Pizza Hut Portfolio % CAP 5 Iowa Locations - Must be purchased as a portfolio

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1 Pizza Hut Portfolio % CAP 5 Iowa Locations - Must be purchased as a portfolio Investment Summary CAP Rate: 8.25% Lease Options: 4 Five Year Options Increases: 1% Annual Lease Type: Absolute NNN No Landlord Obligations About NPC NPC currently operates over 1,250 Pizza Hut units in 28 states and over 140 Wendy s units in 5 states. is the largest Pizza Hut franchisee in the world, operating approximately 20% of the domestic Pizza Hut system. Employing over 29,000 employees, NPC is the 9th largest operator in the United States. NPC opened its first Pizza Hut restaurant in John F. Kennedy Road Dubuque, IA 49 Cedar Street th Street SE Tipton, IA Dyersville, IA 1640 First Street West 1129 E Main Street Independence, IA Manchester, IA

2 Location Map

3 Quick Facts

4 CAP Rate: 8.25% Dubuque, Iowa Location 2075 John F. Kennedy Road Dubuque, IA Bldg Sq Ft: 2,499 Land Sq Ft: 33,125 Pizza Hut has a 46-year history at this site Sales $429, , 2008 and 2010-ranked among the 100 Best Communities for Young People by the America s Promise Youth Foundation April ranked 15th in the Best Small Places For Business and Careers ranking by Forbes magazine About Dubuque Dubuque is a city in and the county seat of Dubuque County, Iowa, located along the Mississippi River. In 2013, its population was 58,253, making it the tenth-largest city in the state. The city lies at the junction of three states: Iowa, Illinois, and Wisconsin, a region locally known as the Tri-State Area. It serves as the main commercial, industrial, educational, and cultural center for the area. It is one of the few large cities in Iowa with hills, and a tourist destination featuring the city s unique architecture and river location. It is home to five institutions of higher education, making it a center for culture and learning. Dubuque has long been a center of manufacturing, but the economy has recently had rapid growth and diversified in to other areas. In 2005, the city led the state and the Midwest in job growth, ranking as the 22nd fastest-growing economy nationally. Today, alongside industry, the city has large health care, education, tourism, publishing, and financial service sectors.

5 CAP Rate: 8.25% Tipton, Iowa Location 49 Cedar Street Tipton, Iowa Bldg Sq Ft: ±2,910 Land Sq Ft: ±74,488 Pizza Hut has a 25 year history at this site Sales $381,010 This property is situated on the southern edge of Tipton, at the hard corner of Cedar St and W South St. Cedar St is the city s main thoroughfare. About Tipton Tipton was platted in 1840 and was named for General John Tipton, a personal friend of the founder, Henry W. Higgins. It was incorporated on January 27, 1857 According to the United States Census Bureau, the city has a total area of 2.09 square miles, all of it land. Tipton is served by two highways: Iowa 38 (which runs north and south through town) and Iowa 130 (which enters Tipton from the east, meets Iowa 38 in the business district, and then runs north in conjunction).

6 CAP Rate: 8.25% Dyersville, Iowa Location th Street SE Dyersville, IA Bldg Sq Ft: ±2,622 Land Sq Ft: ±36,471 Pizza Hut has a 33-year history at this site Sales $517,930 About Dyersville Dyersville is a city in eastern Delaware and western Dubuque counties in the U.S. state of Iowa. It is part of the Dubuque, Iowa, Metropolitan Statistical Area. The population was 4,058 at the 2010 census, up from 4,035 at the 2000 census. Dyersville was laid out in It was named for early landowner James Dyer. Dyersville is home to the baseball field built for the film Field of Dreams and the national Farm Toy Museum. The site is located on the south side of Dyersville, on the NW side of Highway 20 and 9th St. The site is visible from the Highway. The 9th St exit provides the most direct access from the Highway to downtown Dyersville.

7 CAP Rate: 8.25% Independence, Iowa Location 1640 First Street West Independence, IA Bldg Sq Ft: 2,820 Land Sq Ft: 31,454 Pizza Hut has a 40-year history at this site Sales $619,960 About Independence Independence is a city in and the county seat of Buchanan County, Iowa, United States. The population was 5,966 in the 2010 census. According to the United States Census Bureau, the city has a total area of 6.22 square miles, of which, 6.08 square miles is land and 0.14 square miles is water. Independence was founded in 1847 near the center of present-day Buchanan County. For a few years in the late 1880s and early 1890s, Independence was a nationally-known horse-racing center, and was sometimes referred to as the Lexington of the North.

8 CAP Rate: 8.25% Manchester, Iowa Location 1129 E Main St Manchester, IA Bldg Sq Ft: 2,820 Land Sq Ft: 31,454 Pizza Hut has a 39-year history at this site Sales $591,750 The site is located on the east side of Manchester, on the south east side of Main St and McCarren Dr. About Manchester Manchester is a city in Delaware County, Iowa, United States. The population was 5,179 at the 2010 census. It is the county seat of Delaware County. Manchester is located at the intersection of State Highway 20 and State Highway 13, and is the largest community in Delaware County. Manchester was founded in the 1850s. It was originally called Burrington after its founder, Levings Burrington, who settled there in Manchester serves as the county seat of Delaware County, which is a major employer Manchester is located within 45 miles of Cedar Rapids, Waterloo, and Dubuque, three of the state s larger cities.