The policies listed below apply to all of the operations of NNN REIT, Inc. (“we” or the “Company”).

CODE OF BUSINESS CONDUCT

The Code of Business Conduct (the “Code”) applies to all directors, officers and employees of NNN REIT, Inc. and its subsidiaries (collectively, the “Company”), who, unless otherwise specified, will be referred to jointly as “associates.” The Code is a statement of goals and expectations for the conduct of all associates. The Code is drafted in simple language to provide clear, easy-to-understand principles to guide your conduct.

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CORPORATE GOVERNANCE GUIDELINES

The Board of Directors (the “Board”) has been elected by the stockholders of NNN REIT, Inc. (the “Company”) to provide effective oversight of the affairs of the Company for the benefit of those stockholders. The primary responsibilities of the Board are: (a) overseeing the management of the Company in the competent and ethical operation of the Company, including, without limitation, evaluating the performance of the Chief Executive Officer of the Company (the “CEO”); (b) through the Compensation Committee of the Board (the “Compensation Committee”), setting appropriate compensation for the CEO and other executive officers of the Company; (c) reviewing and approving the Company’s business plans and corporate strategies; and (d) adopting and evaluating policies of corporate and ethical conduct and governance. In performing his or her duties, each director shall act (a) in good faith; (b) in a manner reasonably believed by the director to be in the best interests of the Company; and (c) with the care that an ordinarily prudent person in a like position would use under similar circumstances.

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VENDOR CODE OF CONDUCT

NNN REIT, Inc. (“NNN”) is committed to socially responsible, professional and ethical business practices. NNN, in its Code of Business Conduct (the “NNN Code”), has established and expressly stated a set of ethical business standards and practices applicable to its employees, directors and shareholders. The NNN Code is available on our website at www.nnnreit.com. In addition to our internal commitment to ethical business practices, NNN strives to align this commitment with its purchasing policies. As such, this NNN REIT Vendor Code of Conduct (the “Vendor Code”) summarizes the minimum set of ethical standards our vendors must meet or exceed for NNN to consider purchasing any vendor’s goods or services. The provisions of the NNN Code that apply to our vendors are hereby incorporated into this Vendor Code. We expect our vendors to hire qualified employees capable of performing their duties in a professional manner.

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