On July 7, 2014, the Board of Directors of American Realty Capital Properties, Inc. appointed Bruce D. Frank to serve as an independent director of the Company, effective July 8, 2014, for a term expiring upon the earlier of the next annual meeting of the company's stockholders and until his successor is duly elected and qualified and his death, removal or resignation. Mr. Frank was also appointed to the Audit Committee of the Board of Directors, effective July 8, 2014. Bruce D. Frank, worked with Ernst & Young LLP from April 1997 until June 2014 and most recently served as a senior partner with the assurance line of Ernst & Young's real estate practice.

Prior to joining Ernst & Young, Mr. Frank was at KPMG LLP from February 1980 until March 1997. On July 7, 2014, the Board of Directors of the Company appointed David S. Kay to serve as a director of the Company, effective October 1, 2014, for a term expiring upon the earlier of the next annual meeting of the Company's stockholders and until his successor is duly elected and qualified and his death, removal or resignation.