2935 MAIN STREET Mammoth Lakes CA 93546

• Rated A- by S&P, A3 by Moody’s - Investment Grade Credit
• Largest Coffeehouse Chain in the World – Over 28,200 Stores Worldwide
• Brand New 10 Year Firm Lease (No Kickouts)
• Fee Simple - Ownership Includes Land And Building - Depreciable Asset
• 1.22 Acres Site has a Floor Area Ratio (F.A.R.) of 2.0. 4,435 SF Building with Over 55 Parking Spaces - Potential to Develop up to 106,000 SF for Hotel or other Commercial Uses
• Parking Lot has Been Prepped and is Ready for 6 Electrical Verhicle Parking Spaces at a Future Date
• Attractive 10% Rental Increases Every 5 Years, Including Options - Inflation Hedge
• Limited LL Responsibilities - Roof & Structure Only
• Available Free and Clear of Existing Debt - Pride of Ownership

Pride of Ownership Single-Tenant Corporate Starbucks Drive-Thru:

- Corporate guaranteed lease (NASDAQ: SBUX; S&P: BBB+)

- New 10-year initial term with 10% rental increases every 5 years (no early termination)

- First quarter 2019 consolidated net revenues up 9% to record $6.6 billion

Trophy Flagship Single-Tenant Investment in Prominent Resort Location:

- Lone Starbucks drive-thru within a 36-mile radius and one of only two stand-alone drive-thru buildings in Mammoth (Carl’s Jr.)

- First major redevelopment in Mammoth in approximately 11 years; $1.7 million in tenant improvements

“A” Real Estate with Long-Term Intrinsic Value:

- Oversized lot with ample parking; 1.22 acres (53,143 SF) with 59 spaces (13.3 per 1,000 SF)

- Future redevelopment potential; entitled to build up to 106,000 square feet for hotel or other commercial uses

Alterra Mountain Company’s Investment in Mammoth:

- Alterra owns 14 resorts that host approximately 7 million skiers annually including Deer Valley (Park City, Utah), Steamboat (Colorado), and Squaw Valley Alpine Meadows (Lake Tahoe, California)

- $555 million of capital improvement projects planned and under construction in Mammoth by 2023

Top West Coast Resort Destination:

- 2.5+ million visitors annually (70% visiting from Southern California)

- #1 on "The Best California Ski Resorts" - Snowpak (2019)

- 11.8% projected population increase between 2018-2023

- 14% growth in transient occupancy tax (TOT) in fiscal 2017/2018 to $17.86 million; 2019 projected TOT is estimated to reach $20-$21 million