<SEC-DOCUMENT>0001682220-26-000032.txt : 20260518
<SEC-HEADER>0001682220-26-000032.hdr.sgml : 20260518
<ACCEPTANCE-DATETIME>20260518160344
ACCESSION NUMBER:		0001682220-26-000032
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260518
DATE AS OF CHANGE:		20260518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sachem Capital Corp.
		CENTRAL INDEX KEY:			0001682220
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				813467779
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37997
		FILM NUMBER:		26993065

	BUSINESS ADDRESS:	
		STREET 1:		568 EAST MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
		BUSINESS PHONE:		2034334736

	MAIL ADDRESS:	
		STREET 1:		568 EAST MAIN STREET
		CITY:			BRANFORD
		STATE:			CT
		ZIP:			06405
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>projectroulette-defa14axco.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<title>Document</title></head><body><div id="i7f6ef19687f4423bad4be53e540a6a9a_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:1pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Washington, D.C. 20549</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">SCHEDULE 14A</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Proxy Statement Pursuant to Section&#160;14(a)&#160;of<br>the Securities Exchange Act of 1934 (Amendment No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;)</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Filed by the Registrant&#8239;&#8239;</font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">x</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8201;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Filed by a Party other than the Registrant&#8239;&#8239;</font><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Check the appropriate box&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Preliminary Proxy Statement</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">&#8239;&#8239;Confidential, for Use of the Commission Only (as permitted by Rule&#160;14a-6(e)(2))</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Definitive Proxy Statement</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Definitive Additional Materials</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">x</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Soliciting Material under &#167;240.14a-12</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:14pt;font-weight:400;line-height:120%;text-decoration:underline">SACHEM CAPITAL CORP.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(Name of Registrant as Specified In Its Charter)</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">(Name of Person(s)&#160;Filing Proxy Statement, if other than the Registrant)</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Payment of Filing Fee (Check the appropriate box)&#58;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">x</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;No fee required.</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Fee paid previously with preliminary materials.</font></div><div><font style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#168;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8239;&#8239;Fee computed on table in exhibit required by Item 25(b)&#160;per Exchange Act Rules&#160;14a6(i)(1)&#160;and 0-11</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:1pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This filing contains the following communications related to the entry by Sachem Capital Corp., a New York corporation (&#8220;Sachem&#8221;), into a Contribution Agreement (the &#8220;Contribution Agreement&#8221;) with Industrial Realty Group Global, LLC, a Delaware limited liability company (&#8220;IRG Global&#8221;) and the proposed transactions contemplated thereby (the &#8220;Transaction&#8221;)&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">A transcript of a joint webcast of Sachem and IRG Global concerning the Contribution Agreement and the Transaction.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">A transcript of a town hall meeting with employees concerning the Contribution Agreement and the Transaction.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">An email sent by Sachem to employees concerning the Contribution Agreement and the Transaction.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.5pt">Questions and Answers provided to Sachem&#8217;s employees concerning the Contribution Agreement and the Transaction.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">The following is a transcript of a joint webcast of Sachem and IRG Global, dated May 18, 2026, concerning the Contribution Agreement and Transaction.</font></div><div style="margin-top:12pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:133%">Operator</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Greetings.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Welcome</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem Capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Corp.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Group</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Transaction</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Call.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">At</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">this time, all participants are in a listen only mode. &#91;Operator Instructions&#93; Please note this conference is being </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%">recorded.</font></div><div style="margin-top:1.8pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">I</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">now</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.04em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">turn</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">conference</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">over</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Steve</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Sweat,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Investor</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Relations.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Thank</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">you.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">You</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">may</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.05em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%">begin.</font></div><div><font><br></font></div><div style="margin-top:4.85pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Steve</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Sweat</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Investor</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Relations,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.04em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Sachem</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.045em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Corp.</font></div><div style="margin-top:6.7pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Thank you, operator and thank you all for joining us today on such short notice. Earlier today, Sachem issued a press release announcing that the company has entered into a definitive contribution agreement with Industrial Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Group</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">or</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">create</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">scaled</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lease</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">driven</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">public</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">equity</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">REIT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">real</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">estate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions platform. Post-closing, Sachem will publicly rebrand as IRG Realty Trust, Inc. or IRGT.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Joining us today are John Villano, CPA, Chief Executive Officer of Sachem and Stuart Lichter, Founder and Chairman</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Before</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">begin,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">I'll</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">read</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">customary</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">cautionary</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">language.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">During</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">today's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">call,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">may</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">make forward looking statements within the meaning of the federal securities laws, including statements about the proposed transaction, anticipated timing, expected benefits, pro-forma expectation, leverage and financing, and other non-historical matters.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Actual</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">results</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">may</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.045em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">differ</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">materially</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">due</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">risks</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">uncertainties.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">All</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">forward looking</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">statements</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">speak only</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">as</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of today May 18, 2026, and we assume no obligation to update or revise or supplement such forward looking statements and become untrue because of subsequent events. In connection with the proposed transaction, Sachem intends to file relevant materials with the SEC, including a proxy statement. Investors and security holders are urged to read those materials when they become available and they will contain important information. All relevant materials will be posted in the investor section of our website at www.sachemcapitalcorp.com. Given the announcement we made this morning, this call will focus on the contribution agreement with IRG.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">With</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">I'll</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">turn</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">call</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">over</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%">John.</font></div><div><font><br></font></div><div style="margin-top:4.85pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">John</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">L. </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Villano</font></div><div style="margin-top:0.05pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Co-Founder,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Chairman,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">President</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">&#38;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Chief</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Executive</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Officer,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Sachem</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.04em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Corp.</font></div><div style="margin-top:4.1pt;padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Thank you, Steve, and thank you all for joining. Today marks an important milestone for Sachem. This morning we announced that we have entered into a definitive contribution agreement with Industrial Realty Group that when</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">completed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">create</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Trust</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Inc.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">or</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">$3.4</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">billion</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">enterprise</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">value</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">publicly</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">listed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial REIT with a real estate capital solutions platform.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:1.75pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Let me start with the compelling reasons this contribution transaction is so exciting. This transaction is designed to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">deliver</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">strategic</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">reset</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">for</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">shareholders</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">by</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">repositioning</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">company</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">into</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">an</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform with meaningful scale, recurring lease driven cash flows and potential future growth opportunities. While preserving and enhancing the strengths of Sachem established real estate capital solutions business.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">In other words, we're combining key assets from IRG's industrial real estate portfolio, including their well-established</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">operating</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capabilities,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">along</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">historical</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">real</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">estate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">create</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a top 10 listed industrial REIT with multiple growth levers and a clear pathway to long-term value creation.</font></div><div style="margin-top:1.8pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Let's now discuss the transaction overview. The key</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">terms of the transaction at closing will include IRG contributing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">98</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">into</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">form IRGT,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">which</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">be</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">structured</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">as</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">an</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">operator.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">As</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">result</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of this transaction, IRG is expected to own approximately 94.1% of IRGT through newly created OP units with existing Sachem shareholder owning approximately 5.9%. The transaction value Sachem standalone common equity at $2 per share, representing a significant premium to Sachem's 30-day and 90-day VWAP.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">also</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">receive</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">number</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">non-economic</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Class</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">B</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">voting</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">shares</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">in</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">equal</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">number</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">OP</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">units</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">it receives in the transaction. The Class B voting shares will initially</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">provide IRG with 51% of the total voting power of all outstanding shares of IRGT common stock. Concurrent with closing, we expect to complete a 20 to 1 reverse stock split, which implies a post-split reference price of approximately $40 per common share, assuming a $2 stock price at close. Between signing and closing, it is anticipated that Scotiabank, acting as lead financial advisor and current lender to IRG, will work as a lead arranger to put in place a new credit facility for IRGT. This transaction is expected to close by year end 2026, subject to customary closing conditions and approval by Sachem shareholders. And now our strategic rationale.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="padding-right:1.9pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">The</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">power</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">this</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">transaction</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">is</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">driven</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">by</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">durable</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">stable</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">operating</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">cash</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">flows,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">an</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">AV</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">growth and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">incremental</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">revenues</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">compelling</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">risk</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">adjusted</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">returns.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Post</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">contribution</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">emerge as one of the largest publicly traded industrial REIT with a fundamentally different economic profile than our legacy platform.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="padding-right:1.9pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">The industrial real estate portfolio will generate recurring contractual cash flow. We believe creating a scaled industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">REIT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">diversified</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">high-quality</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">portfolio</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">strengthens</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">long-term foundation</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">company.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Upon closing,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT is expected</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">own 98 industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">properties with an implied enterprise</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">value</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of $3.4</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">billion based</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">on March 31, 2026, values, which includes Sachem's approximately $470 million of total assets as of March 31, 2026, comprised of mortgage loans, investments in developmental real estate and owned real estate and other </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%">assets.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We will provide additional details and supporting schedules in our SEC filings. IRGT will focus on mission critical industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">infrastructure,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">supporting</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">manufacturing,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">warehousing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">distribution</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">users.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">The</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">tenant</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">roster</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">is</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">highly diverse, with the top 10 tenants representing approximately 30% of annualized base rent.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="padding-right:25.6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Second,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">be</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">multiple growth</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">levers and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">ample</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">runway</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">take</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">advantage</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of industry tailwinds.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">The</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">combined</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform is</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">designed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">grow</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">through</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">organic</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">portfolio</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lease</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">up,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">mark to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">market</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">rent growth, acquisition opportunities and a real estate capital solutions team focused on disciplined accretive investments, creating a multi-pronged strategy</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">for long-term growth. Execution matters, and we have focused on operational</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">readiness</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">from</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">day</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">one.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Advisors</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">or</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">RA</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">property</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">management,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">asset</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">management and real estate operating company wholly owned by IRG is expected to support day to day operations following closing, as they have done for decades.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-right:0.8pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT expects to enter into property management and other agreements with IRGRA upon closing, IRGT's executive</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">management</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">board</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">retain</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">strategic</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">allocation</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">governance</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">authority</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">subject</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG's consent rights at the operating partnership. Third, the transaction meaningfully improves the long term cost of capital of our company and strengthens the balance sheet over time. IRGT is expected to emerge with leverage around 8 times, with a visible path to achieve sub 6 times leverage over time through organic cash flow growth and disciplined balance sheet management. It is our intent to create a company</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">that can compete for capital and use that capital prudently to support long-term value creation.</font></div><div style="margin-top:1.65pt"><font><br></font></div><div style="margin-top:0.05pt;padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">real</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">estate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capabilities</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">continue</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">providing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">creative</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">real</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">estate developers and investors with an emphasis on industrial and industrial adjacent assets. Sachem's lending operations will provide support to the resilient cash flow generated by the industrial real estate platform throughout economic and real estate cycles. Lastly, investor alignment and governance are high priorities.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Regarding management, Sachem's current team is expected to be enhanced through additional experienced leadership</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">team</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">members</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">REIT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">backgrounds</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">strengthen</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">organization</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the objective of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">running</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lean</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">powerful</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform designed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">for</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">value</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">creation.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">intend</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to communicate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">more</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">information about leadership for IRGT in due course.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="margin-top:0.05pt;padding-right:0.25pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">The combined company will continue to have governance and oversight appropriate for a public company, including a majority independent board in compliance with NYSE listing requirements. As for board members, Stuart Lichter,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG's President</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">founder, is</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">expected</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">serve</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">as</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Chairman</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">board</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">following closing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">I will remain on the board as well. Additional governance details will be provided at a later date. There is no question</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">that we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">are</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">energized by</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">meaningful</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">value</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">creation</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">long-term potential</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">that</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">this</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">scaled industrial REIT will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">have.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">I am convinced</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">that</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT's resilient</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">cash</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">flow</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">profile</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">our</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">multiple growth</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">levers going</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">forward will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">unlock the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">inherent</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">appreciation</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">contained</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">in</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">supported</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">by</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">strength</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">real estate capital solutions platform.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">continue</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">keep</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">market</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">informed as</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">move</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">through</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">SEC</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">shareholder</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">approval</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">process. With that, I'll now turn it over to Stu to share why IRG is excited about this combination.</font></div><div><font><br></font></div><div style="margin-top:4.9pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Stuart</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Lichter</font></div><div style="margin-top:0.1pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">President,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Founder</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">&#38;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Chairman,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Group</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">LLC</font></div><div style="margin-top:6.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Thanks,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">John,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">thanks</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">everyone</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">for</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">joining.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.05em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">extremely</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.045em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">excited</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">about</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">this</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">transaction</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">as</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">it</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">brings</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.05em;line-height:120%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> high-quality</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">public</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">markets</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">decades</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of real</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">estate</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">experience, including</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">successfully navigating</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">multitude</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">economic</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">cycles.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.04em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">are</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">contributing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">portfolio</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">scale</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">diversification,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">clear operating strategy, and many opportunities for growth.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">currently</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">manages</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">more</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">than</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">200</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">properties,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">approximately</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">100</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">million square</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">feet</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">total</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">space.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Since 2015, we have scaled a multi-billion dollar platform at a growth rate of 20% annually. The contribution of a high-quality portfolio of 98 properties to form IRGT will form the basis for a company with a total enterprise value of $3.4</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">billion</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">based</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">on</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">March</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">31,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">2026</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">values. IRGT's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">focus</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">be</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">on</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">key</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">industrial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">infrastructure</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets supporting manufacturing, warehousing and distribution tenants.</font></div><div><font><br></font></div><div style="margin-top:4.1pt;padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">This portfolio has a particular emphasis on manufacturing uses with a proven record of operating success over the years, which we believe we can continue. Second, IRGT will come out of the gate with a built in and fully staffed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">management</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">team</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">under</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Realty</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Advisors,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">or</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGRA.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">This</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">means</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">do</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">not</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">need</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">step</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">up</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">or</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">hire.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-right:1.9pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGRA</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">has</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">managed</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">these</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">knows</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">them well,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will continue</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">manage</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lease</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">assets</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">which</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we expect will be a seamless effort. All agreements between IRGRA and IRGT will be made on market terms given our lease structure property management costs are predominantly reimbursable by tenants. Thus there will be little or no incremental cost to IRGT.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We believe IRGT will benefit greatly from this relationship with IRGRA.</font></div><div style="margin-top:1.75pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Third,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">believe</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">have</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">clear</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">path</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">reduce</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">debt</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">through</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">internal</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">growth</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">driven</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">by</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lease</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">up</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">mark to market rent growth and strong operating performance. We believe our balance sheet will provide us with a competitive cost of capital and necessary financial flexibility to support our aspirations for growth.</font></div><div style="margin-top:1.65pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG intends to pursue value add and accretive industrial acquisitions, importantly through its ownership of OP units</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">be</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">issued</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">in</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">this</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">transaction,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRG</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">remain</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">long-term owner</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">IRGT</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">alongside</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">all</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">public</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">shareholders. We believe this alignment matters as it keeps incentives focused on strong cash flow generation and long-term value creation.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="margin-top:0.05pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">In summary, this industrial platform will be quite complementary</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to John and the Sachem team to leverage its creative</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">financial</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">solutions</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">platform.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.045em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">look forward</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">completing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">transaction</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">engaging</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Sachem shareholders and other stakeholders as we move through this process.</font></div><div style="margin-top:1.7pt"><font><br></font></div><div style="margin-top:0.05pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Thank</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">you</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">with</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">that,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">I</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">turn</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">it</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">back</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">to</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:120%">John.</font></div><div style="margin-top:0.05pt"><font><br></font></div><div style="margin-top:4.9pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">John</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">L. </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;letter-spacing:-0.01em;line-height:120%">Villano</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Co-Founder,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Chairman,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">President</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">&#38;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.005em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Chief</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.025em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Executive</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Officer,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.03em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Sachem</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.02em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Capital</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:0.035em;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-style:italic;font-weight:400;letter-spacing:-0.03em;line-height:120%">Corp.</font></div><div style="margin-top:6.7pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Thanks,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">Stu.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">To</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">wrap</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">up</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">this</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">transaction is</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">about</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">creating</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">a</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">scaled</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">long-term platform,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">lease</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">driven,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">institutionally relevant with durable cash flows, a focus on NAV growth, and with a cost of capital profile that should expand Sachem's ability to compete for attractive capital solution opportunities in an accretive way. We appreciate your time</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">interest.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">We</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">will</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">continue to provide</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">additional</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">details as we</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">progress towards the</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">filing</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">of our proxy</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:133%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:133%">and moving toward the shareholder voting.</font></div><div style="margin-top:0.2pt"><font><br></font></div><div style="padding-right:3.6pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:132%">Operator</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">Thank</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.005em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">you,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">ladies</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">and</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">gentlemen,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">for</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.01em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">your participation.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.025em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">This</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">does</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.02em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">conclude</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">today's</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;letter-spacing:-0.015em;line-height:132%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:132%">teleconference. You may now disconnect.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">The following is a transcript of a town hall meeting with employees held on May 18, 2026 concerning the Contribution Agreement and the Transaction.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Good morning,</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As you saw in my earlier email, this morning we announced that Sachem has entered into a definitive contribution agreement with Industrial Realty Group, or IRG. If shareholder approved and completed, the transaction will create IRG Realty Trust, Inc., a scaled, publicly listed industrial REIT.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Before I get into the strategic benefits, I want to start with two straightforward messages&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">First, thank you. The work you do every day is what made it possible for us to consider a strategic step of this magnitude. As you might expect our work is only beginning. The opportunity before you is incredible. We (Sachem) will have to tools to continue building a real estate capital solutions platform that can compete vigorously at any level and now have Urbane compete for development projects without the baggage of a high cost of capital.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Second, it&#8217;s business as usual right now. Today&#8217;s announcement does not change how we serve our borrowers or respond to vendors or professionals on a day-to-day basis.  We must continue to execute with the same discipline and urgency we bring to work every day. Our success will be measured in workforce intangibles such as professionalism, integrity, creativity and  consideration for others among other things and lastly bottom line profits. </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The four bullets below will assist in placing the guardrails on our contribution transaction&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">What we announced &#8211; in plain English</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Why we&#8217;re doing this &#8211; the strategic benefits, rationale and the &#8220;why now&#8221;</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">What this means for employees &#8211; what changes, what doesn&#8217;t, and the timeline</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">How we&#8217;ll communicate going forward &#8211; including how to handle questions appropriately</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In simple terms&#58; we&#8217;re combining IRG&#8217;s industrial real estate portfolio with Sachem&#8217;s capital solutions platform to create a larger, more durable, lease-driven business &#8211; a public industrial REIT with real scale.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This is a transformation from a business that has been primarily lending-oriented into a company that is expected to be predominantly lease-driven, with long-term industrial real estate income as the core engine, with the supplementary power of delivering other real estate capital solutions.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Strategic Rationale</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Let me talk about the strategic benefits in the way I want every employee to understand them. I&#8217;m going to make this very practical.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction is designed to create meaningful scale and a more durable cash-flow profile.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">In public markets, scale matters because it impacts&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">resilience through cycles,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">access to capital, and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">investor relevance.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A larger, lease-driven industrial REIT is expected to have recurring, contractual cash flows from tenants, which is fundamentally a different earnings profile than relying primarily on loan originations and spreads. It&#8217;s meant to create a stronger long-term foundation.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We&#8217;re not doing this just to be bigger. We&#8217;re doing it to have more ways to grow in a disciplined way.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The combined company is expected to have multiple growth levers over time, including&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">leasing and occupancy improvements,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">rent growth and mark-to-market opportunities,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">active asset management, and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">disciplined acquisitions(Urbane) as the platform scales.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">robust capital solutions growth now blended with the industrial asset sector opportunities. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Importantly&#58; this creates a path where growth is not dependent on a single lever. It&#8217;s a more diversified playbook.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A key objective is improving our long-term cost of capital. Our cost of capital is critical to our ability to compete for transactions, better borrowers or partners and the best quality real estate. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The public market profile of a scaled industrial REIT &#8211; with recurring property-level cash flows &#8211; can support access to capital on better terms over time compared to a small, constrained structure. Quite simply we expect to borrower cheaper and pass this on and into better quality opportunities.   </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The plan also includes a clear, disciplined approach to balance sheet management, including a path to reduce leverage over time through organic cash flow growth and prudent capital allocation.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction also repositions the company toward a more institutionally investor relevant profile.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Why does that matter&#63; Because the investor base influences&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">institutional investors provide stability in the shareholder base,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">trading liquidity over time, and</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">the company&#8217;s ability to access capital efficiently.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A scaled industrial REIT with clear strategy and durable cash flows is expected to appeal to a broader set of investors over time.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">What this means for employees</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Now I want to address what everyone is really thinking&#58; &#8220;What does this mean for me&#63;&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">What does NOT change right now</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Your role and responsibilities do not change because of today&#8217;s announcement, they may change positively as closing approaches. </font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Our day-to-day operations continue as usual.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Our standards don&#8217;t change &#8211; we must stay focused on serving our borrowers and partners, executing consistently, and meeting our obligations.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The combined company will include Sachem employees, and will be led by an experienced leadership team with industrial and REIT backgrounds. We will communicate strategic hires once they are made.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">As we move toward closing, there will be integration planning and operating model workstreams. If there are changes that affect teams, they will be communicated clearly, directly, and with as much advance notice as possible.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A key part of the combined company&#8217;s ability to operate the industrial portfolio is the operating platform, experienced personnel and our accounting teams. The current Sachem accounting team will support the capital solutions platform as well as the consolidation between the industrial portfolio and capital solutions operations. It will also handle all SEC and public company filings. Details on this integration will be shared in the near future. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IRG has a wholly owned asset management and property management operation, IRG Realty Advisors (IRGRA) that is expected to support day-to-day property management operations after closing. The combined company expects to enter into third-party management and shared services agreements with IRGRA upon closing. IRGRA will also support the Sachem capital solutions platform through its HR, IT and marketing units. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The main point is&#58; the operating model is designed to have real execution capability behind it meaning the right personnel in the right places&#8211; not just a strategy on paper.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Confidentiality &#38; Process</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Let&#8217;s be clear about timing&#58; this transaction is expected to close in late 2026, subject to customary closing conditions and shareholder approval.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Between now and then&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">there will be SEC filings and a proxy process,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">we will engage with shareholders,</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">and we will continue to run Sachem with full focus.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Nothing is final until the process is complete. And because we are a public company, we must be disciplined in how we communicate.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This is extremely important.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Because this is a public-company transaction&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Please do not comment externally or speculate &#8211; including on social media.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">If a reporter, investor, or analyst reaches out to you, direct them to Stephen Swett stephen.swett&#64;icrinc.com.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">If a borrower or former Sachem partner&#47;shareholder, you can refer them to the press release and route any sensitive questions to John V or Jeff W.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">I know that may feel restrictive, but it protects the company and protects all of us.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We are committed to clear, consistent communication throughout this process.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">You have already received an internal FAQ that answers many likely questions. We are also committed to sharing milestones as they occur.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">If you have questions, please contact Jeff or I and we will do our best to answer them promptly. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Closing</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Let me close with this&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction is about building a stronger long-term platform &#8211; one with scale, durable cash flows, and a clearer growth strategy. It&#8217;s ambitious, and it&#8217;s an important step, but it will require focus, professionalism, and execution from all of us.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Thanks again for all that you do.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">On May 18, 2026, the following email was sent by Sachem to employees concerning the Contribution Agreement and the Transaction.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">Subject&#58;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%"> Important Company Update&#58; Announcing Our Strategic Merger with Industrial Realty Group</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Hi Team,</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Moments ago, we issued a press release announcing that Sachem Capital Corp. has entered into a definitive contribution agreement with Industrial Realty Group (IRG) to in combination create IRG Realty Trust, Inc. (IRGT), a scaled, publicly listed industrial REIT.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction is designed to reposition Sachem into a predominantly lease-driven industrial platform with meaningful scale and durable, recurring cash flows &#8211; while maintaining our established real estate capital solutions capabilities. In short, this is a strategic reset intended to strengthen the long-term foundation of the company and expand our opportunities over time.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Upon closing, IRGT is expected to include 98 industrial assets contributed by IRG, along with Sachem&#8217;s existing assets. The combined company will focus on mission-critical industrial infrastructure serving manufacturing, warehousing and distribution users, with a strategy centered on growing durable occupancy and recurring cash flow. Sachem&#8217;s capital solutions operations will provide support to the resilient cash flow generated by the industrial real estate platform balancing the highs and lows of market cycles.  </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction is expected to close in late 2026, subject to customary closing conditions and approval by Sachem shareholders. Between now and closing, we will work through the required SEC and shareholder processes, and we </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">intend to share updates as key milestones occur. Until then, it&#8217;s business as usual &#8211; so please stay focused on serving our clients, executing our work with excellence, and supporting one another.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The IRGT team will include Sachem employees and will be led by an experienced leadership team with industrial and REIT backgrounds. Governance is expected to continue to align with public REIT standards, including a majority-independent Board. Stuart Lichter, IRG&#8217;s President &#38; Founder, will chair the Board following closing, and I will continue to serve as a Board member.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IRG Realty Advisors (IRGRA), IRG&#8217;s wholly owned asset management, property management, and real estate operating company, is expected to support day-to-day property management operations after closing. IRGT expects to enter into third-party management and shared services agreements with IRGRA upon closing.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Because we are a public company and this transaction will involve SEC filings and a shareholder vote, it&#8217;s critical that we communicate consistently and appropriately&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Please do not comment externally (including on social media) about the transaction.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">If you receive any media or investor inquiries, please direct them to Investor Relations&#47;Communications&#58; stephen.swett&#64;icinc.com.</font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">If you receive questions from vendors or borrowers, please refer them to the press release and route anything sensitive for vendors to Dave Bienia and for borrowers to Melissa Harrington or Anthony Mascia. Any inbound inquiries regarding current shareholders or old Sachem Partners. Please direct them to Jeff or I. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We know you will have questions, and we have prepared the attached internal </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">FAQ</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">. We will provide another email giving additional insight into the transaction immediately following this email and will schedule an employee town hall immediately so you or others can have a forum to ask questions. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Thank you for everything you do. We&#8217;re excited about the long-term potential of this transaction and remain focused on executing for our stakeholders and supporting our team throughout this process.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Best,</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">John Villano</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Chief Executive Officer</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">On May 18, 2026, the following Questions and Answers were provided to Sachem&#8217;s employees concerning the Contribution Agreement and the Transaction.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Employee FAQ</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What did we announce&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">We announced that Sachem Capital Corp. has entered into a definitive contribution agreement with Industrial Realty Group (IRG) to combine our operations as rebranded IRG Realty Trust, Inc. (IRGT), a scaled, publicly listed industrial REIT along with Sachem&#8217;s real estate capital solutions platform. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What is IRG Realty Trust (IRGT)&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Post closing of the contribution IRGT is expected to be a top&#8209;10 publicly listed industrial REIT with an implied enterprise value of approximately $3.4 billion, focused on mission&#8209;critical industrial infrastructure supporting manufacturing, warehousing and distribution users along with Sachem&#8217;s real estate capital solutions platform. </font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Why are we doing this transaction&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The goal is a strategic repositioning&#58; combining IRG&#8217;s income-producing industrial real estate of 98 assets &#47; 98 million sq ft with Sachem&#8217;s established capital solutions platform to be an institutionally relevant industrial REIT with meaningful scale, strong lease&#8209;driven cash flows, and multiple pathways for long-term growth. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This is a strategic asset and capital reset for Sachem and is intended to strengthen the long-term foundation of the company and expand our opportunities over time.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What will the combined company own and do&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Upon closing, IRGT is expected to own 98 industrial properties contributed by IRG plus all of Sachem&#8217;s assets totaling approximately $3.4 billion </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IRGT will focus on mission&#8209;critical industrial infrastructure for manufacturing, warehousing and distribution users and intentional real estate capital solutions. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">5.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What happens to Sachem&#8217;s capital solutions business&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction combines IRG&#8217;s industrial portfolio with Sachem&#8217;s capital solutions platform, and the strategic benefits include continuing an &#8220;opportunistic capital solutions platform&#8221; as part of the overall growth approach. The Sachem  platform will now enjoy the benefits of more competitive capital, better borrowers, partners and high quality real estate opportunities. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction accelerates a move toward a more resilient earnings profile and broader investor appeal, while still retaining a lending capability that can complement the platform over time.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">6.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">When will the transaction close&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The transaction is expected to close in late 2026, subject to customary closing conditions and approval by Sachem shareholders.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">7.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What approvals are required&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Closing is subject to customary closing conditions and approval by Sachem shareholders.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">8.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">What does &#8220;business as usual&#8221; mean for employees right now&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">It means keep doing your job exactly as you do today &#8211; serving clients, executing on priorities, meeting deadlines, and maintaining service standards. Nothing changes day&#8209;to&#8209;day because of the announcement.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">9.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Will there be changes to roles, reporting lines, or staffing&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">At this time, there are no immediate changes. The IRGT team will include Sachem employees and will be led by an experienced leadership team with industrial and REIT backgrounds.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">For any future organizational changes, leadership will communicate those decisions directly and clearly. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">10.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">Will compensation, benefits, or HR policies change now&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No immediate changes are associated with the announcement. If any changes are contemplated as part of integration planning, they will be communicated directly and clearly with appropriate notice.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">11.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">Who will lead the combined company&#63; </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The IRGT team will include Sachem employees and will be led by an experienced leadership team with industrial and REIT backgrounds. We will communicate any strategic hires once they are made.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Governance is expected to stay aligned with public REIT standards, including a majority-independent Board. Stuart Lichter, IRG&#8217;s President &#38; Founder, will chair the Board following closing, and I will continue to serve as a Board member.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">12.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What is IRGRA and what role will it play&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IRG Realty Advisors (IRGRA) is IRG&#8217;s wholly owned asset management, property management, and real estate operating company with an extensive track record. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">IRGRA is expected to support day&#8209;to&#8209;day property management operations following closing, and IRGT expects to enter into third&#8209;party management and shared services agreements with IRGRA upon closing. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">13.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What should I say if a you are asked about the announcement&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Please communicate&#58;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Today we announced a proposed merger with Industrial Realty Group (IRG) to create IRG Realty Trust. It&#8217;s business as usual for Sachem today. There are no changes to current processes or obligations as a result of the announcement. For details, please refer to the press release or contact investor relations. stephen.swett&#64;icrinc.com.&#8221;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">14.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What if a reporter, analyst, or investor contacts me directly&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Do not comment. Politely communicate&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Thanks for reaching out. I am not an approved company spokesperson. Please contact investor relations. stephen.swett&#64;icrinc.com.&#8221;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This helps ensure consistency and avoids selective disclosure risk.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">15.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">Can employees discuss the deal on social media&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">No. Do not post, comment, speculate, or &#8220;like&#47;share&#8221; content about the transaction. Even well&#8209;intended posts can create compliance issues or spread misinformation. Please stick to approved company communications. </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">The Company will post appropriate materials on our website, facebook and linked-in shortly after announcement. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">16.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">Can I buy or sell Sachem stock right now&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Because we are a public company involved in a significant transaction, employees should follow the company&#8217;s insider trading policy and any blackout guidance. If you&#8217;re unsure, contact John V or Jeff W before trading.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">17.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What is the reverse stock split mentioned in the release&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The release states IRGT is expected to execute a 20&#8209;to&#8209;1 reverse stock split at closing, implying an illustrative post&#8209;split reference price of approximately $40.00 per share. </font></div><div style="text-align:justify"><font><br></font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">A reverse split is a technical change that adjusts share count and price proportionally&#59; it does not, by itself, change the underlying value of an investor&#8217;s total holdings. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">18.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What is the new credit facility and why is it important&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Scotiabank expects to arrange a new credit facility for post-closing IRGT operations. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This is part of the plan to support the combined company&#8217;s capital structure and liquidity. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">19.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">What are the strategic benefits we should understand internally&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This transaction allows Sachem to&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Build a scaled, institutionally relevant industrial REIT with recurring property-level cash flows and improved public-market profile. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Benefit from durable earnings power. </font></div><div style="margin-bottom:8pt;padding-left:36pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:145%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:145%;padding-left:14.5pt">Access capital providers whose were unavailable to us due to our size and scale. Being able to share in the IRG cost-of-capital profile will enhance our ability to compete for attractive capital-solutions opportunities in an accretive way. Simply , we can lend to better borrowers and sponsors and compete effectively with banks and much larger lenders than us. Further, our margin will expand and provide earnings growth </font></div><div style="padding-left:72pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Chart a path to improved cost of capital and deleveraging, with leverage expected around &#126;8.0x and a path to sub&#8209;6.0x over time through organic cash flow growth and disciplined balance sheet management. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%">20.</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:5.5pt">Where can employees get updates and ask questions&#63;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">It you have questions, please email them to John V.</font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">*****</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font></div><div style="margin-bottom:5pt;margin-top:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">How to Find Further Information</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This communication does not constitute a solicitation of any vote or approval in connection with the proposed Transaction between Sachem and IRG Global . In connection with the proposed Transaction, Sachem will file a proxy statement (the &#8220;Proxy Statement&#8221;) with the Securities and Exchange Commission (the &#8220;SEC&#8221;), which Sachem will furnish with any other relevant documents to its shareholders in connection with the special meeting of its shareholders to approve the Transaction and related matters  to vote on the Transaction. This communication is not a substitute for the Proxy Statement or any other document that Sachem may file with the SEC or send to its shareholders in connection with the Transaction. BEFORE MAKING ANY VOTING DECISION, WE URGE SHAREHOLDERS TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SACHEM AND THE PROPOSED TRANSACTION. The proposals for the Transaction will be made solely through the Proxy Statement. In addition, a copy of the Proxy Statement (when it becomes available) may be obtained free of charge from the Investor Relations Department of Sachem at Investor Relations, 568 East Main Street, Branford, CT 06405. Security holders also will be able to obtain, free of charge, copies of the Proxy Statement and any other documents filed by Sachem with the SEC in connection with the proposed </font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">Transaction at the SEC&#8217;s website at http&#58;&#47;&#47;www.sec.gov, and at Sachem&#8217;s website at https&#58;&#47;&#47;www.sachemcapitalcorp.com&#47;.</font></div><div style="margin-bottom:5pt;margin-top:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Participants in the Solicitation</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">The directors and executive officers of Sachem may be deemed to be participants in the solicitation of proxies in connection with the approval of the proposed Transaction. Information regarding Sachem&#8217;s directors and executive officers and their respective interests in Sachem by security holdings or otherwise is available in its most recent Annual Report on Form 10-K filed with the SEC (available </font><font style="color:#467886;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1682220/000168222026000014/sach-20251231.htm" style="color:#467886;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">here</a></font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">). Additional information regarding the interests of such potential participants is or will be included in the Proxy Statement and other relevant materials to be filed with the SEC, when they become available, including in connection with the solicitation of proxies to approve the proposed Transaction.</font></div><div style="margin-bottom:5pt;margin-top:5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Forward-Looking Statements</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">This communication includes forward-looking statements. These forward-looking statements generally can be identified by phrases such as &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;seek,&#8221; &#8220;intend,&#8221; &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;likely,&#8221; &#8220;continue,&#8221; &#8220;outlook,&#8221; &#8220;design,&#8221; and the negative of such terms and other words and terms of similar expressions are intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed Transaction, including anticipated future financial and operating results, synergies, accretion and growth rates, Sachem&#8217;s, IRG Global&#8217;s and the combined company&#8217;s plans, objectives, expectations and intentions, and the expected timing of completion of the proposed Transaction. These statements are based on current expectations, estimates and projections about the industry, markets in which Sachem and IRG Global operate, management&#8217;s beliefs, assumptions made by management and the transactions described in this communication. While Sachem&#8217;s management believes the assumptions underlying the forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management&#8217;s control. These risks include, but are not limited to&#58; (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Contribution Agreement&#59; (2) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Transaction that may be instituted against the parties and others following announcement of the Transaction&#59; (3) the inability to consummate the Transaction within the anticipated time period, or at all, due to any reason, including the failure to obtain the requisite stockholder approval, failure to obtain required regulatory approvals or the failure to satisfy other conditions to completion of the Transaction&#59; (4) risks that the proposed Transaction disrupts current plans and operations of Sachem or diverts management&#8217;s attention from its ongoing business&#59; (5) the ability to recognize the anticipated benefits of the Transaction&#59; (6) the amount of the costs, fees, expenses and charges related to the Transaction&#59; (7) the risk that the Contribution Agreement may be terminated in circumstances requiring Sachem to pay a termination fee&#59; (8) the effect of the announcement of the Transaction on the ability of Sachem to retain and hire key personnel and maintain relationships with its borrowers and others with whom it does business&#59; (9) the effect of the announcement of the Transaction on Sachem&#8217;s operating results and business generally&#59; (10) the risk that Sachem&#8217;s stock price may decline significantly if the Transaction is not consummated&#59; and (11) the other risks and important factors contained and identified in Sachem&#8217;s filings with the SEC, such as Sachem&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as Sachem&#8217;s subsequent reports on Form 10-K, Form 10-Q or Form 8-K filed from time to time, any of which could cause actual results to differ materially from the forward-looking statements in this communication. </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:120%">There can be no assurance that the Transaction will in fact be consummated. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this communication. Sachem undertakes no obligation or duty to update or revise any of these forward-looking statements after the date of this communication, nor to conform prior statements to actual results or revised expectations, and Sachem does not intend to do so.</font></div><div style="height:63pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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