REPRESENTATIVE PHOTOPROPERTY UNDER CONSTRUCTION

SPORTSMAN’S WAREHOUSENEW 10-YEAR LEASE WITH CORPORATE GUARANTY (NASDAQ: SPWH - MARKET CAP $189.4 M) | DENSE INFILL RETAIL CORRIDOR

VISIBILITY FROM INTERSTATE-25 OVERSEEING 58,000 VEHICLES PER DAY

OFFERING MEMORANDUM PUEBLO, CO

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.

This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Confidentiality Agreement

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows: The information contained in this marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investiga-tion regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Millichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

Net Leased Disclaimer

OFFERING MEMORANDUM

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TENANT PROFILE

Sportsman’s Warehouse is an outdoor sporting goods retailer focused on meeting the everyday needs of the seasoned outdoor veteran, the first-time participant and every enthusiast in between. They currently have operations in 21 states across the US, including Alaska. They provide a one-stop shopping experience that equips our customers with the right hunting, shooting, fishing and camping gear to maximize their enjoyment of the outdoors. Sportsman’s Warehouse sells apparel, footwear, and gear with a broad and deep merchandise assortment to meet local conditions and demand, offering everyday low prices, providing friendly support from their knowledgeable, highly trained staff and offering extensive in-store events and educational programming. Sportsman’s Warehouse was founded in 1986 as a single retail store in Midvale, Utah and today, they have the largest outdoor specialty store base in the Western United States and Alaska. They are a public company (NASDAQ: SPWH) with their headquarters in Midvale, Utah.

COMPANY SUMMARYNASDAQ Symbol: SPWH

Market Cap: $189.37 Million

No. of Locations: 78

Year Founded: 1986

Headquartered: Midvale, UT

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ACT ID: Y0100

OFFERING SUMMARYPrice $3,943,300

Cap Rate 6.75%

Gross Leasable Area (GLA) +/- 18,838 SF

Lot Size 2.68 AC

Year Built/Remodeled 2017

Ownership Fee Simple

LEASE STRUCTURELease Term 10 Years

Lease Type Triple-Net, Excluding Roof & Structure

Roof Warranty 20-Year

Rent Commencement Date Certificate of Occupancy;Estimated 08/31/2017

Increases 7.5 Percent Every Five Years

Term Remaining 10 Years

Options to Extend Four, 5-Year

Right of First Refusal None

5125 North Elizabeth StreetPueblo, Colorado

SPORTSMAN’S WAREHOUSE

ANNUALIZED OPERATING DATARENT INCREASES ANNUAL RENT MONTHLY RENT

Rent Commencement - Year 5 $266,175.00 $22,181.25

Year 6 - Year 10 $286,138.13 $23,844.84

OPTION PERIODS ANNUAL RENT MONTHLY RENT

Year 11 - Year 15 (Option 1) $307,598.48 $25,633.21

Year 16 - Year 20 (Option 2) $330,668.37 $27,555.70

Year 21 - Year 25 (Option 3) $355,468.50 $29,622.37

Year 26 - Year 30 (Option 4) $382,128.64 $31,844.05

Year 1 Net Operating Income 6.75% / $266,175

FINANCIAL SUMMARY

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LEASE ABSTRACTION

LEASE ABSTRACT:---During the Term, Tenant will pay, as and when due and before penalty accrues for nonpayment, all property taxes, rental taxes, excise taxes, license fees, and assessments, both general and special, levied or imposed against the Premises by any federal,

state, county, municipal, or other governmental authority.

TAXES:

Tenant is responsible for the payment of all expenses [...] related to the occupancy, operation, maintenance and repair of the Premises, except any expenses incurred in connection with Landlords’ maintenance obligations. Such

Tenant Maintenance includes, but is not limited to: repair, replace and maintain in good condition all nonstructural portions of the Premises, maintain and service the fire suppression system (including sprinklers) for the Premises, and repair any portion of the Premises resulting from the negligence, acts or omission of Tenant or Tenant’s agents, contractors, employees or invitees.

Landlord hereby assigns to Tenant on a nonexclusive basis all warranties for any portion of the Premises which benefit Tenant such that the benefit of all such warranties will run directly to Tenant.

Tenant shall be responsible for HVAC Work for the first fifteen years of the Term of the Lease, provided, however, that in no event shall Tenant’s expenditures for HVAC Work in any one calendar year exceed $5,000. Any costs for HVAC Work in any one calendar year in excess of the HVAC Cap shall be at Landlord’s sole cost and expense

During the Term of this Lease, Landlord will, at its own expense, repair, replace and maintain in good condition the roof, foundations, exterior lighting, exterior painting and finish, , Landlord’s HVAC Responsibility, all structural portions of the Premises and the Building, and all plumbing and utility lines not located within the Premises and exclusively serving the Premises.

MAINTENANCE:

Tenant will procure and maintain on Landlord’s behalf (or cause to be maintained), at Tenant’s initial expense, the [Landlord’s] insurance. Should Landlord maintain Landlord’s Insurance, Tenant will reimburse Landlord for the cost of

Landlord’s Insurance.

Tenant will procure and maintain a Commercial General Liability Insurance policy, which policy will include coverage for bodily injury, property damage, personal injury, advertising injury, contractual liability (applying to this Lease), independent contractors, and products-completed operations liability. Such policy will have a total combined liability policy limit (including umbrella coverage) of $2,000,000.00 applying to liabilities for bodily injury, personal injury and property damage.

Tenant will procure and maintain insurance against loss by fire and other hazards covered by the ISO Special Form of policy on (a) all of Tenant’s trade fixtures, equipment, signs and personal property located in or on the Premises, including anything installed by Tenant at its own cost and not normally considered to be a structural part of the Premises and (b) those portions of the Premises included within “Tenant Maintenance.” Such property insurance coverage will be secured on a replacement cost basis.

INSURANCE:

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ACT ID: Y0100

SITE PLAN

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�� New 10-Year Triple-Net Lease, Excluding Roof and Structure, With Sportsman’s Warehouse

�� Corporate Guaranteed by Publicly Traded Sportsman’s Warehouse (NASDAQ: SPWH)�� Brand New Construction of a Two Story 18,838-Square Foot Building on a Large 2.68-

Acre Lot with Ample Parking�� Located Adjacent to US Interstate-25 Which Oversees 58,000 Vehicles-Per-Day at the

Site

NEWLY CONSTRUCTED, CORPORATE GUARANTEED OUTDOOR SUPPLIER

�� Major Economic Activity in Tourism, Recreation, Aerospace, Rail and Agriculture�� Top Employers Include School Districts 60 & 70, Parkview Medical Center,�� Pueblo Achieved LiveWell Elite Status for Undertaking Five Healthy Eating and Active

Living Policies�� Pueblo Rated Top 10 Workforce Development Areas in the US�� Pueblo Ranked as Best For Affordable Living In Colorado and Top 10 In US; Median

Home Price $114,200

HIGHLY DESIREABLE COLORADO REAL ESTATE

WELL POSITIONED IN MOST POPULOUS CITY IN THE COUNTY�� AAA Location - Pueblo, CO - 9th Largest City in Colorado - 100 Miles South of Denver,

Colorado�� Part of Corridor that Encompasses Over 1.7 Million Square Feet of Retail Space

Including the 575,000-Square Foot Pueblo Mall�� Surrounding Retailers Include Best Buy, Buffalo Wild Wings, Kohl’s, Petco, Guitar

Center, Bed Bath & Beyond, Chili’s, Cracker Barrel, IHOP, Ross, Home Depot, PetSmart, TJ Max, Sam’s Club and Numerous Others

�� Located in Dense Suburban Area With over 34,000 Households Within 5 Miles and a Daytime Population Over 36,000

�� Two Miles From Colorado State University-Pueblo -A Four-Year Institution Offering 31 Undergraduate and 9 Graduate Programs to Over 5,000 Students

�� Local Schools Include Heaton Middle School (735 Students), Haaf Elementary School (364 Students), Belmont Elementary School (531 Students) and Irving Elementary School (390 Students)

INVESTMENT HIGHLIGHTS

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ACT ID: Y0100

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PROPERTY AERIAL

EAST HIGH SCHOOL

SUBJECT PROPERTY

BENJAMIN FRANKLIN

ELEMENTARY SCHOOL

BELMONT PARK

BELMONT ELEMENTARY

SCHOOLHEATONMIDDLE SCHOOL

PUEBLO COUNTRY

CLUB

WALKING STICK GOLF COURSE

MORTON ELEMENTARY

SCHOOL CENTENIAL ELEMENTARY

SCHOOL

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PUEBLO, CO - PROFILE

Pueblo, CO is a thriving town that values culture and arts. It is filled with galleries, museums, livestock shows, and hot-rod expos. Every year since 1872 Pueblo hosts the Colorado State Fair drawing in Colorado locals and tourists from all around the country. Pueblo is situated at the confluence of the Arkansas River and Fountain Creek with many recreational opportunities including in-town whitewater rafting and a nature raptor center. The nature raptor center is a wildlife rehabilitation facility that specializes in birds of prey. Over 8,000 school children participate in educational field trips at the facility each year.

Pueblo has a low cost of living and was classified the sixth most affordable place to live in America. The median home price for home on the market is $147,851 as of 2013. With the view of the Rocky Mountains, less snow than any other major cities in Colorado, and sunshine being abundant year round, this city was listed as One of the Best Places to Live in the USA, according to AARP.

Pueblo is popular for many things including their Chili Peppers. Every year there is an annual Chile & Frijoles Fair making this city a top food city in Colorado. It also has top spots for gourmet foods and wines, such as Gagliano’s Italian Market & Deli, Springside Cheese Shop, 80/Twenty Wines, Wine Down by the River, and many more.

The main industry in Pueblo for most of its history was the Colorado Fuel and Iron (CF&I) steel mill on the south side of town, now called EVRAZ Rocky Mountain Steel. The company is known to have helped build west American by providing affordable steel and iron. Pueblo County is now helping to pave the way for a greener future by partnering with the European alternative energy company, Vestas Wind Systems. One of the leading wind mill turbine producers in the world, the company currently employs about 450 people within Pueblo County.

COLORADO STATE FAIRPUEBLO, COLORADO

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ACT ID: Y0100

Geography: 5-Mile Radius

Population 1-Mile 3-Miles 5-Miles2014 Population 4,703 48,079 84,5592019 Population 4,800 49,720 86,8632014 Daytime Population 4,521 22,635 36,470

Income 1-Mile 3-Miles 5-Miles$0 - $ 14,999 15.5% 20.6% 22.1%$ 15,000 - $24,999 15.7% 16.0% 16.7%$ 25,000 - $34,999 11.2% 12.5% 12.9%$ 35,000 - $49,999 17.5% 16.4% 16.0%$ 50,000 - $74,999 18.7% 16.5% 15.6%$ 75,000 - $99,999 11.1% 8.7% 8.4%$100,000 - $124,999 4.4% 4.8% 4.1%$125,000 - $149,999 2.0% 1.6% 1.8%$150,000 - $200,000 1.9% 1.2% 1.0%$200,000 to $249,999 1.1% 0.7% 0.6%$250,000 + 1.2% 1.0% 0.9%2014 Median HH Income $42,522 $35,991 $33,5572014 Per Capita Income $26,729 $21,081 $20,0422014 Average HH Income $55,556 $50,268 $47,575

POPULATION:---

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INCOME:---

RACE AND ETHNICITY:---

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DEMOGRAPHIC ANALYSIS

In 2014, the population in your selected geography is 288,670. The population has changed by 48.04% since 2000. It is estimated

that the population in your area will be 319,582 five years from now, which represents a change of 10.70% from the current year. The current population is 49.25% male and 50.74% female. The median age of the population in your area is 34.5, compare this to the Entire US average which is 37.3. The population density in your area is 3,678.31 people per square mile.

There are currently 90,750 households in your selected geography. The number of households has changed by 47.79%

since 2000. It is estimated that the number of households in your area will be 100,485 five years from now, which represents a change of 10.72% from the current year. The average household size in your area is 3.14 persons.

In 2014, the median household income for your selected geography is $66,724, compare this to the Entire US average which is currently $51,972.

The median household income for your area has changed by 17.58% since 2000. It is estimated that the median household income in your area will be $80,296 five years from now, which represents a change of 20.34% from the current year. The current year per capita income in your area is $28,896, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $91,436, compare this to the Entire US average which is $74,533.

The current year racial makeup of your selected area is as follows: 38.24% White, 21.84% Black,

0.04% Native American and 25.92% Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 28.18% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.

In 2000, there were 42,710 owner occupied housing units in your area and there were 18,690 renter occupied housing units in your area. The

median rent at the time was $616.

In 2014, there are 79,705 employees in your selected area, this is also known as the daytime population. The 2000 Census

revealed that 71.28% of employees are employed in white-collar occupations in this geography, and 28.67% are employed in blue-collar occupations. In 2014, unemployment in this area is 5.72%. In 2000, the average time traveled to work was 32.6 minutes.

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