On April 29, 2022, Mr. Frank Golay, Jr. notified Creative Media & Community Trust Corporation that he will retire from the Board of Directors (the “Board”) of the Company, effective May 2, 2022. In addition to being an independent member of the Board, Mr. Golay was a member of the Audit Committee and the Compensation Committee of the Board. Mr. Golay's decision to retire was not a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

On April 29, 2022, the Board appointed Elaine Wong to the Board and the Compensation Committee of the Board, effective May 2, 2022, to fill the vacancy created by the retirement of Mr. Golay. Ms. Wong was a Principal at CIM Group, L.P. and served as its Head of Marketing & Communications from May 2018 until her retirement from CIM Group, L.P. (“CIM”) at the end of June 2021. On April 29, 2022, the Board appointed Ms. Marcie Edwards, an existing independent member of the Board, to the Company's Audit Committee, effective May 2, 2022, to fill the vacancy on the Audit Committee created by the retirement of Mr. Frank Golay.

On April 29, 2022, the Board appointed Mr. Douglas Bech, an existing independent member of the Board, the Chair of the Nominating and Corporate Governance Committee and a member of each of the Audit Committee and the Compensation Committee, to chair the Company's Compensation Committee, effective May 2, 2022, to fill the chair vacancy on the Compensation Committee created by the retirement of Mr. Frank Golay.