521 South Greensboro Road, Carrboro, NC 27510

NINIGRET DEPOT 4th Quarter, 2018

TABLE OF CONTENTS

Site Plan 3

Aerial Photos 4-6

Depot Rail System 7

Ninigret Depot Highlights 8

Surrounding Companies 9

Recent Developments 10

Location Highlights 11

Tooele Economic & Population Growth 12-14

Land Comps 15-18

Aerial Overview 19

Property

EAST VIEW

NORTHEAST VIEW

NORTH VIEW

RAILROAD LEGENDExisting U.I.D. Rail to be improved RMRR Improvements (Complete)Future Rail Spur Extensions

Ninigret Depot Highlights

PROPERTY HIGHLIGHTS

Ninigret Depot currently has approximately 100 acres of shovel-ready, entitled land availablefor immediate development. Ninigret Depot is strategically located just 30 minutes from SaltLake City’s International Airport and City Center.

SITE INFRASTRUCTUREFully improved land sites with all utilities

TRANSPORTATIONDirect Access to State Highway 112 andwithin 15 miles of Interstate 80, a majorEast-West distribution corridor

RAILRail service available with access to theUnion Pacific line and within 30 miles ofUnion Pacific Intermodal Terminal in SaltLake City.

AIRPORTApproximately 25 minutes to Salt LakeInternational Airport.

INCENTIVESNinigret Depot is located with aRedevelopment Area, which allows for anexpanded array of possible assistance to anew company depending on the nature ofthe proposed development and employmentopportunities for the community.

EMPLOYMENT BASETooele County has a strong employmentbase and also draws from the Salt LakeMetropolitan Area’s population of over 2million people. The Tooele AppliedTechnology College (TATC) is locatedwithin minutes of the Depot. The TATCworks closely with employers to determinethe latest skills required for jobs in demand.

Surrounding Companies

Recent Developments at the Depot

About 60 tenants currently operate at the Depot including Detroit Diesel, Utah Transit Authority, Walmart, Utah Fabrication and the Tooele City School District

In 2014, Cabela’s purchased land to build a 600,000 square foot distribution center. The facility is state-of-the-art and created approximately 250 jobs.

In 2015, Airgas, Inc, one of the nation’s leading suppliers of industrial, medical, and specialty gases, and related products opened a 20,000 square foot facility.

LKQ Corporation, a leading provider of alternative and specialty parts for automobiles and other vehicles, selected Ninigret Depot to locate their new, state-of-the-art, processing facility. The processing facility and storage yard will be located on 73 acres and is expected to be operational by Spring of 2019. The site was selected by LKQ given its access to I-80, land costs and shovel-ready condition.

UDOT is working with Tooele County to design and construct a new connection to I-80 from State Route 138. The new corridor will be known as the Midvalley Highway. The proposed construction start date is July 2019.

Location Highlights

Land ImprovementsThe land is fully improved with zoning and right-to-build approved and all utilities in-place. The areabenefits from direct access to State Highway 112, is within 15 miles of Interstate 80, a major East-West artery, and is located 25 minutes from Salt Lake City International Airport. In addition tohighway access, rail can be extended to service the vacant land.

Employment BaseTooele County has a strong employment base and also draws from the Salt Lake Metropolitan Area’spopulation of over 2 million people. The Tooele Applied Technology College (TACT) is locatedwithin minutes of the Ninigret Depot and works closely with employers to determine the skillsrequired in the area.

IncentivesThe Depot is located within a previously established Redevelopment Area, where the city of Toeeleallows for an expanded array of possible assistance to a new company based on the nature of theproposed development. In addition to the city’s incentives, the Utah Governor’s Office of EconomicDevelopment has an assistance program of state-sponsored incentives for business relocation andexpansion. These incentives are used to attract companies that create new, high-paying jobs that helpimprove the standard of living, diversity the state economy, increase the tax base, attract and retaintop-level management, and encourage graduates of in-state universities to remain in Utah.

Tooele County Population Growth

2010 2011 2012 2013 2014 2015 2016 2017Population 58,501 59,184 59,788 60,640 61,448 62,641 64,599 67,456Growth n/a 683 604 852 808 1,193 1,958 2,857Rate n/a 1.17% 1.02% 1.43% 1.33% 1.94% 3.13% 4.42%

Median Age of 31.0 years versus National Median of 37.2 years

3-Year (2014-2017) Population Growth Rate of 2.44%. Over three times the national growth rate and twice the Utah Growth rate over the same time period.

According to estimates from US Census, Tooele County is the 7th fastest growing county in the United States.

Much of the population growth is due to the relative affordability and quality of life with more space, less traffic, and cleaner air offered by Tooele County.

Tooele City Economic Growth

Major Employers Include: Detroit Diesel Mountain West Medical Carlisle Syntec Usana Overstock.com Walmart

Job growth of 1.4% between 2015-2016

Future job growth over the next 10 years is predicted to be 39.1%, which is higher than the US average of 38% according to Sperling’s.

Unemployment rate of 3.3% versus 4.0% nationally

Average income of $22,423 a year versus US average of $28,555.

Occupations 2016 %Agriculture, Forestry, Fishing, Hunting 101 0.7%Admin, Support, Waste Management 791 5.5%Arts, Entertainment, Recreation 365 2.5%Accomodation & Food Services 689 4.8%Construction 1,238 8.6%Educational Services 1,076 7.5%Finance & Insurance 567 4.0%Healthcare & Social Assistance 1,263 8.8%Information 324 2.3%Manufacturing 1,639 11.4%Mining, Quarrying, Oil, Gas Extraction 202 1.4%Other Services except Public Administration 631 4.4%Public Admin. 1,429 10.0%Professional, Scientific, Tech Services 609 4.3%Retail Trade 2,128 14.9%Real Estate, Rental & Leasing 190 1.3%Transportation & Warehousing 735 5.1%Utilities 38 0.3%Wholesale Trade 303 2.1%

Total 14,318 100.00%

Tooele Workforce

Large, readily available workforce

Between 40-60% of workers currently commute to the Salt Lake County metro area for work, but would love jobs closer to home.

Cabela’s & Walmart found that the county not only had the workforce numbers required, but exceeded expectations in terms of dependability, dedication, loyalty and aptitude.

Per Capita Income in Tooele County is $22,978 versus $28,578 in Salt Lake County -making labor less expensive.

Issue of population commuting into Utah

Industrial Land Comps – Salt Lake County

Industrial Land Comps – Salt Lake County

• Not many large sites available• Significantly higher price per acre / per square foot• Most of the large sites aren’t shovel ready

Number Address Price PSF Land (AC) Price Per Acre $ Sale PriceSubject 545 North Lodestone Way, Tooele, UT 1.95 PSF 100.00 AC $84,942 / AC $8,494,200

1 150 S 5600 W, Salt Lake City, UT 5.04 PSF 63.30 AC $219,589 / AC $13,900,0002 4669 W Lake Park Blvd, West Valley, UT 3.81 PSF 36.18 AC $166,149 / AC $6,011,2803 4951 W 150 S 4.00 PSF 28.70 AC $174,216 / AC $5,000,0004 5380 W John Cannon Dr 5.00 PSF 20.50 AC $217,800 / AC $4,464,9005 960 N 2100, Lehi, UT 16.80 PSF 19.61 AC $731,935 / AC $14,353,2376 2060 S Airport Rd, Heber City, UT 5.30 PSF 15.31 AC $231,345 / AC $3,541,8927 785 S 4400 W 7.25 PSF 8.56 AC $315,771 / AC $2,703,0008 5151 W 150 S 5.50 PSF 7.62 AC $239,580 / AC $1,825,6009 280 Orange Street 5.00 PSF 4.13 AC $217,800 / AC $899,51410 5650 W 610 S 9.00 PSF 1.46 AC $348,630 / AC $509,00011 6200 W 700 S 3.59 PSF 2.88 AC $156,250 / AC $450,00012 5600 W 300 S 6.95 PSF 1.33 AC $303,425 / AC $403,55513 5600 W 300 S 6.95 PSF 1.28 AC $302,269 / AC $386,90414 5600 W 300 S 6.95 PSF 1.24 AC $302,985 / AC $375,70215 4639 W California Ave 7.71 PSF 1.06 AC $335,849 / AC $356,000

Average 5.95 PSF 14.21 AC $258,869 / AC $3,678,706

Industrial Land Comps – >30 Acres

Industrial Land Comps – >30 Acres

Number Address Price PSF Land (AC) Price Per Acre $ Sale PriceSubject 545 North Lodestone Way, Tooele, UT 1.95 PSF 100.00 AC $84,942 / AC $8,494,200

1 177 S 1200, Tooele, UT 1.30 PSF 200.00 AC $56,628 / AC $11,325,6002 Burmester Road, Grantsville, UT 1.57 PSF 120.00 AC $68,517 / AC $8,222,0003 S State Road 36 Street, Tooele, UT .12 PSF 324.23 AC $5,012 / AC $1,625,0004 Highway 138, Grantsville, UT 1.25 PSF 102.13 AC $54,450 / AC $5,560,9785 2700 N 400 E, Spanish Fork, UT 1.72 PSF 70.00 AC $75,000 / AC $5,250,0006 150 S 5600 W, Salt Lake City, UT 5.04 PSF 63.30 AC $219,589 / AC $13,900,0007 1300 N 2000 W, Springville, UT 4.00 PSF 36.50 AC $108,811 / AC $3,971,6008 4669 W. Lake Park Blvd, West Valley, UT 3.81 PSF 36.18 AC $166,149 / AC $6,011,280

Average 1.40 PSF 119.04 AC $58,662 / AC $6,983,307

Aerial Overview