CVS Pharmacy

A Net Lease Investment OpportunityConfidential Offering Memorandum

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Warner Robins, GA

The information contained in this Offering Memorandum is confidential, furnished solely for the purpose of review by a prospective purchaser of 3001 Russell Parkway, Warner Robins GA (the “Property”) 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 comprehen-sive 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 re-spective 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 Property. 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 the Property or constitute an indication that there has been no change in the business or affairs of the 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 the 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 the 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 the Property will be made available to qualified prospective purchasers. In this Offering Memorandum, certain documents and other materials are described in summa-ry 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 with-drawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the 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 the Property described herein. This Offering Memorandum is subject to prior placement, errors, omissions, changes or with-drawal without notice and does not constitute a recommendation, endorsement or advice as to the value of the 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 the Property described herein. 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 Property 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

Financial Overview.............................3 Lease Summary Financial Summary

Tenant Overview.................................5

Property Overview.............................8 Site Plan Site Aerial Trade Area Aerial

Market Overview...............................13

Demographics...................................14

The Net Lease Group is pleased to exclusively offer for sale a CVS Pharmacy located in Warner Robins, GA.

The property is leased to CVS through an absolute triple net lease which is 100% guaranteed by CVS Corporation and provides that there are no Landlord responsibilities whatsoever. The lease has 14.5 years remaining and includes two (2) renewal option periods of five (5) years.

The offering consists of the fee simple interest in a retail building situated on 2.04 acres that is fully leased to CVS and provides an investor with the opportunity to own an institutional quality asset fully-leased to an investment grade company, providing dependable and predictable income throughout the lease term.

EXECUTIVE SUMMARY

THE OFFERING

PURCHASE PRICE: $4,595,218CAP RATE: 5.80%

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EXECUTIVE SUMMARYINVESTMENT HIGHLIGHTS

LONG-TERM, ABSOLUTE NET LEASE The lease is an absolute net lease with No Landlord Responsibilities Whatsoever. The tenant is responsible for all taxes, insurance, maintenance, repair and operating costs associated with the property. The lease has 14.5 years remaining on the initial term, and expires January 31, 2032.

CORPORATE GUARANTY The lease is guaranteed by CVS Corporation, predecessor to present-day CVS Health Corporation (NYSE: CVS), an investment grade tenant (S&P: BBB+/Stable) with Annual Revenues exceeding $153.3 Billion.

CVS MINUTE CLINIC This CVS operates a MinuteClinic ™ which is staffed by nurse practitioners and physician assistants who specialize in family health care. The clinic provides care for a variety of minor illnesses and injuries, performs vaccinations, and provides basic health screenings.

EXCELLENT AVERAGE HOUSEHOLD INCOME The Average Household Income is

$85,534 within a one-mile radius of the subject property.

CONSISTENTLY GROWING POPULATION The property is located within a consistently growing and expanding region of middle Georgia that continues to attract residents due to the county’s superior educational institutions. The county population has grown from 89,000 in 1990 to 152,000 in 2016.

STABLE LOCAL ECONOMY Warner Robins is fueled by Robins Air Force Base, the largest employer (+25,000 employees) within the state of Georgia and a critical component of the Air Force’s missions both foreign and domestic.

EXCELLENT VISIBILITY AND INGRESS/EGRESS Each property is carefully selected and approved by CVS to be well located in its respective market and provide excellent visibility and accessibility. Customers can enter the subject property from both adjacent roads, and it shares an entrance with the Walmart Neighborhood Market along one of Warner Robins’ busiest roads.

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

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FINANCIAL OVERVIEW

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FINANCIAL OVERVIEWRepresentative Photo

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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.

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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.

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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PROPERTY OVERVIEW

The subject property is located at the lighted intersection of Lake Joy Road and Russell Parkway in Warner Robins, GA. Russell Parkway is one of the busiest roads in the city, connecting Interstate 75 to the west to Robins Air Force Base to the east. Interstate 75 is located three miles to the west and Robins AFB is located approximately nine miles to the east of the subject property.

The subject property reports traffic counts exceeding 21,000 on Russell Parkway and 15,000 on Lake Joy Road. Parking is available for up to 76 vehicles.

The property is highly visible and well located near large residential neighborhoods and national retailers. The property is adjacent to and shares access with a Walmart Neighborhood Market, and is across the intersection from a McDonald’s. Major schools are in close proximity as well, with Lake Joy Elementary and Lake Joy Primary School 0.5 miles to the south, and 1000+ student Houston County High School three miles to the south.

Another large employer and medical care provider, Houston Medical Center, is located six miles northeast of the subject property. The 282 bed facility serves over 300,000 people every year, and is a fully accredited acute care center.

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PROPERTY OVERVIEW

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PROPERTY OVERVIEW

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SITE AERIAL

PROPERTY OVERVIEW

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MARKET AERIALPROPERTY OVERVIEW

Lake Joy Primary School

Lake Joy Elementary School

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MARKET OVERVIEWWARNER ROBINS, GA

Warner Robins was founded in 1942 from the Community of Wellston. It was incorporated as a town in 1943 and as a city in 1956. During World War II the need to build an air force base in the southeast became critical, and in June 1941 the U.S. government accepted the town’s bid to locate a base on over 3,100 acres of land.

Now, Robins Air Force Base is the largest industrial installation in the state of Georgia with over 14 million square feet of buildings on 8,800 acres. Employing a workforce exceeding 25,500 civilians, contractors, and military members, it is the largest employer within the state and has an estimated statewide economic impact of $4 Billion. Robins AFB has worldwide management responsibility for the repair, modification, and overhaul of the F-15 Eagle, the C-130 Hercules, the C-5 Galaxy, and all Air Force helicopters. The base provides logistical support for all Air Force missiles, vehicles, general purpose computers, avionics, and electronic systems for most aircraft. The Museum of Aviation is also located on the base, and is a major attraction for the city. It has grown to become the second largest museum of the US Air Force and the fourth most visited museum in the Department of Defense.

Major employers outside of Robins AFB include the Houston County Board of Education, Houston Healthcare, Perdue Farms, Frito-Lay, Northrop Grumman and local government agencies. Nearly 12,000 individuals are employed by these entities within Houston County.

Warner Robins and Houston County have remained committed to providing a highly-trained and dedicated workforce to its businesses. According to the U.S. Census Bureau, approximately 89% of county residents are high school graduates with 24% possessing a bachelor’s degree or higher. Resources are available to employers such as The Middle Georgia Workforce Investment Board (MGWIB), a local association of workforce development agencies, business leaders and other partners in a 10-county area seeking to improve the Middle Georgia labor market. Employers can utilize the MGWIB for on-the-job training, where employers are reimbursed a percentage – up to 50 percent – of the trainee’s wages during the training period. Houston County is also home to the recently announced Georgia Military Academic Training Center. The 32,000 square-foot facility will be used to train and educate veterans, active duty military and their families, to assist in their transition from military life to Georgia’s workforce.

Houston County, GA is the 14th largest county in the state. Largely due to the strategic importance of Robins AFB, the county has experienced prolonged and consistent population growth from approximately 89,000 in 1990 to 152,000 in 2016. More recently the county population has grown 8% since 2010.

A residential suburb with 25% of the population under 18 years, Houston County and the city of Warner Robins are known for providing quality education in one of the most highly-regarded school districts in the state of Georgia.

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DEMOGRAPHICS

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EXCLUSIVELY MARKETED BY

3350 Riverwood Parkway, Suite 700Atlanta, GA 30339

thenetleasegroup.com

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Philip WickstromManaging Principal404.551.2226pwickstrom@thenetleasegroup.com

Esmael HillManaging Principal404.551.2068ehill@thenetleasegroup.com

Maxwell SchlesingerAssociate404.551.2013mschlesinger@thenetleasegroup.com