INVESTMENT OPPORTUNITY CHASE BANK (NYSE: JPM | S&P: A+)

DELANO, CA

OFFERED AT: $1,923,000 | 6.25% CAP OFFERED AT $2,027,000 | 6% CAP

Actual Property EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

TABLE OF CONTENTS

3 Offering Summary 4 Investment Highlights 5 Lease Summary, Rent Schedule & Abstract 6 Location Maps 7 Site Plan 8 Property Photos 9 Aerials 14 About Chase Bank 15 Delano Overview 16 Bakersfield Overview 17 Demographics

Confidentiality Agreement & Disclosures

EXCLUSIVELY LISTED BY

RYAN BARR RYAN BENNETT Principal Principal 760.448.2446 760.448.2449 [email protected] [email protected] CA BRE LIC#01338994 CA BRE LIC#01826517

CHRISTOPHER SILL Senior Vice President 209.983.6837 [email protected] CA BRE LIC#01188616

Color Scheme

RGB R:145 / G:0 / B:40 CMYK C:0TODD / M:100 / Y:65 / K:47 WALLER

RGB R:119 / G:120 / B:123Principal CMYK C:0 / M:0 / Y:0 / K65

Fonts 608.327.4001 GOTHAM/ BLACK [email protected]/ MEDIUM GOTHAM/ LIGHT

Actual Property

CHASE BANK | Delano, CA | 2 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Offering Summary • Investment Highlights Lease Summary, Rent Schedule & Abstract

-- OFFERING SUMMARY --

INVESTMENT HIGHLIGHTS PROPERTY OVERVIEW Offering Price: $1,923,000 Address: 917 Main Street & 918 High Street Delano, CA 93215 Net Operating Income: $120,192 Building Size: 9,600 Sq. Ft. Cap Rate: 6.25% (6.72% Cap in March 2021) Lot Size (2 Parcels): 37,460 Sq. Ft. Price/SF: $200.31 038-190-15-00-5 APN: Lease Type: Triple-Net (NNN) 038-190-16-00-8 57,000 CARS PER DAY Ownership: Fee Simple (Land, Building) Year Built: 1996

Lee & Associates is pleased to exclusively offer for sale the fee simple interest (land & building) in a Chase Bank property located in the City of Delano, CA (the “Property”). The Property consists of a 9,600-square-foot retail building that sits on two separate parcels totaling approximately 37,460 square feet. Built in 1996, the building is 100% leased to JP Morgan Chase Bank (NYSE: JPM). JPMorgan Chase Bank, N.A. (S&P: A+), commonly known as Chase, is a multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States and is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion. It is the world’s most valuable bank by market capitalization. Chase Bank has operated at this location since December 2008 when they were assigned the lease by the FDIC. In December 2017, HIGH ST (8,000 CPD) Chase extended the lease early for another 5 years, reflecting their assumed success and commitment to the site. The tenant’s rent will increase by 7.5% in March 2021, providing an investor an attractive cap rate of 6.72%. The lease is triple-net (NNN) featuring 10TH AVE (5,000 CPD) very limited responsibilities for the Landlord. See lease abstract on page 5. The subject property is located along Main St, offering excellent visibility for the property. The Chase Bank features ample off-street parking with 51 spaces and easy in/out access for customers. The Chase Bank is ideally located in Downtown Delano, amongst a strategic concentration of banking institutions that serve the flourishing agricultural economy of the Central Valley. The property is also close to city offices and services, as well as retail neighbors Vallarta Supermarkets, Goodwill, Central Valley Office Supply, Family Dollar, Chamber of Commerce, and T-Mobile. Delano is centrally located between the cites of Los Angeles and Sacramento. 9TH AVE (5,000 CPD) The property is located within the City of Delano, the second-largest city in Kern County, in the southern end of California’s Central Valley. Strategically located along Freeway 99 and well connected to surrounding communities by highways, Delano is emerging as the center of trade and services for residents within a 25-mile radius. Delano is one of the fastest-growing cities in California, MAIN ST (4,000 CPD) and saw its population increase nearly 75% since 2000. Delano is known as the grape capital of the world, and is also an abundant producer of citrus products. It is the home of the global headquarters for Wonderful Citrus, America’s largest integrated citrus grower, shipper and packer, as well as other nearby farms including Munger Farms, a food production company, Lucich Farms, and Hronis Citrus, a large company that grows, packs and ships table grapes and citrus. Delano’s central location along Hwy 99 has brough new development, both commercial/retail as well as residential, bringing new jobs to the region and marking Delano as a shopping destination for surrounding outlying communities. Some of these developments include Delano Marketplace, a 45-acre shopping center anchored by Walmart Supercenter, with co-tenants including Ross Dress for Less, Valley Republic Bank, Hyatt Place, McDonald’s, IHOP, and Round Table Pizza; The Vineyard (Delano Marketplace II), a 42- acre project, with a majority of the space designated for big box retailer anchors with a lifestyle shopping center that will feature a movie theatre, restaurants, and shops; Delano Lifestyle Center, a mixed-use project that will combine living, shopping, working and entertainment within a safe community.

Actual Property

CHASE BANK | Delano, CA | 3 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary • Investment Highlights • Lease Summary, Rent Schedule & Abstract

-- INVESTMENT HIGHLIGHTS --

JPMORGAN CHASE BANK (NYSE: JPM) • INVESTMENT GRADE CREDIT (S&P:A+) • RANKED BY S&P GLOBAL AS SIXTH- LARGEST BANK IN THE WORLD BY TOTAL ASSETS ($2.535 TRILLION-2018) The building is 100% leased to JP Morgan Chase Bank (NYSE: JPM). JPMorgan Chase Bank, N.A. (S&P A+), commonly known as Chase, is a multinational investment bank and financial services company headquartered in New York City. JPMorgan Chase is the largest bank in the United States and is ranked by S&P Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion. It is the world’s most valuable bank by market capitalization. STRONG DEPOSITS OF OVER $60,000,000 AT THIS LOCATION • OPERATED AS A BANKING INSTITUTION FOR 23 YEARS • RECENT EARLY LEASE EXTENSION REFLECTS COMMITMENT TO SITE Chase Bank has operated at this location since December 2008 when they were assigned the lease by the FDIC. In December 2017, Chase extended the lease early for another 5 years, reflecting their assumed success and commitment to the site. 7.5% RENT INCREASE IN MARCH 2021 BUMPING THE CAP RATE TO 6.72% • TRIPLE-NET (NNN) LEASE OFFERS LANDLORD LIMITED RESPONSIBILITIES The tenant’s rent will increase by 7.5% in March 2021, providing an investor an attractive cap rate of 6.72%. The lease is triple-net (NNN) featuring very limited responsibilities for the Landlord. See lease abstract on page 5. PROXIMITY TO HWY 99 (57,000 CPD) • FRONTAGE ALONG MAIN STREET • OUTSTANDING ACCESS & VISIBILITY • AMPLE PARKING • MULTIPLE DRIVE-THRU LANES The subject property is located along Main St, offering excellent visibility and easy in/out access. The Chase Bank features off- street parking with 51 spaces and offers four (4) drive-thru teller lanes for easy in/out access for customers. Additionally, the property is located just a few blocks from the on/off ramp to Highway 99 (57,000 CPD), a major north-south artery through the central California corridor, carrying travelers between Los Angeles and Sacramento. LOCATED IN DOWNTOWN CORE CLOSE TO CITY OFFICES, SHOPPING, SERVICES • CENTRALLY LOCATED BETWEEN LOS ANGELES & SACRAMENTO The Chase Bank is ideally located in Downtown Delano, amongst a strategic concentration of banking institutions that serve the flourishing agricultural economy of the Central Valley. The property is also close to city offices and services, as well as retail neighbors Vallarta Supermarkets, Goodwill, Central Valley Office Supply, Family Dollar, Chamber of Commerce, and T-Mobile. Delano is centrally located between the cites of Los Angeles and Sacramento. DELANO: ONE OF THE FASTEST GROWING CITIES IN CALIFORNIA • AGRICULTURE A MAJOR ECONOMIC DRIVER • NEW COMMERCIAL & RESIDENTIAL DEVELOPMENT The property is located in the City of Delano, the second-largest city in Kern County, in the southern end of California’s Central Valley. Strategically located along Freeway 99 and well connected to surrounding communities by highways, Delano is emerging as the center of trade and services for residents within a 25-mile radius. Delano is one of the fastest-growing cities in California, and saw its population increase nearly 75% since 2000. Delano is known as the grape capital of the world, and is an abundant producer of citrus products. It is home to the global headquarters for Wonderful Citrus, America’s largest integrated citrus grower, shipper and packer, as well as other nearby farms including Munger Farms, a food production company, Lucich Farms, and Hronis Citrus, a large company that grows, packs and ships table grapes and citrus. Delano’s central location along Hwy 99 has brought new development, both commercial/retail as well as residential, bringing new jobs to the region and marking Delano as a shopping destination for surrounding outlying communities. Some of these developments include Delano Marketplace, a 45-acre shopping center anchored by Walmart Supercenter, with co-tenants including Ross Dress for Less, Valley Republic Bank, Hyatt Place, McDonald’s, IHOP, and Round Table Pizza; The Vineyard (Delano Marketplace II), a 42-acre project, with a majority of the space designated for big box retailer anchors with a lifestyle shopping

CHASE BANK | Delano, CA | 4 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Offering Summary Investment Highlights • Lease Summary, Rent Schedule & Abstract •

-- LEASE SUMMARY -- -- RENT SCHEDULE --

LEASE INFORMATION LEASE TERM TENANT: JPMorgan Chase Bank (NYSE: JPM) TERM START DATE END DATE NOI/YR NOI/MO NOI/SF/YR ANNUAL DEPOSITS: $60,347,000 Oriiginal 9/21/1996 9/20/1998 $47,088.00 $3,924.00 $5.25 CREDIT RATING: S&P: A+ 1st Amendment 9/21/1998 9/20/1999 $82,440.00 $6,870.00 $9.20 BUILDING SIZE: 9,600 SF 9/21/1999 9/20/2000 $84,913.20 $7,076.10 $9.48 LOT SIZE: 37,460 SF 9/21/2000 9/20/2001 $87,460.56 $7,288.38 $9.76 038-190-15-00-5 APN: 9/21/2001 9/20/2002 $90,084.36 $7,507.03 $10.05 038-190-16-00-8 9/21/2002 9/20/2003 $92,786.88 $7,732.24 $10.35 RENT COMMENCEMENT: December 22, 2008 (Date Lease was Assigned to Chase Bank) Ext 11-19-2002 9/21/2003 9/20/2008 $84,000.00 $7,000.00 $9.38 LEASE EXPIRATION: September 20, 2023 2nd Amendment 9/21/2008 3/20/2011 $90,000.00 $7,500.00 $10.04 BASE TERM: 10 Years 3/21/2011 9/20/2013 $96,750.00 $8,062.50 $10.80 REMAINING LEASE TERM: 4 Years 9/21/2013 3/20/2016 $104,006.28 $8,667.19 $11.61 OPTIONS TO RENEW: (1) 5-Year Option 3/21/2016 9/20/2018 $111,806.76 $9,317.23 $12.48 RENT INCREASES: 7.5% Increase (3/21/2021); Option 1 Option 1 9/21/2018 3/20/2021 $120,192.00 $10,016.02 $12.52 LEASE TYPE: Triple-Net (NNN) 3/21/2021 9/20/2023 $129,206.64 $10,767.22 $13.46 LANDLORD RESPONSIBILITIES: See Broker for Full Detailed Lease Abstract OPTION - (1) 5-YEAR OPTION ANNUAL RENT: $120,192 Option 2 9/21/2023 3/20/2026 $138,897.12 $11,574.76 $14.46 -- LEASE ABSTRACT -- 3/21/2026 9/20/2028 $149,314.44 $12,442.87 $15.55

Property Taxes: Tenant Responsibility

Insurance: Tenant Responsibility

Common Area: Tenant Responsibility Repairs & Maintenance Tenant Responsibility (Including Roof, HVAC, Parking Lot) Roof & Structure (Replacement) Tenant & Landlord Responsibility

HVAC (Replacement) Tenant & Landlord Responsibility

(See Broker for Full Detailed Lease Abstract)

CHASE BANK | Delano, CA | 5 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Location Maps • Site Plan Property Photos Aerials

-- LOCATION MAPS --

Kovacevich 5 Farms County Line Rd Ave 0 County Line Rd Ave 0 High St FRESNO

Morningside MONTEREY 77 Miles Elementary School Albany Park Elementary School Browning Rd Princeton Street Randolph St Elementary Valley School High School

High St Delano Adult School DELANO Bakersfield Delano 32 Miles College-Delano Cecil Ave High School Cecil Ave 126 Miles Cecil Avenue La Vina Almond Tree Middle School Middle School Middle School BAKERSFIELD Robert F. Kennedy Fremont Lexington St SAN LUIS OBISPO High School Elementary School 11th Ave 11th Ave 143 Miles Pioneer Cesar E. Chavez SANTA MARIA School High School Main St Del Vista Math & High St Science Academy LANCASTER Garces Hwy Garces Hwy

SANTA BARBARA Browning Rd Randolph St Delano Public Golf Course

LOS ANGELES S Lexington St RIVERSIDE

The Vineyard LONG BEACH (Delano Marketplace II) Coming Soon

Aviator Woollomes Ave Casino Woollomes Ave Delano Delano Marketplace Municipal Airport CARLSBAD

SAN DIEGO Wonderful Citrus

CHASE BANK | Delano, CA | 6 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps • Site Plan • Property Photos Aerials

-- SITE PLAN -- HIGH ST Enclosure Fenced 10TH AVE Bank TellerDrive-Thru Bank TellerDrive-Thru Bank TellerDrive-Thru Bank TellerDrive-Thru

MAIN ST

CHASE BANK | Delano, CA | 7 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan • Property Photos • Aerials

-- PROPERTY PHOTOS --

Rear Entrance from Alley

(4) Drive-Thru Teller Lanes Overhead Aerial View of Property Front Entrance from Main Street

CHASE BANK | Delano, CA | 8 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- OVERHEAD VIEW --

57,000 CARS PER DAY

HIGH STREET 8,000 CARS PER DAY

9TH AVE (5,700 CPD) REAR PARKING LOT WITH ACCESS FROM HIGH ST

DRIVE-THRU TELLER LANES

MAIN STREET 3,500 CARS PER DAY ACCESS

CHASE BANK | Delano, CA | 9 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- LOOKING NORTH -- EARLIMART

PRINCETON STREET ELEMENTARY SCHOOL DELANO HIGH SCHOOL 57,000 CARS PER DAY RV FRUIT LLC FARMERS MACHINE & HYDRAULIC

KERN COUNTY FIRE STATION 34 DELANO PARIS BOUTIQUE TRANSIT CENTER JALISCO JEWELERS KERN COUNTY DELANO MOTORS JEFFERSONSUPERIOR ST COURT AUTO BODY BUS STATION MARLIN’S FLOWER SHOP DELANO EMART CITY HALL 11TH AVE (7,900 CPD) EMMANUEL’S FURNITURE FAMILY SHOES PHYSICIAN’S AUTOMATED 3 SISTER LABORATORY MARKET REINAS MOBILE

JORGE’S BEATRIZ BARBER SHOP BRIDAL SHOP DELANO BRANCH LIBRARY JR FURNITURE MAIN STREET DELANO PARTY 3,500 CARS PER DAY SUPPLY DELANO PETS & 10TH AVE (5,700 CPD) SUPPLIES HIGH STREET 8,000 CARS PER DAY DELANO OASIS CHAMBER OF CLEANER COMMERCE WORLD HARVEST LA LATINA INTERNATIONAL CHURCH FURNITURE

AL’S LIQUORS & BARTER SPORTING GOODS BROTHERS

AE GAMES/VIDO GAME STORE

METRO MOTORS

9TH AVE (5,700 CPD)

CHASE BANK | Delano, CA | 10 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- LOOKING SOUTH -- MCFARLAND

DELANO MUNICIPAL AIRPORT CASA HERNANDEZ DELANO PUBLIC GOLF APARTMENTS COURSE 57,000 CARS PER DAY SHARMA NORTH KERN GARCES HWY MEDICAL CLINIC GARCES HWY MOTORSPORTS GARCES HWY DELANO REGIONAL KERN COUNTY MEDICAL CENTER SHERIFF’S DEPARTMENT DELANO EQUIPMENT DADD NON- RENTAL PROFIT ORG SAN JOAQUIN DELANO DMV PAINT & GLASS LEXINGTON ST JEFFERSON ST JESSIE SOLORIO & SON XPRESS TIRES & COLD STORAGE AUTO REPAIR 8TH AVE 8TH AVE HIGH STREET 8,000 CARS PER DAY MAIN STREET 3,500 CARS PER DAY BEST AUTO DELANO FEED REPAIR & SMOG STORE 2 STOP SMOG

9TH AVE (5,700 CPD) 9TH AVE (5,700 CPD)

AE GAMES/VIDO METRO GAME STORE MOTORS AL’S LIQUORS & BARTER SPORTING GOODS BROTHERS

LA LATINA FURNITURE DELANO JEFFERSON ST WORLD HARVEST OASIS CHAMBER OF INTERNATIONAL CHURCH CLEANER COMMERCE

DELANO PARTY DELANO PETS & SUPPLY SUPPLIES

10TH AVE (5,700 CPD) 10TH AVE (5,700 CPD)

DELANO BRANCH LIBRARY

CHASE BANK | Delano, CA | 11 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- LOOKING EAST -- NORTH KERN LA VINA CESAR E. CHAVEZ HIGH SCHOOL COMMUNITY SCHOOL MIDDLE SCHOOL

ST. MARY’S DEL VISTA MATH AND SCHOOL SCIENCE ACADEMY DELANO HIGH SCHOOL

LEXINGTON ST 11TH AVE (7,900 CPD) DELANO CITY HALL 8TH AVE

JEFFERSON ST DELANO JEFFERSON ST 9TH AVE (5,700 CPD) BRANCH LIBRARY WORLD HARVEST INTERNATIONAL CHURCH 3 SISTER JORGE’S MARKET BARBER SHOP OASIS LA LATINA AL’S LIQUORS & AE GAMES/VIDO BEATRIZ JR FURNITURE GAME STORE BRIDAL SHOP 10TH AVE (5,700 CPD) CLEANER FURNITURE SPORTING GOODS MAIN STREET 3,500 CARS PER DAY REINAS MOBILE BARTER BROTHERS 2 STOP SMOG DELANO PETS & SUPPLIES

BEST AUTO REPAIR & SMOG METRO MOTORS DELANO PARTY SUPPLY

HIGH STREET 8,000 CARS PER DAY

CHASE BANK | Delano, CA | 12 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Location Maps Site Plan Property Photos • Aerials •

-- LOOKING WEST -- ROBERT F. KENNEDY PIONEER SCHOOL HIGH SCHOOL KERN COUNTY FIRE STATION 37

10TH AVE 11TH AVE FREMONT 8TH AVE ELEMENTARY SCHOOL 9TH AVE DELANO COMMUNITY CENTER 57,000 CARS PER DAY

11TH AVE (7,900 CPD) JESSIE SOLORIO & SON COLD STORAGE

DELANO FEED STORE DELANO CHAMBER OF COMMERCE HIGH STREET DELANO PARTY 8,000 CARS PER DAY SUPPLY 10TH AVE (5,700 CPD) PHYSICIAN’S AUTOMATED BEST AUTO METRO LABORATORY REPAIR & SMOG MOTORS

DELANO PETS & SUPPLIES

2 STOP SMOG BARTER BROTHERS REINAS MOBILE

9TH AVE (5,700 CPD)

MAIN STREET JORGE’S 3,500 CARS PER DAY BARBER SHOP

AE GAMES/VIDO AL’S LIQUORS & LA LATINA OASIS JR FURNITURE 3 SISTER GAME STORE SPORTING GOODS FURNITURE CLEANER BEATRIZ MARKET BRIDAL SHOP

CHASE BANK | Delano, CA | 13 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• About Chase Bank •

-- ABOUT CHASE BANK --

Chase Bank is the U.S. consumer and commercial banking subsidiary of JPMorgan Chase & Co. (NYSE: JPM), a leading global COMPANY OVERVIEW financial services firm with $2.6 trillion in assets and operations worldwide. Chase offers more than 5,100 branches and 16,000 ATMs nationwide. JPMorgan Chase & Co. has over 250,000 employees, and operates in more than 100 countries. U.S. Holding Company: JPMorgan Chase Bank, N.A. Founded: 1877

JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States, with a history Credit Rating: S&P A+ dating back over 200 years. JPMorgan Chase is the largest bank in the United States, and is ranked by S&P Sales Revenues: $109.029 Billion (2018) Global as the sixth largest bank in the world by total assets as of 2018, to the amount of $2.535 trillion. It is the world’s most valuable bank by market capitalization. Net Income: $32.474 Billion (2018) As a “Bulge Bracket” bank, it is a major provider of various investment banking and financial services. It is one of America’s Big Four banks, along with Total Assets: $2.623 Trillion (2018) Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank. The J.P. Morgan brand, historically Branches: 5,100+ known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee. The ATMs: 16,000 Chase brand is used for credit card services in the United States and Canada, the bank’s retail banking activities in the United States, and commercial Employees:: 250,535 banking. Both the retail and commercial bank and the bank’s corporate headquarters are currently located at 383 Madison Avenue in Midtown Manhattan, New York City, while the prior headquarters building directly across the street, 270 Park Avenue, is demolished and replaced with a new building. The Headquarters: New York City, NY company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co. www.jpmorganchase.com Website: ANNUAL REPORT 2018 www.chase.com As of 2019, the bank is one of the largest asset management companies in the world with $2.178 trillion #1 89% Financial Highlights 2016 YOU INVEST 2017#1 in U.S. retail TOP 10 2018 deposit growth 89% of You Invest customers are $ 96,569 56,672 first-time investors with Chase in assets under management and $25.45 trillion in assets under custody. At $45.0 billion in assets under $ 100,705 Ranked Top 10 on Fortune magazine’s 39,897 As of or for the year ended December 31, 59,515 $ 109,029 5,361 World’s Most Admired Companies list (in millions, except per share, ratio data and headcount) 41,190 (a) 63,394 5,290 $ 24,733 Reported basis 45,635 Total net revenue 4,871 $ 24,441 management, the hedge fund unit of JPMorgan Chase is the third largest hedge fund in the world. Total noninterest expense $ 32,474 Pre-provision profit $ 6.24 6.19 Provision for credit losses $ 6.35 1.88 Net income 6.31 $ 9.04 64.06 9.00 20,0002.12 Per common share data 51.44 2.72 FINANCING/AFFORDABLE67.04 Net income per share: 70.35 PROPERTIES53.56 Basic 10 % Diluted 56.33 10 % 13 #1 Cash dividends declared (b) Financing for 20,000 affordable 12.2 Book value properties13 % for low-income12 individuals The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial 13.9 #1 Tangible book value (TBVPS) 17 12.1 #1 most visited banking portal in the U.S. (b) across the U.S. 15.2 12.0 13.8 • 49 million active digital customers Selected ratios 13.7 15.7 • 33 million active mobile customers Return on common equity (c) #1 U.S. 15.5 multifamily lender Return on tangible common equity (ROTCE) $ 894,765 (c) 2,490,972 Common equity Tier 1 capital ratio $ 930,697 banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial (c) Tier 1 capital ratio 1,375,179 $ 984,554 2,533,600 Total capital ratio 228,122 CLICK TO VIEW 2,622,5322018 1,443,982 ANNUAL REPORT 229,625 254,190 Selected balance sheet data (period-end) 1,470,666 255,693 Loans 230,447 Total assets 256,515 $ 86.29 Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s 307,295 Deposits $ 106.94 Common stockholders’ equity 366,301 3,561.2 $ 97.62 Total stockholders’ equity 3,425.3 319,780#1 243,355 Market data 3,275.8 252,539 Closing share price $1T FIRST #1 in global investment256,105 banking fees OF M&A most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Market capitalization U.S. BANK Common shares at period-end for the 10th WITH DIGITAL COIN consecutive year Advisor on more than Headcount $1 trillion of announced M&A First U.S. bank with (a) Results are presented in accordance with accounting principles generally accepted in the United States of America, except where transactions otherwise noted. a digital coin JPMorgan Chase, through its Chase subsidiary, is one of the Big Four banks of the United States. (b) TBVPS and ROTCE are each non-GAAP financial measures. For further discussion of these measures, refer to Explanation and Reconciliation of the Firm’s Use of Non-GAAP Financial Measures and Key Financial Performance Measures on pages 57–59. (c) The ratios presented are calculated under the Basel III Fully Phased-In Approach, and they are key regulatory capital measures. For further discussion, refer to “Capital Risk Management” on pages 85-94.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.6 trillion and operations worldwide.$500M The firm is a leader in investment banking, financial services for consumersADVANCING andCITIES small INITIATIVEbusinesses, commercial banking, financial83% transaction processing and asset management. A component of the DowRANKED Jones Industrial IN TOP TWO QUARTILES Average, JPMorgan$500 Chase million & Co. Advancingserves millionsCities initiativeof customers in the United States and 10% many of the world’sto create most prominenteconomic opportunity corporate, institutional in cities and government clients WAGE INCREASE under its J.P. Morgan and Chase brands. 83% of long-term mutual fund assets around the world under management ranked in the Information about J.P. Morgan’s capabilities can be found at jpmorgan.comtop two quartiles and overabout the 10-year period 10% wage increase, on average, to $15–$18 per hour Chase’s capabilities at chase.com. Information about JPMorgan Chase & Co. is available at jpmorganchase.com. for 22,000 employees

CHASE BANK | Delano, CA | 14 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

• Delano Overview • Bakersfield Overview Demographics

-- DELANO OVERVIEW --

The City of Delano is located in Kern County, 31 miles north of Bakersfield, in the southern end of California’s Central Valley. The city is strategically situated along Freeway 99, one of California’s primary north/south arteries, offering a central location that is well connected to its surrounding communities. Delano is a culturally diverse community and has long been regarded as an “International Community”; the population is drawn from multiple origins yet its citizens have many things in common, including a strong sense of community and work ethic. Delano is one of the fastest growing cities in California, seeing its population increase nearly 75% since 2000. Today, with a population of 52,709, Delano is Kern County’s second-largest city after Bakersfield. AGRICULTURE A MAJOR ECONOMIC DRIVER • GRAPE CAPITAL OF THE WORLD • HOME TO MAJOR FARM COMPANIES & AG PRODUCERS While Delano’s economy spans health care, manufacturing, retail trade, and more, agruculture is the area’s dominant industry. Delano is known as the grape capital of the world, and is also an abundant producer of citrus products. The global headquarters of Wonderful Citrus, America’s largest integrated citrus grower, shipper and packer, is headquartered here. Other nearby farms include Munger Farms, a food production company, Lucich Farms and Hronis Citrus, a large company that grows, packs & ships table grapes and citrus. HOME TO DELANO REGIONAL MEDICAL CENTER • LARGEST REGIONAL PROVIDER OF HEALTH CARE • SERVING 10 TOWNS IN KERN COUNTY Known throughout California and beyond, Delano Regional Medical Center (governed by Central California Foundation for Health) is a full- service community and regional hospital serving 10 rural central California towns in Kern County. DRMC serves 10 rural central California cities and has always been committed to providing exceptional patient experience. With a total of 156 beds, DRMC is a not-for-profit hospital Delano Regional Medical Center with services including an intensive care unit, a sub-acute care Unit, a medical-surgical unit, a dedicated surgical pavilion and an obstetrics- Source: Adventist Health gynecology Unit. Over the past 35 years, DRMC has grown in both size and technological expertise. Expansions have included a 20,000-square-foot wing addition, adding 30 additional beds for acute care, a 10-bed Intensive Care Unit as well as an enlarged inpatient laboratory and pharmacy department, a 64-slice CT and new MRI in the radiology department, and a Pediatric Unit. CENTER OF TRADE & SERVICES • NEW COMMERCIAL/RETAIL/RESIDENTIAL DEVELOPMENTS • DESTINATION FOR OUTLYING COMMUNITIES Delano is emerging as the center of trade and services for residents in a 25-mile radius, and the city continues to grow with new development, both commercial/retail and residential, bringing new jobs to the region and marking Delano as a shopping destination for surrounding outlying communities.Some of the most notable projects include: • Delano Marketplace - The 45-acre project is anchored by Walmart Supercenter, and featuring other co-tenants Ross Dress for Less, Valley Republic Bank, Big 5 Sporting Goods, Hyatt Place, and restaurants IHOP, McDonald’s, Panda Express, Round Table Pizza, and Wild Wings ‘n Things. This prime location gives the site tremendous advantages with direct freeway access and visibility from one of the state’s busiest highways. • The Vineyard (Delano Marketplace II) - The project occupies a total land area of 42 acres, with a majority of the space designed for big box national retailer anchors with lifestyle shopping center that will feature a movie theatre, resturants, shops and other community retail amenities. This master planned mixed-use development will help reshape Delano’s future as one of Kern County’s up and coming communities. • The Delano Lifestyle Center - The Delano Lifestyle Center is comprised of three components: the “Delano Square” (commercial center), Wonderful Citrus Facility “Harvest Delano” (single family residences) and “Eden Garden” (luxury apartments), and consists of 45 acres developed in two phases. The entire residential complex will be a gated community with a leasing office, swimming pool, fitness center, BBQ areas, a basketball court and a jogging/walking trail. The Delano Lifestyle Center is a breakthrough concept that includes horizontal mixed-use, providing an integrated experience that combines living, shopping, working and entertainment within a safe community.

CHASE BANK | Delano, CA | 15 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW

Delano Overview • Bakersfield Overview • Demographics

-- BAKERSFIELD OVERVIEW --

Bakersfield is a city in Southern California, near the southern end of the San Joaquin Valley in Kern County. The city is 110 miles north of Los Angeles and about the same distance south of Fresno. It is an inland city about 135 mi east of Pismo Beach on the Pacific Ocean. Bakersfield’s population is around 375,000, making it the 9th largest city in California and the 52nd largest city in the United States. The city is also the county seat for Kern County, which encompasses the entire MSA and is the third largest county in California by area. The total Bakersfield inner urban area, which includes East Bakersfield and Rosedale, has a population close to 464,000. DIVERSE ECONOMY • GROWING MANUFACTURING & DISTRIBUTION SECTOR • CORPORATE & REGIONAL HEADQUARTERS FOR MAJOR AGRICULTURAL COMPANIES Bakersfield has a very diverse economy. Bakersfield’s historic and primary industries have related to Kern County’s two main industries, oil and agriculture. Kern County is the most oil productive county in America, with around 10% of the nation’s domestic production. Kern County is a part of the highly productive San Joaquin Valley, and ranks in the top five most productive agricultural counties in the nation. Major crops for Kern County include: grapes, citrus, almonds, carrots, alfalfa, cotton, and roses. The city serves as the home for both corporate and regional headquarters of companies engaged in these industries. Bakersfield also has a growing manufacturing and distribution sector. Several companies have moved to Bakersfield because of its inexpensive land and access to the rest of America, as well as international ports in both Los Angeles and Oakland. Other companies have opened regional offices and non-oil/agricultural businesses because of Bakersfield’s and Kern County’s business friendly policies, such as having no local utility or inventory taxes. Products manufactured in the city include: ice cream (world’s largest ice cream plant), central vacuums, highway paint, and stock racing cars. Bakersfield is the largest city with the lowest sales tax in California at the state minimum of 7.25%. VIBRANT DOWNTOWN • Located in the heart of the City, Downtown Bakersfield is the central business district for Bakersfield, California. It is also reemerging as the center of Bakersfield’s arts, culture and entertainment sectors. Downtown contains several of the city’s major theaters, sporting complexes, museums, and historical landmarks. Unlike most cities of similar size, Bakersfield does not have a towering skyline. The shops and cafes that line the Downtown streets feature a variety of dining and shopping opportunities. Notable attractions in Downtown Bakersfield include the Rabobank Arena, the McMurtrey Aquatic Center, the Bakersfield Museum of Art, the historic Fox Theater, the exquisitely renovated The Padre Hotel, and a nightlife district centered around 19th Street and Wall Street Alley.

Aerial View of Bakersfield Bakersfield Sign The Padre Hotel

CHASE BANK | Delano, CA | 16 SUMMARY PROFILE 2000-2010 Census, 2019 Estimates with 2024 Projections Calculated using Weighted Block Centroid from Block Groups

Lat/Lon: 35.7684/-119.2458 RS1 917 Main St 1 mi radius 3 mi radius 5 mi radius SUMMARYDelano, CA 93215 PROFILE 2000-20102019 Census, Estimated 2019 Population Estimates with 2024 Projections 0 T 20,739 46,704 55,518 Calculated using Weighted Block Centroid from Block Groups SUMMARY2024 Projected PROFILE Population 0 T 21,491 48,456 57,364 EXECUTIVE SUMMARY PROPERTY INFORMATION TENANT OVERVIEW AREA OVERVIEW 2000-20102010 Census, Census 2019 Population Estimates with 2024 Projections 0 T 19,433 43,989 55,344 Calculated using Weighted Block Centroid from Block Groups Delano Overview BakersfieldLat/Lon: Overview2000 35.7684/-119.2458 Census Population • Demographics • 0 T 16,925 37,082 41,893 RS1 Projected Annual Growth 2019 to 2024 - 0.7% 0.8% 0.7%

917POPULATION Main St Historical Annual Growth 2000 to 2019 - 1.2% 1.4% 1.7% -- DEMOGRAPHICS -- Lat/Lon: 35.7684/-119.2458 1 mi radius 3 mi radius 5 mi radius RS1 Delano,2019 CA Median 93215 Age 28.6 28.8 29.2 917 Main St 2019 Estimated HouseholdsPopulation 0 T 1 mi radius20,7395,332 3 mi radius 11,29446,704 5 mi radius 11,97955,518 Delano,2024 CA Projected 93215 HouseholdsPopulation 0 T 121,491 5,501Mile 3 11,68248,456Miles 5 12,38557,364 Miles

20102019 CensusEstimated HouseholdsPopulation Population 0 T 20,73919,4334,757 10,07546,70443,989 10,84055,51855,344 POPULATION SNAPSHOT 20002024 CensusProjected HouseholdsPopulation Population 0 T 21,49116,9254,265 48,45637,082 8,509 57,36441,893 9,009 • In 2017, Delano had a population of 52,700 people. Projected2010 Census Annual Population Growth 2019 to 2024 0 T- 19,4330.6%0.7% 43,989 0.7%0.8% 55,344 0.7% HOUSEHOLDS • There are over 1.3 million people within a 50-mile radius of the subject property. POPULATION Historical2000 Census Annual Population Growth 2000 to 2019 0 T- 16,9251.3%1.2% 37,082 1.7%1.4% 41,893 1.7%

• Delano is within Kern County, which comprises the Bakersfield Metropolitan POPULATION 2019Projected EstimatedMedian Annual Age White Growth 2019 to 2024 - 35.2%0.7%28.6 32.7% 0.8% 28.8 35.3% 0.7% 29.2 Statistical Area and includes an estimated 840,000 people. POPULATION 2019Historical Estimated Annual HouseholdsBlack Growth or African2000 to American 2019 0 T- 5,3321.2%1.9% 11,294 1.4%2.0% 11,979 1.7%4.2% • The median age in Delano is 30, which is well below the California average of 36. 20242019 ProjectedMedianEstimated Age HouseholdsAsian or Pacific Islander 0 T- 11.7%5,50128.6 11,682 17.4% 28.8 12,385 15.6% 29.2 - 1.2% 1.0% 0.9% 20102019 CensusEstimated Households HouseholdsAmerican Indian or Native Alaskan 0 T 4,7575,332 10,07511,294 10,84011,979 - 49.9% 46.9% 44.0% RACE AND RACE ETHNICITY 200020242019 CensusProjectedEstimated Households HouseholdsOther Races 0 T 4,2655,501 11,682 8,509 12,385 9,009 HOUSING SNAPSHOT - 83.3% 77.5% 74.5% Projected20102019 CensusEstimated Annual Households Hispanic Growth 2019 to 2024 0 T- 4,7570.6% 10,075 0.7% 10,840 0.7% HOUSEHOLDS HOUSEHOLDS • The median property value in Delano is $214,200, which is up 5.3% from 2017. 2000Historical2019 CensusEstimated Annual Households Average Growth Household2000 to 2019 Income $00 T- $56,9214,2651.3% $59,879 8,509 1.7% $60,421 9,009 1.7%

• Approximately 59% of residents in Delano own their home (2017), up from 55.8% Projected2019 Estimated Annual WhiteMedian Growth Household 2019 to 2024 Income $0 T- $43,66935.2%0.6% $48,908 32.7% 0.7% $49,089 35.3% 0.7% in 2016. HOUSEHOLDS INCOME Historical2019 Estimated Annual BlackPer Growth Capita or African2000 Income to American 2019 $0 T- $15,1371.3%1.9% $15,283 1.7%2.0% $15,393 1.7%4.2% • There are nearly 12,000 households within a 5-mile radius of the subject property. - 11.7% 17.4% 15.6% 2019 Estimated WhiteElementaryAsian or Pacific (Grade Islander Level 0 to 8) - 35.2%33.9% 32.7%32.0% 35.3%29.2% - 1.2% 1.0% 0.9% 2019 Estimated BlackSomeAmerican orHigh African Indian School Americanor (GradeNative AlaskanLevel 9 to 11) - 12.7%1.9% 11.2% 2.0% 14.5% 4.2% - 49.9% 46.9% 44.0%

RACE AND RACE ETHNICITY 2019 Estimated Other Races - 11.7%26.4% 17.4%27.1% 15.6%27.3% ECONOMY SNAPSHOT 2019 Estimated AsianHigh School or Pacific Graduate Islander This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. or representation without provided is herein information The reliable. be to deemed sources government and private from data using produced was report This RACE & ETHNICITYRACE 2019 Estimated AmericanSomeHispanic College Indian or Native Alaskan - 15.0%83.3%1.2% 16.1%77.5% 1.0% 16.6%74.5% 0.9% • Between 2016 and 2017, the median household income in Delano grew from 2019 Estimated Associates Degree Only - 49.9%4.5% 46.9% 4.6% 44.0% 4.4% RACE AND RACE ETHNICITY 2019 Estimated Other Races $36,265 to $38,708, an increase of 6.74%. (AGE 25+) 2019 Estimated Average Household Income $0 T $56,921 $59,879 $60,421 EDUCATION 2019 Estimated Bachelors Degree Only - 83.3%5.7% 77.5% 7.3% 74.5% 6.4% • The largest industries in Kern County are Agriculture, Forestry, Fishing & Hunting; 2019 Estimated MedianHispanic Household Income $0 T $43,669 $48,908 $49,089 - 1.8% 1.7% 1.6%

INCOME 2019 Estimated Graduate Degree Health Care & Social Assistance; and Retail Trade. INCOME 2019 Estimated AveragePer Capita Household Income Income $0 T $56,921$15,137 $59,879$15,283 $60,421$15,393 • In 2016, Kern County’s Gross Domestic Product (GDP) reached $35.2 billion. 2019 Estimated ElementaryTotalMedian Businesses Household (Grade IncomeLevel 0 to 8) $00 T- $43,66933.9%745 $48,908 32.0% 1,083 $49,089 29.2% 1,160

• Kern County’s top employers are Edwards Air Force Base, the County of Kern, China Lake INCOME 2019 Estimated TotalSomePer Capita Employees High IncomeSchool (Grade Level 9 to 11) $00 T- $15,13712.7%6,676 $15,283 10,013 11.2% $15,393 12,319 14.5% Naval Weapons Center, Grimmway Farms, and Dignity Health. 2019 Estimated Employee Population per Business - 26.4%9.0 27.1%9.2 27.3%10.6 2019 Estimated ElementaryHigh School (Grade Graduate Level 0 to 8) - 33.9% 32.0% 29.2% This report was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty. or representation without provided is herein information The reliable. be to deemed sources government and private from data using produced was report This BUSINESS BUSINESS 2019 Estimated Residential Population per Business - 15.0%27.8 16.1% 43.1 16.6% 47.9 2019 Estimated Some HighCollege School (Grade Level 9 to 11) - 12.7% 11.2% 14.5% ©2019, Sites2019 USA, Chandler,Estimated Arizona, Associates 480-491-1112 Degree Only page 1 of 1 Demographic- Source: Applied26.4%4.5% Geographic Solutions 27.1% 4.6% 4/2019, TIGER Geography 27.3% 4.4% (AGE 25+) 2019 Estimated High School Graduate EDUCATION - 5.7% 7.3% 6.4% warranty. or representation without provided is herein information The reliable. be to deemed sources government and private from data using produced was report This 2019 Estimated SomeBachelors College Degree Only - 15.0% 16.1% 16.6% - 1.8% 1.7% 1.6% 2019 Estimated AssociatesGraduate Degree Degree Only - 4.5% 4.6% 4.4% (AGE 25+) EDUCATION 2019 Estimated TotalBachelors Businesses Degree Only 0 T- 5.7%745 1,083 7.3% 1,160 6.4% 2019 Estimated TotalGraduate Employees Degree 0 T- 6,6761.8% 10,013 1.7% 12,319 1.6% CHASE BANK | Delano, CA | 17 2019 Estimated EmployeeTotal Businesses Population per Business 0 T- 7459.0 1,0839.2 1,16010.6 BUSINESS 2019 Estimated ResidentialTotal Employees Population per Business 0 T- 6,67627.8 10,013 43.1 12,319 47.9 ©2019, Sites2019 USA, Chandler,Estimated Arizona, Employee 480-491-1112 Population per Business page 1 of 1 Demographic- Source: Applied 9.0Geographic Solutions 4/2019,9.2 TIGER Geography10.6

BUSINESS 2019 Estimated Residential Population per Business - 27.8 43.1 47.9

©2019, Sites USA, Chandler, Arizona, 480-491-1112 page 1 of 1 Demographic Source: Applied Geographic Solutions 4/2019, TIGER Geography Exclusively Listed By:

RYAN BARR RYAN BENNETT CHRISTOPHER SILL Principal Principal Senior Vice President BARR&BENNETT NETLEASEDINVESTMENTS 760.448.2446 760.448.2449 209.983.6837 A Lee & Associates Team [email protected] [email protected] [email protected]

Lee & Associates hereby advises all prospective purchasers of Net-Leased Invesment property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Lee & Associates has not and will not verify any of this information, nor has Lee & Associates conducted any investigation regarding these matters. Lee & Associates makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of an investment 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. Lee & Associates 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 an investment 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 investment 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 Lee & Associates and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this investment property.

No warranty or representation is made as to the accuracy of the foregoing information. Terms of sale, lease, and availability are subject to change or withdrawal without notice.

CHASE BANK | Delano, CA | 18