B O JA N G L E S ' C O O K E V I L L E , T N

FILE PHOTO OF PROTOTYPE DEVELOPED FOR COOKEVILLE

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T A B L E O F C O N T E N T S

T R A N S A C T I O N T E A M

S T E V E H O R V A T H7 0 4 - 3 7 9 - 1 9 8 1h o r v a t h @ b e r k e l e y c a p . c o m C A R L B R E N D E S7 0 4 - 7 1 4 - 2 3 6 3b r e n d e s @ b e r k e l e y c a p . c o m

R A N S O M E F O O S E7 0 4 - 3 7 9 - 1 9 8 5f o o s e @ b e r k e l e y c a p . c o m M E G H A N K N O T T S7 0 4 - 7 1 4 - 2 3 6 8k n o t t s @ b e r k e l e y c a p . c o m

M A P S 3

O F F E R I N G O V E R V I E W 5

I N V E S T M E N T H I G H L I G H T S 6

A E R I A L S 7

S I T E P L A N 9

B O J A N G L E S ' C O R P O R A T E N E W S 10

N E A R B Y U S E S 12

M A R K E T O V E R V I E W 13

D E M O G R A P H I C S 17

CONFIDENTIALITY 18

TN RE LICENSE NO.: 00261887

1 0 3 3 S O U T H W I L L O W A V E N U E

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R E L A T I O N M A P

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1 0 3 3 S O U T H W I L L O W A V E N U E

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L O C A T I O N M A P

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O F F E R I N G O V E R V I E W

D E M O G R A P H I C S N A P S H O T

1-MILE 3-MILE 5-MILE

2021 POP. PROJECTION 2,852 23,610 47,533

2016 POP. ESTIMATE 2,832 22,961 45,826

POP. GROWTH 2000-2016 4.85% 17.14% 21.21%

HH GROWTH 2000-2016 8.50% 18.15% 21.96%

2016 EST. AVG. HH INCOME $48,254 $48,252 $50,473

for detai led demographics, p lease cl ick HERE

T R A F F I C C O U N T S

AADT

SOUTH WILLOW AVENUE 24,000

I -40 50,000

P R O P E R T Y D E T A I L S

NAME BOJANGLES' ANNUAL RENT $142,956*

ADDRESS 1033 SOUTH WILLOW AVENUE RENT INCREASES 1.25% ANNUALLY

MARKET COOKEVILLE, TN 38501 RENT COMMENCEMENT JUNE 17, 2015

BUILDING SIZE 3,808 SF RENT EXPIRATION JUNE 31, 2030

LAND SIZE 1.17 AC LEASE TYPE ABSOLUTE NET

PARKING 50 SPACES ORIGINAL LEASE TERM 15 YEARS

TENANT BOJANGLES', INC. (NASDAQ: BOJA) LEASE TERM REMAINING 13.5 YEARS

YEAR BUILT 2015 OPTIONS THREE, 5-YEAR

RIGHT OF FIRST REFUSAL NO ASKING PRICE $2,552,800 (5.60% CAP RATE)

*Includes small rent increase in 6 months - seller to credit buyer rent difference prior to closing

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EXPANDING REGIONAL RESTAURANT OPERATORBojangles’ (NASDAQ: BOJA) is a fast-casual restaurant operator and franchisor serving high quality southern recipes centered on famous chicken n’ biscuits. The company was founded in 1977 in Charlotte, NC and has been expanding over the years throughout the Southeast and Mid- Atlantic. As of Q2 2016, Bojangles’ operates 671 restaurants (43% corporate/57% franchised). The company has reported 25 consecutive quarters of positive comparable restaurant sales through Q2 2016. Rapidly expanding, Bojangles’ has laid out plans to grow to 1,400+ stores in the current corporate footprint with a vision of having 3,500+ nationwide.

I-40 EXIT LOCATION | 0.2 MILES FROM RAMP CONNECTIONThe immediate subject area on I-40 serves as a mid-way point for those traveling between Nashville and Knoxville, TN. The I-40 traffic count at this exit is 35,731 VPD and growing. Eastern Metro Nashville and Western Metro Knoxville are located approximately 70 minutes and 100 minutes respectively from the site. We believe as Bojangle’s continues its regional/national advertising and customer acceptance, the interstate traffic will be a good driver of sales growth for this store.

LONG TERM ABSOLUTE NET LEASE | NEW CONSTRUCTIONThere are roughly 13.5 years remaining on the initial 15 year term of the lease. A buyer will assume an absolute net lease with zero landlord re-sponsibilities and a newly constructed building.

FILLING A VOIDBojangles’ is truly filling a void as there is not much fast food competition at exit 286 with the only other immediate operators competitors being Hard-ee’s and Arby’s. In addition, the next closest Bojangles’ is located roughly 17 miles away in Sparta, TN. This is one of only three Bojangles’ within 35 miles.

1.25% ANNUAL RENT INCREASESAn investor will benefit from compounding 1.25% annual rent increases throughout the initial term and option periods. This fares well for buyers considering a re-sell opportunity given they don’t have to wait every five years for a rental increase like a majority of net-leases in today’s market.

TENNESSEE TECHNICAL UNIVERSITYLocated approximately 2.5 miles from the subject Bojangles’, Tennessee Tech has a total enrollment of 10,492 students with nearly 700 additional faculty members.

COOKEVILLE REGIONAL MEDICAL CENTERCookeville Regional Medical Center has become the premier healthcare provider for many residents of the region. Over 115 physicians covering 36 medical and surgical specialties staff Cookeville Regional medical Center, a 247-bed, city-owned, regional healthcare facility. The hospital provides inpatient, outpatient, and emergency care for patients in the Upper Cum-berland area. Cookeville Regional Medical Center and Tennessee Tech make up the top two largest employers in Putnam County.

ECONOMIC AND POPULATION GROWTH Unlike many smaller markets, Cookeville has a diverse and growing econ-omy (see employers). Within three miles of this site the population has grown 18% from 2000 to 2016.

NOT FAR FROM GREATER NASHVILLE GROWTHMetro Nashville extends all the way from Dickson County to Smith County, which is only 30 minutes from the site. Long term, it benefits Cookeville to be near one of the south's best and diverse growth markets while main-taining its own excellent quality of life attributes (see Cookeville Quality of Life in market overview).

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I N V E S T M E N T H I G H L I G H T S

P U T N A M C O U N T YF A I R G R O U N D S

P U T N A M C O U N T YF I R E D E PA R T M E N T

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TRAFFIC COUNTS AADT

SOUTH WILLOW AVENUE 24,000I-40 50,000

M I D - R A N G E A E R I A L

N

C O O K E V I L L EC O U N T R Y

C L U B

C O O K E V I L L EH I G H S C H O O L

C O O K E V I L L E R E G I O N A L M E D I C A L C E N T E R

2 4 7 B E D S

T E N N E S S E E T E C HU N I V E R S I T Y

1 0 , 5 0 0 S T U D E N T S

B E L L E A C R E SG O L F C L U B

R E S I D E N T I A L$ 1 0 0 K - $ 2 0 0 K

R E S I D E N T I A L$ 1 0 0 K - $ 2 2 5 K

R E S I D E N T I A L$ 2 0 0 K - $ 5 0 0 K

R E S I D E N T I A L$ 2 0 0 K - $ 6 0 0 K

R E S I D E N T I A L$ 1 7 5 K - $ 3 7 5 KR E S I D E N T I A L

$ 1 2 0 K - $ 3 0 0 K

TRAFFIC COUNTS AADT

SOUTH WILLOW AVENUE 24,000I-40 50,000

N

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O V E R H E A D A E R I A L

C O O K E V I L L EH I G H S C H O O L

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S I T E P L A N

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B O J A N G L E S ' C O R P O R A T E N E W S

THIS REGIONAL FRIED-CHICKEN CHAIN IS BETTER THAN KFC — AND NOW IT'S READY TO TAKE OVER AMERICA

AUGUST 2, 2016

Bojangles' has al ready won over fans across North Car-ol ina and South Carol ina. Now i t 's ready to take over the rest of the US.

The regional f r ied-chicken chain announced on Mon-day that i t was ramping up expansion, with a new de-velopment agreement in southern Alabama and south-east Mississ ippi .

Right now, Bojangles' locat ions are pr imar i ly found in the southeastern US. The company est imates, howev-er, that i t has the potent ia l to open more than 3,500 locat ions nat ionwide, with hundreds of locat ions in the Northeast as wel l as in the Midwest , Texas, and Cal i -fornia .

As a Bojangles' fan, I decided i t was t ime to stop by the locat ion in my hometown of Durham, North Carol ina, and revis i t how the chain has bui l t i ts fo l lowing.

Please cl ick HERE for onl ine art ic le.

New Restaurant Growth Strategy

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Track Record of New Restaurant Growth

System-wide Units

Target 7 – 8% long-term annual unit growth

Development strategy focused on ~40% / 60% company-operated and franchised mix

Franchisees expand brand reach with minimal company capital risk

Growth primarily driven by existing franchisees

Increasing penetration of core and adjacent markets to leverage brand awareness and media efficiency

Expanding footprint by growing contiguously

Current(1) and Potential Geographic Footprint

(1) Current footprint as of March 27, 2016.

538577

622662

1

Gross Openings 40 46 52 63% Net Growth 6% 7% 8% 6%

2012 2013 2014 2015

3,500+ Nationwide 1,400+ ExistingFootprint

671 Current

Core MarketsAdjacent Markets

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B O J A N G L E S ' C O R P O R A T E N E W S

Tennessee Tech UniversityCookeville Regional Medical Center

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N E A R B Y U S E S W I T H I N 2 . 5 M I L E S

C O O K E V I L L E , T N

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M A R K E T O V E R V I E W

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M A R K E T O V E R V I E WCOOKEVILLE, TNThe City of Cookeville, incorporated in 1903, is located 79 miles east of Nash-ville and 101 miles west of Knoxville in the Upper Cumberland Region of Middle Tennessee. Cookeville is the county seat of Putnam County and is one of four cities located within the county. Cookeville is a regional center for employment, education, retailing, health care, and recreational/cultural activities. Approximately 15,000 Upper Cumberland Region residents travel to Cookeville each day to work, attend school, received health care, shop, or participated in leisure time activities.

MEDICALCookeville Regional Health System (CRHS) is a network comprised of health care providers from throughout the Upper Cumberland. The flagship hospital of CRHS is Cookeville Regional Medical Center, a 247-bed regional referral center located in Cookeville. CRHS also includes Cumberland River Hospital, The Foundation at CRMC, and a number of primary care and specialty clinics in the Upper Cumber-land region.

EDUCATIONCookeville and Putnam County have a combined school system. The Putnam County Board of Education operates fourteen schools with an enrollment of ap-proximately 9,200 students. Six elementary schools, two middle schools, an alter-native school, and a high school, and an adult high school are located in Cookev-ille.

TENNESSEE TECH UNIVERSITYFounded in 1915, Tennessee Tech University (TTU) has an enrollment of more than 10,000 students, and offers more than 40 undergraduate and 20 graduate de-grees across six academic disciplines: Agriculture and Human Ecology, Arts and Sciences, Business, Education, Engineering, and Interdisciplinary and Extended Education.

Additionally, TTU has 13 NCAA Division I teams, including men’s baseball, basket-ball, football, cross country, tennis and golf; and women’s basketball, cross coun-try, softball, soccer, track, volleyball and golf.

Athletic facilities: Hooper Eblen Center is a 9,852-seat arena that hosts volleyball, basketball and large campus events; two indoor tennis courts; a fitness center with a pool, handball courts, and meeting rooms. The Athletic Performance Center includes a 10,000-square foot turf practice field and a 10,000-square foot strength center. There are several practice fields, more than a dozen outdoor tennis courts, and an eight-lane track around Overall Field in Tucker Stadium, home to the foot-ball team.

QUALITY OF LIFECookeville and Putnam County are among the most affordable communities across the country, ranking 10th Least Expensive Area in the Third Quarter 2015 Cost of Living Index, which is conducted by The Council for Community and Economic Re-search. Cookeville is home to excellent medical, educational and cultural facilities.

In a region rich in culture, history and heritage, Cookeville is home to three train depot museums (Baxter, Cookeville, & Monterey), various history museums, a vet-erans hall memorial, and walkable downtown historic districts. Surrounded by 16 state parks and natural areas, plus lakes, wineries, organic farm tours, and many other outdoor amenities, Cookeville offers a host of natural attractions.Cookev-ille-Putnam County is one of the smallest cities in the Southeast to have a profes-sional symphony orchestra, the Bryan Symphony Orchestra, and a public televi-sion station, WCTE-TV.

Recreational opportunities are limitless here: golfing (Cookeville Golf Club, Iron-wood Golf Course, Belle Acres Golf Course, Southern Hills Golf Course & White Plains Golf Course); hiking (trails in 16 state parks and natural areas, including Ten-nessee’s newest state park, Cummins Falls); fishing (Cookeville City Lake, Cane Creek Lake, Blackburn Fork Scenic River, Caney Fork River, 3 Army Corps of En-gineer lakes—including Dale Hollow, Center Hill and Cordell Hull lakes); racquet sports (tennis, racquetball, pickleball, walleyball—Racquet Masters, TTU Fitness Center, Cane Creek SportsPlex); and motorsports (Baja-Hyder Burkes Pavilion, Thunder Valley Motocross, home to the Tennessee State H.O.G. (Harley Owners Group) Rally, Middle Tennessee Dragway).

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M A R K E T O V E R V I E W

PUTNAM COUNTY MAJOR EMPLOYERS

COMPANY CITY PRODUCT/SERVICE EMPLOYEES

Perdue Monterey Food processing 869

Cummins Filtration Cookeville Air/water/oil filters 600

Oreck Cookeville Vacuum cleaners 250

Flowserve Cookeville Hydraulic valves 333

The Identity Group Cookeville Ink marking devices 250

Tutco, Inc. Cookeville Heating elements 300

DACCO, Inc. Cookeville Auto. transmission parts 225

Institutional Wholesale Supply Cookeville Food distributor 1 7 9

POPULATION 1 MILE 3 MILE 5 MILE 2021 Projection 2,852 23,610 47,533 2016 Estimate 2,832 22,961 45,826 2010 Census 2,832 22,438 44,181 2000 Census 2,701 19,600 37,805 Growth 2016-2021 0.71% 2.83% 3.73% Growth 2010-2016 0.01% 2.33% 3.72% Growth 2000-2010 4.83% 14.48% 16.86%

2016 EST. HOUSEHOLDS BY HOUSEHOLD INCOME 1,225 9,143 18,658 Income < $15,000 346 28.28% 2,872 31.41% 5,202 27.88% Income $15,000 - $24,999 192 15.69% 1,430 15.64% 2,792 14.96% Income $25,000 - $34,999 69 5.63% 863 9.44% 2,106 11.29% Income $35,000 - $49,999 181 14.75% 1,083 11.84% 2,181 11.69% Income $50,000 - $74,999 188 15.34% 1,187 12.98% 2,491 13.35% Income $75,000 - $99,999 112 9.18% 740 8.10% 1,565 8.39% Income $100,000 - $124,999 51 4.20% 373 4.08% 976 5.23% Income $125,000 - $149,999 29 2.34% 157 1.71% 414 2.22% Income $150,000 - $199,999 37 3.04% 198 2.16% 459 2.46% Income $200,000 - $249,999 11 0.93% 77 0.84% 174 0.93% Income $250,000 - $499,999 8 0.63% 111 1.22% 218 1.17% Income $500,000+ 0 0.00% 53 0.58% 80 0.43%

2016 EST. AVERAGE HOUSEHOLD INCOME $48,254 $48,252 $50,473

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D E M O G R A P H I C S

Berkeley Capital Advisors, LLC (“BCA”) has been authorized by the owner of the subject property (the “Seller”) to present you with this marketing package. This is a confidential package intended solely for your own limited use and benefit, as a principal, in considering whether you desire to pursue negotiations to acquire the subject property. Your receipt and acceptance of this package serves to acknowledge your agreement to: (1) hold the information and materials contained herein, and the offering they represent, in the strictest of confidence; (2) not disclose, directly or indirectly, the information and materials contained herein, or the offering they rep-resent, to any other person, firm or entity without prior written authorization from BCA or the Seller; (3) not use the information and materials contained herein in any fashion or manner detrimental to the interest of BCA or the Seller; (4) not disturb any tenants in possession of the subject property nor reveal to them the offering this package represents. This marketing package was prepared by BCA and it has been reviewed by representatives of the Seller. The information and materials contained herein are selective and limited in nature, and neither BCA nor the Seller purports this to be an all-inclusive report on the subject property. Within this package, certain leases, documents and other materials are described in summary form. These summa-ries do not purport to be complete nor necessarily accurate descriptions of the full agreements involved, nor do they purport to constitute a legal analysis of the provisions of those documents. Interested and qualified prospective purchasers will be afforded an opportunity to review additional information and to inspect the subject property, and all such prospective purchasers should conduct their own independent due diligence. This package is based in part upon information supplied by the Seller and in part upon information obtained by BCA from sources believed to be reliable. All in-come, expense and/or investment projections contained herein are provided for general reference purposes only, in that they are based on assumptions relating to the general economy, competition and other factors beyond the control of BCA and the Seller, and all such projections are therefore subject to variation. This package shall not be deemed an indication of the state of affairs of the sub-ject property, nor constitute an indication that there has been no change in the business or affairs of the subject property since the date of preparation of this package.

Neither BCA, the Seller, nor any of their respective officers, employees or agents, has made or does make any representation or warranty, expressed or implied, as to the accuracy or completeness of this package or any of its contents, and no legal commitments or obligations shall arise by reason of this package or its contents. BCA and the Seller expressly reserve the right, at their sole discretion, to alter or amend the terms of this offering, to reject any or all expressions of interest or of-fers to acquire the subject property and/or to terminate discussions with any en-

tity at any time with or without notice. The Seller shall have no legal commitment or obligation to any entity reviewing this package or making an offer to acquire the subject property unless and until a written agreement for such acquisition has been fully executed, delivered and approved by the Seller and any conditions to the Seller’s obligations thereunder have been satisfied or waived.

Parties seeking to act in a third-party brokerage capacity must register their cli-ent(s) with BCA prior to receiving or dispersing any marketing information. BCA will not recognize any third-party brokerage relationships without first receiving and approving such written client registration, nor will BCA or the Seller be ob-ligated for any brokerage claims which may result, regardless of such broker’s involvement in procuring a purchaser for the subject property. This package is the property of BCA. Photocopying, re-typing or other dupli-cation of the information and materials contained herein is expressly prohibited. The information contained within this package and the offering of the subject property may not be announced, posted or otherwise publicized in any electron-ic media (such as, by way of example only, any Internet or “broadcast facsimile” communications).

If, after reviewing this package, you have no further interest in acquiring the sub-ject property at this time, please return this package in its entirety to BCA. Like-wise, if the terms contained in this Confidentiality & Disclaimer section are not acceptable to you, please immediately return this package to BCA.

The terms and conditions stated in this Confidentiality & Disclaimer section apply and relate to all of the sections of this package as if stated independently therein.

Prospective purchasers of the subject property are hereby notified that Berkeley Capital Advisors, and its agents, are acting in the capacity of a “Seller’s Agent” during the course of this offering, and as such are solely representing the inter-ests of the Seller.

DESCRIPTION OF AGENT DUTIES AND RELATIONSHIPSBefore you begin working with any real estate agent, you should know who the agent represents in the transaction. Every listing agreement, buyer agen-cy agreement or other agreement for brokerage services in a real estate sales transaction in North Carolina must contain this “Description of Agent Duties and Relationships” [N.C. Real Estate Commission Rule 21 NCAC 58A.0104(c), eff. 7/1/95]. Real estate agents should carefully review this information with you prior to entering into any agency agreement.

AGENT’S DUTIESWhen you contract with a real estate firm to act as your agent in a real estate transaction, the agent must help you obtain the best price and terms possible, whether you are the buyer or seller.

The agent also owes you the duty to: • Safeguard and account for any money handled for you • Act with reasonable skill, care and diligence • Be loyal and follow reasonable and lawful instructions • Disclose to you any information which might influence your decision to buy or sell

Even if the agent does not represent you, the agent must still be fair and hon-est and disclose to you all “material facts” which the agent knows or reasonably should know. A fact is “material” if it relates to defects or other conditions affect-ing the property, or if it may influence your decision to buy or sell. This does not require a seller’s agent to disclose to the buyer the minimum amount the seller will accept, nor does it require a buyer’s agent to disclose to the seller the maxi-mum price the buyer will pay.

AGENTS WORKING WITH SELLERSA seller can enter into a “listing agreement” with a real estate firm authorizing the firm and its agent(s) to represent the seller in finding a buyer for his property. The listing agreement should state what the seller will pay the listing firm for its ser-vices, and it may require the seller to pay the firm no matter who finds the buyer.

The listing firm may belong to a listing service to expose the seller’s property to other agents who are members of the service. Some of those agents may be working with buyers as buyers’ agents; others will be working with buyers but still representing the sellers’ interests as an agent or “subagent”. When the buyer’s agents and seller’s subagents desire to share in the commission the seller pays to the listing firm, the listing agent may share the commission with the seller’s permission.

AGENTS WORKING WITH BUYERSA buyer may contract with an agent or firm to represent him (as a buyer’s agent), or may work with an agent or firm that represents the seller (as a seller’s agent or subagent). All parties in the transaction should find out at the beginning who the agent working with the buyer represents.

If a buyer wants a buyer’s agent to represent him in purchasing a property, the buyer should enter into a “buyer agency agreement” with the agent. The buy-er agency agreement should state how the buyer’s agent will be paid. Unless some other arrangement is made which is satisfactory to the parties, the buyer’s agent will be paid by the buyer. Many buyer agency agreements will also obli-gate the buyer to pay the buyer’s agent no matter who finds the property that the buyer purchases.

A buyer may decide to work with a firm that is acting as agent for the seller (a seller’s agent or subagent). If a buyer does not enter into a buyer agency agree-ment with the firm that shows him properties, that firm and its agents will show the buyer properties as an agent or subagent working on the seller’s behalf. Such a firm represents the seller (not the buyer) and must disclose that fact to the buyer.

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C O N F I D E N T I A L I T Y

A S H E V I L L E138 Charlotte Street, Suite 220Asheville, North Carolina 28801

704.714.2365

C H A R L O T T E1228 East Morehead Street, Suite 200

Charlotte, North Carolina 28204704.379.1980

N A S H V I L L E1510 16th Avenue, Suite 300Nashville, Tennessee 32712

615.970.6596

B E R K E L E Y C A P. C O M