CVS Pharmacy5 Fee Simple Properties

A Net Lease Investment Opportunity

Confidential Offering MemorandumRepresentative Photo

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of review by a prospective purchaser of the CVS Zero Cash Flow Portfolio of 5 Locations presented herein (the “Property,” or “Properties,” or ”Portfolio”) and is not to be used for any other purpose or made available to any other person without the express written consent of The Net Lease Group, LLC. (“NLG”). The material is based in part upon information supplied by Owner and in part upon information obtained by The Net Lease Group from sources it deems reasonably reliable. Summaries of any documents are not intended to be comprehensive or all inclusive but rather only an outline of some of the provisions contained therein. No warranty or representation, expressed or implied, is made by Owner, The Net Lease Group, or any of their respective affiliates, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted to a prospective purchaser in the course of its evaluation of the Portfolio. No legal liability is assumed or implied in connection with the information or such other communications. Without limiting the generality of the foregoing, the information shall not be deemed a representation of the state of affairs of any Property or constitute an indication that there has been no change in the business or affairs of any Property since the date of preparation of the information. Prospective purchasers should make their own projections and conclusions without reliance upon the materials contained herein and conduct their own independent due diligence, including engineering and environmental inspections, to determine the condition of any Property and the existence of any potentially hazardous material located at the site. This Offering Memorandum was prepared by The Net Lease Group and has been reviewed by the Owner. It contains select information pertaining to each Property and does not purport to be all inclusive or to contain all of the information which a prospective purchaser may desire. All financial projections are provided for general reference purposes only and are based on assumptions relating to the general economy, competition and other factors beyond control and, therefore, are subject to material change or variation. An opportunity to inspect any Property will be made available to qualified prospective purchasers. In this Offering Memorandum, certain documents and other materials are described in summary form. The summaries do not purport to be complete nor, necessarily, accurate descriptions of the full agreements involved, nor do they constitute a legal analysis of such documents. Interested parties are expected to independently review all documents. This Offering Memorandum is subject to prior placement, errors, omissions, changes or withdrawal without notice and does not constitute a recommendation, endorsement or advice as to the value of any Property by The Net Lease Group or the Owner. Each prospective purchaser is to rely upon its own investigation, evaluation and judgment as to the advisability of purchasing any Property described herein. Owner and The Net Lease Group expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and/or to terminate discussions with any party at any time with or without notice. Owner shall have no legal commitment or obligation to any interested party reviewing this Offering Memorandum or making an offer to purchase any Property unless a written agreement for the purchase of said Property has been fully executed and delivered by the Owner and such party and any conditions to Owner’s obligations thereunder have been satisfied or waived and then only to the extent expressly provided for therein. The Net Lease Group is not authorized to make any representations or agreements on behalf of Owner. This Offering Memorandum is the property of The Net Lease Group and may be used only by parties approved by The Net Lease Group and Owner. The Portfolio is privately offered and, by accepting delivery of this Offering Memorandum, the party in possession hereof agrees (i) to return it to The Net Lease Group immediately upon request of The Net Lease Group or Owner and (ii) that this Offering Memorandum and its contents are of a confidential nature and will be held and treated in the strictest confidence. No portion of this Offering Memorandum may be copied or otherwise reproduced or disclosed to anyone without the prior written authorization of The Net Lease Group and Owner. The terms and conditions set forth above apply to this Offering Memorandum in its entirety.

CONFIDENTIALITY & RESTRICTED USE AGREEMENT

EXCLUSIVELY MARKETED BYPhilip WickstromManaging Principal404.551.2226pwickstrom@thenetleasegroup.com

Esmael HillManaging Principal404.551.2068ehill@thenetleasegroup.com

Maxwell SchlesingerAssociate404.551.2013mschlesinger@thenetleasegroup.com

3350 Riverwood Parkway, Suite 700Atlanta, GA 30339

thenetleasegroup.com

TABLE OF CONTENTS

Executive Summary............................1 The Offering Investment Highlights

Portfolio Overview.............................3 Loan and Lease Summary Paydown-Readvance Map of Properties Portfolio Pricing

Tenant Overview.................................6 Tenant Summary Tenant Facts and Figures

Location Overviews...........................9 Map and Demographics Lease and Loan Summary Trade Area Aerial

Bid Instructions.................................19Representative Photo

The Net Lease Group is pleased to exclusively offer for sale a portfolio of five (5) CVS retail properties with in-place, fully amortizing, assumable, zero cash flow debt financing.

The properties are located in five (5) states: Alabama, Connecticut, Florida, New Hampshire, and Wisconsin.

Each property is leased to CVS through an absolute triple net lease which is 100% guaranteed by CVS Caremark/Health Corporation and provides that there are no Landlord responsibilities whatsoever. Each lease has at least twenty-plus (20+) years remaining and includes five to ten renewal option periods of five (5) years.

The properties may be acquired as a portfolio, individually,or in a smaller pool of properties.

EXECUTIVE SUMMARY

THE OFFERING

PORTFOLIO PURCHASE PRICE: $17,475,350.43REQUIRED PURCHASE EQUITY: $3,642,493.17

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EXECUTIVE SUMMARYINVESTMENT HIGHLIGHTS

ABSOLUTE NET LEASES The leases are absolute net leases with No Landlord Responsibilities Whatsoever. The tenant is responsiblefor all taxes, insurance, maintenance, repair and operating costsassociated with the property.

CORPORATE GUARANTY All the leases are guaranteed by CVS Health Corporation (NYSE: CVS), an investment grade tenant (S&P: BBB+/Stable) with Annual Revenues exceeding $153.3 Billion.

SCALABILITY TO SATISFY EXCHANGE NEEDS OF ALL SIZES This portfolio of properties offers ease and scalability to satisfy large and small exchange needs while enabling investors to replace large amounts of debt, if needed.

PAYDOWN RE-ADVANCE An investor can satisfy the equity and debt portion of the investor’s exchange through the acquisition and subsequently extract the equity in excess of the required purchase equity with no tax liability.

PASSIVE LOSSES The passive losses generated by the zero-cash flow structure enables an investor to offset or reduce passive income, and thereby reduce the investor’s tax liability.

EXCELLENT VISIBILITY AND INGRESS/EGRESS Each property was carefully selected and approved by CVS to be well located in its respective market and provide excellent visibility and accessibility.

POTENTIAL APPRECIATION AT LEASE RENEWAL High probability for appreciation upon lease renewal given the fixed option period rent provided for in the lease combined with CVS’s historically low exit cap rates.

POTENTIAL APPRECIATION OF THE REAL ESTATE Through its site selection process, CVS obtains desirable and valuable locations that tend to appreciate over time.

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PORTFOLIO OVERVIEW

A Section 1031 Exchange Investor in the CVS property or properties can utilize the paydown-readvance feature of the existing debt to cover any debt and equity requirements associated with the trade, and extract cash from the transaction. The following hypothetical illustrates how the paydown-readvance feature could be utilized:

HYPOTHETICAL An Investor with a $30 million downleg trade ($12 million of equity and $18 million of debt) is seeking a property or properties to acquire in order to accomplish an I.R.C. Section 1031 Exchange.

SOLUTION The Investor can purchase the CVS Portfolio by assuming the in-place debt of $27.5 million and investing the required equity of $5.8 million.

STEP ONE The Investor’s $12 million of equity is applied to the purchase of the CVS Portfolio which covers the required equity of the transaction.

STEP TWO $6.2 million of the Investor’s equity (the excess of the Investor’s $12 million of equity from the downleg trade over the $5.8 million required to purchase the CVS Portfolio) is applied to temporarily paydown the current debt balance of the portfolio. The resulting interim debt balance is $21.3 million, which covers the replacement debt required to satisfy the Investor’s exchange.

STEP THREE The debt is readvanced from the interim debt balance of $21.3 million to the previous debt balance of $27.5 million, and the Investor’s $6.2 million of excess equity is return to the Investor without any tax liability.

THE RESULT The Investor has satisfied 100% of his exchange need (both debt and equity) and extracted $6.2 million of non-taxable cash proceeds to be used as the Investor chooses without any tax liability.

PAYDOWN-READVANCE

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PORTFOLIO OVERVIEW

1 Gainesville, FL2 Claremont, NH3 Suffield, CT4 Aliceville, AL5 Cottage Grove, WI

INDIVIDUAL PROPERTIES

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PORTFOLIO OVERVIEW

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TENANT OVERVIEWRepresentative Photo

TENANT SUMMARYCVS Health Corporation (NYSE: CVS), headquartered in Woonsocket, Rhode Island is the largest pharmacy health care provider in the United States.

CVS Health is a pharmacy innovation company helping people on their path to better health. Through its more than 9,600 retail pharmacies, more than 1,100 walk-in medical clinics, a leading pharmacy benefits manager with more than 80 million plan members, a dedicated senior pharmacy care business serving more than one million patients per year, and expanding specialty pharmacy services, the Company enables people, businesses and communities to manage health in more affordable and effective ways. This unique integrated model increases access to quality care, delivers better health outcomes and lowers overall health care costs.

CVS stores sell prescription drugs, as well as other products such as nonprescription medications, health and beauty aids, and cosmetics. The company also operates the largest network of acute medical care clinics via 1,100 MinuteClinic health care clinics throughout the U.S. MinuteClinics are staffed by nurse practitioners and physician assistants utilizing recognized protocols to diagnose and treat minor health conditions, perform health screenings, monitor chronic conditions, and provide vaccinations. CVS expects to expand MinuteClinic to 1,500 locations in more than 35 states by 2017.

In June 2015, CVS announced the $1.9 billion purchase of Target’s pharmacy business. The acquisition increased CVS’s store count to 9,500+ locations and added west coast metro areas to CVS’s footprint, including Portland, Seattle, Denver and Salt Lake City.

During the three months ended September 30, 2016, the Company opened 48 new retail stores. In addition, the Company relocated 11 retail stores. As of September 30, 2016, the Company operated 9,694 retail stores, including pharmacies in Target stores, in 49 states, the District of Columbia, Puerto Rico and Brazil.

Find more information about how CVS Health is shaping the future of health at https://www.cvshealth.com.

Tenant Name

Headquarters

Annual Revenue

TENANT SUMMARY

CVS Caremark/Health Corporation

$153.3 Billion

Woonsocket, RI

Stock Symbol

Credit Rating (S&P)

Business

Number of Locations

Operating Profit

Adjusted Earnings/Share

Website

NYSE: CVS

BBB+ / Stable

Retail Pharmacy

9,600+

$9.5 Billion

$4.62

www.cvshealth.com

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TENANT OVERVIEWTENANT FACTS & FIGURES

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9,690+ PHARMACY STORE LOCATIONS CVS Pharmacy has more than 9,690 retail drug stores in 49 states, the District of Columbia, Puerto Rico and Brazil and is currently located in 98 of the top 100 drugstore markets.

1,100+ MINUTECLINIC LOCATIONS CVS Health has more than 1,100 MinuteClinic locations in 33 states and Washington, D.C.

243,000+ EMPLOYEES CVS Health employs more than 243,000 colleagues across all 50 states, Washington, D.C., Puerto Rico andBrazil.

30,000+ PHARMACISTS CVS Health employs more than 30,000 pharmacists across our company.

1.9 BILLION PRESCRIPTIONS CVS Health fills or manages 1.9 billion prescriptions each year and has captured 39% of past 5-year market prescription growth.

31+ MILLION MINUTECLINIC PATIENT VISITS Our MinuteClinic nurse practitioners have seen more than 31 million patients to date, with a 95 percent customer satisfaction rating.

5 MILLION CUSTOMERS SERVED DAILY Every day, CVS Pharmacy serves 5 million customers in our retail pharmacies across the country.

$40 BILLION IN SPECIALTY DRUG REVENUE CVS Health includes the largest U.S. specialty pharmacy with $40 billion in revenue.

Q4 2016 HIGHLIGHTS Net revenues increased 15.8% to $177.5 billion

GAAP diluted EPS from continuing operations of $4.91

Adjusted EPS of $5.84, an increase of 13.2%

Cash flow from operations of $10.1 billion; free cash flow of $8.1 billion

Board of Directors authorized an 18% increase in quarterly common stock cash dividend to $0.50 per share effective in 2017. This increase equates to an annual dividend rate of $2.00 per share.

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TENANT OVERVIEWCVS BUSINESS LINES

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GAINESVILLE, FLLOCATION OVERVIEWS

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TENANT OVERVIEW

GAINESVILLE, FL

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CLAREMONT, NHLOCATION OVERVIEWS

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SUFFIELD, CTLOCATION OVERVIEWS

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ALICEVILLE, ALLOCATION OVERVIEWS

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COTTAGE GROVE, WILOCATION OVERVIEWS

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BID INSTRUCTIONS

All purchase offers must be submitted to The Net Lease Group and should include written responses to the following:

1. Confirm that the Purchaser will assume the in-place debt.

2. Indicate the amount of equity over the debt and the resulting purchase price being offered by the investor.

3. Provide any comments to the Letter of Intent provided for this transaction.

4. Provide the name of the firm(s)/attorney(s) that will act as legal counsel for the Purchaser.

5. Provide an overview of the Purchaser’s structure and source of equity that will be used to make the acquisition.

6. Provide the Purchaser’s relevant history and experience acquiring zero cash flow assets.

Please contact us with any questions or comments.

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EXCLUSIVELY MARKETED BY

3350 Riverwood Parkway, Suite 700Atlanta, GA 30339

thenetleasegroup.com

Representative Photo

Philip WickstromManaging Principal404.551.2226pwickstrom@thenetleasegroup.com

Esmael HillManaging Principal404.551.2068ehill@thenetleasegroup.com

Maxwell SchlesingerAssociate404.551.2013mschlesinger@thenetleasegroup.com