Popeyes 1103 North Main Street, Shelbyville, TN 37160

Representative Photo

OFFERING MEMORANDUM EXCLUSIVE NET – LEASE OFFERING Table of Contents

Financial Overview Investment Highlights & Overview Lease Summary Concept Overview

Location Overview Location Highlights Location Overview Surrounding Aerial Map

Demographics Population Income Employment 1103 North Main Street, Shelbyville, TN 37160 FINANCIAL OVERVIEW PRICE: $1,913,043 | 5.75% CAP | RENT: $110,000

PROPERTY DESCRIPTION HIGHLIGHTS Property Popeyes ➢ Brand New Construction Property Address 1103 North Main Street ➢ Brand New 20-Year Sale Leaseback to Commence at the Close of City, State, ZIP Shelbyville, TN 37160 Escrow Building Size (SF) 3,149 ➢ Triple Net (NNN) Lease with Zero Landlord Responsibilities Lot Size (Acres) +/- 0.70 ➢ Four (4) Tenant Renewal Options of Five (5) Years Each THE OFFERING ➢ Limited Guarantee from 35 Unit Burger King Entity Operated by Cambridge Franchise Holdings (“CFH”) Net Operating Income (NOI) $110,000 ➢ CFH is a 150-Unit Burger King Operator | One of the Largest, Fastest CAP Rate 5.75% Growing, and Most Profitable Burger King Franchises in the United Purchase Price $1,913,043 States LEASE SUMMARY ➢ CFH has an Excellent Track Record With Proven Operational Expertise Property Type Net-Leased Restaurant Ownership Fee Simple Guarantor Limited Parent Company Guarantee Rent Commencement Close of Escrow Lease Expiration 20 Years from Close of Escrow Lease Term Remaining 20 Years Lease Type Triple-Net (NNN) Roof & Structure Tenant Rental Increases 7.5% Every 5 Years Options to Renew Four, Five-Year Tenant Renewal Options Rental Increases in Options 7.5% Every 5 Years

This information has Thisbeen securedinformationfrom sourceshas beenwesecuredbelieve tofrombe reliable,sourcesbutwewebelievemake notorepresentationsbe reliable, butor warranties,we make noexpressedrepresentationsor implied, asortowarranties,the accuracyexpressedof the informationor implied,. Referencesas to theto squareaccuracyfootageof theor ageinformationare approximate. References. Buyer mustto squareverify thefootageinformationor age are and bears all risk forapproximateany inaccuracies. Buyer. Any projections,must verifyopinions,the informationassumptionsandorbearsestimatesall riskusedforhereinanyareinaccuraciesfor example. Anypurposesprojections,only and opinions,do not representassumptionsthe currentor estimatesor future performanceused hereinofarethe forpropertyexample. Marcuspurposes& MillichaponlyRealandEstatedo notInvestmentrepresentServicesthe currentis a or 3 service mark of Marcusfuture& MillichapperformanceReal Estateof theInvestmentpropertyServices,. MarcusInc.&©Millichap2013 MarcusReal& MillichapEstate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 3 FINANCIAL OVERVIEW

INVESTMENT SUMMARY ANNUALIZED OPERATING DATA Marcus & Millichap is pleased to present the exclusive listing for the Popeye’s Initial Annual Rent $110,000 located in Shelbyville, TN. The property consists of 3,149 rentable square feet and is situated on 0.70 acres of land. The property is subject to a 20-year triple- Base Term Rental Escalations 7.5% Every 5 Years net (NNN) lease with a limited guarantee from a 35 unit Burger King entity operated by Cambridge Franchise Holdings. The lease will commence upon the RENT SCHEDULE close of escrow. The base annual rent will be $110,000 and the lease calls for 7.5% rental increases every five years beginning in Year 6 during the base term Lease Year Annual Rent Monthly Rent and continuing through the four, five-year tenant renewal options. Year 1 $110,000 $9,166.67 Year 2 $110,000 $9,166.67 TENANT SUMMARY Year 3 $110,000 $9,166.67 Founded in 1972, Popeyes is the world’s second largest quick service chicken concept as measured by total number of restaurants (only behind KFC). As of Year 4 $110,000 $9,166.67 December 31, 2017, Popeyes owned or franchised a total of 2,892 restaurants. Year 5 $110,000 $9,166.67 Popeyes restaurants are quick service restaurants that distinguish themselves Year 6 $118,250 $9,854.17 with a unique “Louisiana” style menu featuring spicy chicken, chicken tenders, Year 7 $118,250 $9,854.17 fried shrimp and other seafood, red beans and rice and other regional items. Popeyes was acquired on March 27, 2017 for a total consideration of $1.7 billion Year 8 $118,250 $9,854.17 by Restaurant Brands International (NYSE: QSR). Year 9 $118,250 $9,854.17 Year 10 $118,250 $9,854.17 Year 11 $127,119 $10,593.23 Year 12 $127,119 $10,593.23 Year 13 $127,119 $10,593.23 Year 14 $127,119 $10,593.23 Year 15 $127,119 $10,593.23 Year 16 $136,653 $11,387.72 Year 17 $136,653 $11,387.72 Year 18 $136,653 $11,387.72 Year 19 $136,653 $11,387.72 Year 20 $136,653 $11,387.72 CAP Rate 5.75% Purchase Price $1,913,043

This information has Thisbeen securedinformationfrom sourceshas beenwesecuredbelieve tofrombe reliable,sourcesbutwewebelievemake notorepresentationsbe reliable, butor warranties,we make noexpressedrepresentationsor implied, asortowarranties,the accuracyexpressedof the informationor implied,. Referencesas to theto squareaccuracyfootageof theor ageinformationare approximate. References. Buyer mustto squareverify thefootageinformationor age are and bears all risk forapproximateany inaccuracies. Buyer. Any projections,must verifyopinions,the informationassumptionsandorbearsestimatesall riskusedforhereinanyareinaccuraciesfor example. Anypurposesprojections,only and opinions,do not representassumptionsthe currentor estimatesor future performanceused hereinofarethe forpropertyexample. Marcuspurposes& MillichaponlyRealandEstatedo notInvestmentrepresentServicesthe currentis a or 4 service mark of Marcusfuture& MillichapperformanceReal Estateof theInvestmentpropertyServices,. MarcusInc.&©Millichap2013 MarcusReal& MillichapEstate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 4 CONCEPT OVERVIEW

ABOUT POPEYES Founded in 1972, Popeyes is the world’s second largest quick service chicken concept as measured by total number of restaurants (only behind KFC). As of December 31, 2017, Popeyes owned or franchised a total of 2,892 restaurants. Popeyes restaurants are quick service restaurants that distinguish themselves with a unique “Louisiana” style menu featuring spicy chicken, chicken tenders, fried shrimp and other seafood, red beans and rice and other regional items. Popeyes was acquired on March 27, 2017 for a total consideration of $1.7 billion by Restaurant Brands International (NYSE: QSR).

Global Leadership in Chicken Segment One of the largest players with rapidly-growing market share

Unique, Highly-Differentiated Brand Internationally-recognized Louisiana heritage since 1972

Highly-Attractive Unit Economics >$1.4mm ARS and strong franchisee EBITDA margins

Nearly Fully-Franchised Business Model ~98% franchised, leading to healthy margins and cash flow

Significant Expansion Opportunity in the U.S. Consistent track record of successful growth across the country

International Growth Acceleration Numerous development agreements signed in last few years

This information has Thisbeen securedinformationfrom sourceshas beenwesecuredbelieve tofrombe reliable,sourcesbutwewebelievemake notorepresentationsbe reliable, butor warranties,we make noexpressedrepresentationsor implied, asortowarranties,the accuracyexpressedof the informationor implied,. Referencesas to theto squareaccuracyfootageof theor ageinformationare approximate. References. Buyer mustto squareverify thefootageinformationor age are and bears all risk forapproximateany inaccuracies. Buyer. Any projections,must verifyopinions,the informationassumptionsandorbearsestimatesall riskusedforhereinanyareinaccuraciesfor example. Anypurposesprojections,only and opinions,do not representassumptionsthe currentor estimatesor future performanceused hereinofarethe forpropertyexample. Marcuspurposes& MillichaponlyRealandEstatedo notInvestmentrepresentServicesthe currentis a or 5 service mark of Marcusfuture& MillichapperformanceReal Estateof theInvestmentpropertyServices,. MarcusInc.&©Millichap2013 MarcusReal& MillichapEstate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 5 LOCATION OVERVIEW

HIGHLIGHTS ➢ Surrounding Retailers Include: Walmart, Lowe’s, ADTC 18,430 Kroger, CVS, Walgreens, Tractor Supply Co, and Many Others ➢ High Visibility and Ease of Access | North Main Street | 18,430 Vehicles Per Day ➢ Nearby Accommodations | EconoLodge/Microtel Inn & Suites | Within .5 Miles ➢ Calsonic Arena | 4-H Events, Dog Shows, Rodeos and Circuses | 1.5 Miles Away ➢ Tennova Healthcare – Shelbyville | 60-Beds | 5 Miles Away MAJOR EMPLOYERS EMPLOYER # OF EMPLOYEES *

CNA Insurance 1,803 Tyson 1,200 Walmart 597 Albea 375 Cebal Americas 350 ADTC 19,670 Heritage Medical Center 350 Celebration 300 Ckna 277 Big G Express Inc 250 Jostens School Products Division 230 Titan Transfer Inc 230 Kroger 170

Shelbyville, TN * Based on a 5-mile radius

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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or 6 future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap Y0331740 This Popeyes property is located at 1103 North Main Street in Shelbyville, Tennessee. LOCATION OVERVIEW Shelbyville, the county seat of Bedford County, is about an hour drive southeast of Nashville. Surrounding Retail and Points of Interest The subject property is strategically positioned in a dense retail corridor benefiting from its proximity to major national and local tenants. Major national tenants in the area include: Walmart, Lowe’s, Kroger, CVS, Walgreens, and Tractor Supply Co, as well as many others. Ecolodge Inn & Suites and Microtel Inn & Suites by Wyndham both offer accommodations within a half mile of the subject property. This Popeyes property also benefits from the Calsonic Arena, which is less than two miles away and is the home of the Tennessee Walking Horse Celebration, as well as variety of other events throughout the year, including motocross competitions, 4-H events, dog shows, rodeos and circuses. Tennova Healthcare – Shelbyville, a 60-bed facility with a range of inpatient, outpatient, and medical and surgical care services, is less than five miles away on North Main Street. Traffic Counts and Demographics There are approximately 22,332 individuals residing within a three-mile radius of the property and just over 27,718 individuals within a five-mile radius. This Popeyes property is located on North Main Street, which experiences average daily traffic counts of 18,430 vehicles. Intersecting with North Main Street is Madison Street, which brings an additional 19,670 vehicles to the immediate area daily.

Shelbyville, TN Shelbyville has a diversified economy with prominent manufacturing, agribusiness, and logistics industries. Shelbyville is known as "The Pencil City" because of its historical importance as a center of wood-cased pencil manufacturing. National Pen Corporation and Sanford Corporation, which produces the Sharpie, both continue to operate in the city. Other major business operations in Shelbyville include those of manufacturers Calsonic Kansei, Bemis Custom Products, Newell Rubbermaid, Cebal America, and Jostens. Shelbyville is also home to a Tyson Foods facility and a distribution center for Wal-Mart, as well as several nationwide trucking businesses. The Tennessee Walking Horse National Celebration takes place each year during the eleven days and nights prior to Labor Day. It is the largest show for the Tennessee Walking Horse, during which the breed's World Grand Champion and over twenty World Champions are named. The community has number of parks and other amenities, such as the Shelbyville Recreation Center, which offers an Olympic-size Indoor Swimming Pool, Gymnasium, Walking Track, Fitness Room, Aerobics Room and Racquetball/Wallyball Court.

3 Miles 5 Miles 10 Miles 10 Miles POPULATION 2022 Projection 23,406 29,113 43,205 2017 Estimate 22,332 27,718 41,047 2010 Census 20,864 25,895 38,478 2000 Census 16,773 20,986 31,800

INCOME 5 Miles Average $48,195 $51,155 $54,990 Median $38,639 $40,879 $44,470 3 Miles Per Capita $17,380 $18,598 $20,104

HOUSEHOLDS 2022 Projection 8,632 10,822 16,129 2017 Estimate 7,956 9,985 14,909 2010 Census 7,497 9,396 14,046 2000 Census 6,263 7,842 11,740

HOUSING 2017 $108,177 $120,230 $131,835

EMPLOYMENT 2017 Daytime 23,950 30,965 39,031 Population 2017 Unemployment 5.82% 5.48% 5.52% 2017 Median Time 25 mins 25 mins 26 mins Traveled

RACE & ETHNICITY White 68.03% 71.19% 78.05% Native American 0.15% 0.13% 0.11% African American 13.02% 11.75% 8.83% Asian/Pacific Islander 0.94% 0.97% 1.03%