or phantom stock or other contractual rights the value of which is determined in whole or in part by the value of any equity security of Company or any Company
Subsidiary or securities convertible into or exchangeable for such shares or equity interests, (ii)&nbsp;issue, grant, extend or enter into any such subscriptions, securities, options, warrants, calls, rights, profits interests, stock appreciation
rights, phantom stock, convertible securities, rights of first refusal or other similar rights, agreements, arrangements, undertakings or commitments, (iii)&nbsp;redeem, repurchase or otherwise acquire any such shares of capital stock or other
equity interests, or (iv)&nbsp;provide for voting trusts or similar agreements or understandings concerning the voting of any capital stock of Company or any of the Company Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Company does not have a &#147;poison pill&#148; or similar stockholder rights plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) Neither Company nor any Company Subsidiary is under any obligation, contingent or otherwise, by reason of any contract to
register the offer and sale or resale of any of their securities under the Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) All dividends or other
distributions on the shares of Company Common Stock and any dividends or other distributions on any securities of any Company Subsidiary which have been authorized or declared prior to the date hereof have been paid in full (except to the extent
such dividends have been publicly announced and are not yet due and payable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.4 <U>Authority</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Each of Company, Hermes Sub I and Hermes Sub II has the requisite corporate power and authority to execute and deliver
this Agreement, to perform its obligations hereunder and, subject to receipt of the Company Stockholder Approval, to consummate the transactions contemplated by this Agreement to which it is a party, including the Mergers. The execution and delivery
of this Agreement by Company, Hermes Sub I and Hermes Sub II and the consummation by Company, Hermes Sub I and Hermes Sub II of the transactions contemplated by this Agreement have been duly and validly authorized by all necessary corporate action,
and no other corporate proceedings on the part of Company, Hermes Sub I or Hermes Sub II are necessary to authorize this Agreement or the Mergers or to consummate the other transactions contemplated by this Agreement, subject, with respect to the
Mergers, to receipt of the Company Stockholder Approval, and to the filing of the applicable articles of merger with, and acceptance for record of the applicable articles of merger by, the SDAT. This Agreement has been duly executed and delivered by
Company, Hermes Sub I and Hermes Sub II and assuming due and valid authorization, execution and delivery by Parent and Merger Sub, constitutes a legally valid and binding obligation of Company, Hermes Sub I and/or Hermes Sub II enforceable against
Company, Hermes Sub I and/or Hermes Sub II in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors&#146; rights generally
and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The Company Board, at a duly held meeting, has (i)&nbsp;declared that this Agreement, the Mergers and the other
transactions contemplated by this Agreement are advisable and in the best interests of Company and its stockholders, (ii)&nbsp;approved and adopted this Agreement, the Mergers and the other transactions contemplated by this Agreement,
(iii)&nbsp;directed that the Mergers and the other transactions contemplated by this Agreement be submitted to a vote of the holders of Company Common Stock and Company Class&nbsp;A Common Stock, and (iv)&nbsp;resolved to recommend that the holders
of Company Common Stock and Company Class&nbsp;A Common Stock vote in favor of approval of the Mergers and the other transactions contemplated by this Agreement and to include such recommendation in the Proxy Statement (such recommendations, the
&#147;<U>Company</U> </P>
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<U>Board Recommendation</U>&#148;), which resolutions remain in full force and effect and have not been subsequently rescinded, modified or withdrawn in any way, except as may be permitted after
the date hereof by <U>Section 7.3.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.5 <U>No Conflict; Required Filings and Consents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) The execution and delivery of this Agreement by Company, Hermes Sub I and Hermes Sub II does not, and, assuming receipt
of the Company Stockholder Approval and that all consents, approvals, authorizations and permits described in <U>Section&nbsp;4.5(b)</U> have been obtained, all filings and notifications described in <U>Section&nbsp;4.5(b)</U> have been made and any
waiting periods thereunder have terminated or expired, as applicable, the performance of this Agreement, the transactions contemplated hereby and Company&#146;s, Hermes Sub I&#146;s and Hermes Sub II&#146;s obligations hereunder will not:
(i)&nbsp;conflict with or result in a violation of any provision of (A)&nbsp;the Company Charter or the Company Bylaws, or (B)&nbsp;any comparable Organizational Documents of any Company Subsidiary, (ii)&nbsp;conflict with or result in any violation
of any Law applicable to Company or any Company Subsidiary or by which any property or asset of Company or any Company Subsidiary is bound, or (iii)&nbsp;require any consent or approval (except as contemplated by <U>Section&nbsp;4.5(b)</U>) under,
result in any breach of any obligation or any loss of any benefit or increase in any cost or obligation of Company or any Company Subsidiary under, or constitute a default (or an event which with notice or lapse of time or both would become a
default) under, or give to any other Person any right of, or result in a, termination, modification, acceleration or cancellation (with or without notice or the lapse of time or both) of, or give rise to any right of purchase, first offer or forced
sale under or result in the creation of a Lien on any property or asset of Company or any Company Subsidiary pursuant to, any note, bond, debt instrument, indenture, contract, agreement, ground lease, license, permit or other legally binding
obligation to which Company or any Company Subsidiary is a party, except, as to clauses (i)(B), (ii)&nbsp;and (iii)&nbsp;above, as, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The execution and delivery of this Agreement by Company, Hermes Sub I and Hermes Sub II does not, and the performance of
this Agreement by Company, Hermes Sub I and Hermes Sub II will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i)&nbsp;the filing with the SEC of (A)&nbsp;the
Proxy Statement in definitive form and of a registration statement on Form S-4 pursuant to which the offer and sale of Parent Common Shares and Parent Preferred Shares in the Second Merger will be registered pursuant to the Securities Act and in
which the Proxy Statement will be included (together with any amendments or supplements thereto, the &#147;<U>Form S-4</U>&#148;), and declaration of effectiveness of the Form S-4, and (B)&nbsp;such reports under, and other compliance with, the
Exchange Act and the Securities Act as may be required in connection with this Agreement and the transactions contemplated hereby, (ii)&nbsp;the filing of the applicable articles of merger with, and the acceptance for record of each articles of
merger by, the SDAT pursuant to the MGCL and the MLLCA with respect to the Mergers, (iii)&nbsp;such filings and approvals as may be required by any applicable state securities or &#147;blue sky&#148; Laws, (iv)&nbsp;such filings as may be required
in connection with state and local Transfer Taxes, (v)&nbsp;any filings or approvals required under the rules and regulations of the NYSE, and (vi)&nbsp;where failure to obtain such consents, approvals, authorizations or permits, or to make such
filings or notifications, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect or as otherwise set forth on <U>Section&nbsp;4.5(b)</U> of the Company Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.6 <U>Permits; Compliance with Law</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except for the authorizations, licenses, permits, certificates, approvals, variances, exemptions, orders, franchises,
certifications and clearances that are the subject of <U>Section&nbsp;4.16</U> and <U>Section&nbsp;4.17</U>, which are addressed solely in those Sections, Company and each Company Subsidiary is in possession of all authorizations, licenses, permits,
certificates, approvals, registrations, waivers, variances, exemptions, orders, franchises, certifications and clearances of any Governmental Authority, including building permits and certificates of occupancy, necessary for Company and each Company
Subsidiary to own, lease and, to the extent applicable, operate its properties or to carry on its respective business substantially as they are being conducted </P>
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(the &#147;<U>Company Permits</U>&#148;), and all such Company Permits are valid and in full force and effect, except where the failure to be in possession of, or the failure to be valid or in
full force and effect of, any of the Company Permits, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect. All applications required to have been filed for the renewal of the Company Permits
have been duly filed on a timely basis with the appropriate Governmental Authority, except where the failure to do so would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, and all other
filings required to have been made with respect to such Company Permits have been duly made on a timely basis with the appropriate Governmental Authority. Neither Company nor any Company Subsidiary has received any written notice from a Governmental
Authority asserting a failure, or possible failure, to comply with any Company Permit, the subject of which written notice has not been resolved prior to the date of this Agreement as required thereby or otherwise to the satisfaction of the
Governmental Authority sending such notice, except for such failures as would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Neither Company nor any Company Subsidiary is or has been in conflict with, or in default or violation of (i)&nbsp;any
Law or Order applicable to Company or any Company Subsidiary or by which any property or asset of Company or any Company Subsidiary is bound (except for Laws addressed in <U>Section&nbsp;4.12</U>, which are addressed solely in such Section), or
(ii)&nbsp;any Company Permits, except, in each case, for any such conflicts, defaults or violations that, individually or in the aggregate, would not reasonably be expected to have, individually or in the aggregate, a Company Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.7 <U>SEC Documents; Financial Statements</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company has timely filed with, or furnished (on a publicly available basis) to, the SEC all forms, documents, statements,
schedules, registration statements, definitive proxy statements and reports required to be filed or furnished by Company with the SEC, including any amendments or supplements thereto, since November&nbsp;1, 2020 (the forms, documents, statements,
schedules and reports filed or furnished with the SEC since November&nbsp;1, 2020, including any amendments or supplements thereto, the &#147;<U>Company SEC Documents</U>&#148;). As of their respective dates, the Company SEC Documents complied in
all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, applicable to such Company SEC Documents, and none of the Company SEC Documents, at the time of filing or being furnished (or effectiveness in
the case of registration statements), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they
were made, not misleading, except to the extent such statements have been modified or superseded by later Company SEC Documents filed or furnished and publicly available prior to the date of this Agreement. Company does not have any outstanding and
unresolved comments from the SEC with respect to any Company SEC Documents. No Company Subsidiary is required to file any form or report with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Company has made available to Parent complete and correct copies of all written correspondence between the SEC, on one
hand, and Company, on the other hand, since November&nbsp;1, 2020. At all applicable times, Company has complied in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 (the &#147;<U>SOX Act</U>&#148;) and the rules
and regulations thereunder, as amended from time to time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) The consolidated financial statements of Company and the
Company Subsidiaries included, or incorporated by reference, in the Company SEC Documents, including the related notes and schedules, complied in all material respects with the applicable accounting requirements and the published rules and
regulations of the SEC with respect thereto, have been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto, or, in the case of the unaudited statements, as
permitted by Rule 10-01 of Regulation S-X under the Exchange Act), and each of the consolidated balance sheets of Company included in or incorporated by reference into the Company SEC Documents (including the related notes and schedules) fairly
presented, in all material respects, in accordance </P>
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with applicable requirements of GAAP and the applicable rules, accounting requirements and regulations of the SEC consistently applied during the periods involved (subject, in the case of the
unaudited statements, to normal, recurring adjustments, none of which are material), the consolidated financial position of Company and the Company Subsidiaries, taken as a whole, as of their respective dates, and each of the consolidated statements
of income, equity and cash flows of Company included in or incorporated by reference into the Company SEC Documents (including any related notes and schedules) fairly presented in all material respects the results of operations, equity or cash
flows, as the case may be, of Company and the Company Subsidiaries for the periods presented therein, in each case, except to the extent such financial statements have been modified or superseded by later Company SEC Documents filed and publicly
available prior to the date of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Neither Company nor any Company Subsidiary is a party to, or has any
commitment to become a party to, any joint venture, off-balance sheet partnership or any similar contract or arrangement, including any contract relating to any transaction or relationship between or among Company and any Company Subsidiary, on the
one hand, and any unconsolidated Affiliate of Company or any Company Subsidiary, including any structured finance, special purpose or limited purpose entity or Person, on the other hand, or any &#147;off-balance sheet arrangements&#148; (as defined
in Item&nbsp;303 of Regulation S-K of the SEC), where the result, purpose or effect of such contract is to avoid disclosure of any material transaction involving, or material liabilities of, Company, any Company Subsidiary or such Company&#146;s or
Company Subsidiary&#146;s audited financial statements or other Company SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Since November&nbsp;1, 2020,
Company maintains a system of disclosure controls and procedures and internal controls over financial reporting (as defined in <FONT STYLE="white-space:nowrap">Rule&nbsp;13a-15</FONT> or 15d-15, as applicable, under the Exchange Act) that is
effective in providing reasonable assurance regarding the reliability of Company&#146;s financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. There has been no change in Company&#146;s
internal controls over financial reporting that has occurred since October&nbsp;31, 2022, that has materially affected, or is reasonably likely to materially affect, Company&#146;s internal controls over financial reporting. Since October&nbsp;31,
2022, there have been no significant deficiencies or material weaknesses in Company&#146;s internal controls over financial reporting (whether or not remediated). Company has disclosed, based on the most recent evaluation of its Chief Executive
Officer and its Chief Financial Officer, to Company&#146;s auditors and the audit committee of the Company Board (i)&nbsp;any significant deficiencies or material weaknesses in the design or operation of its internal controls over financial
reporting that are reasonably likely to materially affect Company&#146;s ability to record, process, summarize, and report financial information and (ii)&nbsp;any fraud, whether or not material, that involves management or other employees of Company
or any Company Subsidiary who have a significant role in Company&#146;s internal controls over financial reporting, and each such deficiency, weakness and fraud so disclosed to auditors, if any, has been disclosed to Parent prior to the date of this
Agreement. As used in this <U>Section&nbsp;4.7(e)</U>, the terms &#147;significant deficiency&#148; and &#147;material weakness&#148; have the meanings assigned to such terms in Auditing Standard No.&nbsp;5 of the Public Company Accounting Oversight
Board as in effect on the date of this Agreement. The principal executive officer and principal financial officer of Company have made all certifications required by the SOX Act and the regulations of the SEC promulgated thereunder, and the
statements contained in all such certifications were, as of their respective dates made, complete and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Company is in compliance in all material respects with all current listing and governance requirements of the New York
Stock Exchange. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.8 <U>Absence of Certain Changes or Events</U>. From October&nbsp;31, 2022, through the
date of this Agreement, Company and each Company Subsidiary has conducted its business in all material respects in the ordinary course of business consistent with past practice. From October&nbsp;31, 2022, through the date of this Agreement, there
has not been any Company Material Adverse Effect or any event, circumstance, change, effect, development, condition or occurrence that, individually or in the aggregate with all other events, circumstances, changes, effects, developments, conditions
or occurrences, would reasonably be expected to have a Company Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.9 <U>No Undisclosed Liabilities</U>. There are no liabilities
or obligations of Company or any of the Company Subsidiaries of any nature that would be required under GAAP to be set forth on the financial statements of Company or the notes thereto, other than: (a)&nbsp;liabilities reflected or reserved against
on the balance sheet of Company dated as of January&nbsp;31, 2023 (including the notes thereto) as required by GAAP, (b)&nbsp;liabilities incurred in connection with the transactions contemplated by this Agreement, (c)&nbsp;liabilities incurred in
the ordinary course of business consistent with past practice since January&nbsp;31, 2023, or (d)&nbsp;liabilities that, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.10 <U>No Default</U>. Neither Company nor any of the Company Subsidiaries is in default or violation (and to
the Knowledge of Company, no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (a)&nbsp;(i)&nbsp;the Company Charter or the Company Bylaws, or
(ii)&nbsp;the comparable Organizational Documents of any of the Company Subsidiaries, or (b)&nbsp;any loan or credit agreement, note, or any bond, mortgage or indenture, to which Company or any of the Company Subsidiaries is a party or by which
Company, any of the Company Subsidiaries or any of their respective properties or assets is bound, except in the case of clauses (a)(ii) and (b)&nbsp;for defaults or violations which, individually or in the aggregate, would not reasonably be
expected to have a Company Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.11 <U>Litigation</U>. Except as individually or in the
aggregate would not reasonably be expected to be material to Company and the Company Subsidiaries, taken as a whole: (a)&nbsp;there is no Action pending or, to the Knowledge of Company, threatened by or before any Governmental Authority, nor, to the
Knowledge of Company, is there any investigation pending by any Governmental Authority, in each case, against or affecting Company or any Company Subsidiary or any director or officer of Company or any Company Subsidiary, in their capacity as a
director or an officer of Company or such Company Subsidiary, and (b)&nbsp;neither Company nor any Company Subsidiary, nor any of their respective properties, is subject to any outstanding Order of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.12 <U>Taxes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Each of Company and each Company Subsidiary has duly and timely filed with the appropriate Governmental Authority all
income and other material Tax Returns required to be filed, taking into account any extensions of time within which to file such Tax Returns, and all such Tax Returns are true, complete and correct in all material respects. Each of Company and each
Company Subsidiary has duly and timely paid (or there has been duly and timely paid on its behalf), or made adequate provisions in accordance with GAAP for, all material Taxes required to be paid by it, whether or not shown on any Tax Return. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Company (i)&nbsp;for all taxable years commencing with Company&#146;s taxable year ended October&nbsp;31, 1970, and
through and including its taxable year ended October&nbsp;31, 2022, has elected and has been subject to U.S. federal taxation as a &#147;real estate investment trust&#148; within the meaning of Sections 856 through 860 of the Code (a
&#147;<U>REIT</U>&#148;) and has satisfied all requirements to qualify as a REIT, and has so qualified, for all such years; (ii)&nbsp;has been organized and has operated since November&nbsp;1, 2020, to the date hereof, in a manner consistent with
the requirements for qualification and taxation as a REIT; (iii)&nbsp;intends to operate until the First Merger Effective Time in such a manner as to qualify as a REIT (including with regard to the REIT distribution requirements) for its taxable
year that includes and/or ends on the day of the First Merger; and (iv)&nbsp;has not taken or omitted to take any action that could reasonably be expected to result in Company&#146;s failure to qualify as a REIT or in a challenge by the IRS or any
other Governmental Authority to its status as a REIT, and no such challenge is pending or, to the Knowledge of Company, threatened. Company&#146;s dividends paid deduction, within the meaning of Section&nbsp;561 of the Code, for each taxable year
commencing with and including the taxable year ended October&nbsp;31, 2016, taking into account any dividends subject to Sections 857(b)(9) or 858 of the Code, has not been less than the sum of (x)&nbsp;Company&#146;s REIT taxable income, as defined
in Section&nbsp;857(b)(2) of the Code, determined without regard to any dividends paid deduction for such year and (y) Company&#146;s net capital gain for such year. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) (1) There are no audits, disputes, examinations, investigations by any
Governmental Authority or other proceedings pending or threatened in writing with regard to any material Taxes or Tax Returns of Company or any Company Subsidiary; (2)&nbsp;no material deficiency for Taxes of Company or any Company Subsidiary has
been claimed, proposed or assessed in writing or, to the Knowledge of Company, threatened by any Governmental Authority, which deficiency has not yet been settled except for such deficiencies which are being contested in good faith by appropriate
proceedings and for which adequate reserves have been established in accordance with GAAP or with respect to which the failure to pay, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect;
(3)&nbsp;neither Company nor any Company Subsidiary has waived any statute of limitations with respect to the assessment or collection of material Taxes or agreed to any extension of time with respect to any material Tax assessment or deficiency for
any open Tax year; (4)&nbsp;neither Company nor any Company Subsidiary currently is the beneficiary of any extension of time within which to file any material Tax Return; and (5)&nbsp;neither Company nor any Company Subsidiary has entered into any
&#147;closing agreement&#148; as described in Section&nbsp;7121 of the Code (or any corresponding or similar provision of state, local or foreign income Tax Law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Each Company Subsidiary and each other entity in which Company holds, directly or indirectly, an interest, that is a
partnership, joint venture or limited liability company has been since its formation treated for United States federal income Tax purposes as a partnership or disregarded entity, as the case may be, and not as a corporation or an association taxable
as a corporation whose separate existence is respected for federal income Tax purposes. No Company Subsidiary or other entity in which Company holds, directly or indirectly, an interest, is a corporation or an association taxable as a corporation,
other than a corporation or an association taxable as a corporation that qualifies and has elected (as applicable) to be taxed as a Taxable REIT Subsidiary, a Qualified REIT Subsidiary, a REIT or a condominium association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Neither Company nor any Company Subsidiary holds any asset the disposition of which would be subject to (or to rules
similar to) Section&nbsp;1374 of the Code (or otherwise result in any &#147;built-in gains&#148; Tax under Section&nbsp;337(d) of the Code and the applicable Treasury Regulations thereunder). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) For each taxable year since and including the year ended October&nbsp;31, 2016, each of Company and each Company
Subsidiary has not incurred (i)&nbsp;any material liability for Taxes under Section&nbsp;856(g)(5), 857(b), 857(f), 860(c) or 4981 of the Code and (ii)&nbsp;any material liability for Taxes other than (A)&nbsp;in the ordinary course of business
consistent with past practice, or (B)&nbsp;transfer or similar Taxes arising in connection with acquisitions or dispositions of property. No event has occurred, and no condition or circumstance exists, which presents a material risk that any
material amount of Tax described in the preceding sentence will be imposed upon Company or any Company Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)
Neither Company nor any Company Subsidiary (other than a Taxable REIT Subsidiary of Company) has engaged at any time in any &#147;prohibited transactions&#148; within the meaning of Section&nbsp;857(b)(6) of the Code. Neither Company nor any Company
Subsidiary has engaged in any transaction that would give rise to &#147;redetermined rents,&#148; &#147;redetermined deductions,&#148; &#147;excess interest&#148; or &#147;redetermined TRS service income,&#148; in each case as defined in
Section&nbsp;857(b)(7) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) Each of Company and each Company Subsidiary has complied, in all material
respects, with all applicable Laws, rules and regulations relating to the payment, withholding and collection of Taxes (including withholding of Taxes pursuant to Sections&nbsp;1441, 1442, 1445, 1446, 1471 through 1474, 3102 and 3402 of the Code or
similar provisions under any state and foreign Laws) and have duly and timely withheld and collected and, in each case, have paid over to the appropriate Governmental Authority all material amounts required to be so withheld or collected and paid
over on or prior to the due date thereof under all applicable Laws, and are not liable for any arrears or wages or any Taxes or any penalty for failure to withhold or pay such amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Except as set forth on <U>Section&nbsp;4.12(i)</U> of the Company Disclosure Letter there are no Company Tax Protection
Agreements (as hereinafter defined) in force at the date of this Agreement, and, as of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-36 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
the date of this Agreement, no person has raised in writing, or to the Knowledge of Company threatened to raise, a material claim against Company or any Company Subsidiary for any breach of any
Company Tax Protection Agreement or a claim that any of the transactions contemplated by this Agreement will give rise to any liability or obligation to make any payment under any Company Tax Protection Agreement. As used herein, &#147;<U>Company
Tax Protection Agreements</U>&#148; means any written agreement to which Company or any Company Subsidiary is a party pursuant to which: (i)&nbsp;any liability to direct or indirect holders of limited partnership interests in a Company Subsidiary
Partnership relating to Taxes may arise, whether or not as a result of the consummation of the transactions contemplated by this Agreement; (ii)&nbsp;in connection with the deferral of income Taxes of a direct or indirect holder of limited
partnership interests or limited liability company in a Company Subsidiary Partnership, Company or any Company Subsidiary has agreed to (A)&nbsp;maintain a minimum level of debt, continue a particular debt or provide rights to guarantee or otherwise
assume economic risk of loss with respect to debt, (B) retain or not dispose of assets, (C)&nbsp;make or refrain from making Tax elections, (D)&nbsp;use (or refrain from using) a specified method of taking into account book-tax disparities under
Section&nbsp;704(c) of the Code with respect to one or more assets of such Person or any of its subsidiaries, (E)&nbsp;use (or refrain from using) a particular method for allocating one or more liabilities under Section&nbsp;752 of the Code and/or
(F)&nbsp;only dispose of assets in a particular manner; and/or (iii)&nbsp;in connection with the deferral of income Taxes of a direct or indirect holder of limited partnership interests in a Company Subsidiary Partnership, any Person has been or is
required to be given the opportunity to guaranty, indemnify or assume debt of such Company Subsidiary Partnership or any direct or indirect subsidiary of such Company Subsidiary Partnership or is so guarantying or indemnifying, or has so assumed,
such debt. As used herein, &#147;<U>Company Subsidiary Partnership</U>&#148; means a Company Subsidiary that is a partnership for United States federal income tax purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j) There are no Liens for Taxes upon any property or assets of Company or any Company Subsidiary other than Company
Permitted Liens. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k) There are no Tax allocation or sharing agreements or similar arrangements with respect to or
involving Company or any Company Subsidiary (other than customary arrangements under commercial contracts or borrowings entered into in the ordinary course of business), and after the Closing Date neither Company nor any Company Subsidiary shall be
bound by any such Tax allocation agreements or similar arrangements or have any liability thereunder for amounts due in respect of periods prior to the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l) Neither Company nor any Company Subsidiary has requested, has received or is subject to any written ruling of a
Governmental Authority, or has entered into any written agreement with a Governmental Authority, with respect to any Taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m) Neither Company nor any Company Subsidiary (i)&nbsp;has been a member of an affiliated group filing a consolidated
federal income Tax Return or other affiliated, consolidated, combined or similar group for Tax purposes (other than a group the common parent of which was Company or a Company Subsidiary) or (ii)&nbsp;has any liability for the Taxes of any Person
(other than Company or any Company Subsidiary) under Treasury Regulations Section&nbsp;1.1502-6 (or any similar provision of state, local or foreign law), as a transferee or successor, by contract (excluding customary indemnification provisions
contained in credit or other commercial agreements entered into in the ordinary course of business and the primary purposes of which do not relate to Taxes), or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(n) Neither Company nor any Company Subsidiary has participated in any &#147;listed transaction&#148; within the meaning of
Treasury Regulations Section&nbsp;1.6011-4(b)(2). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(o) As of the date of this Agreement, Company is not aware of any fact
or circumstances that could reasonably be expected to prevent the First Merger or the Second Merger from qualifying as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(p) None of Company nor any Company Subsidiary has constituted either a &#147;distributing corporation&#148; or a
&#147;controlled corporation&#148; (within the meaning of Section&nbsp;355(a)(1)(A) of the Code) in a </P>
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distribution of stock intended to qualify for tax-free treatment under Section&nbsp;355 of the Code (i)&nbsp;in the two (2)&nbsp;years prior to the date of this Agreement or (ii)&nbsp;in a
distribution which could otherwise constitute part of a &#147;plan&#148; or &#147;series of related transactions&#148; (within the meaning of Section&nbsp;355(e) of the Code) in conjunction with transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(q) No written power of attorney that has been granted by Company or any Company Subsidiary (other than to Company or a
Company Subsidiary) currently is in force with respect to any matter relating to Taxes, except for powers of attorney granted to counsel with respect to appeals of real estate Tax assessments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(r) Neither Company nor any Company Subsidiary (other than any Company Subsidiary that is a Taxable REIT Subsidiary) has or
has had any earnings and profits attributable to such entity or any other corporation in any non-REIT year within the meaning of Section&nbsp;857 of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(s) No entity in which Company directly or indirectly owns an interest is or at any time since the later of its acquisition
or formation has been a &#147;publicly traded partnership&#148; taxable as a corporation under Section&nbsp;7704(b) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(t) <U>Section&nbsp;4.12(t)</U> of the Company Disclosure Letter sets forth a list of all transactions intended to qualify as
an exchange subject to Section&nbsp;1031(a)(1) of the Code in which either Company or any Company Subsidiary has participated that has not been completed as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(u) Neither Company nor any Company Subsidiary (i)&nbsp;has, or has ever had, a permanent establishment in any country other
than the country in which it is organized and resident, (ii)&nbsp;has engaged in a trade or business in any country other than the country in which it is organized and resident that subjected it to Tax in such country, or (iii)&nbsp;is, or has ever
been, subject to Tax in a jurisdiction outside the country in which it is organized and resident. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.13
<U>Benefit Plans; Employees</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Section&nbsp;4.13(a)</U> of the Company Disclosure Letter sets forth, as of the
date of this Agreement, a list of each material Company Benefit Plan. &#147;<U>Company Benefit Plan</U>&#148; means each Benefit Plan (i)&nbsp;maintained, sponsored, contributed to, required to be contributed to, or participated in by Company or any
of the Company Subsidiaries or with respect to which Company or any of the Company Subsidiaries is a party for the benefit of or relating to any current or former director, employee, or other individual service provider of Company and Company
Subsidiaries or (ii)&nbsp;with respect to which Company or any of the Company Subsidiaries has or may have any obligation or liability (contingent or otherwise and including as a result of being an ERISA Affiliate with any person), excluding former
agreements under which neither Company nor any Company Subsidiary has any remaining obligations and any of the foregoing that are required to be maintained by Company or any Company Subsidiary under the Laws of any jurisdiction. Company has provided
or made available to Parent, in each case, to the extent applicable and as of the date of this Agreement: (i)&nbsp;accurate and complete copies of all documents setting forth the terms of each material Company Benefit Plan including all amendments
thereto; (ii)&nbsp;the most recent summary plan description, together with summaries of the material modifications thereto, if any, required under ERISA with respect to each material Company Benefit Plan; (iii)&nbsp;all trust agreements, insurance
contracts and funding agreements, including all amendments thereto; (iv)&nbsp;all discrimination and compliance tests performed under the Code for the most recent plan year; (v)&nbsp;the most recent IRS determination or opinion letter issued with
respect to each Company Benefit Plan intended to be qualified under Section&nbsp;401(a) of the Code; and (vi)&nbsp;all material, non-routine and written filings, notices, correspondence or other communications relating to any Company Benefit Plan
that was submitted to or received from the IRS, the Pension Benefit Guaranty Corporation, the Department of Labor, the SEC, or any other Governmental Authority in the past three years. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) None of Company, any Company Subsidiary or any of their respective
ERISA Affiliates maintains, sponsors, contributes to, is required to contribute to or participates in, or has ever maintained, sponsored, contributed to, been required to contribute to or participated in, or otherwise has any obligation or liability
in connection with: (i)&nbsp;a &#147;pension plan&#148; under Section&nbsp;3(2) of ERISA that is subject to Title IV or Section&nbsp;302 of ERISA or Section&nbsp;412 or 4971 of the Code, (ii)&nbsp;a &#147;multiemployer plan&#148; (as defined in
Section&nbsp;3(37) of ERISA), (iii)&nbsp;a &#147;multiple employer welfare arrangement&#148; (as defined in Section&nbsp;3(40) of ERISA), or (iv)&nbsp;a &#147;multiple employer plan&#148; (as defined in Section&nbsp;413(c) of the Code). None of
Company, any Company Subsidiary or any of their respective ERISA Affiliates have incurred, nor are there any circumstances under which they could reasonably incur, any liability or obligations under Title IV of ERISA. Except as set forth in
<U>Section&nbsp;4.13(b)</U> of the Company Disclosure Letter, none of Company, any Company Subsidiary or any of their respective ERISA Affiliates have any liability or obligation to provide post-termination or retiree life insurance,
post-termination or retiree health benefits or other post-termination or retiree employee welfare benefits to any person for any reason (or to any such person&#146;s eligible dependents), other than coverage mandated by Part 6 of Title I of ERISA or
Section&nbsp;4980B of the Code at the recipient&#146;s sole premium cost. No Company Benefit Plan provides or reflects or represents any liability or obligation of Company or any Company Subsidiary to provide life insurance, health benefits or other
welfare benefits to any member of Company&#146;s Board of Directors for any reason, unless such director is also an employee of Company or any Company Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Except as set forth on <U>Section&nbsp;4.13(c)</U> of the Company Disclosure Letter, neither the execution of this
Agreement nor the consummation of the transactions contemplated hereby will, individually or together with the occurrence of any other event, (i)&nbsp;result in any payment (whether of bonus, change in control, retention, severance pay or
otherwise), acceleration, forgiveness of indebtedness, vesting, distribution, increase in benefits or obligation to fund benefits with respect to any current or former director, trustee, employee or other individual service provider of Company or
any of the Company Subsidiaries; (ii)&nbsp;create any limitation or restriction on the right to merge, amend or terminate any Company Benefit Plan; or (iii)&nbsp;result in the payment of any amount or benefit to a &#147;disqualified individual&#148;
(as such term is defined in Treasury Regulations Section&nbsp;1.280G-1) that could, individually or in combination with any other payment, constitute an &#147;excess parachute payment&#148; as defined in Section&nbsp;280G(b)(1) of the Code. Neither
Company nor any Company Subsidiary has any obligation to gross-up or otherwise reimburse or compensate any current or former director, trustee, employee, or other individual service provider for any Taxes incurred by such individual under or
pursuant to Section&nbsp;409A of the Code, Section&nbsp;4999 of the Code, or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Each Company Benefit Plan
and the administrators and fiduciaries of each Company Benefit Plan have complied in all material respects with the applicable requirements of ERISA, the Code, and any other applicable Law. Each Company Benefit Plan that is intended to comply with
Section&nbsp;401(a) of the Code has received a favorable determination letter issued by the IRS or is maintained under a prototype or volume submitter plan and may rely upon a favorable opinion or advisory letter issued by the IRS with respect to
such prototype or volume submitter plan. To the Knowledge of Company, no event has occurred with respect to any Company Benefit Plan which will or could give rise to disqualification of such plan, the loss of intended Tax consequences under the
Code, or any material Tax or liability or penalty. All contributions and payments due from Company, any Company Subsidiary or any of their respective ERISA Affiliates with respect to each Company Benefit Plan as required by Law and by the terms of
the Company Benefit Plans have been timely made or to the extent not yet due, have been timely accrued in accordance with GAAP in the consolidated financial statements (including any related notes) contained or incorporated by reference in the
Company SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) (1) There are no material proceedings pending (other than routine claims for benefits) or, to
the Knowledge of Company, threatened with respect to a Company Benefit Plan or the assets of a Company Benefit Plan; (2)&nbsp;to the Knowledge of Company, no fiduciary (as defined in ERISA Section&nbsp;3(21)) of a Company Benefit Plan has breached
any fiduciary, co-fiduciary or other duty imposed under Title I of ERISA; and (3)&nbsp;to the Knowledge of Company, no &#147;party in interest&#148; (as defined in Section&nbsp;3(14) of ERISA) or &#147;disqualified person&#148; (as defined in Code
Section&nbsp;4975) of any Company Benefit Plan has engaged in any nonexempt </P>
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&#147;prohibited transaction&#148; (as defined in Code Section&nbsp;4975 or ERISA Section&nbsp;406) which has had or would reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Company has provided or made available to Parent under separate cover a true, correct and complete listing of all
employees of Company and Company Subsidiaries (the &#147;<U>Company Employees</U>&#148;) as of the date of this Agreement, including each such Company Employee&#146;s name, job title or function, employer entity name, classification as exempt or
non-exempt under applicable Law, job location, leave of absence status and expected return to work date, and date of hire, as well as a true, correct and complete listing of his or her current base salary or wage payable, the amount of all
compensation paid or payable to such Company Employee for the most recently-completed calendar year, the amount of accrued but unused vacation time, and his or her current participation in any Company Benefit Plan, each as of the date of this
Agreement. The employment of all Company Employees may be terminated on an at-will basis. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) Neither Company nor any
Company Subsidiary is or has ever been a party to or bound (in whole or in part) by any collective bargaining agreement or other labor union contract applicable to employees of Company or any Company Subsidiary, nor is any such agreement or contract
presently being negotiated. There are no activities or proceedings of any labor union or employee group to organize any employees of Company or any Company Subsidiary or any current union representation questions involving such employees nor have
there been any such activities or proceedings within the past three (3)&nbsp;years. There is no labor strike, controversy, slowdown, work stoppage or lockout occurring, or, to the Knowledge of Company, threatened by or with respect to any employees
of Company or any Company Subsidiary, nor has any such action occurred or, to the Knowledge of Company, been threatened, within the past three (3) years. There are no material unfair labor practice complaints pending or, to the Knowledge of Company,
threatened against Company or any Company Subsidiary before the National Labor Relations Board or any other Governmental Authority. No material charges with respect to or relating to Company or any Company Subsidiary are pending or, to the Knowledge
of Company, threatened before the Equal Employment Opportunity Commission or any other Governmental Authority. There is no material employment-related Action pending or, to the Knowledge of Company, threatened with respect to any current or former
employees of Company or any Company Subsidiary, including any Actions with respect to payment of wages, salary or overtime pay, discrimination, harassment or wrongful discharge. Neither Company nor any Company Subsidiary is a party to, or otherwise
bound by, any consent decree with or citation by any Governmental Authority relating to employees or employment practices, and there are no pending or, to the Knowledge of Company, threatened investigations, audits or similar proceedings alleging
breach or violation of any labor or employment law. Neither Company nor any Company Subsidiary has or will become subject to any obligation under applicable Law or otherwise to notify or consult with, prior to or after the Closing, any Company
Employee, Governmental Authority or other Person with respect to the impact of the transactions contemplated hereby on the employment of any of the Company Employees or the compensation or benefits provided to any of the Company Employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) Neither Company nor any Company Subsidiary has taken any action in the past three (3)&nbsp;years that has triggered any
liability or an obligation to provide notice under WARN. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.14 <U>Information Supplied</U>. None of the
information relating to Company and the Company Subsidiaries contained in the Proxy Statement or that is provided by Company and the Company Subsidiaries in writing for inclusion or incorporation by reference in the Form S-4 or any other document
filed with the SEC in connection with the transactions contemplated by this Agreement will (a)&nbsp;in the case of the Form S-4, at the time it is filed with the SEC, at any time such document is amended or supplemented or at the time it is declared
effective under the Securities Act, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
are made, not misleading, (b)&nbsp;in the case of the Proxy Statement, at the time of the mailing thereof, at the time the Company Stockholder Meeting is held, at the time that the Form S-4 is declared effective or at the Second Merger Effective
Time, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, </P>
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in light of the circumstances under which they are made, not misleading, or (c)&nbsp;with respect to any other document to be filed by Company with the SEC in connection with the First Merger,
the Second Merger or the other transactions contemplated by this Agreement, at the time of its filing with the SEC, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements therein, in light of the circumstances under which they are made, not misleading. The Form S-4 and the Proxy Statement will (with respect to Company, its officers and directors and the Company Subsidiaries) comply as to
form in all material respects with the applicable requirements of the Securities Act and the Exchange Act; <U>provided</U>, that no representation or warranty is made hereunder as to statements made or incorporated by reference in the Form S-4 or
the Proxy Statement that were not supplied by or on behalf of Company or any Company Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.15
<U>Intellectual Property, Data and Information Technology</U>. Except as set forth on <U>Section&nbsp;4.15</U> of the Company Disclosure Letter or as, individually or in the aggregate, would not reasonably be expected to have a Company Material
Adverse Effect: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company and the Company Subsidiaries own all Intellectual Property owned or purported to be owned by
Company or any Company Subsidiary, free and clear of all Liens other than Company Permitted Liens, and are licensed to use, or otherwise possess valid rights to use, all other Intellectual Property used in or held for use in, and necessary for the
conduct of, the business of Company and the Company Subsidiaries as it is currently conducted; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) all Company
Intellectual Property owned or purported to be owned by Company or any Company Subsidiary that has been issued by or registered with, or the subject of an application filed with, as applicable, the U.S. Patent and Trademark Office, the U.S.
Copyright Office or any similar office or agency anywhere in the world are not expired, cancelled or abandoned and, to the Knowledge of Company, are valid and enforceable; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) there are no pending or, to the Knowledge of Company, threatened written claims against Company or any Company Subsidiary
alleging that the Company Intellectual Property infringes, misappropriates or otherwise violates (or since November&nbsp;1, 2020, infringed, misappropriated or otherwise violated) any Intellectual Property rights of any third party or that any of
the Company Intellectual Property is invalid or unenforceable; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) to the Knowledge of Company, the conduct of the
business of Company and Company Subsidiaries as it is currently conducted does not infringe, misappropriate or otherwise violate (or since November&nbsp;1, 2020, infringed, misappropriated or otherwise violated) any Intellectual Property rights of
any third party; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) to the Knowledge of Company, no third party is misappropriating, infringing or otherwise violating
any Company Intellectual Property; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Company and Company Subsidiaries have taken reasonable measures to protect the
security, privacy and confidentiality of all Company Protected Information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) Company and Company Subsidiaries have
not experienced any breach of security, unauthorized access or disclosure of Company Protected Information since November&nbsp;1, 2020; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) to the Knowledge of Company, the software, systems, servers, computers, hardware, firmware, middleware, networks, data
communications lines, routers, hubs, switches and all other information technology equipment, in each case, used in the operation of the businesses of Company and Company Subsidiaries are in reasonably adequate operating order to fulfill the
purposes for which they were acquired, licensed or established with respect to the businesses of Company and Company Subsidiaries, do not contain any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-41 </P>

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virus, Trojan horse, worm, or other software routines or hardware components designed to permit unauthorized access, to disable, erase or otherwise harm software, hardware or data and are
considered by Company to effectively perform all information technology operations necessary to conduct the businesses of Company and Company Subsidiaries as they are currently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.16 <U>Environmental Matters</U>. Except as set forth on <U>Section&nbsp;4.16</U> of the Company Disclosure
Letter or as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company and each Company Subsidiary are in compliance and, except for matters that have been fully and finally resolved,
Company and each Company Subsidiary have for the past five (5)&nbsp;years complied with all Environmental Laws; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)
Company and each Company Subsidiary maintain all Environmental Permits necessary to conduct their operations as currently conducted and are in compliance with their respective Environmental Permits, and all such Environmental Permits are valid; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) in the past five (5)&nbsp;years, neither Company nor any Company Subsidiary has received any written notice, demand,
letter or claim alleging that Company or any such Company Subsidiary is in violation of, or liable under, any Environmental Law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) neither Company nor any Company Subsidiary is subject to any Order relating to compliance with or liability under
Environmental Laws, Environmental Permits or the investigation, or cleanup of Hazardous Substances and no Action is pending or, to the Knowledge of Company, threatened against Company or any Company Subsidiary under any Environmental Law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) neither Company nor any Company Subsidiary is an indemnitor in connection with any threatened or asserted claim by any
third-party indemnitee for any liability under any Environmental Law; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) neither Company nor any Company has
caused, and to the Knowledge of Company, no other Person has caused any Release of any Hazardous Substance at any Company Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.17 <U>Properties</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Section&nbsp;4.</U>17(a)(i) of the Company Disclosure Letter sets forth a true, correct and complete list of the
address and common name of each Company Property as of the date of this Agreement and identifies each such Company Property under which Company or any Company Subsidiary is a lessee or sublessee, including any other real property in which Company or
any Company Subsidiary holds any air rights. <U>Section&nbsp;4.</U>17(a)(i) of the Company Disclosure Letter sets forth a true, correct and complete list of the real property that, as of the date of this Agreement, is under contract to be purchased
by Company or a Company Subsidiary after the date of this Agreement or that is required under a binding contract to be leased or subleased by Company or a Company Subsidiary as lessee or sublessee after the date of this Agreement. Except for any
pending acquisitions under contract disclosed on <U>Section&nbsp;6.1</U> of the Company Disclosure Letter, there are no real properties that either Company or any Company Subsidiary is obligated to buy, lease or sublease at some future date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Either Company or a Company Subsidiary owns good and valid fee simple title (with respect to jurisdictions that recognize
such form of title or substantially similar title with respect to all other jurisdictions) or leasehold title (as applicable) or air rights to each of the Company Properties, in each case, free and clear of Liens, except for Company Permitted Liens
none of which Company Permitted Liens are or would reasonably be expected to have, individually or in the aggregate, a Company Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Neither Company nor any of the Company Subsidiaries has received (i)
written notice that any certificate, permit or license from any Governmental Authority having jurisdiction over any of the Company Properties or any agreement, easement or other right of an unlimited duration that is necessary to permit the lawful
use and operation of the buildings and improvements on any of the Company Properties or that is necessary to permit the lawful use and operation of all utilities, parking areas, retention ponds, driveways, roads and other means of egress and ingress
to and from any of the Company Properties is not in full force and effect as of the date of this Agreement (or of any pending written threat of modification or cancellation of any of same), except for such failures to be in full force and effect
that, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect, or (ii)&nbsp;written notice of any uncured violation of any Laws affecting any of the Company Properties which, individually or in
the aggregate, has had or would reasonably be expected to have a Company Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) No certificate,
variance, permit or license from any Governmental Authority having jurisdiction over any of the Company Properties or any agreement, easement or other right that is necessary to permit the current use and operation of the buildings and improvements
on any of the Company Properties as currently used and operated or that is necessary to permit the current use of all parking areas, driveways, roads and other means of egress and ingress to and from any of the Company Properties has failed to be
obtained or is not in full force and effect, and neither Company nor any Company Subsidiary has received written notice of any outstanding threat of modification or cancellation of any such certificate, variance, permit or license, except for any of
the foregoing as, individually or in the aggregate, has not had and would not reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Except as listed on <U>Section&nbsp;4.17(e)</U> of the Company Disclosure Letter, since November&nbsp;1, 2020, neither
Company nor any Company Subsidiary has received any written notice to the effect that (i)&nbsp;any condemnation, eminent domain or similar proceedings or material rezoning proceedings is pending or, to Company&#146;s Knowledge, threatened, with
respect to any material portion of any of the Company Properties; (ii)&nbsp;any Laws, including any zoning regulation or ordinance (including with respect to parking), Board of Fire Underwriters rules, building, fire, health or other Law have been
violated for any Company Property, which violation or any enforcement action related thereto would prevent the Company Property and any associated improvements from continuing to be operated in the ordinary course of business; or (iii)&nbsp;any
default under any agreement evidencing any Lien or other agreement affecting the Company Properties, except for defaults which would not reasonably be expected to be material to Company and the Company Subsidiaries, taken as a whole. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Except for discrepancies, errors or omissions that, individually or in the aggregate, are not or would not reasonably be
expected to be material to Company and the Company Subsidiaries, taken as a whole, the rent rolls for each of the Company Properties, as of April&nbsp;30, 2023, which rent rolls have previously been made available by or on behalf of Company or any
Company Subsidiary to Parent (including an indication of whether any Company Property is subject to net leases), are true and correct in all respects and (i)&nbsp;correctly reference each lease or sublease that was in effect as of April&nbsp;30,
2023, and to which Company or a Company Subsidiary is a party as lessor or sublessor with respect to each of the Company Properties and (ii)&nbsp;identify the rent payable under the Company Leases as of such date. Company or a Company Subsidiary has
received all security deposits required by the applicable Company Lease other than immaterial deficiencies, and such security deposits have been held and applied in all material respects in accordance with Law and the applicable Company Leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) True, correct and complete (in all material respects) copies of all ground leases with respect to the Company Properties
where Company or any Company Subsidiary is the lessee or sublessee, in each case in effect as of the date hereof, have been made available to Parent. Except as would not, individually or in the aggregate, reasonably be expected to have a Company
Material Adverse Effect or as disclosed on <U>Section&nbsp;4.17(g)</U> of the Company Disclosure Letter, (i) neither Company nor any Company Subsidiary is and, to the Knowledge of Company, no other party is in breach or violation of, or default
under, any of the (x)&nbsp;ground leases with respect to the Company Properties where Company or any Company Subsidiary is the lessee or sublessee and (y) Company </P>
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Leases for real property in excess of 20,000 square feet (excluding solar project rooftop leases with annual rent of less than $100,000) (the &#147;<U>Material Company Leases</U>&#148;),
(ii)&nbsp;no event has occurred that would result in a breach or violation of, or a default under, any Material Company Lease by Company or any Company Subsidiary, or, to the Knowledge of Company, any other party thereto (in each case, with or
without notice or lapse of time) and no tenant under a Material Company Lease is in monetary default under such Material Company Lease, and (iii)&nbsp;each Material Company Lease is valid, binding and enforceable in accordance with its terms and is
in full force and effect with respect to Company or a Company Subsidiary and, to the Knowledge of Company, with respect to the other parties thereto, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar
Laws affecting creditors&#146; rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at Law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) As of the date of this Agreement, no material purchase option has been exercised under any Company Lease for which the
purchase has not closed prior to the date of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Except for Company Permitted Liens, as set forth in
Company Leases, joint venture agreements and title documents provided to Parent prior to the date hereof, as set forth on <U>Section&nbsp;4.17(i)</U> of the Company Disclosure Letter or as individually or in the aggregate would not reasonably be
expected to have a Company Material Adverse Effect (i)&nbsp;there are no unexpired option to purchase agreements, rights of first refusal or first offer or any other rights to purchase or otherwise acquire any Company Property or any portion
thereof, and (ii)&nbsp;there are no other outstanding rights or agreements to enter into any contract for sale, ground lease or letter of intent to sell or ground lease any Company Property or any portion thereof that is owned by any Company
Subsidiary, which, in each case, is in favor of any party other than Company or a Company Subsidiary (a &#147;<U>Company Third Party</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j) Except as set forth on <U>Section&nbsp;4.17(j)</U> of the Company Disclosure Letter, pursuant to a Company Lease, or any
ground lease affecting any Company Property, neither Company nor any Company Subsidiary is a party to any agreement pursuant to which Company or any Company Subsidiary manages or manages the development of any real property for any Company Third
Party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k) Except as, individually or in the aggregate, has not had and would not reasonably be expected to have a
Company Material Adverse Effect, each of the Company Properties has sufficient direct or indirect access to and from publicly dedicated streets for its current use and operation, without any constraints that materially interfere with the normal use,
occupancy and operation thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(l) Except as would not, individually or in the aggregate, materially impair the value
of the applicable Company Property or to the extent that the continued use and operation of the applicable Company Property would not have a material adverse impact on Company, Company and each Company Subsidiary, as applicable, are in possession of
title insurance policies or, to the Knowledge of the Company, valid marked-up title commitments evidencing title insurance with respect to each Company Property (each, a &#147;<U>Company Title Insurance Policy</U>&#148;). Since November&nbsp;1,
2020, no written claim has been made against any Company Title Insurance Policy that would be material to any Company Property. No written claim has been made against any Company Title Insurance Policy that remains outstanding as of the date hereof.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(m) Company and any Company Subsidiaries have good and valid title to, or a valid and enforceable leasehold interest in,
or other right to use, all material personal property owned, used or held for use by them as of the date of this Agreement (other than property owned by tenants and used or held in connection with the applicable tenancy) except as individually or in
the aggregate has not had and would not reasonably be expected to have a Company Material Adverse Effect. None of Company&#146;s or any Company Subsidiaries&#146; ownership of or leasehold interest in any such personal property is subject to any
Liens, except for Company Permitted Liens and Liens that have not and would not reasonably be expected to have a Company Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.18 <U>Material Contracts</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except for contracts listed in <U>Section&nbsp;4.18(a)</U> of the Company Disclosure Letter, this Agreement or contracts
filed as exhibits to the Company SEC Documents, as of the date of this Agreement, neither Company nor any Company Subsidiary is a party to or bound by any contract that, as of the date hereof: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) is a &#147;material contract&#148; as defined in Item&nbsp;601(b)(10) of Regulation S-K promulgated under the Securities
Act or any contract that is required to be filed as an exhibit to the Company SEC Documents pursuant to Item&nbsp;601(b)(2), (4), (9)&nbsp;or (10)&nbsp;of Regulation S-K promulgated under the Securities Act (but, for the avoidance of doubt, no
Company Benefit Plan); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) obligates Company or any Company Subsidiary to make non-contingent aggregate annual
expenditures (other than principal and/or interest payments or the deposit of other reserves with respect to debt obligations) in excess of $500,000 and is not cancelable within ninety (90)&nbsp;days without material penalty to Company or any
Company Subsidiary, except for any Company Lease or any ground lease affecting any Company Property; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) contains any
non-compete or exclusivity provisions with respect to any line of business or geographic area that restricts or limits in any respect the business of Company or any Company Subsidiary (or, that, following the Closing, would so restrict or limit in
any respect Parent or any of its Affiliates), or that otherwise restricts or limits, in each case, in any material respect, the lines of business conducted by Company or any Company Subsidiary or the geographic area in which Company or any Company
Subsidiary may conduct business (or, that, following the Closing, would so restrict or limit in any respect Parent or any of its Affiliates), other than any broker agreement, ground lease or exclusive lease provisions and other similar leasing
restrictions entered into by Company and Company Subsidiaries in the ordinary course of business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) is an agreement
that obligates Company or any Company Subsidiary to indemnify any past or present directors, officers, trustees, employees and agents of Company or any Company Subsidiary pursuant to which Company or a Company Subsidiary is the indemnitor (other
than the Company Charter and Company Bylaws and the Organizational Documents of the Company Subsidiaries); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v)
constitutes an Indebtedness obligation (or commitments in respect thereof) of Company or any Company Subsidiary (whether incurred, assumed, guaranteed or secured by any asset) with a principal (or committed) amount as of the date hereof greater than
$500,000, or that mortgages, pledges or otherwise places a Lien on any portion of the assets of the Company or any Company Subsidiary, other than (x)&nbsp;any contract in respect of a ground lease or retail lease or obligations thereunder
(y)&nbsp;surety or performance bonds, letters of credit or similar agreements entered into in the ordinary course of business and consistent with past practice in each case to the extent not drawn upon and (z)&nbsp;any contract solely among or
between Company and its wholly owned Subsidiaries; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi) (A) is an agreement entered into on or after November&nbsp;1,
2021 for the acquisition, disposition, assignment, transfer or ground leasing (whether by merger, purchase or sale of assets or otherwise) of assets or real properties with a fair market value in excess of $500,000 or (B)&nbsp;is an agreement for
the acquisition, disposition, assignment, transfer or ground leasing (whether by merger, purchase or sale of assets or otherwise) of assets or real properties that contains any material ongoing obligations binding on Company or any Company
Subsidiary, in each case of clause (A)&nbsp;and (B), other than Company Leases (other than ground leases); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vii)
constitutes an interest rate cap, interest rate collar, interest rate swap or other contract or agreement relating to a hedging or derivatives transaction; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(viii) provides for the governance, operational or financial terms of any joint venture, partnership, limited liability
company with a Company Third Party member or strategic alliance of Company or any Company Subsidiary, including the DownREIT Agreements; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ix) constitutes a loan to any Person (other than a wholly owned Company
Subsidiary) by Company or any Company Subsidiary (other than advances made pursuant to and expressly disclosed in Company Leases or pursuant to any disbursement agreement, development agreement, or development addendum entered into in connection
with a Company Lease with respect to the development, construction, or equipping of Company Properties or the funding of improvements to Company Properties) in an amount in excess of $250,000; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(x) constitutes a tenancy-in-common agreement among the tenants in common of the Company Tenancies-in-Common. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Each contract in any of the categories set forth in <U>Section&nbsp;4.18(a)</U> to which Company or any Company
Subsidiary is a party or by which it is bound is referred to herein as a &#147;<U>Company Material Contract</U>.&#148; Company has made available to Parent correct and complete copies of all Company Material Contracts as of the date of this
Agreement (including all material amendments or supplements thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Except as, individually or in the aggregate,
would not reasonably be expected to have a Company Material Adverse Effect, each Company Material Contract is legal, valid, binding and enforceable on Company and each Company Subsidiary that is a party thereto and, to the Knowledge of Company, each
other party thereto, and is in full force and effect, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors&#146; rights generally and by general principles of equity (regardless of
whether enforceability is considered in a proceeding in equity or at Law). Except as, individually or in the aggregate, would not reasonably be expected to have a Company Material Adverse Effect, Company and each Company Subsidiary has performed all
obligations required to be performed by it under each Company Material Contract and, to the Knowledge of Company, each other party thereto has performed all obligations required to be performed by it under such Company Material Contract. None of
Company or any Company Subsidiary, nor, to the Knowledge of Company, any other party thereto, is in breach or violation of, or default under, any Company Material Contract, and no event has occurred that, with notice or lapse of time or both, would
constitute a violation or breach of, or default under, any Company Material Contract, except where in each case such breach, violation or default is not reasonably likely to have, individually or in the aggregate, a Company Material Adverse Effect.
There are no disputes pending or, to Company&#146;s Knowledge, threatened with respect to any Company Material Contract, and neither Company nor any Company Subsidiary has received notice of any violation of or default or termination under any
Company Material Contract, in each case except as would not, individually or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.19 <U>Insurance</U>. Company and the Company Subsidiaries maintain insurance policies covering such risks which
policies are adequate for the operation of its business and the protection of the assets of Company and the Company Subsidiaries and are reasonable and customary for the business of Company and the Company Subsidiaries. All premiums due and payable
under such insurance policies have been paid other than immaterial deficiencies, and Company and Company Subsidiaries are otherwise in compliance in all material respects with the terms and conditions of such policies. To the Knowledge of Company,
such insurance policies are valid and enforceable in accordance with their terms and are in full force and effect, and since November&nbsp;1, 2020, no written notice of cancellation or termination has been received by Company or any Company
Subsidiary with respect to any such policy other than in the ordinary course of business consistent with past practice or which has been replaced on substantially similar terms prior to the date of such cancellation. There is no claim by Company or
any Company Subsidiary pending under any such insurance policies which (a)&nbsp;is material and has been denied or disputed by the insurer or (b)&nbsp;would have, or reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.20 <U>Opinion of Financial Advisor</U>. The Company Board has received the
opinion of Eastdil Secured Advisors LLC (to be confirmed in writing), to the effect that, as of the date of such opinion and based on and subject to the assumptions, qualifications, limitations and other matters set forth in such opinion, the
Exchange Ratio is fair, from a financial point of view, to holders (other than any wholly owned Company </P>
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Subsidiary, Parent and any Parent Subsidiary) of Company Common Stock and Company Class&nbsp;A Common Stock. A true, correct and complete copy of such opinion will be provided to Parent by
Company solely for informational purposes within one (1)&nbsp;Business Day after the date of this agreement, it being expressly understood and agreed that such opinion is for the benefit of the Company Board and may not be relied upon by Parent or
any other Person for any purpose. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.21 <U>Approval Required</U>. The affirmative vote of the holders of
shares of Company Common Stock and Company Class&nbsp;A Common Stock, voting together as a single class, representing a majority of all votes entitled to be cast on the matter to approve the Mergers and the other transactions contemplated by this
Agreement at the Company Stockholder Meeting (the &#147;<U>Company Stockholder Approval</U>&#148;) is the only vote of holders of securities of Company required to approve this Agreement, Mergers or the other transactions contemplated by this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.22 <U>Brokers</U>. Except for the fees and expenses payable to Eastdil Secured Advisors LLC and
Deutsche Bank Securities Inc., no broker, investment banker or other Person is entitled to any broker&#146;s, finder&#146;s or other similar fee or commission in connection with the Mergers or other transactions contemplated by this Agreement based
upon arrangements made by or on behalf of Company or any Company Subsidiary. A copy of the engagement letters with Eastdil Secured Advisors LLC and Deutsche Bank Securities Inc. have been made available to Parent prior to the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.23 <U>Investment Company Act</U>. Neither Company nor any Company Subsidiary is required to be registered as an
investment company under the Investment Company Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.24 <U>Takeover Statutes; Excess Stock</U>. The
Company Board has taken all action necessary to render inapplicable to the Mergers and the other transactions contemplated by this Agreement and the Voting Agreement the restrictions on business combinations and control share acquisitions contained
in Subtitle 6 of Title 3 of the MGCL and Subtitle 7 of Title 3 of the MGCL and in order to, to the extent applicable, exempt any acquisition of beneficial ownership of Company&#146;s capital stock pursuant to the Voting Agreement from the
&#147;Ownership Limit&#148; (as set forth in Section&nbsp;9.b of the Company Charter). No other &#147;business combination,&#148; &#147;control share acquisition,&#148; &#147;fair price,&#148; &#147;moratorium&#148; or other takeover or
anti-takeover statute or similar federal or state Law (collectively, &#147;<U>Takeover Statutes</U>&#148;) or restriction contained in the Company Charter or Company Bylaws is applicable to this Agreement, the Voting Agreement, the Mergers or the
other transactions contemplated by this Agreement or the Voting Agreement. Neither Company nor any Company Subsidiary is, nor at any time during the last two (2)&nbsp;years has been, an &#147;interested stockholder&#148; or an &#147;affiliate&#148;
of an interested stockholder of Parent as defined in Section&nbsp;3-601 of the MGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.25 <U>Related Party
Transactions</U>. From November&nbsp;1, 2020 through the date of this Agreement, there have been no transactions, agreements, arrangements or understandings between Company or any Company Subsidiary, on the one hand, and any Affiliates (other than
Company Subsidiaries) of Company or other Persons, on the other hand, that would be required to be disclosed under Item&nbsp;404 of Regulation S-K promulgated by the SEC that have not been so reported. Except for agreements not required to be
disclosed under Item&nbsp;404 of Regulation S-K promulgated by the SEC, <U>Section&nbsp;4.25</U> of the Company Disclosure Letter sets forth each agreement between Company or any Company Subsidiary, on the one hand, and any Affiliates (other than
the Company Subsidiaries) of Company, on the other hand (each, a &#147;<U>Company Related Party Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.26 <U>Hermes Sub I; Hermes Sub II</U>. All of the authorized capital stock of Hermes Sub I is, and, until the
First Merger Effective Time will be, owned by Company and such capital stock is validly issued and outstanding. Hermes Sub I was formed solely for the purpose of engaging in the transactions contemplated by this Agreement, and, prior to the Second
Merger Effective Time, Hermes Sub I will have engaged in no business and have no liabilities or obligations other than in connection with the transactions contemplated by this Agreement. All of the authorized capital stock of Hermes Sub II is, and,
until the First Merger Effective Time will be, owned by Hermes Sub I and such capital stock is validly issued and outstanding. Hermes Sub II was </P>
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formed solely for the purpose of engaging in the transactions contemplated by this Agreement, and, prior to the First Merger Effective Time, Hermes Sub II will have engaged in no business and
have no liabilities or obligations other than in connection with the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;4.27 <U>No Other Representations and Warranties</U>. Except for the representations or warranties expressly set
forth in this <U>Article 4</U>, neither Company nor any other Person on behalf of Company has made any representation or warranty, expressed or implied, with respect to Company or Company Subsidiaries, their businesses, operations, assets,
liabilities, condition (financial or otherwise), results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates,
projections, forecasts, plans or prospects) or the accuracy or completeness of any information regarding Company or Company Subsidiaries. In particular, without limiting the foregoing disclaimer, neither Company nor any other Person makes or has
made any representation or warranty to Parent or any of its Affiliates or Representatives with respect to, except for the representations and warranties made by Company in this <U>Article 4</U>, any oral or written information presented to Parent or
any of its Affiliates or Representatives in the course of their due diligence of Company, the negotiation of this Agreement or in the course of the transactions contemplated hereby. Notwithstanding anything contained in this Agreement to the
contrary, Company acknowledges and agrees that none of Parent or any other Person has made or is making, and Company has not relied on, any representations or warranties relating to Parent whatsoever, express or implied, beyond those expressly given
by Parent in <U>Article 5</U>, including any implied representation or warranty as to the accuracy or completeness of any information regarding Parent furnished or made available to Company or any of its Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF PARENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Except (a)&nbsp;as set forth in the disclosure letter prepared by Parent, with numbering corresponding to the numbering of
this <U>Article 5</U> delivered by Parent to Company prior to the execution and delivery of this Agreement (the &#147;<U>Parent Disclosure Letter</U>&#148;) (it being acknowledged and agreed that disclosure of any item in any Section or subsection
of the Parent Disclosure Letter with respect to any Section or subsection of this <U>Article 5</U> shall be deemed disclosed with respect to any other Section or subsection of this <U>Article 5</U> to the extent the applicability of such disclosure
is reasonably apparent on the face of such disclosure); <U>provided</U>, that nothing in the Parent Disclosure Letter is intended to broaden the scope of any representation, warranty, covenant or agreement of Parent or Merger Sub made herein and no
reference to or disclosure of any item or other matter in the Parent Disclosure Letter shall be construed as an admission or indication that (1) such item or other matter is material, (2)&nbsp;such item or other matter is required to be referred to
in the Parent Disclosure Letter or (3)&nbsp;any breach or violation of applicable Laws or any contract, agreement, arrangement or understanding to which Parent or any Parent Subsidiary is a party exists or has actually occurred; or (b)&nbsp;as
disclosed in the Parent SEC Documents publicly available and filed with, or furnished to, as applicable, the SEC prior to the date of this Agreement and publicly available on EDGAR (excluding any risk factor disclosures contained in such documents
under the heading &#147;Risk Factors&#148; (but including any description of historic facts or events included therein) and any disclosure of risks or other matters included in any &#147;forward-looking statements&#148; disclaimer (but including any
description of historic facts or events included therein) or other statements that are cautionary, predictive or forward-looking in nature, which in no event shall be deemed to be an exception to or disclosure for purposes of, any representation or
warranty set forth in this <U>Article 5</U>), Parent hereby represents and warrants to Company that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.1
<U>Organization and Qualification; Subsidiaries</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Parent is a corporation duly organized, validly existing and in
good standing under the laws of the State of Florida, has the requisite organizational power and authority to own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now being conducted. Merger Sub is a
</P>
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limited liability company, validly existing and in good standing under the laws of the State of Maryland and has the requisite limited liability company power and authority to own, lease and, to
the extent applicable, operate its properties and to carry on its business as it is now being conducted. Parent is duly qualified or licensed to do business as a foreign real estate investment trust, and is in good standing, in each jurisdiction
where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing necessary, except for such failures to be so qualified, licensed or in good standing that would
not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Each Parent
Subsidiary is duly organized, validly existing and in good standing (to the extent applicable) under the Laws of the jurisdiction of its incorporation or organization, as the case may be, and has the requisite organizational power and authority to
own, lease and, to the extent applicable, operate its properties and to carry on its business as it is now being conducted, except where the failure to be so organized, validly existing or in good standing (to the extent applicable), or to have such
power or authority, would not reasonably be expected to have, individually or in the aggregate, a Parent Material Adverse Effect. Each Parent Subsidiary is duly qualified or licensed to do business as a foreign corporation, company or partnership,
as applicable, and is in good standing (to the extent applicable), in each jurisdiction where the character of the properties owned, operated or leased by it or the nature of its business makes such qualification, licensing or good standing
necessary, except for such failures to be so qualified, licensed or in good standing (to the extent applicable) that would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.2 <U>Organizational Documents</U>. Parent has made available to Company complete and correct copies of the
Parent Charter and the Parent Bylaws and the Agreement of Limited Partnership of Parent Partnership in each case as in effect on the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.3 <U>Capital Structure</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) The authorized shares of Parent consist of 220,000,000 Parent Common Shares, 30,000,000 shares of preferred stock, $0.01
par value per share, and 10,000,000 shares of special common stock, $0.01 par value per share. At the close of business on May&nbsp;15, 2023, (i) 170,997,989 Parent Common Shares were issued and outstanding, (ii)&nbsp;no shares of preferred stock or
special common stock of Parent were issued and outstanding, (iii)&nbsp;5,637,725 Parent Common Shares were reserved for issuance pursuant to the terms of outstanding options or equity or equity-based awards granted pursuant to the Parent Equity
Incentive Plan, and (iv)&nbsp;3,682,272 Parent Common Shares were available for grant under the Parent Equity Incentive Plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) All issued and outstanding shares of capital stock of Parent are duly authorized, validly issued, fully paid and
nonassessable, and no class of capital stock is entitled to preemptive rights. There are no outstanding bonds, debentures, notes or other Indebtedness of Parent having the right to vote (or convertible into, or exchangeable for, securities having
the right to vote) on any matter on which holders of Parent Common Shares may vote. All equity interests in Parent Partnership are duly authorized and validly issued. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) There are no outstanding subscriptions, securities, options, warrants, calls, rights, profits interests, stock
appreciation rights, phantom stock, convertible securities, rights of first refusal or other similar rights, agreements, arrangements, undertakings or commitments of any kind to which Parent is a party or, to the Knowledge of Parent, by which it is
bound obligating Parent to (i)&nbsp;issue, transfer, deliver or sell or create, or cause to be issued, transferred, delivered or sold or created any additional shares of capital stock or other equity interests or phantom stock or other contractual
rights the value of which is determined in whole or in part by the value of any equity security of Parent or securities convertible into or exchangeable for such shares or equity interests, (ii)&nbsp;issue, grant, extend or enter into any such
subscriptions, securities, options, warrants, calls, rights, profits interests, stock appreciation rights, phantom stock, convertible securities, rights of first refusal or other similar rights, agreements, arrangements, undertakings or commitments,
(iii)&nbsp;redeem, repurchase or otherwise acquire any such shares of capital stock or other equity interests or (iv)&nbsp;provide for voting trusts or similar agreements or understandings concerning the voting of any capital stock of Parent. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Parent does not have a &#147;poison pill&#148; or similar stockholder
rights plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) All dividends or other distributions on the Parent Common Shares and other capital stock of Parent and
any material dividends or other distributions on any securities of any Parent Subsidiary which have been authorized or declared prior to the date hereof have been paid in full (except to the extent such dividends have been publicly announced and are
not yet due and payable). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.4 <U>Authority</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Each of Parent and Merger Sub has the requisite corporate power and authority to execute and deliver this Agreement, to
perform their obligations hereunder and to consummate the transactions contemplated by this Agreement to which Parent and Merger Sub are parties, including the Second Merger. The execution and delivery of this Agreement by Parent and Merger Sub and
the consummation by Parent and Merger Sub of the transactions contemplated by this Agreement have been duly and validly authorized by all necessary corporate and limited liability company action, respectively, and no other corporate and limited
liability company proceedings on the part of Parent or Merger Sub, respectively, are necessary to authorize this Agreement or the Second Merger or to consummate the other transactions contemplated by this Agreement, subject, with respect to the
Second Merger and the issuance of Parent Common Shares and Parent Preferred Shares contemplated by this Agreement to the filing of the Second Merger Articles of Merger with, and acceptance for record of the Second Merger Articles of Merger by the
SDAT. This Agreement has been duly executed and delivered by Parent and Merger Sub and assuming due and valid authorization, execution and delivery by Company, Hermes Sub I and Hermes Sub II, each constitutes a legally valid and binding obligation
of Parent and/or Merger Sub, as applicable, enforceable against Parent and/or Merger Sub, as applicable, in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
other similar Laws affecting creditors&#146; rights generally and by general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The Parent Board, at a duly held meeting, has (i)&nbsp;declared that this Agreement, the Second Merger and the other
transactions contemplated by this Agreement are advisable and in the best interests of Parent and its stockholders, and (ii)&nbsp;approved and adopted this Agreement, the Second Merger and the other transactions contemplated by this Agreement and
authorized the issuance of Parent Common Shares as payment of the Merger Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.5 <U>No Conflict;
Required Filings and Consents</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) The execution and delivery of this Agreement by Parent and Merger Sub, as
applicable, does not, and assuming that all consents, approvals, authorizations and permits described in <U>Section&nbsp;5.5(b)</U> have been obtained, all filings and notifications described in <U>Section</U> <U>5.5(b)</U> have been made and any
waiting periods thereunder have terminated or expired, as applicable, the performance of this Agreement, the transactions contemplated hereby and Parent&#146;s and Merger Sub&#146;s obligations hereunder will not, (i)&nbsp;conflict with or result in
a violation of any provision of (A)&nbsp;the Parent Charter or Parent Bylaws, or (B)&nbsp;any comparable Organizational Documents of any Parent Subsidiary, (ii)&nbsp;conflict with or result in any violation of any Law applicable to Parent, or any
Parent Subsidiary or by which any property or asset of Parent, or any Parent Subsidiary is bound, or (iii)&nbsp;require any consent or approval (except as contemplated by <U>Section&nbsp;5.5(b)</U>) under, result in any breach of any obligation or
any loss of any benefit or material increase in any cost or obligation of Parent or any Parent Subsidiary under, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to any other
Person any right of, or result in a termination, acceleration or cancellation (with or without notice or the lapse of time or both) of, or give rise to any right of purchase, first offer or forced sale under or result in the creation of a Lien on
any property or asset of Parent, or any Parent Subsidiary pursuant to, any note, bond, debt instrument, indenture, contract, agreement, ground lease, license, permit or other legally binding obligation to which Parent or any Parent Subsidiary is a
party, other than a Parent Permitted Lien, except, as to clauses (i)(B), (ii)&nbsp;and (iii)&nbsp;above, as, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The execution and delivery of this Agreement by Parent and Merger Sub
does not, and the performance of this Agreement by Parent and Merger Sub will not, require any consent, approval, authorization or permit of, or filing with or notification to, any Governmental Authority, except (i)&nbsp;the filing with the SEC of
(A)&nbsp;the Proxy Statement in preliminary and definitive form and the Form S-4 and declaration of effectiveness of the Form S-4, and (B)&nbsp;such reports under, and other compliance with, the Exchange Act and the Securities Act as may be required
in connection with this Agreement and the transactions contemplated hereby, (ii)&nbsp;the filing of each articles of merger with, and the acceptance for record of each articles of merger by, the SDAT pursuant to the MGCL and the MLLCA with respect
to the Second Merger, (iii)&nbsp;such filings and approvals as may be required by any applicable state securities or &#147;blue sky&#148; Laws, in connection with the issuance of Parent Common Shares and Parent Preferred Shares pursuant to this
Agreement and approval of listing the Parent Common Shares and Parent Preferred Shares including the applicable Merger Consideration on the Nasdaq, (iv)&nbsp;such filings as may be required in connection with state and local Transfer Taxes
(v)&nbsp;any filings or approvals required under the rules and regulations of the Nasdaq or NYSE, and (vi)&nbsp;where failure to obtain such consents, approvals, authorizations or permits, or to make such filings or notifications, individually or in
the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect or as otherwise set forth on <U>Section&nbsp;5.5(b)</U> of the Parent Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.6 <U>Compliance with Laws</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Neither Parent nor any Parent Subsidiary is or has been in conflict with, or in default or violation of any
authorizations, licenses, permits, certificates, approvals, registrations, waivers, variances, exemptions, orders, franchises, certifications and clearances of any Governmental Authority, including building permits and certificates of occupancy,
necessary for Parent and each Parent Subsidiary to own, lease and, to the extent applicable, operate its properties or carry on its respective business substantially as they are being conducted, except, in each case, for any such conflicts, defaults
or violations that, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Neither Parent nor any Parent Subsidiary is or has been in conflict with, or in default or violation of any Law or Order
applicable to Parent, or any Parent Subsidiary or by which any property or asset of Parent or any Parent Subsidiary is bound (except for Laws addressed in <U>Section&nbsp;5.12</U>, which are addressed solely in such Section), except, in each case,
for any such conflicts, defaults or violations that, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.7 <U>SEC Documents; Financial Statements</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Parent has timely filed with, or furnished (on a publicly available basis) to, the SEC all forms, documents, statements,
schedules, registration statements, definitive proxy statements and reports required to be filed or furnished by Parent with the SEC, including any amendments or supplements thereto, since January&nbsp;1, 2021 (the forms, documents, statements,
schedules and reports filed or furnished with the SEC since January&nbsp;1, 2021, including any amendments or supplements thereto, the &#147;<U>Parent SEC Documents</U>&#148;). As of their respective dates, the Parent SEC Documents (other than
preliminary materials) complied in all material respects with the requirements of the Securities Act or the Exchange Act, as the case may be, applicable to such Parent SEC Documents, and none of the Parent SEC Documents, at the time of filing or
being furnished (or effectiveness in the case of registration statements), contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading, except to the extent such statements have been modified or superseded by later Parent SEC Documents filed or furnished and publicly available prior to the date of this Agreement. Parent
does not have any outstanding and unresolved comments from the SEC with respect to any Parent SEC Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) The
consolidated financial statements of Parent and the Parent Subsidiaries included, or incorporated by reference, in the Parent SEC Documents, including the related notes and schedules, complied in </P>
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all material respects with the applicable accounting requirements and the published rules and regulations of the SEC with respect thereto, have been prepared in accordance with GAAP applied on a
consistent basis during the periods involved (except as may be indicated in the notes thereto, or, in the case of the unaudited statements, as permitted by Rule 10-01 of Regulation S-X under the Exchange Act), and each of the consolidated balance
sheets of Parent included in or incorporated by reference into the Parent SEC Documents (including the related notes and schedules) fairly presented, in all material respects, in accordance with applicable requirements of GAAP and the applicable
rules, accounting requirements and regulations of the SEC consistently applied during the periods involved (subject, in the case of the unaudited statements, to normal, recurring adjustments, none of which are material), the consolidated financial
position of Parent and the Parent Subsidiaries, taken as a whole, as of their respective dates, and each of the consolidated statements of operations, equity and cash flows of Parent included in or incorporated by reference into the Parent SEC
Documents (including any related notes and schedules) fairly presented in all material respects the results of operations, equity or cash flows, as the case may be, of Parent and the Parent Subsidiaries for the periods presented therein, in each
case, except to the extent such financial statements have been modified or superseded by later Parent SEC Documents filed and publicly available prior to the date of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Since January&nbsp;1, 2021, Parent has designed and maintains a system of disclosure controls and procedures and internal
controls over financial reporting (as defined in Rule 13a-15 or 15d-15, as applicable, under the Exchange Act) that is effective in providing reasonable assurance regarding the reliability of Parent&#146;s financial reporting and the preparation of
financial statements for external purposes in accordance with GAAP. There has been no change in Parent&#146;s internal control over financial reporting that has occurred since December&nbsp;31, 2022 that has materially affected, or is reasonably
likely to materially affect, Parent&#146;s internal control over financial reporting. Since December&nbsp;31, 2022, there have been no significant deficiencies or material weaknesses in Parent&#146;s internal control over financial reporting
(whether or not remediated). Parent has disclosed, based on the most recent evaluation of its Chief Executive Officer and its Chief Financial Officer, to Parent&#146;s auditors and the audit committee of the Parent Board (i)&nbsp;any significant
deficiencies or material weaknesses in the design or operation of its internal controls over financial reporting that are reasonably likely to materially affect Parent&#146;s ability to record, process, summarize, and report financial information
and (ii)&nbsp;any fraud, whether or not material, that involves management or other employees of Parent or any Parent Subsidiary who have a significant role in Parent&#146;s internal controls over financial reporting, and each such deficiency,
weakness and fraud so disclosed to auditors, if any, has been disclosed to Parent prior to the date of this Agreement. As used in this <U>Section&nbsp;5.7(c)</U>, the terms &#147;significant deficiency&#148; and &#147;material weakness&#148; have
the meanings assigned to such terms in Auditing Standard No.&nbsp;5 of the Public Company Accounting Oversight Board as in effect on the date of this Agreement. The principal executive officer and principal financial officer of Parent have made all
certifications required by the SOX Act and the regulations of the SEC promulgated thereunder, and the statements contained in all such certifications were, as of their respective dates made, complete and correct in all material respects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Parent is in compliance in all material respects with all current listing and governance requirements of the Nasdaq. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.8 <U>Absence of Certain Changes or Events</U>. From December&nbsp;31, 2022 through the date of this Agreement,
Parent and each Parent Subsidiary has conducted its business in all material respects in the ordinary course of business consistent with past practice and there has not been any Parent Material Adverse Effect or any event, circumstance, change,
effect, development, condition or occurrence that, individually or in the aggregate with all other events, circumstances, changes, effects, developments, conditions or occurrences, would reasonably be expected to have a Parent Material Adverse
Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.9 <U>No Undisclosed Liabilities</U>. There are no liabilities or obligations of Parent or any of
the Parent Subsidiaries of any nature that would be required under GAAP to be set forth on the financial statements of Company or the notes thereto, other than: (a)&nbsp;liabilities reflected or reserved against on the balance sheet of Parent dated
as of December&nbsp;31, 2022 (including the notes thereto) as required by GAAP, (b)&nbsp;liabilities incurred </P>
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in connection with the transactions contemplated by this Agreement or (c)&nbsp;liabilities incurred in the ordinary course of business consistent with past practice since December&nbsp;31, 2022
or (d)&nbsp;liabilities that, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.10 <U>No Default</U>. Neither Parent nor any of the Parent Subsidiaries is in default or violation (and to the
Knowledge of Parent, no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i)&nbsp;the Parent Charter or the Parent Bylaws, or (ii)&nbsp;the comparable
Organizational Documents of any of the Parent Subsidiaries, except for defaults or violations which, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.11 <U>Litigation</U>. Except as individually or in the aggregate would not reasonably be expected to have a
Parent Material Adverse Effect (a)&nbsp;there is no Action pending or, to the Knowledge of Parent, threatened by or before any Governmental Authority, nor, to the Knowledge of Parent, is there any investigation pending by any Governmental Authority,
in each case, against or affecting Parent or any Parent Subsidiary or any director or officer of Parent or any Parent Subsidiary, in their capacity as a director or an officer of Parent or such Parent Subsidiary, and (b)&nbsp;neither Parent nor any
Parent Subsidiary, nor any of their respective properties, is subject to any outstanding Order of any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.12 <U>Taxes</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except as individually or in the aggregate would not reasonably be expected to have a Parent Material Adverse Effect:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Each of Parent and each Parent Subsidiary has duly and timely filed with the appropriate Governmental Authority all
Tax Returns required to be filed by it, taking into account any extensions of time within which to file such Tax Returns, and all such Tax Returns are true, complete and correct. Each of Parent and each Parent Subsidiary has duly and timely paid (or
there has been duly and timely paid on its behalf), or made adequate provisions in accordance with GAAP for, all Taxes required to be paid by it, whether or not shown on any Tax Return. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) Parent (i)&nbsp;for all taxable years commencing with Parent&#146;s taxable year ended December&nbsp;31, 1993 and
through and including its taxable year ended December&nbsp;31, 2022, has elected and has been subject to U.S. federal taxation as a REIT and has satisfied all requirements to qualify as a REIT, and has so qualified, for all such years; (ii)&nbsp;has
been organized and has operated since January&nbsp;1, 2023 to the date hereof, in a manner consistent with the requirements for qualification and taxation as a REIT; (iii)&nbsp;will continue to operate through the Second Merger Effective Time in
such a manner as to qualify as a REIT (including with regard to the REIT distribution requirements) for its taxable year that includes the day of the Second Merger; and (iv)&nbsp;has not taken or omitted to take any action that could reasonably be
expected to result in Parent&#146;s failure to qualify as a REIT or in a challenge by the IRS or any other Governmental Authority to its status as a REIT, and, no such challenge is pending or, to the Knowledge of Parent, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) As of immediately prior to the Second Merger Effective Time, Merger Sub is treated for U.S. federal income Tax purposes
as a disregarded entity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.13 <U>Information Supplied</U>. None of the information relating to Parent and
the Parent Subsidiaries contained in the Proxy Statement or that is provided by Parent and the Parent Subsidiaries in writing for inclusion or incorporation by reference in the Form S-4 or any other document filed with the SEC in connection with the
transactions contemplated by this Agreement will (a)&nbsp;in the case of the Form S-4, at the time it is filed with the SEC, at any time such document is amended or supplemented or at the time it is declared effective under the Securities Act,
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading,
(b)&nbsp;in the case of the Proxy Statement, at the time of </P>
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the mailing thereof, at the time the Company Stockholder Meeting is held, at the time that the Form S-4 is declared effective or at the Second Merger Effective Time, contain any untrue statement
of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading, or (c)&nbsp;with respect to any other
document to be filed by Parent with the SEC in connection with the First Merger, the Second Merger or the other transactions contemplated by this Agreement, at the time of its filing with the SEC, contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. The Form S-4 and the Proxy Statement will (with respect to
Parent, its officers and directors and the Parent Subsidiaries) comply as to form in all material respects with the applicable requirements of the Securities Act and the Exchange Act; <U>provided</U>, that no representation or warranty is made
hereunder as to statements made or incorporated by reference in the Form S-4 or the Proxy Statement that were not supplied by or on behalf of Parent or any Parent Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.14 <U>Intellectual Property</U>. Except as would not reasonably be expected to have a Parent Material Adverse
Effect: (a)&nbsp;Parent and the Parent Subsidiaries own all Intellectual Property owned or purported to be owned by Parent or any Parent Subsidiary, free and clear of all Liens other than Parent Permitted Liens, and are licensed to use, or otherwise
possess valid rights to use, all other Intellectual Property used in or held for use in, and necessary for the conduct of, the business of Parent and the Parent Subsidiaries as it is currently conducted; (b)&nbsp;to the Knowledge of Parent, the
conduct of the business of Parent and Parent Subsidiaries as it is currently conducted does not infringe, misappropriate or otherwise violate (or since January&nbsp;1, 2021, infringed, misappropriated or otherwise violated) any Intellectual Property
rights of any third party; and (c)&nbsp;Parent and Parent Subsidiaries have not experienced any breach of security, unauthorized access or disclosure of Trade Secrets or other confidential information since January&nbsp;1, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.15 <U>Environmental Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except as would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) Parent and each Parent Subsidiary are in compliance and, except for matters that have been fully and finally
resolved, Parent and each Parent Subsidiary have for the past two (2)&nbsp;years complied with all Environmental Laws; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) In the past two (2)&nbsp;years, neither Parent nor any Parent Subsidiary has received any written notice, demand, letter
or claim alleging that Parent or any such Parent Subsidiary is in violation of, or liable under, any Environmental Law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) Neither Parent nor any Parent Subsidiary is subject to any Order relating to compliance with or liability under
Environmental Laws, Environmental Permits or the investigation, or cleanup of Hazardous Substances and no Action is pending or, to the Knowledge of Parent, threatened against Parent or any Parent Subsidiary under any Environmental Law; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) Neither Parent nor any Parent Subsidiary has caused a Release of a Hazardous Substance at any Parent Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.16 <U>Properties</U>. Except as would not reasonably be expected to have, individually or in the aggregate, a
Parent Material Adverse Effect: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) either Parent or a Parent Subsidiary owns good and valid fee simple title (with
respect to jurisdictions that recognize such form of title or substantially similar title with respect to all other jurisdictions) or leasehold title (as applicable) or air rights to each of the Parent Properties, in each case, free and clear of
Liens, except for Parent Permitted Liens; and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) neither Parent nor any of the Parent Subsidiaries has received
(i)&nbsp;written notice that any certificate, permit or license from any Governmental Authority having jurisdiction over any of the Parent Properties or any agreement, easement or other right of an unlimited duration that is necessary to permit the
lawful use and operation of the buildings and improvements on any of the Parent Properties or that is necessary to permit the lawful use and operation of all utilities, parking areas, retention ponds, driveways, roads and other means of egress and
ingress to and from any of the Parent Properties is not in full force and effect as of the date of this Agreement (or of any pending written threat of modification or cancellation of any of same) or (ii)&nbsp;written notice of any uncured violation
of any Laws affecting any of the Parent Properties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.17 <U>Material Contracts</U>. Except as, individually
or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect, each Parent Material Contract is legal, valid, binding and enforceable on Parent and each Parent Subsidiary that is a party thereto and, to the Knowledge
of Parent, each other party thereto, and is in full force and effect, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors&#146; rights generally and by general principles of equity
(regardless of whether enforceability is considered in a proceeding in equity or at Law). Except as, individually or in the aggregate, would not reasonably be expected to have a Parent Material Adverse Effect, Parent and each Parent Subsidiary has
performed all obligations required to be performed by it prior to the date hereof under each Parent Material Contract and, to the Knowledge of Parent, each other party thereto has performed all obligations required to be performed by it under such
Parent Material Contract prior to the date hereof. None of Parent or any Parent Subsidiary, nor, to the Knowledge of Parent, any other party thereto, is in breach or violation of, or default under, any Parent Material Contract, and no event has
occurred that, with notice or lapse of time or both, would constitute a violation or breach of, or default under, any Parent Material Contract, except where in each case such breach, violation or default would not reasonably be expected to have,
individually or in the aggregate, a Parent Material Adverse Effect. Neither Parent nor any Parent Subsidiary has received notice of any violation of or default under any Parent Material Contract, except for violations or defaults that would not,
individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.18
<U>No Shareholder Approval Required</U>. No vote of holders of securities of Parent is required to approve the issuance of the Parent Common Shares to be issued in the Second Merger or any of the other transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.19 <U>Brokers</U>. Except for the fees and expenses payable to RBC Capital Markets, LLC and Wells Fargo
Securities, LLC, no broker, investment banker or other Person is entitled to any broker&#146;s, finder&#146;s or other similar fee or commission in connection with the Second Merger or the other transactions contemplated by this Agreement based upon
arrangements made by or on behalf of Parent or any Parent Subsidiary. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.20 <U>Investment Company Act</U>.
Neither Parent nor any Parent Subsidiary is required to be registered as an investment company under the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.21 <U>Parent Shares and Funds</U>. Parent has reserved a sufficient number of Parent Common Shares and, prior
to the Closing, will authorize and reserve a sufficient number of shares of Parent Series A Preferred Stock and Parent Series B Preferred Stock in order to fulfill its obligations hereunder. All Parent Common Shares and shares of Parent Series A
Preferred Stock and Parent Series B Preferred Stock that may be issued pursuant to this Agreement will be, when issued in accordance with the terms of this Agreement for the consideration expressed herein, duly authorized, validly issued, fully paid
and nonassessable, and will be free of restrictions on transfer. Parent has available sufficient cash or lines of credit available to pay the aggregate cash in lieu of fractional shares pursuant to <U>Section&nbsp;3.7</U>, and Parent will have, at
the Closing, all amounts required to be paid by Parent in connection with the consummation of the transactions contemplated by this Agreement and any other related fees and expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.22 <U>Merger Sub</U>. All of the authorized membership interests of Merger Sub are, and at the Second Merger
Effective Time will be, owned by Parent and such membership interests are validly issued and </P>
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outstanding. Merger Sub was formed solely for the purpose of engaging in the transactions contemplated by this Agreement, and, prior to the Second Merger Effective Time, Merger Sub will have
engaged in no business and have no liabilities or obligations other than in connection with the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;5.23 <U>No Other Representations and Warranties</U>. Except for the representations or warranties expressly set
forth in this <U>Article 5</U>, neither Parent nor any other Person on behalf of Parent has made any representation or warranty, expressed or implied, with respect to Parent or Parent Subsidiaries, their businesses, operations, assets, liabilities,
condition (financial or otherwise), results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections,
forecasts, plans or prospects) or the accuracy or completeness of any information regarding Parent or Parent Subsidiaries. In particular, without limiting the foregoing disclaimer, neither Parent nor any other Person makes or has made any
representation or warranty to Company or any of its Affiliates or Representatives with respect to, except for the representations and warranties made by Parent in this <U>Article 5</U>, any oral or written information presented to Company or any of
its Affiliates or Representatives in the course of their due diligence of Parent, the negotiation of this Agreement or in the course of the transactions contemplated hereby. Notwithstanding anything contained in this Agreement to the contrary,
Parent acknowledges and agrees that none of Company or any other Person has made or is making, and Parent has not relied on, any representations or warranties relating to Company whatsoever, express or implied, beyond those expressly given by
Company in <U>Article 4</U>, including any implied representation or warranty as to the accuracy or completeness of any information regarding Company furnished or made available to Parent or any of its Representatives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 6 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS
RELATING TO CONDUCT OF BUSINESS PENDING THE MERGERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.1 <U>Conduct of Business by Company</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) From (and including) the date of this Agreement and until the earlier to occur of the Second Merger Effective Time and
the date, if any, on which this Agreement is terminated in accordance with <U>Section&nbsp;9.1</U> (the &#147;<U>Interim Period</U>&#148;), except (v)&nbsp;to the extent required by applicable Law or the regulations or requirements of any stock
exchange or regulatory organization, (w)&nbsp;to the extent action is reasonably taken (or reasonably omitted) in response to COVID-19 or COVID-19 Measures; <U>provided</U>, that such action (or omission) is reasonably consistent with Company&#146;s
and Company Subsidiaries&#146; actions taken (or omitted) prior to the date hereof in response to COVID-19 or COVID-19 Measures and Company shall, to the extent reasonably practicable, notify Parent in advance of taking or omitting to take any such
action and consult with Parent in good faith, (x)&nbsp;as may be consented to in advance in writing by Parent (which consent shall not in any case be unreasonably withheld, delayed or conditioned), (y)&nbsp;as may be expressly required pursuant to
this Agreement, or (z)&nbsp;as otherwise set forth on <U>Section&nbsp;6.1(a)</U> of the Company Disclosure Letter, each of Company and Hermes Sub I shall, and shall cause each of the Company Subsidiaries to, (i)&nbsp;conduct its business in all
material respects in the ordinary course and in a manner consistent with past practice, (ii)&nbsp;use its commercially reasonable efforts to (A)&nbsp;maintain its material assets and properties in their current condition (normal wear and tear and
damage caused by casualty or by any reason outside of Company&#146;s, Hermes Sub I&#146;s or any Company Subsidiary&#146;s control excepted) and (B)&nbsp;preserve intact in all material respects its current business organization, goodwill, ongoing
businesses and material relationships with third parties (including customers, tenants, lessees, lessors, property managers and joint venture partners) and (iii)&nbsp;maintain the status of Company (and, following the First Merger Effective Time,
Hermes Sub I) as a REIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Without limiting the foregoing, during the Interim Period, except (w)&nbsp;to the extent
required by applicable Law or the regulations or requirements of any stock exchange or regulatory organization, (x)&nbsp;as may be consented to in advance in writing by Parent (which consent shall not in any case be unreasonably withheld, delayed or
conditioned), (y)&nbsp;as may be expressly required by this Agreement or (z)&nbsp;as set forth in the </P>
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applicable subsection of <U>Section&nbsp;6.1(b)</U> of the Company Disclosure Letter, Company and Hermes Sub I shall not, and shall not cause or permit any Company Subsidiary to, do any of the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) amend (A)&nbsp;the Company Charter or the Company Bylaws or the Organizational Documents of Hermes Sub I
or Hermes Sub II in any respect or (B)&nbsp;such comparable Organizational Documents of any other Company Subsidiary, if, in the case of clause (B), such amendment would be materially adverse to Company or Parent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) split, combine, reclassify, subdivide or recapitalize any shares of stock or other equity securities (or securities
convertible into equity securities) or ownership interests of Company, Hermes Sub I or any Company Subsidiary (other than any wholly owned Company Subsidiary); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) declare, set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or
otherwise) with respect to shares of capital stock of Company, Hermes Sub I or any Company Subsidiary or other equity securities or ownership interests in Company or any Company Subsidiary, except for (A)&nbsp;the declaration and payment by Company
of regular quarterly dividends in accordance with <U>Section&nbsp;7.11(b)</U> and in an amount not to exceed $0.225 per share of Company Common Stock and $0.25 per share of Company Class&nbsp;A Common Stock, (B)&nbsp;the declaration and payment of
dividends or other distributions to Company by any directly or indirectly wholly owned Company Subsidiary, and (C)&nbsp;distributions by any Company Subsidiary that is not wholly owned, directly or indirectly, by Company, in accordance with the
requirements of the Organizational Documents of such Company Subsidiary; <U>provided</U>, that notwithstanding the restriction on dividends and other distributions in this <U>Section&nbsp;6.1(b)(iii)</U> and <U>Section&nbsp;7.11</U>, Company, Hermes
Sub I and any Company Subsidiary shall be permitted to make distributions, including under Sections 858 or 860 of the Code, to the extent required for each of Company, Hermes Sub I (following the First Merger), and any Company Subsidiary that is
qualified as a REIT under the Code as of the date hereof to maintain its status as a REIT under the Code or applicable state Law or to avoid or reduce the imposition on such entity of any entity-level income or excise Tax under the Code or
applicable state Law, after taking into account the dividends made or expected to be made pursuant to <U>Section&nbsp;7.11(a)</U> (any such dividend, a &#147;<U>Permitted REIT Dividend</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) redeem, repurchase or otherwise acquire, directly or indirectly, any shares of its capital stock or other equity
interests of Company, Hermes Sub I or a Company Subsidiary, other than (A)&nbsp;the forfeiture or withholding of shares of Company Common Stock and Company Class&nbsp;A Common Stock to satisfy withholding Tax obligations with respect to outstanding
Company Equity Awards, (B)&nbsp;the creation of new wholly owned Company Subsidiaries organized to conduct or continue activities otherwise permitted by this Agreement (including the other provisions of this <U>Section&nbsp;6.1(b)</U>) and
(C)&nbsp;redemption, conversion or repurchase of equity interests in a DownREIT pursuant to the requirements of the applicable DownREIT Agreement (provided that, in the case of clause (C), Company shall obtain consent from Parent as to whether to
pay such amount in cash or shares or other form); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v) except for (A)&nbsp;transactions among Company and one or more
wholly owned Company Subsidiaries or among two or more wholly owned Company Subsidiaries, or (B) issuances of shares of Company Common Stock and Company Class&nbsp;A Common Stock upon the vesting or scheduled delivery of shares pursuant to, Company
Equity Awards in accordance with their terms as in effect on the date of this Agreement, issue, sell, pledge, dispose, encumber or grant any shares of Company&#146;s, Hermes Sub I&#146;s or any of the Company Subsidiaries&#146; capital stock, or any
options, warrants, convertible securities or other rights of any kind to acquire any shares of Company&#146;s or any of the Company Subsidiaries&#146; capital stock or other equity interests; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi) acquire or agree to acquire (including by merger, consolidation or acquisition of stock or assets) any real property,
personal property, corporation, partnership, limited liability company, other business organization or any division or material amount of assets thereof, except (A)&nbsp;transfers by Company or any wholly owned Company Subsidiary to or from Company
or any existing wholly owned Company Subsidiary, </P>
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(B)&nbsp;acquisitions of personal property in the ordinary course of business that do not exceed $500,000 in the aggregate or (C)&nbsp;the redemption or purchase of any equity interests in a
DownREIT pursuant to the requirements of the applicable DownREIT Agreement (provided that, in the case of clause (C), Company shall obtain consent from Parent as to whether to pay such amount in cash or shares or other form); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vii) sell, mortgage, pledge, lease, license, assign, transfer, dispose of, encumber or grant a Lien, or effect a deed in
lieu of foreclosure with respect to, any real property, personal property, intangible property, Company Intellectual Property or interest in any corporation, partnership, limited liability company or other business organization, except (A)&nbsp;such
matters that constitute a Company Permitted Lien, (B)&nbsp;transfers by Company or any wholly-owned Company Subsidiary to or from Company or any wholly-owned Company Subsidiary, (C)&nbsp;non-exclusive licenses of Intellectual Property granted in the
ordinary course of business consistent with past practice or (D)&nbsp;dispositions of immaterial personal property in the ordinary course of business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(viii) incur, create, assume, refinance, replace or prepay any Indebtedness or issue or amend the terms of any debt
securities of Company, Hermes Sub I, Hermes Sub II or any of the Company Subsidiaries, or assume, guarantee or endorse, or otherwise become responsible (whether directly, contingently or otherwise) for the Indebtedness of any other Person (other
than a wholly owned Company Subsidiary), except (A)&nbsp;Indebtedness incurred under the Company Credit Facility in the ordinary course of business consistent with past practice for (1)&nbsp;working capital purposes in an aggregate amount not to
exceed $5,000,000, (2)&nbsp;payment of dividends permitted by <U>Section&nbsp;6.1(b)(iii)</U> or <U>Section&nbsp;7.11</U>, (3)&nbsp;Tenant Improvements at any of the Company Properties and (4)&nbsp;in connection with funding any transactions
permitted by this <U>Section</U> <U>6.1(b)</U>, (B)&nbsp;Indebtedness of any wholly owned Company Subsidiary to Company or to another wholly owned Company Subsidiary or (C)&nbsp;the posting of letters of credit in the ordinary course of business
consistent with past practice in an aggregate amount not to exceed $1,000,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ix) make any loans, advances or capital
contributions to, or investments in, any other Person (including to any of its officers, directors, Affiliates, agents or consultants), other than (A)&nbsp;by Company or a wholly owned Company Subsidiary to Company or a wholly owned Company
Subsidiary and (B)&nbsp;loans, advances, capital contributions or investments made pursuant to the requirements of any Company Leases or ground leases pursuant to which any third party is a lessee or sublessee on any Company Property or pursuant to
the requirements of any existing joint venture arrangements or other contract to which Company or a Company Subsidiary is a party as of the date of this Agreement (subject to <U>Section&nbsp;7.17</U>); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(x) enter into, renew, modify, amend or terminate, or waive, release, compromise or assign any rights or claims under, any
(1)&nbsp;Company Material Contract (or any contract that, if existing as of the date hereof, would be a Company Material Contract), (2) Company Related Party Agreement, (3)&nbsp;any contract or agreement that relates to Company&#146;s or any of the
Company Subsidiaries&#146; liquor, self-storage or solar businesses or otherwise to any business other than the primary business of Company (other than vendor or distribution agreements entered into the ordinary course of business consistent with
past practice) or (4)&nbsp;any contract or agreement (excluding Company Leases) that has a value of $500,000 or greater and where the term of such agreement would extend beyond the second anniversary of the date hereof (unless such agreement is
cancelable or terminable by Company or a Company Subsidiary without cost or penalty), in each case other than any termination or renewal in accordance with the terms of any such contract that occurs automatically without any action (other than
notice of renewal) by (or on behalf of or at the direction or inducement of) Company, Hermes Sub I or any Company Subsidiary or any of their respective Representatives; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xi) enter into, renew, modify, amend or terminate, or waive, release, compromise or assign any rights or claims under, any
Material Company Lease (or any lease for real property that, if existing as of the date hereof, would be a Material Company Lease), except, in each case, for (A)&nbsp;any termination, modification or renewal in accordance with the terms of any such
lease that occurs automatically without any action (other than notice of renewal) by (or on behalf of or at the direction or inducement of) Company, Hermes Sub I or any Company Subsidiary or (B)&nbsp;any agreement for the waiver by a tenant of such
tenant&#146;s rights under </P>
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any Material Company Lease; <U>provided</U> that solely for references to Material Company Lease in this <U>Section&nbsp;6.1(b)(xi)</U>, the threshold amount in the definition of &#147;Material
Company Lease&#148; shall be deemed to be &#147;7,500 square feet&#148; and shall also include any lease with a term (including any tenant options to extend or renew) of ten (10)&nbsp;years or greater; <U>provided further</U> that, if, within two
(2)&nbsp;Business Days after Company provides notice requesting Parent&#146;s consent pursuant to this <U>Section&nbsp;6.1(b)(xi)</U>, Parent has not either affirmatively provided or withheld consent or reasonably requested additional information
from Company with respect to such request, Company may provide a second notice requesting such consent, which notice shall specifically state that it is a second notice under this <U>Section&nbsp;6.1(b)(xi)</U>, and to the extent no response is
received from Parent within one (1)&nbsp;Business Day after Company delivers such second notice, Parent&#146;s consent shall be deemed given; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xii) commence any Action or waive, release, assign, settle or compromise any claim or Action, other than
(A)&nbsp;settlements (i)&nbsp;if the amount of any such settlement is not in excess of $50,000 individually or $250,000 in the aggregate, or (ii)&nbsp;for amounts not in excess of the Company&#146;s available insurance coverage as of the date
hereof, and, in each case, such settlement does not involve the imposition of any injunctive relief against the Company or any Company Subsidiary and does not provide for any admission of liability or wrongdoing by the Company or any of the Company
Subsidiaries, (B)&nbsp;settlements of any Actions initiated by the Company or any Company Subsidiary against a former tenant of the Company or any Company Subsidiary in the ordinary course of business consistent with past practice, or
(C)&nbsp;commencement of any Action against tenants in the ordinary course of business consistent with past practice if the amount of any damages claimed is not in excess of $50,000 individually and (D)&nbsp;any claim or Action relating to Taxes
(which, for the avoidance of doubt, shall be governed by <U>Section</U> <U>6.1(b)(xvi))</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xiii) except as required
by applicable Law or any Company Benefit Plans, or as set forth on <U>Section&nbsp;6.1</U> of the Company Disclosure Letter, (A)&nbsp;hire or terminate the employment (without cause) of any employee of Company or any Company Subsidiary with a total
annual base salary in excess of $100,000 (other than to replace any employee that departs after the date of this Agreement), (B)&nbsp;materially increase in any manner (or accelerate the vesting, payment or funding of) the amount, rate or terms of
compensation or benefits of any employee, officer or director or individual service provider of Company or any Company Subsidiary or, (C) enter into, adopt, amend or terminate any Company Benefit Plan, (D)&nbsp;amend or waive any of its rights
under, or accelerate the vesting, payment or exercisability under, any provision of the Company Equity Incentive Plan or any provision of any contract evidencing any Company Equity Award or otherwise modify any of the terms of any outstanding
Company Equity Award, (E)&nbsp;fund or make any contribution to any Company Benefit Plan or any related trust or other funding vehicle or (F)&nbsp;enter into any contract with any labor union or similar organization, including a collective
bargaining agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xiv) fail to maintain all financial books and records in all material respects in accordance with
GAAP (or any binding interpretation thereof) or make any material change to its methods of accounting, except as required by a change in GAAP (or any binding interpretation thereof) or in applicable Law, or make any change with respect to accounting
policies, principles or practices unless required by GAAP, the SEC or the Financial Accounting Standards Board or any similar organization; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xv) enter into any new line of business or form or enter into any new funds or joint ventures or expand Company&#146;s
liquor, self-storage, solar or other non-real estate businesses in any respect; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xvi) enter into or modify in a manner
adverse to Company or Parent or their respective subsidiaries any Company Tax Protection Agreement, make, change or rescind any material election relating to Taxes, change a material method of Tax accounting, file any material Tax Return that is
materially inconsistent (other than as a result of any change in, or enactment of any new, applicable Tax Law) with a previously filed Tax Return of the same type for a prior taxable period (taking into account any amendment prior to the date
hereof), amend any material Tax Return, settle or compromise any material federal, state, local or foreign Tax liability, audit, claim or assessment, enter into any material closing agreement related to Taxes, consent (other than in the ordinary
course of business consistent with past practice) to any extension or waiver of </P>
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the limitation period applicable to any material Tax claim or assessment, or knowingly surrender any right to claim any material Tax refund, except, in each case, (A)&nbsp;to the extent required
by Law or regulations applicable to Company or (B)&nbsp;to the extent necessary, as reasonably determined by Company in consultation with Parent, (1)&nbsp;to preserve Company&#146;s or, following the First Merger, Hermes Sub I&#146;s qualification
as a REIT under the Code or (2)&nbsp;to qualify or preserve the status of any Company Subsidiary as a disregarded entity or partnership for United States federal income tax purposes or as a Qualified REIT Subsidiary, Taxable REIT Subsidiary or REIT
under the applicable provisions of Section&nbsp;856 of the Code, as the case may be; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xvii) take any action that would,
or fail to take any action, the failure of which to be taken would, reasonably be expected to cause (A)&nbsp;Company or, following the First Merger, Hermes Sub I, to fail to qualify as a REIT or (B)&nbsp;any Company Subsidiary to cease to be treated
as any of (1)&nbsp;a partnership or disregarded entity for federal income Tax purposes or (2)&nbsp;a Qualified REIT Subsidiary or a Taxable REIT Subsidiary or a REIT under the applicable provisions of Section&nbsp;856 of the Code, as the case may
be; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xviii) take any action, or knowingly fail to take any action, which action or failure to act could be reasonably
expected to prevent the First Merger and/or the Second Merger from qualifying as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xix) adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger,
liquidation or a dissolution, consolidation, recapitalization or bankruptcy reorganization, except as required under this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xx) except (A)&nbsp;pursuant to Company&#146;s budgeted items set forth on <U>Section&nbsp;6.1</U> of the Company Disclosure
Letter, (B)&nbsp;in connection with any Tenant Improvements at any of the Company Properties, (C)&nbsp;capital expenditures in the ordinary course of business consistent with past practice necessary to repair and/or prevent damage to any of the
Company Properties in an amount not to exceed $100,000, in the aggregate with respect to any one property, or (D)&nbsp;or capital expenditures in the ordinary course of business consistent with past practice as is reasonably necessary in the event
of an emergency situation after prior notice to, and consulting with, Parent (provided, that if the nature of such emergency renders prior notice or consultation to Parent impracticable, Company shall provide notice to Parent as promptly as
reasonably practicable after making such capital expenditure), make or commit to make any capital expenditures; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xxi)
cancel any of Company&#146;s or any Company Subsidiaries insurance policies or fail to pay the premiums on any such insurance policies such that such failure causes a cancellation of such policy, or fail to use commercially reasonable efforts to
maintain such policies in the ordinary course of business consent with past practice; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(xxii) authorize, or enter into
any contract, agreement, commitment or arrangement to do any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Notwithstanding anything to the
contrary set forth in this Agreement, subject to <U>Section&nbsp;7.11</U>, nothing in this Agreement shall prohibit Company or, following the First Merger, Hermes Sub I from taking any action, at any time or from time to time, that in the reasonable
judgment of the Company Board, upon advice of counsel to Company, is reasonably necessary for Company or, following the First Merger, Hermes Sub I to avoid or to continue to avoid incurring entity-level income or excise Taxes under the Code or to
maintain its qualification as a REIT under the Code for any period or portion thereof ending on or prior to the Second Merger Effective Time, including making dividend or other distribution payments to stockholders of Company or Hermes Sub I, as
applicable, in accordance with this Agreement, or to qualify or preserve the status of any Company Subsidiary as a disregarded entity or partnership for U.S. federal income Tax purposes or as a Qualified REIT Subsidiary, Taxable REIT Subsidiary or
REIT under the applicable provisions of Section&nbsp;856 of the Code, and Company&#146;s obligations under this <U>Section&nbsp;6.1</U> to act or refrain from acting, or to cause Company Subsidiaries to act or refrain from acting, will, with respect
to any joint venture and its subsidiaries, be subject to </P>
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(A)&nbsp;express requirements under the Organizational Documents of such entity and its subsidiaries, and (B)&nbsp;the scope of Company&#146;s or Company Subsidiaries&#146; power and authority to
bind such entity and its subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Company shall not transfer any of the capital stock of Hermes Sub I to any
other Person prior to the First Merger Effective Time. Hermes Sub I shall not transfer any of the capital stock of Hermes Sub II or Company to any other Person other than pursuant to the First Merger or the Second Merger as provided for herein.
Following the First Merger Effective Time, Hermes Sub I shall not be permitted to take any action, or refrain from taking any action, that Company is not permitted to take or refrain from taking hereunder. As applicable, all obligations of Company
hereunder shall, following the First Merger Effective Time, also be obligations of Hermes Sub I. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.2
<U>Conduct of Business by Parent</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Parent covenants and agrees that, during the Interim Period, except
(w)&nbsp;to the extent required by applicable Law or the regulations or requirements of any stock exchange or regulatory organization, (x)&nbsp;as may be consented to in advance in writing by Company (which consent shall not in any case be
unreasonably withheld, delayed or conditioned), (y)&nbsp;as may be expressly required by this Agreement this Agreement or (z)&nbsp;as set forth in the applicable subsection of <U>Section&nbsp;6.2(a)</U> of the Parent Disclosure Letter, Parent shall,
and shall cause each of the Parent Subsidiaries to, use its commercially reasonable efforts to (A)&nbsp;preserve intact in all material respects its current business organization and ongoing businesses and (B)&nbsp;maintain the status of Parent as a
REIT: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Without limiting the foregoing, Parent covenants and agrees that, during the Interim Period, except
(w)&nbsp;to the extent required by applicable Law, the regulations or requirements of any stock exchange or regulatory organization or Organizational Documents (including any limitations therein) applicable to Parent or any Parent Subsidiary,
(x)&nbsp;as may be consented to in writing by Company (which consent shall not in any case be unreasonably withheld, delayed or conditioned), (y)&nbsp;as may be expressly required by this Agreement or (z)&nbsp;as set forth in <U>Section&nbsp;6.2</U>
of the Parent Disclosure Letter, Parent shall not, and shall not cause or permit any Parent Subsidiary to, do any of the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) amend the Parent Charter or the Parent Bylaws (other than any amendment necessary to effect the Mergers and the other
transactions contemplated hereby) if such amendment would be materially adverse to Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) split, combine,
reclassify or subdivide any shares of stock or other equity securities or ownership interests of Parent or any Parent Subsidiary (other than any wholly owned Parent Subsidiary); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) declare, set aside or pay any dividend on or make any other distributions (whether in cash, stock, property or
otherwise) with respect to shares of capital stock of Parent or other equity securities or ownership interests in Parent, except for the declaration and payment by Parent of regular quarterly dividends in accordance with past practice and in an
amount not to exceed $0.65 per Parent Common Share; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iv) acquire or agree to acquire (including by merger, consolidation
or acquisition of stock or assets) any real property, personal property, corporation, partnership, limited liability company, other business organization or any division or material amount of assets thereof, in each case, if such acquisition would
reasonably be expected to materially impair or delay the ability of Parent to consummate the Mergers or other transactions contemplated hereby in the manner contemplated by this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(v) fail to maintain all financial books and records in all material respects in accordance with GAAP (or any binding
interpretation thereof) or make any material change to its methods of financial accounting, except as required by a change in GAAP (or any binding interpretation thereof) or in applicable Law, or make any change, with respect to financial accounting
policies, principles or practices, unless required by GAAP, the SEC or the Financial Accounting Standards Board or any similar organization; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vi) take any action that would, or fail to take any action, the failure of
which to be taken would, reasonably be expected to cause Parent to fail to qualify as a REIT (provided that in no event shall Parent be required to change its practices, classifications or Tax positions as of the date hereof as a result of this
clause (vi)&nbsp;absent changes in applicable Law); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(vii) take any action, or knowingly fail to take any action, which
action or failure to act could be reasonably expected to prevent the Second Merger from qualifying as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(viii) adopt a plan of merger, complete or partial liquidation or resolutions providing for or authorizing such merger,
liquidation or a dissolution, consolidation, recapitalization or bankruptcy reorganization, except in a manner that would not reasonably be expected to be materially adverse to Parent or to prevent or materially impair the ability of Parent to
consummate the Merger; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ix) authorize, or enter into any contract, agreement, commitment or arrangement to do any of
the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Notwithstanding anything to the contrary set forth in this Agreement, (i) subject to
<U>Section&nbsp;7.11</U>, nothing in this Agreement shall prohibit Parent from taking any action, at any time or from time to time, that in the reasonable judgment of the Parent Board, upon advice of counsel to Parent, is reasonably necessary for
Parent to avoid or to continue to avoid incurring entity-level income or excise Taxes under the Code or to maintain its qualification as a REIT under the Code for any period or portion thereof ending on or prior to the Second Merger Effective Time,
including making dividend or other distribution payments to stockholders of Parent in accordance with this Agreement, or to qualify or preserve the status of any Parent Subsidiary as a disregarded entity or partnership for U.S. federal income Tax
purposes or as a Qualified REIT Subsidiary, Taxable REIT Subsidiary or REIT under the applicable provisions of Section&nbsp;856 of the Code, as the case may be, and (ii)&nbsp;Parent&#146;s obligations under this <U>Section&nbsp;6.2</U> to act or
refrain from acting, or to cause Parent Subsidiaries to act or refrain from acting, will, with respect to any joint venture and its subsidiaries, be subject to (A)&nbsp;express requirements under the Organizational Documents of such entity and its
subsidiaries, and (B)&nbsp;the scope of Parent or Parent Subsidiaries&#146; power and authority to bind such entity and its subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;6.3 <U>No Control of Other Party&#146;s Business</U>. Nothing contained in this Agreement shall give Company,
directly or indirectly, the right to control or direct Parent&#146;s or any Parent Subsidiary&#146;s operations prior to the Second Merger Effective Time, and nothing contained in this Agreement shall give Parent, directly or indirectly, the right
to control or direct Company&#146;s, Hermes Sub I&#146;s or any Company Subsidiary&#146;s operations prior to the Second Merger Effective Time. Prior to the Second Merger Effective Time, each of Company and Parent shall exercise, consistent with the
terms and conditions of this Agreement, complete control and supervision over its and its Subsidiaries&#146; respective operations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 7 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADDITIONAL
COVENANTS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.1 <U>Preparation of the Form S-4, the Proxy Statement; Stockholders Meeting</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) As promptly as reasonably practicable following the date of this Agreement (it being agreed that the Parties shall use
their commercially reasonable efforts to make the initial filing of the Form S-4 by no later than 30 days from the date of this Agreement), (i)&nbsp;Company and Parent shall jointly prepare a Form S-4 and cause to be filed with the SEC the Form S-4,
which will include the Proxy Statement with respect to the Company Stockholder Meeting. Immediately following the effectiveness of the Form S-4, Company shall cause to be filed with the SEC the Proxy Statement in definitive form. Each of Company and
Parent, as applicable, shall use its commercially reasonable efforts to (A)&nbsp;have the Form S-4 declared effective under the Securities Act </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-62 </P>

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as promptly as practicable after such filing, (B)&nbsp;ensure that the Form S-4 (including the preliminary Proxy Statement contained therein) complies in all material respects with the applicable
provisions of the Exchange Act and Securities Act, (C)&nbsp;mail or deliver the Proxy Statement to Company&#146;s stockholders as promptly as practicable after the Form S-4 is declared effective and (D)&nbsp;keep the Form S-4 effective for so long
as is necessary to complete the Second Merger. Each of Company and Parent shall furnish all information required to be disclosed in the Form S-4 and Proxy Statement or as may reasonably be requested concerning itself, its Affiliates and its
stockholders to the other, including, in the case of Company, all information necessary for the preparation of pro forma or other financial statements, and provide such other assistance as may be reasonably requested in connection with the
preparation, filing and distribution of the Form S-4 and Proxy Statement. Each of Company and Parent shall promptly notify the other upon the receipt of any comments from the SEC or any request from the SEC for amendments or supplements to the Form
S-4 or the Proxy Statement, and shall, as promptly as practicable after receipt thereof, provide the other with copies of all correspondence between it and its Representatives, on one hand, and the SEC, on the other hand, and all written comments
with respect to the Proxy Statement or the Form S-4 received from the SEC and advise the other Party of any oral comments with respect to the Proxy Statement or the Form S-4 received from the SEC. Each of Company and Parent shall use its
commercially reasonable efforts to respond as promptly as practicable to any comments from the SEC with respect to the Proxy Statement, and Parent shall use its commercially reasonable efforts to respond as promptly as practicable to any comments
from the SEC with respect to the Form S-4. Notwithstanding the foregoing, prior to filing the Form S-4 (or any amendment or supplement thereto) or mailing the Proxy Statement (or any amendment or supplement thereto) or responding to any comments of
the SEC with respect thereto, each of Company and Parent shall cooperate and provide the other a reasonable opportunity to review and comment on such document or response (including the proposed final version of such document or response). Parent
shall advise Company, promptly after it receives notice thereof, of the time of effectiveness of the Form S-4, the issuance of any stop order relating thereto or the suspension of the qualification of the Parent Common Shares and Parent Preferred
Shares issuable in connection with the Second Merger for offering or sale in any jurisdiction, and Parent shall use its commercially reasonable efforts to have any such stop order or suspension lifted, reversed or otherwise terminated. Parent shall
also take any other action required to be taken under the Securities Act, the Exchange Act, Nasdaq rules and regulations, any applicable foreign or state securities or &#147;blue sky&#148; Laws and the rules and regulations thereunder in connection
with the issuance of the Parent Common Shares and Parent Preferred Shares in the Second Merger, and Company shall furnish all information concerning Company and the holders of Company Common Stock and Company Class&nbsp;A Common Stock and Company
Preferred Stock as may be reasonably requested in connection with any such actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) If, at any time prior to the
receipt of the Company Stockholder Approval, any information relating to Company or Parent, or any of their respective Affiliates, should be discovered by Company or Parent which, in the reasonable judgment of Company or Parent, should be set forth
in an amendment of, or a supplement to, any of the Form S-4 or the Proxy Statement, so that any of such documents would not include any misstatement of a material fact or omit to state any material fact necessary to make the statements therein, in
light of the circumstances under which they were made, not misleading, the Party that discovers such information shall promptly notify the other Parties hereto, and Company and Parent shall cooperate in the prompt filing with the SEC of any
necessary amendment of, or supplement to, the Form S-4 or Proxy Statement and, to the extent required by Law, in disseminating the information contained in such amendment or supplement to stockholders of Company. Nothing in this <U>Section</U>
<U>7.1(b)</U> shall limit the obligations of any Party under <U>Section&nbsp;7.1(a)</U>. For purposes of <U>Section&nbsp;4.14</U>, <U>Section&nbsp;5.13</U> and this <U>Section&nbsp;7.1</U>, any information concerning or related to Company, its
Affiliates or the Company Stockholder Meeting will be deemed to have been provided by Company, and any information concerning or related to Parent, Merger Sub or their Affiliates will be deemed to have been provided by Parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) As promptly as practicable (but, other than with respect to the establishment of a record date, following the date upon
which the Form S-4 becomes effective under the Securities Act), Company shall, in accordance with applicable Law and the Company Charter and the Company Bylaws, establish a record date for, duly call, give notice of, convene and hold the Company
Stockholder Meeting and shall use its commercially </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-63 </P>

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reasonable efforts to cause the Proxy Statement to be mailed to the stockholders of Company entitled to vote at the Company Stockholder Meeting and to hold the Company Stockholder Meeting.
Company shall, through the Company Board, recommend to its stockholders that they provide the Company Stockholder Approval, include such recommendation in the Proxy Statement and solicit and use its commercially reasonable efforts to obtain the
Company Stockholder Approval, subject the Company Board&#146;s right to make a Company Adverse Recommendation Change as permitted by <U>Section&nbsp;7.3(c)</U>. Company shall not postpone or adjourn the Company Stockholders Meeting without the prior
written consent of Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.2 <U>Access to Information; Confidentiality</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) During the Interim Period, to the extent permitted by applicable Law, upon reasonable advance notice and at the
reasonable request of Parent, and subject to the reasonable restrictions imposed from time to time upon advice of counsel in order to comply with applicable Law, Company, solely for the purposes of furthering the Second Merger and the other
transactions contemplated hereby or integration planning relating thereto or for any other reasonable business purchase, shall, and shall cause each of the Company Subsidiaries, to afford to the Representatives of Parent reasonable access during
normal business hours to all of its and the Company Subsidiaries and joint ventures&#146; properties (<U>provided</U>, that no testing or sampling of any environmental media may be conducted), offices, books, contracts, personnel and records;
<U>provided</U>, that all such access shall be coordinated through Company or its Representatives in accordance with such procedures as they may reasonably jointly establish. During such period, Company shall, and shall cause each of the Company
Subsidiaries to, furnish reasonably promptly to Parent all other information (financial or otherwise) concerning its business, properties and personnel as Parent may reasonably request, subject in appropriate cases to appropriate confidentiality
agreements to limit disclosure to outside lawyers and consultants; <U>provided</U>, that any access to properties and personnel shall be subject to reasonable requirements established by Company with respect to COVID-19 or COVID-19 Measures. No
representation or warranty as to the accuracy of information provided pursuant to this <U>Section&nbsp;7.2</U> is made and the Parties may not rely on the accuracy of such information except to the extent expressly set forth in the representations
and warranties included in <U>Article 4</U> or <U>Article 5</U>, and no investigation under this <U>Section&nbsp;7.2(a)</U> or otherwise shall modify any of the representations and warranties of Company or of Parent respectively, contained in this
Agreement or any condition to the obligations of the Parties under this Agreement. Notwithstanding the foregoing, neither Company shall not be required by this <U>Section&nbsp;7.2(a)</U> to provide Parent or the Representatives of Parent with access
to or to disclose information (A)&nbsp;that is subject to the terms of a confidentiality agreement with a third party entered into prior to the date of this Agreement or entered into after the date of this Agreement in the ordinary course of
business consistent with past practice, (B)&nbsp;the disclosure of which would violate any Law applicable to Company or any of its Representatives or (C)&nbsp;that is subject to any attorney-client, attorney work product or other legal privilege or
would cause a risk of loss of privilege to Company; <U>provided</U>, that the Parties will cooperate in good faith to make appropriate substitute disclosure arrangements under circumstances in which the restrictions of this sentence apply,
including, in the case of clause (A), by using commercially reasonable efforts to obtain consent to disclose. Parent will use its commercially reasonable efforts to minimize any disruption to the businesses of Company that may result from the
requests for access, data and information hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Each of Company and Parent will hold, and will cause its
respective Representatives and Affiliates to hold, any nonpublic information, including any information exchanged pursuant to this <U>Section&nbsp;7.2</U>, in confidence to the extent required by and in accordance with, and will otherwise comply
with, the terms of the Confidentiality Agreement, which shall remain in full force and effect pursuant to the terms thereof notwithstanding the execution and delivery of this Agreement or the termination thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.3 <U>No Solicitation; Company Acquisition Proposals</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except as expressly permitted by this <U>Section&nbsp;7.3</U>, Company shall not, and shall cause its Affiliates not to,
and shall not authorize or permit any Representatives of Company or any of its Affiliates to, and shall cause such Representatives not to, directly or indirectly, (i)&nbsp;solicit, initiate or knowingly encourage or
</P>
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knowingly facilitate any inquiry, proposal or offer with respect to, or the announcement, making or completion of, any Company Acquisition Proposal, or any inquiry, proposal or offer that could
reasonably be likely to lead to any Company Acquisition Proposal or any other effort or attempt to make or implement a Company Acquisition Proposal, (ii)&nbsp;enter into, continue or otherwise participate or engage in any discussions or negotiations
regarding, or furnish to any Person other than Parent or its Representatives any non-public information in connection with, any Company Acquisition Proposal, or any inquiry, proposal or offer that could reasonably be likely to lead to a Company
Acquisition Proposal (other than to state that the terms of this Agreement prohibit such discussions), (iii)&nbsp;approve, recommend, publicly declare advisable or enter into any letter of intent, memorandum of understanding, agreement in principle,
acquisition agreement, merger agreement, share exchange agreement, consolidation agreement, or other agreement in each case relating to a Company Acquisition Proposal (other than a Company Acceptable Confidentiality Agreement in accordance with
<U>Section&nbsp;7.3(b)</U>) or requiring or having the effect of requiring Company to abandon, terminate or violate its obligations hereunder or fail to consummate any of the transactions contemplated hereby, including the Mergers (a
&#147;<U>Company Alternative Acquisition Agreement</U>&#148;), or (iv)&nbsp;agree to or propose publicly to do any of the foregoing. Company shall, and shall cause each of the Company Subsidiaries and shall cause the Representatives of Company and
the Company Subsidiaries to, (A)&nbsp;immediately cease and cause to be terminated all existing discussions, negotiations and communications with any Person and its Representatives (other than Parent or any of its Representatives) conducted
heretofore with respect to any Company Acquisition Proposal, (B)&nbsp;request the prompt return or destruction, to the extent required upon Company&#146;s request by any confidentiality agreement, of all confidential information previously furnished
to any such Person and its Representatives and (C) terminate the access of any such Person (other than Parent, the Parent Subsidiaries and any of their respective Representatives) to any &#147;data room&#148; hosted by Company, the Company
Subsidiaries or any of their respective Representatives relating to any Company Acquisition Proposal. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)
Notwithstanding anything to the contrary in <U>Section&nbsp;7.3(a),</U> if, at any time following the date of this Agreement and prior to obtaining the Company Stockholder Approval, Company receives an unsolicited bona fide Company Acquisition
Proposal that was not the result of a violation of <U>Section&nbsp;7.3(a)</U>, and the Company Board determines in good faith (after consultation with Company&#146;s outside counsel and financial advisor) that such Company Acquisition Proposal
constitutes or would reasonably be expected to lead to a Company Superior Proposal, then, subject to compliance with the other terms of this <U>Section&nbsp;7.3</U>, Company may (and may authorize the Company Subsidiaries and its and their
Representatives to) (x)&nbsp;furnish non-public information with respect to Company and the Company Subsidiaries to the Person making such Company Acquisition Proposal (and such Person&#146;s Representatives) pursuant to a Company Acceptable
Confidentiality Agreement and (y)&nbsp;participate in negotiations with the Person making such Company Acquisition Proposal (and such Person&#146;s Representatives) regarding such Company Acquisition Proposal. Any non-public information provided to
any Person pursuant to this <U>Section&nbsp;7.3(b)</U> shall have previously been provided to Parent or shall be provided (to the extent permitted by applicable Law) to Parent substantially concurrently with the time it is provided to such Person.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Except as provided in <U>Sections 7.3(d)</U> and <U>7.3(e)</U>, the Company Board (i)&nbsp;shall not withdraw,
withhold, modify or qualify in any manner adverse to Parent or Merger Sub (or publicly propose to withdraw, withhold, modify or qualify in any manner adverse to Parent or Merger Sub) the approval, recommendation or declaration of advisability by the
Company Board of this Agreement, the Mergers or any of the other transactions contemplated hereby, and (ii)&nbsp;shall not publicly recommend, endorse or otherwise declare advisable the approval of any Company Acquisition Proposal (each such action
set forth in this <U>Section&nbsp;7.3(c)</U> being referred to herein as a &#147;<U>Company Adverse Recommendation Change</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Notwithstanding anything in this Agreement to the contrary, in circumstances not involving a Company Acquisition
Proposal, subject to compliance with <U>Section</U> <U>7.3(f)</U>, at any time prior to obtaining the Company Stockholder Approval the Company Board may make a Company Adverse Recommendation Change if, and only if, after the date of this Agreement,
the Company Board determines in good faith (after consultation </P>
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with Company&#146;s financial advisors and outside counsel) that (i)&nbsp;a Company Intervening Event has occurred or arisen and (ii)&nbsp;the failure to do so would be inconsistent with its
duties under applicable Law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Notwithstanding anything in this Agreement to the contrary, subject to compliance with
<U>Section&nbsp;7.3(f)</U>, at any time prior to obtaining the Company Stockholder Approval, the Company Board may make a Company Adverse Recommendation Change in circumstances involving a Company Acquisition Proposal in the event that the Company
Board determines such Company Acquisition Proposal to be a Company Superior Proposal, and in accordance with this <U>Section&nbsp;7.3</U>, terminate this Agreement pursuant to <U>Section&nbsp;9.</U>1(d)(ii) (the &#147;<U>Company Superior Proposal
Termination</U>&#148;), if and only if (i)&nbsp;Company receives an unsolicited, written Company Acquisition Proposal that the Company Board believes in good faith to be bona fide and that is not withdrawn, (ii)&nbsp;such Company Acquisition
Proposal was not the result of a violation of <U>Section</U> <U>7.3</U>, (iii)&nbsp;the Company Board determines in good faith (after consultation with Company&#146;s outside counsel and financial advisor) that such Company Acquisition Proposal
constitutes a Company Superior Proposal, and (iv)&nbsp;the Company Board determines in good faith (after consultation with Company&#146;s outside counsel) that the failure to do so would be inconsistent with its duties under applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Prior to effecting a Company Superior Proposal Termination in accordance with <U>Section&nbsp;7.3(e)</U> or a Company
Adverse Recommendation Change in accordance with <U>Section</U> <U>7.3(d)</U>, (i)&nbsp;Company shall notify Parent in writing, at least four (4)&nbsp;Business Days prior to taking such action (the &#147;<U>Notice Period</U>&#148;), of its intention
to effect such Company Adverse Recommendation Change (which notice shall include (x)&nbsp;in circumstances involving or relating to a Company Acquisition Proposal, the terms and conditions of, and attach a copy of, such Company Acquisition Proposal,
and (y)&nbsp;in circumstances not involving or relating to a Company Acquisition Proposal, specifying in reasonable detail the reasons therefor), (ii)&nbsp;during the Notice Period, Company shall, and shall cause its Representatives to, negotiate
with Parent in good faith (to the extent Parent wishes to negotiate) to make such adjustments or modifications to the terms and conditions of this Agreement (x)&nbsp;such that, in circumstances involving or relating to a Company Acquisition
Proposal, the Company Superior Proposal ceases to be a Company Superior Proposal, and (y)&nbsp;in circumstances not involving or relating to a Company Acquisition Proposal, as may be proposed by Parent, and (iii)&nbsp;at the end of the Notice
Period, the Company Board must determine in good faith that, (x)&nbsp;after consultation with Company&#146;s outside counsel and financial advisor, in circumstances involving or relating to a Company Acquisition Proposal, such Company Superior
Proposal continues to constitute a Company Superior Proposal (taking into account any adjustment or modification to the terms and conditions of this Agreement proposed by Parent), and that, after consultation with Company&#146;s outside counsel, the
failure to effect such Company Superior Proposal Termination would be inconsistent with its duties under applicable Law, or (y)&nbsp;after consultation with Company&#146;s financial advisors and outside counsel, in circumstances not involving or
relating to a Company Acquisition Proposal, the failure to effect such Company Adverse Recommendation Change would be inconsistent with its duties under applicable Law; <U>provided</U>, <U>however</U>, that in circumstances involving or relating to
a Company Acquisition Proposal, any material supplement or amendment of any such Company Superior Proposal or in circumstances involving or relating to a Company Intervening Event, any material change to the conditions constituting such Company
Intervening Event, in either case during the Notice Period shall require a new written notice and Notice Period, and Company shall be required to comply again with the requirements of this <U>Section&nbsp;7.3(f)</U> with respect to such new written
notice, except that the new Notice Period shall be two (2)&nbsp;Business Days instead of four (4)&nbsp;Business Days, and <U>provided further</U> that, for purposes of this <U>Section&nbsp;7.3(f)</U>, if Company delivers written notice prior to 8:00
a.m. New York City time on a Business Day, such Business Day shall be included as one (1) Business Day in such four (4)&nbsp;or two (2)&nbsp;Business Day period, as applicable. Company shall be required to comply with the obligations under this
<U>Section&nbsp;7.3(f)</U> with respect to each Company Acquisition Proposal it receives or any Company Intervening Event the Company Board identifies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) In addition to the obligations of Company set forth in <U>Section&nbsp;7.3(a)</U> and <U>Section&nbsp;7.3(e)</U>, Company
shall promptly (but in no event later than forty-eight (48)&nbsp;hours) notify Parent in writing in the event that after the date hereof Company or any of its Affiliates or Representatives receives (i)&nbsp;any Company Acquisition Proposal or
(ii)&nbsp;any request for non-public information from any Person that informs Company or </P>
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any of the Company Subsidiaries or Representatives that it is considering making, or has made, a Company Acquisition Proposal, or any inquiry from any Person seeking to have or continue
discussions or negotiations with Company relating to a possible Company Acquisition Proposal. Such notice shall include the terms and conditions of such Company Acquisition Proposal or request and the identity of the Person making any such Company
Acquisition Proposal or request including a copy thereof if in writing and any related documentation or correspondence that materially supplements or amends such Company Acquisition Proposal, including proposed agreements, or a summary of the
material terms and conditions if such Company Acquisition Proposal or request was not made in writing (in each case, which may be redacted to the extent necessary to protect confidential information of the business or operations of the Person making
such Company Acquisition Proposal). Company shall (i)&nbsp;promptly notify Parent if Company determines to engage in negotiations concerning a Company Acquisition Proposal pursuant to <U>Section&nbsp;7.3(b)</U> and shall in no event begin engaging
in such discussions or negotiations prior to providing such notice and (ii)&nbsp;shall keep Parent informed of the status and terms of developments, discussions and negotiations concerning any such Company Acquisition Proposal (including after the
occurrence of any amendment, modification or supplement thereto) on a reasonably current basis, including by providing a copy of all documentation or correspondence that materially supplements or amends such Company Acquisition Proposal (which may
be redacted to the extent necessary to protect confidential information of the business or operations of the Person making such Company Acquisition Proposal). Company shall not, and shall cause its Affiliates not to, enter into any contract with any
Person that prohibits Company from providing such information or any other information contemplated by this <U>Section&nbsp;7.3</U> to Parent, Merger Sub or their Representatives or otherwise limits or impairs Company&#146;s, the Company
Subsidiaries&#146; or their respective Affiliates&#146; or Representatives&#146; ability to comply with their respective obligations in this <U>Section 7.3.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h) Nothing contained in this <U>Section&nbsp;7.3</U> shall prohibit Company or the Company Board through its
Representatives, directly or indirectly, from (i)&nbsp;issuing a &#147;stop, look and listen&#148; communication pursuant to Rule 14d-9(f) under the Exchange Act pending disclosure of its position thereunder or taking and disclosing to its
stockholders a position contemplated by Rule 14e-2(a), or making a statement contemplated by Rule 14d-9 under the Exchange Act or Item&nbsp;1012(a) of Regulation M-A under the Exchange Act, or (ii)&nbsp;making any disclosure to the stockholders of
Company if, in the good faith judgment of the Company Board (after consultation with Company&#146;s outside counsel), failure to so disclose would be inconsistent with its duties under applicable Law; <U>provided</U>, that in no event shall this
<U>Section&nbsp;7.3(h)</U> affect the obligations of Company specified in <U>Section&nbsp;7.3(c)</U> and Company shall not withdraw, modify or change the Company Board Recommendation in a manner adverse to Parent unless specifically permitted
pursuant to the terms of <U>Section&nbsp;7.3(d)</U> or <U>Section&nbsp;7.3(e)</U>; and <U>provided</U>, <U>further</U>, that any communication that addresses the approval, recommendation or declaration of advisability by the Company Board with
respect to this Agreement or a Company Acquisition Proposal shall be deemed to be a Company Adverse Recommendation Change, unless the Company Board in connection with such communication publicly states that its recommendation with respect to this
Agreement and the transactions contemplated hereby has not changed or refers to the prior recommendation of the Company Board, without disclosing any Company Adverse Recommendation Change. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) For purposes of this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) &#147;<U>Company Acquisition Proposal</U>&#148; means any <I>bona fide</I> proposal, offer, or inquiry from any Person
(other than Parent or any Parent Subsidiaries) or &#147;group&#148; (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) relating to any direct or indirect acquisition or purchase, in one transaction or a series of transactions
by such Person or group, including any merger, reorganization, recapitalization, restructuring share exchange, consolidation, tender offer, exchange offer, stock acquisition, asset acquisition, business combination, liquidation, dissolution, joint
venture, sale, lease, exchange, license, transfer or disposition or similar transaction, (A)&nbsp;of assets or businesses of Company and the Company Subsidiaries that generate 20% or more of the net revenues or net income or that represent 20% or
more of the consolidated total assets (based on book value) of Company and the Company Subsidiaries, taken as a whole, immediately prior to such transaction or (B)&nbsp;of 20% or more of the voting power of Company or any resulting parent company of
Company, including any tender offer or exchange offer in which any Person or &#147;group&#148; (as such term is defined </P>
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in Rule 13d-3 promulgated under the Exchange Act) seeks to acquire beneficial ownership (as such term is defined in Rule 13d-3 promulgated under the Exchange Act) or the right to acquire
beneficial ownership of 20% or more of the outstanding shares of any class of voting securities of Company, in each case other than the transactions contemplated by this Agreement involving Parent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) &#147;<U>Company Superior Proposal</U>&#148; means any bona fide written Company Acquisition Proposal that did not
result from a breach or violation of this <U>Section&nbsp;7.3</U> made after the entry into this Agreement (with all percentages included in the definition of &#147;Company Acquisition Proposal&#148; increased to 50%), taking into account all legal,
financial, regulatory, financing, timing, risks and any other aspects of the proposal and the Person making the proposal and any other matters that the Company Board considers appropriate, that if consummated, would be more favorable to the
stockholders of Company from a financial point of view than the transactions contemplated by this Agreement (including any adjustment to the terms and conditions thereof proposed in writing by Parent in response to any such Company Acquisition
Proposal or otherwise). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j) References in this <U>Section&nbsp;7.3</U> to (a)&nbsp;the Company Board shall mean the
board of directors of Company or a duly authorized committee thereof, and (b)&nbsp;outside counsel shall mean, as applicable, outside counsel to Company or the Company Board or a duly authorized committee thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k) Company shall not submit to the vote of its stockholders any Company Acquisition Proposal other than the Mergers prior to
the termination of this Agreement in accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.4 <U>Public Announcements</U>. Except for
any action taken by Company or the Company Board pursuant to, and in accordance with, <U>Section&nbsp;7.3</U>, so long as this Agreement is in effect, neither Party nor any of its Affiliates shall make any press release or otherwise make any public
statements with respect to this Agreement or any of the transactions contemplated by this Agreement without the prior written consent of Company or Parent, as applicable,; <U>provided</U>, that a Party may issue such press release or make such
public statement as may be required by applicable Law, Order or the applicable rules of any stock exchange or that are consistent with the final form of joint press release announcing the entry into this Agreement and the investor presentation given
to investors on the date of announcement of the entry into this Agreement. The Parties will mutually agree on the form of any press release announcing the execution of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.5 <U>Indemnification; Directors&#146; and Officers&#146; Insurance</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Without limiting any additional rights that any current or former manager, director, officer, trustee, member, employee,
agent or fiduciary may have under any indemnification agreement or under the Company Charter, the Company Bylaws or, if applicable, comparable Organizational Documents of Hermes Sub I or any Company Subsidiary, from and after the Second Merger
Effective Time until the sixth (6th)&nbsp;anniversary of the Closing Date, Parent shall cause the surviving corporation in the First Merger to: (i)&nbsp;indemnify and hold harmless each person who is at the date hereof, was previously, or during the
period from the date hereof through the date of the Second Merger Effective Time, serving as a manager, director, officer, trustee, member, employee, agent or fiduciary, in each case to the extent such persons are otherwise entitled to
indemnification pursuant to the terms of the Organizational Documents of Company, Hermes Sub I or any of the Company Subsidiaries as in effect on the date hereof, of Company, Hermes Sub I or any of the Company Subsidiaries and acting in such
capacity (collectively, the &#147;<U>Indemnified Parties</U>&#148;) to the fullest extent authorized or permitted by applicable Law as now or hereafter in effect against any fees, costs or expenses (including attorneys&#146; and consultants&#146;
fees and expenses), amounts paid in settlement, judgments, fines, losses, claims, damages or liabilities incurred in connection with, arising out of or otherwise related to any actual or alleged Action or any investigation, defense, preparation
thereof or participation therein, in connection with, arising out of or otherwise related to matters existing or occurring or alleged to have occurred prior to or at the Second Merger Effective Time, including any such Action arising out of or
pertaining to (x)&nbsp;matters that relate to such Indemnified Party&#146;s duties or service as a manager, director, officer, trustee, member, employee, agent or fiduciary of Company, Hermes Sub I or any of the Company Subsidiaries or, to the
extent such person is or was serving at the request or </P>
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for the benefit of Company, Hermes Sub I or any of the Company Subsidiaries, any other entity or any Benefit Plan maintained by any of the foregoing at or prior to the Second Merger Effective
Time and (y)&nbsp;this Agreement or any of the transactions contemplated hereby, including the Mergers, the consideration and approval thereof and the process undertaken in connection therewith; and (ii)&nbsp;promptly pay on behalf of or advance to
each of the Indemnified Parties, in each case to the extent such persons are otherwise entitled to payment or advancement of expenses pursuant to the terms of the Organizational Documents of Company, Hermes Sub I and the Company Subsidiaries as in
effect on the date hereof in connection with, arising out of or otherwise related to any such actual or alleged Action, in connection with, arising out of or otherwise related to matters existing or occurring or alleged to have occurred prior to or
at the Second Merger Effective Time. The indemnification and advancement obligations of the surviving corporation in the First Merger pursuant to this <U>Section&nbsp;7.5(a)</U> shall be limited to acts or omissions occurring at or before the Second
Merger Effective Time and any Action relating thereto (including with respect to any acts or omissions occurring in connection with the approval of this Agreement, the Mergers and the consummation of the other transactions contemplated by this
Agreement, including the consideration and approval thereof and the process undertaken in connection therewith and any claim relating thereto), and all rights to indemnification and advancement conferred hereunder shall continue as to a person who
has ceased to be a manager, director, officer, trustee, member, employee, agent or fiduciary of Company, Hermes Sub I or any of the Company Subsidiaries after the date hereof and shall inure to the benefit of such person&#146;s heirs, executors and
personal and legal representatives. Parent hereby agrees that any indemnification agreement between Company and any director or officer of Company shall entitle such director or officer to indemnification and advancement of expenses in connection
with such director&#146;s or officer&#146;s service as director or officer of Hermes Sub 1 to the same extent as such director or officer is entitled to indemnification and advancement of expenses as a director or officer of Company under such
indemnification agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Without limiting the foregoing, the surviving corporation in the First Merger agrees that
all rights to indemnification and exculpation from liabilities for acts or omissions occurring at or prior to the Second Merger Effective Time now existing in favor of the current or former managers, directors, officers, trustees, members,
employees, agents or fiduciaries or other Indemnified Parties as provided in the Organizational Documents and the indemnification agreements of Company, Hermes Sub I and any applicable Company Subsidiaries shall survive the Second Merger and shall
continue in full force and effect in accordance with their terms. For a period of six (6)&nbsp;years following the Second Merger Effective Time, the Organizational Documents of the surviving corporation in the First Merger and of any applicable
Subsidiary of the surviving corporation in the First Merger shall contain provisions no less favorable with respect to indemnification and limitations on liability of directors and officers than are set forth in the Organizational Documents of
Company, Hermes Sub I or any applicable Company Subsidiary, which provisions shall not be amended, repealed or otherwise modified for a period of six (6)&nbsp;years following the Second Merger Effective Time in any manner that would affect adversely
the rights of the applicable Indemnified Parties thereunder, unless such modification shall be required by applicable Law and then only to the minimum extent required by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) For a period of six (6)&nbsp;years after the Second Merger Effective Time, the surviving corporation in the First Merger
shall maintain in effect Company&#146;s current directors&#146; and officers&#146; liability insurance covering each Person covered, on the date of this Agreement, by Company&#146;s directors&#146; and officers&#146; liability insurance policy for
acts or omissions occurring prior to and through the Second Merger Effective Time; <U>provided</U>, that in lieu of such obligation, (i)&nbsp;the surviving corporation in the First Merger may substitute therefor policies of an insurance company with
the same or better rating as Company&#146;s current insurance carrier the material terms of which, including coverage and amount, are no less favorable in any material respect to such directors and officers than Company&#146;s existing policies as
of the date hereof or (ii)&nbsp;at Parent&#146;s election, Company will obtain extended reporting period coverage under Company&#146;s existing insurance programs (to be effective as of the Second Merger Effective Time) or purchase a
&#147;tail&#148; policy for a period of six (6) years from the Second Merger Effective Time for a cost not in excess of the Maximum Amount (as defined below); and <U>provided</U>, <U>further</U>, that in no event shall the surviving corporation in
the First Merger be required to pay annual premiums for insurance under this <U>Section&nbsp;7.5(c)</U> in excess of 300% of the most recent annual premiums paid by Company prior to the date of this Agreement for such purpose (the &#147;<U>Maximum
Amount</U>&#148;), it being understood that if the </P>
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annual premiums of such insurance coverage exceed such amount, the surviving corporation in the First Merger shall nevertheless be obligated to provide such coverage as may be obtained for such
Maximum Amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) If the surviving corporation in the First Merger or its successors or assigns (i) consolidates with
or merges with or into any other Person and shall not be the continuing or surviving corporation, partnership or other entity of such consolidation or merger or (ii)&nbsp;liquidates, dissolves or winds-up, or transfers or conveys all or
substantially all of its properties and assets to any Person, then, and in each such case, proper provision shall be made so that the successors and assigns of the surviving corporation in the First Merger shall assume the obligations set forth in
this <U>Section&nbsp;7.5(d). </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) The surviving corporation in the First Merger shall pay all reasonable expenses,
including reasonable attorneys&#146; fees, that may be incurred by any Indemnified Party in enforcing the indemnity and other obligations provided in this <U>Section&nbsp;7.5(e)</U>; <U>provided</U>, that such Indemnified Party provides an
undertaking to repay such expenses if it is determined by a final and non-appealable judgment of a court of competent jurisdiction that such Person is not legally entitled to indemnification under Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) The provisions of this <U>Section&nbsp;7.5</U> are intended to be for the express benefit of, and shall be enforceable
by, each Indemnified Party (who are intended third party beneficiaries of this <U>Section&nbsp;7.5</U>), his or her heirs and his or her personal representatives, shall be binding on all successors and assigns of Parent, Company and the surviving
corporation in the First Merger and shall not be amended in a manner that is adverse to the Indemnified Party (including his or her successors, assigns and heirs) without the prior written consent of the Indemnified Party (including such successors,
assigns and heirs) affected thereby. The exculpation and indemnification provided for by this <U>Section&nbsp;7.5</U> shall not be deemed to be exclusive of any other rights to which an Indemnified Party is entitled, whether pursuant to applicable
Law, contract or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.6 <U>Appropriate Action; Consents; Filings</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Upon the terms and subject to the conditions set forth in this Agreement, each of Company and Parent shall and shall
cause the Company Subsidiaries and the Parent Subsidiaries, respectively, and their respective Affiliates, to use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist and
cooperate with the other Party in doing, all things necessary, proper or advisable under applicable Law or pursuant to any contract or agreement to consummate and make effective, as promptly as practicable, the Mergers and the other transactions
contemplated by this Agreement, including (i) the taking of all actions necessary to cause the conditions to Closing set forth in <U>Article 8</U> to be satisfied, (ii)&nbsp;the obtaining of all necessary or advisable actions or nonactions, waivers,
consents and approvals from Governmental Authorities or other Persons necessary in connection with the consummation of the Mergers and the other transactions contemplated by this Agreement and the making of all necessary or advisable registrations
and filings (including filings with Governmental Authorities, if any) and the taking of all reasonable steps as may be necessary or advisable to obtain an approval or waiver from, or to avoid an action or proceeding by, any Governmental Authority or
other Persons necessary in connection with the consummation of the Mergers and the other transactions contemplated by this Agreement, and (iii)&nbsp;solely with respect to stockholder litigation, subject to <U>Section&nbsp;7.7(c)</U>, the defending
of any lawsuits or other legal proceedings, whether judicial or administrative, challenging this Agreement or the consummation of the Mergers or the other transactions contemplated by this Agreement, including seeking to have any stay or temporary
restraining order entered by any court or other Governmental Authority vacated or reversed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) In connection with and
without limiting the foregoing <U>Section&nbsp;7.6(a),</U> each of Parent and Company shall (or shall cause the Parent Subsidiaries or the Company Subsidiaries, respectively, to) use its commercially reasonable efforts to give any notices to third
parties, and each of Parent and Company shall use, and cause each of their respective Affiliates to use, its commercially reasonable efforts to obtain any third party consents not covered by <U>Section&nbsp;7.6(a)</U> that are necessary, proper or
advisable to consummate the Mergers and the other transactions contemplated by this Agreement. Each of the Parties hereto will and shall cause their </P>
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respective Affiliates to, furnish to the other such necessary information and reasonable assistance as the other may reasonably request in connection with the preparation of any required
applications, notices, registrations and requests as may be required or advisable to be filed with any Governmental Authority and will cooperate in responding to any inquiry from a Governmental Authority, including promptly informing the other party
of such inquiry, consulting in advance before making any presentations or submissions to a Governmental Authority, and supplying each other with copies of all material correspondence, filings or communications between either Party and any
Governmental Authority with respect to this Agreement. To the extent reasonably practicable and permitted, the Parties or their Representatives shall have the right to review in advance and each of the Parties will consult the others on, all the
information relating to the other and each of their Affiliates that appears in any filing made with, or written materials submitted to, any Governmental Authority in connection with the Mergers and the other transactions contemplated by this
Agreement, except that confidential competitively sensitive business information may be redacted from such exchanges. The Parties may, as they deem advisable and necessary, designate any sensitive materials provided to the other under this
<U>Section&nbsp;7.6</U> as &#147;outside counsel only.&#148; Such materials and the information contained therein shall be given only to outside counsel of the recipient and will not be disclosed by such outside counsel to employees, officers,
directors or trustees of the recipient without the advance written consent of the Party providing such materials. To the extent reasonably practicable, neither Company nor Parent shall, nor shall they permit their respective Representatives to,
participate independently in any meeting or engage in any substantive conversation with any Governmental Authority in respect of any filing, investigation or other inquiry without giving the other Party prior notice of such meeting or conversation
and, to the extent permitted by applicable Law, without giving the other party the opportunity to attend or participate (whether by telephone or in person) in any such meeting with such Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.7 <U>Notification of Certain Matters; Transaction Litigation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company and its Representatives shall give prompt notice to Parent, and Parent and its Representatives shall give prompt
notice to Company, of any notice or other communication received by such Party from any Governmental Authority in connection with this Agreement, the Mergers or the other transactions contemplated by this Agreement, or from any Person alleging that
the consent of such Person is or may be required in connection with the Mergers or the other transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Company and its Representatives shall give prompt notice to Parent, and Parent and its Representatives shall give prompt
notice to Company, if (i)&nbsp;any representation or warranty made by it contained in this Agreement becomes untrue or inaccurate such that it would be reasonable to expect that the applicable conditions to Closing as set forth herein would be
incapable of being satisfied by the Outside Date or (ii)&nbsp;it fails to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it under this Agreement; <U>provided</U>, that no such
notification shall affect the representations, warranties, covenants or agreements of the Parties or the conditions to the obligations of the Parties under this Agreement. Without limiting the foregoing, Company and its Representatives shall give
prompt notice to Parent, and Parent and its Representatives shall give prompt notice to Company, if, to the Knowledge of such Party, the occurrence of any state of facts, change, development, event or condition would cause, or would reasonably be
expected to cause, any of the conditions to Closing set forth herein not to be satisfied or satisfaction to be materially delayed. Notwithstanding anything to the contrary in this Agreement, the failure by Company, Parent or their respective
Representatives to provide such prompt notice under this <U>Section&nbsp;7.7(b)</U> shall not constitute a breach of covenant for purposes of <U>Section&nbsp;8.2(b)</U> or <U>Section&nbsp;8.3(b)</U> or <U>Section&nbsp;9.3(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Company and its Representatives shall give prompt notice to Parent, and Parent and its Representatives shall give prompt
notice to Company, of any Action commenced or, to such Party&#146;s Knowledge, threatened against, relating to or involving such Party or any Company Subsidiary or Parent Subsidiary, respectively, that relates to this Agreement, the Mergers or the
other transactions contemplated by this Agreement. Company and its Representatives shall give Parent the opportunity to reasonably participate in the defense and settlement of any litigation against Company and/or its directors relating to this
Agreement and the </P>
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transactions contemplated hereby and will consider in good faith Parent&#146;s views with respect to such litigation, and will not enter into any settlement shall be agreed without Parent&#146;s
prior written consent. Parent and its Representatives shall give Company the opportunity to reasonably participate in the defense of any litigation against Parent and/or its directors seeking an injunction to prohibit the consummation of the
Mergers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.8 <U>Listing; Classification</U>. Prior to the Closing, Parent and its Representatives shall
prepare and cause to be filed with the Nasdaq an application or notification form, as applicable, for listing of shares pursuant to which the Parent Common Shares and the Parent Preferred Shares to be issued in the Second Merger will be listed on
the Nasdaq (each, a &#147;<U>Listing</U>&#148;). Parent shall use its commercially reasonable efforts to have each Listing accepted by the Nasdaq as promptly as practicable after its submission such that the Parent Common Shares and the Parent
Preferred Shares to be issued in the Second Merger will be so listed at, or prior to, the Second Merger Effective Time. Company shall furnish all information concerning itself and its Affiliates and provide such other assistance as may be reasonably
requested by Parent in connection with the preparation and filing of the listing application or notification form for each Listing (or any amendment or supplement thereto). Prior to filing the listing application or notification form for each
Listing (or any amendment or supplement thereto) or responding to any comments of the Nasdaq with respect thereto, Parent shall provide Company with a reasonable opportunity to review and comment on such document or response (including the proposed
final version of such document or response). Prior to the Closing, Parent and the Parent Board shall take all action necessary to approve and adopt the articles of amendment classifying the Parent Series A Preferred Stock in substantially the form
attached hereto as <U>Exhibit A</U> and the articles of amendment classifying the Parent Series B Preferred Stock in substantially the form attached hereto as <U>Exhibit B</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.9 <U>Section&nbsp;16 Matters</U>. Prior to the Second Merger Effective Time, Company shall take such steps as
may be reasonably necessary or advisable to cause dispositions of Company equity securities (including derivative securities) pursuant to the Second Merger by each individual who is subject to the reporting requirements of Section&nbsp;16(a) of the
Exchange Act with respect to Company to be exempt under Rule 16b-3 promulgated under the Exchange Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.10
<U>Certain Tax Matters</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Each of Parent and Company shall use their respective commercially reasonable efforts to
cause each of the First Merger and the Second Merger to qualify as a &#147;reorganization&#148; within the meaning of Section&nbsp;368(a) of the Code. Provided Company shall have received the opinion of counsel referred to in
<U>Section&nbsp;8.3(f)</U> and Parent shall have received the opinion of counsel referred to in <U>Section&nbsp;8.2(f)</U>, all Parties shall treat each of the First Merger and the Second Merger as a tax-free &#147;reorganization&#148; under
Section&nbsp;368(a) of the Code and no Party shall take any position for tax purposes inconsistent therewith, except to the extent otherwise required pursuant to a &#147;determination&#148; within the meaning of Section&nbsp;1313(a) of the Code.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Parent shall, with Company&#146;s good faith cooperation and assistance, prepare, execute and file, or cause to be
prepared, executed and filed, all returns, questionnaires, applications or other documents regarding any real property transfer, sales, use, transfer, value added, stock transfer, recording, registration, stamp or similar Taxes that become payable
in connection with the transactions contemplated by this Agreement (collectively, &#147;<U>Transfer Taxes</U>&#148;) and Parent and Company shall cooperate to minimize the amount of Transfer Taxes to the extent permitted by applicable Law. Parent
shall pay or cause to be paid all Transfer Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Company shall cooperate and consult in good faith with Parent with
respect to maintenance of the REIT status of Company (and any of the Company Subsidiaries that is a REIT) for Company&#146;s taxable year(s) that includes the date hereof or the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Notwithstanding anything to the contrary herein, upon Parent&#146;s written request, Company shall use its reasonable
best efforts to cause (x)&nbsp;any Company Subsidiary that is treated as a Qualified REIT Subsidiary (other than Hermes Sub I and Hermes Sub II) and (y)&nbsp;any other Company Subsidiary set forth in
</P>
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<U>Section&nbsp;7.10(d)</U> of the Company Disclosure Letter (each entity described in clauses (x)&nbsp;and (y), a &#147;<U>Converted Entity</U>&#148;) to (i)&nbsp;convert into a limited
liability company (or other entity that is disregarded as an entity separate from its owner for U.S. federal income Tax purposes (a &#147;<U>Disregarded Entity</U>&#148;)), (ii)&nbsp;merge with and into a Disregarded Entity, and/or (iii)&nbsp;make
an election under Treasury Regulations Section&nbsp;301.7701-3(c) to be a Disregarded Entity, in each case such that prior to and at the Second Merger Effective Time, for U.S. federal income Tax purposes, such Converted Entity is a Disregarded
Entity (and would be a Disregarded Entity without regard to its status as a Qualified REIT Subsidiary); <U>provided</U>, that (1) neither Company nor any of the Company Subsidiaries shall be required to take any action in contravention of an
Organizational Document, Company Material Contract, or applicable Law, (2) any such conversions, mergers and/or elections shall not be required to occur until the date that is not more than five (5)&nbsp;Business Days prior to the Company
Stockholders Meeting, (3)&nbsp;such actions (or the inability to complete such actions) shall not affect or modify the obligations of Parent or Merger Sub under this Agreement, and (4)&nbsp;neither Company nor any of the Company Subsidiaries shall
be required to take any such action that could adversely affect the classification as a REIT of Company or could subject Company to any Taxes or would be reasonably likely to prevent counsel from delivering any of the opinions described in
<U>Sections&nbsp;8.2(e)</U>, <U>8.2(f)</U>, <U>8.3(e)</U> or <U>8.3(f)</U>. Without limiting the foregoing, none of the representations, warranties or covenants of Company or any of the Company Subsidiaries shall be deemed to apply to, or be deemed
to be breached or violated by, the transactions or cooperation contemplated by this <U>Section&nbsp;7.10(d)</U>. Within ten (10)&nbsp;days of receiving any such written request, Company shall notify Parent in writing of any Converted Entity with
respect to which a conversion, merger, and/or election, as applicable, cannot occur prior to the Second Merger Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) After the date hereof and through the Closing (or the valid termination of this Agreement in accordance with its terms),
Company and Hermes Sub I shall reasonably cooperate with Parent in connection with the post-Closing integration and reorganizations of the business, operations and assets of Company, Hermes Sub I and their Subsidiaries, including by (i) providing
such assistance as Parent may reasonably request in the planning thereof and (ii) taking, or causing their Subsidiaries to take, such actions as Parent may reasonably request (including obtaining any necessary consents, approvals, amendments or
waivers from lenders or other third parties prior to Closing) in order to permit Parent to consummate any such post-Closing integration and reorganizations as soon as possible following the Closing; <U>provided</U>, that Company, Hermes Sub I and
their Subsidiaries will not be obligated to take any such action to the extent the taking of such action would (x)&nbsp;require Company or Hermes Sub I to incur any material out-of-pocket fees, expenses or other liability prior to the Closing for
which it is not reimbursed or indemnified (including under <U>Section&nbsp;7.10(d)</U>), or (y)&nbsp;impair, prevent or delay the Closing (including any of the items described in clauses (1), (3)&nbsp;and (4)&nbsp;of <U>Section&nbsp;7.10(d)</U>).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.11 <U>Dividends</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) In the event that a distribution with respect to the Company Class&nbsp;A Common Stock and/or the Company Common Stock
permitted under the terms of this Agreement has a record date prior to the First Merger Effective Time and has not been paid prior to the Closing Date, such distribution shall be paid to the holders of such Company Class&nbsp;A Common Stock and/or
the Company Common Stock on the Closing Date immediately prior to the First Merger Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Company shall
take all actions necessary in order to set a record date and payment date for each dividend declared by Company with respect to shares of Company Common Stock and Company Class&nbsp;A Stock during the Interim Period to occur on the same dates as
Parent&#146;s regular quarterly dividend record date for Parent Common Shares. In furtherance of the foregoing, Company shall declare a dividend on Company Common Stock and Company Class&nbsp;A Common Stock with a record date of June&nbsp;14, 2023,
payable on July&nbsp;6, 2023. The amount of such dividend shall be equal to (a)&nbsp;the product of (i)&nbsp;(2.5 <I>divided by</I> 3) <I>multiplied by</I> (ii)&nbsp;$0.225 per share of Company Common Stock and (b)&nbsp;the product of (i)&nbsp;(2.5
<I>divided by</I> 3) <I>multiplied by</I> (ii)&nbsp;$0.25 per share of Company Class&nbsp;A Common Stock (the &#147;<U>First Interim Dividend</U>&#148;). It is expected that Parent shall declare its next quarterly dividend to holders of Parent
Common Shares thereafter on or around September&nbsp;15, 2023, and its next quarterly dividend thereafter on or around December&nbsp;15, 2023. To the extent </P>
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that Parent declares any such dividend prior to the Closing and the Closing is expected to occur after such record date, Company shall also declare a dividend on Company Common Stock and Company
Class&nbsp;A Common Stock with the same record date, with the amount of such dividend shall be equal to (a)&nbsp;$0.225 per share of Company Common Stock and (b)&nbsp;$0.25 per share of Company Class&nbsp;A Common Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) If Company determines that, in addition to the dividends contemplated by <U>Section&nbsp;7.11(b)</U>, it is necessary for
Company to declare a Permitted REIT Dividend after the date hereof and prior to the First Merger Effective Time, then Company shall notify Parent in writing at least ten (10)&nbsp;Business Days prior to the Company Stockholder Meeting. In such
circumstances, Company and Parent shall calculate the amount (such amount, the &#147;<U>Hypothetical Permitted REIT Dividend Amount</U>&#148;) that such Permitted REIT Dividend would have been had to be declared if the First Interim Dividend had
been equal to (i)&nbsp;$0.225 per share of Company Common Stock and (ii)&nbsp;$0.25 per share of Company Class&nbsp;A Common Stock. If any such Permitted REIT Dividend is declared by Company, then the Exchange Ratio shall be reduced by an amount
(rounded to the fifth decimal place) equal to the product of (i)&nbsp;the then-applicable Exchange Ratio prior to the adjustment <I>multiplied by</I> (ii)&nbsp;the quotient obtained by dividing (A)&nbsp;the per-share amount of the Hypothetical
Permitted REIT Dividend Amount by (B)&nbsp;$20.40. The record date and payment date for any Permitted REIT Dividend payable pursuant to this <U>Section&nbsp;7.11(c)</U> shall be the close of business on the last Business Day prior to the Closing
Date. Notwithstanding anything herein to the contrary, Company shall only be entitled to make a Permitted REIT Dividend if such notice contemplated by the first sentence of this <U>Section&nbsp;7.11(c)</U> is made prior to the Company Stockholder
Meeting in compliance with this <U>Section&nbsp;7.11(c)</U>. If Parent determines that, in addition to the dividends contemplated by <U>Section&nbsp;7.11(b)</U>, it is necessary for Parent to declare after the date hereof and prior to the First
Merger Effective Time a dividend pursuant to <U>Section&nbsp;6.2(c)</U> (a &#147;<U>Parent REIT Dividend</U>&#148;), then Parent shall notify Company in writing at least ten (10)&nbsp;Business Days prior to the Company Stockholder Meeting. If any
such Parent REIT Dividend is declared by Parent, then the Exchange Ratio shall be increased by an amount (rounded to the fifth decimal place) equal to the product of (i)&nbsp;the then-applicable Exchange Ratio prior to the adjustment <I>multiplied
by </I>(ii)&nbsp;the quotient obtained by dividing (A)&nbsp;the per-share amount of the Parent REIT Dividend by (B)&nbsp;$58.78. The record date and payment date for any Parent REIT Dividend payable pursuant to this <U>Section&nbsp;7.11(c)</U> shall
be the close of business on the last Business Day prior to the Closing Date. Prior to Company declaring a Permitted REIT Dividend or Parent declaring a Parent REIT Dividend, as the case may be, it shall consult with the other in good faith. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.12 <U>Takeover Statutes</U>. Company shall (a)&nbsp;take all action necessary so that no Takeover Statute is or
becomes applicable to the Mergers or any of the other transactions contemplated by this Agreement or the Voting Agreement and shall take all necessary steps to exempt (or ensure the continued exemption of) the Mergers and the other transactions
contemplated hereby from any applicable Takeover Statute now or hereafter in effect and in order to, to the extent applicable, exempt any acquisition of beneficial ownership of Company&#146;s capital stock pursuant to the Voting Agreement from the
&#147;Ownership Limit&#148; (as set forth in Section&nbsp;9.b of the Company Charter) and (b)&nbsp;if any such Takeover Statute is or becomes applicable to any of the foregoing, take all action necessary so that the Mergers and the other
transactions contemplated by this Agreement or the Voting Agreement may be consummated as promptly as practicable on the terms contemplated by this Agreement and otherwise to eliminate or minimize the effect of such Takeover Statute on the Mergers
and the other transactions contemplated hereby and thereby, including, if necessary, challenging the validity or applicability of any such Takeover Statute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.13 <U>Tax Representation Letters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company shall (1)&nbsp;use its reasonable best efforts to obtain the opinion of counsel referred to in
<U>Section&nbsp;8.2(e)</U> and <U>Section&nbsp;8.3(f)</U>, (2)&nbsp;deliver to Hogan Lovells US LLP, counsel to Company, and Foley&nbsp;&amp; Lardner LLP, counsel to Parent, or other counsel described in <U>Section&nbsp;8.2(e)</U> and
<U>Section&nbsp;8.3(e)</U>, respectively, a tax representation letter, dated as of the Closing Date (and, if required, as of the effective date of the Form S-4), signed by an officer of Company, and in form and substance reasonably satisfactory to
Hogan Lovells US LLP or other counsel described in <U>Section&nbsp;8.2(e)</U> and to Parent, containing representations of Company as shall be </P>
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reasonably necessary or appropriate to enable Hogan Lovells US LLP and Foley&nbsp;&amp; Lardner LLP (or such other counsel described in <U>Section&nbsp;8.2(e)</U> and <U>Section&nbsp;8.3(e)</U>,
respectively) to render the opinion described in <U>Section&nbsp;8.2(e)</U> and <U>Section&nbsp;8.3(e)</U>, respectively, and (3)&nbsp;deliver to Wachtell, Lipton, Rosen&nbsp;&amp; Katz, counsel to Parent, and Hogan Lovells US LLP, counsel to
Company, or other counsel described in <U>Section&nbsp;8.2(f)</U> and <U>Section&nbsp;8.3(f)</U>, respectively, a tax representation letter, dated as of the Closing Date (and, if required, as of the effective date of the Form S-4, satisfying the
requirements of Item&nbsp;601 of Regulation S-K under the Securities Act) and signed by an officer of Company, in form and substance reasonably acceptable to such counsel, containing representations of Company as shall be necessary or appropriate to
enable Wachtell, Lipton, Rosen&nbsp;&amp; Katz to render an opinion on the Closing Date (and, if required, on the effective date of the Form S-4), as described in <U>Section&nbsp;8.2(f)</U>, and Hogan Lovells US LLP to render an opinion on the
Closing Date (and, if required, on the effective date of the Form S-4), as described in <U>Section 8.3(f).</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)
Parent shall (1)&nbsp;use its reasonable best efforts to obtain the opinions of counsel referred to in <U>Section&nbsp;8.2(f)</U> and <U>Section&nbsp;8.3(e)</U>, (2)&nbsp;deliver to Foley&nbsp;&amp; Lardner LLP, counsel to Parent, or other counsel
described in <U>Section&nbsp;8.3(e)</U>, a tax representation letter, dated as of the Closing Date (and, if required, as of the effective date of the Form S-4), signed by an officer of Parent, and in form and substance reasonably satisfactory to
Foley&nbsp;&amp; Lardner LLP or other counsel described in <U>Section&nbsp;8.3(e)</U> and to Company, containing representations of Parent as shall be reasonably necessary or appropriate to enable Foley&nbsp;&amp; Lardner LLP (or such other counsel
described in <U>Section&nbsp;8.3(e)</U>) to render the opinion described in <U>Section&nbsp;8.3(e)</U>, and (3)&nbsp;deliver to Wachtell, Lipton, Rosen&nbsp;&amp; Katz, counsel to Parent, and Hogan Lovells US LLP, counsel to Company, or other
counsel described in <U>Section&nbsp;8.2(f)</U> and <U>Section&nbsp;8.3(f)</U>, respectively, a tax representation letter, dated as of the Closing Date (and, if required, as of the effective date of the Form S-4, satisfying the requirements of
Item&nbsp;601 of Regulation S-K under the Securities Act), and signed by an officer of Parent, in form and substance reasonably acceptable to such counsel, containing representations of Parent as shall be necessary or appropriate to enable Wachtell,
Lipton, Rosen&nbsp;&amp; Katz to render an opinion on the Closing Date (and, if required, on the effective date of the Form S-4), as described in <U>Section&nbsp;8.2(f)</U>, and Hogan Lovells US LLP to render an opinion on the Closing Date (or, if
required, on the effective date of the Form S-4), as described in <U>Section 8.3(f).</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.14
<U>Resignations</U>. Unless otherwise notified in writing by Parent three (3)&nbsp;Business Days prior to the Closing Date, Company shall use reasonable best efforts to cause to be delivered to Parent resignations executed by each director of Hermes
Sub I, Company or any Company Subsidiary and each officer of Hermes Sub I, Company or any Company Subsidiary in office as of immediately prior to the Second Merger Effective Time and effective upon the Second Merger Effective Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.15 <U>Employee Matters</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) For a period of twelve (12)&nbsp;months following the Second Merger Effective Time (or if earlier, the date of the
applicable employee&#146;s termination of employment), Parent shall provide, or shall cause to be provided, to each employee of Company and Company Subsidiaries as of immediately prior to the Second Merger Effective Time who continues to be employed
by Parent or the Parent Subsidiaries following the Second Merger Effective Time (the &#147;<U>Continuing Employee</U>&#148;) the following: (i)&nbsp;base salary (or base wages), target cash bonus opportunity and/or target long-term incentive
opportunity in the aggregate that is at least equal to the aggregate base salary (or base wages), target cash bonus opportunity and/or target long-term incentive opportunity provided to similarly situated employees of Parent and its Subsidiaries;
<U>provided</U>, that base salary (or base wages) shall be at least equal to the greater of (A)&nbsp;the base salary (or base wages) provided to such Continuing Employee by Company or any Company Subsidiary as of immediately prior to the Second
Merger Effective Time and (B)&nbsp;the base salary (or base wages) provided to similarly situated employees of Parent and its Subsidiaries and (ii)&nbsp;retirement and health and welfare benefits that are substantially similar, in the aggregate, to
those retirement and health and welfare benefits provided to similarly-situated employees of Parent or Parent Subsidiaries, in each case, excluding defined benefit pension, severance, nonqualified retirement, post-retirement medical or welfare,
retention, change in control or similar plans, agreements, programs, policies, practices or other arrangements (such excluded items, the &#147;<U>Excluded Benefits</U>&#148;); <U>provided</U>, that for any Continuing Employee
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
whose employment with Parent and its Subsidiaries terminates during the sixty days following the Closing Date, clause (ii)&nbsp;of this <U>Section&nbsp;7.15(a)</U> shall be deemed satisfied if
Parent provides retirement and health and welfare benefits that are substantially similar, in the aggregate, to those retirement and health and welfare benefits provided to such Continuing Employee by Company or any Company Subsidiary as of
immediately prior to the Second Merger Effective Time, in each case excluding the Excluded Benefits (but including the severance provided pursuant to <U>Section&nbsp;7.15(f)</U>). For the avoidance of doubt, nothing in this Agreement shall require
Parent or any Parent Subsidiary to employ any Person, nor shall it alter the at-will employment status of any Company Employee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Solely to the extent Parent Benefit Plans provide benefits to any Continuing Employee on or following the Second Merger
Effective Time, Parent shall use commercially reasonable efforts to (i)&nbsp;cause any pre-existing conditions or limitations and eligibility waiting periods under any group health plans of Parent or its Affiliates to be waived with respect to the
Continuing Employees and their eligible dependents, (ii)&nbsp;give each Continuing Employee credit for the plan year in which the Second Merger Effective Time occurs towards applicable deductibles and annual out-of-pocket limits for medical expenses
incurred prior to the Second Merger Effective Time for which payment has been made and (iii)&nbsp;give each Continuing Employee service credit for such Continuing Employee&#146;s employment with Company and Company Subsidiaries for purposes of
eligibility to participate, vesting, and solely for severance or vacation accrual, benefit accrual under each applicable Parent Benefit Plan, as if such service had been performed with Parent, except for any defined benefit pension plan, retiree
medical plan or plan maintained by Parent or any Parent Subsidiary under which similarly-situated employees of Parent and Parent Subsidiaries do not receive credit for prior service or that is grandfathered or frozen, either with respect to level of
benefits or participation, or to the extent it would result in a duplication of benefits or retroactive application. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)
Unless otherwise requested by Parent not less than five (5)&nbsp;Business Days before the Closing Date, Company shall adopt board resolutions and take any corporate action as is necessary to terminate each Company Benefit Plan that is a
Tax-qualified defined contribution plan with a cash or deferred arrangement under Section&nbsp;401(k) of the Code (the &#147;<U>Company Qualified DC Plan</U>&#148;), effective as of the day prior to the Closing Date but contingent on the occurrence
of the Closing. The form and substance of such resolutions and any other actions taken in connection with the foregoing termination shall be subject to the reasonable prior review and approval of Parent (which shall not be unreasonably withheld).
Upon the distribution of the assets in the accounts under the Company Qualified DC Plan to the participants, Parent shall permit such participants who are then actively employed by Parent or Parent Subsidiaries to make rollover contributions of
&#147;eligible rollover distributions&#148; (within the meaning of Section&nbsp;401(a)(31) of the Code), in the form of cash, from the Company Qualified DC Plan to the applicable Tax-qualified defined contribution plans of Parent or Parent
Subsidiaries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) Parent hereby acknowledges that the consummation of the Mergers or the other transactions contemplated
hereby constitutes a &#147;change of control&#148;, a &#147;change in control&#148; or a &#147;sale event&#148; (or a term of similar import) for purposes of any Company Benefit Plan set forth on <U>Section&nbsp;7.15(d)</U> of the Company Disclosure
Letter that contains a definition of &#147;change of control&#148;, a &#147;change in control&#148; or a &#147;sale event&#148; (or a term of similar import), as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Within thirty (30)&nbsp;days following the Closing Date, Parent shall pay to each individual who was employed by Company
and Company Subsidiaries as of immediately prior to the Second Merger Effective Time a cash bonus based on the annual amount set forth on <U>Section&nbsp;7.15(e)</U> of the Company Disclosure Letter, pro-rated for the portion of such calendar year
that are attributable to the pre-Closing period, including the employer portion of any associated payroll Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)
Parent shall cause the Surviving Entity to honor in accordance with their terms the arrangements as set forth on <U>Section&nbsp;7.15(f)</U> of the Company Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) The provisions of this <U>Section&nbsp;7.15</U> are solely for the benefit of the Parties. No current or former director,
employee or other individual service provider or any other person shall be a third-party </P>
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beneficiary of this Agreement, and nothing herein shall be construed as an amendment to any Parent Benefit Plan, Company Benefit Plan or any other Benefit Plan for any purpose. Without limiting
the generality of the foregoing in this <U>Section&nbsp;7.15</U>, nothing contained in this Agreement shall otherwise obligate Parent, Company or any of their respective Affiliates to (i)&nbsp;maintain any particular Benefit Plan or (ii)&nbsp;retain
the employment or services of any current or former director, trustee, employee or other individual service provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.16 <U>Delisting; Deregistration</U>. Prior to the First Merger Effective Time, Company shall cooperate with
Parent and use its reasonable best efforts to take, or cause to be taken, all actions, and to do, or cause to be done all things, necessary, proper or advisable on its part under applicable Law and the rules and policies of the NYSE to enable the
delisting of the Company Common Stock, Company Class&nbsp;A Common Stock and Company Preferred Stock from the NYSE and the deregistration of Company Common Stock, Company Class&nbsp;A Common Stock and Company Preferred Stock under the Exchange Act
to occur, in each case, as promptly as practicable after the First Merger Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.17 <U>Certain
Company Subsidiary Matters</U>. The Parties hereby agree to the provisions set forth on <U>Section&nbsp;7.17</U> of the Company Disclosure Letter. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.18 <U>Merger Sub; Hermes Sub I; Hermes Sub II; Parent Subsidiaries; Company Subsidiaries</U>. Parent shall
cause each of Merger Sub and any other applicable Parent Subsidiary to comply with and perform all of its obligations under or relating to this Agreement, including in the case of Merger Sub to consummate the Second Merger on the terms and
conditions set forth in this Agreement. Company shall cause each of Hermes Sub I, Hermes Sub II and the Company Subsidiaries to comply with and perform all of its obligations under or relating to this Agreement, including in the case of Hermes Sub I
and Hermes Sub II to consummate the First Merger and the Second Merger on the terms and conditions set forth in this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;7.19 <U>Financing Cooperation</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Company shall, and shall cause the Company Subsidiaries to, and shall cause its and their Representatives to, provide all
cooperation reasonably requested by Parent in connection with financing arrangements (including assumptions, guarantees, amendments, supplements, modifications, refinancings, replacements, repayments, terminations or prepayments of existing
financing arrangements) as Parent may reasonably determine necessary or advisable in connection with the completion of the Mergers or the other transactions contemplated hereby. Such cooperation shall include furnishing Parent and any of its
financing sources with (A) unaudited consolidated balance sheets and related consolidated statements of income, comprehensive income, stockholders&#146; equity and cash flows (in each case, subject to normal year-end adjustments and absence of
footnotes) for Company for each fiscal quarter ended on a date that is not a fiscal year end and that is at least forty (40)&nbsp;days before the Closing Date and (B)&nbsp;in the event that the Closing Date occurs on a date that is more than sixty
(60)&nbsp;days following October&nbsp;31, 2023, audited consolidated balance sheets and related audited consolidated statements of income, comprehensive income, stockholders&#146; equity and cash flows for the fiscal year ended October&nbsp;31,
2023, in each case prepared in accordance with GAAP. Notwithstanding the foregoing, nothing in this <U>Section&nbsp;7.19(a)</U> shall require such cooperation to the extent it would disrupt unreasonably the business or operations of Company and the
Company Subsidiaries (taken as a whole) or require any of them to take any actions that would reasonably be expected to violate applicable Law, contract or Organizational Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) Company shall, and shall cause the Company Subsidiaries to, use commercially reasonable efforts to, as soon as reasonably
practicable after (and not prior to) the receipt of a written request from Parent to do so, on the terms and conditions specified by Parent and in compliance with all applicable terms and conditions of the applicable Company Debt Agreement, seek a
waiver or waivers or an amendment or amendments to any of the Company Debt Agreements or pursue any approach chosen by Parent to the assumption, defeasance, satisfaction and discharge, refinancing, repayment, repurchase, redemption, termination,
amendment, guarantee, purchase, waiver or other treatment of, the Company Debt Agreements and the indebtedness incurred pursuant </P>
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thereto, in each case, subject to the occurrence of the Closing (any such transaction, a &#147;<U>Debt Transaction</U>&#148;). Company shall use commercially reasonable efforts to, and shall
cause the Company Subsidiaries to use commercially reasonable efforts to, cause its and their respective Representatives to provide cooperation and assistance reasonably requested by Parent in connection with the Debt Transactions (including taking
all corporate action reasonably necessary to authorize the execution and delivery of any documents in connection with the Debt Transactions (the &#147;<U>Debt Transaction Documents</U>&#148;) to be entered into prior to Closing and delivering all
officer&#146;s certificates and legal opinions required to be delivered in connection therewith (such corporate action, execution and delivery not to be unreasonably withheld, delayed or conditioned)); <U>provided</U>, that the effectiveness of any
such Debt Transaction Documents, officer&#146;s certificates and legal opinions shall be expressly conditioned on the Closing. It is understood and agreed that a failure to effectuate any Debt Transaction shall not constitute a failure by the
Company to satisfy its obligations under this <U>Section&nbsp;7.19</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) Company shall, and shall cause the Company
Subsidiaries to, after (and not prior to) the receipt of a written request from Parent to do so, deliver all notices and take all other actions to facilitate the termination at the Second Merger Effective Time of all commitments in respect of each
of the Company Credit Facility and any other indebtedness of the Company or Company Subsidiaries to be paid off, discharged and terminated on the Closing Date as specifically requested by Parent in writing reasonably in advance of the Closing Date,
the repayment in full on the Closing Date of all obligations in respect of such indebtedness thereunder, and the release on the Closing Date of any Liens securing such indebtedness and guarantees in connection therewith. In furtherance and not in
limitation of the foregoing, after (and not prior to) the receipt of a written request from Parent to do so, Company and the Company Subsidiaries shall use commercially reasonable efforts to deliver to Parent (i)&nbsp;at least seven
(7)&nbsp;Business Days prior to the Closing Date, a draft payoff letter with respect to the Company Credit Facility and any other indebtedness (including mortgages) of Company or the Company Subsidiaries to be paid off, discharged and terminated on
the Closing Date in accordance with this <U>Section&nbsp;7.19</U> and (ii)&nbsp;at least one (1)&nbsp;Business Day prior to the Closing Date, an executed payoff letter with respect to the Company Credit Facility and any other indebtedness (including
mortgages) of Company or the Company Subsidiaries to be paid off (the &#147;<U>Payoff Letters</U>&#148;), discharged and terminated on the Closing Date, in each case in form and substance customary for transactions of this type, from the applicable
agent on behalf of the Persons to whom such indebtedness is owed, which Payoff Letters together with any related release documentation shall, among other things, include the payoff amount and provide that Liens (and guarantees), if any, granted in
connection with the Company Credit Facility or such other indebtedness of Company to be paid off, discharged and terminated on the Closing Date in accordance with this <U>Section&nbsp;7.19</U> relating to the assets, rights and properties of the
Company and Company Subsidiaries securing or relating to such indebtedness, shall, upon the payment of the amount set forth in the applicable Payoff Letter at or prior to the Second Merger Effective Time, be released and terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) All material non-public or otherwise confidential information regarding Company or its Affiliates obtained by Parent or
any of its Representatives pursuant to this <U>Section&nbsp;7.19</U> shall be kept confidential in accordance with the Confidentiality Agreement; <U>provided</U>, that notwithstanding anything to the contrary herein or in the Confidentiality
Agreement, such information may be disclosed (i)&nbsp;to prospective lenders, underwriters, initial purchasers, dealer managers and agents during syndication and marketing of the transactions contemplated by this <U>Section&nbsp;7.19</U> that enter
into confidentiality arrangements customary for financing transactions of the applicable type (including customary &#147;click-through&#148; confidentiality undertakings) and (ii)&nbsp;on a confidential basis to rating agencies. Parent shall
indemnify, defend and hold harmless Company and its Affiliates and their respective Representatives from and against any liability, obligation or loss actually suffered or incurred by them in connection with any cooperation provided under this
<U>Section&nbsp;7.19</U> and any information utilized in connection therewith, except in the event such liabilities, obligations or losses arose out of or result from (i)&nbsp;the bad faith, gross negligence or willful misconduct by Company or its
Affiliates or their respective Representatives or (ii)&nbsp;any information provided by or on behalf of Company or its Affiliates that is disclosed and used solely in a manner expressly permitted by this <U>Section&nbsp;7.19</U> or that Company has
otherwise expressly consented to in writing. Parent shall, promptly upon request by Company, reimburse Company and its Affiliates and their respective Representatives for all reasonable, documented and invoiced out-of-pocket costs actually incurred
by </P>
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Company and such Affiliates and Representatives in connection with any cooperation provided under this <U>Section&nbsp;7.19</U>, except in the event such costs arose out of or result from the bad
faith, gross negligence or willful misconduct by Company or its Affiliates or their respective Representatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) None
of the representations, warranties or covenants of Company set forth in this Agreement shall be deemed to apply to, or deemed breached or violated by, any of the actions taken by Company pursuant to, and in accordance with, this
<U>Section&nbsp;7.19</U>. Parent hereby acknowledges and agrees that obtaining any debt financing is not a condition to the consummation of the Mergers, and that if any such debt financing is not obtained, Parent will continue to be obligated,
subject to the satisfaction or waiver of the conditions set forth in <U>Article 8</U> and the other terms hereof, to consummate the Mergers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 8 CONDITIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.1 <U>Conditions to Each Party&#146;s Obligation to Effect the Mergers</U>. The respective obligations of the
Parties to this Agreement to effect the Mergers and to consummate the other transactions contemplated by this Agreement are subject to the satisfaction or, to the extent permitted by Law, waiver by each of the Parties at or prior to the Closing of
the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Stockholder Approval</U>. The Company Stockholder Approval shall have been obtained.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Registration Statement</U>. The Form S-4 shall have become effective in accordance with the provisions of the
Securities Act. No stop order suspending the effectiveness of the Form S-4 shall have been issued by the SEC and remain in effect and no proceeding to that effect shall have been commenced by the SEC and not withdrawn. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>No Injunctions or Restraints</U>. No temporary restraining order, preliminary or permanent injunction or other Order
issued by any Governmental Authority of competent jurisdiction prohibiting consummation of the Mergers or any other transaction contemplated hereby shall be in effect, and no Law shall have been enacted, entered, promulgated or enforced by any
Governmental Authority after the date of this Agreement that, in any case, makes illegal the consummation of the Mergers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Listing</U>. The Parent Common Shares and the Parent Preferred Shares to be issued in the Second Merger shall have
been approved for listing on the Nasdaq, subject to official notice of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) <U>Articles of Amendment</U>. The
articles of amendment classifying the Parent Series A Preferred Stock in substantially the form attached hereto as <U>Exhibit A</U> and the articles of amendment classifying the Parent Series B Preferred Stock in substantially the form attached
hereto as <U>Exhibit B</U> shall have been filed with and accepted for record by the Florida Department of State. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.2 <U>Conditions to Obligations of Parent and Merger Sub</U>. The obligations of Parent and Merger Sub to effect
the Mergers and to consummate the other transactions contemplated by this Agreement are subject to the satisfaction or (to the extent permitted by Law) waiver by Parent, at or prior to the Closing, of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Representations and Warranties</U>. (i)&nbsp;The representations and warranties set forth in Sections <U>4.1(a)</U>
and <U>4.1(b)</U> (Organization and Qualification), <U>Section&nbsp;4.3</U> (Capital Structure) (except <U>Section&nbsp;4.3(a)</U>), <U>Section&nbsp;4.4</U> (Authority), <U>Section&nbsp;4.20</U> (Opinion of Financial Advisor),
<U>Section&nbsp;4.21</U> (Approval Required), <U>Section&nbsp;4.22</U> (Brokers), <U>Section&nbsp;4.24</U> (Takeover Statutes; Excess Stock) and <U>Section&nbsp;4.26</U> (Hermes Sub I; Hermes Sub II) shall be true and correct in all material
respects as of the date of this Agreement and as of the Closing Date, as though made as of the Closing Date, (ii)&nbsp;the representations and warranties set forth in <U>Section&nbsp;4.3(a)</U> (Capital Structure) shall be true and correct in all
but <I>de minimis</I> respects as of the date of this Agreement and as of the Closing Date, as though made as of the Closing Date, (iii)&nbsp;the representations and warranties set forth in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-79 </P>

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the second sentence of <U>Section&nbsp;4.8</U> (No MAE) shall be true and correct in all respects as of the date of this Agreement and as of the Closing Date, as though made as of the Closing
Date, and (iv)&nbsp;each of the other representations and warranties of Company contained in this Agreement shall be true and correct as of the date of this Agreement and as of the Closing Date, as though made as of the Closing Date, except
(A)&nbsp;in each case, representations and warranties that are made as of a specific date shall be true and correct only on and as of such date, and (B)&nbsp;in the case of clause (iv)&nbsp;where the failure of such representations or warranties to
be true and correct (without giving effect to any materiality or &#147;Company Material Adverse Effect&#148; qualifications set forth therein) does not have, and would not reasonably be expected to have, individually or in the aggregate, a Company
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Performance of Covenants and Obligations of Company</U>. Company shall have performed in
all material respects all obligations, and complied in all material respects with all agreements and covenants, required to be performed by it under this Agreement on or prior to the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Material Adverse Change</U>. There shall not exist any event, change, or occurrence arising after the date of this
Agreement that, individually, or in the aggregate, constitutes a Company Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Delivery of
Certificates</U>. Company shall have delivered to Parent a certificate, dated as of the Closing Date and signed by its chief executive officer and chief financial officer on behalf of Company, certifying to the effect that the conditions set forth
in <U>Section&nbsp;8.2(a)</U>, <U>Section&nbsp;8.2(b)</U> and <U>Section&nbsp;8.2(c)</U> have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)
<U>Opinion Relating to REIT Qualification</U>. Parent shall have received the written opinion of Hogan Lovells US LLP (or other counsel reasonably satisfactory to Parent), dated as of the Closing Date, in substantially the form attached hereto as
<U>Exhibit C</U>, to the effect that for all taxable periods commencing with its taxable year ended October&nbsp;31, 2019 and ending at the moment in time immediately prior to the Second Merger Effective Time, Company and, from and after the First
Merger Effective Time, Hermes Sub I, has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code (which opinion shall be based upon the representation letter described in
<U>Section&nbsp;7.13(a)</U> and shall be subject to customary assumptions, exceptions, limitations and qualifications). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) <U>Section&nbsp;368 Opinion</U>. Parent shall have received the written opinion of Wachtell, Lipton, Rosen&nbsp;&amp;
Katz (or other counsel reasonably satisfactory to Company), dated as of the Closing Date, in substantially the form and substance as set forth in <U>Exhibit D</U>, to the effect that, on the basis of facts, representations and assumptions set forth
in such opinion, each of the First Merger and the Second Merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code, which opinion will be subject to customary exceptions, assumptions and qualifications. In
rendering such opinion, counsel may rely upon the representation letters described in <U>Section&nbsp;7.13(a)</U> and <U>Section&nbsp;7.13(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;8.3 <U>Conditions to Obligations of Company</U>. The obligations of Company to effect the Mergers and to
consummate the other transactions contemplated by this Agreement are subject to the satisfaction or (to the extent permitted by Law) waiver by Company at or prior to the Closing, of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) <U>Representations and Warranties</U>. (i)&nbsp;The representations and warranties set forth in
<U>Section&nbsp;5.1(a)</U> (Organization and Qualification), <U>Section&nbsp;5.3</U> (Capital Structure) (except <U>Section&nbsp;5.3(a)</U>), <U>Section&nbsp;5.4</U> (Authority), <U>Section&nbsp;5.18</U> (No Shareholder Approval Required),
<U>Section&nbsp;5.19</U> (Brokers) and <U>Section&nbsp;5.22</U> (Merger Sub) shall be true and correct in all material respects as of the date of this Agreement and as of the Closing Date, as though made as of the Closing Date, (ii)&nbsp;the
representations and warranties set forth in <U>Section&nbsp;5.3(a)</U> (Capital Structure) shall be true and correct in all but <I>de minimis</I> respects as of the date of this Agreement and as of the Closing Date, as though made as of the Closing
Date and (iii)&nbsp;each of the other </P>
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representations and warranties of Parent contained in this Agreement shall be true and correct as of the date of this Agreement and as of the Closing Date, as though made as of the Closing Date,
except (A)&nbsp;in each case, representations and warranties that are made as of a specific date shall be true and correct only on and as of such date, and (B)&nbsp;in the case of clause (iii)&nbsp;where the failure of such representations or
warranties to be true and correct (without giving effect to any materiality or &#147;Parent Material Adverse Effect&#148; qualifications set forth therein) does not have, and would not reasonably be expected to have, individually or in the
aggregate, a Parent Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Performance of Covenants or Obligations of Parent</U>. Parent shall
have performed in all material respects all obligations, and complied in all material respects with all agreements and covenants, required to be performed by it under this Agreement on or prior to the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Material Adverse Change</U>. There shall not exist any event, change or occurrence arising after the date of this
Agreement that, individually or in the aggregate, constitutes a Parent Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Delivery of
Certificates</U>. Parent shall have delivered to Company a certificate, dated as of the Closing Date and signed by its chief executive officer and chief financial officer on behalf of Parent certifying to the effect that the conditions set forth in
<U>Section&nbsp;8.3(a)</U>, <U>Section&nbsp;8.3(b)</U> and <U>Section&nbsp;8.3(c)</U> have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)
<U>Opinion Relating to REIT Qualification</U>. Company shall have received the written opinion of Foley&nbsp;&amp; Lardner LLP (or other counsel reasonably satisfactory to Company), dated as of the Closing Date in substantially the form attached
hereto as <U>Exhibit E</U>, to the effect that for all taxable periods commencing with its taxable year ended December&nbsp;31, 2019 and through the Closing Date, Parent has been organized and operated in conformity with the requirements for
qualification and taxation as a REIT under the Code, and that its proposed method of organization and operation will permit Parent to continue to qualify for taxation as a REIT under the Code for its taxable year which includes the Closing Date
(which opinion shall be based upon the representation letter described in <U>Section&nbsp;7.13(a)</U> and <U>Section&nbsp;7.13(b)</U> and shall be subject to customary assumptions, limitations and qualifications). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) <U>Section&nbsp;368 Opinion</U>. Company shall have received the written opinion of its counsel, Hogan Lovells US LLP (or
other counsel reasonably satisfactory to Parent), dated as of the effective date of the Closing Date, in substantially the form and substance as set forth in <U>Exhibit F</U>, respectively, to the effect that, on the basis of facts, representations
and assumptions set forth in such opinion, each of the First Merger and the Second Merger will qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Code, which opinion will be subject to customary exceptions, assumptions and
qualifications. In rendering such opinion, counsel may rely upon the representation letters described in <U>Section&nbsp;7.13(a)</U> and <U>Section&nbsp;7.13(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 9 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION,
FEES AND EXPENSES, AND AMENDMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.1 <U>Termination</U>. This Agreement may be terminated and the
Mergers may be abandoned at any time prior to the Second Merger Effective Time, notwithstanding approval thereof by the stockholders of Company (except as otherwise specified in this <U>Section&nbsp;9.1</U>): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) by mutual written consent of each of Parent and Company; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) by either Parent or Company: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) if the Mergers shall not have been consummated on or before February&nbsp;17, 2024 (the &#147;<U>Outside Date</U>&#148;);
<U>provided</U>, that the right to terminate this Agreement pursuant to this <U>Section&nbsp;9.1(b)(i)</U> shall </P>
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not be available to any Party if the failure of the Mergers to be consummated by the Outside Date was primarily caused by the failure of such Party to comply with any provision of this Agreement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) if any Governmental Authority of competent jurisdiction shall have issued temporary restraining order, preliminary
or permanent injunction or other Order prohibiting consummation of the Mergers, and such Order or other action shall have become final and non-appealable or any Law shall have been enacted, entered, promulgated or enforced by any Governmental
Authority after the date of this Agreement that, in any case, makes illegal the consummation of the First Merger or Second Merger or any other transaction contemplated hereby; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii) if the Company Stockholder Approval shall not have been obtained at the Company Stockholder Meeting duly convened
therefor or at any adjournment or postponement thereof at which a vote on such approval was taken; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) by Parent: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) if Company shall have breached, violated or failed to perform any of its representations, warranties, covenants or
agreements set forth in this Agreement, which breach, violation or failure to perform, either individually or in the aggregate, if occurring or continuing on the Closing Date (A)&nbsp;would result in the failure of any of the conditions set forth in
<U>Section&nbsp;8.2(a)</U> or <U>8.2(b)</U> (a &#147;<U>Company Terminating Breach</U>&#148;) and (B)&nbsp;is not cured or cannot be cured or waived prior to the earlier of (i)&nbsp;forty-five (45)&nbsp;days following notice to Company from Parent
of such breach or failure and (ii)&nbsp;the Outside Date; <U>provided</U>, that Parent shall not have the right to terminate this Agreement pursuant to this <U>Section&nbsp;9.1(c)(i)</U> if a Parent Terminating Breach shall have occurred and be
continuing at the time Parent delivers notice of its election to terminate this Agreement pursuant to this <U>Section&nbsp;9.1(c)(i);</U> or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) prior to obtaining the Company Stockholder Approval, if Company or the Company Board or any committee thereof
(A)&nbsp;shall have effected a Company Adverse Recommendation Change, (B)&nbsp;after public announcement by any Person of a Company Acquisition Proposal, fails to recommend against such Company Acquisition Proposal and to publicly reaffirm the
Company Board Recommendation within ten (10)&nbsp;Business Days of being requested to do so by Parent, or (C)&nbsp;fails to include the Company Board Recommendation in the Proxy Statement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) by Company: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i) if Parent shall have breached, violated or failed to perform any of its representations, warranties, covenants or
agreements set forth in this Agreement, which breach, violation or failure to perform, either individually or in the aggregate, if occurring or continuing on the Closing Date (A)&nbsp;would result in the failure of any of the conditions set forth in
<U>Section</U> <U>8.3(a)</U> or <U>8.3(b)</U> (a &#147;<U>Parent Terminating Breach</U>&#148;) and (B)&nbsp;is not cured or cannot be cured or waived prior to the earlier of (x)&nbsp;forty-five (45)&nbsp;days following notice to Parent from Company
of such breach or failure and (y)&nbsp;the Outside Date; <U>provided</U>, that Company shall not have the right to terminate this Agreement pursuant to this <U>Section&nbsp;9.1(d)(i)</U> if a Company Terminating Breach shall have occurred and be
continuing at the time Company delivers notice of its election to terminate this Agreement pursuant to this <U>Section&nbsp;9.1(d)(i);</U> or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii) prior to obtaining the Company Stockholder Approval, if the Company Board determines to enter into a Company Alternative
Acquisition Agreement with respect to a Company Superior Proposal in accordance with <U>Section&nbsp;7.3(e)</U> (it being understood that Company shall enter into a definitive Company Alternative Acquisition Agreement with respect to the Company
Superior Proposal substantially concurrently with the termination of this Agreement); <U>provided</U>, that the Company Termination Fee shall be paid in full pursuant to <U>Section&nbsp;9.3(d)</U> substantially concurrently with such termination.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.2 <U>Effect of Termination</U>. In the event of termination
of this Agreement as provided in <U>Section&nbsp;9.1</U>, written notice thereof shall be given to the other Party, specifying the provisions hereof pursuant to which such termination is made and describing the basis therefor in reasonable detail,
and this Agreement shall forthwith become void and have no effect, without any liability or obligation on the part of Parent, Merger Sub or Company, except that the Confidentiality Agreement and the provisions of <U>Section&nbsp;7.2(b)</U>
(Confidentiality), <U>Section&nbsp;7.4</U> (Public Announcements), this <U>Section&nbsp;9.2</U>, <U>Section&nbsp;9.3</U> (Fees and Expenses), <U>Section&nbsp;9.4</U> (Amendment), and <U>Article 10</U> (General Provisions), and the definitions of all
defined terms appearing in such sections, shall survive the termination hereof; <U>provided</U>, that no such termination shall relieve any Party from any liability or damages resulting from any fraud in connection with this Agreement or any willful
and material breach of any of the covenants or agreements set forth in this Agreement prior to such termination of this Agreement. For purposes of the foregoing, &#147;<U>willful and material breach</U>&#148; shall mean an intentional and willful
act, or an intentional and willful failure to act, in each case that is the consequence of an act or omission by a Person with the actual knowledge that the taking of such act or failure to take such act would or would reasonably be expected to
cause a material breach of this Agreement. If this Agreement is terminated as provided herein, all filings, applications and other submissions made pursuant to this Agreement, to the extent practicable, shall be withdrawn from the Governmental
Authority or other Person to which they were made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.3 <U>Fees and Expenses</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a) Except as otherwise provided in this Agreement, all fees and expenses incurred in connection with this Agreement, the
Mergers and the other transactions contemplated hereby shall be paid by the Party incurring such fees or expenses, whether or not the Mergers are consummated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b) In the event that (i)(x) this Agreement is terminated by Parent pursuant to <U>Section&nbsp;9.1(c)(i)</U>, and after the
date hereof and prior to the breach giving rise to such right of termination, a Company Acquisition Proposal has been publicly announced, disclosed, or otherwise communicated or made known to the Company Board and has not been irrevocably withdrawn
publicly, or (y)&nbsp;this Agreement is terminated by Company or Parent pursuant to <U>Section</U> <U>9.1(b)(iii)</U>, and prior to the Company Stockholder Meeting a Company Acquisition Proposal has been publicly announced, disclosed, or otherwise
communicated or made known to the Company Board and has not been irrevocably withdrawn publicly at least five (5)&nbsp;Business Days prior to the Company Stockholder Meeting, and (ii)&nbsp;within twelve (12)&nbsp;months after the date of such
termination referred to in this <U>Section&nbsp;9.3(b)</U>, a transaction in respect of a Company Acquisition Proposal is consummated or Company enters into a Company Alternative Acquisition Agreement that is later consummated (provided that for
purposes of this clause (ii), all percentages included in the definition of &#147;Company Acquisition Proposal&#148; shall be increased to 50%), then Company shall pay to Parent the Company Termination Fee by wire transfer of same day funds to the
account or accounts designated by Parent no later than consummation of such transaction in respect of a Company Acquisition Proposal. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c) In the event that this Agreement is terminated by Parent pursuant to <U>Section 9.1(c)(ii)</U>, then Company shall pay to
Parent the Company Termination Fee by wire transfer of same day funds to the account or accounts designated by Parent within two (2)&nbsp;Business Days of such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d) In the event that this Agreement is terminated by Company pursuant to <U>Section&nbsp;9.1(d)(ii)</U>, then Company shall
pay to Parent the Company Termination Fee by wire transfer of same day funds to the account or accounts designated by Parent substantially concurrently with such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e) Notwithstanding anything to the contrary set forth in this Agreement, the Parties agree that under no circumstances shall
Company be required to pay Parent the Company Termination Fee on more than one occasion. Notwithstanding anything in this Agreement to the contrary, except in the case of fraud or willful and material breach as set forth in <U>Section&nbsp;9.2</U>
and except as set forth in the provisos at the end of this sentence, in the event that the Company Termination Fee becomes payable, then payment to Parent of the Company Termination Fee and any Enforcement Expenses shall be Parent&#146;s sole and
exclusive remedy as liquidated damages for any and </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
all losses or damages of any nature against Company, the Company Subsidiaries and each of their respective former, current and future directors, officers, employees, agents, general and limited
partners, managers, members, stockholders, Affiliates and assignees and each former, current or future director, officer, employee, agent, general or limited partner, manager, member, stockholder, Affiliate or assignee of any of the foregoing
(collectively, the &#147;<U>Company Parties</U>&#148;) in respect of this Agreement, any agreement executed in connection herewith, and the transactions contemplated hereby and thereby, including for any loss or damage suffered as a result of the
termination of this Agreement, the failure of the Mergers to be consummated or for a breach or failure to perform hereunder (whether intentionally, unintentionally, or otherwise) or otherwise, and, upon payment of such Company Termination Fee, no
Company Party shall have any further liability or obligation relating to or arising out of this Agreement, any agreement executed in connection herewith, or the transactions contemplated hereby and thereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f) Each of Company and Parent acknowledges that the agreements contained in this <U>Section&nbsp;9.3</U> are an integral
part of the transactions contemplated by this Agreement, and that, without these agreements, the other Party would not enter into this Agreement. If Company fails to pay the Company Termination Fee due pursuant to <U>Section&nbsp;9.3(b)</U> or
<U>9.3(c)</U> or <U>9.3(d)</U>, and, in order to obtain such payment, Parent commences a suit that results in a final, non-appealable judgment against Company for the Company Termination Fee, Company shall pay to Parent its reasonable costs and
expenses (including reasonable attorneys&#146; fees and expenses) in connection with such suit, together with interest thereon from the date of termination of this Agreement at a rate per annum equal to the prime rate as published in the <I>Wall
Street Journal</I> in effect on the date such payment was required to be made (collectively, the &#147;<U>Enforcement Expenses</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g) The &#147;<U>Company Termination Fee</U>&#148; shall be an amount equal to the lesser of (i) the Company Base Amount and
(ii)&nbsp;the maximum amount, if any, that can be paid to Parent without causing Parent to fail to meet the requirements of Sections 856(c)(2) and (3)&nbsp;of the Code (the &#147;<U>REIT Requirements</U>&#148;) for such year determined as if the
payment of such amount did not constitute Qualifying Income, as determined by independent accountants engaged by Parent (taking into account any known or anticipated income of Parent which is not Qualifying Income and any appropriate
&#147;cushion&#148; as determined by such accountants). Notwithstanding the foregoing, in the event Parent receives Tax Guidance providing that Parent&#146;s receipt of the Company Base Amount would either constitute Qualifying Income or would be
excluded from gross income within the meaning of the REIT Requirements, the Company Termination Fee shall be an amount equal to the Company Base Amount and Company shall, upon receiving notice that Parent has received the Tax Guidance, pay to Parent
the unpaid Company Base Amount within five (5)&nbsp;Business Days. In the event that Parent is not able to receive the full Company Base Amount due to the above limitations, Company shall place the unpaid amount in escrow by wire transfer within
three (3)&nbsp;days of the date when the Company Termination Fee would otherwise be due but for the above limitations and shall not release any portion thereof to Parent unless and until Parent receives either one or a combination of the following
once or more often: (i)&nbsp;a letter from Parent&#146;s independent accountants indicating the maximum amount that can be paid at that time to Parent without causing Parent to fail to meet the REIT Requirements (calculated as described above), in
which event Company shall pay to Parent the lesser of the unpaid Company Base Amount or the maximum amount stated in the letter, within five (5)&nbsp;Business Days after Company has been notified thereof, or (ii)&nbsp;the Tax Guidance, in which
event Company shall pay to Parent the unpaid Company Base Amount within five (5)&nbsp;Business Days after Company has been notified thereof. The obligation of Company to pay any unpaid portion of the Company Termination Fee shall terminate on the
December&nbsp;31 following the date which is five (5)&nbsp;years from the date the Company Termination Fee first becomes payable under <U>Section&nbsp;9.3(b)</U>, <U>Section 9.3(c)</U> or <U>Section&nbsp;9.3(d)</U>. Amounts remaining in escrow after
the obligation of Company to pay the Company Termination Fee terminates shall be released to Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;9.4
<U>Amendment</U>. Subject to compliance with applicable Law, this Agreement may be amended by mutual agreement of the Parties hereto by action taken or authorized by the Company Board and the Parent Board, respectively, at any time before or after
receipt of the Company Stockholder Approval and prior to the Second Merger Effective Time; <U>provided</U>, that after the Company Stockholder Approval has been obtained, there shall not be (a)&nbsp;any amendment of this Agreement that changes the
amount or the form of the consideration to be delivered under this Agreement to the holders of Company Common Stock and Company Class&nbsp;A Common </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
Stock and/or Hermes Sub I Common Stock and Hermes Sub I Class&nbsp;A Common Stock, or which by applicable Law or, in the case of Parent, in accordance with the rules of Nasdaq requires the
further approval of the stockholders of Company or stockholders of Parent without such further approval of such stockholders or stockholders, or (b)&nbsp;any amendment or change not permitted under applicable Law. This Agreement may not be amended
except by an instrument in writing signed by each of the Parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE 10 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL PROVISIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.1 <U>Nonsurvival of Representations and Warranties and Certain Covenants</U>. None of the representations and
warranties in this Agreement or in any instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such representations and warranties, shall survive the Second Merger Effective Time. The covenants to be
performed prior to or at the Closing shall terminate at the Closing. This <U>Section&nbsp;10.1</U> shall not limit any covenant or agreement of the Parties that by its terms contemplates performance in whole or in part after the Second Merger
Effective Time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.2 <U>Notices</U>. All notices, requests, claims, consents, demands and other
communications under this Agreement shall be in writing and shall be deemed given on the date of actual delivery if delivered personally, sent by overnight courier (providing proof of delivery) to the Parties or sent by email of a &#147;portable
document form&#148; (&#147;<U>pdf</U>&#148;) attachment (receipt confirmed, provided that receipt will be deemed to have been confirmed upon delivery absent an &#147;undeliverable&#148; or similar automatic reply) at the following addresses (or at
such other address or facsimile number for a Party as shall be specified by like notice): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">if to Company, Hermes Sub I or Hermes Sub II to: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">c/o Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">321 Railroad Avenue </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Greenwich, CT 06830 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Willing L. Biddle </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Miyun Sung </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">email:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">wbiddle@ubproperties.com </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">msung@ubproperties.com </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Hogan Lovells US LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">555 13<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Street NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Washington, DC 20004 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">David Bonser </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Stacey McEvoy </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">email:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">david.bonser@hoganlovells.com </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">stacey.mcevoy@hoganlovells.com </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">if to Parent or Merger Sub to: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">c/o Regency Centers Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">One Independent Drive, Suite 114 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Jacksonville, Florida 32202 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Michael Mas </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Michael Herman </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">email:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">michaelmas@regencycenters.com </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">michaelherman@regencycenters.com </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-85 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">51 West 52nd Street </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">New York, NY 10019 </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">Attn:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Adam O. Emmerich </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">David K. Lam </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">email:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">aoemmerich@wlrk.com </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="7%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">dklam@wlrk.com </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.3 <U>Severability</U>. If any term or other provision of this Agreement is invalid, illegal or incapable of
being enforced under any present or future Law or public policy in any jurisdiction, as to that jurisdiction, (a)&nbsp;such term or other provision shall be fully separable, (b)&nbsp;this Agreement shall be construed and enforced as if such invalid,
illegal or unenforceable provision had never comprised a part hereof, (c)&nbsp;all other conditions and provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable term or
other provision or by its severance herefrom so long as the economic or legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party, and (d)&nbsp;such terms or other provision
shall not affect the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced in any
jurisdiction, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that transactions contemplated by this
Agreement be consummated as originally contemplated to the fullest extent possible. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.4
<U>Counterparts</U>. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall be deemed one and the same agreement, and shall become effective when one or more counterparts have been
signed by each of the Parties and delivered (by telecopy, electronic delivery or otherwise) to the other Parties. Signatures to this Agreement transmitted by facsimile transmission, by email in pdf, or by any other electronic means intended to
preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.5 <U>Entire Agreement</U>. This Agreement (including the Exhibits hereto, the Company Disclosure Letter and
the Parent Disclosure Letter) and the Confidentiality Agreement and the Voting Agreement constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, between the Parties with respect to the subject
matter of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.6 <U>No Third-Party Beneficiaries</U>. This Agreement is not intended to and
shall not confer any rights or remedies upon any person other than the Parties and their respective successors and permitted assigns, except for the provisions of <U>Article 3</U> (which, from and after the Second Merger Effective Time, shall be for
the benefit of holders of shares of Hermes Sub I Common Stock, Hermes Sub II Class&nbsp;A Common Stock and Hermes Sub I Preferred Stock immediately prior to the Second Merger Effective Time) and <U>Section&nbsp;7.5</U> (which, from and after the
Second Merger Effective Time shall be for the benefit of the Indemnified Parties). The representations and warranties in this Agreement are the product of negotiations among the Parties and are for the sole benefit of the Parties. Any inaccuracies
in such representations and warranties are subject to waiver by the Parties in accordance with <U>Section&nbsp;10.7</U> without notice or liability to any other Person. The representations and warranties in this Agreement may represent an allocation
among the Parties of risks associated with particular matters regardless of the knowledge of any of the Parties. Accordingly, Persons other than the Parties may not rely upon the representations and warranties in this Agreement as characterizations
of actual facts or circumstances as of the date of this Agreement or as of any other date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.7
<U>Extension; Waiver</U>. At any time prior to the Second Merger Effective Time, the Parties may (a)&nbsp;extend the time for the performance of any of the obligations or other acts of the other Parties, (b)&nbsp;waive
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-86 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
any inaccuracies in the representations and warranties of any other Party contained in this Agreement or in any document delivered pursuant to this Agreement or (c)&nbsp;subject to the
requirements of applicable Law, waive compliance with any of the agreements or conditions contained in this Agreement. Any agreement on the part of a Party to any such extension or waiver shall be valid only if set forth in an instrument in writing
signed on behalf of such Party (provided, that any waiver must be signed by the Part(y)(ies) to whose benefit the relevant provision inures). The failure of any Party to this Agreement to assert any of its rights under this Agreement or otherwise
shall not constitute a waiver of those rights. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.8 <U>Governing Law</U>. This Agreement and all claims or
causes of actions (whether at Law, in contract or in tort) that may be based upon, arise out of or be related to this Agreement or the negotiation, execution or performance of this Agreement shall be governed by, and construed in accordance with,
the laws of the State of Maryland without giving effect to its conflicts of laws principles (whether the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.9 <U>Consent to Jurisdiction</U>. Each Party irrevocably agrees (a)&nbsp;to submit itself to the
exclusive jurisdiction and forum of the Circuit Court for Baltimore City (Maryland) or, if that court does not have jurisdiction, to the United Stated District Court for the State of Maryland, Northern Division (the &#147;<U>Maryland
Courts</U>&#148;) for the purpose of any Action (whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating to this Agreement or the transactions contemplated by this Agreement or the actions of the parties
hereto in the negotiation, administration, performance and enforcement of this Agreement, (b)&nbsp;to request and/or consent to the assignment of any dispute arising out of this Agreement or the transactions contemplated by this Agreement or the
actions of the Parties in the negotiation, administration, performance and enforcement of this Agreement to the Business and Technology Case Management Program of the Circuit Court for Baltimore City (Maryland), (c)&nbsp;that it will not attempt to
deny or defeat such jurisdiction or forum by motion or other request for leave from any such court, (d)&nbsp;that it will not bring any Action relating to this Agreement or the transactions contemplated by this Agreement or the actions of the
parties hereto in the negotiation, administration, performance and enforcement of this Agreement in any court other than the Maryland Courts, and (e)&nbsp;that a final judgment in any Action shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by Law. Each of the Parties agrees that service of process may be made within or outside the State of Maryland, and agree that service of process on such Party at the address
referred to in <U>Section&nbsp;10.2</U> (or such other address as may be specified in accordance with <U>Section&nbsp;10.2</U>) by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting
evidence of valid service shall be deemed effective service of process. Service made pursuant to the foregoing sentence shall have the same legal force and effect as if served upon such Party personally within the State of Maryland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.10 <U>Assignment</U>. Neither this Agreement nor any of the rights, interests or obligations under this
Agreement shall be assigned or delegated, in whole or in part, by operation of Law or otherwise, by any of the Parties without the prior written consent of the other Parties, and any attempt to make any such assignment without such consent shall be
null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.11 <U>Remedies; Specific Performance</U>. Except as otherwise provided herein, any and all remedies conferred
upon a Party will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by Law or equity upon such Party, and the exercise by a Party of any one remedy will not preclude the exercise of any other remedy. The Parties
agree that irreparable damage would occur if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, and that monetary damages, even if available, would not be an adequate remedy
therefor and that the right of specific performance and other equitable relief is an integral part of the transactions contemplated by this Agreement. It is accordingly agreed that, prior to the valid termination of this Agreement pursuant to
<U>Article 9</U>, each Party shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-87 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
enforce specifically the terms and provisions of this Agreement, in addition to any other remedy to which such Party is entitled at Law or in equity. Each Party hereby waives any objections and
defenses to the grant of the equitable remedy of specific performance or to an injunction to prevent or restrain breaches of this Agreement by any other Party (including any objection or defense on the basis that there is an adequate remedy at Law
or that an award of specific performance is not an appropriate remedy for any reason at Law or equity), and each Party shall be entitled to specifically enforce compliance by the other Party with the terms and provisions of, and such other
Party&#146;s obligations under, this Agreement and to an injunction or injunctions to prevent or restrain breaches or threatened breaches of this Agreement or the covenants and obligations of such other Party under this Agreement. In the event any
Party seeks an injunction or injunctions to prevent breaches or threatened breaches of this Agreement (or the covenants and obligations of the other Party under this Agreement) or to enforce specifically the terms and provisions of, or the other
Party&#146;s obligations under, this Agreement, such Party shall not be required to provide any bond or other security in connection with such order or injunction. For the avoidance of doubt, the Parties may pursue both a grant of specific
performance or other equitable remedies to the extent permitted by this <U>Section&nbsp;10.11</U> and the payment of damages as contemplated by <U>Section&nbsp;9.2</U>, but shall not be entitled or permitted to receive an award of damages if
specific performance or other equitable remedies are awarded and consummation of the Mergers occurs and shall not be entitled or permitted to receive an award of specific performance or other equitable remedies if damages are awarded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.12 <U>Waiver of Jury Trial</U>. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, SUIT OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY
(A)&nbsp;CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)&nbsp;ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <U>SECTION</U> <U>10.12</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;10.13 <U>Authorship</U>. The Parties agree that the terms and language of this Agreement are the result of
negotiations among the Parties and their respective advisors and, as a result, there shall be no presumption that any ambiguities in this Agreement shall be resolved against any Party. Any controversy over construction of this Agreement shall be
decided without regard to events of authorship or negotiation. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-88 </P>

</DIV></Center>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by
their respective duly authorized officers, all as of the date first written above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="45%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="6%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="5"><B>REGENCY CENTERS CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Lisa Palmer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><B>HERCULES MERGER SUB, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:<I></I></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Lisa Palmer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:400pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to the Agreement and Plan of Merger] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-89 </P>

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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>URSTADT BIDDLE PROPERTIES INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Willing L. Biddle</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title: President and Chief Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>UB MARYLAND I, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Director</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"><B>UB MARYLAND II, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: Director</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:430pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to the Agreement and Plan of Merger] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-90 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><A NAME="annexb"></A>Annex B </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;17, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Urstadt Biddle Properties Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">321 Railroad
Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwich, CT 06830 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board of
Directors: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board of Directors (the &#147;Board&#148;) of Urstadt Biddle Properties Inc., a Maryland corporation (&#147;Company&#148;),
has asked Eastdil Secured Advisors LLC (&#147;Eastdil&#148;) to advise it with respect to the fairness, from a financial point of view, to holders (other than Parent, any Parent Subsidiary or any wholly owned Company Subsidiary) of common stock,
$0.01 par value per share, of Company (&#147;Company Common Stock&#148;) and Class&nbsp;A common stock, $0.01 par value per share, of Company (&#147;Company Class&nbsp;A Common Stock&#148;) of the Exchange Ratio (defined below) provided for in the
Agreement and Plan of Merger (the &#147;Merger Agreement&#148;) among Company, Regency Centers Corporation, a Florida corporation (&#147;Parent&#148;), Hercules Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of
Parent (&#147;Merger Sub&#148;), UB Maryland I, Inc., a Maryland corporation and a direct wholly-owned subsidiary of Company (&#147;Hermes Sub I&#148;), and UB Maryland II, Inc., a Maryland corporation and a direct wholly-owned subsidiary of Hermes
Sub I (&#147;Hermes Sub II&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We understand that, among other things, pursuant to the Merger Agreement: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Hermes Sub II will be merged with and into Company (the &#147;First Merger&#148;), with Company surviving
the First Merger as a wholly-owned subsidiary of Hermes Sub I, whereby each outstanding share of Company Common Stock will be converted into one share of common stock, $0.01 par value per share, of Hermes Sub I (&#147;Hermes Sub I Common
Stock&#148;) and each outstanding share of Company Class&nbsp;A Common Stock will be converted into one share of Class&nbsp;A common stock, $0.01 par value per share, of Hermes Sub I (&#147;Hermes Sub I Class&nbsp;A Common Stock&#148;);
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Following the First Merger, Hermes Sub I will be merged with and into Merger Sub (the &#147;Second
Merger&#148; and together with the First Merger, the &#147;Mergers&#148;), with Merger Sub being the surviving entity in the Second Merger, whereby each outstanding share of Hermes Sub I Common Stock and Hermes Sub I Class&nbsp;A Common Stock (other
than such shares held by Parent, Merger Sub or Hermes Sub I) will be converted into the right to receive 0.347 (the &#147;Exchange Ratio&#148;) of a share of common stock, $0.01 par value per share, of Parent (&#147;Parent Common Stock&#148;); and
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Following the Second Merger, Company will be converted into a Maryland limited liability company, whereby
Parent will contribute all of the equity interests of Merger Sub to Regency Centers, L.P., a Florida limited partnership (the &#147;Parent Partnership&#148;), in exchange for a number of common units of Parent Partnership equal to the number of
shares of Parent Common Stock issued in the Second Merger. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The terms and conditions of the Mergers and related
transactions are more fully set forth in the Merger Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In arriving at our opinion, we have, among other things: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reviewed a draft, dated May&nbsp;17, 2023, of the Merger Agreement, including the financial terms thereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reviewed certain publicly available business, financial and other information regarding Company and Parent,
including information set forth in Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended October&nbsp;31, 2022 and quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the
period ended January&nbsp;31, 2023 and Parent&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2022 and quarterly report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for
the period ended March&nbsp;31, 2023; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>

</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reviewed certain other business and financial information regarding Company and Parent furnished to us by and
discussed with the managements of Company, including financial forecasts and estimates relating to Company approved by the management of Company and financial forecasts and estimates relating to Parent prepared by the management of Parent and
approved by the management of Company; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Discussed with the management of Company the operations and prospects of Company and Parent, including the
historical financial performance and trends in the results of operations of Company and Parent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Discussed with the management of Company the strategic rationale for the Mergers and financial and strategic
benefits anticipated by the management of Company to result from the Mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Participated in discussions and negotiations among representatives of Company, Parent and their respective
advisors regarding the proposed Mergers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Reviewed reported prices and trading activity for Company Common Stock, Company Class&nbsp;A Common Stock and
Parent Common Stock; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Analyzed the estimated net asset value of each of Company and Parent&#146;s real estate portfolios and other
assets based upon the financial forecasts and estimates referred to above and assumptions relating thereto discussed with and confirmed as reasonable by the management of Company; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Compared certain financial data of Company and Parent with similar data of certain publicly traded companies
that we deemed relevant in evaluating Company and Parent; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Analyzed the estimated present value of the future cash flows of Company and Parent based upon the financial
forecasts and estimates referred to above and assumptions relating thereto discussed with and confirmed as reasonable by the management of Company; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Considered such other information, such as financial studies and analyses, as well as financial, economic and
market criteria, and made such other inquiries, as we deemed relevant. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with our review, we have assumed
and relied upon the accuracy and completeness of the financial and other information provided, discussed with or otherwise made available to us, including all accounting, tax, regulatory and legal information, and we have not made (and have not
assumed any responsibility for) any independent verification of such information. We have relied upon assurances of the managements of Company and Parent that they are not aware of any facts or circumstances that would make such information
inaccurate or misleading. With respect to the financial forecasts, estimates and other information relating to Company and Parent that we have been directed to utilize in our analyses, we have been advised by the respective managements of Company
and Parent and we have assumed that they have been reasonably prepared and reflect the best currently available estimates, judgments and assumptions of the managements of Company and Parent, as the case may be, as to the future financial performance
of Company and Parent, as the case may be, the potential pro forma financial effects of the Mergers and the other matters covered thereby. We assume no responsibility for, and express no view as to, any forecasts, estimates or other information
utilized in our analyses or the judgments or assumptions upon which they are based. We also have assumed that there have been no meaningful changes in the condition (financial or otherwise), results of operations, businesses or prospects of Company
or Parent since the respective dates of the most recent financial statements and other information provided to us. We have relied, at the direction of Company, upon the assessments of the managements of Company and Parent as to, among other things,
(i)&nbsp;the potential impact on Company and Parent of certain market and other trends in and prospects for the commercial real estate market and related credit and financial markets and (ii)&nbsp;the ability to integrate the businesses and
operations of Company and Parent as contemplated. We have assumed, with Company&#146;s consent, that there will not be any developments with respect to any of the foregoing, or any adjustment to the Exchange Ratio, that would be meaningful in any
respect to our analyses or opinion. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In arriving at our opinion, we have not conducted physical inspections of the properties or assets of Company, Parent or any other entity, nor
have we made or been provided with any evaluations or appraisals of the properties, assets or liabilities (contingent, derivative, <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet or otherwise) of Company, Parent or any other entity. We
also have not evaluated the solvency or fair value of Company, Parent or any other entity under any state, federal or other laws relating to bankruptcy, insolvency or similar matters. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In rendering our opinion, we have assumed, at the direction of Company, that the final form of the Merger Agreement, when signed by the
parties thereto, will not differ from the draft Merger Agreement reviewed by us in any respect meaningful to our analyses or opinion, that the Mergers and related transactions will be consummated in accordance with the terms described in the Merger
Agreement and related documents and in compliance with all applicable laws, documents and other requirements without amendment or waiver of any material terms or conditions and that, in the course of obtaining any necessary governmental, regulatory
or third party consents, approvals or agreements for the Mergers and related transactions, no delay, limitation or restriction, including any divestiture or other requirements, will be imposed or action will be taken that will have an adverse effect
on Company, Parent, the Mergers or related transactions. We also have assumed, at the direction of Company, that the Mergers will qualify for U.S. federal income tax purposes as a reorganization within the meaning of Section&nbsp;368(a) of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;). We have been advised by Company and Parent, and we have assumed, at the direction of Company, that each of Company and Parent has operated in conformity with the requirements for
qualification as a real estate investment trust (&#147;REIT&#148;) for U.S. federal income tax purposes since its election to be taxed as a REIT and we further have assumed, at the direction of Company, that the Mergers and related transactions will
not adversely affect such REIT status or operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We are not expressing any opinion as to what the value of Parent Common Stock
actually will be when issued pursuant to the Mergers or the prices at which Parent Common Stock, Company Common Stock, Company Class&nbsp;A Common Stock or any other securities will trade at any time. Our opinion is necessarily based on economic,
market, financial and other conditions existing, and information made available to us, as of the date hereof. As the Board is aware, the credit, financial and stock markets, and the industries and regions in which Company and Parent operate, have
experienced and continue to experience volatility and we express no opinion or view as to any potential effects of such volatility on Company, Parent (or their respective businesses), the Mergers or related transactions (including the contemplated
benefits thereof). Although subsequent developments may affect the matters set forth in this opinion, we do not have any obligation to update, revise, reaffirm or withdraw this opinion or otherwise comment on or consider any such events occurring or
coming to our attention after the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our opinion only addresses the fairness, from a financial point of view and as of the date
hereof, to holders of Company Common Stock and Company Class&nbsp;A Common Stock (other than Parent, any Parent Subsidiary or any wholly owned Company Subsidiary) of the Exchange Ratio provided for in the Merger Agreement to the extent expressly
specified herein, without regard to individual circumstances of specific holders that may distinguish such holders or the securities of Company held by such holders (including any rights, preferences, restrictions or limitations that may be
attributable to shares of Company Common Stock or Company Class&nbsp;A Common Stock or other securities of Company), and does not address any other terms, aspects or implications of the Mergers or any related transactions, including, without
limitation, the form or structure of the Mergers or any other agreement, arrangement or understanding entered into in connection with or contemplated by the Mergers, any related transactions or otherwise. In addition, our opinion does not address
the fairness of the amount or nature of, or any other aspects relating to, any compensation to be received by or otherwise payable to any officers, directors or employees of any parties to the Mergers or related transactions, or class of such
persons, relative to the Exchange Ratio or otherwise. Our opinion also does not address the merits of the underlying decision by Company to enter into the Merger Agreement or the relative merits of the Mergers or related
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board of Directors </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">transactions compared with other business strategies or transactions available or that have been or might be considered by Company or the Board
or in which Company might engage. We also are not expressing any opinion or view with respect to, and at the direction of Company have relied upon the assessments of representatives of Company regarding, accounting, tax, regulatory, legal or similar
matters as to which we understand that Company obtained such advice as it deemed necessary from qualified professionals. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Eastdil has been
engaged to act as financial advisor to Company in connection with the Mergers and will receive a fee for such services, a portion of which will be payable upon delivery of this opinion and the principal portion of which is contingent upon
consummation of the Mergers. Company has agreed to reimburse certain of Eastdil&#146;s expenses and to indemnify us and certain related parties against certain liabilities that may arise out of our engagement. Eastdil and our affiliates provide a
full range of investment banking and financial advisory, property sales and debt placement services in the ordinary course of business, for which we and such affiliates receive customary fees. Eastdil and our affiliates in the past have provided,
currently are providing and in the future may provide investment banking and other financial services to Company, Parent and certain of their respective affiliates for which Eastdil and our affiliates have received and would expect to receive fees
including, during the past two years, having acted as debt placement agent to Parent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This opinion is for the information and use of the
Board (in its capacity as such) in connection with its evaluation of the Mergers. This opinion does not constitute a recommendation to the Board or any other person or entity in respect of the Mergers or any related transaction, including as to how
any stockholder or other person should vote or act in connection with the Mergers, any related transaction or any other matter. This opinion may not be used or relied upon for any other purpose without our prior written consent, nor shall this
opinion be disclosed to any person or quoted or referred to, in whole or in part, without our prior written consent. This opinion may be reproduced in full in any proxy or information statement mailed to stockholders of Company and registration
statement of Parent in connection with the Mergers and related transactions but may not otherwise be disclosed publicly in any manner without our prior written consent. The issuance of this opinion has been approved by an authorized committee of
Eastdil. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Based upon and subject to the foregoing, our experience as investment bankers, our work as described above and other factors we
deemed relevant, it is our opinion that, as of the date hereof, the Exchange Ratio provided for in the Merger Agreement is fair, from a financial point of view, to the holders (other than Parent, any Parent Subsidiary or any wholly owned Company
Subsidiary) of Company Common Stock and Company Class&nbsp;A Common Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Very truly yours, </P>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Eastdil Secured Advisors LLC</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="annexc"></A>Annex C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION VERSION </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>VOTING
AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This VOTING AGREEMENT (this &#147;<U>Agreement</U>&#148;), dated as of May&nbsp;17, 2023, is by and among
(a)&nbsp;Regency Centers Corporation, a Florida corporation (&#147;<U>Parent</U>&#148;), (b) Urstadt Biddle Properties Inc., a Maryland corporation (the &#147;<U>Company</U>&#148;) (solely with respect to <U>Section&nbsp;7</U> and <U>Sections
8.2</U> through <U>8.23)</U>, and (c)&nbsp;the stockholders of the Company listed on <U>Schedule A</U> and the signature pages hereto (each, a &#147;Stockholder&#148; and, collectively, the &#147;<U>Stockholders</U>&#148;). Each of Parent, the
Company and the Stockholders are sometimes referred to as a &#147;<U>Party</U>.&#148; </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">A.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the execution and delivery of this Agreement, Parent, the Company, Hercules Merger Sub,
LLC, a Maryland limited liability company and a wholly owned subsidiary of Parent (&#147;<U>Merger Sub</U>&#148;), UB Maryland I, Inc., a Maryland corporation and a wholly owned subsidiary of the Company (&#147;<U>Hermes Sub I</U>&#148;), and UB
Maryland II, Inc., a Maryland corporation and a wholly owned subsidiary of Hermes Sub I (&#147;<U>Hermes Sub II</U>&#148;), entered into an Agreement and Plan of Merger (as it may be amended, supplemented or otherwise modified from time to time in
accordance with its terms, the &#147;<U>Merger Agreement</U>&#148;) that, among other things and subject to the terms and conditions set forth therein, provides for (i)&nbsp;the merger of Hermes Sub II with and into the Company at the First Merger
Effective Time, with the Company being the surviving corporation (the &#147;<U>First Merger</U>&#148;) and (ii)&nbsp;following the First Merger Effective Time, the merger of Hermes Sub I with and into Merger Sub at the Second Merger Effective Time,
with Merger Sub surviving the merger (the &#147;<U>Second Merger</U>&#148; and, together with the First Merger, the &#147;<U>Mergers</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">B.&nbsp;&nbsp;&nbsp;&nbsp;As of the date hereof, each Stockholder is the record and/or &#147;beneficial owner&#148; (within
the meaning of Rule <FONT STYLE="white-space:nowrap">13d-3</FONT> under the Exchange Act) of the number of shares of common stock, par value $0.01 per share, of the Company and class A common stock, par value $0.01 per share, of the Company
(collectively, the &#147;<U>Common Shares</U>&#148;) set forth next to such Stockholder&#146;s name on <U>Schedule A</U> hereto, being all of the Common Shares owned of record or beneficially by such Stockholder as of the date hereof (with respect
to such Stockholder, the &#147;<U>Owned Shares</U>&#148;, and the Owned Shares together with any additional Common Shares that such Stockholder may acquire record and/or beneficial ownership of after the date hereof (including pursuant to a stock
split, reverse stock split, stock dividend or distribution or any change in Common Shares by reason of any recapitalization, reorganization, combination, reclassification, exchange of shares or similar transaction), such Stockholder&#146;s
&#147;<U>Covered Shares</U>&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">C.&nbsp;&nbsp;&nbsp;&nbsp;In connection with the execution by Parent and Merger
Sub of the Merger Agreement, each Stockholder has agreed to enter into this Agreement with respect to such Stockholder&#146;s Covered Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set
forth below and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. Unless the context otherwise requires, capitalized terms used but not otherwise
defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement. When used and capitalized in this Agreement, the following terms shall have the meanings assigned to them in this <U>Section&nbsp;1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Expiration Time</U>&#148; shall mean the earliest to occur of (a)&nbsp;the Second Merger
Effective Time, (b)&nbsp;a Company Adverse Recommendation Change in accordance with Section&nbsp;7.3 of the Merger Agreement and (c)&nbsp;such time as the Merger Agreement is terminated in accordance with the terms of the Merger Agreement.
&nbsp;&nbsp;&nbsp;&nbsp; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Transfer</U>&#148; shall mean:
(a)&nbsp;any direct or indirect offer, sale, assignment, encumbrance, pledge, hypothecation, disposition, or other transfer (by operation of Law or otherwise) or entry into any option or other contract, arrangement or understanding with respect to
any offer, sale, assignment, encumbrance, pledge, hypothecation, disposition or other transfer (by operation of Law or otherwise), of any Covered Shares or any interest in any Covered Shares (in each case other than this Agreement); (b) the deposit
of such Covered Shares into a voting trust, the entry into a voting agreement or arrangement (other than this Agreement) with respect to such Covered Shares or the grant of any proxy or power of attorney (other than this Agreement) with respect to
such Covered Shares; or (c)&nbsp;any contract or commitment (whether or not in writing) to take any of the actions referred to in the foregoing clauses (a)&nbsp;or (b) above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement to Not Transfer the Covered Shares; No Inconsistent
Arrangements</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Transfer of Covered Shares</U>. Until the Expiration Time, each
Stockholder agrees not to Transfer or cause or permit the Transfer of any Covered Shares of any Stockholder, other than with the prior written consent of Parent. Any Transfer or attempted Transfer of any Covered Shares in violation of this
<U>Section&nbsp;2.1</U> shall be null and void <I>ab initio</I> and of no effect whatsoever. If any involuntary Transfer of any of such Stockholder&#146;s Covered Shares shall occur (including a sale by such Stockholder&#146;s trustee in any
bankruptcy, a sale to a purchaser at any creditor&#146;s or court sale, or any Transfer by divorce decree of a court of competent jurisdiction or by will, trust, intestacy or other similar applicable Law upon such Stockholder&#146;s death), the
transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial transferee) shall, subject to applicable Law, take and hold such Covered Shares subject to all of the restrictions, obligations,
liabilities and rights under this Agreement, which shall continue in full force and effect until the Expiration Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Inconsistent Arrangements</U>. Until the Expiration Time, each Stockholder agrees not to
take any action, in its capacity as the record holder or beneficial owner of Covered Shares, that would directly or indirectly have the effect of preventing, materially delaying or materially impairing such Stockholder from performing any of its
obligations under this Agreement or that would, or would reasonably be expected to, have the effect of preventing, materially delaying or materially impairing, the consummation of Mergers or the other transactions contemplated by the Merger
Agreement or the performance by the Company of its obligations under the Merger Agreement.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement to Vote the Covered Shares</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting Agreement</U>. Until the Expiration Time, at every meeting of the Company&#146;s
stockholders at which any of the following matters are to be voted on (and at every adjournment or postponement thereof), and on any action or approval of the Company&#146;s stockholders by written consent with respect to any of the following
matters, each Stockholder shall vote (including via proxy) all of such Stockholder&#146;s Covered Shares (or cause the holder of record on any applicable record date to vote (including via proxy) all of such Stockholder&#146;s Covered
Shares)&nbsp;(a) in favor of any proposal to approve the Mergers (or any similar proposal required to be approved in order for either of the Mergers to be consummated); and (b)&nbsp;against (1) any action or agreement that would reasonably be
expected to result in any of the conditions to the Company&#146;s obligations set forth in the Merger Agreement not being fulfilled or result in a breach of any covenant, representation or warranty or any other obligation or agreement of the
Company, Hermes Sub I or Hermes Sub II contained in the Merger Agreement, or of any Stockholder contained in this Agreement, or (2)&nbsp;any Company Acquisition Proposal, or any agreement, transaction or other matter that is intended to, or would
reasonably be expected to, impede, interfere with or materially and adversely affect the consummation of the Mergers and/or the other transactions contemplated by the Merger Agreement (clauses (a)&nbsp;and (b), the &#147;<U>Covered
Proposals</U>&#148;). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Quorum</U>. Until the Expiration Time, at every meeting of the Company&#146;s stockholders
(and at every adjournment or postponement thereof), each Stockholder shall be represented in person or by proxy at such meeting (or cause the holders of record on any applicable record date to be represented in person or by
</P>
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proxy at such meeting) in order for the Covered Shares to be counted as present for purposes of establishing a
quorum.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Return of Proxy</U>. Each Stockholder shall execute and deliver (or cause the holders of
record to execute and deliver), promptly following receipt, any proxy card or voting instructions it receives that is sent to stockholders of the Company soliciting proxies with respect to any matter described in <U>Section&nbsp;3.1</U>, which shall
be voted in the manner described in <U>Section&nbsp;3.1</U> (with Parent to be promptly notified (and provided reasonable evidence) of such execution and delivery of such proxy card or voting
instructions).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Irrevocable Grant of Proxy</U>. In the event of a failure by a Stockholder to act in
accordance with such Stockholder&#146;s obligations as to voting pursuant to <U>Section&nbsp;3.1</U> and <U>Section&nbsp;3.2</U> prior to the Expiration Time, such Stockholder hereby irrevocably (until the Expiration Time, at which time this proxy
shall automatically be terminated) grants to, and appoints, Parent, and any individual designated in writing by Parent, and each of them individually, as such Stockholder&#146;s proxy and <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> (with full power of substitution), for and in the name, place and stead of the Stockholder, to vote the Covered Shares, or grant a consent or approval in respect of the Covered Shares owned
(beneficially or of record) by a Stockholder in a manner consistent with <U>Section&nbsp;3.1</U> and <U>Section&nbsp;3.2</U>. Each Stockholder hereby affirms that the irrevocable proxy set forth in this <U>Section&nbsp;3.4</U> is given in connection
with the execution of the Merger Agreement and that such irrevocable proxy is given to secure the performance of the duties of such Stockholder under this Agreement. Each Stockholder hereby further affirms that the irrevocable proxy is coupled with
an interest and may under no circumstances be revoked except as set forth herein. Each Stockholder hereby ratifies and confirms all that such irrevocable proxy may lawfully do or cause to be done by virtue hereof. Parent agrees not to exercise the
proxy granted herein for any purpose other than the purposes expressly set forth in this Agreement. The irrevocable proxy granted hereunder shall automatically terminate upon the termination of this Agreement.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Certain Actions</U>. Each Stockholder hereby agrees not
to commence or participate in, and to take all actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub, the Company, Hermes Sub I, Hermes Sub II or any of their
respective Affiliates, successors, directors, managers or officers (a)&nbsp;challenging the validity of, or seeking to enjoin or delay the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking to enjoin
or delay the closing of either of the Mergers) or (b)&nbsp;alleging a breach of any duty of the Company&#146;s Board of Directors or the Board of Directors of Hermes Sub I in connection with the Merger Agreement, this Agreement or the transactions
contemplated thereby or hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duties; Legal Obligations</U>.
Each Stockholder is entering into this Agreement solely in its capacity as the record holder or beneficial owner of Covered Shares. Nothing in this Agreement shall in any way limit or affect any actions taken by any Stockholder in its capacity as a
director or officer of the Company or from complying with his or her duties or other legal obligations while acting in such capacity as a director or officer of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Stockholder</U>. Each
Stockholder hereby represents and warrants to Parent and the Company that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Due
Authority</U>. Such Stockholder has the full power and capacity to make, enter into and carry out the terms of this Agreement. If such Stockholder is not a natural person, (a)&nbsp;the Stockholder is duly organized, validly existing and in good
standing in accordance with the Laws of its jurisdiction of formation, as applicable and (b)&nbsp;the execution and delivery of this Agreement, the performance of the Stockholder&#146;s obligations hereunder, and the consummation of the transactions
contemplated hereby have been validly authorized, and no other consents or authorizations are required to give effect to this Agreement or the transactions contemplated by this Agreement. This Agreement has been duly and validly executed and
delivered by the Stockholder and constitutes a valid and binding obligation of the Stockholder enforceable against it in </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-3 </P>

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accordance with its terms, except that (a)&nbsp;such enforcement may be subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect,
affecting creditors&#146; rights and remedies generally and (b)&nbsp;the remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any
Action therefor may be brought. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership of the Covered Shares</U>. (a)&nbsp;Such
Stockholder is, as of the date hereof, the beneficial and record owner of the Covered Shares set forth on <U>Schedule A</U>, free and clear of any and all Liens other than those (i)&nbsp;created by this Agreement or (ii)&nbsp;arising under
applicable securities Laws, and (b)&nbsp;except as disclosed on Schedule A, such Stockholder has sole voting and dispositive power over all of the Covered Shares beneficially owned by such Stockholder. Such Stockholder has not entered into any
agreement to Transfer any Covered Shares. As of the date hereof, such Stockholder does not own, beneficially or of record, any Common Shares or other voting shares of the Company (or any securities convertible, exercisable or exchangeable for, or
rights to purchase or acquire, any Common Shares or other voting shares of the Company) other than the Owned Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Conflict; Consents</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">a.&nbsp;&nbsp;&nbsp;&nbsp;The execution and delivery of this Agreement by such Stockholder does not, and the performance by
such Stockholder of its obligations under this Agreement and the compliance by such Stockholder with any provisions hereof does not and will not: (a)&nbsp;conflict with or violate any Laws, or (b)&nbsp;result in any breach of or constitute a default
(or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien on any of the Covered Shares
beneficially owned by such Stockholder pursuant to any contract or obligation to which any Stockholder is a party or by which any Stockholder is subject. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">b.&nbsp;&nbsp;&nbsp;&nbsp;No consent, approval, order or authorization of, or registration, declaration or, except as required
by the rules and regulations promulgated under the Exchange Act, filing with, any Governmental Authority or any other Person, is required by or with respect to the Stockholder in connection with the execution and delivery of this Agreement or the
consummation by them of the transactions contemplated hereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">c.&nbsp;&nbsp;&nbsp;&nbsp;Absence of Litigation. As of the
date hereof, there is no legal action pending against, or, to the knowledge of such Stockholder, threatened against or affecting such Stockholder that would reasonably be expected to impair the ability of such Stockholder to perform its obligations
hereunder or to consummate the transactions contemplated hereby on a timely basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Takeover Statutes; Excess Stock</U>. The Company Board has taken
all action necessary to render inapplicable to the Mergers and the other transactions contemplated by the Merger Agreement and the Voting Agreement the restrictions on business combinations and control share acquisitions contained in Subtitle 6 of
Title 3 of the MGCL and Subtitle 7 of Title 3 of the MGCL and in order to exempt, to the extent applicable, any acquisition of beneficial ownership of the Company&#146;s capital stock pursuant to the Voting Agreement, from the &#147;Ownership
Limit&#148; (as set forth in Section&nbsp;9.b. of the Company Charter). No other &#147;business combination,&#148; &#147;control share acquisition,&#148; &#147;fair price,&#148; &#147;moratorium&#148; or other takeover or anti-takeover statute or
similar federal or state Law or restriction contained in the Company Charter or Company Bylaws is applicable to the Merger Agreement, the Voting Agreement, the Mergers or the other transactions contemplated by the Merger Agreement or the Voting
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.1.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Solicitation</U>. Until the Expiration Time, each Stockholder will not, and will not permit
any entity under such Stockholder&#146;s control to, take any action that the Company is prohibited from taking pursuant to Section&nbsp;7.3 of the Merger Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain Adjustments</U>. In the event of a
stock split, stock dividend or distribution, or any change in the Common Shares by reason of any <FONT STYLE="white-space:nowrap">split-up,</FONT> reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like,
the terms &#147;Common Shares,&#148; and &#147;Covered Shares&#148; shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be
changed or exchanged or which are received in such transaction. In addition, following the First Merger Effective Time, the term &#147;Owned Shares&#148; shall include any shares of Hermes Sub I Common Stock or Hermes Sub I Class&nbsp;A Common Stock
and references to the Company herein shall also include Hermes Sub I. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments and
Modifications</U>. Subject to Law, this Agreement may be amended, modified and supplemented, by written agreement of the Parties. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Expenses</U>. All fees, costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby will be paid by the Party incurring such fees, costs or expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. Any notice or other communication required or permitted hereunder will be in
writing and will be deemed given when delivered in person, by overnight courier or by email transmission (<U>provided</U>, that no &#147;bounce back&#148; or similar message of <FONT STYLE="white-space:nowrap">non-delivery</FONT> is received with
respect thereto), or two Business Days after being sent by registered or certified mail (postage prepaid, return receipt requested), as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">a.&nbsp;&nbsp;&nbsp;&nbsp;if to a Stockholder, to the address for notice set forth on <U>Schedule A</U> hereto, with a copy
(which shall not constitute notice) to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">c/o Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">321 Railroad Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Greenwich,
CT 06830 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Attn: Willing L. Biddle </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Email: wbiddle@ubproperties.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">b.&nbsp;&nbsp;&nbsp;&nbsp;if to Parent, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">c/o Regency Centers Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">One Independent Drive, Suite 114 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Jacksonville, Florida 32202 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;Michael Mas </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael Herman </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Email: michaelmas@regencycenters.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;michaelherman@regencycenters.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">51 West 52nd Street </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">New York,
NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;Adam O. Emmerich </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David K. Lam </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Email: aoemmerich@wlrk.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dklam@wlrk.com </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">c.&nbsp;&nbsp;&nbsp;&nbsp;if to the Company, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">321 Railroad Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Greenwich,
CT 06830 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;Willing L. Biddle </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miyun Sung </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Email: wbiddle@ubproperties.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;msung@ubproperties.com </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">with a copy (which shall not constitute notice) to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Hogan Lovells US LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Columbia
Square </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">555 13th St NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Washington, DC 20004 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Attn:&nbsp;&nbsp;&nbsp;&nbsp;David Bonser </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stacey McEvoy </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">Email: david.bonser@hoganlovells.com </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:29%; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stacey.mcevoy@hoganlovells.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any Party may by notice delivered in accordance with this <U>Section&nbsp;8.5</U> to the other Parties designate updated information for
notices hereunder. Notice of any change to the address or any of the other details specified in or pursuant to this section will not be deemed to have been received until, and will be deemed to have been received upon, the later of the date
specified in such notice or the date that is five Business Days after such notice would otherwise be deemed to have been received pursuant to this <U>Section&nbsp;8.5</U>. Nothing in this <U>Section&nbsp;8.5</U> will be deemed to constitute consent
to the manner or address for service of process in connection with any legal Action, including litigation arising out of or in connection with this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement and all claims or causes of actions (whether at Law, in
contract or in tort) that may be based upon, arise out of or be related to this Agreement or the negotiation, execution or performance of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Maryland
without giving effect to its conflicts of laws principles (whether the State of Maryland or any other jurisdiction) that would cause the application of the Laws of any jurisdiction other than the State of Maryland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. Each of the Company, Parent and each Stockholder irrevocably
agrees (a)&nbsp;to submit itself to the exclusive jurisdiction and forum of the Circuit Court for Baltimore City (Maryland) or, if that court does not have jurisdiction, to the United Stated District Court for the State of Maryland, Northern
Division (the &#147;<U>Maryland Courts</U>&#148;) for the purpose of any Action (whether based on contract, tort or otherwise), directly or indirectly, arising out of or relating to this Agreement or the transactions contemplated by this Agreement
or the actions of the parties hereto in the negotiation, administration, performance and enforcement of this Agreement, (b)&nbsp;to request and/or consent to the assignment of any dispute arising out of this Agreement or the transactions
contemplated by this Agreement or the actions of the Parties in the negotiation, administration, performance and enforcement of this Agreement to the Business and Technology Case Management Program of the Circuit Court for Baltimore City (Maryland),
(c) that it will not attempt to deny or defeat such jurisdiction or forum by motion or other request for leave from any such court, (d)&nbsp;that it will not bring any Action relating to this Agreement or the transactions contemplated by this
Agreement or the actions of the parties hereto in the negotiation, administration, performance and enforcement of this Agreement in any court other than the Maryland Courts, and (e)&nbsp;that a final judgment in any Action shall be conclusive and
may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each of the Parties agrees that service of process may be made within or outside the State of Maryland, and agree that service of process on such
Party at the address referred to herein by prepaid certified mail with a proof of mailing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-6 </P>

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receipt validated by the United States Postal Service constituting evidence of valid service shall be deemed effective service of process. Service made pursuant to the foregoing sentence shall
have the same legal force and effect as if served upon such Party personally within the State of Maryland. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Service of Process</U>. Each Party irrevocably consents to the service of process outside the
territorial jurisdiction of the courts referred to in <U>Section&nbsp;8.7</U> in any such action or Action by mailing copies thereof by registered United States mail, postage prepaid, return receipt requested, to its address as specified in or
pursuant to <U>Section&nbsp;8.5</U>. However, the foregoing will not limit the right of a party to effect service of process on the other party by any other legally available method. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Waiver of Jury Trial</U>. EACH OF PARENT, COMPANY AND EACH STOCKHOLDER HEREBY IRREVOCABLY
WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, ACTION OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY RELATED DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENT OR ACTION RELATED HERETO OR THERETO. Each Party certifies and acknowledges that (a)&nbsp;no Representative of any other Party has represented, expressly or otherwise, that such other Party would not seek to enforce the foregoing
waiver in the event of a legal action, (b)&nbsp;such Party has considered the implications of this waiver, (c)&nbsp;such Party makes this waiver voluntarily, and (d)&nbsp;such Party has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications in this <U>Section&nbsp;8.9</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.10.&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Waiver; Remedies Cumulative</U>. No failure or delay by any Party in the exercise of any right hereunder will impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein,
nor will any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive to, and not exclusive of, any
rights or remedies otherwise available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Documentation and Information</U>. No
Stockholder shall (and the Stockholders shall cause their respective controlled Affiliates, excluding the Company, not to) make any public announcement regarding this Agreement or the transactions contemplated hereby without the prior written
consent of Parent (such consent not to be unreasonably withheld, conditioned or delayed), except as may be required by applicable Law (provided that reasonable notice of any such disclosure will be provided to Parent, and such Stockholder will
consider in good faith the reasonable comments of Parent with respect to such disclosure and otherwise cooperate with Parent in obtaining confidential treatment with respect to such disclosure if requested by Parent). Each Stockholder consents to
and authorizes the publication and disclosure by Parent and the Company of such Stockholder&#146;s identity and holding of the Covered Shares, and the terms of this Agreement (including, for the avoidance of doubt, the disclosure of this Agreement),
in any press release, the Proxy Statement and any other disclosure document required in connection with the Merger Agreement, the Mergers and/or the other transactions contemplated by the Merger Agreement, and each Stockholder acknowledges that
Parent and the Company may, in their sole discretion, file this Agreement or a form hereof with the SEC or any other Governmental Authority or securities exchange. Each Stockholder agrees to promptly give the Company and Parent any information it
may reasonably require for the preparation of any such disclosure documents, and each Stockholder agrees to promptly notify the Company and Parent of any required corrections with respect to any information supplied by such Stockholder specifically
for use in any such disclosure document, if and to the extent that any such information shall have become false or misleading in any material respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Further Assurances</U>. Each Stockholder agrees, from time to time, at the reasonable request
of Parent and without further consideration, to execute and deliver such additional documents and take all such further action as may be reasonable required to consummate and make effective, in the most expeditious manner practicable, the
transactions contemplated by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-7 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Stop Transfer Instructions</U>. At all
times commencing with the execution and delivery of this Agreement and continuing until the Expiration Time, in furtherance of this Agreement, the Stockholder hereby authorizes the Company or its counsel to notify the Company&#146;s transfer agent
that there is a stop transfer order with respect to all of the Covered Shares (and that this Agreement places limits on the voting and transfer of the Covered Shares), subject to the provisions hereof and provided that any such stop transfer order
and notice will immediately be withdrawn and terminated by the Company following the Expiration Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.14.&nbsp;&nbsp;&nbsp;&nbsp;<U>Specific Performance</U>. The Parties acknowledge and agree that, in the event of any breach
of this Agreement, irreparable harm would occur that monetary damages could not make whole. It is accordingly agreed that (i)&nbsp;each Party will be entitled, in addition to any other remedy to which it may be entitled at law or in equity, to
compel specific performance to prevent or restrain breaches or threatened breaches of this Agreement in any action without the posting of a bond or undertaking and (ii)&nbsp;the Parties will, and hereby do, waive, in any action for specific
performance, the defense of adequacy of a remedy at law and any other objections to specific performance of this Agreement. Notwithstanding the Parties&#146; rights to specific performance pursuant to <U>Section&nbsp;8.14</U>, each Party may pursue
any other remedy available to it at law or in equity, including monetary damages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.15.&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. This Agreement (and to the extent applicable, the Merger Agreement), including the Schedules hereto, constitutes the entire agreement among the Parties, and supersedes all prior agreements and understandings, both written and oral,
among the Parties with respect to such subject matter. For the avoidance of doubt, nothing in this Agreement shall be deemed to amend, alter or modify, in any respect, any of the provisions of the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.16.&nbsp;&nbsp;&nbsp;&nbsp;<U>Interpretation</U>. Except where stated otherwise in this Agreement, the following rules of
interpretation apply to this Agreement, (a) &#147;either&#148; and &#147;or&#148; are not exclusive and &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; are not limiting, (b) &#147;hereof,&#148; &#147;hereto,&#148;
&#147;hereby,&#148; &#147;herein&#148; and &#147;hereunder&#148; and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, (c)&nbsp;&#147;extent&#148; in the
phrase &#147;to the extent&#148; means the degree to which a subject or other thing extends, and such phrase does not mean simply &#147;if,&#148; (d) descriptive headings are inserted for convenience only and do not affect in any way the meaning or
interpretation of this Agreement, (e)&nbsp;definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms, (f)&nbsp;references to a Person are also to its permitted successors and assigns,
(g)&nbsp;references to a &#147;Section,&#148; or &#147;Schedule&#148; refer to a Section of, or a Schedule to, this Agreement, (h)&nbsp;references to a federal, state, local or foreign statute or Law shall mean such Law as from time to time amended,
modified or supplemented, and include any rules, regulations and delegated legislation issued thereunder, and (i)&nbsp;words denoting any gender will be deemed to include all genders and words denoting natural persons will be deemed to include
business entities and vice versa. The language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction will be applied against any Party. No summary of this
Agreement prepared by any Party will affect the meaning or interpretation of this Agreement. The Parties agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of
any Law, regulation, holding or ruling of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document. Whenever the final day for performance of an obligation
under this Agreement, falls on a day other than a Business Day, the time period for performance thereof will automatically be extended to the next day that is a Business Day. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.17.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment; Third Party Beneficiaries</U>. This Agreement will not be assigned by any of the
Parties (whether by operation of Law or otherwise) without the prior written consent of the other Parties. Subject to the preceding sentence, but without relieving any Party of any obligation hereunder, this Agreement will be binding upon, inure to
the benefit of and be enforceable by the Parties and their respective successors and assigns. Nothing in this Agreement, express or implied, will confer upon any Person other than the Parties and their respective successors and permitted assigns any
right, benefit or remedy of any nature by reason of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.18.&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>. If any provision of this
Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will
remain in full force and effect to the extent not held invalid or unenforceable. The Parties will replace such invalid or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the
economic, business and other purposes of such invalid or unenforceable provision. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.19.&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT
STYLE="white-space:nowrap">Non-Survival</FONT></U>. Subject to Section&nbsp;8.20, none of the representations, warranties, covenants and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the
Expiration Time, except for those covenants and agreements contained herein that by their terms apply or are to be performed in whole or in part after the Expiration Time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.20.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination</U>. This Agreement shall automatically terminate without further action by any
of the Parties and shall have no further force or effect as of the Expiration Time; <U>provided</U> that the provisions of <U>Sections 8.4</U>, <U>8.5</U>, <U>8.6</U>, <U>8.7</U>, <U>8.8</U>, <U>8.9</U>, <U>8.10</U>, <U>8.16</U>, <U>8.19</U> and
<U>8.20</U> shall survive any such termination. Upon termination of this Agreement, no Party shall have any further obligations or liabilities under this Agreement; <U>provided</U>, <U>however</U>, neither this Section&nbsp;8.20 nor
Section&nbsp;8.19 shall relieve any Party from liability for any willful and material breach of this Agreement or from fraud prior to termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.21.&nbsp;&nbsp;&nbsp;&nbsp;<U>Counterparts and Signature</U>. This Agreement may be executed in two or more counterparts
(including by an electronic signature, electronic scan or electronic transmission in portable document format (.pdf), including (but not limited to) DocuSign, delivered by electronic mail), each of which will be deemed an original but all of which
together will be considered one and the same agreement and will become effective when counterparts have been signed by each of the Parties and delivered to the other Parties, it being understood that all Parties need not sign the same counterpart.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.22.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Agreement Until Executed</U>. This Agreement shall not be effective unless and until
(a)&nbsp;the Merger Agreement is executed and delivered by all parties thereto and (b)&nbsp;this Agreement is executed and delivered by all Parties hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.23.&nbsp;&nbsp;&nbsp;&nbsp;<U>No Ownership Interest</U>. Nothing contained in this Agreement shall be deemed to vest in
Parent or any of its Affiliates any direct or indirect ownership or incidence of ownership of or with respect to the Covered Shares. All rights, ownership and economic benefits of and relating to the Covered Shares shall remain vested in and belong
to the Stockholder, and neither Parent nor any Affiliate of Parent shall have any authority to manage, direct, restrict, regulate, govern, or administer any of the policies or operations of the Company or exercise any power or authority to direct
the Stockholder in the voting of any of the Covered Shares, except as otherwise expressly provided herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature page follows]</I>
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly
executed and delivered on the date and year first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>REGENCY CENTERS CORPORATION</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Lisa Palmer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:&nbsp;&nbsp;Lisa Palmer</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Voting Agreement</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-10 </P>

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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">URSTADT BIDDLE PROPERTIES INC.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name: Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title: President and Chief Executive Officer</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:120pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:120pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to Voting Agreement</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-11 </P>

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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">URSTADT PROPERTY COMPANY, INC.</P></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Chairman of the Board</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Elinor F. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Elinor F. Urstadt</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">URSTADT REALTY ASSOCIATES CO LP</P></TD></TR>
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<TD HEIGHT="16" COLSPAN="3"></TD></TR>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">By: URSTADT PROPERTY COMPANY, INC.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;Its sole general partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Chairman of the Board</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">URSTADT REALTY SHARES II L.P.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:10pt; font-family:Times New Roman">By: URSTADT PROPERTY COMPANY, INC.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;Its sole general partner</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Charles D. Urstadt</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Chairman of the Board</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Willing L. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Willing L. Biddle</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Catherine U. Biddle</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Catherine U. Biddle</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Voting Agreement] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-12 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Schedule A </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Address</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Owned Shares*</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Urstadt Property Company, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 Park Place</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bronxville, New York
10708</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100,000 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">3,286,578
Common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Elinor F. Urstadt</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 Park Place</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bronxville, New York
10708</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">176,767 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">4,093,198
Common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Urstadt Realty Associates Co LP</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 Park Place</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bronxville, New York
10708</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">0 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1,942,431 Common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Urstadt Realty Shares II L.P.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 Park Place</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bronxville, New York
10708</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">0 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">455,721 Common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Willing L. Biddle</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">321 Railroad Avenue,</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwich,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Connecticut 06830</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55,824 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">4,479,570
Common</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Catherine U. Biddle</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2 Park Place,</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bronxville, New York
10708</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">55,824 Class&nbsp;A</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">4,479,570
Common</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Includes shares of Class&nbsp;A Common Stock and Common Stock over which the Stockholder has shared voting
and dispositive power. If any additional Common Shares are owned by any of the Stockholders as of the date hereof, such shares shall be automatically deemed to be &#147;Owned Shares&#148; notwithstanding the contents of this Schedule A.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-13 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="annexd"></A>Annex D </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Articles of Amendment Classifying Parent Series A Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLES OF AMENDMENT TO RESTATED ARTICLES OF INCORPORATION OF REGENCY CENTERS CORPORATION DESIGNATING THE PREFERENCES, RIGHTS AND
LIMITATIONS OF 4,600,000 SHARES OF 6.250% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$0.01 Par Value </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Original Designation filed in the office of Secretary of State of Florida on [&#149;], 2023. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;607.0602 of the Florida Business Corporation Act (the &#147;<U>FBCA</U>&#148;), Regency Centers Corporation, a
Florida corporation (the &#147;<U>Corporation</U>&#148;), does hereby certify that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>FIRST: </B>Pursuant to the
authority expressly vested in the Board of Directors of the Corporation by Section&nbsp;4.2 of the Restated Articles of Incorporation of the Corporation (the &#147;<U>Articles</U>&#148;) and Section&nbsp;607.0602 of the FBCA, the Board of Directors
of the Corporation (the &#147;<U>Board of Directors</U>&#148;), by resolutions duly adopted on May&nbsp;17, 2023, has classified 4,600,000 shares of the authorized but unissued Preferred Stock, par value $0.01 per share (&#147;<U>Preferred
Stock</U>&#148;), as a separate series of Preferred Stock, authorized the issuance of a maximum of 4,600,000 shares of such series of Preferred Stock and set certain of the preferences, voting powers, restrictions, limitations as to dividends,
qualifications, terms and conditions of redemption and other terms and conditions of such series of Preferred Stock. Shareholder approval was not required under the Articles with respect to such designation.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>SECOND: </B>The series of Preferred Stock of the Corporation created by the resolutions duly adopted by the Board of
Directors and referred to in Article <U>FIRST</U> of these Articles of Amendment shall have the following designation, number of shares, preferences, voting powers, restrictions and limitation as to dividends and other distributions, qualifications,
terms and conditions of redemption and other terms and conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation and Number</U>. A series of preferred stock, designated the
6.250% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#147;<U>Series A Preferred Stock</U>&#148;), is hereby established. The number of shares constituting the Series A Preferred Stock shall initially be 4,600,000.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. The terms defined in this Section, whenever used
herein, shall, unless the context otherwise requires, have the respective meanings hereinafter specified: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Alternative Conversion Consideration</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Alternative Form Consideration</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Annual Dividend Rate</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Articles</U>&#148; shall have the meaning set forth in Article <U>FIRST</U> of these Articles of Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Board of Directors</U>&#148; shall mean the Board of Directors of the Corporation or any committee authorized by the
Board of Directors to perform any of its responsibilities with respect to the Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>business
day</U>&#148; shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control</U>&#148; occurs when, after the Series A
Preferred Stock issue date, the following have occurred and are continuing: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the acquisition by any person, including any syndicate or group deemed to
be a &#147;person&#148; under Section&nbsp;13(d)(3) of the Exchange Act of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of
shares of common stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of common stock entitled to vote generally in the election of directors (and such person will be deemed to have beneficial
ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;following the closing of any transaction referred to in (a)&nbsp;above,
neither the Corporation nor the acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed or quoted on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an
exchange or quotation system that is a successor to the NYSE, the NYSE American or the NASDAQ. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control
Conversion Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control
Redemption Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Code</U>&#148; shall have
the meaning set forth in <U>Section&nbsp;5(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>common stock</U>&#148; shall mean the common stock, par value
$0.01 per share, of the Corporation and any stock into which such common stock shall have been changed or any stock resulting from any capital reorganization or reclassification of such common stock, and all other stock of any class or classes
(however designated) of the Corporation the holders of which have the right, without limitation as to amount, either to all or to a share of the balance of current dividends and liquidating dividends after the payment of dividends and distributions
on any shares entitled to preference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Common Share Conversion Consideration</U>&#148; shall have the meaning set
forth in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Common Stock Price</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Agent</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Consideration</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Date</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Corporation</U>&#148; shall have the meaning set forth in Article <U>FIRST</U> of
these Articles of Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Payment Date</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Record Date</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Event</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(c)(ii)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Cap</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>FBCA</U>&#148; shall mean the Florida Business Corporation Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; shall have the meaning set forth
in <U>Section&nbsp;6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NASDAQ</U>&#148; shall mean the Nasdaq Stock Market or any exchange or quotation
system that is a successor to the Nasdaq Stock Market on which the Series A Preferred Stock is listed or quoted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NYSE</U>&#148; shall mean the New York Stock Exchange or any exchange or quotation system that is a successor to the
New York Stock Exchange on which the Series A Preferred Stock is listed or quoted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NYSE American</U>&#148; shall
mean the NYSE American or any exchange or quotation system that is a successor to the NYSE American on which the Series A Preferred Stock is listed or quoted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parity Preferred</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>person</U>&#148; shall mean any natural person, corporation, limited partnership, limited liability company, general
partnership, joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any governmental authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Preferred Dividend Default</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Preferred Stock Director</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>REIT</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rights and Preferences</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(c)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series A</U> Preferred Stock&#148; shall have the meaning set forth in <U>Section&nbsp;1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series B Preferred Stock</U>&#148; shall mean the 5.875% Series B Cumulative Redeemable Preferred Stock, par value
$0.01 per share, of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>set apart for payment</U>&#148; shall be deemed to include, without any
action other than the following, the recording by the Corporation in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a dividend or other distribution by the Board of Directors, the
allocation of funds to be so paid on any series or class of stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Share Cap</U>&#148; shall
have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Share Split</U>&#148; shall have the meaning set forth
in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity</U>. The Series A Preferred
Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>. The Series A Preferred Stock will, with respect to dividend
rights and rights upon liquidation, dissolution or winding up of the Corporation, rank (a)&nbsp;senior to all classes or series of common stock of the Corporation, and to all equity securities issued by the Corporation ranking junior to the Series A
Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation, (b)&nbsp;on a parity with the Series B Preferred Stock, and with all other equity securities issued by the Corporation, the
terms of which specifically provide that such equity securities rank on a parity with the Series B Preferred Stock and the Series A Preferred Stock with respect to dividend rights or other rights upon liquidation, dissolution or winding up of the
Corporation, and (c)&nbsp;junior to all existing and future indebtedness of the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-3 </P>

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Corporation, and to any equity securities that the Corporation may issue in the future the terms of which specifically provide that such equity securities rank senior to the Series A Preferred
Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of the Series A Preferred Stock are entitled to receive,
when and as authorized by the Board of Directors and declared by the Corporation, out of funds legally available for the payment of dividends, preferential cumulative dividends payable in cash at the rate per annum of $1.5625 per share of the Series
A Preferred Stock (the &#147;<U>Annual Dividend Rate</U>&#148;), which is equivalent to a rate of 6.250% per annum of the Liquidation Preference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on the Series A Preferred Stock shall be cumulative from and
including the date of original issue and shall be payable in arrears for each quarterly period ending January&nbsp;31, April&nbsp;30, July&nbsp;31 and October&nbsp;31 on January&nbsp;31, April&nbsp;30, July&nbsp;31 and October&nbsp;31, respectively,
of each year, or, if any such date shall not be a business day, not later than the next succeeding business day (each, a &#147;<U>Dividend Payment Date</U>&#148;). The amount of dividends payable on each Dividend Payment Date for the Series A
Preferred Stock shall be computed by dividing the Annual Dividend Rate by four. The first dividend will be payable on [&#149;], with respect to the period commencing on the first date on which shares of the Series A Preferred Stock are issued and
ending [&#149;]. The amount of any dividend payable on the Series A Preferred Stock with respect to any other period (that is shorter or longer than one full quarterly period), including, without limitation, the first dividend which is payable on
[&#149;], will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Dividends will be payable to holders of record as they appear in the stock
records of the Corporation at the close of business on the applicable record date determined each quarter by the Board of Directors, as provided by the FBCA, which shall not be more than 30 days preceding the applicable Dividend Payment Date (each,
a &#147;<U>Dividend Record Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dividends on shares of
Series A Preferred Stock shall be authorized by the Board of Directors or declared or paid or set apart for payment by the Corporation at such time as the terms and provisions of any agreement of the Corporation, including any agreement relating to
its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if
such authorization, declaration, payment or setting apart shall be restricted or prohibited by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, dividends on outstanding shares of the
Series A Preferred Stock will accrue whether or not the Corporation has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared. Accrued but unpaid
dividends on shares of the Series A Preferred Stock will not bear interest and holders of shares of the Series A Preferred Stock will not be entitled to any distributions in excess of full cumulative distributions described above. Except as set
forth in the next sentence, no dividends will be authorized, declared and paid or authorized, declared and set apart for payment on any capital stock of the Corporation ranking, as to dividends, on a parity with the Series A Preferred Stock (other
than a dividend in shares of the common stock or in shares of any other class of stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends have been or
contemporaneously are authorized, declared and paid or authorized, declared and a sum sufficient for the payment thereof is set apart for such payment on outstanding shares of the Series A Preferred Stock for all past dividend periods. When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series A Preferred Stock and the shares of any other series of preferred stock ranking on a parity as to dividends with the Series A Preferred
Stock, all dividends authorized and declared upon the Series A Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Series A Preferred Stock shall be authorized and declared ratably so that the amount
of dividends authorized and declared per share of Series A Preferred Stock and such other series of preferred stock shall in all cases bear to each other the same ratio that accrued dividends </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
per share on the Series A Preferred Stock and such other series of preferred stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such preferred
stock does not have a cumulative dividend) bear to each other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as described in <U>Section&nbsp;5(d)</U> above, unless full cumulative dividends on outstanding shares of the Series A Preferred Stock have been or contemporaneously are authorized, declared and paid or authorized, declared and a sum sufficient for
the payment thereof is set apart for payment for all past dividend periods, no dividends (other than in shares of common stock or other shares of capital stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation)
shall be authorized, declared and paid or authorized, declared and set apart for payment nor shall any other distribution be authorized and declared or made upon the common stock, or any other capital stock of the Corporation ranking junior to or on
a parity with the Series A Preferred Stock as to dividends or upon liquidation, nor shall any shares of common stock, or any other shares of capital stock of the Corporation ranking junior to or on a parity with the Series A Preferred Stock as to
dividends or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Corporation (except by conversion into or
exchange for other capital stock of the Corporation ranking junior to the Series A Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving the Corporation&#146;s qualification as a real estate investment
trust (a &#147;<U>REIT</U>&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;)). Holders of shares of the Series A Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or
stock, in excess of full cumulative dividends on the Series A Preferred Stock as provided above. Any dividend payment made on shares of the Series A Preferred Stock shall first be credited against the earliest accrued but unpaid dividend due with
respect to such shares which remains payable. So long as no dividends are in arrears, the Corporation shall be entitled at any time and from time to time to repurchase shares of Series A Preferred Stock in open-market transactions duly authorized by
the Board of Directors and effected in compliance with applicable laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any voluntary or involuntary liquidation, dissolution or winding up
of the affairs of the Corporation, the holders of shares of Series A Preferred Stock are entitled to be paid out of the assets of the Corporation legally available for distribution to its shareholders a liquidation preference of $25.00 per share
(the &#147;<U>Liquidation Preference</U>&#148;), plus an amount equal to any accrued and unpaid dividends to, but excluding, the date of payment (whether or not declared), but without interest, before any distribution of assets is made to holders of
common stock or any other class or series of capital stock of the Corporation that ranks junior to the Series A Preferred Stock as to liquidation rights. However, the holders of the shares of Series A Preferred Stock will not be entitled to receive
the Liquidation Preference, plus any accrued and unpaid dividends, of such shares until the Liquidation Preference of any other series or class of the Corporation&#146;s capital stock hereafter issued which ranks senior as to liquidation rights to
the Series A Preferred Stock has been paid in full. The holders of Series A Preferred Stock and all series or classes of the Corporation&#146;s capital stock which rank on a parity as to liquidation rights with the Series A Preferred Stock are
entitled to share ratably, in accordance with the respective preferential amounts payable on such capital stock, in any distribution (after payment of the liquidation preference of any capital stock of the Corporation that ranks senior to the Series
A Preferred Stock as to liquidation rights) which is not sufficient to pay in full the aggregate of the amounts payable thereon. Holders of Series A Preferred Stock will be entitled to written notice of any event triggering the right to receive such
Liquidation Preference. After payment of the full amount of the Liquidation Preference, plus any accrued and unpaid dividends to which they are entitled, the holders of Series A Preferred Stock will have no right or claim to any of the remaining
assets of the Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or entity or of any other corporation with or into the Corporation, or the sale, lease or conveyance of all or substantially all of
the property or business of the Corporation, shall not be deemed to constitute a liquidation, dissolution or winding up of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether a distribution to holders of Series A Preferred
Stock (other than upon voluntary or involuntary liquidation) by dividend, redemption or other acquisition of shares of stock of the </P>
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Corporation or otherwise is permitted under the FBCA, no effect shall be given to amounts that would be needed, if the Corporation were to be dissolved at the time of the distribution, to satisfy
the preferential rights upon distribution of holders of shares of stock of the Corporation whose preferential rights upon dissolution are superior to those receiving the distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Redemption</U>. The Corporation may, at its option, upon notice
pursuant to <U>Section&nbsp;9</U> hereof, redeem shares of the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends thereon to, but
not including, the date fixed for redemption (except for dividends payable as described in the last sentence of <U>Section&nbsp;9(a)</U>) without interest (the &#147;<U>Optional Redemption Right</U>&#148;). In addition to the Optional Redemption
Right, in order to ensure that the Corporation remains qualified as a REIT under the Code, the Corporation will have the right to purchase from a holder of shares of Series A Preferred Stock at any time any shares of Series A Preferred Stock held by
such holder in excess of 7% of the value of the outstanding capital stock of the Corporation in accordance with Article V of the Articles or any successor provision or other provision of the Articles as in effect from time to time limiting ownership
of stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Optional Redemption</U>. In the
event of a Change of Control of the Corporation, the Corporation shall have the right, at the Corporation&#146;s option, to redeem the shares of each holder of Series A Preferred Stock, in whole or in part, within 120 days after the first date on
which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends thereon (whether or not declared) (except for dividends payable as described in the last sentence of
<U>Section&nbsp;9(a)</U>) to, but not including, the date fixed for redemption (a &#147;<U>Change of Control Redemption Right</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall give notice of redemption by mail, postage prepaid,
not less than 30 nor more than 90 days prior to the redemption date, addressed to the respective holders of record of the Series A Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the
Corporation. No failure to give such notice or any defect in the notice or in the mailing of the notice will affect the validity of the proceedings for the redemption of any shares of Series A Preferred Stock, except as to a holder to whom notice
was defective or not given. Each notice will state: (i)&nbsp;the redemption date; (ii)&nbsp;the redemption price; (iii)&nbsp;the number of shares of Series A Preferred Stock to be redeemed; (iv)&nbsp;the place or places where the Series A Preferred
Stock is to be surrendered for payment of the redemption price; (v)&nbsp;that dividends on the shares to be redeemed will cease to accrue on such redemption date; and (vi)&nbsp;if such redemption is being made in connection with a Change of Control,
holders of Series A Preferred Stock being so called for redemption will not be able to tender such shares of Series A Preferred Stock for conversion in connection with the Change of Control and each share of Series A Preferred Stock tendered for
conversion that is called, prior to the Conversion Date, for redemption will be redeemed on the related redemption date instead of converted on the Conversion Date. Notwithstanding the foregoing, no notice of redemption will be required where the
Corporation elects to redeem Series A Preferred Stock to preserve its REIT qualification. If the Corporation redeems less than all of the Series A Preferred Stock held by any holder, the notice mailed to such holder will also specify the number of
shares of Series A Preferred Stock held by such holder to be redeemed. If fewer than all of the outstanding shares of Series A Preferred Stock are to be redeemed, the shares to be redeemed will be selected by lot or pro rata. If a redemption date
falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, each holder of Series A Preferred Stock at the close of business on the applicable Dividend Record Date is entitled to the dividend payable on such shares on
the corresponding Dividend Payment Date notwithstanding the redemption of such shares before the Dividend Payment Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation has given notice of redemption of any shares of Series
A Preferred Stock and has set apart for payment the funds necessary for the redemption for the benefit of the holders of any shares of Series A Preferred Stock called for redemption, then from and after the redemption date (i)&nbsp;dividends will
cease to accrue on such shares of Series A Preferred Stock, (ii)&nbsp;the shares of Series A Preferred Stock will no </P>
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longer be deemed outstanding and (iii)&nbsp;all rights of the holders of the shares will terminate, except the right to receive the redemption price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If full cumulative dividends on the Series A Preferred Stock have not been
paid or declared and set apart for payment for all prior dividend periods, the Corporation may not redeem any shares of Series A Preferred Stock unless it simultaneously redeems all outstanding shares of Series A Preferred Stock, and the Corporation
will not purchase or otherwise acquire directly or indirectly any shares of Series A Preferred Stock (except by exchange for shares of capital stock ranking junior to the Series A Preferred Stock as to dividends and upon liquidation). So long as no
dividends are in arrears, the Corporation is entitled, at any time and from time to time, to repurchase shares of Series A Preferred Stock in open-market transactions duly authorized by the Board of Directors and effected in compliance with
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, unless, prior to the
Conversion Date, the Corporation provides notice of redemption of such shares of Series A Preferred Stock pursuant to <U>Section&nbsp;9</U>, then, unless the holders of the Series A Preferred Stock will receive Alternative Form Consideration
pursuant to this <U>Section&nbsp;10(a)</U>, each holder of shares of Series A Preferred Stock shall have the right, subject to <U>Section&nbsp;10(k)</U>, to convert all or part of the Series A Preferred Stock held by such holder (the &#147;<U>Change
of Control Conversion Right</U>&#148;) on the Conversion Date into a number of shares of common stock per share of Series A Preferred Stock to be converted (the &#147;<U>Common Share Conversion Consideration</U>&#148;) equal to the lesser of
(i)&nbsp;the quotient obtained by dividing (A)&nbsp;the sum of $25.00 plus (subject to <U>Section&nbsp;10(c)</U> hereof) the amount of any accrued and unpaid dividends thereon (whether or not declared) to, but not including, the Conversion Date, by
(B)&nbsp;the Common Stock Price and (ii) [&#149;] (as adjusted pursuant to the immediately succeeding paragraph, the &#147;<U>Share Cap</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Share Cap is subject to pro rata adjustments for any stock splits (including those effected pursuant to a common stock
dividend), subdivisions or combinations (in each case, a &#147;<U>Share Split</U>&#148;) with respect to the common stock as follows: the adjusted Share Cap as the result of a Share Split shall be the number of shares of common stock that is
equivalent to the product obtained by multiplying (x)&nbsp;the Share Cap in effect immediately prior to such Share Split by (y)&nbsp;a fraction, the numerator of which is the number of shares of common stock outstanding after giving effect to such
Share Split and the denominator of which is the number of shares of common stock outstanding immediately prior to such Share Split. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, subject to the immediately succeeding sentence, the aggregate number of shares of common stock
(or equivalent Alternative Conversion Consideration, as applicable) issuable in connection with the exercise of the Change of Control Conversion Right and in respect of the Series A Preferred Stock shall not exceed [&#149;] shares of common stock
(or equivalent Alternative Conversion Consideration, as applicable), subject to increase on a pro rata basis if the number of authorized shares of Series A Preferred Stock increases after the first date on which any shares of the Series A Preferred
Stock are issued (the &#147;<U>Exchange Cap</U>&#148;). The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same basis as the corresponding adjustment to the Share Cap. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the case of a Change of Control pursuant to which, or in connection with which, shares of common stock shall be converted
into cash, securities or other property or assets, including any combination thereof (the &#147;<U>Alternative Form Consideration</U>&#148;), a holder of shares of Series A Preferred Stock shall receive upon conversion of such shares of Series A
Preferred Stock (subject to the immediately succeeding paragraph) the kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of common stock equal to
the Common Share Conversion Consideration immediately prior to the effective time of the Change of Control (the &#147;<U>Alternative Conversion Consideration</U>&#148; and, together with the Common Share Conversion Consideration, the
&#147;<U>Conversion Consideration</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If holders of shares of common stock have the opportunity to elect the
form of consideration to be received in connection with the Change of Control, the consideration that the holders of Series A Preferred </P>
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Stock shall receive shall be the form of consideration elected by the holders of a plurality of the shares of common stock held by shareholders who participate in the election and shall be
subject to any limitations to which all holders of common stock are subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in connection with the Change of Control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;<U>Conversion Date</U>&#148; with respect to any Change of Control shall be a business day fixed by the Board of
Directors that is not fewer than 20 days and not more than 35 days after the date on which the Corporation provides notice of the Change of Control pursuant to <U>Section&nbsp;10(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;<U>Common Stock Price</U>&#148; for any Change of Control shall be (x)&nbsp;the amount of cash consideration per
share of common stock, if the consideration to be received in the Change of Control by holders of shares of common stock is solely cash, and (y)&nbsp;the average of the closing prices per share of common stock on the NYSE, the NYSE American or the
NASDAQ for the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the consideration to be received in the Change of Control by holders of shares of common stock is other than solely
cash (including if such holders do not receive consideration). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of common stock shall be issued upon the conversion of Series A Preferred Stock. In lieu of fractional shares, holders shall be entitled to receive the cash value of such fractional shares based on the Common Stock Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Conversion Date falls after a Dividend Record Date and on or prior to
the corresponding Dividend Payment Date, each holder of shares of Series A Preferred Stock at the close of business on such Dividend Record Date shall be entitled to receive the dividend payable on such shares on the corresponding Dividend Payment
Date in accordance with <U>Section&nbsp;5</U> hereof, notwithstanding the conversion of such shares on or prior to such Dividend Payment Date, but the Common Share Conversion Consideration shall not be calculated to include such accrued and unpaid
dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 15 days following the occurrence of a Change of
Control, the Corporation shall deliver a notice of the occurrence of the Change of Control, describing the resulting Change of Control Conversion Right, to the holders of record of the outstanding shares of Series A Preferred Stock at their
addresses as they appear on the Corporation&#146;s stock transfer records. No failure to give such a notice or any defect thereto or in the mailing thereof shall affect the sufficiency of the notice or validity of the proceedings for the conversion
of any share of Series A Preferred Stock, except as to the holder to whom notice was defective or not given. A notice which has been mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed
whether or not the holder received such notice. Each notice shall state: (i)&nbsp;the events constituting the Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the last date on which the holders of Series A Preferred Stock
may exercise their Change of Control Conversion Right; (iv)&nbsp;the method and period for calculating the Common Stock Price; (v)&nbsp;the Conversion Date; (vi)&nbsp;that if, prior to the Conversion Date, the Corporation provides notice of its
election to redeem all or any portion of the Series A Preferred Stock, the holder will not be able to convert the shares of Series A Preferred Stock called for redemption, and such shares of Series A Preferred Stock shall be redeemed on the related
redemption date, even if they have already been tendered for conversion pursuant to the Change of Control Conversion Right; (vii)&nbsp;if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of
Series A Preferred Stock converted; (viii)&nbsp;the name and address of the paying agent and the conversion agent (the &#147;<U>Conversion Agent</U>&#148;); and (ix)&nbsp;the procedures that the holders of Series A Preferred stock must follow to
exercise the Change of Control Conversion Right. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation
shall issue a press release for publication on the Dow Jones&nbsp;&amp; Corporation, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if such organizations are not in existence at the time of issuance of such press release, such
other news or press organization as is reasonably calculated to broadly disseminate the relevant information to the public) containing the information stated in such </P>
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a notice, and post such a notice on the Corporation&#146;s website, in any event prior to the opening of business on the first business day following any date on which the Corporation provides
notice pursuant to <U>Section&nbsp;10(d)</U> to the holders of record of Series A Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise the Change of Control Conversion Right, a holder of
record of shares of Series A Preferred Stock shall be required to deliver, on or before the close of business on the Conversion Date, the certificates, if any, representing any certificated shares of Series A Preferred Stock to be converted, duly
endorsed for transfer, together with a written notice of exercise and any other documents the Corporation reasonably requires in connection with such conversion, to the Conversion Agent. Such notice shall state the number of shares of Series A
Preferred Stock to be converted. Notwithstanding the foregoing if the shares of Series A Preferred Stock are held in global form, such notice shall instead comply with applicable procedures of The Depository Trust Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series A Preferred Stock may withdraw any notice of exercise of
a Change of Control Conversion Right (in whole or in part), by a written notice of withdrawal delivered to the Conversion Agent prior to the close of business on the business day prior to the Conversion Date. The notice of withdrawal must state:
(i)&nbsp;the number of withdrawn shares of Series A Preferred Stock; (ii)&nbsp;if certificated shares of Series A Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of the withdrawn shares of Series A Preferred
Stock; and (iii)&nbsp;the number of shares of Series A Preferred Stock, if any, which remain subject to the notice of exercise. Notwithstanding the foregoing, if the shares of Series A Preferred Stock are held in global form, the notice of
withdrawal shall instead comply with applicable procedures of The Depository Trust Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Series A Preferred Stock as to which the Change of Control
Conversion Right has been properly exercised and for which the notice of exercise has not been properly withdrawn shall be converted into the applicable Conversion Consideration in accordance with the Change of Control Conversion Right on the
Conversion Date unless, prior to the Conversion Date, the Corporation provides notice of its election to redeem such shares of Series A Preferred Stock, whether pursuant to its Optional Redemption Right or Change of Control Redemption Right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall deliver the applicable Conversion Consideration no
later than the third business day following the Conversion Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the exercise of any Change of Control Conversion Right, the Corporation shall comply with all U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series A Preferred Stock
into Conversion Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the
contrary in this <U>Section&nbsp;10</U>, no holder of Series A Preferred Stock will be entitled to convert any shares of Series A Preferred Stock into shares of common stock to the extent that receipt of shares of common stock upon the conversion of
such shares of Series A Preferred Stock in accordance with this <U>Section&nbsp;10</U> would cause such person or any other person to violate Article V of the Articles or any successor provision or other provision of the Articles as in effect from
time to time limiting ownership of stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the Series A Preferred Stock will not have any
voting rights, except as set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever dividends on any
shares of Series A Preferred Stock shall be in arrears for six or more quarterly periods, whether or not such quarterly periods are consecutive (a &#147;<U>Preferred Dividend Default</U>&#148;), the number of directors then constituting the Board of
Directors shall be increased by two (if not </P>
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already increased by reason of a similar arrearage with respect to any Parity Preferred (as hereinafter defined)), and the holders of such shares of Series A Preferred Stock will be entitled to
vote separately as a class with all other series of preferred stock ranking on a parity with the Series A Preferred Stock as to dividends or upon liquidation and upon which like voting rights have been conferred and are exercisable, including, in
that instance, Series B Preferred Stock (&#147;<U>Parity Preferred</U>&#148;), in order to fill the vacancies thereby created, for the election of a total of two additional directors of the Corporation (the &#147;<U>Preferred Stock
Directors</U>&#148;) at a special meeting called by the Corporation at the request of holders of record of at least 10% of the Series A Preferred Stock or the holders of record of at least 10% of any series of Parity Preferred so in arrears (unless
such request is received less than 90 days before the date fixed for the next annual meeting of shareholders) or at the next annual meeting of shareholders, and at each subsequent annual meeting until (or, if the directors are divided into classes,
at the conclusion of the terms of each Preferred Stock Director) all dividends accrued on such shares of Series A Preferred Stock and Parity Preferred for the past dividend periods and the dividend for the then current dividend period shall have
been fully paid. In the event the directors of the Corporation are divided into classes, each such vacancy shall be apportioned among the classes of directors to prevent stacking in any one class and to ensure that the number of directors in each of
the classes of directors are as nearly equal as possible. Each Preferred Stock Director, as a qualification for election as such (and regardless of how elected) shall submit to the Board of Directors a duly executed, valid, binding and enforceable
letter of resignation from the Board of Directors, to be effective upon the date upon which all dividends accrued on such shares of Series A Preferred Stock and Parity Preferred for the past dividend periods and the dividend for the then current
dividend period shall have been fully paid, whereupon the terms of office of all persons elected as Preferred Stock Directors by the holders of the Series A Preferred Stock and any Parity Preferred shall, upon the effectiveness of their respective
letters of resignation, forthwith terminate, and the number of directors then constituting the Board of Directors shall be reduced accordingly. A quorum for any meeting shall exist if at least a majority of the outstanding shares of Series A
Preferred Stock and shares of Parity Preferred upon which like voting rights have been conferred and are exercisable are represented in person or by proxy at such meetings. Such Preferred Stock Directors shall be elected upon the affirmative vote of
a plurality of the shares of Series A Preferred Stock and such Parity Preferred (regardless of liquidation preference) present and voting in person or by proxy at a duly called and held meeting at which a quorum is present. If and when all accrued
dividends and the dividend for the then current dividend period on the Series A Preferred Stock shall have been paid in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every
Preferred Dividend Default). Any Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of the Series A
Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall
continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding
shares of Series A Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). The Preferred Stock
Directors shall each be entitled to one vote per director on any matter properly coming before the Board of Directors. Notwithstanding the foregoing, in no event shall the holders of Series&nbsp;A Preferred Stock be entitled pursuant to this
<U>Section&nbsp;11(b)</U> to elect a director that would cause the Corporation to fail to satisfy a requirement relating to director independence of any securities exchange on which any class or series of the Corporation&#146;s stock is listed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any shares of Series A Preferred Stock are outstanding, in
addition to any other vote or consent of shareholders required by the Articles, the affirmative vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the votes entitled to be cast by the holders of Series A Preferred Stock, at the
time outstanding, voting separately as a class, given in person or by proxy, either in writing without a meeting or by vote at any meeting, shall be necessary for effecting or validating: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any voluntary termination or revocation of the status of the Corporation
as a REIT; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any amendment,
alteration or repeal of any of the provisions of the Articles or these Articles of Amendment (whether by merger, consolidation or otherwise (an &#147;<U>Event</U>&#148;)) that materially and adversely affects any preferences, conversion and other
rights, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of redemption (the &#147;<U>Rights and Preferences</U>&#148;) of the Series A Preferred Stock or the holders thereof; <I>provided</I>,
<I>however</I>, that (x)&nbsp;the amendment of the provisions of the Articles so as to authorize, create or increase the authorized amount of any shares ranking on parity with or junior to the Series A Preferred Stock as to the payment of dividends
or as to the distribution of assets upon liquidation, dissolution or winding up (including any increase in the number of authorized shares of Series A Preferred Stock) shall not be deemed to materially adversely affect the Rights and Preferences,
and (y)&nbsp;any filing with the Florida Division of Corporations by the Corporation, including in connection with an Event, shall not be deemed to be an amendment, alteration or repeal of any of the provisions of the Articles or these Articles of
Amendment that materially and adversely affects the Rights and Preferences, <I>provided </I>that: (1)&nbsp;the Corporation is the surviving entity and the Series A Preferred Stock remain outstanding with the terms thereof materially unchanged in any
respect adverse to the holders thereof; or (2)&nbsp;the resulting, surviving or transferee entity is organized under the laws of any state and substitutes or exchanges the Series A Preferred Stock for other preferred stock, shares or other equity
interests having preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption thereof that are substantially similar to that of the Series A Preferred Stock
(except for changes that do not materially and adversely affect the holders of Series A Preferred Stock); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the authorization, creation or the increase in the authorized number of
shares of any class or series, or any security convertible into shares of any class or series of stock of the Corporation ranking senior to the Series A Preferred Stock as to distribution on any liquidation, dissolution or winding up of the
Corporation or as to the payment of dividends; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>, <I>however</I>, that, in the case of each of subparagraphs (i), (ii) and
(iii), no such vote of the holders of Series A Preferred Stock shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security is to be
made, as the case may be, all outstanding shares of Series A Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption or, in the case of an
Event, regardless of the date of the transaction, the holders of the Series A Preferred Stock receive in the transaction their liquidation preference plus accrued and unpaid dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For purposes of determining the voting rights of the holders of the Series A Preferred Stock under this
<U>Section&nbsp;11(c)</U>, each holder will be entitled to one vote for each Liquidation Preference per share with respect to shares of the Series A Preferred Stock held by such holder. Whether the vote or consent of the holders of a plurality,
majority or other portion of the shares of the Series A Preferred Stock has been cast or given on any matter on which the holders of shares of the Series A Preferred Stock are entitled to vote shall be determined by the Corporation by reference to
the specified liquidation amounts of the shares voted or covered by the consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As to any voting right set forth in <U>Section&nbsp;11(c)</U>, the holders
of Series A Preferred Stock shall have exclusive voting rights on any proposed amendment to the Articles that would alter only the contract rights of the Series A Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly stated in these Articles of Amendment, the Series A
Preferred Stock will not have any relative, participating, optional or other special voting rights and powers, and the consent of the holders thereof shall not be required for the taking of any corporate action, including, but not limited to, any
merger or consolidation involving the Corporation, or a sale of all or substantially all of the assets of the Corporation, or the liquidation or dissolution of the Corporation, irrespective of the effect that such merger, consolidation, sale,
liquidation or dissolution may have upon the rights, preferences or voting power of the holders of the Series A Preferred Stock. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information Right</U>.
During any period during which the Corporation is not subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act and any shares of Series A Preferred Stock are outstanding, the Corporation will (i)&nbsp;transmit by mail
(or other permissible means under the Exchange Act) to all holders of Series A Preferred Stock, as their names and addresses appear in the Corporation&#146;s record books and without cost to such holders, copies of annual reports on Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and current reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that the Corporation would have been required to file with the
United States Securities and Exchange Commission pursuant to Section&nbsp;13 or 15(d) of the Exchange Act if the Corporation were subject thereto (other than any exhibits that would have been required) within 15 days after the respective dates by
which the Corporation would have been required to file such reports with the United States Securities and Exchange Commission if the Corporation were subject to Section&nbsp;13 or 15(d) of the Exchange Act (in each case, based on the dates on which
the Corporation would be required to file such periodic reports if it were an &#147;accelerated filer&#148; within the meaning of the Exchange Act), and (ii)&nbsp;within 15 days following written request, supply copies of such reports to any
prospective holder of the Series A Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THIRD: </B>The classification of authorized but unissued shares as
set forth in these Articles of Amendment does not increase the authorized stock of the Corporation or the aggregate par value thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>FOURTH: </B>These Articles of Amendment have been approved by the Board of Directors in the manner prescribed by the FBCA.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned Senior Vice President, Secretary
and General Counsel of the Corporation has executed these Articles of Amendment to the Restated Articles of Incorporation as of [&#149;], 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">REGENCY CENTERS CORPORATION</TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Herman</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Senior Vice President, Secretary and</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">General Counsel</TD></TR>
</TABLE> <P STYLE="margin-top:450pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to the Articles of Amendment for the Designation of Series A Cumulative Redeemable
Preferred Stock of the Corporation] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="annexe"></A>Annex E </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form of Articles of Amendment Classifying Parent Series B Preferred Stock </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLES OF AMENDMENT TO RESTATED ARTICLES OF INCORPORATION OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REGENCY CENTERS CORPORATION DESIGNATING THE PREFERENCES, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RIGHTS AND LIMITATIONS OF 4,400,000 SHARES OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5.875% SERIES B CUMULATIVE REDEEMABLE PREFERRED STOCK </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$0.01 Par Value </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Original Designation filed in the office of Secretary of State of Florida on [&#149;], 2023. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to Section&nbsp;607.0602 of the Florida Business Corporation Act (the &#147;<U>FBCA</U>&#148;), Regency Centers
Corporation, a Florida corporation (the &#147;<U>Corporation</U>&#148;), does hereby certify that: <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>FIRST:
</B>Pursuant to the authority expressly vested in the Board of Directors of the Corporation by Section&nbsp;4.2 of the Restated Articles of Incorporation of the Corporation (the &#147;Articles&#148;) and Section&nbsp;607.0602 of the FBCA, the Board
of Directors of the Corporation (the &#147;Board of Directors&#148;), by resolutions duly adopted on May&nbsp;17, 2023, has classified 4,400,000 shares of the authorized but unissued Preferred Stock, par value $0.01 per share (&#147;Preferred
Stock&#148;), as a separate series of Preferred Stock, authorized the issuance of a maximum of 4,400,000 shares of such series of Preferred Stock and set certain of the preferences, voting powers, restrictions, limitations as to dividends,
qualifications, terms and conditions of redemption and other terms and conditions of such series of Preferred Stock. Shareholder approval was not required under the Articles with respect to such designation.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>SECOND: </B>The series of Preferred Stock of the Corporation created by the resolutions duly adopted by the Board of
Directors and referred to in Article FIRST of these Articles of Amendment shall have the following designation, number of shares, preferences, voting powers, restrictions and limitation as to dividends and other distributions, qualifications, terms
and conditions of redemption and other terms and conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation and Number</U>. A series of preferred stock, designated the
5.875% Series B Cumulative Redeemable Preferred Stock, par value $0.01 per share (the &#147;<U>Series B Preferred Stock</U>&#148;), is hereby established. The number of shares constituting the Series B Preferred Stock shall initially be 4,400,000.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined Terms</U>. The terms defined in this Section, whenever used
herein, shall, unless the context otherwise requires, have the respective meanings hereinafter specified: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Alternative Conversion Consideration</U>&#148; shall have the meaning set forth in Section&nbsp;10(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Alternative Form Consideration</U>&#148; shall have the meaning set forth in Section&nbsp;10(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Annual Dividend Rate</U>&#148; shall have the meaning set forth in Section&nbsp;5(a). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Articles</U>&#148; shall have the meaning set forth in Article FIRST of these Articles of Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Board of Directors</U>&#148; shall mean the Board of Directors of the Corporation or any committee authorized by the
Board of Directors to perform any of its responsibilities with respect to the Series B Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>business
day</U>&#148; shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control</U>&#148; occurs when, after the Series B
Preferred Stock issue date, the following have occurred and are continuing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;the acquisition by any person,
including any syndicate or group deemed to be a &#147;<U>person</U>&#148; under Section&nbsp;13(d)(3) of the Exchange Act of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of
purchases, mergers or other acquisition transactions of shares of common stock entitling that person to exercise more than 50% of the total voting power of all outstanding shares of common stock entitled to vote generally in the election of
directors (and such person will be deemed to have beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition);
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;following the closing of any transaction referred to in (a)&nbsp;above, neither the Corporation nor the
acquiring or surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed or quoted on the NYSE, the NYSE American or the NASDAQ, or listed or quoted on an exchange or quotation system that
is a successor to the NYSE, the NYSE American or the NASDAQ. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control Conversion Right</U>&#148; shall
have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Change of Control Redemption Right</U>&#148; shall have
the meaning set forth in <U>Section&nbsp;8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Code</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;5(e)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>common stock</U>&#148; shall mean the common stock, par value $0.01 per share, of the
Corporation and any stock into which such common stock shall have been changed or any stock resulting from any capital reorganization or reclassification of such common stock, and all other stock of any class or classes (however designated) of the
Corporation the holders of which have the right, without limitation as to amount, either to all or to a share of the balance of current dividends and liquidating dividends after the payment of dividends and distributions on any shares entitled to
preference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Common Share Conversion Consideration</U>&#148; shall have the meaning set forth in <U>Section
10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Common Stock Price</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Agent</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(d)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Consideration</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Conversion Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Corporation</U>&#148; shall have the meaning set forth in Article <U>FIRST</U> of these Articles of Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Payment Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Dividend Record Date</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Event</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(c)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Act</U>&#148; shall mean the Securities Exchange Act of 1934, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Exchange Cap</U>&#148; shall have the meaning set forth in <U>Section&nbsp;10(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>FBCA</U>&#148; shall mean the Florida Business Corporation Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E-2 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Liquidation Preference</U>&#148; shall have the meaning set forth
in <U>Section&nbsp;6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NASDAQ</U>&#148; shall mean the Nasdaq Stock Market or any exchange or quotation
system that is a successor to the Nasdaq Stock Market on which the Series B Preferred Stock is listed or quoted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NYSE</U>&#148; shall mean the New York Stock Exchange or any exchange or quotation system that is a successor to the
New York Stock Exchange on which the Series B Preferred Stock is listed or quoted. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>NYSE American</U>&#148; shall
mean the NYSE American or any exchange or quotation system that is a successor to the NYSE American on which the Series B Preferred Stock is listed or quoted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Date</U>&#148; shall mean October&nbsp;1, 2024. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Optional Redemption Right</U>&#148; shall have the meaning set forth in <U>Section&nbsp;7</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Parity Preferred</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>person</U>&#148; shall mean any natural person, corporation, limited partnership, limited liability company, general
partnership, joint stock company, joint venture, association, company, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, or any governmental authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Preferred Dividend Default</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Preferred Stock Director</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>REIT</U>&#148; shall have the meaning set forth in <U>Section&nbsp;5(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Rights and Preferences</U>&#148; shall have the meaning set forth in <U>Section&nbsp;11(c)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series A Preferred Stock</U>&#148; shall mean the 6.25% Series A Cumulative Redeemable Preferred Stock, par value
$0.01 per share, of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Series B Preferred Stock</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;1</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>set apart for payment</U>&#148; shall be deemed to include, without any action other than
the following, the recording by the Corporation in its accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to a declaration of a dividend or other distribution by the Board of Directors, the allocation of funds to be
so paid on any series or class of stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Share Cap</U>&#148; shall have the meaning set forth
in <U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&#147;<U>Share Split</U>&#148; shall have the meaning set forth in
<U>Section&nbsp;10(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Maturity</U>. The Series B Preferred
Stock has no stated maturity and will not be subject to any sinking fund or mandatory redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>. The Series B Preferred Stock will, with respect to dividend
rights and rights upon liquidation, dissolution or winding up of the Corporation, rank (a)&nbsp;senior to all classes or series of common stock of the Corporation, and to all equity securities issued by the Corporation ranking junior to the Series B
Preferred Stock with respect to dividend rights or rights upon liquidation, dissolution or winding up of the Corporation, (b)&nbsp;on a parity with the Series A Preferred Stock, and with all other equity securities issued by the Corporation, the
terms of which specifically provide that such equity securities rank on a parity with the Series A Preferred </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E-3 </P>

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Stock and the Series B Preferred Stock with respect to dividend rights or other rights upon liquidation, dissolution or winding up of the Corporation, and (c)&nbsp;junior to all existing and
future indebtedness of the Corporation, and to any equity securities that the Corporation may issue in the future the terms of which specifically provide that such equity securities rank senior to the Series B Preferred Stock with respect to
dividend rights or rights upon liquidation, dissolution or winding up of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">5.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of the Series B Preferred Stock are entitled to receive,
when and as authorized by the Board of Directors and declared by the Corporation, out of funds legally available for the payment of dividends, preferential cumulative dividends payable in cash at the rate per annum of $1.4688 per share of the Series
B Preferred Stock (the &#147;<U>Annual Dividend Rate</U>&#148;), which is equivalent to a rate of 5.875% per annum of the Liquidation Preference. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on the Series B Preferred Stock shall be cumulative from and
including the date of original issue and shall be payable in arrears for each quarterly period ending January&nbsp;31, April&nbsp;30, July&nbsp;31 and October&nbsp;31 on January&nbsp;31, April&nbsp;30, July&nbsp;31 and October&nbsp;31, respectively,
of each year, or, if any such date shall not be a business day, not later than the next succeeding business day (each, a &#147;<U>Dividend Payment Date</U>&#148;). The amount of dividends payable on each Dividend Payment Date for the Series B
Preferred Stock shall be computed by dividing the Annual Dividend Rate by four. The first dividend will be payable on [&#149;], with respect to the period commencing on the first date on which shares of the Series B Preferred Stock are issued and
ending [&#149;]. The amount of any dividend payable on the Series B Preferred Stock with respect to any other period (that is shorter or longer than one full quarterly period), including, without limitation, the first dividend which is payable on
[&#149;], will be computed on the basis of a <FONT STYLE="white-space:nowrap">360-day</FONT> year consisting of twelve <FONT STYLE="white-space:nowrap">30-day</FONT> months. Dividends will be payable to holders of record as they appear in the stock
records of the Corporation at the close of business on the applicable record date determined each quarter by the Board of Directors, as provided by the FBCA, which shall not be more than 30 days preceding the applicable Dividend Payment Date (each,
a &#147;<U>Dividend Record Date</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No dividends on shares of
Series B Preferred Stock shall be authorized by the Board of Directors or declared or paid or set apart for payment by the Corporation at such time as the terms and provisions of any agreement of the Corporation, including any agreement relating to
its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof or a default thereunder, or if
such authorization, declaration, payment or setting apart shall be restricted or prohibited by law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, dividends on outstanding shares of the
Series B Preferred Stock will accrue whether or not the Corporation has earnings, whether or not there are funds legally available for the payment of such dividends and whether or not such dividends are authorized or declared. Accrued but unpaid
dividends on shares of the Series B Preferred Stock will not bear interest and holders of shares of the Series B Preferred Stock will not be entitled to any distributions in excess of full cumulative distributions described above. Except as set
forth in the next sentence, no dividends will be authorized, declared and paid or authorized, declared and set apart for payment on any capital stock of the Corporation ranking, as to dividends, on a parity with the Series B Preferred Stock (other
than a dividend in shares of the common stock or in shares of any other class of stock ranking junior to the Series B Preferred Stock as to dividends and upon liquidation) for any period unless full cumulative dividends have been or
contemporaneously are authorized, declared and paid or authorized, declared and a sum sufficient for the payment thereof is set apart for such payment on outstanding shares of the Series B Preferred Stock for all past dividend periods. When
dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the Series B Preferred Stock and the shares of any other series of preferred stock ranking on a parity as to dividends with the Series B Preferred
Stock, all dividends authorized and declared upon the Series B Preferred Stock and any other series of preferred stock ranking on a parity as to dividends with the Series B Preferred Stock shall be authorized and
</P>
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declared ratably so that the amount of dividends authorized and declared per share of Series B Preferred Stock and such other series of preferred stock shall in all cases bear to each other the
same ratio that accrued dividends per share on the Series B Preferred Stock and such other series of preferred stock (which shall not include any accrual in respect of unpaid dividends for prior dividend periods if such preferred stock does not have
a cumulative dividend) bear to each other. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as described in
<U>Section&nbsp;5(d)</U> above, unless full cumulative dividends on outstanding shares of the Series B Preferred Stock have been or contemporaneously are authorized, declared and paid or authorized, declared and a sum sufficient for the payment
thereof is set apart for payment for all past dividend periods, no dividends (other than in shares of common stock or other shares of capital stock ranking junior to the Series B Preferred Stock as to dividends and upon liquidation) shall be
authorized, declared and paid or authorized, declared and set apart for payment, nor shall any other distribution be authorized and declared or made upon the common stock, or any other capital stock of the Corporation ranking junior to or on a
parity with the Series B Preferred Stock as to dividends or upon liquidation, nor shall any shares of common stock, or any other shares of capital stock of the Corporation ranking junior to or on a parity with the Series B Preferred Stock as to
dividends or upon liquidation be redeemed, purchased or otherwise acquired for any consideration (or any moneys be paid to or made available for a sinking fund for the redemption of any such shares) by the Corporation (except by conversion into or
exchange for other capital stock of the Corporation ranking junior to the Series B Preferred Stock as to dividends and upon liquidation or redemption for the purpose of preserving the Corporation&#146;s qualification as a real estate investment
trust (a &#147;<U>REIT</U>&#148;) under the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;)). Holders of shares of the Series B Preferred Stock shall not be entitled to any dividend, whether payable in cash, property or
stock, in excess of full cumulative dividends on the Series B Preferred Stock as provided above. Any dividend payment made on shares of the Series B Preferred Stock shall first be credited against the earliest accrued but unpaid dividend due with
respect to such shares which remains payable. So long as no dividends are in arrears, the Corporation shall be entitled at any time and from time to time to repurchase shares of Series B Preferred Stock in open-market transactions duly authorized by
the Board of Directors and effected in compliance with applicable laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">6.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any voluntary or involuntary liquidation, dissolution or winding up
of the affairs of the Corporation, the holders of shares of Series B Preferred Stock are entitled to be paid out of the assets of the Corporation legally available for distribution to its shareholders a liquidation preference of $25.00 per share
(the &#147;<U>Liquidation Preference</U>&#148;), plus an amount equal to any accrued and unpaid dividends to, but excluding, the date of payment (whether or not declared), but without interest, before any distribution of assets is made to holders of
common stock or any other class or series of capital stock of the Corporation that ranks junior to the Series B Preferred Stock as to liquidation rights. However, the holders of the shares of Series B Preferred Stock will not be entitled to receive
the Liquidation Preference, plus any accrued and unpaid dividends, of such shares until the Liquidation Preference of any other series or class of the Corporation&#146;s capital stock hereafter issued which ranks senior as to liquidation rights to
the Series B Preferred Stock has been paid in full. The holders of Series B Preferred Stock and all series or classes of the Corporation&#146;s capital stock which rank on a parity as to liquidation rights with the Series B Preferred Stock are
entitled to share ratably, in accordance with the respective preferential amounts payable on such capital stock, in any distribution (after payment of the liquidation preference of any capital stock of the Corporation that ranks senior to the Series
B Preferred Stock as to liquidation rights) which is not sufficient to pay in full the aggregate of the amounts payable thereon. Holders of Series B Preferred Stock will be entitled to written notice of any event triggering the right to receive such
Liquidation Preference. After payment of the full amount of the Liquidation Preference, plus any accrued and unpaid dividends to which they are entitled, the holders of Series B Preferred Stock will have no right or claim to any of the remaining
assets of the Corporation. The consolidation or merger of the Corporation with or into any other corporation, trust or entity or of any other corporation with or into the Corporation, or the sale, lease or conveyance of all or substantially all of
the property or business of the Corporation, shall not be deemed to constitute a liquidation, dissolution or winding up of the Corporation. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether a
distribution to holders of Series B Preferred Stock (other than upon voluntary or involuntary liquidation) by dividend, redemption or other acquisition of shares of stock of the Corporation or otherwise is permitted under the FBCA, no effect shall
be given to amounts that would be needed, if the Corporation were to be dissolved at the time of the distribution, to satisfy the preferential rights upon distribution of holders of shares of stock of the Corporation whose preferential rights upon
dissolution are superior to those receiving the distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optional Redemption</U>. The Series B Preferred Stock is not redeemable
by the Corporation prior to the Optional Redemption Date, except under circumstances where it is necessary to preserve the Corporation&#146;s status as a REIT for U.S. federal income tax purposes and except as described in <U>Section&nbsp;8</U>
below upon the occurrence of a Change of Control. On and after the Optional Redemption Date, the Corporation may, at its option, upon notice pursuant to <U>Section&nbsp;9</U> hereof, redeem shares of the Series B Preferred Stock, in whole or in
part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends thereon to, but not including, the date fixed for redemption (except for dividends payable as described in the last
sentence of <U>Section&nbsp;9(a))</U> without interest (the &#147;<U>Optional Redemption Right</U>&#148;). In addition to the Optional Redemption Right, in order to ensure that the Corporation remains qualified as a REIT under the Code, the
Corporation will have the right to purchase from a holder of shares of Series B Preferred Stock at any time any shares of Series B Preferred Stock held by such holder in excess of 7% of the value of the outstanding capital stock of the Corporation
in accordance with Article V of the Articles or any successor provision or other provision of the Articles as in effect from time to time limiting ownership of stock of the Corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Special Optional Redemption</U>. In the event of a Change of Control of
the Corporation, regardless of whether the Change of Control occurs prior to or after the Optional Redemption Date, the Corporation shall have the right, at the Corporation&#146;s option, to redeem the shares of each holder of Series B Preferred
Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends thereon (whether or not declared) (except for
dividends payable as described in the last sentence of <U>Section&nbsp;9(a)</U>) to, but not including, the date fixed for redemption (a &#147;<U>Change of Control Redemption Right</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption Procedures</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall give notice of redemption by mail, postage prepaid,
not less than 30 nor more than 90 days prior to the redemption date, addressed to the respective holders of record of the Series B Preferred Stock to be redeemed at their respective addresses as they appear on the stock transfer records of the
Corporation. No failure to give such notice or any defect in the notice or in the mailing of the notice will affect the validity of the proceedings for the redemption of any shares of Series B Preferred Stock, except as to a holder to whom notice
was defective or not given. Each notice will state: (i)&nbsp;the redemption date; (ii)&nbsp;the redemption price; (iii)&nbsp;the number of shares of Series B Preferred Stock to be redeemed; (iv)&nbsp;the place or places where the Series B Preferred
Stock is to be surrendered for payment of the redemption price; (v)&nbsp;that dividends on the shares to be redeemed will cease to accrue on such redemption date; and (vi)&nbsp;if such redemption is being made in connection with a Change of Control,
holders of Series B Preferred Stock being so called for redemption will not be able to tender such shares of Series B Preferred Stock for conversion in connection with the Change of Control and each share of Series B Preferred Stock tendered for
conversion that is called, prior to the Conversion Date, for redemption will be redeemed on the related redemption date instead of converted on the Conversion Date. Notwithstanding the foregoing, no notice of redemption will be required where the
Corporation elects to redeem Series B Preferred Stock to preserve its REIT qualification. If the Corporation redeems less than all of the Series B Preferred Stock held by any holder, the notice mailed to such holder will also specify the number of
shares of Series B Preferred Stock held by such holder to be redeemed. If fewer than all of the outstanding shares of Series B Preferred Stock are to be redeemed, the shares to be redeemed will be selected by lot or pro rata. If a redemption date
falls after a Dividend Record Date and prior to the corresponding Dividend Payment Date, each holder of Series B Preferred Stock at the close of business on the applicable Dividend Record Date is entitled to the dividend payable on such shares on
the corresponding Dividend Payment Date notwithstanding the redemption of such shares before the Dividend Payment Date. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation has
given notice of redemption of any shares of Series B Preferred Stock and has set apart for payment the funds necessary for the redemption for the benefit of the holders of any shares of Series B Preferred Stock called for redemption, then from and
after the redemption date (i)&nbsp;dividends will cease to accrue on such shares of Series B Preferred Stock, (ii)&nbsp;the shares of Series B Preferred Stock will no longer be deemed outstanding and (iii)&nbsp;all rights of the holders of the
shares will terminate, except the right to receive the redemption price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If full cumulative dividends on the Series B Preferred Stock have not been
paid or declared and set apart for payment for all prior dividend periods, the Corporation may not redeem any shares of Series B Preferred Stock unless it simultaneously redeems all outstanding shares of Series B Preferred Stock, and the Corporation
will not purchase or otherwise acquire directly or indirectly any shares of Series B Preferred Stock (except by exchange for shares of capital stock ranking junior to the Series B Preferred Stock as to dividends and upon liquidation). So long as no
dividends are in arrears, the Corporation is entitled, at any time and from time to time, to repurchase shares of Series B Preferred Stock in open-market transactions duly authorized by the Board of Directors and effected in compliance with
applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion Rights</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence of a Change of Control, unless, prior to the
Conversion Date, the Corporation provides notice of redemption of such shares of Series B Preferred Stock pursuant to <U>Section&nbsp;9</U>, then, unless the holders of the Series B Preferred Stock will receive Alternative Form Consideration
pursuant to this <U>Section&nbsp;10(a)</U>, each holder of shares of Series B Preferred Stock shall have the right, subject to <U>Section&nbsp;10(k)</U>, to convert all or part of the Series B Preferred Stock held by such holder (the &#147;<U>Change
of Control Conversion Right</U>&#148;) on the Conversion Date into a number of shares of common stock per share of Series B Preferred Stock to be converted (the &#147;<U>Common Share Conversion Consideration</U>&#148;) equal to the lesser of
(i)&nbsp;the quotient obtained by dividing (A)&nbsp;the sum of $25.00 plus (subject to <U>Section&nbsp;10(c)</U> hereof) the amount of any accrued and unpaid dividends thereon (whether or not declared) to, but not including, the Conversion Date, by
(B)&nbsp;the Common Stock Price and (ii) [&#149;] (as adjusted pursuant to the immediately succeeding paragraph, the &#147;<U>Share Cap</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Share Cap is subject to pro rata adjustments for any stock splits (including those effected pursuant to a common stock
dividend), subdivisions or combinations (in each case, a &#147;<U>Share Split</U>&#148;) with respect to the common stock as follows: the adjusted Share Cap as the result of a Share Split shall be the number of shares of common stock that is
equivalent to the product obtained by multiplying (x)&nbsp;the Share Cap in effect immediately prior to such Share Split by (y)&nbsp;a fraction, the numerator of which is the number of shares of common stock outstanding after giving effect to such
Share Split and the denominator of which is the number of shares of common stock outstanding immediately prior to such Share Split. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For the avoidance of doubt, subject to the immediately succeeding sentence, the aggregate number of shares of common stock
(or equivalent Alternative Conversion Consideration, as applicable) issuable in connection with the exercise of the Change of Control Conversion Right and in respect of the Series B Preferred Stock shall not exceed [&#149;] shares of common stock
(or equivalent Alternative Conversion Consideration, as applicable), subject to increase on a pro rata basis if the number of authorized shares of Series B Preferred Stock increases after the first date on which any shares of the Series B Preferred
Stock are issued (the &#147;<U>Exchange Cap</U>&#148;). The Exchange Cap is subject to pro rata adjustments for any Share Splits on the same basis as the corresponding adjustment to the Share Cap. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the case of a Change of Control pursuant to which, or in connection with which, shares of common stock shall be converted
into cash, securities or other property or assets, including any combination thereof (the &#147;<U>Alternative Form Consideration</U>&#148;), a holder of shares of Series B Preferred Stock shall receive upon conversion of such shares of Series B
Preferred Stock (subject to the immediately succeeding paragraph) the kind and amount of Alternative Form Consideration which such holder would have owned or been entitled to receive had such holder held a number of shares of common stock equal to
the Common Share Conversion Consideration </P>
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immediately prior to the effective time of the Change of Control (the &#147;<U>Alternative Conversion Consideration</U>&#148; and, together with the Common Share Conversion Consideration, the
&#147;<U>Conversion Consideration</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If holders of shares of common stock have the opportunity to elect the
form of consideration to be received in connection with the Change of Control, the consideration that the holders of Series B Preferred Stock shall receive shall be the form of consideration elected by the holders of a plurality of the shares of
common stock held by shareholders who participate in the election and shall be subject to any limitations to which all holders of common stock are subject, including, without limitation, pro rata reductions applicable to any portion of the
consideration payable in connection with the Change of Control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;<U>Conversion Date</U>&#148; with respect to
any Change of Control shall be a business day fixed by the Board of Directors that is not fewer than 20 days and not more than 35 days after the date on which the Corporation provides notice of the Change of Control pursuant to
<U>Section&nbsp;10(d)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The &#147;<U>Common Stock Price</U>&#148; for any Change of Control shall be (x)&nbsp;the
amount of cash consideration per share of common stock, if the consideration to be received in the Change of Control by holders of shares of common stock is solely cash, and (y)&nbsp;the average of the closing prices per share of common stock on the
NYSE, the NYSE American or the NASDAQ for the 10 consecutive trading days immediately preceding, but not including, the effective date of the Change of Control, if the consideration to be received in the Change of Control by holders of shares of
common stock is other than solely cash (including if such holders do not receive consideration). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No fractional shares of common stock shall be issued upon the conversion
of Series B Preferred Stock. In lieu of fractional shares, holders shall be entitled to receive the cash value of such fractional shares based on the Common Stock Price. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Conversion Date falls after a Dividend Record Date and on or prior to
the corresponding Dividend Payment Date, each holder of shares of Series B Preferred Stock at the close of business on such Dividend Record Date shall be entitled to receive the dividend payable on such shares on the corresponding Dividend Payment
Date in accordance with <U>Section&nbsp;5</U> hereof, notwithstanding the conversion of such shares on or prior to such Dividend Payment Date, but the Common Share Conversion Consideration shall not be calculated to include such accrued and unpaid
dividends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 15 days following the occurrence of a Change of
Control, the Corporation shall deliver a notice of the occurrence of the Change of Control, describing the resulting Change of Control Conversion Right, to the holders of record of the outstanding shares of Series B Preferred Stock at their
addresses as they appear on the Corporation&#146;s stock transfer records. No failure to give such a notice or any defect thereto or in the mailing thereof shall affect the sufficiency of the notice or validity of the proceedings for the conversion
of any share of Series B Preferred Stock, except as to the holder to whom notice was defective or not given. A notice which has been mailed in the manner provided herein shall be conclusively presumed to have been duly given on the date mailed
whether or not the holder received such notice. Each notice shall state: (i)&nbsp;the events constituting the Change of Control; (ii)&nbsp;the date of the Change of Control; (iii)&nbsp;the last date on which the holders of Series B Preferred Stock
may exercise their Change of Control Conversion Right; (iv)&nbsp;the method and period for calculating the Common Stock Price; (v)&nbsp;the Conversion Date; (vi)&nbsp;that if, prior to the Conversion Date, the Corporation provides notice of its
election to redeem all or any portion of the Series B Preferred Stock, the holder will not be able to convert the shares of Series B Preferred Stock called for redemption, and such shares of Series B Preferred Stock shall be redeemed on the related
redemption date, even if they have already been tendered for conversion pursuant to the Change of Control Conversion Right; (vii)&nbsp;if applicable, the type and amount of Alternative Conversion Consideration entitled to be received per share of
Series B Preferred Stock converted; (viii)&nbsp;the name and address of the paying agent and the conversion agent (the &#147;<U>Conversion Agent</U>&#148;); and (ix)&nbsp;the procedures that the holders of Series B Preferred stock must follow to
exercise the Change of Control Conversion Right. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall
issue a press release for publication on the Dow Jones&nbsp;&amp; Corporation, Inc., Business Wire, PR Newswire or Bloomberg Business News (or, if such organizations are not in existence at the time of issuance of such press release, such other news
or press organization as is reasonably calculated to broadly disseminate the relevant information to the public) containing the information stated in such a notice, and post such a notice on the Corporation&#146;s website, in any event prior to the
opening of business on the first business day following any date on which the Corporation provides notice pursuant to <U>Section&nbsp;10(d)</U> to the holders of record of Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise the Change of Control Conversion Right, a holder of
record of shares of Series B Preferred Stock shall be required to deliver, on or before the close of business on the Conversion Date, the certificates, if any, representing any certificated shares of Series B Preferred Stock to be converted, duly
endorsed for transfer, together with a written notice of exercise and any other documents the Corporation reasonably requires in connection with such conversion, to the Conversion Agent. Such notice shall state the number of shares of Series B
Preferred Stock to be converted. Notwithstanding the foregoing if the shares of Series B Preferred Stock are held in global form, such notice shall instead comply with applicable procedures of The Depository Trust Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series B Preferred Stock may withdraw any notice of exercise of
a Change of Control Conversion Right (in whole or in part), by a written notice of withdrawal delivered to the Conversion Agent prior to the close of business on the business day prior to the Conversion Date. The notice of withdrawal must state:
(i)&nbsp;the number of withdrawn shares of Series B Preferred Stock; (ii)&nbsp;if certificated shares of Series B Preferred Stock have been tendered for conversion and withdrawn, the certificate numbers of the withdrawn shares of Series B Preferred
Stock; and (iii)&nbsp;the number of shares of Series B Preferred Stock, if any, which remain subject to the notice of exercise. Notwithstanding the foregoing, if the shares of Series B Preferred Stock are held in global form, the notice of
withdrawal shall instead comply with applicable procedures of The Depository Trust Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares of Series B Preferred Stock as to which the Change of Control
Conversion Right has been properly exercised and for which the notice of exercise has not been properly withdrawn shall be converted into the applicable Conversion Consideration in accordance with the Change of Control Conversion Right on the
Conversion Date unless, prior to the Conversion Date, the Corporation provides notice of its election to redeem such shares of Series B Preferred Stock, whether pursuant to its Optional Redemption Right or Change of Control Redemption Right. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall deliver the applicable Conversion Consideration no
later than the third business day following the Conversion Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the exercise of any Change of Control Conversion Right, the Corporation shall comply with all U.S. federal and state securities laws and stock exchange rules in connection with any conversion of shares of Series B Preferred Stock
into Conversion Consideration. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the
contrary in this <U>Section&nbsp;10</U>, no holder of Series B Preferred Stock will be entitled to convert any shares of Series B Preferred Stock into shares of common stock to the extent that receipt of shares of common stock upon the conversion of
such shares of Series B Preferred Stock in accordance with this <U>Section&nbsp;10 </U>would cause such person or any other person to violate <U>Article V</U> of the Articles or any successor provision or other provision of the Articles as in effect
from time to time limiting ownership of stock of the Corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of the Series B Preferred Stock will not have any
voting rights, except as set forth below. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E-9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever dividends on
any shares of Series B Preferred Stock shall be in arrears for six or more quarterly periods, whether or not such quarterly periods are consecutive (a &#147;<U>Preferred Dividend Default</U>&#148;), the number of directors then constituting the
Board of Directors shall be increased by two (if not already increased by reason of a similar arrearage with respect to any Parity Preferred (as hereinafter defined)), and the holders of such shares of Series B Preferred Stock will be entitled to
vote separately as a class with all other series of preferred stock ranking on a parity with the Series B Preferred Stock as to dividends or upon liquidation and upon which like voting rights have been conferred and are exercisable, including, in
that instance, the Series A Preferred Stock (&#147;<U>Parity Preferred</U>&#148;), in order to fill the vacancies thereby created, for the election of a total of two additional directors of the Corporation (the &#147;<U>Preferred Stock
Directors</U>&#148;) at a special meeting called by the Corporation at the request of holders of record of at least 10% of the Series B Preferred Stock or the holders of record of at least 10% of any series of Parity Preferred so in arrears (unless
such request is received less than 90 days before the date fixed for the next annual meeting of shareholders) or at the next annual meeting of shareholders, and at each subsequent annual meeting until (or, if the directors are divided into classes,
at the conclusion of the terms of each Preferred Stock Director) all dividends accrued on such shares of Series B Preferred Stock and Parity Preferred for the past dividend periods and the dividend for the then current dividend period shall have
been fully paid. In the event the directors of the Corporation are divided into classes, each such vacancy shall be apportioned among the classes of directors to prevent stacking in any one class and to ensure that the number of directors in each of
the classes of directors are as nearly equal as possible. Each Preferred Stock Director, as a qualification for election as such (and regardless of how elected) shall submit to the Board of Directors a duly executed, valid, binding and enforceable
letter of resignation from the Board of Directors, to be effective upon the date upon which all dividends accrued on such shares of Series B Preferred Stock and Parity Preferred for the past dividend periods and the dividend for the then current
dividend period shall have been fully paid, whereupon the terms of office of all persons elected as Preferred Stock Directors by the holders of the Series B Preferred Stock and any Parity Preferred shall, upon the effectiveness of their respective
letters of resignation, forthwith terminate, and the number of directors then constituting the Board of Directors shall be reduced accordingly. A quorum for any meeting shall exist if at least a majority of the outstanding shares of Series B
Preferred Stock and shares of Parity Preferred upon which like voting rights have been conferred and are exercisable are represented in person or by proxy at such meetings. Such Preferred Stock Directors shall be elected upon the affirmative vote of
a plurality of the shares of Series B Preferred Stock and such Parity Preferred (regardless of liquidation preference) present and voting in person or by proxy at a duly called and held meeting at which a quorum is present. If and when all accrued
dividends and the dividend for the then current dividend period on the Series B Preferred Stock shall have been paid in full, the holders thereof shall be divested of the foregoing voting rights (subject to revesting in the event of each and every
Preferred Dividend Default). Any Preferred Stock Director may be removed at any time with or without cause by, and shall not be removed otherwise than by the vote of, the holders of record of a majority of the outstanding shares of the Series B
Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). So long as a Preferred Dividend Default shall
continue, any vacancy in the office of a Preferred Stock Director may be filled by written consent of the Preferred Stock Director remaining in office, or if none remains in office, by a vote of the holders of record of a majority of the outstanding
shares of Series B Preferred Stock when they have the voting rights described above (voting separately as a class with all series of Parity Preferred upon which like voting rights have been conferred and are exercisable). The Preferred Stock
Directors shall each be entitled to one vote per director on any matter properly coming before the Board of Directors. Notwithstanding the foregoing, in no event shall the holders of Series B Preferred Stock be entitled pursuant to this
<U>Section&nbsp;11(b)</U> to elect a director that would cause the Corporation to fail to satisfy a requirement relating to director independence of any securities exchange on which any class or series of the Corporation&#146;s stock is listed. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any shares of Series B Preferred Stock are outstanding, in
addition to any other vote or consent of shareholders required by the Articles, the affirmative vote of at least <FONT STYLE="white-space:nowrap">two-thirds</FONT> of the votes entitled to be cast by the holders of Series B Preferred Stock, at the
time outstanding, voting separately as a </P>
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class, given in person or by proxy, either in writing without a meeting or by vote at any meeting, shall be necessary for effecting or validating: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any voluntary termination or revocation of the status of the Corporation
as a REIT; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any amendment, alteration or repeal of any of the
provisions of the Articles or these Articles of Amendment (whether by merger, consolidation or otherwise (an &#147;<U>Event</U>&#148;)) that materially and adversely affects any preferences, conversion and other rights, voting powers, restrictions,
limitations as to dividends, qualifications, and terms and conditions of redemption (the &#147;<U>Rights and Preferences</U>&#148;) of the Series B Preferred Stock or the holders thereof; <I>provided</I>, <I>however</I>, that (x)&nbsp;the amendment
of the provisions of the Articles so as to authorize, create or increase the authorized amount of any shares ranking on parity with or junior to the Series B Preferred Stock as to the payment of dividends or as to the distribution of assets upon
liquidation, dissolution or winding up (including any increase in the number of authorized shares of Series B Preferred Stock) shall not be deemed to materially adversely affect the Rights and Preferences, and (y)&nbsp;any filing with the Florida
Division of Corporations by the Corporation, including in connection with an Event, shall not be deemed to be an amendment, alteration or repeal of any of the provisions of the Articles or these Articles of Amendment that materially and adversely
affects the Rights and Preferences, <I>provided</I> that: (1)&nbsp;the Corporation is the surviving entity and the Series B Preferred Stock remain outstanding with the terms thereof materially unchanged in any respect adverse to the holders thereof;
or (2)&nbsp;the resulting, surviving or transferee entity is organized under the laws of any state and substitutes or exchanges the Series B Preferred Stock for other preferred stock, shares or other equity interests having preferences, conversion
and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption thereof that are substantially similar to that of the Series B Preferred Stock (except for changes that do not
materially and adversely affect the holders of Series B Preferred Stock); or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:24%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the authorization, creation or the increase in the authorized number of
shares of any class or series, or any security convertible into shares of any class or series of stock of the Corporation ranking senior to the Series B Preferred Stock as to distribution on any liquidation, dissolution or winding up of the
Corporation or as to the payment of dividends; <I> </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>provided</I>, <I>however</I>, that, in the case of each of subparagraphs (i),
(ii) and (iii), no such vote of the holders of Series B Preferred Stock shall be required if, at or prior to the time when such amendment, alteration or repeal is to take effect, or when the issuance of any such prior shares or convertible security
is to be made, as the case may be, all outstanding shares of Series B Preferred Stock shall have been redeemed or called for redemption upon proper notice and sufficient funds shall have been deposited in trust to effect such redemption or, in the
case of an Event, regardless of the date of the transaction, the holders of the Series B Preferred Stock receive in the transaction their liquidation preference plus accrued and unpaid dividends. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For purposes of determining the voting rights of the holders of the Series B Preferred Stock under this
<U>Section&nbsp;11(c)</U>, each holder will be entitled to one vote for each Liquidation Preference per share with respect to shares of the Series B Preferred Stock held by such holder. Whether the vote or consent of the holders of a plurality,
majority or other portion of the shares of the Series B Preferred Stock has been cast or given on any matter on which the holders of shares of the Series B Preferred Stock are entitled to vote shall be determined by the Corporation by reference to
the specified liquidation amounts of the shares voted or covered by the consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As to any voting right set forth in <U>Section&nbsp;11(c)</U>, the holders
of Series B Preferred Stock shall have exclusive voting rights on any proposed amendment to the Articles that would alter only the contract rights of the Series B Preferred Stock. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly stated in these Articles of Amendment, the Series B
Preferred Stock will not have any relative, participating, optional or other special voting rights and powers, and the consent </P>
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of the holders thereof shall not be required for the taking of any corporate action, including, but not limited to, any merger or consolidation involving the Corporation, or a sale of all or
substantially all of the assets of the Corporation, or the liquidation or dissolution of the Corporation, irrespective of the effect that such merger, consolidation, sale, liquidation or dissolution may have upon the rights, preferences or voting
power of the holders of the Series B Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Information
Right</U>. During any period during which the Corporation is not subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Exchange Act and any shares of Series B Preferred Stock are outstanding, the Corporation will (i)&nbsp;transmit
by mail (or other permissible means under the Exchange Act) to all holders of Series B Preferred Stock, as their names and addresses appear in the Corporation&#146;s record books and without cost to such holders, copies of annual reports on Form <FONT
STYLE="white-space:nowrap">10-K,</FONT> quarterly reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and current reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> that the Corporation would have been required to file with the
United States Securities and Exchange Commission pursuant to Section&nbsp;13 or 15(d) of the Exchange Act if the Corporation were subject thereto (other than any exhibits that would have been required) within 15 days after the respective dates by
which the Corporation would have been required to file such reports with the United States Securities and Exchange Commission if the Corporation were subject to Section&nbsp;13 or 15(d) of the Exchange Act (in each case, based on the dates on which
the Corporation would be required to file such periodic reports if it were an &#147;accelerated filer&#148; within the meaning of the Exchange Act), and (ii)&nbsp;within 15 days following written request, supply copies of such reports to any
prospective holder of the Series B Preferred Stock. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THIRD: </B>The classification of authorized but unissued shares as
set forth in these Articles of Amendment does not increase the authorized stock of the Corporation or the aggregate par value thereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>FOURTH: </B>These Articles of Amendment have been approved by the Board of Directors in the manner prescribed by the FBCA.
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>IN WITNESS WHEREOF</B>, the undersigned Senior Vice President, Secretary
and General Counsel of the Corporation has executed these Articles of Amendment to the Restated Articles of Incorporation as of [&#149;], 2023. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">REGENCY CENTERS CORPORATION</P></TD></TR>
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<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Michael Herman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Senior Vice President, Secretary and</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">General Counsel</P></TD></TR>
</TABLE> <P STYLE="margin-top:400pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page to the Articles of Amendment for the Designation of Series B Cumulative Redeemable
Preferred Stock of the Corporation] </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">E-13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="partii"></A>PART II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;20.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Indemnification of Directors and Officers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency&#146;s officers and directors are and will be indemnified under Florida law, the restated articles of incorporation and bylaws of
Regency and the partnership agreement of the Regency Partnership. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Florida Business Corporation Act (which we refer to as the
&#147;FBCA&#148;), under which Regency is organized, permits a Florida corporation to indemnify a present or former director or officer of the corporation (and certain other persons serving at the request of the corporation in related capacities)
for liabilities, including legal expenses, arising by reason of service in such capacity if such person shall have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and in
any criminal proceeding if such person had no reasonable cause to believe his conduct was unlawful. However, in the case of actions brought by or in the right of the corporation, no indemnification may be made with respect to any matter as to which
such director or officer shall have been adjudged liable, except in certain limited circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Regency&#146;s bylaws provides that
Regency shall indemnify directors and officers to the fullest extent now or hereafter permitted by the FBCA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The partnership agreement of
the Regency Partnership also provides for indemnification of Regency and its officers and directors against any and all losses, claims, damages, liabilities, joint or several, expenses (including legal fees and expenses), judgments, fines,
settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the partnership as set forth in the partnership agreement in
which any indemnitee may be involved, or is threatened to be involved, unless it is established that (i)&nbsp;the act or omission of the indemnitee was material to the matter giving rise to the proceeding and constituted willful misconduct for
fraud, (ii)&nbsp;the indemnitee actually received an improper personal benefit in money, property or services, or (iii)&nbsp;in the case of a criminal proceeding, the indemnitee had cause to believe that the act or omission was unlawful. The
termination of any proceeding by judgment, order or settlement does not create a presumption that the indemnitee did not meet the requisite standard of conduct set forth in the partnership agreement section on indemnification. The termination of any
proceeding by conviction or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation before judgment creates a rebuttable presumption that the indemnitee acted in a manner contrary to that specified in the
indemnification section of the partnership agreement. Any indemnification pursuant to the Regency Partnership&#146;s partnership agreement may only be made out of the assets of the partnership. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;21.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits and Financial Statement Schedules </B></P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1&#134;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#annexa">Agreement and Plan of Merger, dated as of May&nbsp;17, 2023, by and among Regency Centers Corporation, Hercules Merger Sub, LLC, Urstadt Biddle Properties Inc., UB Maryland I, Inc. and UB&nbsp;
Maryland II, Inc. (included as Annex A to the proxy statement/prospectus forming a part of this registration statement and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/910606/000091060617000019/ex-3a063017.htm">Restated Articles of Incorporation of Regency Centers Corporation (incorporated by reference to Exhibit&nbsp;3.A to Regency&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> filed on August&nbsp;8, 2017). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.2*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/910606/000095017022015028/reg-ex3_1.htm">Amended and Restated Bylaws of Regency Centers Corporation (incorporated by reference to Exhibit&nbsp;3.1 to Regency&#146;s <FONT
STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> filed on August&nbsp;5, 2022). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#annexd">Form of Articles of Amendment Classifying Regency Series A preferred stock (included as Annex&nbsp;
D to the proxy statement/prospectus forming a part of this registration statement and incorporated herein by reference). </A></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-1 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="90%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;3.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#annexe">Form of Articles of Amendment Classifying Regency Series B preferred stock (included as Annex E to the proxy statement/prospectus forming a part of this registration statement and incorporated herein by reference).
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex51.htm">Opinion of Wachtell, Lipton, Rosen&nbsp;&amp; Katz as to the validity of the shares of securities being registered. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex81.htm">Opinion of Hogan Lovells US LLP, as to certain material U.S. federal tax matters. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex82.htm">Opinion of Wachtell, Lipton, Rosen&nbsp;&amp; Katz, as to certain material U.S. federal tax matters. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex83.htm">Opinion of Foley&nbsp;&amp; Lardner LLP, as to certain material U.S. federal tax matters. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#annexc">Voting agreement, dated as of May&nbsp;
17, 2023, by and among Regency Centers Corporation, Urstadt Biddle Properties Inc., Urstadt Property Company, Inc., Elinor F. Urstadt, Urstadt Realty Associates Co LP, Urstadt Realty Shares II L.P., Willing L. Biddle and Catherine U. Biddle (included as
Annex C to the proxy statement/prospectus forming a part of this registration statement and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>21*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/910606/000095017023003160/reg-ex21.htm">Subsidiaries of Regency Centers Corporation (incorporated by reference to Exhibit&nbsp;
21 of Regency Centers Corporation&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023, filed on February&nbsp;17, 2023). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex51.htm">Consent of Wachtell, Lipton, Rosen&nbsp;&amp; Katz (included in the opinion filed as Exhibit 5.1 hereto and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex81.htm">Consent of Hogan Lovells US LLP (included in the opinion filed as Exhibit 8.1 hereto and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex82.htm">Consent of Wachtell, Lipton, Rosen&nbsp;&amp; Katz (included in the opinion filed as Exhibit 8.2 hereto and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex83.htm">Consent of Foley&nbsp;&amp; Lardner LLP (included in the opinion filed as Exhibit 8.3 hereto and incorporated herein by reference). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex235.htm">Consent of Independent Registered Public Accounting Firm of Regency Centers Corporation, KPMG LLP. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex236.htm">Consent of Independent Registered Public Accounting Firm of Urstadt Biddle Properties Inc., PKF O&#146;Connor Davies, LLP.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/910606/000119312523169074/d506590ds4.htm#poa">Power of Attorney. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex991.htm">Consent of Eastdil Secured Advisors LLC. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d506590dex992.htm">Form of Proxy Card of Urstadt Biddle Properties Inc. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>107*</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/910606/000119312523169074/d506590dexfilingfees.htm">Filing Fee Table. </A></TD></TR>
</TABLE>  <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#134;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Certain Schedules (or similar attachments) have been omitted pursuant to Item 601(a)(5) of Regulation <FONT
STYLE="white-space:nowrap">S-K.</FONT> Regency hereby undertakes to furnish supplemental copies of any of the omitted schedules upon request by the U.S. Securities and Exchange Commission; provided, that Regency may request confidential treatment
pursuant to Rule <FONT STYLE="white-space:nowrap">24b-2</FONT> of the Securities Exchange Act of 1934, as amended, for any schedules so furnished. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Previously filed. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;22.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Undertakings </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The undersigned registrant hereby undertakes: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration
statement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) to include any prospectus required by section 10(a)(3) of the Securities Act; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the
most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in the volume
of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed
with the Securities and Exchange Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) to include any material information with
respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) that, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain
unsold at the termination of the offering; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) that, for the purpose of determining liability under the Securities Act of
1933 to any purchaser: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in
reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x)&nbsp;for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the
registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for
liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus
relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or
made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date,
supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(e) that, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the
initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">
purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed
pursuant to Rule&nbsp;424; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) any free writing prospectus relating to the offering prepared by or on behalf of the
undersigned registrant or used or referred to by the undersigned registrant; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) the portion of any other free writing
prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(4) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(f) that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona
fide</I> offering thereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(g) that, prior to any public reoffering of the securities registered hereunder through use of
a prospectus which is a part of this registration statement, by any person or party who is deemed to be an underwriter within the meaning of Rule&nbsp;145(c), the issuer undertakes that such reoffering prospectus will contain the information called
for by the applicable registration form with respect to reofferings by persons who may be deemed underwriters, in addition to the information called for by the other Items of the applicable form; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(h) that every prospectus that (i)&nbsp;is filed pursuant to paragraph (g)&nbsp;immediately preceding, or (ii)&nbsp;purports to
meet the requirements of section 10(a)(3) of the Securities Act of 1933 and is used in connection with an offering of securities subject to Rule&nbsp;415, will be filed as a part of an amendment to this registration statement and will not be used
until such amendment is effective, and that, for purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed
in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by
the final adjudication of such issue; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(j) to respond to requests for information that is incorporated by reference into
the prospectus pursuant to Items&nbsp;4, 10(b), 11 or 13 of this form, within one business day of receipt of such request, and to send the incorporated documents by first class mail or other equally prompt means. This includes information contained
in documents filed subsequent to the effective date of the registration statement through the date of responding to the request; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(k) to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired
involved therein, that was not the subject of and included in this registration statement when it became effective. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-4 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="poa"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant has duly caused this Amendment No. 1 to the
Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jacksonville, State of Florida, on July 10, 2023. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">REGENCY CENTERS CORPORATION</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President and Chief Executive Officer</TD></TR>
</TABLE></DIV>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Amendment No. 1 to the Registration
Statement has been signed by the following persons in the capacities and on the dates indicated. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Lisa Palmer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Lisa Palmer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">President and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Michael J. Mas</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Executive Vice President and Chief</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Financial Officer</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal
Financial Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Terah L. Devereaux</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Senior Vice President, Chief Accounting Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Principal Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Martin E. Stein, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Executive Chairman of the Board</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C. Ronald Blankenship</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Bryce Blair</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Kristin A. Campbell</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Deirdre J. Evens</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Thomas W. Furphy</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Karin M. Klein</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-5 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


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<TD WIDTH="42%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="14%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Peter Linneman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">David P. O&#146;Connor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">*</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">James H. Simmons</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">July 10, 2023</TD></TR>
</TABLE>  <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">*By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Lisa Palmer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Title:<I> </I><I>Attorney-in-Fact</I></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">II-6 </P>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d506590dex51.htm
<DESCRIPTION>EX-5.1
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<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July 10, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regency Centers Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Independent Drive, Suite 114 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jacksonville, Florida 32202
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> (File No.</U><U></U><FONT
STYLE="white-space:nowrap">&nbsp;333-</FONT><U>272735)</U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have acted as counsel to Regency Centers Corporation, a Florida corporation (the &#147;<U>Company</U>&#148;), in connection with the
Registration Statement <FONT STYLE="white-space:nowrap">on&nbsp;Form&nbsp;S-4&nbsp;(as</FONT> amended, the &#147;<U>Registration Statement</U>,&#148; which term does not include any other document or agreement whether or not specifically referred to
therein or attached as an exhibit or schedule thereto) filed with the U.S. Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;), relating to the registration under the U.S. Securities Act of 1933, as amended (the
&#147;<U>Securities Act</U>&#148;), of the issuance of the shares of common stock, par value $0.01 per share, of the Company (the &#147;<U>Common Stock</U>&#148;), shares of 6.250% Series A cumulative redeemable preferred stock, par value $0.01 per
share, of the Company (the &#147;<U>Series A Preferred Stock</U>&#148;) and shares of 5.875% Series B cumulative redeemable preferred stock, par value $0.01 per share, of the Company (the &#147;<U>Series B Preferred Stock</U>,&#148; and together
with the Common Stock and the Series A Preferred Stock, the &#147;<U>Shares</U>&#148;), in connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of May&nbsp;17, 2023, by and among the Company, Hercules Merger
Sub, LLC, a Maryland limited liability company and a wholly owned subsidiary of the Company, Urstadt Biddle Properties Inc., a Maryland corporation (&#147;<U>Urstadt Biddle</U>&#148;), UB Maryland I, Inc., a Maryland corporation and a wholly owned
subsidiary of Urstadt Biddle (&#147;<U>UB Sub I</U>&#148;), and UB Maryland II, Inc., a Maryland corporation and a wholly owned subsidiary of UB Sub I (as it may be further amended from time to time, the &#147;<U>Merger Agreement</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For purposes of giving this opinion, we have examined the Registration Statement, the Merger Agreement, the Restated Articles of Incorporation
of the Company, the Amended and Restated Bylaws of the Company, the form of Articles of Amendment to the Restated Articles of Incorporation of the Company designating the preferences, rights and limitations of the Series A Preferred Stock and the
form of Articles of Amendment to the Restated Articles of Incorporation of the Company designating the preferences, rights and limitations of the Series B Preferred Stock.&nbsp;We have also examined the originals, or duplicates or certified or
conformed copies, of such corporate records, agreements, documents and other instruments and have made such other investigations as we have deemed relevant and necessary in connection with this opinion. As to questions of fact material to this
opinion, we have relied, with your approval, upon oral and written representations of the Company and its affiliates and certificates or comparable documents of public officials and of officers and representatives of the Company and its affiliates.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In making such examination and rendering this opinion, we have assumed without verification the genuineness of all signatures, the
authenticity of all documents submitted to us as originals, the authenticity of the originals of such documents submitted to us as certified copies, the conformity to originals of all documents submitted to us as copies, the authenticity of the
originals of such documents, that all documents submitted to us as certified copies are true and correct copies of such originals and the legal capacity of all individuals executing any of the foregoing documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based upon and subject to the foregoing examination and in reliance thereon, and subject to the qualifications, assumptions and limitations
stated herein, and assuming the valid adoption of the aforementioned Articles of Amendment to designate the Series A Preferred Stock and the Articles of Amendment to designate the Series B Preferred Stock, and in reliance on statements of fact
contained in the documents that we have examined or reviewed, we are of the opinion that the Shares to be issued by the Company pursuant to and in the manner contemplated by the terms of the Merger Agreement will be, upon issuance, duly authorized
and, after the Registration Statement has been declared effective by order of the Commission and when the Shares have been issued and paid for in the manner contemplated by and upon the terms and conditions set forth in the Registration Statement
and the Merger Agreement, such Shares will be validly issued, fully paid and nonassessable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The opinion set forth above is subject to the effects of (a)&nbsp;bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting the enforcement of creditors&#146; rights generally, (b)&nbsp;general equitable principles (whether considered in a proceeding in equity or at law) and
(c)&nbsp;an implied covenant of good faith and fair dealing.&nbsp;We are members of the bar of the State of New York. The Company is a Florida corporation, and we have not considered, and we express no opinion as to, any law other than the Florida
Business Corporation Act (including the statutory provisions, all applicable provisions of the Florida Constitution and reported judicial decisions interpreting the foregoing). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">This letter is given on the basis of the law and the facts existing as of the date hereof. We assume no obligation to advise you of changes in
matters of fact or law which may thereafter occur. Our opinion is based on statutory laws and judicial decisions that are in effect on the date hereof, and we do not opine with respect to any law, regulation, rule or governmental policy which may be
enacted or adopted after the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We hereby consent to be named in the Registration Statement and in the related proxy
statement/prospectus contained therein as the attorneys who passed upon the legality of the Shares to be issued pursuant to the Registration Statement and to the filing of a copy of this opinion as Exhibit 5.1 to the Registration Statement. In
giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act and the rules and regulations of the Commission promulgated thereunder. This opinion speaks as
of its date, and we undertake no (and hereby disclaim any) obligation to update this opinion. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ Wachtell, Lipton, Rosen&nbsp;&amp; Katz</TD></TR>
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<TD VALIGN="top">Wachtell, Lipton, Rosen&nbsp;&amp; Katz</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8.1 </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hogan&nbsp;Lovells&nbsp;US&nbsp;LLP&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 Thirteenth St. NW</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, DC 20004</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">T +1 202 637 5600</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">F +1 202 637 5910</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">www.hoganlovells.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;10, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt
Biddle Properties Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">321 Railroad Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwich, CT
06380 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Re: Company Tax Opinion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen:
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have acted as tax counsel to Urstadt Biddle Properties Inc., a Maryland corporation (the &#147;<B>Company</B>&#148;) in connection with the
transactions (the &#147;<B>Transactions</B>&#148;) contemplated by that certain Agreement and Plan of Merger, dated as of May&nbsp;17, 2023 (the &#147;<B>Merger Agreement</B>&#148;), by and among Regency Centers Corporation, a Florida corporation
(&#147;<B>Parent</B>&#148;), Hercules Merger Sub, LLC, a Maryland limited liability company and a wholly-owned subsidiary of Parent (&#147;<B>Merger Sub</B>&#148;), the Company, UB Maryland I, Inc., a Maryland corporation and a direct wholly-owned
subsidiary of the Company (&#147;<B>UB Sub I</B>&#148;), and UB Maryland II, Inc., a Maryland corporation and a direct wholly-owned subsidiary of UB Sub I (&#147;<B>UB Sub II</B>&#148;), as further described in the registration statement on Form <FONT
STYLE="white-space:nowrap">S-4</FONT> initially filed by Parent with the Securities and Exchange Commission on June&nbsp;16, 2023, which includes the proxy statement/prospectus relating to the Merger Agreement (The &#147;<B>Registration
Statement</B>&#148;). Capitalized terms used herein and which are defined in the Merger Agreement shall have the meanings set forth in the Merger Agreement unless otherwise defined herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the preparation of this opinion letter, we have examined, and with your consent relied upon, without any independent investigation or
review thereof, the following documents (including all exhibits and schedules thereto): (1) the Merger Agreement; (2)&nbsp;the Registration Statement; and (3)&nbsp;such other instruments and documents related to the formation, organization, and
operation of Parent, Merger Sub, Company, UB Sub I and UB Sub II or to the consummation of the Mergers and the transactions contemplated thereby as we have deemed necessary or appropriate (the documents described in clauses (1)&nbsp;through (3),
collectively the &#147;<B>Reviewed Documents</B>&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Assumptions and Representations </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with rendering this opinion letter, we have assumed or obtained representations (which with your consent we are relying upon, and upon which our
opinion is premised, without any independent investigation or review thereof), including that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">(A) All factual information contained in each of the documents we have examined and upon which we have relied
in connection with the preparation of this opinion letter is accurate and completely describes all material facts relevant to our opinion, (B)&nbsp;all copies are accurate, (C)&nbsp;all signatures are genuine, and (D)&nbsp;all documents have been or
will be, as the case may be, timely and properly executed. </P></TD></TR></TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Hogan Lovells US LLP is a limited liability partnership registered in the
District of Columbia. &#147;Hogan Lovells&#148; is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham Boston Brussels Colorado
Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Moscow Munich New York Northern Virginia Paris Perth
Philadelphia Rome San Francisco S&atilde;o Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta Riyadh Shanghai FTZ Ulaanbaatar Zagreb. Business Service Centers: Johannesburg Louisville.
Legal Services Center: Berlin. For more information see www.hoganlovells.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 10, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There will have been, by the First Merger Effective Time, or at such other time as contemplated in the Merger
Agreement, due execution and delivery of all documents, where due execution and delivery are prerequisites to the effectiveness thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To the extent relevant to our opinion, all representations, warranties, and statements made or agreed to by
Company and by Parent, Merger Sub, UB Sub I and UB Sub II, their respective managers, employees, officers, directors, and stockholders in connection with the Mergers, including, but not limited to, those in the Reviewed Documents, have been and will
continue to be true, complete, and accurate in all respects. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Merger Agreement is valid and binding in accordance with its terms. The Transactions will be consummated in
accordance with the Merger Agreement (including satisfaction of all <FONT STYLE="white-space:nowrap">pre-closing</FONT> covenants and conditions to the obligations of the parties, without amendment, waiver, or breach thereof) and the Registration
Statement. Each of the Mergers will qualify as a merger under the applicable laws of Maryland. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of Parent, Company, Merger Sub, UB Sub I and UB Sub II will comply with all reporting obligations with
respect to the Mergers required under the Code and the Treasury Regulations promulgated thereunder. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each of Parent, Company (prior to the First Merger Effective Time), and UB Sub I (from and after the First
Merger Effective Time) either qualifies as a &#147;real estate investment trust&#148; under Subchapter M of the Code or is not otherwise an &#147;investment company&#148; within the meaning of Section&nbsp;368(a)(2)(F) of the Code.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">7.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There will be no change in applicable U.S. federal income tax law from the date hereof through the Second
Merger Effective Time. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based upon and subject to the assumptions and qualifications set forth herein (including those set forth below), we are of the opinion that the portions of the
discussion contained in the Registration Statement under the heading &#147;Material U.S. Federal Income Tax Consequences of the Mergers&#148; that describe applicable U.S. federal income tax law, subject to the assumptions, limitations and
conditions set forth therein, are correct in all material respects as of the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition to the assumptions set forth above, this opinion
letter is subject to the exceptions, limitations, and qualifications set forth below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The opinion set forth in this letter is based on relevant current provisions of the Code, the Treasury
Regulations promulgated thereunder (including proposed and temporary Treasury Regulations), and interpretations of the foregoing as expressed in court decisions, applicable legislative history, and the administrative rulings and practices of the
IRS, including its practices and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives such a ruling, all as of the date hereof. These provisions and interpretations are subject
to change by the IRS, Congress, and the courts (as applicable), which change may or may not be retroactive in effect and which might result in material modifications of our opinion. Our opinion does not foreclose the possibility of a contrary
determination by the IRS or a court of competent jurisdiction, nor of a contrary position taken by the IRS or the Treasury Department in regulations or rulings issued in the future. In
</P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt Biddle Properties Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 10, 2023 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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this regard, an opinion of counsel with respect to an issue represents counsel&#146;s best professional judgment with respect to the outcome on the merits with respect to such issue, if such
issue were to be litigated, but an opinion is not binding on the IRS or the courts and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position asserted by the
IRS. Neither Parent nor Company has requested or will request a ruling from the IRS as to any of the U.S. federal income tax consequences addressed in this opinion letter. Furthermore, no assurance can be given that future legislative, judicial, or
administrative changes, including on a retroactive basis, would not adversely affect the accuracy of the opinion expressed herein. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This letter addresses only the specific tax opinion set forth above. Our opinion does not address any other
U.S. federal, state, local, or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> tax consequences that will or may result from the Mergers or any other transaction (including any transaction undertaken in connection with the Mergers or contemplated
by the Merger Agreement). </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Our opinion set forth herein is based upon, among other things, the description of the Transactions as set
forth in the Merger Agreement. No opinion is expressed as to any transaction other than the Mergers, or with respect to the Mergers, unless all the transactions described in the Merger Agreement (or otherwise contemplated in connection with the
Mergers) have been consummated in accordance with the terms of the Merger Agreement (and also without amendment, waiver, or breach of any provision thereof), and also unless all of the representations, warranties, statements, and assumptions upon
which we have relied are true, complete, and accurate at all times. In the event that the actual facts relating to any aspect of the Transactions differ from the terms of the Merger Agreement (without amendment, waiver, or breach of any material
provision thereof), or if any one of the representations, warranties, statements, or assumptions upon which we have relied to issue this opinion letter is incorrect, our opinion might be adversely affected and may not be relied upon.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This opinion letter has been prepared solely for your use in connection with the filing of the Registration Statement and speaks as of
the date hereof. We undertake no responsibility by reason of this opinion letter or otherwise to advise you or any other person of any changes in our opinion subsequent to the delivery of this opinion letter. This opinion letter may not be
distributed, quoted in whole or in part or otherwise reproduced in any document, or filed with any governmental agency without our prior written consent. Except as provided in the next sentence, this opinion letter may not be relied on by any other
person, or for any other purpose, without our prior written consent, which may be withheld in our sole discretion. We hereby consent to the filing of this opinion letter as Exhibit 8.1 to the Registration Statement and to the reference to Hogan
Lovells US LLP under the caption &#147;Legal Matters&#148; in the Registration Statement. In giving this consent, however, we do not admit thereby that we are an &#147;expert&#148; within the meaning of the Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Very truly yours, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s Hogan Lovells US LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">HOGAN LOVELLS US LLP </P>
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<SEQUENCE>4
<FILENAME>d506590dex82.htm
<DESCRIPTION>EX-8.2
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Letterhead of Wachtell, Lipton, Rosen&nbsp;&amp; Katz] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;10, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regency Centers Corporation
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Independent Drive, Suite 114 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jacksonville, Florida
32202 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Reference is
made to the Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-4</FONT> (as amended or supplemented through the date hereof, the &#147;<U>Registration Statement</U>&#148;) of Regency Centers Corporation, a Florida corporation
(&#147;<U>Regency</U>&#148;), including the proxy statement/prospectus forming a part thereof, relating to the proposed transaction between Regency and Urstadt Biddle Properties, Inc., a Maryland corporation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have participated in the preparation of the discussion set forth in the section titled &#147;Material U.S. Federal Income Tax Consequences
of the Mergers&#148; in the Registration Statement. In our opinion, such discussion of those consequences, insofar as it summarizes United States federal income tax law, and subject to the qualifications, exceptions, assumptions and limitations
described therein, is accurate in all material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We hereby consent to the filing of this opinion with the Securities and Exchange
Commission as an exhibit to the Registration Statement, and to the references therein to us. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act
of 1933, as amended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Wachtell, Lipton, Rosen&nbsp;&amp; Katz </P>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXHIBIT 8.3 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">July&nbsp;10, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regency Centers Corporation
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">One Independent Dr Suite 114 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jacksonville, FL 32202 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Opinion of Foley&nbsp;&amp; Lardner LLP as to Tax Matters </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We have acted as special
REIT tax counsel to Regency Centers Corporation, a Florida corporation (the &#147;<U>Company</U>&#148;) in connection with its registration statement on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> (Registration
<FONT STYLE="white-space:nowrap">No.&nbsp;333-272735)</FONT> filed with the Securities and Exchange Commission (&#147;<U>SEC</U>&#148;) containing the proxy statement/prospectus included as part thereof, as amended or supplemented through the date
hereof (the &#147;<U>Registration Statement</U>&#148;) relating to the transactions contemplated by the Agreement and Plan of Merger by and between the Company, Hercules Merger Sub, LLC, Urstadt Biddle Properties Inc. (&#147;<U>Hermes</U>&#148;), UB
Maryland I, Inc. and UB Maryland II, Inc., dated as of May&nbsp;17, 2023 (&#147;<U>Merger Agreement</U>&#148;). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Merger Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In rendering our opinion set forth below, we have made such factual and legal examinations, including an examination of such statutes,
regulations, records, certificates and other documents as we have considered necessary or appropriate, including, but not limited to, the following: (1)&nbsp;the Registration Statement (including exhibits thereto), (2) the Merger Agreement;
(3)&nbsp;the Restated Articles of Incorporation of the Company, as amended through the date hereof; and (4)&nbsp;the Fifth Amended and Restated Agreement of Limited Partnership of Regency Centers, L.P. (&#147;<U>Operating Partnership</U>&#148;)
dated as of February&nbsp;1, 2014, and any amendments thereto through the date hereof. The opinion set forth in this letter also is based on certain written factual representations and covenants made by an officer of the Company in a letter to us of
even date herewith (the &#147;<U>Officer&#146;s Certificate</U>&#148;) (collectively, the Officer&#146;s Certificate and the documents described in the immediately preceding sentence are referred to herein as the &#147;<U>Transaction
Documents</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In our review, we have assumed, with the consent of the Company that (i)&nbsp;all of the factual representations,
covenants and statements set forth in the Transaction Documents are true, complete and correct, (ii)&nbsp;all of the obligations imposed by any such documents on the parties thereto have been and will be performed or satisfied in accordance with
their terms; (iii)&nbsp;the Company and the Operating Partnership each will be operated in the manner described in the relevant Transaction Documents; and (iv)&nbsp;the Company and the Operating Partnership have valid legal existences under the laws
of the states in which they were formed and have operated in </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">BOSTON</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">BRUSSELS</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">CHICAGO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">DETROIT</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">JACKSONVILLE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">LOS ANGELES</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">MADISON</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">MIAMI</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">MILWAUKEE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">NEW YORK</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">ORLANDO </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">SACRAMENTO</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">SAN DIEGO</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">SAN FRANCISCO</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">SHANGHAI </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">SILICON VALLEY</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">TALLAHASSEE</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">TAMPA </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">TOKYO</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">WASHINGTON,&nbsp;D.C.</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;10, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
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accordance with the laws of such states. We have, consequently, assumed and relied on representations that the information presented in the Transaction Documents (including, without limitation,
the Officer&#146;s Certificate and the exhibits thereto) accurately and completely describe all material facts relevant to our opinion and that any representation of fact made &#147;to the knowledge of&#148; or similarly qualified is correct without
such qualification. To the extent the representations and covenants speak to the intended ownership or operations of the Company or the Operating Partnership, we have assumed that the Company or the Operating Partnership, as the case may be, will in
fact be owned and operated in accordance with such stated intent. We have not undertaken any independent inquiry into, or verification of, these facts for the purpose of rendering this opinion. While we have reviewed all representations made to us
to determine their reasonableness, we have no assurance that they are or will ultimately prove to be accurate. No facts have come to our attention, however, that would cause us to question the accuracy or completeness of such facts or
representations in a material way. Our opinion is conditioned on the continuing accuracy and completeness of such representations, covenants and statements. Any material change or inaccuracy in the facts referred to, set forth, or assumed herein or
in the Transaction Documents may affect our conclusions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We also have assumed the legal capacity of all natural persons,
the genuineness of all signatures, the proper execution of all documents, the legal capacity of signatories, the authenticity of all documents submitted to us as originals, the conformity to originals of documents submitted to us as copies, and the
authenticity of the originals from which any copies were made. For documents that have been provided to us in draft form, we have assumed that the final executed versions of such documents will not differ materially from such drafts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Based upon, and subject to, the foregoing assumptions and qualifications and the discussion below, it is our opinion that the discussion in
the Registration Statement under the headings &#147;Material U.S. Federal Income Tax Considerations Regarding Regency&#146;s Taxation as a REIT&#148; and &#147;Material U.S. Federal Income Tax Consequences to Holders of Regency Common Stock and
Regency Preferred Stock,&#148; to the extent that the discussion constitutes matters of federal income tax law or legal conclusions relating thereto, is correct in all material respects. We express no opinion on any issue other than as expressly
stated above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">We undertake no obligation to update this opinion, or to ascertain after the date hereof whether circumstances occurring
after such date may affect the conclusions set forth herein. We express no opinion as to matters governed by any laws other than the Internal Revenue Code of 1986, as amended (&#147;<U>Code</U>&#148;), the Treasury Regulations, published
administrative announcements and rulings of the Internal Revenue Service (&#147;<U>IRS</U>&#148;), and court decisions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing
opinion is based on relevant provisions of the Code, Treasury Regulations issued thereunder (including Proposed and Temporary Regulations), and interpretations of the foregoing as expressed in court decisions, administrative determinations, and the
legislative history as of the date hereof. These provisions and interpretations are subject to differing </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July&nbsp;10, 2023 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
interpretations or change at any time, which may or may not be retroactive in effect, and which might result in modifications of our opinion. In this regard, an opinion of counsel with respect to
an issue represents counsel&#146;s best judgment as to the outcome on the merits with respect to such issue, is not binding on the IRS or the courts, and is not a guarantee that the IRS will not assert a contrary position with respect to an issue,
or that a court will not sustain such a position if asserted by the IRS. No assurance can be given that the law will not change in a way that will change the legal conclusions stated herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is limited to the United States federal income tax matters addressed herein, and no other opinions are rendered with
respect to other United States federal tax matters or to any issues arising under the tax laws of any other country, or any state or locality. This opinion letter is rendered to you by us as counsel for the Company. Accordingly, it may not be relied
upon by any other person, firm or entity without, in each instance, our prior express written consent, except as provided herein. This opinion letter is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the
matters expressly stated. We hereby consent to the filing of this opinion with the SEC as an exhibit to the Registration Statement and to the references therein to us. In giving such consent, we do not thereby admit that we are within the category
of persons whose consent is required under Section&nbsp;7 of the Securities Act of 1933, as amended, or the rules and regulations of the SEC promulgated thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Foley&nbsp;&amp; Lardner LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Foley&nbsp;&amp; Lardner LLP </P>
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<TYPE>EX-23.5
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.5 </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the use of our reports dated February&nbsp;17, 2023, with respect to the consolidated financial statements and financial statement schedule III
of Regency Centers Corporation and Regency Centers, L.P., and the effectiveness of internal control over financial reporting, incorporated herein by reference, and to the reference to our firm under the heading &#147;Experts&#148; in the prospectus.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:55%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ KPMG LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jacksonville, Florida </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 10, 2023 </P>
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<TYPE>EX-23.6
<SEQUENCE>7
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit&nbsp;23.6 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Consent of Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Amendment No. 1 to the Registration Statement on Form S-4 of Regency Centers Corporation of our
reports dated January 12, 2023, with respect to the consolidated financial statements and schedule of Urstadt Biddle Properties, Inc., and the effectiveness of the Urstadt Biddle Properties, Inc.&#146;s internal control over financial reporting,
appearing in the Urstadt Biddle Properties, Inc.&#146;s Annual Report on Form 10-K for the fiscal year ended October 31, 2022. We also consent to the reference to us under the heading &#147;Experts&#148; in such Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>/s/ PKF O&#146;Connor Davies, LLP </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>New York, New York
</I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">July 10, 2023 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
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<TYPE>EX-99.1
<SEQUENCE>8
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<DESCRIPTION>EX-99.1
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF EASTDIL SECURED ADVISORS LLC </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Urstadt
Biddle Properties Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">321 Railroad Avenue </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Greenwich, CT
06830 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Board of Directors </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">RE: Amendment No. 1
Proxy Statement / Prospectus of Regency Centers Corporation (&#147;Regency&#148;) and Urstadt Biddle Properties Inc. (&#147;Urstadt Biddle&#148;), which forms part of the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> of
Regency (the &#147;Registration Statement&#148;) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Members of the Board of Directors: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the inclusion of our opinion letter, dated May&nbsp;17, 2023, to the Urstadt Biddle board of directors as Annex B to the proxy
statement/prospectus included in the Amendment No. 1 to the Registration Statement filed with the Securities and Exchange Commission as of the date hereof and the references to our firm and our opinion in such proxy statement/prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing consent applies only to the Amendment No. 1 to the Registration Statement being filed with the Securities and Exchange Commission as of the date
hereof and not to any other amendments or supplements thereto, and our opinion is not to be used, circulated, quoted or otherwise referred to for any other purpose, nor is it to be filed with, included in or referred to in whole or in part in any
other registration statement (including any subsequent amendments to the above-mentioned Registration Statement) or any other document, except in accordance with our prior written consent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section&nbsp;7 of the Securities Act of
1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder, nor do we hereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term
&#147;experts&#148; as used in the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: July 10, 2023</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ EASTDIL SECURED ADVISORS LLC</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">EASTDIL SECURED ADVISORS LLC</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>9
<FILENAME>d506590dex992.htm
<DESCRIPTION>EX-99.2
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<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g506590dsp004.jpg" ALT="LOGO">
 </P> <P STYLE="font-family:Times New Roman; font-size:0.5pt"><FONT COLOR="#FFFFFF">URSTADT BIDDLE PROPERTIES INC. 321 RAILROAD AVENUE GREENWICH, CT 06830 SCAN TO VIEW MATERIALS&nbsp;&amp; VOTE w VOTE BY INTERNET Before
The Meeting&#151;Go to www.proxyvote.com or scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time on August&nbsp;15, 2023. Have your proxy card in
hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form. During The Meeting&#151;Go to www.virtualshareholdermeeting.com/UBA2023SM You may attend the meeting via the
Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">PHONE&#151;1-800-690-6903</FONT></FONT></FONT> Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time on
August&nbsp;15, 2023. Have your proxy card in hand when you call and then follow the instructions. VOTE BY MAIL Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o
Broadridge, 51 Mercedes Way, Edgewood, NY 11717. TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS: <FONT STYLE="white-space:nowrap">V20243-TBD</FONT> KEEP THIS PORTION FOR YOUR RECORDS THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
DETACH AND RETURN THIS PORTION ONLY URSTADT BIDDLE PROPERTIES INC. The Board of Directors recommends you vote FOR proposals 1, 2 and 3: For Against Abstain 1. Merger Proposal: To approve, pursuant to the Agreement and Plan of Merger, dated as of
May&nbsp;17, 2023, by and among Regency&nbsp;&nbsp;&nbsp;&nbsp;Centers Corporation (&#147;Regency&#148;), Hercules Merger Sub, LLC, a wholly owned subsidiary of Regency (&#147;Merger Sub&#148;), Urstadt Biddle Properties Inc. (&#147;Urstadt
Biddle&#148;), UB Maryland I, Inc., a wholly owned subsidiary of Urstadt Biddle (&#147;UB Sub I&#148;), and UB Maryland II, Inc., a wholly owned subsidiary of UB Sub I (&#147;UB Sub II&#148;), the mergers of (i)&nbsp;UB Sub II with and into Urstadt
Biddle, with Urstadt Biddle surviving the first merger as a wholly owned subsidiary of UB Sub I (the &#147;first merger&#148;), and (ii)&nbsp;following the first merger, UB Sub I with and into Merger Sub, with Merger Sub surviving the second merger
as a wholly owned subsidiary of Regency (the &#147;second merger&#148; and together with the first merger, the &#147;mergers&#148;), and the other transactions contemplated by the merger agreement. 2. Compensation Proposal: To approve, on a <FONT
STYLE="white-space:nowrap">non-binding,</FONT> advisory basis, the compensation that may be paid or become payable to&nbsp;&nbsp;&nbsp;&nbsp;Urstadt Biddle&#146;s named executive officers that is based on or otherwise relates to the mergers. 3.
Adjournment Proposal: To approve one or more adjournments of the special meeting, if necessary or appropriate, to solicit&nbsp;&nbsp;&nbsp;&nbsp;additional proxies in favor of the Merger Proposal. Each Proposal is a separate and independent Proposal
and no Proposal is conditioned upon adoption or approval of any other Proposal. Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, guardian, trustee or other fiduciary, please give full title as
such. Joint owners each should sign personally. All holders must sign. If executed by a corporation or partnership, the proxy should be signed by a duly authorized person, stating his or her title or authority. Signature [PLEASE SIGN WITHIN BOX]
Date Signature (Joint Owners) Date&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g506590dsp005.jpg" ALT="LOGO">
 </P> <P STYLE="font-family:Times New Roman; font-size:0.5pt"><FONT COLOR="#FFFFFF">Important Notice Regarding the Availability of Proxy Materials for the Special Meeting: The Notice and Proxy Statement are available at
www.proxyvote.com. <FONT STYLE="white-space:nowrap">V20244-TBD</FONT> URSTADT BIDDLE PROPERTIES INC. Special Meeting of Stockholders August&nbsp;16, 2023 2:00 p.m. EDT This proxy is solicited by the Board of Directors The undersigned hereby
constitute(s) and appoint(s) Willing L. Biddle and Miyun Sung, and each of them, as Proxies of the undersigned, with full power to appoint his or her substitute, and authorize(s) each of them to represent and vote all Class&nbsp;A Common Stock
and/or Common Stock, as applicable, of Urstadt Biddle Properties Inc. that the undersigned is entitled to vote, at the Special Meeting of Stockholders of Urstadt Biddle Properties Inc. (the &#147;Special Meeting&#148;) to be held at 2:00 p.m. EDT on
Wednesday, August&nbsp;16, 2023, virtually at www.virtualshareholdermeeting.com/UBA2023SM, and at any adjournments or postponements thereof. When properly executed, this proxy will be voted in the manner directed herein by the undersigned
stockholder(s). If no direction is given, this proxy will be voted &#147;FOR&#148; Proposals 1, 2 and 3. In their discretion, the Proxies each are authorized to vote upon such other business as may properly come before the Special Meeting and any
adjournments or postponements thereof. A stockholder wishing to vote in accordance with the Board of Directors&#146; recommendations need only sign and date this proxy and return it in the enclosed envelope. The undersigned hereby acknowledge(s)
receipt of a copy of the accompanying Notice of Special Meeting of Stockholders and the Proxy Statement and hereby revoke(s) any proxy or proxies heretofore given. This proxy may be revoked at any time before it is exercised by filing a notice of
such revocation, by filing a later dated proxy with the Secretary of Urstadt Biddle Properties Inc. or by voting in person at the Special Meeting. Continued and to be signed on reverse side </FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
