Navistar International

Offering Memorandum For Sale Investment Opportunity Navistar International ABSOLUTE NET LEASED FACILITY 575 St. Paul Boulevard, Carol Stream, Illinois PRESENTED BY: Colliers International Brian Kling Principal DIRECT +1 847 698 8223 EMAIL brian.kling@colliers.com Colliers International Ron Behm, SIOR Principal DIRECT +1 847 698 8210 EMAIL ron.behm@colliers.com Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 1

Table of Contents > INVESTMENT SUMMARY Investment Highlights... 4 Property Layout...5 Property Survey...6 Area Map...7 > PROPERTY INFORMATION Physical Description...9 Financial Overview...10 > TENANT OVERVIEW Tenant Description...12 > MARKET OVERVIEW Area Market Overview...14 > ADDITIONAL PROPERTY PHOTOS... 17 Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 2

Offering Memorandum For Sale Investment Opportunity > Investment Summary COLLIERS INTERNATIONAL

INVESTMENT SUMMARY Investment Highlights Colliers International is pleased to offer this single tenant absolute net leased facility in Carol Stream, Illinois. Below is a brief overview of the offering: Leased through May 2021 to Navistar International (NYSE: NAV) 25,876 SF building situated on 7.02 acres Facility was built as a build-to suit for Navistar in 2006. 15 year lease (7 years remaining) with Two 5-Year Options to Renew Currently subleased to Rush Truck Centers through May 2021 www.rushtruckcenters.com Absolute-Net Lease Sale Price - $5,750,000 Cap Rate 10.8% Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 4

INVESTMENT SUMMARY Property Layout SCHMALE ROAD ST. PAUL BOULEVARD NORTH Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 5

INVESTMENT SUMMARY Property Survey NORTH Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 6

County Farm Rd INVESTMENT SUMMARY Area Map Hanover Park Bloomingdale Army Trail Rd Lies Rd 64 Gary Ave St Paul Blvd Fullerton Ave Schmale Rd Bloomingdale Rd Glendale Heights North Ave Glen Ellyn Rd 64 Swift Rd 355 53 St. Charles Rd NORTH Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 7

Offering Memorandum For Sale Investment Opportunity > Property Information COLLIERS INTERNATIONAL

PROPERTY INFORMATION Physical Description 575 St Paul Boulevard is a 25,876 SF truck service and repair facility on 7.02 acres and was built in 2006. The site is fully paved, fenced and lit to accommodate significant truck parking. The building features 21,036 SF of warehouse with 17 service bays and 4,830 SF office build-out. BUILDING SPECIFICATIONS Size: Site Size: Parking Lot: Office: 25,876 SF 7.02 Acres Secured, Paved, and Lit 4,830 SF Drive-In-Doors: 17 Clear Height: 22 Power: 600 Amps / 480 Volt Year built: 2006 Construction Type: Precast Additional Building Features: - Floor Drains - Truck Wash Bay - Radiant Heat in warehouse - Exhaust Ventilation - High Image Precast Building - Additional Unimproved Land for Future Parking or Building Expansion Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 9

PROPERTY INFORMATION Financial Overview INVESTMENT DETAILS Property Address: Tenant: Lease Type: 575 St Paul Boulevard, Carol Stream, IL Navistar International (NYSE: NAV) Absolute Triple Net Lease (tenant is responsible for roof and structure) Lease Term: Initial term expires May 2021 Cap Rate: 10.8% increasing to 11.87% in 2016 Renewal Options: Two (2) Five (5) year options to renew Monthly NOI: $51,734 through May 2016 $56,898 June 2016 - May 2021 Asking Price: $5,750,000.00 Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 10

Offering Memorandum For Sale Investment Opportunity > Tenant Overview COLLIERS INTERNATIONAL

TENANT OVERVIEW Tenant Description Navistar International Corporation (NYSE: NAV) is a United States-based holding company that owns the manufacturer of International brand commercial trucks, MaxxForce brand diesel engines, IC Bus school and commercial buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company is also a provider of truck and diesel engine parts and service. Headquartered in Lisle, Illinois, Navistar has 16,500 employees and an annual revenue of $10.775 billion (in 2013). The company s products, parts, and services are sold through a network of nearly 1,000 dealer outlets in the United States, Canada, Brazil, and Mexico and more than 60 dealers in 90 countries throughout the world. The company also provides financing for its customers and distributors principally through its wholly owned subsidiary, Navistar Financial Corporation. SUBTENANT DESCRIPTION Rush Truck Centers www.rushtruckcenters.com is the largest network of heavy- and medium-duty truck dealerships in North America. With over 100 locations across the United States, we provide an integrated, one-stop approach to the sales and service of new and used heavy- and medium-duty trucks, aftermarket parts, service and body shop capabilities, tires and a wide array of financial services including the financing of truck sales, insurance products and leasing and rental options. Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 12

Offering Memorandum For Sale Investment Opportunity > Market Overview COLLIERS INTERNATIONAL

AREA OVERVIEW CHICAGO INDUSTRIAL MARKET OVERVIEW VACANCY RATE CONTINUES TO FALL Strong tenant and buyer demand caused the Chicago industrial vacancy rate to fall 81 basis points in 2013 from year-end 2012 volume. Net absorption remained positive while construction completions more than doubled 2012 output. VACANCY AND SUPPLY The Chicago area industrial vacancy rate fell to 8.70 percent at year-end 2013 a significant decline from the 9.51 percent vacancy rate reported one year ago. This marks the second consecutive quarter that vacancy remained below 9.0 percent. MARKET INDICATORS Chicago Metro 2012 2013 VACANCY 9.51% 8.70% ABSORPTION 13,599,141 12,760,948 RENTAL RATE $4.06 $4.11 The Central DuPage, I-39 Corridor, Northwest Suburbs and Chicago South markets all experienced a vacancy rate improvement of more than 200 basis points from one year ago. Conversely, the Elgin I-90 Corridor, hindered by several large buildings returning to the market, experienced a 300-point vacancy rate rise from year-end 2012. Chicago s year-end vacant industrial supply declined an astonishing 10.2 million square feet from the fourth quarter 2012 mark to 114.5 million square feet at year-end 2013. Spaces between 10,000 square feet and 30,000 square feet experienced the largest decline in volume from one year ago, falling by 6.7 percent. However, supply of vacant blocks of space between 100,000 square feet and 200,000 square feet increased by 5.0 percent in 2013. Industrial space returning to the market in 2013 increased slightly from the 51.2 million square feet reported one year ago to 52.1 million square feet. The completion of 3.7 million square feet of speculative distribution space in 2013 contributed to the increase. Square Feet Absorbed (Millions) HISTORICAL TRENDS Absorption and Vacancy Rates 20.0 15.0 10.0 5.0 0.0-5.0-10.0-15.0-20.0-25.0 2007 2008 2009 2010 2011 2012 2013 14% 12% 10% 8% 6% 4% 2% 0% Vacancy Rate LEASING AND SALE ACTIVITY Leasing activity for 2013 totaled 35.7 million square feet which was slightly ahead of 2012 s volume. Leasing volume in the Central DuPage market reached 4.0 million square feet in 2013, exceeding the prior year s volume by an impressive 1.2 million square. This was followed closely by the I-290 North market, where leasing activity increased 908,300 square feet higher from the 2012 total. Conversely, the I-80/Joliet Corridor leasing volume of 3.2 million square feet declined 2.0 million square feet from the 5.2 million square feet leased for all of 2012. Tenant demand was most active in spaces 350,000 square feet and above. 14 transactions in this size range were consummated in 2013, capturing 6.7 million square feet of total leasing volume. Only seven transactions totaling 5.0 million square feet were completed in 2012. Year-end 2013 sale volume totaled a strong 17.8 million square feet, which closely matched the 17.6 million square feet posted for in 2012. 2013 sale volume of 17.8 million square feet was significantly ahead of the historical five-year average of 14.7 million square feet. Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 14

AREA OVERVIEW Buyers were very active in the I-80/Joliet Corridor and Chicago South markets in 2013 as sale volume in those markets exceed 2012 activity by more than 1.0 million square feet. The markets witnessing the largest decline in sale volume were I-290 North (down 859,200 square feet) and Fox Valley (down 765,600 square feet). ABSORPTION Cumulative net absorption finished 2013 at an impressive positive 12.8 million square feet, with 15 out of 21 submarkets experiencing positive results. An increase in tenant demand from big box users influenced the strong 2013 results. The Central DuPage market achieved the biggest increase in year-over-year net absorption, up 2.3 million square feet from the negative 93,800 square feet posted last year. The I-80/Joliet Corridor also finished strong, improving 1.8 million square feet from total 2012 absorption. However, absorption in both the I-55 Corridor and I-290 South markets declined by more than 2.0 million square feet when compared to 2012 results. CONSTRUCTION ACTIVITY Two 1.0 million-square-foot facilities were delivered to the market in 2013, bringing total construction completions to 8.8 million square feet. This more than doubled the 4.2 million square feet registered in 2012. The I-80/Joliet Corridor captured the majority of all 2013 construction deliveries, accounting for 4.3 million square feet or 48.5 percent of all construction. Several submarkets witnessed no new construction in 2013 including Chicago North, Chicago South, DeKalb County, I-290 North, I-290 South, McHenry County, North Suburbs and South Suburbs. Two new construction projects in excess of 1.0 million square feet were completed in the Chicago area in 2013. A major home improvement retailer moved into a 1.6 million-square-foot property at CIC Joliet Business Park and Clarius Partners, LLC (in a venture with JP Morgan) completed a 1.0-million-square-foot speculative bulk warehouse distribution facility at Clarius Park Joliet. Build-to-suit activity continued to garner the larger share of new construction projects. In 2013, 5.2 million square feet or 58.5 percent of all deliveries were build-to-suit in nature. WHAT TO EXPECT IN 2014 Speculative development will continue but not to the level seen in 2013. In-fill developments will be active in the North Suburbs and I-290 South markets. The O Hare market will continue to draw interest for build-to-suit opportunities. Rent growth is expected in 2014, especially for well-located modern functional product in the 10,000- to 30,000-square-foot and 100,000- to 200,000-square-foot size ranges. Class C product will see little interest as users will continue to be drawn to modern functional space. Active buyers will still look for bargains in 2014 however some markets with limited supply will see price increases. Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 15

AREA OVERVIEW Central DuPage VACANCY AND SUPPLY The Central DuPage year-end vacancy rate totaled 7.56 percent, a 258-basis-point decline from the 2012 total of 10.14 percent. Robust user demand drove down 2013 s vacancy rate. Vacant industrial supply in Central DuPage fell by 2.1 million square feet from the fourth quarter 2012 total of 8.5 million square feet to 6.4 million square feet at the end of 2013. There are no available big box vacancies (350,000 square feet and above) available compared to two such availabilities one year ago. MARKET INDICATORS Central DuPage 2012 2013 VACANCY 10.14% 7.56% ABSORPTION -93,790 2,165,011 RENTAL RATE $4.93 $5.04 The last time the Central DuPage market witnessed vacant supply below 7.0 million square feet was during the fourth quarter of 2001 when 6.7 million square feet were reported vacant. CONSTRUCTION ACTIVITY Panattoni Development Company completed a 139,800-square-foot speculative warehouse distribution facility at Turnberry Lakes International Business Park in Roselle. This project more than doubled the 65,300 square feet of new construction delivered in 2012. During the fourth quarter of 2013 two build-to-suit developments commenced construction. Native Floral began construction on a 60,000-square-foot project in Lombard, while Corrigan Moving Systems broke ground on a 45,000-square-foot project in Hanover Park. LEASING AND SALE ACTIVITY Tenant demand exceeded 1.0 million square feet in the first and third quarters of 2013 which propelled year-end leasing volume to 4.0 million square feet. This eclipsed the 2.8 million square feet reported for all of 2012. HISTORICAL TRENDS Absorption and Vacancy Rates While there was leasing activity in all size ranges in Central DuPage in 2013, leases signed in the 30,000- to 60,000-square-foot size range captured the highest volume. These transactions accounted for 919,000 square feet or 22.8 percent of all 2013 activity. Square Feet Absorbed (Millions) 2.5 2.0 1.5 1.0 0.5 0.0-0.5-1.0-1.5-2.0 2007 2008 2009 2010 2011 2012 2013 14% 12% 10% 8% 6% 4% 2% 0% Vacancy Rate Sale volume totaled 1.0 million square feet in 2013, a vast improvement from the 777,200 square feet sold during 2012. This marks only the second time in the past six years that the year-over-year sale activity surpassed 1.0 million square feet. NET ABSORPTION Extremely strong user demand in Central DuPage catapulted 2013 net absorption to 2.2 million square feet. This represents a swing of 2.3 million square feet from the negative 93,800 square feet posted one year ago. Central DuPage s net absorption of 2.2 million square feet was the second highest year-end volume reported of any Chicago submarket in 2013. TOP 2013 TRANSACTIONS TENANT/BUYER SIZE (SF) ADDRESS TYPE Owens & Minor Distribution, Inc. 515,497 437 Tower Blvd, Carol Stream Lease Expeditors International 360,709 1600 Central Avenue, Roselle Lease Frain Industries 329,732 245 E. North Avenue, Carol Stream Sale WHAT TO EXPECT IN 2014 Rents will hold firm in 2014. Buyers will be active in Central DuPage however supply will be limited which will cause upward pressure on pricing. Tax increases in some municipalities in DuPage County will start to erode the competitive advantage DuPage County had over neighboring Cook County. Navistar International OFFERING MEMORANDUM COLLIERS INTERNATIONAL P. 16

Offering Memorandum For Sale Investment Opportunity > Additional Photos

CONFIDENTIALITY & DISCLAIMER STATEMENT This Offering Memorandum contains select information pertaining to the business and affairs of the Property at 575 St Paul Boulevard, Carol Stream, IL. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by Colliers International from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence. By acknowledging your receipt of this Offering Memorandum from Colliers International, you agree: 1) The Offering Memorandum and its contents are confidential; 2) You will hold it and treat it in the strictest of confidence; and 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller. Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you wish not to pursue negotiations leading to the acquisition of 575 St Paul Boulevard, Carol Stream, IL or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum. A prospective purchaser s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.