Red LobsterE XC L U S I V E N E T - L E A S E O F F E R I N G

Representative Photo

721 US 27 North,Sebring, FL 33870

OFFERINGMEMORANDUM

Confidentiality and DisclaimerMarcus & Millichap hereby advises all prospective purchasers ofNet Leased property as follows:

The information contained in this Marketing Brochure has beenobtained from sources we believe to be reliable. However, Marcus& Millichap has not and will not verify any of this information, norhas Marcus & Millichap conducted any investigation regardingthese matters. Marcus & Millichap makes no guarantee, warrantyor representation whatsoever about the accuracy or completenessof any information provided.

As the Buyer of a net leased property, it is the Buyer’sresponsibility to independently confirm the accuracy andcompleteness of all material information before completing anypurchase. This Marketing Brochure is not a substitute for yourthorough due diligence investigation of this investmentopportunity. Marcus & Millichap expressly denies any obligationto conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in thisMarketing Brochure are for example only and do not representthe current or future performance of this property. The value of anet leased property to you depends on factors that should beevaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisorsshould conduct a careful, independent investigation of any netleased property to determine to your satisfaction with thesuitability of the property for your needs.

Like all real estate investments, this investment carries significantrisks. Buyer and Buyer’s legal and financial advisors must requestand carefully review all legal and financial documents related tothe property and tenant. While the tenant’s past performance atthis or other locations is an important consideration, it is not aguarantee of future success. Similarly, the lease rate for someproperties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected saleswith little or no record of actual performance, or comparablerents for the area. Returns are not guaranteed; the tenant and anyguarantors may fail to pay the lease rent or property taxes, or mayfail to comply with other material terms of the lease; cash flowmay 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/herown investigation of all matters affecting the intrinsic value of theproperty and the value of any long-term lease, including thelikelihood of locating a replacement tenant if the current tenantshould default or abandon the property, and the lease terms thatBuyer may be able to negotiate with a potential replacementtenant considering the location of the property, and Buyer’s legalability 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 harmlessfrom any kind of claim, cost, expense, or liability arising out ofyour investigation and/or purchase of this net leased property.

CONFIDENTIALITY AND DISCLAIMER

The information contained in the following Marketing Brochure isproprietary and strictly confidential. It is intended to be reviewedonly by the party receiving it from Marcus & Millichap and shouldnot be made available to any other person or entity without thewritten consent of Marcus & Millichap. This Marketing Brochurehas been prepared to provide summary, unverified information toprospective purchasers, and to establish only a preliminary levelof interest in the subject property. The information containedherein is not a substitute for a thorough due diligenceinvestigation. Marcus & Millichap has not made any investigation,and makes no warranty or representation, with respect to theincome or expenses for the subject property, the future projectedfinancial performance of the property, the size and square footageof the property and improvements, the presence or absence ofcontaminating substances, PCB’s or asbestos, the compliance withState and Federal regulations, the physical condition of theimprovements thereon, or the financial condition or businessprospects of any tenant, or any tenant’s plans or intentions tocontinue its occupancy of the subject property. The informationcontained in this Marketing Brochure has been obtained fromsources we believe to be reliable; however, Marcus & Millichaphas not verified, and will not verify, any of the informationcontained herein, nor has Marcus & Millichap conducted anyinvestigation regarding these matters and makes no warranty orrepresentation whatsoever regarding the accuracy orcompleteness of the information provided. All potential buyersmust take appropriate measures to verify all of the informationset forth herein.

NON-ENDORSEMENT NOTICE

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”)is not affiliated with, sponsored by, or endorsed by anycommercial tenant or lessee identified in this marketing package.The presence of any corporation’s logo or name is not intended toindicate or imply affiliation with, or sponsorship or endorsementby, said corporation of M&M, its affiliates or subsidiaries, or anyagent, product, service, or commercial listing of M&M, and issolely included for the purpose of providing tenant lesseeinformation about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASECONSULT YOUR MARCUS & MILLICHAP AGENT FOR MOREDETAILS.ZAB0330921

721 US 27 North,Sebring, FL 33870

All potential buyers are strongly advised to take advantage oftheir opportunities and obligations to conduct thorough duediligence and seek expert opinions as they may deem necessary,especially given the unpredictable changes resulting from thecontinuing COVID-19 pandemic. Marcus & Millichap has not beenretained to perform, and cannot conduct, due diligence on behalfof any prospective purchaser. Marcus & Millichap’s principalexpertise is in marketing investment properties and acting asintermediaries between buyers and sellers. Marcus & Millichapand its investment professionals cannot and will not act aslawyers, accountants, contractors, or engineers. All potentialbuyers are admonished and advised to engage otherprofessionals on legal issues, tax, regulatory, financial, andaccounting matters, and for questions involving the property’sphysical condition or financial outlook. Projections and pro formafinancial statements are not guarantees and, given the potentialvolatility created by COVID-19, all potential buyers should becomfortable with and rely solely on their own projections,analyses, and decision-making.

SPECIAL COVID-19 NOTICE

Representative Photo

Table of Contents

Investment Highlights 4

Financial Analysis 5

Concept Overview 6-12

Surrounding Area 13

Location Overview 14

Local Map 15

Regional Map 16

Demographics 17

Market Overview 18

4

Investment HighlightsPRICE: $4,598,258 | CAP: 6.00% | RENT: $275,895

About the Investment✓ Long-Term, Absolute Triple-Net (NNN) Lease with Approximately 23 Years Remaining on

the Base Term✓ Corporate Tenant | Corporate Guaranty✓ Attractive Rental Increases of Two Percent (2.00%) Annually✓ Four (4), Five (5)-Year Tenant Renewal Options

About the Location✓ Dense Retail Corridor | Walmart, Home Depot, Lowe’s, Aaron’s, Marshalls, Ross Dress

for Less, Office Depot, Olive Garden, Chili's, Outback Steakhouse, Ihop, McDonald’s, Wendy’s, Burger King, Taco Bell and Many More

✓ Heavily Trafficked Area | US 27 North| Average Daily Traffic Counts Exceeding 36,500 Vehicles

✓ Multiple Hospitality Accommodations | Tru By Hilton, Inn on the Lakes, Holiday Inn Express, Residence Inn by Marriot, La Quinta Inn and Suites and More

✓ Strong Visibility and Ease of Access Along US 27 North✓ Multiple Academic Institutions | Sebring High School | Approximately Four Miles from

Subject Red Lobster | Over 1,500 Students Enrolled✓ Highlands Regional Medical Facility | 126 Staffed Beds | Approximately Four Miles from

Subject Red Lobster

About the Tenant / Brand✓ Red Lobster is the largest seafood restaurant concept in the world and is an iconic full-

service brand with broad demographic appeal and a significant advertising budget (2nd-largest in casual dining)

✓ The Company was founded in 1968 and currently operates over 700 restaurants throughout the United States and Canada, and has more than 40 franchised restaurants in international markets

✓ Red Lobster is led by an experienced management team with a history of success leading the brand (average 27+ years experience across executive team)

✓ The company generates $2.5B in revenue and is the 6th-largest casual dining concept in North America

✓ Recently acquired by an investment group led by Thai Union Group, one of the worlds largest seafood distributors

Red Lobster

Financial Analysis

5

PRICE: $4,598,258 | CAP: 6.00% | RENT: $275,895PROPERTY DESCRIPTION

Property Red Lobster

Property Address 721 US 27 North

City, State ZIP Sebring, FL 33870

Year Built / Renovated 1992 / 2003

Building Size (SF) 6,567

Lot Size (Acres) +/- 1.83

Type of Ownership Fee Simple

THE OFFERING

Purchase Price $4,598,258

CAP Rate 6.00%

Annual Rent $275,895

LEASE SUMMARY

Property Type Net-Leased Restaurant

Tenant Red Lobster Hospitality, LLC

Guarantor Red Lobster Intermediate Holdings, LLC

Lease Commencement July 28, 2014

Lease Expiration July 31, 2044

Lease Term Remaining 23 Years

Lease Type Triple Net (NNN)

Roof & Structure Tenant Responsible

Rental Increases 2.00% annually

Options to Renew Four (4), Five (5)-Year Options

RENT SCHEDULE

Lease Year Annual Rent Monthly Rent Rent Escalation

Current $275,895 $22,991 -Year 9 $281,413 $23,451 2.00%

Year 10 $287,041 $23,920 2.00%Year 11 $292,782 $24,398 2.00%Year 12 $298,638 $24,886 2.00%Year 13 $304,610 $25,384 2.00%Year 14 $310,703 $25,892 2.00%Year 15 $316,917 $26,410 2.00%Year 16 $323,255 $26,938 2.00%Year 17 $329,720 $27,477 2.00%Year 18 $336,314 $28,026 2.00%Year 19 $343,041 $28,587 2.00%Year 20 $349,902 $29,158 2.00%Year 21 $356,900 $29,742 2.00%Year 22 $364,038 $30,336 2.00%Year 23 $371,318 $30,943 2.00%Year 24 $378,745 $31,562 2.00%Year 25 $386,320 $32,193 2.00%Year 26 $394,046 $32,837 2.00%Year 27 $401,927 $33,494 2.00%Year 28 $409,965 $34,164 2.00%Year 29 $418,165 $34,847 2.00%Year 30 $426,528 $35,544 2.00%

INVESTMENT SUMMARYMarcus & Millichap is pleased to present the exclusive offering for a Red Lobster located at721 US 27, in Sebring, FL. The site consists of roughly 6,567 rentable square feet of buildingspace on an estimated 1.83-acre parcel of land. This Red Lobster is subject to a long-term,absolute triple-net (NNN) lease, which commenced July 28, 2014. The current annual rentis $275,895 and is scheduled to increase by 2.00% annually throughout the remainder ofthe base term and in each of the four (4), five (5)-year tenant renewal options.

Red Lobster

Concept OverviewAbout Red Lobster

• Red Lobster is the largest seafood restaurant concept in theworld and is an iconic full service brand with broaddemographic appeal and a significant advertising budget (2nd

largest in casual dining).

• The Company was founded in 1968 and currently operates700+ restaurants throughout the United States and Canadaand has 40+ franchised restaurants in international markets.

• Red Lobster is led by an experienced management team witha history of success leading the brand (average 27+ yearsexperience across executive team).

• The company generates $2.5B in revenue and is the 6th

largest casual dining concept in North America.

• On August 31st, 2020, a group led by Thai Union Group (“TUG”)acquired Red Lobster from Golden Gate Capital.

• Thai Union Group was previously a minority owner of RedLobster – first acquiring a 25% stake in the company in 2016.

• The new ownership group now includes Thai Union Group,current Red Lobster management, and a newly formedinvestment group, Seafood Alliance, which is led by twoprominent global restaurant operators.

The Transaction

Red Lobster 6

Concept Overview

OUR HISTORY

FRESH IS IN OUR FOOD

Each day, you’ll find an updated selection of fresh fish onour Today’s Fresh Fish menu, not to mention live Mainelobster, freshly baked Cheddar Bay Biscuits™, crisp saladsand a host of fresh seafood recipes waiting to beexplored.

FRESH IS IN OUR KNOWLEDGE

No one knows seafood better than we do. As globalseafood buyers, we have employees stationedthroughout the world who inspect our seafood themoment it comes out of the water. They ensure it meetsstandards that are second to none. Then, the renownedchefs at our culinary center deliver the fresh expertisethat turns it all into something truly special.

FRESH IS IN OUR DEDICATION

We hold ourselves to the highest standards for service,quality and a welcoming atmosphere. And we’re focusedon doing what’s right – for our employees, in ourcommunities and in the world.

FRESH IS IN OUR COMMITMENT

You deserve the freshest food and thinking. So every timeyou visit one of our seafood restaurants or our onlineseafood store, you’ll find an uncommon commitment todeliver the best of the sea with fresh energy and freshideas that we hope will make you want to come backagain and again.

We invite you to come in and experience our commitment to quality for yourself. Whether it’s choosing your favorite fresh fish from our “Today’s

Fresh Fish” menu, or selecting your favorite seafood to be prepared over our wood-fired grill, Red Lobster is the place you can enjoy fresh, delicious

seafood now and for generations.

Red Lobster 7

Concept Overview

Red Lobster 8

2020

Acquisition by Thai Union Group

2018

We celebrate our 50th anniversary of serving fresh, delicious seafood

Concept Overview

~50% Share in Seafood Casual Dining

• Red Lobster is the largest seafood restaurant concept in the world and the 6th largest casual dining concept in the United States with over $2.5 billion in annual sales and 700+ restaurants.

• The Company is the category killer in the seafood casual dining space, holding almost 50% market share.

• Largest share of any restaurant concept in any segment.

• 6th largest overall casual dining concept in the US.

Strong Market Position Significant Scale With Broad Geographic Reach

6th Largest Casual Dining Concept in the US

Red Lobster 9

Concept Overview

Indispensability vs. Peers

Indispensability (How difficult it would be for me to ‘give up’ ever going there again ) - % very difficult (10 out of 10) shown

AfterBefore

New Bar Harbor Format

Iconic Brand With Unparalleled Customer

Loyalty

• Red Lobster has strong consumer appeal and broad usage across multiple dining out occasions, including high-crave, healthier “good for you” and special meal occasions.

• The brand has a strong foundation of loyal guests, who visit 1-2 times per month and account for more than 50% of sales.

• Red Lobster is the clear leader in casual dining seafood, and the most indispensable brand among major casual dining concepts, further indicating strong consumer loyalty.

Healthy and Recently Remodeled Restaurant

Base

• Over $320 million invested in remodels covering >90% of restaurants over the past 9 years.

• $1.4 billion in overall capital expenditure investment over the past 11 years.

• New Bar Harbor format has strong appeal across customer base.

Red Lobster 10

Concept Overview

Kim LopdrupCEO

(31 years in Restaurant Industry)

Salli SettaPresident

(28 years in Restaurant Industry)

Bill LambertCFO

(12 years in Restaurant Industry)

• Salli was named President of Red Lobster in July of 2013

•Prior to her promotion to President, Salli served as Red Lobster’s EVP of Marketing, before which she held numerous roles in Marketing and Culinary at Olive Garden during its turnaround, including VP Marketing and SVP Culinary and Beverage

•24 years of experience in restaurant marketing, advertising and menu development; named “Menu Strategist of the Year” in 2003; recipient of three Menu Masters’ Awards and a Silver Effie for her work on the “Hospitaliano” ad campaign

•BA, University of Central Florida; MBA, Florida Institute of Technology

•Bill served as CFO of Red Lobster from FY2006 to FY2010

•Prior to his return to Red Lobster, Bill served as CFO of LongHorn Steakhouse

•Prior to joining Darden and Red Lobster, Bill spent 21 years with Federated Department Stores in various roles including CFO of Macy’s Central

•BS, Duke University; MBA, University of Michigan

Chip WadeEVP

Operations(30 years in Restaurant

Industry)

•Darryl “Chip” Wade is EVP of Operations at Red Lobster

•Previously, Chip held positions in Enterprise Operations at Darden and as SVP of its Smokey Bones brand

•Outside of Darden, Chip previously served as COO of Legal Sea Foods and in various operations management roles at TGI Friday’s

•BA, Widener University; MBA, University of Texas

•Kim served as President of Red Lobster from FY2005 to FY2011, a period of consistent, above-market growth for the brand

•Prior to his return to Red Lobster, Kim served as President of Specialty Restaurant Group and New Business

•Before joining Darden, Kim served as EVP and COO of North America for Burger King, and at Dunkin’ Brands as VP of Marketing and CEO of its international division

•BBA, College of William & Mary; MBA with distinction, Harvard Business School

Red Lobster is led by an experienced management team with prior success leading the brand.

Red Lobster 11

Concept Overview

• Founded in 1977, Thai Union has a rich history of commitment to seafood expertise and innovation aroundthe world.

• Thai Union Group, based out of Thailand with offices North America, Europe, the Middle-East and Asia,currently serves as a main supplier of seafood for Red Lobster’s across the world.

• Thai Union Group has been listed on the Stock Exchange of Thailand (SET) since November 1994• Prior to the Red Lobster acquisition, Thai Union Group reported annual sales of over $4.1 Billion

• Through acquisitions and organic growth, TUG’s ambitious expansion strategy has established a diverse globalbrand portfolio. Covering three continents, their brands are consumer favorites and market leaders with awide range of products including shelf-stable seafood products, frozen and chilled seafood, PetCare productsand more.

• TUG has a long, successful track record and significant experience servicing consumers, supermarkets,restaurants, hospitality and others.

Global Brands and Partnerships

Red Lobster 12

Surrounding Area

13

721 US 27 North, Sebring, FL 33870

13Red Lobster

Lakeshore Mall

Location Overview

14

This Red Lobster is located at 721 US 27 North in Sebring, Florida. US 27 Northboasts an average daily traffic count of approximately 36,5000 vehicles and servesas the main artery through central Florida. There are more than 25,000 individualsresiding within a three-mile radius of the subject property and approximately45,700 individuals within a five-mile radius.

The subject property is well-positioned in a dense retail corridor, benefiting fromits proximity to major national and local retailers, hospitality accommodations, andother points of interest. Major national retailers within immediate proximity to thesubject property include Walmart, Home Depot, Lowe’s, Aaron’s, Marshalls, RossDress for Less, Office Depot, Olive Garden, Chili's, Outback Steakhouse, Ihop,McDonald’s, Wendy’s, Burger King, Taco Bell as well as many others. Additionally,this Red Lobster is located within a 2-mile radius to multiple hospitalityaccommodations. These include: Tru By Hilton, Inn on the Lakes, Holiday InnExpress, Residence Inn by Marriot, La Quinta Inn and Suites as well as others. ThisRed Lobster is also situated approximately four miles from Highlands RegionalMedical Facility, a 126-bed, in-patient, full service medical center. Additionally, thissite benefits from its proximity to multiple academic institutions. Most notably,Sebring High School, is located approximately four miles from the subject propertyand has an enrollments of over 1,500 students.

Sebring, Florida is a city in Highlands County, Florida, nicknamed "The City on theCircle", in reference to Circle Drive, the center of the Sebring Downtown HistoricDistrict. Sebring is the home of the Sebring International Raceway, created on aformer airbase, first used in 1950. It hosted the 1959 Formula One United StatesGrand Prix yet is best known as the host of the 12 Hours of Sebring, an annualWeatherTech SportsCar Championship race. Nearby Highlands Hammock StatePark is a popular attraction. Sebring, 87 miles south of Orlando just off U.S. Route27, has no Interstate access, but it attracts visitors with its Old Florida downtownhistoric district, golf courses and Sebring International Raceway. Founded in 1912,Sebring evokes a small-town Americana ambiance with its quaint and walkabledowntown area that's listed on the National Register of Historic Places. Localrestaurants, boutique shops and a step-back-in-time park in the middle ofdowntown make it a great place to unwind.

721 US 27 North, Sebring, FL 33870

Red Lobster

ADTC: 36,500

Local Map

15

721 US 27 North, Sebring, FL 33870

Red Lobster

Tampa International Airport (TPA)

Sebring Regional Airport (SEF)

Regional Map

16

721 US 27 North, Sebring, FL 33870

Red Lobster

FLORIDA

Demographics

17

3 Miles

5 Miles

10 Miles

721 US 27 North, Sebring, FL 33870

Red Lobster

3 Miles 5 Miles 10 Miles

POPULATION2024 Projection 25,240 46,184 71,033

2019 Estimate 25,047 45,749 70,568

2010 Census 24,108 44,095 68,156

2000 Census 20,893 36,114 60,382

INCOMEAverage $51,766 $51,345 $51,071

Median $39,481 $38,379 $38,096

Per Capita $24,627 $23,513 $22,364

HOUSEHOLDS2024 Projection 11,895 21,049 30,979

2019 Estimate 11,712 20,684 30,541

2010 Census 11,231 19,849 29,376

2000 Census 9,773 16,295 25,903

HOUSING2019 $109,204 $103,799 $106,744

EMPLOYMENT2019 Daytime Population 29,975 54,512 78,333

2019 Unemployment 3.63% 5.01% 5.66%

2019 Median Time Traveled 18 Mins 19 Mins 21 Mins

RACE & ETHNICITYWhite 87.19% 81.90% 78.14%

Native American 0.07% 0.05% 0.04%

African American 5.53% 9.10% 11.42%

Asian/Pacific Islander 1.38% 1.81% 1.64%

Market Overview

18Red Lobster

Lakeland is a city in Polk County, Florida, along Interstate 4 east

of Tampa, approximately 50-miles north of Sebring, Florida. Thewesternmost city in Polk County, it is part of the Tampa Bay Area. Dottedwith 38 lakes, the aptly named city is only a 25-minute drive from theWalt Disney World Resort complex and 35 minutes from downtownTampa.

Lakeland is the largest city on Interstate 4 between Orlando and Tampa.Large industries in the Lakeland area are citrus, cattle, and phosphatemining. In the past decade, tourism, medicine, insurance, transportation,and music have grown in importance. Lakeland's largest employer isPublix Supermarkets. Publix employs over 6,500 people in the Lakelandarea including headquarter and warehouse employees. Lakeland is atransportation hub. FedEx Freight and FedEx Services and the SaddleCreek Corporation employ over 600 people in the area. Other largeemployers in the area include Amazon, GEICO, Rooms To Go, andLakeland Regional Health.

The many picturesque lakes serve as natural buffers from development,giving Lakeland the laid-back feel of a much smaller city. It's home to thelargest collection of Frank Lloyd Wright architecture in the world atFlorida Southern College. Lakeland is an attractive destination for peoplewho enjoy leisurely sports. Every March for decades, the city has servedas the spring training home for the Detroit Tigers. Additionally, there are18 courses with designer tags like Ron Garl, Steve Smyers and Jerry Pate.

Lakeland, FL

721 US 27 North, Sebring, FL 33870

EXCLUSIVE NET -LEASE OFFERING

721 US 27 North, Sebring, FL 33870

FL BOR:Ryan NeeMarcus & Millichap5900 North Andrews Avenue Suite 100Fort Lauderdale, FL 33309Tel: (954) 245-3400License: # BK3154667

Glen KunofskyGlen.Kunofsky@marcusmillichap.com

212.430.5115 | NY: 10301203289

Matthew AnuszkiewiczMatthew.Anuszkiewicz@marcusmillichap.com

914.403.7574 | NY: 10401285141