BRAND NEW SINGLE TENANT DEVELOPMENT IN NORTH SAN JOSE

INVESTMENT SUMMARY

4701 North First Street, San Jose, THE OFFERING 1 CBRE, as exclusive advisor, is pleased to present the outstanding opportunity to

purchase the fee simple interest in the land with a new Topgolf ground lease on land 4701 N First Street Address located in San Jose, California (the “Property” or “Site”). The Site consists of a newly San Jose, CA 95134 constructed, three-story, 74,000 square foot building located on approximately 13.5 Building Size Approximately 74,000 Square Feet acres of land. Topgolf will operate under a new 20-year initial lease term with six, five-year renewal options, providing a long-term, predictable income stream to an Acreage Approximately 13.5 Acres investor. This offering is made unpriced and on an “as is, where is” basis.

Tenant Topgolf USA Pin High, LLC

Guarantor TG HOLDINGS I, LLC

Lease Type Absolute NNN Ground Lease

GUADALUPE RIVER TRAIL Lease Expiration February 2040

N FIRST ST Renewal Options Six, Five-Year INVESTMENT HIGHLIGHTS

STATE-OF-THE-ART SPORTS ENTERTAINMENT FACILITY Scheduled to open in March 2020, Topgolf San Jose will serve as a premier sports entertainment driving range that can accommodate up to 1,500 customers. The facility will feature over 120 climate-controlled hitting bays, including a full service restaurant with an executive chef, bars, a 3,000 square-foot private event space, and a rooftop terrace with a fire pit, along with hundreds of HDTVs throughout the facility showing a variety of sporting events.

2 Topgolf San Jose has more hitting bays than any other Topgolf facility worldwide and is the second largest Topgolf facility by square footage. Investment Summary

THE ANCHOR TO THE SHOPS@TERRA DEVELOPMENT Topgolf San Jose is situated within The Shops@ Terra, an entertainment, food and hospitality focused lifestyle development. In addition to Topgolf this premier development will include two 200-room hotels, ±40,000 square feet of retail, food, fitness and entertainment and a ± 20-acre mixed- use development (to be completed in Phase 3). As wait times for Topgolf can be up to two hours, the Shops@Terra will provide Topgolf customers with an abundance of options during their visit. INVESTMENT HIGHLIGHTS

STRATEGICALLY LOCATED IN NORTH SAN JOSE’S GOLDEN TRIANGLE

• Easily Accessible Location - Situated one-half mile from Highway 237, the Property is easily accessible by the entire Area via Interstates 880 and 680 to the east and Highway 101 and Interstate 280 to the west.

• Employment Hub for World-Leading Technology Companies - The North San Jose submarket is the city’s largest employment district and is home to many world-renowned technology companies, which is advantageous to Topgolf San Jose as over one-third of a Topgolf’s revenues is derived from corporate events. Members of Generation Z and Millennials, many of whom work for tech companies, account for over 50% of the population in the immediate area. This places Topgolf San Jose in an ideal demographic area as 86% of the company’s customers are younger than age 45. In addition, Highway 237 connects both the west and east sides of Silicon Valley, including markets

3 that are hubs to major tech giants, such as Google, Apple, Facebook, LinkedIn and Amazon.

• Located in the Path of Development - The Property is proximate to numerous retail options, including Shops@Terra, @First, and McCarthy Ranch Marketplace, which will attract local shoppers to Topgolf San Jose. Additionally, the area boasts several new residential and other developments, including Levi’s Stadium, 237@First, Midpoint@237, the under-construction Related Santa Clara project and the proposed Mission Point project by Kylli. In recent years, the surge of development has attracted young employees to the area who desire to reside close to where they work.

DEMOGRAPHIC SNAPSHOT Distance from Daytime Generation Z and 2019 Number of 2019 Average Topgolf San Jose Population Millennials Households Household Income

5-Mile Radius 504,093 51% of Population 89,997 $157,25 0

10-Mile Radius 1,687,659 49% of Population 487,873 $159,536 MENLO PARK PALO ALTO LOS ALTOS MOUNTAIN VIEW SUNNYVALE MOFFETT PARK

THE SHOPS @ TERRA RELATED SANTA CLARA PROJECT DEVELOPMENT MIDPOINT@237

• 3-Building $1.3 Billion 1.8 Million SF 68,500 239 Acres 5.7 Million SF 1.1 Million SF 700 1,360 Venue Seats (9.2 Million SF) Office Retail Hotel Rooms Residential Units Advanced Manufacturing Campus GREAT AMERICA PKWY 237 • Comprised of 536,000 SF 237 @ FIRST • Owned by Google • 3-Building Class A Office Campus • 150-Room Homewood GOOGLE Suites by Hilton

TASMAN DR @FIRST RETAIL DEVELOPMENT • 222,000 SF Target - Anchored Retail Center • 162-Room Hyatt Hotel i3@NORTHFIRST • 157-Room Marriott Courtyard Hotel • 4-Building Office Campus • Comprised of 415,000 SF • 3 Buildings Owned by Google

N FIRST ST WORLD-RENOWNED BRAND WITH AN EXPANDING 20-YEAR ABSOLUTE NNN GROUND LEASE WITH RENTAL FOOTPRINT ESCALATIONS Founded in 2000, Topgolf International, Inc. (“Topgolf”) is a globally Topgolf USA Pin High, LLC will operate under a 20-year absolute NNN ground lease recognized sports and entertainment brand with 64 locations in the with attractive 10% rental escalations (or, if greater, CPI increases capped at 12%) United Kingdom, the United States and Australia. In addition, nine every five years, providing long-term cash flow to an investor. additional locations are scheduled to open by year end including in Dubai and Mexico. With 17 million guests in 2018, and nearly 20,000 ATTRACTIVE LAND BASIS employees worldwide, Topgolf has become an iconic brand of the In addition to a long-term, steady income stream, Topgolf San Jose offers an modern generation. In 2018, Topgolf generated over $1.6 billion in revenue investor the ability to acquire approximately 13.5 acres in the heart of Silicon and turned a profit of more than $600 million dollars. The Company Valley surrounded by several current and planned development projects at an was valued at $2.1 billion in late 2017 when it received its latest round of attractive land basis. funding from shareholders, including Morgan Stanley, Callaway Golf (14% stake), Fidelity, JP Morgan, and several others. Analysts argue that since REDEVELOPMENT POTENTIAL Topgolf has increased its operating facilities from 40 to 64, with nine more At the expiration of the Topgolf San Jose ground lease, an investor will have the facilities under construction since its last valuation, the company’s present opportunity to redevelop the Property. The area surrounding the facility is presently 5 valuation would be substantially higher than $2.1 billion. According to land-constrained and densely developed. After the surrounding area incurs Reuters, Topgolf is working with investment banks to underwrite for an decades of further development, the Site will be attractive for several profitable upcoming IPO in 2020. redevelopment possibilities. SITE PLAN RETAILUSE

PHASE 3 HOTELUSE FUTURE MIXED USE

6 Investment Summary INVESTMENT SUMMARY

INVESTMENT ADVISORS DEBT AND STRUCTURED FINANCE CONTACTS

SCOTT J. PROSSER NICK WHITSTONE BRAD ZAMPA Executive Vice President Senior Vice President Executive Vice President 408.453.7454 408.453.7438 415.772.0225 [email protected] [email protected] [email protected] Lic. 0110 475 4 Lic. 01196787 Lic. 01174366

RUSSELL INGRUM JOE MORIARTY MIKE WALKER Vice Chairman Executive Vice President Senior Vice President 408.453.7480 415.772.0103 415.772.0278 [email protected] [email protected] [email protected] Lic. 01224328 Lic. 01921454 Lic. 01843658 JACK DEPUY Vice President 408.453.7466 [email protected] Lic. 01796176

© 2019 CBRE, Inc. All Rights Reserved. All information included in this proposal pertaining to CBRE—including but not limited to its operations, employees, technology and clients—are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/ purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.