CHIPOTLE MATTRESS FIRM

CHIPOTLE MATTRESS FIRM OFFERING MEMORANDUM ACTUAL PROPERTY Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 1

Financial Overview OFFERING SUMMARY PRICE: $4,206,479 CAP RATE: 6.05% NOI: $254,492 PRICE PER SQUARE FOOT: RENT PER SQUARE FOOT: $562.36 $32.05 YEAR BUILT: 2013 APPROXIMATE LOT SIZE: GROSS LEASEABLE AREA: TYPE OF OWNERSHIP: 0.88 Acres 7,480 SF Fee Simple BASE RENT $256,530* EXPENSE REIMBURSEMENTS REAL ESTATE TAXES $17,332 INSURANCE $7,546 CAM $13,666 TRASH REMOVAL REIMBURSEMENT $1,093 TOTAL EXPENSE REIMBURSEMENTS $39,636 EFFECTIVE GROSS INCOME $296,166 EXPENSES REAL ESTATE TAXES $17,332 INSURANCE $7,546 CAM ELECTRIC $3,688 LANDSCAPING $4,770 SNOW REMOVAL $2,226 REPAIRS & MAINTENANCE $318 TRASH REMOVAL $5,002 TOTAL CAM $16,004 MANAGEMENT FEE (2% OF EGI) $793 TOTAL EXPENSES $41,674 Tenant Guarantor GLA % of GLA Mattress Firm Chipotle Mattress Firm, Incorporated Chipotle Mexican Grill of Colorado, Limited Liability Company Lease Commencement ACTUAL PROPERTY TENANT SUMMARY Lease Expiration Term Remaining Annual Rent Rent (PSF) Increases Lease Type Options 5,100 68.18% 8/1/2013 7/31/2023 6 Years $168,300 $33.00 10% Every 5 NN 4, 5-Year 2,380 31.82% 2/1/2014 1/31/2024 6.5 Years $71,400 $30.00 10% Every 5 NN 4, 5-Year Total 7,480 100% $239,700 NET OPERATING INCOME $254,492 *Reflects Mattress Firm 8/1/2018 Rent Increase Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 2

Investment Overview Marcus & Millichap is pleased to present this two-tenant pad site to the Huntington Mall in Barboursville, West Virginia, which is 14 miles east of Huntington, the second largest city in the state. Chipotle and Mattress Firm are operating under net leases reimbursing for common area maintenance, real estate taxes, and insurance. Chipotle and Mattress Firm signed 10-year leases with 10 percent rent increases every five years. Mattress Firm has more than 3,500 locations across the United States. Chipotle is a fast casual restaurant chain that operates 2,198 locations. Chipotle registered $3.9 billion in revenue in 2016 and came in at number 599 in the Fortune 1000 (2017). The subject property benefits from its proximity to the Huntington Mall, which is a 1.9 million square foot super regional mall, with more than 150 retailers, making it the largest mall in the state. In the past year Dick s Sporting Goods, Field & Stream, TJ Maxx, and HomeGoods were added to the mall, the two projects totaled $5 million. Additionally, within five miles of this asset there is more than 960,000 square feet of retail space. Chipotle and Mattress Firm also directly benefit from being on the signalized, hard corner of East Mall Road and the Interstate-64 exit ramp; Interstate-64 sees more than 40,000 vehicles per day. This major interstate connects the St. Louis, Louisville, and Richmond metropolitan areas. Less than five miles away is the $86 million Tanyard Station redevelopment project. This 51.73-acre development site will feature 200,000 square feet of retail, restaurants, a bank, a hotel, and a gas station. Other Retailers in the immediate trade area include: Lowe s, Walmart Supercenter, Ashley HomeStore, Hobby Lobby, Chick-fil-A, Burger King, McDonald s, Wendy s, La-Z-Boy, Planet Fitness, Bob Evans, IHOP, Kohl s, Sheetz, The Home Depot, Target, Starbucks, Kroger, and many more. ACTUAL PROPERTY Two-Tenant Pad Site to Huntington Mall in Barboursville, West Virginia 14 Miles East of Huntington The Second Largest City in West Virginia Chipotle and Mattress Firm Signed 10-Year Leases Beginning in 2014 and 2013 Respectively Each Lease Features a 10 Percent Increase in Year Six and in Each Option Four, Five-Year Options Double-Net (NN) Leases Limited Landlord Responsibilities Tenants are Reimbursing for Common Area Maintenance, Real Estate Taxes, and Insurance Huntington Mall Power Center Regional Mall with More Than 1.9 million Square Feet of Retail The Largest Mall in West Virginia Anchored by National Credits More Than 960,000 Additional Square Feet of Retail within Five Miles of this Asset Tanyard Station $86 Million Redevelopment Project Less Than Five Miles from Subject Asset 200,000 Square Feet of Retail, Restaurants, a Bank, a Hotel, and a Gas Stations Ideally Located at the Signalized, Hard Corner of East Mall Road and Interstate-64 Exit Ramp Interstate-64 Sees More Than 40,000 Vehicles Per Day Pad Site to 192,000-Square Foot Walmart Super Center Major Co-Tenancies Feature Hobby Lobby and Ashley Furniture HomeStore Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 3

Tenant Overview - CHIPOTLE Chipotle Mexican Grill, Incorporated (Inc) operates Chipotle Mexican Grill restaurants, which serve a focused menu of burritos, tacos, burrito bowls and salads, made using fresh ingredients. As of December 31, 2016, the company operated 2,198 Chipotle restaurants throughout the United States, as well as 29 international Chipotle restaurants, and had 23 restaurants in operation in other non-chipotle concepts. Chipotle focuses on finding the highest quality ingredients to make great tasting food and building strong community culture in an operationally efficient and aesthetically pleasing manner. Chipotle has grown substantially over the past five years, and expects to open between 195 and 210 additional restaurants in 2017. TENANT PROFILE TENANT TRADE NAME Chipotle Mexican Grill, Inc. OWNERSHIP Public TENANT Chipotle LEASE GUARANTOR Corporate NUMBER OF LOCATIONS 2,250 HEADQUARTERED Denver, Colorado WEB SITE https://www.chipotle.com/ SALES VOLUME $3.9 Billion (2016) NET WORTH $1.4 Billion (2016) STOCK SYMBOL CMG BOARD New York Stock Exchange (NYSE) RANK Number 599 in Fortune 1000 (June 2017) ACTUAL PROPERTY Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 4

Tenant Overview - Mattress Firm With more than 3,600 company-operated and franchised stores across 49 states, Mattress Firm has the largest geographic footprint in the United States among multi-brand mattress retailers. Founded in 1986, Houston-based Mattress Firm is the nation s leading specialty bedding retailer with over $3.5 billion sales in 2015. In September 2016, the company was acquired by Steinhoff International for $3.8 billion, and Mattress Firm now operates as a subsidiary of Steinhoff. The company, through its brands including Mattress Firm, Sleepy s and Sleep Train, offers a broad selection of both traditional and specialty mattresses, bedding accessories and other related products from leading manufacturers, including Serta, Simmons and Hampton & Rhodes. TENANT PROFILE TENANT TRADE NAME Mattress Firm OWNERSHIP Private TENANT Mattress Firm, Incorporated LEASE GUARANTOR Mattress Firm, Incorporated NUMBER OF LOCATIONS 3,500 HEADQUARTERED Houston, Texas WEB SITE www.mattressfirm.com ACTUAL PROPERTY Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 5

Aerial Overview Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 6

Area Overview & Demographics 5 23 64 52 693 Russell 966 773 Aid 650 141 775 93 60 Ironville Summit Meads 3 Ironton Cannonsburg 141 Coal Grove 3 Ashland 757 Kentucky 752 23 23 Ohio Rock Camp 243 Kenova Sunrise South Point West Virginia Kentucky 52 52 64 75 Burnaugh Centerville 52 Prichard Willow Wood 378 152 152 243 Lavalette Ardel 152 Wayne Scottown 775 10 218 217 7 Melissa Crown City 2 Lesage 2 Proctorville 193 Chesapeake Wilson Huntington 60 Barboursville 64 Ohio West Virginia Winslow 10 7 5 MILE RADIUS 3 MILE SITE 2 Glenwood 10 MILE RADIUS Yates Crossing 64 Milton Ona Salt Rock West Hamlin 10 Branchland 3 Hamlin Culloden 34 3 35 Hurricane 34 64 62 Griffithsville Yawkey Red House Eleanor 817 34 60 35 Teays Valley 214 34 Bancroft Scare 62 Poca 622 Cross Lanes Nitro 64 62 25 Saint Albans Sod Tornado Alum Creek 60 3-Mile 5-Mile 10-Mile Population 2000 Population 12,452 28,402 92,406 2010 Population 13,915 30,040 93,107 2016 Population 13,889 30,496 93,767 2021 Population 13,865 30,521 93,654 3-Mile 5-Mile 10-Mile Households 2000 Households 5,095 11,587 38,427 2010 Households 5,849 12,594 39,037 2016 Households 5,843 12,823 39,384 2021 Households 5,832 12,840 39,349 3-Mile 5-Mile 10-Mile Household (HH) Incomes 2016 Average HH Income $64,790 $66,678 $56,336 2016 Median HH Income $51,328 $52,682 $42,023 2016 Per Capita Income $27,257 $28,037 $23,662 Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 7

Market Overview - Barboursville, WV Barboursville is a village in Cabell County, West Virginia, United States. It is located near the second largest city in the state, Huntington, making it a strong and growing retail environment. Barboursville is a part of the Huntington Metropolitan Statistical Area, the largest in West Virginia. A historic and bustling city of commerce and heavy industry, Huntington has long-flourished due to its ideal location on the Ohio River at the mouth of the Guyandotte River. It is home to the Port of Huntington Tri-state, the busiest inland port in the United States. Surrounded by extensive natural resources, the industrial sector is based in coal, oil, chemicals and steel all of which support Huntington s diversified economy. The city is a vital railto-river transfer point for the marine transportation industry. The railroad founded Huntington as one of the nation s first planned communities to facilitate the railroad and other transportation related industries at the railways western terminus. The city is the home of Marshall University as well as the Huntington Museum of Art; the Big Sandy Superstore Arena; the United States Army Corps of Engineers; the Collis P. Huntington Historical Society and Railroad Museum; Camden Park, one of the world s oldest amusement parks; the headquarters of the CSX Transportation-Huntington Division, the largest division in the CSX network; and the Port of Huntington Tri-State, the largest river port in the United States. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of 2016 Marcus & Millichap. Activity ID: Y0331912 8

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

CHIPOTLE MATTRESS FIRM Broker of Record Ralph Nash 775 N. Jefferson Street Lewisburg, WV 24901 Tel: 304-645-3200 Fax: 304-645-4499 License: S/B WV0008718