No — A Direct Stock Purchase Program is very different from a traditional brokerage account.

Some of the differences are:

• The account is set up online or by mailing in the proper forms to a transfer agent
• The dollar amount that you want to invest or reinvest will determine the number of shares that you will own
• New shares being purchased will be priced at the volume weighted average price per share of our common stock traded on the New York Stock Exchange (NYSE) during regular trading hours on the investment date
• The price for shares that are reinvested will be determined by calculating the average of the low and high sales price per share, as reported by the NYSE, on the last day of trading prior to the reinvestment date

See the prospectus for pricing and investment cost details for the Direct Stock Purchase Program

• A Direct Stock Purchase program is a program administered by a public company's transfer agent that allows investors to buy shares of the company through the transfer agent rather than a brokerage firm
• These programs are designed for investors who would like to make regular and continuous investments in a company
• A transfer agent is an agent retained by a company to maintain records of investors' account balances, handle transfers of securities for an issuing company, and other administrative details of owning shares directly. Our transfer agent is Computershare
• The process of acquiring shares through a direct stock purchase program is significantly different as compared to purchasing shares through a brokerage firm

• An online account is set up with Computershare, our transfer agent
• The investor must read and certify that he/she has read the prospectus that outlines the program details
• Shares can be purchased on a continuous monthly basis or as a one-time investment, at the investor's discretion
• The minimum initial investment is $1,500 (or $100/month if enrolling in continuous monthly purchases) for all new accounts set up through Computershare

• A dividend reinvestment program offers a shareholder the ability to purchase additional shares of Realty Income every month using their cash dividend to fund share purchases
• There may be fees associated with online dividend reinvestment through Computershare, our transfer agent
• See the prospectus for information on when and how fees may apply

• If shares are already held through Computershare, the online dividend reinvestment enrollment form must be completed at the Computershare website
• Shareholders have the option to reinvest a portion or all of their monthly dividend
• Investor must certify that he/she has read the prospectus that outlines the program
• Once the dividend reinvestment enrollment form has been completed, dividends will be reinvested within 5 days after the dividend has been paid

• You may elect to receive plan materials via regular mail and return the completed forms to Computershare. However, all plan statements and account information is administered online. Account statement notification will be transmitted via email and accessed online.

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• We have no recommendation. Each investor is different.