1) The estimated per share net asset value (“NAV”), determined by the Board of Directors (“the Board”) of Carter Validus Mission Critical REIT, Inc. on November 28, 2016, is based on the estimated value of the Company’s assets less the estimated value of the Company’s liabilities, divided by the approximate number of shares outstanding on a fully diluted basis, calculated as of September 30, 2016 (the “Valuation Date”). This valuation was performed in accordance with the provisions of Practice Guideline 2013-01, Valuations of Publicly Registered Non-Listed REITs, issued by the Investment Program Association (“IPA”) in April 2013 (the “IPA Valuation Guidelines”), in addition to guidance from the Securities and Exchange Commission (“SEC”). The various factors considered by the Board in determining the estimated per share NAV were based on a number of assumptions and estimates that may not be accurate or complete. Accordingly, with respect to the estimated per share NAV, the Company can give no assurance that: a stockholder would be able to resell his or her shares at this estimated NAV; a stockholder would ultimately realize distributions per share equal to the Company’s estimated per share NAV upon liquidation of the Company’s assets and settlement of its liabilities or a sale of the Company; the Company’s shares of common stock would trade at the estimated per share NAV on a national securities exchange; a different independent third-party appraiser or other third-party valuation firm would agree with the Company’s estimated per share NAV; or the methodology used to estimate the Company’s estimated per share NAV would be acceptable to FINRA or for compliance with ERISA reporting requirements. Similarly, the amount a stockholder may receive upon repurchase of his or her shares, if he or she participates in the Company’s share redemption program, may be greater than or less than the amount a stockholder paid for the shares, regardless of any increase in the underlying value of any assets owned by the Company.