Brand New - Corporate - Carl s Jr. Ground Lease New Braunfels, TX San Antonio MSA

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1 Walnut Retail Center 94,000 cars/day Off-Ramp Mesquite St. Walnut Ave. PROPOSED Brand New - Corporate - Carl s Jr. Ground Lease New Braunfels, TX San Antonio MSA $1,000, % CAP Brand New Construction Scheduled Opening for Jan Absolute NNN Ground Lease No Landlord Responsibility Corporate Lease: CKE Restaurants Inc. $1.53B Revenue 20-Year Lease Term 10% Rental Increases Every 5-Years Shadow Anchored by Wal-Mart, Lowe s, Office Max Traffic Count at Property in Excess of 94,000 Cars Daily Immediate Trade Area Experienced 40%+ Growth Exclusive Listing Agent: Joe Caputo (415) $7,500, / 9% CAP joe@exp1031.com EXP REALTY ADVISORS HQ: 118 East 28th Street #808 New York NY T: (212) F: (800)

2 Purchase Price: $1,000,000 CAP Rate: 6.5% Lease Term: 20 Years Building Area: 2,911 +/- SF Land Area: /- Acres Lease Type: Ground Lease NNN Occupancy: 100% Rent Commencemnet: January /- EXP Realty Advisors, as exclusive agent, is pleased to present for sale a brand new absolute NNN corporate Carl s Jr. ground lease located in New Braunfels, TX. This offering gives investors the unique opportunity to purchase a small single tenant property, leased to a well known fast food operator for 20 years, with virutally no landlord responsibility and 10% rent increases every 5-years. The subject property is located within a well established retail corridor. Tenants in the immediate area include Wal-Mart, Lowes, Office Max, H-E-B, Walgreens, Dollar Tree, McDoanlds, Popeye s, Taco Bell, Chick-Fil-A, Starbucks, Panda Express, KFC, Schlotzsky s, AT&T, Baskin Robbins, and Payless Shoe Source. Not a Part Investment Highlights 20-Yr. Absolute NNN Ground Lease w/ Rent Increases Corporate Tenant: Carl Karcher Enterprises (CKE) Inc. CKE Operates Over 3,100 Stores $1.53 Billion Revenue Shadow Anhcored by Wal-Mart, Lowe s, Office Max Excellent Visibility off Interstate Highway 35 (IH-35) IH-35 N: 94,000 Cars / Daily (Source: TxDOT 2009) 5th Fastest Growing County in TX; Adjacent to Fastest Growing County in TX Halfway Between Austin & San Antonio Over 50% of US Goods To/From Mexico Flow Through San Antonio MSA Representative Photo Cedar Park, TX Location COPYRIGHT ALL USE, DISCLOSURE AND/OR REPRODUCTION NOT SPECIFICALLY AUTHORIZED IS PROHIBITED. ALL RIGHTS RESERVED. EXP Realty Advisors ( Agent ) has presented this confidential Investment Memorandum to assist the recipient in evaluating the Property and it is intended for your use only. This confidential material contains brief, selected information pertaining to the Property and shall not be considered all-inclusive or unchanged since the date of preparation. No warranty as to the accuracy or completeness is expressed or implied. The information has been received from sources believed to be reliable but is not guaranteed. Agent disclaims all liabilities in connection with any inaccuracies or incompleteness. The Buyer should independently verify each item of information and have the same reviewed by its tax advisor and/or legal counsel. The Buyer agrees that (a) the materials are of a highly confidential nature and will be held in the strictest confidence or shall be returned to Agent upon request; (b) the Buyer shall not contact any property manager, employee or tenant of the Property regarding the enclosed materials or the Property, without prior approval of Agent; and (c) the Buyer understands and agrees that Agent represents the seller and not the Buyer. Neither the seller nor Agent shall have any obligation to pay any commission, finder s fee, or other compensation to any broker or other person dealing with the Buyer. The Buyer may provide information to persons retained for the purpose of evaluating the Property after first obtaining a signed confidentiality agreement from such persons to keep such information confidential. The Buyer shall defend, indemnify and hold harmless the seller, Agent and its affiliates from and against any claims, demands, damages, liabilities, costs or expenses, including reasonable attorneys fees, relating to any claim for a commission, finder s fee or other compensation by any broker or other person dealing with the Buyer. The Property is being sold on an as-is, where-is and with all faults basis.

3 LEASE OVERVIEW: Tenant: Publicaly Traded CARL KARCHER ENTERPRISES, INC. a California Corporation Lease Term: Twenty (20) Years January January 2030 (Estimate) Options: Four (4), Five (5) Year Options Base Rent: $65,000 / Year Increases: Ten Percent (10%) Every Five (5) Years, Including Options Lease Type: Absolute NNN, Ground Lease - No Landlord Responsibility Representative Photo TENANT OVERVIEW: CKE Resturants Inc. NYSE: CKR Founded: 1964 Employees: 157,300 (2006) Headquarters: Anaheim, CA Revenue: $1.53 Billion (2008) Locations: 3,100+ Website: Carl s Jr. is an American fast-food restaurant chain, located mostly in the Western United States and West Coast regions. It is also in the process of expanding into Canada, Mexico, and China. It was founded in 1941 by Carl N. Karcher, and is owned by CKE Restaurants, Inc. Along with its sibling restaurant chain Hardee s, Carl s Jr. is the #4 US QSR burger chain in size after McDonald s (31,000+ locations), Burger King (11,500+ locations) and Wendy s (6,700+ locations). CKE Restaurants, Inc. is the parent company of the Carl s Jr., Hardee s, Green Burrito, and Red Burrito restaurant chains. As of May 19, 2008, the company operated 3,101 company operated, franchised, or licensed restaurants in 42 states and in 13 countries, including 1,162 Carl s Jr. and 1,923 Hardee s restaurants. This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information an bears all risk for any inaccuracies.

4 LOCATION OVERVIEW: Immediate Trade Area The subject property is strategically located on the NEC IH 35 & Mesquite Street, at the off-ramp for IH-35 (94,000 cars/day) at Walnut Ave within a well established retail corridor. Neighboring tenants include Wal-Mart, Lowes, Office Max, H-E-B, Walgreens, Dollar Tree, McDoanlds, Popeye s, Taco Bell, Chick-Fil-A, Starbucks, Panda Express, KFC, Schlotzsky s, AT&T, Baskin Robbins, and Payless Shoe Source. Not a Part New Braunfels, TX Carl s Jr. Ground Lease is located in City of New Braunfels, Texas; 35 miles South of Austin and 27 miles North of San Antonio and is the County Seat of Comal County, which had over 50% population growth between 1998 and making it the fifth fastest growing county in Texas. There are over 2 million visitors per year to the trade area with direct expenditures of over $200 million just to Schlitterbahn Waterpark (#1 US Waterpark). Other key destinations include Gateway to New Braunfels, Canyon Lake, Gruene and New Braunfels Municipal Airport. New Braunfels is adjacent to Hays county, the fastest growing county in Texas. San Antonio Metropolitan Statistical Area (MSA) New Braunfels borders the Austin-Round Rock MSA and is the second largest city in the San Antonio MSA. The MSA is centrally located between the East and West Coasts and centrally located to other cities across US, Canada, and Mexico. More than 50% of goods flowing between the US and Mexico travel through the San Antonio MSA, the majority of which pass the subject property on Interstate Highway 35 (94,000 cars daily TX DOT 2009). San Antonio is the 7th largest US City, and one of the fastest growing cities in Texas where Median Home Prices rose 2.6% between San Antonio Skyline Comal County Courthouse This information has been secured from sources we believe to be reliable but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information an bears all risk for any inaccuracies.

5 CORPORATE CARL S JR. GROUND LEASE NEW BRAUNFELS TEXAS

6 EXISTING DEBT: MUST BE ASSUMED Location Maps