Calabash, NCOffering Memorandum

Representative Photo

2

Executive Summary

Proprietary and confidential

The OfferingJLL is pleased to offer for sale the fee-simple interest in a single-tenant, free standing PNC (the“Property” or “Asset”) located in in Calabash, North Carolina. The Property is subject to anabsolute triple net (“NNN”) lease to PNC Bank (the “Tenant”), with approximately 5.9 years ofterm remaining. The Property is located in the Myrtle Beach MSA, one of the fastest growingmarkets in the United States which added 3.5% more residents during 2016. Additionally, thisstore is strategically positioned in a residential neighborhood across from the Carolina ShoresGolf & Country Club. This offering represents an outstanding opportunity to acquire a valuableproperty leased one of the most desirable bank tenants in the net lease investment community.

Investment Overview

Location 10267 Beach Dr SW Calabash, NC 28467

Tenant PNC Bank

Building Size 2,1419 SF

Price $1,340,000

Cap Rate 6.15%

NOI $82,500

Remaining Lease Term 5.9 Years

Lease Type Absolute NNN

Renewal Options 1, 5-year options

Rental Increases FMV at Option Renewals

Exceptional LocationThe Asset is situated in a residential neighborhood that serves as the primary and convenient banking option for those living in the vicinity. Additionally, the Asset benefits from the large consumer draw created by the high influx of vacationers who visit the Myrtle Beach MSA as one of the east coasts premier vacation destinations.

Desirable Lease Structure PNC Bank is operating on an absolute triple net (“NNN”) lease, with absolutely zero landlord responsibility and over 6 years of term remaining.

Excellent Credit TenantPNC Bank represents one of the most desirable tenants in the net lease investment community and currently holds an investment grade “A-” rating by Standard & Poor’s. For the year 2016, the company reported net revenues of $16.42 billion and is up 11% year over year as of Q2 2017.

Outstanding Accessibility and Visibility The Property is situated just along the border of North Carolina and South Carolina, just across the street from Carolina Shores Golf Club and sees approximately 14,000 vehicles per day.

Investment HighlightsInvestment Highlights

3

Property Summary

Proprietary and confidential

PROPERTY OVERVIEW

Address 10267 Beach Dr SW Calabash, NC 28467

Guarantor PNC Bank

Credit Rating S&P: ‘A-’

Year Built 1984

Property Size 2,149 SF

Parcel Size 1.23 acres

APN 2542A027

Lease Type NNN

NOI $82,500

Lease Expiration 12/31/2023

Term Remaining 5.9 years

Renewal Options 1 x 5 (Currently in Option 2)

Rental Increases FMV at Option Renewals

PNC Bank

Rental Schedule

PERIOD ANNUAL MONTHLY RENT PSF

Current - Dec 2023 $82,500 $6,875 $38.39

Option 3: Jan 2024 - Dec 2028 FMV FMV FMV

4

Market Overview

Proprietary and confidential

Retail market snapshot as of 2Q2017Myrtle Beach

(Market)West Brunswick

(Submarket)

Total Inventory (SF) 39,858,207 3,747,515

Total Vacancy 4.5% 4.5%

12 Mo. Net Absorption (SF) 332,877 48,391

Calabash Demographic Snapshot1-Mile 3-Miles 5-Miles

Total Population 2,098 13,124 28,897

Total Households 1,057 6,228 13,820

Average HH Income $55,408 $65,985 $71,293

Median HH Income $43,296 $50,718 $52,365

MYRTLE BEACH MARKET OVERVIEW

Myrtle Beach is a coastal city on the east coast of the United States inHorry County, South Carolina. It is situated on the center of a large andcontinuous stretch of beach known as the Grand Strand in northeasternSouth Carolina.

Myrtle Beach is one of the major centers of tourism in the United Statesbecause of the city’s warm subtropical climate and extensive beaches,attracting an estimated 14 million visitors each year. As of the 2016 census,the Myrtle Beach-Conway MSA population exceeded 456,000.

The area is home to a diverse mix of businesses and industries rangingfrom advanced manufacturing to technology and corporate headquarters.The affordable real estate and low cost of doing business are a few of thethings that make the Myrtle Beach area an attractive location forinternational and domestic firms.

LOCATION HIGHLIGHTS

The Asset is situated adjacent to the border of North and SouthCarolinas on Route 179, Beach Dr SW. The winding thoroughfareserves as a popular route moving along the coast. The subjectProperty is exposed to approximately 14,000 daily vehicles passingdirectly in front of the building.

Situated in a residential neighborhood across from Carolina ShoresGolf & Country Club, the tenant serves as the primary andconvenient banking option for those living in the vicinity.

The Myrtle Beach MSA, including the Asset’s Brunswick County aswell as Horry County in South Carolina, grew by 3.5% last yearaccording to the census. This marks the second-fastest growth rate inthe country, a positive sign for retail and the economy as a whole.

5

Aerial Map

Proprietary and confidential

Glen Dornoch Golf Club

Heather Glen Golf Links

Carolina Shores Golf Club

South Carolina North CarolinaBorder

6

PNC Overview

Proprietary and confidential

Based in Pittsburgh, Pennsylvania, PNC Bank is the fifth largest bank in the United States (total branches), sixth largest bank by deposits, and ninth largest by total assets.

PNC boasts more than 2,700 branches, online and mobile services together with 8,000 ATMs, specialized financial businesses serving companies and government entities, and asset management and processing businesses.

PNC’s major divisions include retail banking, an asset management group, corporate and institutional banking, and residential mortgage banking. With a loan portfolio of $138 billion as of the end of 2015, PNC Mortgage is recognized as one of the top residential mortgage originators an servicers nationally.

PNC Bank has seen notable asset growth over the years. Since 2012, the assets have grown by nearly 16.5%, and this growth has largely been spread evenly in the last three years.

PNC’s client list includes more than two-thirds of the FORTUNE 500 as well as thousands of real estate, utilities, healthcare, government, higher education, and not-for-profit entities.

PNC owns approximately one-quarter of BlackRock, one of the largest publically traded investment management firms in the country.

Company Snapshot

Company PNC Bank, National Association

Credit Rating S&P: ‘A-’

Headquarters Pittsburgh, Pennsylvania

Employees 52,000

Assets $345 billion

Revenue (2016) $16.42 billion

# of Locations 2,700

Business Summary Financial Services

Founded 1845

Company Website www.PNC.com

Accolade Publication

Most Admired Companies | High-Performance Franchise Fortune (2015) FORTUNE

Fortune 200 Company | High-Performance Franchise Fortune (2015) FORTUNE

Great Workplace Award for Employee Engagement | Gallup (2015) GALLUP

Top 50 Companies for Executive Women | National Association for Female Executives (2015) NAFE

Top Veteran Friendly Companies | U.S. Veterans Magazine (2014) U.S. VETERANS MAGAZINE

Diversity Leader Award | Profiles in Diversity Journal (2015) PROFILES IN DIVERSITY JOURNAL

Company Overview

Tenant Value Drives

PNC Recent Accolades

© 2017 Jones Lang LaSalle IP, Inc. All rights reserved. The information contained in this document is proprietary to JLL and shall be used solely for the purposes of evaluating this proposal. All such documentation and information remains the property of JLL and shall be kept confidential. Reproduction of any part of this document is authorized only to the extent necessary for its evaluation. It is not to be shown to any third party without the prior written authorization of JLL. All information contained herein is from sources deemed reliable; however, no representation or warranty is made as to the accuracy thereof.

www.theinvestor.jll

JLL Contacts

Sales ContactsPeter Furest Lee Allen+1 212 812 5802 +1 843 805 5111

peter.furest@am.jll.com lee.allen@am.jll.com