<SEC-DOCUMENT>0001104659-19-065933.txt : 20191120
<SEC-HEADER>0001104659-19-065933.hdr.sgml : 20191120
<ACCEPTANCE-DATETIME>20191120172039
ACCESSION NUMBER:		0001104659-19-065933
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20191120
DATE AS OF CHANGE:		20191120

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Net Lease, Inc.
		CENTRAL INDEX KEY:			0001526113
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				452771978
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-234631
		FILM NUMBER:		191235111

	BUSINESS ADDRESS:	
		STREET 1:		405 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-415-6500

	MAIL ADDRESS:	
		STREET 1:		405 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20120810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Daily Net Asset Value Trust, Inc.
		DATE OF NAME CHANGE:	20111014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20110719

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Net Lease, Inc.
		CENTRAL INDEX KEY:			0001526113
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				452771978
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		405 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-415-6500

	MAIL ADDRESS:	
		STREET 1:		405 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20120810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Daily Net Asset Value Trust, Inc.
		DATE OF NAME CHANGE:	20111014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20110719
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm1923567-1_fwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>ISSUER FREE WRITING PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Dated November 20, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-234631</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL NET LEASE, INC.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.875% SERIES B CUMULATIVE REDEEMABLE
PERPETUAL PREFERRED STOCK</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>($25.00 LIQUIDATION PREFERENCE PER SHARE)</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Final Term Sheet</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>November 20, 2019</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Issuer:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">Global Net Lease, Inc. (the &ldquo;Issuer&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Security:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">6.875% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share (the &ldquo;Series B Preferred Stock&rdquo;)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Number of Shares:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">3,000,000 shares (3,450,000 shares if the underwriters&rsquo; overallotment option to purchase additional Series B Preferred Stock is exercised in full)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Trade Date:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">November 21, 2019</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Settlement Date:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">November 26, 2019 (T+3).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Public Offering Price:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">$25.00 per share; $75,000,000 total (assuming the overallotment option to purchase additional Series B Preferred Stock is not exercised).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Underwriting Discount:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">$0.7875 per share; $2,362,500 total (assuming the overallotment option to purchase additional Series B Preferred Stock is not exercised).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Net Proceeds (before expenses):</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">$24.2125 per share; $72,637,500 total (assuming the overallotment option to purchase additional Series B Preferred Stock is not exercised).</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Dividend Rate:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">6.875% per annum on the $25.00 liquidation preference (equivalent to $1.71875 per annum per share).&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Dividend Payment Dates:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On or about the 15<SUP>th</SUP> day of
        January, April, July and October, commencing January 15, 2020.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The first quarterly dividend for the Series&nbsp;B
        Preferred Stock will be paid on January&nbsp;15, 2020 and will represent an accrual for less than a full quarter, covering the
        period from November 26, 2019 to December&nbsp;31, 2019.&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Liquidation Preference:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">$25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the date of payment.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 28%"><B>Optional Redemption:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify; width: 69%">On and after November 26, 2024, the Series B Preferred Stock will be redeemable at the Issuer&rsquo;s option for cash, in whole or in part, at any time or from time to time, at a price per share equal to $25.00, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date (unless the redemption date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of Series B Preferred Stock to be redeemed.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Special Optional Redemption:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">Upon the occurrence of a Delisting Event (as defined below), the Issuer will have the option, subject to certain conditions, to redeem the outstanding Series B Preferred Stock, in whole but not in part, within 90 days after the Delisting Event, for a redemption price of $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date (unless the redemption date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of Series B Preferred Stock to be redeemed.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">Upon the occurrence of a Change of Control (as defined below), the Issuer may, at its option, redeem the shares of Series B Preferred Stock, in whole but not in part and within 120 days after the first date on which the Change of Control occurred, by paying $25.00 per share, plus an amount equal to all dividends accrued and unpaid (whether or not declared), if any, to, but not including, the redemption date (unless the redemption date is after a dividend record date and prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be included in the redemption price), on each share of Series B Preferred Stock to be redeemed.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Delisting Event:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">Occurs when, after the original issuance of the Series B Preferred Stock (whether before or after November 26, 2024), both (i) the Series B Preferred Stock is not listed on the NYSE, the NYSE American LLC or the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;) or listed or quoted on an exchange or quotation system that is a successor to the NYSE, NYSE American LLC or Nasdaq and (ii) the Issuer is not subject to the reporting requirements of the Exchange Act, but any Series B Preferred Stock is outstanding.</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 28%"><B>Change of Control:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; width: 69%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Occurs when, after the original issuance
        of the Series B Preferred Stock, the following have occurred and are continuing:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the acquisition by any person, including any syndicate or group deemed to be a &ldquo;person&rdquo; under Section 13(d)(3)
        of the Exchange Act, of beneficial ownership, directly or indirectly, through a purchase, merger, conversion or other acquisition
        transaction or series of purchases, mergers, conversions or other acquisition transactions, of shares of the Issuer&rsquo;s stock
        entitling that person to exercise more than 50% of the total voting power of all outstanding shares of the Issuer&rsquo;s stock
        entitled to vote generally in the election of directors (except that 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>following the closing of any transaction referred to in the bullet point above, neither the Issuer nor the acquiring or
        surviving entity, or a parent of us or the acquiring or surviving entity, has a class of common equity securities listed on the
        NYSE, the NYSE American LLC or Nasdaq, or listed or quoted on an exchange or quotation system that is a successor to the NYSE,
        NYSE American LLC or Nasdaq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Conversion Rights:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; text-align: justify">Upon the occurrence of a Delisting Event or a Change of Control, each holder of Series B Preferred Stock will have the right (unless, prior to the applicable conversion date, the Issuer provides notice of its election to redeem the Series B Preferred Stock) to convert all or part of the shares of Series B Preferred Stock held by such holder on the applicable conversion date, into a number of shares of the Issuer&rsquo;s common stock per share of Series B Preferred Stock to be converted equal to the lesser of:</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 28%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-left: 3pt; width: 69%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>the quotient of (i) the sum of the $25.00 liquidation preference per share plus the amount of any accrued and unpaid dividends
        to, but not including, the applicable conversion date (unless the applicable conversion date is after a dividend record date and
        prior to the corresponding dividend payment date, in which case no additional amount for the accrued and unpaid dividend will be
        included in this sum), divided by (ii) the Common Stock Price (as defined below); and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        </FONT>2.5126, or the Share Cap (subject to pro rata adjustments for any share splits (including those effected pursuant to a common
        share dividend), subdivisions or combinations with respect to shares of the Issuer&rsquo;s common stock as described in the Issuer&rsquo;s
        preliminary prospectus supplement).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Common Stock Price&rdquo; for
        any Change of Control will be (i)&nbsp;if the consideration to be received in the Change of Control by holders of shares of the
        Issuer&rsquo;s common stock is solely cash, the amount of cash consideration per share of common stock, and (ii)&nbsp;if the consideration
        to be received in the Change of Control by holders of shares of the Issuer&rsquo;s common stock is other than solely cash, the
        average of the closing price per share of the Issuer&rsquo;s common stock on the 10 consecutive trading days immediately preceding,
        but not including, the effective date of the Change of Control.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Common Stock Price&rdquo; for
        any Delisting Event will be the average of the closing price per share of the Issuer&rsquo;s common stock on the 10 consecutive
        trading days immediately preceding, but not including, the effective date of the Delisting Event.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Issuer elects, prior to the conversion
        date, to redeem shares of Series B Preferred Stock that would otherwise be converted on the applicable conversion date, such shares
        of Series B Preferred Stock will not be so converted and the holders of such shares will be entitled to receive on the applicable
        redemption date the redemption price for such shares.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="width: 70%; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>NYSE Listing Symbol:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">GNL PR B</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>CUSIP:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">379378 409</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>ISIN:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">US3793784097</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Joint Book-Running Managers:</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">B. Riley FBR, Inc. <BR>
BMO Capital Markets Corp.<BR>
Ladenburg Thalmann &amp; Co. Inc. <BR>
D.A. Davidson &amp; Co.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Joint Lead Managers</B></TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">Janney Montgomery Scott LLC<BR>
William Blair &amp; Company, L.L.C.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt"><B>Co-Managers:</B></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3pt; padding-bottom: 12pt; padding-left: 3pt">Boenning &amp; Scattergood, Inc.<BR>
KeyBanc Capital Markets Inc.<BR>
National Securities Corporation</TD></TR>
</TABLE>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>The Issuer
has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus in that registration
statement, the related preliminary prospectus supplement and the other documents the Issuer has filed with the SEC for more
complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the
SEC&rsquo;s web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering
will arrange to send you the prospectus and related preliminary prospectus supplement if you request it by contacting: B.
Riley FBR, Inc. at 703-312-9580; BMO Capital Markets Corp. at 1-800-414-3627; Ladenburg Thalmann &amp; Co. Inc. at
305-572-4200; or D.A. Davidson &amp; Co. at 1-800-332-5915.</B></P>


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