CHEVRON A NET LEASED GAS STATION FRESNO, CA

ASHLAN PARK 20-YEAR LEASE WITH THREE 5-YEAR OPTIONS LOCATED WITHIN FRESNO S PRIMARY RETAIL NODE 2

Overview CHEVRON 4017 E ASHLAN AVE, FRESNO CA 93726 $2,629,000 PRICE 5.25% CAP LEASABLE SF 2,800 SF YEAR BUILT 2015 LEASE TYPE NNN LEASE EXPIRATION 6/30/2035 PARKING Ample & Reciprocal 20-year lease with three 5-year options with rental increases every 5 years SaveMart anchored shopping center Priced well below replacement cost it costs over $3M to build a facility like this Close Proximity to Fresno State University campus, with over 25,000 students enrolled Robust Earnings Growth This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 3

Investment Highlights THE OFFERING presents an opportunity to acquire a 20-year NNN Chevron gas station in Fresno, CA. The property is located within Ashlan Park Shopping Center which boasts an exceptional, diverse tenant roster of everyday needs and services, e-commerce resistant, and experience-focused tenants. It is located on the highly trafficked corner of Ashlan Ave and N Cedar Ave, which see combined traffic counts of over 48,600 VPD. Just off of CA-168, with 80,000+ VPD, this asset sits comfortably in Fresno s primary retail area, and with its close proximity to a major highway, access is easy and convenient. Just over 2 miles away, is Fashion Fair Mall featuring over 130 retailers and drawing consumers from surrounding communities. FRESNO is the fifth-most populous city in California, and the most populous city in the central valley. Fresno serves as the economic hub of Fresno County and California s San Joaquin Valley. The MSA for Fresno and the surrounding area exceeds 1.5 million people. Ashlan Park sees benefits due to its infill location in a strong retail node, home to over 400,000 residents within a 5-mile radius, along with close proximity to the Fresno State University campus with over 25,000 students enrolled. Contact the team DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 ASHLAN PARK IN FISCAL 2017 CHEVRON HAS REVENUES OF $134.7 BILLION This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 4

HOOVER HIGH SCHOOL SAN JOSE 155 MILES WOLTERS ELEMENTARY 41 N CEDAR AVENUE Aerial CALIFORNIA STATE UNIVERSITY FRESNO 62,000 VPD SHAW AVENUE E SHAW AVENUE TIOGA MIDDLE SCHOOL THOMAS ELEMENTARY 130,000 VPD 41 N CEDAR AVENUE HOLLAND ELEMENTARY 23,095 VPD 80,000 VPD 25,558 VPD 168 ASHLAN AVENUE ASHLAN AVENUE DEL MAR ELEMENTARY FORT MILLER MIDDLE SCHOOL MANCHESTER GATE ELEMENTARY 41 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. DUNCAN POLYTECHNICAL HIGH SCHOOL 5 5 CENTENNIAL ELEMENTARY N CEDAR AVENUE PYLE ELEMENTARY

Submarket Overview ASHLAN PARK RETAILERS IN CLOSE PROXIMITY INCLUDE: Fit Republic Dollar Tree Starbucks Arby s Wells Fargo dd s Discounts BJ s Kountry Kitchen The Pizza Pit Aerozone Trampoline Park SaveMart Supermarket Fir Aid Pizza Hut Panda Express Vallarta Supermarkets Chipotle The Old Spaghetti Factory Red Lobster Popeyes Walgreens Subway This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. BUSINESS SUMMARY TOTAL 1-MILE 3-MILES 5-MILES Residential Population 22,324 156,665 420,120 Businesses 479 5,939 17,530 Employees 4,799 70,564 216,240 KEY 1-MILE 3-MILES 5-MILES 6

Surrounding Retail 7

Income & Expense PRICE $2,629,000 Price Per Square Foot: $896.07 Capitalization Rate: 5.25% Total Rentable Area (SF): 2,800 STABILIZED INCOME PER SQUARE FOOT Scheduled Rent $49.29 $138,000 Effective Gross Income $49.29 $138,000 LESS PER SQUARE FOOT Taxes NNN $0.00 Insurance NNN $0.00 Total Operating Expenses NNN $0.00 EQUALS NET OPERATING INCOME $138,000 Landlord is responsible for roof & structure. Tenant reimburses for Common Area, tax and insurance expenses. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 8

Rent Roll TENANT INFO LEASE TERMS RENT SUMMARY TENANT NAME SQ. FT. CURRENT RENT MONTHLY RENT YEARLY RENT Chevron 2,800 2/28/2015 6/30/2020 $138,000 $11,500 $138,000 7/1/2020 6/30/2025 $12,500 $150,000 7/1/2025 6/30/2030 $13,125 $157,500 7/1/2030 6/30/2035 $13,781 $165,372 Option 1 7/1/2035 6/30/2040 $15,160 $181,920 Option 2 7/1/2040 6/30/2045 $16,676 $200,112 Option 3 7/1/2045 6/30/2050 $18,345 $220,140 TOTALS: 2,800 $138,000 $11,500 $138,000 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 9

Lease Abstract PREMISE & TERM TENANT Chevron GUARANTOR Franchisee BUILDING SF 2,800 SF LEASE TYPE NNN TERM 20 Years RENT COMMENCEMENT 2/28/2015 EXPIRATION 6/30/2030 OPTIONS Three 5-year Options RENT BASE RENT DATE RANGE MONTHLY RENT ANNUAL RENT 2/28/2015-6/30/2020 $11,500 $138,000 7/1/2020-6/30/2025 $12,500 $150,000 7/1/2025-6/30/2030 $13,125 $157,500 7/1/2030-6/30/2035 $13,781 $165,372 OPTION RENTS DATE RANGE MONTHLY RENT ANNUAL RENT #1. 7/1/2035-6/30/2040 $15,160 $181,920 #2. 7/1/2040-6/30/2045 $16,676 $200,112 #3. 7/1/2045-6/30/2050 $18,345 $220,140 This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. EXPENSES LEASE PROVISIONS TENANT S OBLIGATIONS - Keep, repair, replace, and maintain the premises and every part thereof in good order, condition, and repair, including without limitation: Interior and exterior, structural and nonstructural. Tenant must renew and refurbish premises at least every five (5) years. LANDLORD S OBLIGATIONS- At sole cost and expense, Keep and maintain roof (Including structural integrity), structural integrity of exterior walls which lease premises located, and utilities serving premises up to the point of their connection to building in good repair. Landlord shall not be required to make repairs occasioned by the act or negligence of tenant. Landlord shall maintain common areas in good order, condition, and repair subject to reimbursement by tenant. TAXES - Tenant shall pay any and all taxes and assessments, sales, use, business, occupation, license fees, excise tax, gross receipts tax. Tenant does not pay inheritance, estate, succession, transfer, gift, franchise, income, or profits tax or taxes imposed upon landlord. INSURANCE - Tenant shall maintain the following insurance policies: i) Public Liability and Property Damage; ii) Tenant Improvements and Personal Property; iii) Business interruption insurance; iv) workers compensation; v) general requirements. Landlord must maintain insurance subject to reimbursement by tenant. CAM - Tenant pays 4.32% pro rata share. ASSIGNMENT/SUBLETTING - Requires written consent of Landlord. RIGHT OF FIRST REFUSAL/OFFER: None. EXCLUSIVE USE - Tenant has exclusive use for convenience stores selling beer, wine, and cigarettes. ESTOPPELS - Tenant must deliver estoppel certificates within ten (10) days of written request by landlord. 10

Site Plan AVAILABLE 2,667 SF BARBER SHOP N CEDAR AVENUE AVAILABLE 1,800SF BJ S KOUNTRY KITCHEN 25,558 VPD NOT A PART 23,095 VPD ASHLAN AVENUE This site plan is a rendering that has been created based on sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 11

Tenant Overview ABOUT CHEVRON Chevron has earned its stripes as one of the U.S. largest integrated oil companies alongside Exxon Mobil and ConocoPhillips. It has proved reserves of 10.5 billion barrels of oil equivalent and a daily production of 2.8 million barrels of oil equivalent, and it also owns interests in chemicals, mining, pipelines, and power production businesses. The company, which is restructuring its refinery and retail businesses to cut costs, owns or has stakes in nearly 8,000 gas stations in the U.S. that operate under the Chevron and Texaco brands and employ 51,900+ people. Outside the U.S. it owns or has stakes in 11,300 gas stations. A global exploration and production enterprise, in 2011 Chevron acquired Atlas Energy in a deal valued at $4.3 billion. $134.7 Billion 2017 ANNUAL REVENUE AA- S&P CREDIT RATING ABOUT THE FRANCHISEE Owns and operates three full service gas station convenience stores in the central valley. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 12

Demographics POPULATION 1-MILE 3-MILES 5-MILES 2010 21,663 152,170 406,861 2018 22,324 156,665 420,120 2023 22,938 161,017 432,571 SAN JOSE (155 MILES) 2018 HH INCOME 1-MILE 3-MILES 5-MILES Average $53,540 $55,901 $64,121 FRESNO TOP EMPLOYERS EMPLOYER # OF EMPLOYEES Fresno United School District 9,586+ Community Medical Center 4,500+ City of Fresno 2,894 Saint Agnes Medical Center 2,547 Kaiser Permanente Fresno 2,350 THE AVERAGE HOUSEHOLD INCOME WITHIN A 5-MILE RADIUS IS OVER $64K This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 13

Location Overview FRESNO, CALIFORNIA FRESNO is located in central California, within a three hour drive from Los Angeles, the San Francisco Bay Area, and Sacramento. Fresno is California s 5th largest city. The unincorporated area and rural cities surrounding Fresno remain predominantly tied to large-scale agricultural production. Fresno County is known as the Agricultural Capital of the World producing 350 crops worth approximately $6.8 billion. Fresno County is home to several universities, such as California State University - Fresno, University of Phoenix, National University, Fresno Pacific University, Fresno City College, West Hills Community College, as well as an abundance of trade and technology institutions. ECONOMIC HUB FRESNO SERVES AS THE ECONOMIC HUB of Fresno County and California s San Joaquin Valley. Since the 2010 census, the population of Fresno County has grown by 3.6 percent. According to the California Department of Finance population projections, the county will grow to over 1 million residents by the year 2020. 972,297 FRESNO COUNTY POPULATION (ESTIMATED) This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 14

We d love to hear from you. DAVE LUCAS dlucas@capitalpacific.com PH: 415.274.7390 CA BRE# 01389761 JOHN ANDREINI jandreini@capitalpacific.com PH: 415.274.2715 CA BRE# 01440360 CAPITAL PACIFIC COLLABORATES. CLICK HERE TO MEET OUR SAN FRANCISCO TEAM: ZEB RIPPLE JOHN ANDREINI ZANDY SMITH JUSTIN SHARP CHRIS KOSTANECKI JOE CACCAMO RICK SANNER CHRIS PETERS DAVE LUCAS JACK NAVARRA This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.