RESTAURANT PORTFOLIO INVESTMENT OPPORTUNITY

Burger King | Pontiac, MI Hardees | Columbia, SC

Long John Silver’s | Cincinnati, OH Raising Cane’s | Blue Springs, MO

Net Lease Restaurant Portfolio – Four Triple Net Lease Properties Available on an Individual or Portfolio Basis DISCLAIMER STATEMENT

DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. STATEMENT: It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group.

This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation.

The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NET LEASE INVESTMENT OFFERING PORTFOLIO OVERVIEW

PORTFOLIO OVERVIEW: Tenant City State Term Lease Expiration Building Lot Size NOI Cap Price Link Property Size Rate Status Pontiac MI 19 August 31, 2036 4,475 SF 1.48 Acres $68,700 6.50% $1,056,923 View OM PSA

Hardee’s Columbia SC 7 October 31, 2024 3,389 SF 1.19 Acres $75,000 7.15% $1,048,951 View OM LOI

Long John Silver Cincinnati OH 18 December 31, 2035 1,350 SF 0.46 Acres $53,579 7.40% $724,041 View OM LOI

Raising Cane’s Blue Springs MO 13 March 31, 2031 3,699 SF 1.00 Acre $239,850 6.65% $3,606,767 View OM LOI

Total: 12,913 SF 4.13 Acres $437,129 6.79% $6,436,682

Pontiac

Cincinnati

Blue Springs

Columbia LEASE OVERVIEWS

Burger King Hardees

Property Address: 2200 South Opdyke Road, Pontiac, MI 48341 Property Address: 7942 Garners Ferry Road, Columbia, SC 29209 Price: $1,056,923 Price: $1,048,951 Cap Rate: 6.50% Cap Rate: 7.15% Net Operating Income: $68,700 Net Operating Income: $75,000 Renewal Options: Six 5-Year Renewal Options: Three 5-Year Rental Escalations: 1% Annually Starting September 2026 Rental Escalations: 10% in 2019 and Option Periods Lease Expiration Date: August 31, 2036 Lease Expiration Date: October 31, 2024 Tenant: LLC d/b/a Burger King Tenant: Hardee’s Restaurants LLC (Corporate) Year Built / Remodeled: 1996 / 2016 Year Built / Remodeled: 1993 / 2014 Lease Type: NNN - No Landlord Responsibilities Lease Type: NNN - No Landlord Responsibilities Building Size: 4,475 SF Building Size: 3,389 SF Land Size: 1.48 Acres Land Size: 1.19 Acres

Long John Silver’s Raising Cane’s

Property Address: 1716 West Galbraith Road, Cincinnati, OH 45239 Property Address: 1000 Northeast Coronado Drive, Blue Springs, MO 64014 Price: $724,041 Price: $3,606,767 Cap Rate: 7.40% Cap Rate: 6.65% Net Operating Income: $53,579 Net Operating Income: $239,850 Renewal Options: Four 5-Year Renewal Options: Five 5-Year Rental Escalations: 7% Every 5 Years and Option Periods Rental Escalations: 4% Every 5-Years; 10% in Option Periods Lease Expiration Date: December 31, 2035 Lease Expiration Date: March 31, 2031 Tenant: Affinity Management d/b/a Long John Silver’s Tenant: Raising Cane’s Restaurant, LLC. (Corporate) Year Built / Remodeled: 1996 / 2016 Year Built: 2016 Lease Type: NNN - No Landlord Responsibilities Lease Type: NNN - No Landlord Responsibilities Building Size: 1,350 SF Building Size: 3,699 SF Land Size: 0.46 Acres Land Size: 1 Acre PHOTOGRAPHS

BURGER KING | PONTIAC, MI

NET LEASE INVESTMENT OFFERING PHOTOGRAPHS

HARDEES | COLUMBIA, SC

NET LEASE INVESTMENT OFFERING PHOTOGRAPHS

LONG JOHN SILVER’S | CINCINNATI, OH

NET LEASE INVESTMENT OFFERING PHOTOGRAPHS

RAISING CANE’S | BLUE SPRING, MO

NET LEASE INVESTMENT OFFERING TENANT OVERVIEW

Burger King TENANT Burger King is an American global chain of fast food restaurants headquartered in unincorporated -Dade OVERVIEW: County, Florida. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1954, its two Miami-based franchisees, and James McLamore, purchased the company and renamed it Burger King. In late 2010, of Brazil acquired a majority stake in BK in a deal valued at US$3.26 billion. The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with partner , eventually merged the company with Canadian-based chain under the auspices of a new Canadian-based parent company, Restaurant Brands International. Restaurant Brands International Inc. (“RBI”) is one of the worlds largest service restaurant companies with more than $24 billion in system-wide sales and over 20,000 restaurants in more than 100 countries and U.S. territories. RBI owns two of the world’s most prominent and iconic quick service restaurant brands – Tim Hortons and Burger King. These independently operated brands have been serving their respective guests, franchisees and communities for over 50 years. RBI is a publicly traded company (NYSE: QSR) with a market capitalization in excess of $28 billion. Website: www.bk.com Founded: 1953 Number of Locations: 15,243 Headquarters: Miami, Florida Parent Company: Restaurant Brands International Inc. Parent Company Stock Symbol: NYSE: QSR Market Capitalization: $28 billion

Carrols Restaurant Group is one of the largest restaurant companies in the U.S. and is headquartered in Syracuse, . Carrols owns and operates more than 800 restaurants under brand with plans for continue growth. Carrols operates in 17 states and employs over 20,000 people. Carrols’ success can be attributed to its people; people who are dedicated to providing outstanding service and quality food for their guests. Carrols Restaurant Group is a publicly traded company (NASDAQ: TAST) with a market capitalization in excess of $465 million. Website: www.carrols.com Founded: 1960 Number of Locations: 800+ Headquarters: Syracuse, New York Stock Symbol: NASDAQ: TAST Market Capitalization: $465 million TENANT OVERVIEW

TENANT Hardees OVERVIEW: Hardee’s is an American-based fast-food restaurant chain with locations primarily in the Southern and Midwestern . Hardee’s consistently out-delivers the competition with an innovative menu strategy that focuses on developing premium, sit-down restaurant quality menu items. Whether it’s the 1/3-lb. 100% Black Angus Beef Thickburger® line, Hand-Scooped Shakes & Malts™ or Made from Scratch™ , Hardee’s provides a best-in-class menu that supports a premium franchise opportunity.

Hardee’s has evolved through several corporate ownerships since its establishment in 1960 in North Carolina. In April 1997, CKE Restaurants Holdings, Inc., the parent company of Carl’s Jr., paid $327 million to -based Imasco Limited for Hardee’s.

CKE Restaurants Holdings, Inc. is a privately held company headquartered in Franklin, Tennessee. The Company, through its subsidiaries, has more than 3,300 franchised or company operated restaurants in 42 states and in 28 countries, including more than 1,400 Carl’s Jr. restaurants and more than 1,900 Hardee’s restaurants.

Website: www.hardees.com Founded: 1960 Number of Locations: 1.900+ Headquarters: Franklin, Tennessee Parent Company: CKE Restaurants Holdings, Inc. Parent Website: www.ckr.com

NET LEASE INVESTMENT OFFERING TENANT OVERVIEW

TENANT Long John Silver’s OVERVIEW: Long John Silver’s is a United States-based fast-food restaurant chain that specializes in seafood. The brand’s name is derived from the novel Treasure Island by Robert Louis Stevenson, in which the pirate “Long John” Silver is one of the main characters. Formerly a division of Yum! Brands, Inc., the company was divested to a group of franchisees in 2011.

The first restaurant was opened on August 18, 1969, in Lexington, Kentucky. Long John Silver’s food offerings include platters, , and various single items. The platters feature seafood as the main item, with side dishes consisting of coleslaw, hushpuppies, corn, green beans, and (chips) or batter-fried onion rings.

Long John Silver’s is the world’s most popular quick-service seafood chain serving nearly four million customers each week. The brand is at a three-year high on customer satisfaction and brand awareness is at 86%. With 1,000+ units in 43 states and two countries outside of the U.S. the brand has $530 million in annual sales and 28,000 global employees.

Website: www.ljsilvers.com Founded: 1969 Number of Locations: 1,000+ Headquarters: Louisville, Kentucky

Affinity Management Affinity Management, established in 2006, is a restaurant franchise operating in the Greater Cincinnati-Dayton, market area. Currently, Affinity Management owns and operates Long John Silver’s (LJS), 7 of which are multi-brand units. Coming together as one company, Affinity Management was formed by four “husband and wife” teams with a shared vision: to operate efficient restaurants that provide the best customer service possible, to provide their employees opportunities for personal and professional growth, and to grow the business. Each owner is actively involved in the day-to-day operations of the restaurants and business, the ownership team includes: Brian & Mary Busby, David & Kristina Conley, David & Tammy Fletcher and Jeff & Tammy Titlow. All eight owners got their first jobs as teenagers in the restaurant industry, and the majority stayed for twenty years or more prior to starting Affinity Management.

In 2013 Affinity Management was named “Franchisee of the Year” by corporate Long John Silver’s.

NET LEASE INVESTMENT OFFERING TENANT OVERVIEW

TENANT Raising Cane’s OVERVIEW: Raising Cane’s operates a chain of restaurants in the United States. Its restaurants primarily offer chicken finger meals. Founded by Todd Graves in 1996 in Baton Rouge, Louisiana, Raising Cane’s has more than 325 restaurants in 23 states, with multiple new restaurants under construction. The company is continually recognized for its unique business model and customer satisfaction. Raising Cane’s vision is to have restaurants all over the world and be the brand for quality chicken finger meals, a great crew, cool culture and active community involvement.

Website: www.raisingcanes.com Founded: 1996 Number of Locations: 325+ Headquarters: Baton Rouge, Louisiana

NET LEASE INVESTMENT OFFERING Randy Blankstein President 847.562.0003 [email protected]

John Feeney Vice President 847.562.9280 [email protected] Burger King | Pontiac, MI Hardees | Columbia, SC 3520 Lake Avenue, Suite 203 Wilmette, IL 60091

www.bouldergroup.com

Daniel Barnes Principal 314.400.4004 [email protected]

1986 Innerbelt Business Center Drive St. Louis, MO 63114

www.lee-associates.com Long John Silver’s | Cincinnati, OH Raising Cane’s | Blue Springs, MO