The Bend Bulletin - Absolute 20-yr net lease. 920 NW Bond Street, Suite 200, Bend, OR I Ph: I Web:

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1 - Absolute 20-yr net lease

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3 THE LOWES GROUP Real Estate Solutions Lowes Commercial Properties is a comprehensive commercial real estate and investment company based in Bend, Oregon. With decades of combined commercial real estate experience, Lowes Commercial Properties is committed to setting a new precedent of excellence in commercial real estate service. You can have confidence knowing your real estate decision will be backed by extensive real estate knowledge and experience, comprehensive market research and the dedicated team work of some of the best Brokers in Central Oregon. Lowes Commercial Properties offers a wide range of services including landlord and tenant representation and assisting clients with the acquisition and disposal of investment property, raw land and business opportunities. We also form closely held partnerships for the acquisition of key properties. We continually strive to provide superior service while paying close attention to our client's needs and objectives. Success is driven by exceptional service, unsurpassed knowledge and unique solutions. Lowes Commercial Properties strives to develop long-term relationships with our clients that will contribute to our mutual success.

4 MEET BROKER PETER LOWES Peter Lowes, CCIM Principal Broker Cell: Licensed in the State of Oregon Founder and Principal Broker of The Lowes Group, Peter has been active in commercial real estate since Peter began his professional career in Newcastle, England working as a chartered accountant. After moving to the US in 1982, Peter began working in investment real estate with Preferred Investments in Long Beach, CA in Peter was a top producer there until moving to Bend in In 1996 Peter founded Compass Commercial along with 3 partners. Peter was the top producer at Compass Commercial in 1997, 1999, 2001 and 2003 before leaving to form Lowes Commercial in Peter s accounting background and extensive experience offer his clients a high level of confidence. Peter s areas of expertise include investment property brokerage, landlord/tenant representation, development and business brokerage. Peter is a Certified Commercial Investment Member (CCIM) the most coveted designation in the commercial real estate industry. The 240 hours of graduate level curriculum leading to the designation represent the finest education available in real estate today. The professional experience requirements ensure that a CCIM is skilled not only in theory, but also in practice. The CCIM network encompasses over 1,000 markets throughout the world. Peter strongly believes in giving back to the local community and has sat on several Boards of Directors most recently Peter has sat on the Board of Directors for Big Brothers Big Sisters of Central Oregon, Hospice Center of Bend/LaPine and the Advisory Board for Volunteers of Medicine.

5 MEET BROKER ROGER WHITAKER Roger Whitaker, P.E. Broker Cell: Licensed in the State of Oregon As a broker for Lowes Commercial, Roger focuses his expertise on investments in office, industrial, retail, apartment buildings, manufacturing, and business opportunities throughout Central Oregon. Roger holds a Bachelor of Science degree in mechanical engineering from the University of Washington (Tau Beta Pi), a Doctor of Law degree from Northwestern School of Law, and a Master's degree in business administration with a concentration in finance from Concordia University. Roger was selected as MBA Student of Year by the Concordia University board of directors. Roger began his professional career in Portland, Oregon working as an environmental engineer for the global firm CH2M Hill. During his 10 years at CH2M Hill, Roger was involved in a multitude of engineering projects in the transportation, industrial, commercial and residential sectors. Later, Roger founded a servicerelated business for the transportation industry and eventually sold his business to a privately-held national firm. Roger maintains his State of Oregon professional engineering license and is a licensed commercial real estate broker in Oregon. Roger has been active in various aspects of residential and commercial real estate since His work in the residential and commercial construction included all facets of new home construction, remodeling, and commercial tenant improvements for companies including Starbucks, Microsoft and Intel. With his unique array of engineering, legal and business experience, Roger assists his clients navigate complex commercial transactions with a high level of confidence. Roger enjoys coaching for Bend Parks and Recreation athletics and spends his spare time snowboarding, kiteboarding, and fishing with friends and family.

6 TABLE OF CONTENTS I: II: III: Offering Summary Executive Summary Location Map / Directions / Hours

7 I. OFFERING SUMMARY - REAL ESTATE FOR SALE/LEASE BACK Subject Property Building Size The Bulletin Building 1777 SW Chandler Avenue Bend, OR ,445 Sq. Ft. Office Production 40,000 Sq. Ft. (approx.) 46,445 Sq. Ft. (approx.) Year Built 2000 Total Lot Size 9.78 Acres (including 125,000 Sq. Ft. of asphalt that provides access, truck maneuvering, parking and 106,859 Sq. Ft. of excess developable land) Zoning Location Lease Terms Lease Rate Annual NOI Limited Commercial (CL) Located in Bend at 1777 SW Chandler Avenue Near newly constructed Oregon State University Cascades Campus 20 year absolute net lease with 5% escalations every 5 years $85,000 per month for initial 5 years $1,020,000 per year CAP Rate 6% Price Real Estate $17,000,000 ($ per Sq. Ft.) Excess Land $3,000,000 ($28.07 per Sq. Ft.) Total Price $20,000,000 Seller/Tenant The Bend Bulletin published its first issue on March 27, 1903 and now has a circulation of approximately 27,000 for the Monday through Friday edition, 27,500 for Saturday, and 28,000 for Sunday. The Bendbulletin.com website averages about 1.7 million page views per month and more than 140,000 unique visitors per month. The owner, Western Communications, owns eight publications in Oregon and California.

8 II. EXECUTIVE SUMMARY Executive Summary The investment property being offered is 100 percent fee simple interest in the Bulletin building located at 1777 SW Chandler Avenue in Bend, OR ( the Property). The seller will execute a 20-year sale/lease back with 5% escalators every 5 years. This will be an absolute net lease. The initial base rent will be $85,000 per month for the first 5 years. The excess land (approximately 2.5 acres) can be partitioned and developed for student housing, upscale condos, or apartment units. The Business The Bulletin newspaper and website (bendbulletin.com) is one of eight publications owned by Western Communications. The Bulletin is the premier source of news in Central Oregon and boasts a weekday circulation of nearly 27,000 issues and 55,500 issues over the weekend. The Bendbulletin.com website averages about 1.7 million page views per month and more than 140,000 unique visitors per month. In addition to circulation revenues, The Bulletin has a comprehensive portfolio of advertising products and services that are provided across print, web and mobile platforms. The Bulletin s has a proven track record of consistently adapting to in an industry that has experienced a shift from print to digital media. Through its E-Edition, The Bulletin offers subscribers full access online to all articles of the print edition of the Bulletin, plus all electronic archives. E-Edition subscribers have the ability to comment on any article and to view the facsimile E-Edition that looks like the print paper. Operating Financials Operating financials will be provided during the buyer s due diligence period.

9 III. LOCATION MAP / DIRECTIONS Map & Directions The Bulletin is located in Bend, Oregon near the newly constructed Oregon State University 4-year campus. Location: 1777 SW Chandler Avenue Bend, OR Directions Take SW Century Drive to Mt. Washington Drive, drive east to SW Chandler Avenue, turn right, and driveway entrance is on the right.