Exhibit 99 (c)(iii)

Exhibit (c)(iii) RESTRICTED APPRAISAL REPORT Of Assets and Liabilities of Cole Credit Property Trust, Inc. As of December 31, 2013 Prepared For Prepared by Cole Credit Property Trust, Inc. Duff & Phelps, LLC Real Estate Valuation Services The information contained herein is of a confidential nature and is intended for the exclusive use of the persons or firm to whom it is furnished by us. Reproduction, publication, or dissemination of portions hereof may not be made without prior approval of Duff & Phelps, LLC.

January 22, 2014 Mr. D. Kirk McAllaster, Jr. EVP, CFO and Treasurer Cole Credit Property Trust, Inc. (CCPT) 2325 E. Camelback Road, Suite 1100 Phoenix, Arizona 85016 Re: Valuation Services on CCPT’s assets and liabilities consisting of 39 Net Leased properties and mortgage debt. Dear Mr. McAllaster: As you requested, we have discretely valued and completed estimations of the “as is” market values as of December 31, 2013 (the “Valuation Date”) for the properties identified below. We have also completed a valuation of the mortgages attached to these properties. The portfolio is comprised of 39 net-leased properties. Collectively, the properties identified below are known as the “Subject Properties.” In addition to the Subject Properties, we have reviewed and incorporated in our calculations CCPT’s balance sheet assets and liabilities that include short term assets and liabilities. A list of the 39 properties is presented on the following page.

Property List Tenant Property Address City County State GLA Walgreens 5202 Almeda Dr. Houston Harris TX 12,851 Walgreens 400 West 23rd St. Lawrence Douglas KS 12,885 Rite Aid 3060 Thomas St. Memphis Shelby TN 11,064 Rite Aid 1560 Parkman Rd. NW Warren Trumbull OH 11,267 Walgreens 1201 Camp Jackson Rd. Cahokia St. Clair IL 13,500 Walgreens 15609 Lakeshore Blvd Cleveland Cuyahoga OH 13,500 Lowe’s 2111 Fair Park Blvd. Jonesboro Craighead AR 126,405 Lowe’s 3620 Emmett F Lowry Expy Texas City Galveston TX 130,497 CVS 900 North J.K. Powell Blvd. Whiteville Columbus NC 10,055 Rite Aid 713 Broadway Bangor Penobscot ME 13,100 Tractor Supply 541 W. Reservoir Rd. Woodstock Shenandoah VA 22,670 Sherwin-Williams 2375 West Prospect Rd. Ashtabula Ashtabula OH 5,400 Sherwin-Williams 4040 South Ave. Boardman Mahoning OH 6,000 Sherwin-Williams 1902 North Wayne St. Angola Steuben IN 5,010 Apria Healthcare 7353 Company Dr. Indianapolis Marion IN 82,750 Gander Mountain 19820 Hempstead Rd. Houston Harris TX 88,492 CVS 20601 FM 1431 Lago Vista Travis TX 14,097 Rite Aid 2460 George Washington Mem Hwy Hayes Gloucester VA 13,813 Rite Aid 4010 Anderson Mill Rd. Spartanburg Spartanburg SC 13,824 Rite Aid 6414 State Park Rd. Travelers Rest Greenville SC 13,813 CVS 11115 East U.S. Hwy 24 Independence Jackson MO 10,908 Rite Aid 1696 Middle Tennessee Blvd. Murfreesboro Rutherford TN 11,200 Rite Aid 1334 Windrim Ave. Philadelphia Philadelphia PA 11,361 CVS 603 South Cedar Ridge Dr. Duncanville Dallas TX 10,908 CineMagic Theatre 2171 Superior Drive NW Rochester Olmsted MN 45,455 Rite Aid 8130 Ohio River Rd. Wheelersburg Scioto OH 11,180 Tractor Supply 5525 US HWY 60 W Paducah McCracken KY 21,677 Rite Aid 1502 Executive Dr. St. Marys Auglaize OH 14,564 Tractor Supply 3300 Veterans Outer Loop Glasgow Barren KY 21,688 Best Buy 3040 N. Gloster St. Tupelo Lee MS 20,000 Conn’s 747 NE Loop 820 Hurst Tarrant TX 25,230 Conn’s 11101 Pecan Park Blvd. Austin Williamson TX 24,960 Conn’s 2531 West Anderson Ln. Austin Travis TX 24,960 Vanguard Car Rental 3600 Naturally Fresh Blvd. College Park Fulton GA 23,360 Rite Aid 226 Parker Farm Rd. Buxton York ME 11,180 Tractor Supply 5235 SW Topeka Blvd Topeka Shawnee KS 24,727 AutoZone 958 North Bridge St Yorkville Kendall IL 7,381 Dollar General 906 South Park Dr Broken Bow McCurtain OK 12,406 Sunoco 1760 East Merritt Island Cswy Merritt Island Brevard FL 2,325

The purpose of this appraisal is to estimate the “as is” market values of the leased fee interests of the Subject Properties owned by Cole Credit Property Trust, Inc. (CCPT) as of December 31, 2013 subject to the definition of market value, the general assumptions, special assumptions, limiting conditions, and the certification as set forth in the attached appraisal report. The report is intended for the use of CCPT’s Board of Directors to estimate a share value in order to assist fiduciaries of retirement plans and IRA trustees and custodians in preparing reports relating to investments in CCPT’s shares. Our analyses, opinions and conclusions were developed, and this report has been prepared in conformity with a) the Code of Professional Ethics and Standards of Professional Practice of the Appraisal Institute; b) the Uniform Standards of Professional Practice (“USPAP”); and c) subject to the attached Basic Assumptions and Limiting Conditions. We note that our value conclusions are provided within a range for each property. Our table of individual property values provides a Low End, Mid-Point, and High End estimated market value. The detailed valuation assumptions and conclusions for the Mid-Point market value estimates are presented in the Addenda of this report. In order to estimate the Low End market value estimates we have applied an increase to the baseline individual overall capitalization or discount rates of 25 to 100 basis points. For the High End market value estimates we have applied decrease in the baseline individual overall capitalization or discount rates of 25 to 100 basis points. The total spread between the Low End and High End is approximately 9%. Based upon the data and conclusions presented in the attached report, we have estimated the “as is” market values of the leased fee interests in the Subject Properties as of December 31, 2013 as follows:

Low End Estimated Midpoint Estimated High End Estimated Tenant Property Address City State Market Value Market Value Market Value Walgreens 5202 Almeda Dr. Houston TX $2,580,000 $2,680,000 $2,780,000 Walgreens 400 West 23rd St. Lawrence KS $3,090,000 $3,210,000 $3,330,000 Rite Aid 3060 Thomas St. Memphis TN $2,330,000 $2,390,000 $2,450,000 Rite Aid 1560 Parkman Rd. NW Warren OH $3,550,000 $3,670,000 $3,800,000 Walgreens 1201 Camp Jackson Rd. Cahokia IL $1,950,000 $2,020,000 $2,100,000 Walgreens 15609 Lakeshore Blvd Cleveland OH $2,400,000 $2,490,000 $2,590,000 Lowe’s 2111 Fair Park Blvd. Jonesboro AR $10,370,000 $10,810,000 $11,290,000 Lowe’s 3620 Emmett F Lowry Expy Texas City TX $12,050,000 $12,490,000 $12,950,000 CVS 900 North J.K. Powell Blvd. Whiteville NC $2,980,000 $3,100,000 $3,240,000 Rite Aid 713 Broadway Bangor ME $3,880,000 $4,010,000 $4,150,000 Tractor Supply 541 W. Reservoir Rd. Woodstock VA $2,890,000 $2,980,000 $3,090,000 Sherwin-Williams 2375 West Prospect Rd. Ashtabula OH $850,000 $880,000 $910,000 Sherwin-Williams 4040 South Ave. Boardman OH $1,020,000 $1,060,000 $1,100,000 Sherwin-Williams 1902 North Wayne St. Angola IN $1,230,000 $1,280,000 $1,330,000 Apria Healthcare 7353 Company Dr. Indianapolis IN $5,190,000 $5,480,000 $5,780,000 Gander Mountain 19820 Hempstead Rd. Houston TX $13,790,000 $14,510,000 $15,280,000 CVS 20601 FM 1431 Lago Vista TX $6,050,000 $6,300,000 $6,580,000 Rite Aid 2460 George Washington Mem Hwy Hayes VA $3,730,000 $3,960,000 $4,230,000 Rite Aid 4010 Anderson Mill Rd. Spartanburg SC $4,590,000 $4,870,000 $5,200,000 Rite Aid 6414 State Park Rd. Travelers Rest SC $4,220,000 $4,490,000 $4,790,000 CVS 11115 East U.S. Hwy 24 Independence MO $3,980,000 $4,130,000 $4,280,000 Rite Aid 1696 Middle Tennessee Blvd. Murfreesboro TN $2,520,000 $2,640,000 $2,770,000 Rite Aid 1334 Windrim Ave. Philadelphia PA $3,450,000 $3,560,000 $3,680,000 CVS 603 South Cedar Ridge Dr. Duncanville TX $3,390,000 $3,510,000 $3,640,000 CineMagic Theatre 2171 Superior Drive NW Rochester MN $2,860,000 $3,000,000 $3,160,000 Rite Aid 8130 Ohio River Rd. Wheelersburg OH $1,940,000 $2,010,000 $2,070,000 Tractor Supply 5525 US HWY 60 W Paducah KY $2,150,000 $2,220,000 $2,300,000 Rite Aid 1502 Executive Dr. St. Marys OH $2,880,000 $3,060,000 $3,260,000 Tractor Supply 3300 Veterans Outer Loop Glasgow KY $2,490,000 $2,580,000 $2,670,000 Best Buy 3040 N. Gloster St. Tupelo MS $2,630,000 $2,760,000 $2,900,000 Conn’s 747 NE Loop 820 Hurst TX $2,490,000 $2,610,000 $2,750,000 Conn’s 11101 Pecan Park Blvd. Austin TX $3,980,000 $4,180,000 $4,390,000 Conn’s 2531 West Anderson Ln. Austin TX $3,690,000 $3,820,000 $3,960,000 Vanguard Car Rental 3600 Naturally Fresh Blvd. College Park GA $12,150,000 $12,870,000 $13,650,000 Rite Aid 226 Parker Farm Rd. Buxton ME $2,210,000 $2,280,000 $2,360,000 Tractor Supply 5235 SW Topeka Blvd Topeka KS $2,440,000 $2,570,000 $2,700,000 AutoZone 958 North Bridge St Yorkville IL $1,880,000 $1,950,000 $2,020,000 Dollar General 906 South Park Dr Broken Bow OK $1,810,000 $1,870,000 $1,940,000 Sunoco 1760 East Merritt Island Cswy Merritt Island FL $3,090,000 $3,200,000 $3,320,000 Total $150,770,000 $157,500,000 $164,790,000 Accordingly, the aggregate “as is” market values of the leased fee interests in the Subject Properties as of December 31, 2013, would range from: One Hundred Fifty Million Seven Hundred Seventy Thousand Dollars $150,770,000 To One Hundred Sixty Four Million Seven Hundred Ninety Thousand Dollars $164,790,000 From the aggregate values of the individual Subject Properties, we have made adjustments to reflect balance sheet asset and liabilities and then calculated a range of Net Asset Value (NAV) of the portfolio based on the number of shares outstanding to the fund. This calculation is provided on the following page based on the balance sheet data and number of shares outstanding that were provided by CCPT.

Low End Estimated Mid Point Estimated High End Estimated Market Value Market Value Market Value Total of 39 Property Values $150,770,000 $157,500,000 $164,790,000 Additional Assets Cash and cash equivalents $935,615 $935,615 $935,615 Restricted cash $2,043,419 $2,043,419 $2,043,419 Rents and tenant receivables, prepaid expenses and other assets $282,897 $282,897 $282,897 Total Assets $154,031,931 $160,761,931 $168,051,931 Liabilities Accounts payable and accrued expenses $245,497 $245,497 $245,497 Accrued Interest $318,066 $318,066 $318,066 Due to Affiliates $38,984 $38,984 $38,984 Shareholder Distributions Payable $428,562 $428,562 $428,562 Mortgages/Notes Payable Balance on 12/31/2013 $85,906,077 $85,906,077 $85,906,077 Deferred Rental Income $516,871 $516,871 $516,871 Adjustment of Debt to Market $2,694,704 $2,694,704 $2,694,704 Total Liabilities $90,148,762 $90,148,762 $90,148,762 Net Asset Value (NAV) $63,883,169 $70,613,169 $77,903,169 Number of outstanding shares 10,090,951 10,090,951 10,090,951 NAV Per Share $6.33 $7.00 $7.72 The following report contains a study and analysis of data and other material upon which our value conclusions have been predicated. Additional information is contained in our files. Yours sincerely, DRAFT Duff & Phelps, LLC THIS LETTER MUST REMAIN ATTACHED TO THE REPORT IN ITS ENTIRETY INCLUDING RELATED EXHIBITS, IN ORDER FOR THE VALUE OPINION(S) SET FOR TO BE CONSIDERED VALID.

Cole Credit Properties Trust, Inc. TABLE OF CONTENTS CERTIFICATION 8 GENERAL ASSUMPTIONS AND LIMITING CONDITIONS 10 EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS 12 APPRAISAL PROCESS 13 Definition of Value 13 Scope of Work 13 History of the Subject Properties 14 Identification of Type of Appraisal and Type of Report 14 Purpose and Intended Use of the Appraisal 14 Date of Opinion of Value 14 Exposure Time/Marketing Period 15 Highest and Best Use 15 VALUATION THEORY 16 INCOME CAPITALIZATION APPROACH 17 RECONCILIATION AND VALUE CONCLUSIONS 23 ADDENDA 26 EXHIBITS 27

Cole Credit Properties Trust, Inc. CERTIFICATION We certify that, to the best of our knowledge and belief: • The statements of fact contained in this report are true and correct. • The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions and is our personal, unbiased professional analyses, opinions and conclusions. • We have no present or prospective interest in the properties that are the subject of this report and no personal interest with respect to the parties involved. We have no bias with respect to the property that is the subject of this report or to the parties involved. • Our engagement in this assignment was not contingent upon developing or reporting predetermined results. • Our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal. • Our analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). • The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice. • The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives. • The Subject Properties were not inspected and the analysis has been completed on a desktop basis. • Megan Reichert and Michael Serposs provided significant real property appraisal assistance to the persons signing this certification. • We have not performed any services regarding the Subject Properties, as an appraiser or in any other capacity, within the past three years. • As of the date of this report, Megan Reichert, Jason T. Easterly, James P. Martin, Paul E. Sipala, and Krista M. Reed have completed the standards and ethics education requirement of the Appraisal Institute for Associate Members. • As of the date of this report, Michael A. Gibbs, MAI, Steven J. Kelley, MAI, and Michael S. Kendzior, MAI have completed the requirements of the continuing education program of the Appraisal Institute.

Cole Credit Properties Trust, Inc. DRAFT DRAFT Michael A. Gibbs, MAI Michael S. Kendzior, MAI Managing Director Director state certified general real estate appraiser Kentucky Certified General 000213 RZ0002222 Expiration: November 30, 2014 Expiration: June 30, 2014 Kansas Certified General G-1218 Expiration: June 30, 2014 Ohio Certified General 391889 Expiration: January 15, 2015 DRAFT DRAFT Jason T. Easterly Krista Reed Director Vice President Oklahoma Certified General 12985CGA South Carolina Certified General CG 6988 Expiration: December 31, 2015 Expiration: June 30, 2014 Arkansas Certified General CG3799 North Carolina Certified General A7681 Expiration: November 7, 2014 Expiration: June 30, 2014 Texas Certified General TX-1338747-G Tennessee Certified General 00004837 Expiration: December 31, 2015 Expiration: January 31, 2015 Georgia Certified General GA-1058 Expiration: July 31, 2014 DRAFT DRAFT Steven J. Kelley, MAI Paul E. Sipala Vice President Director Illinois Certified General 553.000853 Pennsylvania Certified General GA 003718 Expiration: September 30, 2015 Expiration: June 30, 2015 Indiana Certified General CG41300013 Virginia Certified General #4001 014054 Expiration: June 30, 2014 Expiration: December 31, 2014 Minnesota Certified General 40365066 Expiration: August 31, 2015 Missouri Certified General 2013044070 Expiration: June 30, 2014 DRAFT James P. Martin Director Maine Certified General CG 3241 Expiration: December 31, 2014

Cole Credit Properties Trust, Inc. GENERAL ASSUMPTIONS AND LIMITING CONDITIONS This appraisal report is subject to the following general assumptions and limiting conditions: 1. No investigation has been made of, and no responsibility is assumed for, the legal description or for legal matters including title or encumbrances. Title to the property is assumed to be good and marketable unless otherwise stated. The property is further assumed to be free and clear of liens, easements, encroachments and other encumbrances unless otherwise stated, and all improvements are assumed to lie within property boundaries. 2. Information furnished by others, upon which all or portions of this report are based, is believed to be reliable, but has not been verified in all cases. No warranty is given as to the accuracy of such information. 3. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been, or can readily be obtained, or renewed for any use on which the value estimates provided in this report are based. 4. Full compliance with all applicable federal, state and local zoning, use, occupancy, environmental, and similar laws and regulations is assumed, unless otherwise stated. 5. No responsibility is taken for changes in market conditions and no obligation is assumed to revise this report to reflect events or conditions, which occur subsequent to the appraisal date hereof. 6. Responsible ownership and competent property management are assumed. 7. The allocation, if any, in this report of the total valuation among components of the property applies only to the program of utilization stated in this report. The separate values for any components may not be applicable for any other purpose and must not be used in conjunction with any other appraisal. 8. Areas and dimensions of the property were obtained from sources believed to be reliable. Maps or sketches, if included in this report, are only to assist the reader in visualizing the property and no responsibility is assumed for their accuracy. No independent surveys were conducted. 9. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that affect value. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 10. No soil analysis or geological studies were ordered or made in conjunction with this report, nor was an investigation made of any water, oil, gas, coal, or other subsurface mineral and use rights or conditions. 11. Neither Duff & Phelps, LLC nor any individuals signing or associated with this report shall be required by reason of this report to give further consultation, to provide testimony or appear in court or other legal proceedings, unless specific arrangements thereto for have been made. 12. This appraisal has been made in conformance with, and is subject to, the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice. 13. We have not been engaged nor are we qualified to detect the existence of hazardous material, which may or may not be present on or near the property. The presence of potentially hazardous substances such as asbestos, urea-formaldehyde foam insulation, industrial wastes, etc. may affect the value of the property. The value estimate herein is predicated on the assumption that there is no such material on, in, or near the property that would cause a loss in value. No responsibility is assumed for any such conditions or for any expertise or engineering knowledge required to discover them. The client should retain an expert in this field if further information is desired.

Cole Credit Properties Trust, Inc. 14. The date of value to which the conclusions and opinions expressed in this report apply is set forth in the opinion letter at the front of this report. Our value opinion is based on the purchasing power of the United States’ dollar as of this date. 15. The Americans with Disabilities Act (“ADA”) became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property along with a detailed study of ADA requirements could reveal that the property is not in compliance with the act. If so, this would have a negative effect on the property value. We were not furnished with any compliance surveys or any other documents pertaining to this issue and therefore did not consider compliance or noncompliance with the ADA requirements when estimating the value of the property. 16. In accordance with our agreement, this report is limited to the value of the subject property. One or more additional issues may exist that could affect the Federal tax treatment of the subject property with respect to which we have prepared this report. This report does not consider or provide a conclusion with respect to any of those issues. With respect to any significant Federal tax issue outside the scope of this report, this report was not written, and cannot be used, by anyone for the purpose of avoiding Federal tax penalties.

Cole Credit Properties Trust, Inc. EXTRAORDINARY ASSUMPTIONS AND HYPOTHETICAL CONDITIONS When a value opinion is subject to an extraordinary assumption or hypothetical condition, the appraiser must state that condition so that its effect on the value opinion or conclusion is clear. An extraordinary assumption is an assumption that is directly related to a specific assignment, which if found to be false, could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if: • It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if: • Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions. This appraisal is not report is subject to any hypothetical conditions. This appraisal is subject to the following extraordinary assumption: • For the purposes of our analysis, we assume that the current in place lease will be paid through the original term. We reserve the right to amend our analysis if any of the lease payments are discontinued.

Cole Credit Properties Trust, Inc. APPRAISAL PROCESS Definition of Value Market value - Market value means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated; 2. both parties are well informed or well advised and acting in what they consider their own best interests; 3. a reasonable time is allowed for exposure in the open market; 4. payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and 5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.1 Leased Fee – An ownership interest held by a landlord with the rights of use and occupancy conveyed by a lease to others. The rights of the lessor (the leased fee owner) and the leased fee are specified by contract terms contained within a lease. Scope of Work We have identified the problem based on the client and intended users, intended use of the appraiser’s opinions and conclusions, type and definition of value, effective date of the appraiser’s opinions and conclusions, subject of the assignment and its relevant characteristics, and assignment conditions and have conducted the appropriate scope of work and consider it to be sufficient to produce credible assignment results. Our scope in valuing the Subject Properties included the following: • We reviewed and relied upon Company provided data regarding the size, year built, construction quality, and construction type to understand the characteristics of the existing improvements and underlying land; • We reviewed and relied upon Company provided data regarding lease summaries, real estate taxes, and operating expense data; • We reviewed and relied upon Company provided balance sheet items such as cash and other assets as well as debt and other liabilities; • We reviewed and relied upon Company provided mortgage summarizes and amortization schedules; • We researched the market by means of publications and other resources to measure current market conditions, supply and demand factors, and growth patterns and their effect on the subject properties; • We have utilized standard and accepted appraisal methodology in arriving at our opinions of Market Value, and applied only the most appropriate valuation techniques amongst the cost, income capitalization and sales comparison approaches to value. Based upon the highest and best use of the Subject Properties, we have considered the Income Capitalization Approach as our primary indicator of value. We have analyzed operating expense data, market indicators, and we have attempted to speak with buyers, sellers, real estate brokers, real estate developers, appraisers, and public officials to confirm the data as it pertains to the Subject Properties in this appraisal assignment. We have utilized this data in our direct capitalization and discounted cash flow methods of analysis. We have also utilized a Sales Comparison Approach as a secondary approach to value. This approach was primarily used to test our income approaches for reasonableness. A Cost Approach was not utilized as market participants do not rely on this approach in estimating market value in regard to the Subject Properties. 1 Appraisal Foundation, USPAP 2012-2013, this example definition is from regulations published by federal regulatory agencies pursuant to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of 1989 between July 5, 1990, and August 24, 1990, by the Federal Reserve System (FRS), National Credit Union Administration (NCUA), Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the Office of Comptroller of the Currency (OCC). This definition is also referenced in regulations jointly published by the OCC, OTS, FRS, and FDIC on June 7, 1994, and in the Interagency Appraisal and Evaluation Guidelines, dated October 27, 1994.

Cole Credit Properties Trust, Inc. • We note that our value conclusions are provided within a range for each property. Our table of individual property values provides a Low End, Mid-Point, and High End estimated market value. The detailed valuation assumptions and conclusions for the Mid-Point market value estimates are presented in the Addenda of this report. In order to estimate the Low End market value estimates we have applied an increase to the baseline individual overall capitalization or discount rates of 25 to 100 basis points. For the High End market value estimates we have applied decrease in the baseline individual overall capitalization or discount rates of 25 to 100 basis points. • Additionally, for 12 of the properties we have completed two valuation scenarios based on pending lease renegotiation that is taking place at these 12 properties. In these instances we have valued these properties based on the current in place leases in Scenario 1 as well as the renegotiated leases (with reduced rents) in Scenario 2. We have used lower discount rates for Scenario 2 as these extend the leases and lower rents. The difference between the scenarios is generally modest; however, when there is a difference in the two scenarios we have utilized the mid-point of the Scenario 1 and Scenario 2 conclusions to arrive at our Mid-Point market value estimates. • We have provided valuation reports in a Restricted Report format as defined by Standard Rule 2-2 (b) of the Uniform Standards of Professional Appraisal Practice indicating our estimates of value for the Subject Properties. History of the Subject Properties Sales history information can be found in the summary of salient facts presented for each of the Subject Properties. For the properties that have sold in the last three years, the transactions were considered to be at or near market levels at the time of their transactions. To the best of our knowledge, none of the Subject Properties are currently under contract for sale or listed for sale. Identification of Type of Appraisal and Type of Report A general outline of our scope of work is presented previously and includes the preparation of an appraisal report in a Restricted Appraisal Report format that complies with Standards Rule 2-2(b) of USPAP. The analysis and conclusions set forth in the report may not be understood properly without additional information contained in our work files. Purpose and Intended Use of the Appraisal The purpose of this appraisal is to estimate the “as is” market values of the leased fee interests of the Subject Properties as of December 31, 2013 subject to the definition of market value, the general assumptions, special assumptions, limiting conditions, and the certification as set forth in the attached appraisal report. The intended use of this appraisal is for internal reporting purposes. The report is intended for the use of Cole Credit Properties Trust, Inc. Date of Opinion of Value The effective date of value is December 31, 2013.

Cole Credit Properties Trust, Inc. Exposure Time/Marketing Period Exposure time is defined by USPAP as follows: The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective opinion based upon an analysis of past events assuming a competitive and open market. We have estimated the exposure and marketing time for each of the Subject Properties in the portfolio. These estimates are provided in the Summary of Salient Facts, which can be found in the Addenda of this report. Highest and Best Use As defined by the Appraisal Institute in The Dictionary of Real Estate Appraisal, 5th edition, “highest and best use” is: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are: - Legal Permissibility - Physical Possibility - Financial Feasibility - Maximum Productivity The above definition of highest and best use applies to use of a site as though vacant, as well as to the property as improved. When a site contains improvements, the highest and best use may be determined to be different from the existing use. The existing use will continue unless and until the land value in its highest and best use exceeds the sum of the value of the entire property in its existing use plus the cost to remove the improvements. The highest and best use was determined for each of the Subject Properties and can be found in the Summary of Salient Facts in the Addenda of this report.

Cole Credit Properties Trust, Inc. VALUATION THEORY In traditional valuation theory, the three approaches to estimating the value of an asset are the Cost Approach, Sales Comparison Approach, and Income Capitalization Approach. Each approach assumes valuation of the property at the properties highest and best use. From the indications of these analyses, an opinion of value is reached based upon expert judgment within the outline of the appraisal process. In this analysis, we have considered the income approach as our primary indicator of value, with secondary consideration given to a survey of comparable sales data. Sales Comparison Approach The sales comparison approach estimates value based on what other purchasers and sellers in the market have agreed to as price for comparable improved properties. This approach is based upon the principle of substitution, which states that the limits of prices, rents, and rates tend to be set by the prevailing prices, rents, and rates of equally desirable substitutes. Income Capitalization Approach The income capitalization approach simulates the reasoning of an investor who views the cash flows that would result from the anticipated revenue and expense on a property throughout its lifetime. The net income developed in our analysis is the balance of potential income remaining after vacancy and collection loss, and operating expenses. This net income is then capitalized at an appropriate rate to derive an estimate of value or discounted by an appropriate yield rate over a typical projection period in a discounted cash flow analysis. Thus, two key steps are involved: (1) estimating the net income applicable to the subject and (2) choosing appropriate capitalization rates and discount rates. The appropriate rates are ones that will provide both a return on the investment and a return of the investment over the life of the particular property. Correlation and Conclusion Each appraisal approach to value is utilized to as a check to the other. Inherent in each is an interpretation of market conditions as they affect the subject property. The quality and the quantity of the data in each approach are considered, along with the relevance of each to the property. For this analysis, we have considered the income approach as our primary indication of value. We have additionally gathered comparable sales throughout the various subject markets as secondary support for our value estimate. Details of these sales can be found in the Addenda of this report.

Cole Credit Properties Trust, Inc. INCOME CAPITALIZATION APPROACH The income capitalization approach is based on the premise that value is created by the expectation of future benefits. We estimated the present value of those benefits to derive an indication of the amount that a prudent, informed purchaser-investor would pay for the right to receive them as of the valuation date. This approach requires an estimation of the net operating income of a property. The estimated net operating income is then converted to a value indication by use of either the direct capitalization method or the discounted cash flow analysis. The discounted cash flow (“DCF”) analysis focuses on the operating cash flows expected from the property and the anticipated proceeds of a hypothetical sale at the end of an assumed holding period. These amounts are then discounted to their present value. The discounted present values of the income stream and the reversion are added to obtain a value indication. Because benefits to be received in the future are worth less than the same benefits received in the present, this method weights income projected in the early years more heavily than the income and the sale proceeds to be received later. Direct capitalization uses a single year's stabilized net operating income as a basis for a value indication. It converts estimated “stabilized” annual net operating income to a value indication by dividing the income by a capitalization rate. The rate chosen includes a provision for recapture of the investment and should reflect all factors that influence the value of the property, such as tenant quality, property condition, neighborhood change, market trends, interest rates and inflation. The rate may be inferred from local market transactions or, when transaction evidence is lacking, obtained from trade sources. In some situations, both methods yield similar results. The DCF method is more appropriate for the analysis of investment properties with multiple leases particularly leases with cancellation clauses or renewal options, and especially in volatile markets. The direct capitalization method is normally more appropriate for properties with relatively stable operating histories and expectations. For our analysis, we have utilized the discounted cash flow approach for the Subject Properties that required two valuation scenarios (12 properties) as well as properties that have lease expiration within the next 10 years. Investors typically focus on a direct capitalization method when analyzing single-tenant net-leased properties that have extended term remaining (10+ years). As such, we have utilized the direct capitalization method for properties with 10+ years remaining on their leases and discounted cash flow models for the remaining properties. Leased Status of the Subject Properties We were not provided with actual lease documents; however, we have been provided rent rolls/lease abstracts for each property that were completed by our client. The Subject Properties are encumbered by net leases (NN and NNN). All leases are net of operating expenses (CAM) and real estate taxes but only the NNN leases require tenants to pay for structural repairs (parking lots, roof, etc.). Contractual renewal options were indicated in many of the lease summaries. Fixed rate renewal options were tested against prevailing market rates at the time they would be exercised to determine if any of the renewal options were significantly below market rates, which would be economically compelling to the tenant to exercise the option. The options have been analyzed on a case-by-case basis with those having below market options being modeled as though they will be exercised. The options that were considered to be below market levels at the time of execution are indicated on the individual property summary sheets presented in the addenda of this report.

Cole Credit Properties Trust, Inc. Market Rent Analysis The factors we considered in determining market rental rates were: • Current contract rent levels at the Subject Properties • Recently signed leases at the Subject Properties • Asking rates at competitive properties • Current contract rents and recently signed leases at comparable properties Market Rent Estimate The market rental rates for the Subject Properties were estimated from market data that was gathered specific to each of the Subject Properties. Market rental rates include escalations as estimated based on our research. Our market rental rate estimates are based a net effective rate; thus, additional concessions have not been applied. Any leases that were recently signed were also considered in our analysis of a market rent estimate. We note that some of the in place leases were determined to be above market levels. For the purposes of our analysis, we assume that the current in place lease will be paid through the original term. We reserve the right to amend our analysis if any of the lease payments are discontinued. Reimbursements The Subject Properties operate under double net (NN) and triple net (NNN) leases. All leases are net of operating expenses (CAM) and real estate taxes but only the NNN leases require tenants to pay for structural repairs (parking lots, roof, etc.). All future speculative leases have been modeled on a NN basis with the landlord being responsible for structural repairs via a reserve allowance. Vacancy and Collection Loss General vacancy and collection loss has not been applied in our analysis. As these are single-tenant net leased properties, market participants typically do not apply vacancy or collection loss. The risk of vacancy or collection losses is accounted for in the discount and capitalization rate assumptions. Expense Analysis In estimating operating expenses for the Subject Properties, we have relied upon historical and projected real estate taxes provided by property management. In the absence of sufficient historical or projected operating expenses at the property level, market data, such as expense levels at comparable properties or survey data, was utilized in order to estimate operating expenses. Each item of expense was analyzed, and we developed an opinion of a level of expense we believe a typical investor would consider reasonable. We have made our expense projections of a calendar basis beginning January 1, 2014. Capital Improvements CCPT has provided us with a schedule of planned capital expenditures that have been modeled in our property specific cash flow models. Reserves for replacement have been included in our analysis based on the structure of the lease. For example, in absolute triple net (NNN) lease structures, where the Lessor has no capital responsibilities, the reserve has been modeled; however, it is reimbursed by the tenant. Reserves for double net (NN) lease structures have been modeled as non-reimbursable. The amount of the reserve is based on property type and condition.

Cole Credit Properties Trust, Inc. Operating Statement In estimating the Subject Properties’ pro forma operating cash flow, the operating history and budgets have been analyzed, as appropriate. Details of this analysis can be found in the Addenda of this report. Direct Capitalization Method As discussed previously, we have completed a direct capitalization method of analysis for the Subject Properties that have 10+ years of lease term remaining. The steps involved in capitalizing the subject's net operating income are as follows: • Develop the subject's Potential Gross Income (PGI) through analysis of the subject’s actual historic income and an analysis of competitive current market income rates. • Estimate and deduct vacancy and collection losses from PGI to develop the Effective Gross Income (EGI). • Develop and subtract operating expenses from EGI to derive the Net Operating Income (NOI). • Develop the appropriate going-in or overall capitalization rate (Ro). • Divide the net operating income by the capitalization rate for an estimate of value through the direct capitalization approach Capitalization Rate The capitalization rate is the factor that coverts the stabilized net operating income (NOI) to a present value. It is the ratio of net income to value or sale price. NOI ÷ Sale Price = Capitalization Rate For example, if a property sells for $500,000, and has a stabilized NOI of $50,000, the indicated capitalization rate is 10%. We have considered market extracted overall capitalization rates, overall capitalization rates extracted from investor surveys, the Band of Investments, and the Debt Service Coverage ratio techniques in developing an overall capitalization rate conclusion.

Cole Credit Properties Trust, Inc. Discounted Cash Flow Method As discussed previously, we have completed a discounted cash flow method of analysis for the Subject Properties that have less than 10 years of lease term remaining or are in negotiation with CCPT to alter their rent/lease term. The discounted cash flow method involves the following steps: • Estimate the subject’s Potential Gross Income (PGI) through an analysis of the subject’s actual historic income and an analysis of competitive market rental rates. • Estimate and deduct vacancy and collection losses from PGI to develop the Effective Gross Income (EGI). • Develop and subtract operating expenses from EGI to derive the Net Operating Income (NOI). • Estimate and deduct capital costs (i.e., tenant improvements, leasing commissions, capital repairs and replacements) from the NOI to derive the cash flow. • Develop the appropriate discount (Yo) and terminal capitalization rate (Rt). • Convert the cash flow and reversion into present value using the discount rate (Yo). In applying the DCF technique, we estimated the operating results over a hypothetical stabilized holding period and assumed the property would be sold at the end of following year for a price calculated by capitalizing the projected following year's net income. The cash flows were then discounted at a rate reflective of current market conditions, bearing in mind the investment characteristics of the property. Discounted Cash Flow Assumptions, Forecast, and Conclusion Exhibits can be found in the Addenda detailing the assumptions applied in the discounted cash flow analysis for each of the Subject Properties. Capitalization Rate The capitalization rate is the factor that converts the stabilized net operating income (NOI) to a present value. It is the ratio of net income to value or sale price. NOI ÷ Sale Price = Capitalization Rate The following exhibit details national overall capitalization rates extracted from the PwC Real Estate Investor Survey as of the 4th Quarter 2013.

Cole Credit Properties Trust, Inc. [insert table] Capitalization rates were concluded for each of the Subject Properties independently of one another. Additional survey data, as well as capitalization rates from comparable sales, can be found in the Addenda. Terminal Capitalization Rate The terminal capitalization rate, or residual capitalization rate, is applied at the end of the holding period in order to estimate the reversionary value. The following exhibit details national terminal capitalization rates extracted from the PwC Real Estate Investor Survey as of the 4th Quarter 2013, as well as the indicated spread over the OAR. [insert table] Additional survey data, and our conclusion of rates for each of the Subject Properties, can be found in the Addenda. Discount Rate The following exhibit details national discount rates extracted from the PwC Real Estate Investor Survey as of the 4th Quarter 2013, as well as the indicated spread over the OAR.

Cole Credit Properties Trust, Inc. [insert table] Discount rates were estimated for individual properties. We note that several have above market rents and in these instances we have accounted for above market rents in the discount rate selections. Additional survey data, and our conclusion of rates for the Mid-Point values for each of the Subject Properties, can be found in the Addenda.

Cole Credit Properties Trust, Inc. RECONCILIATION AND VALUE CONCLUSIONS The process of reconciliation involves the analysis of each approach to value. The quality of data applied, the significance of each approach as it relates to market behavior and defensibility of each approach are considered and weighed. In the valuation of the Subject Properties, we have considered the income approach as our primary indicator of value. Buyers and sellers often compare the income streams at the each of the Subject Properties against those of similar properties. For income-producing properties, such as the Subject Properties, this approach is considered to be the most comprehensive and accurate in developing an estimate of market value. In addition to the income approach, we have compiled relevant comparable sales data in order to provide secondary support for our value estimate. Based upon the data and conclusions presented, we have estimated the “as is” market values of the leased fee interests in the Subject Properties as of December 31, 2013 are presented on the following page.

Cole Credit Properties Trust, Inc. Low End Estimated Midpoint Estimated High End Estimated Tenant Property Address City State Market Value Market Value Market Value Walgreens 5202 Almeda Dr. Houston TX $2,580,000 $2,680,000 $2,780,000 Walgreens 400 West 23rd St. Lawrence KS $3,090,000 $3,210,000 $3,330,000 Rite Aid 3060 Thomas St. Memphis TN $2,330,000 $2,390,000 $2,450,000 Rite Aid 1560 Parkman Rd. NW Warren OH $3,550,000 $3,670,000 $3,800,000 Walgreens 1201 Camp Jackson Rd. Cahokia IL $1,950,000 $2,020,000 $2,100,000 Walgreens 15609 Lakeshore Blvd Cleveland OH $2,400,000 $2,490,000 $2,590,000 Lowe's 2111 Fair Park Blvd. Jonesboro AR $10,370,000 $10,810,000 $11,290,000 Lowe's 3620 Emmett F Lowry Expy Texas City TX $12,050,000 $12,490,000 $12,950,000 CVS 900 North J.K. Powell Blvd. Whiteville NC $2,980,000 $3,100,000 $3,240,000 Rite Aid 713 Broadway Bangor ME $3,880,000 $4,010,000 $4,150,000 Tractor Supply 541 W. Reservoir Rd. Woodstock VA $2,890,000 $2,980,000 $3,090,000 Sherwin-Williams 2375 West Prospect Rd. Ashtabula OH $850,000 $880,000 $910,000 Sherwin-Williams 4040 South Ave. Boardman OH $1,020,000 $1,060,000 $1,100,000 Sherwin-Williams 1902 North Wayne St. Angola IN $1,230,000 $1,280,000 $1,330,000 Apria Healthcare 7353 Company Dr. Indianapolis IN $5,190,000 $5,480,000 $5,780,000 Gander Mountain 19820 Hempstead Rd. Houston TX $13,790,000 $14,510,000 $15,280,000 CVS 20601 FM 1431 Lago Vista TX $6,050,000 $6,300,000 $6,580,000 Rite Aid 2460 George Washington Mem Hwy Hayes VA $3,730,000 $3,960,000 $4,230,000 Rite Aid 4010 Anderson Mill Rd. Spartanburg SC $4,590,000 $4,870,000 $5,200,000 Rite Aid 6414 State Park Rd. Travelers Rest SC $4,220,000 $4,490,000 $4,790,000 CVS 11115 East U.S. Hwy 24 Independence MO $3,980,000 $4,130,000 $4,280,000 Rite Aid 1696 Middle Tennessee Blvd. Murfreesboro TN $2,520,000 $2,640,000 $2,770,000 Rite Aid 1334 Windrim Ave. Philadelphia PA $3,450,000 $3,560,000 $3,680,000 CVS 603 South Cedar Ridge Dr. Duncanville TX $3,390,000 $3,510,000 $3,640,000 CineMagic Theatre 2171 Superior Drive NW Rochester MN $2,860,000 $3,000,000 $3,160,000 Rite Aid 8130 Ohio River Rd. Wheelersburg OH $1,940,000 $2,010,000 $2,070,000 Tractor Supply 5525 US HWY 60 W Paducah KY $2,150,000 $2,220,000 $2,300,000 Rite Aid 1502 Executive Dr. St. Marys OH $2,880,000 $3,060,000 $3,260,000 Tractor Supply 3300 Veterans Outer Loop Glasgow KY $2,490,000 $2,580,000 $2,670,000 Best Buy 3040 N. Gloster St. Tupelo MS $2,630,000 $2,760,000 $2,900,000 Conn's 747 NE Loop 820 Hurst TX $2,490,000 $2,610,000 $2,750,000 Conn's 11101 Pecan Park Blvd. Austin TX $3,980,000 $4,180,000 $4,390,000 Conn's 2531 West Anderson Ln. Austin TX $3,690,000 $3,820,000 $3,960,000 Vanguard Car Rental 3600 Naturally Fresh Blvd. College Park GA $12,150,000 $12,870,000 $13,650,000 Rite Aid 226 Parker Farm Rd. Buxton ME $2,210,000 $2,280,000 $2,360,000 Tractor Supply 5235 SW Topeka Blvd Topeka KS $2,440,000 $2,570,000 $2,700,000 AutoZone 958 North Bridge St Yorkville IL $1,880,000 $1,950,000 $2,020,000 Dollar General 906 South Park Dr Broken Bow OK $1,810,000 $1,870,000 $1,940,000 Sunoco 1760 East Merritt Island Cswy Merritt Island FL $3,090,000 $3,200,000 $3,320,000 Total $150,770,000 $157,500,000 $164,790,000 Accordingly, the aggregate “as is” market values of the leased fee interests in the Subject Properties as of December 31, 2013, would range from: One Hundred Fifty Million Seven Hundred Seventy Thousand Dollars $150,770,000 To One Hundred Sixty Four Million Seven Hundred Ninety Thousand Dollars $164,790,000 From the aggregate values of the individual Subject Properties, we have made adjustments to reflect balance sheet asset and liabilities and then calculated the Net Asset Value (NAV) of the portfolio based on the number of shares outstanding to the fund. This calculation is provided on the following page based on the balance sheet data and number of shares outstanding that were provided by CCPT.

Cole Credit Properties Trust, Inc. Low End Estimated Mid Point Estimated High End Estimated Market Value Market Value Market Value Total of 39 Property Values $150,770,000 $157,500,000 $164,790,000 Additional Assets Cash and cash equivalents $935,615 $935,615 $935,615 Restricted cash $2,043,419 $2,043,419 $2,043,419 Rents and tenant receivables, prepaid expenses and other assets $282,897 $282,897 $282,897 Total Assets $154,031,931 $160,761,931 $168,051,931 Liabilities Accounts payable and accrued expenses $245,497 $245,497 $245,497 Accrued Interest $318,066 $318,066 $318,066 Due to Affiliates $38,984 $38,984 $38,984 Shareholder Distributions Payable $428,562 $428,562 $428,562 Mortgages/Notes Payable Balance on 12/31/2013 $85,906,077 $85,906,077 $85,906,077 Deferred Rental Income $516,871 $516,871 $516,871 Adjustment of Debt to Market $2,694,704 $2,694,704 $2,694,704 Total Liabilities $90,148,762 $90,148,762 $90,148,762 Net Asset Value (NAV) $63,883,169 $70,613,169 $77,903,169 Number of outstanding shares 10,090,951 10,090,951 10,090,951 NAV Per Share $6.33 $7.00 $7.72

Cole Credit Properties Trust, Inc. ADDENDA

Cole Credit Properties Trust, Inc. EXHIBITS • Summary of Salient Facts • Mid-Point Direct Capitalization Calculation • Mid-Point Discounted Cash Flow Assumptions • Cash Flow Forecast • Mid-Point Present Value Calculation • Comparable Sales • Capitalization and Discount Rate Support & Sales Survey • Mortgage Valuations

PT1003 – Walgreens – Houston, TX

BASIC INFORMATION Property Name: Walgreens Report Type: Restricted Appraisal Report Address: 5202 Almeda Dr. Interest Appraised: Leased Fee City: Houston Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Harris Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 77004 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.34 Frontage: Good Gross Land Area (sf): 58,370 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480296 0860 L Location Rating: Average FEMA Map Date: 6/18/2007 Number of Parking Spaces: 61 Parking Ratio (per 1,000 SF): 4.75 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1993 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 12,851 Condition Rating: Average Net Rentable Area (sf): 12,851 Actual Age (years): 21 # of Buildings: 1 Tenant: Walgreens # of Stories: 1 Land to Building Ratio: 4.54 TAX/ZONING INFORMATION Parcel ID Number(s): 042-066-000-0084 Zoning Municipality: N/A Taxing Authority/Jurisdiction: Harris County & Greater SE Management District Current Zoning: N/A Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,425,635 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $64,861 Zoning Change Applied For: No Taxes per sf of NRA: $5.05 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Walgreens Current Rent $/sf: $13.84 Tenant S&P Rating: BBB Rent Bump Date: None Lease Expiration: February 28, 2019 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 12/31/2025 at Landlord pays CapEx $13,780/mo. ($12.87/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,790,000 Sales Comparison Approach: $195.00 to $225.00 per square foot Value PSF of NRA: $217.10 Income Capitalization Approach: Discounted Cash Flow: $2,790,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 7.00% Market Rent $/sf: $13.00 Market Rent Growth: 3.00% Contract Rent $/sf: $13.84 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,560,000 Sales Comparison Approach: $195.00 to $225.00 per square foot Value PSF of NRA: $199.21 Income Capitalization Approach: Discounted Cash Flow: $2,560,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 6.50% Market Rent $/sf: $13.00 Market Rent Growth 3.00% Contract Rent $/sf: $13.84 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,570 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,790,000 Value PSF of NRA: $217.10 Market Leasing Assumptions Retail Market Rent $/sf: $13.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $177,858 $177,858 $177,858 $177,858 $177,858 $191,037 $193,672 $193,672 $193,672 $193,672 $200,128 Absorption & Turnover Vacancy 0 0 0 0 0 (32,279) 0 0 0 0 0 Scheduled Base Rental Revenue 177,858 177,858 177,858 177,858 177,858 158,758 193,672 193,672 193,672 193,672 200,128 Expense Reimbursement Revenue 87,350 89,971 92,670 95,450 98,314 84,386 104,300 107,430 110,653 113,972 117,392 Total Potential Gross Revenue 265,208 267,829 270,528 273,308 276,172 243,144 297,972 301,102 304,325 307,644 317,520 Effective Gross Revenue 265,208 267,829 270,528 273,308 276,172 243,144 297,972 301,102 304,325 307,644 317,520 Operating Expenses CAM 22,489 23,164 23,859 24,575 25,312 26,071 26,853 27,659 28,489 29,343 30,224 Real Estate Taxes 64,861 66,807 68,811 70,875 73,002 75,192 77,447 79,771 82,164 84,629 87,168 Total Operating Expenses 87,350 89,971 92,670 95,450 98,314 101,263 104,300 107,430 110,653 113,972 117,392 2 Net Operating Income 177,858 177,858 177,858 177,858 177,858 141,881 193,672 193,672 193,672 193,672 200,128 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 37,245 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 29,777 0 0 0 0 0 Capital Expenditures 0 2,250 0 0 0 0 0 0 0 0 0 Capital Reserves 2,570 0 2,727 2,809 2,893 2,980 3,069 3,161 3,256 3,354 3,454 Total Leasing & Capital Costs 2,570 2,250 2,727 2,809 2,893 70,002 3,069 3,161 3,256 3,354 3,454 Cash Flow Before Debt Service & Taxes $175,288 $175,608 $175,131 $175,049 $174,965 $71,879 $190,603 $190,511 $190,416 $190,318 $196,674

Walgreens Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $175,288 $163,821 Year 2 Dec-15 175,608 153,383 Year 3 Dec-16 175,131 142,959 Year 4 Dec-17 175,049 133,544 Year 5 Dec-18 174,965 124,748 Year 6 Dec-19 71,879 47,896 Year 7 Dec-20 190,603 118,698 Year 8 Dec-21 190,511 110,879 Year 9 Dec-22 190,416 103,574 Year 10 Dec-23 190,318 96,748 Total Cash Flow $1,709,768 $1,196,249 Property Resale @ 6.25% 3,138,007 1,595,204 Total Property Present Value $2,791,453 Rounded $2,790,000 Per Square Foot $217.10

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,570 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 6.50% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,560,000 Value PSF of NRA: $199.21 Market Leasing Assumptions Retail Market Rent $/sf: $13.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $171,625 $165,392 $165,392 $165,392 $165,392 $165,392 $165,392 $165,392 $165,392 $165,392 $165,392 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 171,625 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 Expense Reimbursement Revenue 87,350 89,971 92,670 95,450 98,314 101,263 104,300 107,430 110,653 113,972 117,392 Total Potential Gross Revenue 258,975 255,363 258,062 260,842 263,706 266,655 269,692 272,822 276,045 279,364 282,784 Effective Gross Revenue 258,975 255,363 258,062 260,842 263,706 266,655 269,692 272,822 276,045 279,364 282,784 Operating Expenses CAM 22,489 23,164 23,859 24,575 25,312 26,071 26,853 27,659 28,489 29,343 30,224 Real Estate Taxes 64,861 66,807 68,811 70,875 73,002 75,192 77,447 79,771 82,164 84,629 87,168 Total Operating Expenses 87,350 89,971 92,670 95,450 98,314 101,263 104,300 107,430 110,653 113,972 117,392 Net Operating Income 171,625 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 165,392 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditures 0 2,250 0 0 0 0 0 0 0 0 0 Capital Reserves 2,570 0 2,727 2,809 2,893 2,980 3,069 3,161 3,256 3,354 3,454 Total Leasing & Capital Costs 2,570 2,250 2,727 2,809 2,893 2,980 3,069 3,161 3,256 3,354 3,454 Cash Flow Before Debt Service & Taxes $169,055 $163,142 $162,665 $162,583 $162,499 $162,412 $162,323 $162,231 $162,136 $162,038 $161,938

Walgreens Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 6.50% Year 1 Dec-14 $169,055 $158,737 Year 2 Dec-15 163,142 143,836 Year 3 Dec-16 162,665 134,662 Year 4 Dec-17 162,583 126,380 Year 5 Dec-18 162,499 118,605 Year 6 Dec-19 162,412 111,306 Year 7 Dec-20 162,323 104,456 Year 8 Dec-21 162,231 98,025 Year 9 Dec-22 162,136 91,988 Year 10 Dec-23 162,038 86,322 Total Cash Flow $1,631,084 $1,174,317 Property Resale @ 6.25% 2,593,347 1,381,543 Total Property Present Value $2,555,860 Rounded $2,560,000 Per Square Foot $199.21

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Walgreens 198 E Main St Hendersonville TN 13,500 $2,550,000 $188.89 10/31/2013 $202,470 7.94% Walgreens 6320 N Eldridge Pky Houston TX 14,820 $5,500,000 $371.12 9/20/2013 $309,100 5.62% Walgreens 3301 Denton Hwy Haltom City TX 13,905 $4,394,118 $316.01 4/26/2013 $298,800 6.80% Walgreens 746 W University Dr Mesa AZ 15,120 $3,561,000 $235.52 2/7/2013 $267,075 7.50% Walgreens 9285 Halls Ferry Rd Jennings MO 15,120 $2,250,000 $148.81 8/1/2012 $187,875 8.35% Walgreens 13255 Atlantic Blvd Jacksonville FL 13,960 $3,575,000 $256.09 5/31/2012 $260,975 7.30% Walgreens 15301 E Mississippi Ave Aurora CO 17,548 $3,250,000 $185.21 5/2/2012 $208,975 6.43% Walgreens 9020 Biscayne Blvd Miami Shores FL 14,850 $2,900,000 $195.29 1/2/2012 $202,130 6.97% Min $148.81 5.62% Max $371.12 8.35% Average $237.12 7.11% Concluded Range of Price PSF $195.00 to $225.00 per square foot

PT1004 – Walgreens – Lawrence, KS

BASIC INFORMATION Property Name: Walgreens Report Type: Restricted Appraisal Report Address: 400 West 23rd St. Interest Appraised: Leased Fee City: Lawrence Value Premise: Market Value State: KS Date of Value- "As Is": December 31, 2013 County: Douglas Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 66046 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.32 Frontage: Good Gross Land Area (sf): 57,499 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 200090 0178D Location Rating: Average FEMA Map Date: 8/5/2010 Number of Parking Spaces: 57 Parking Ratio (per 1,000 SF): 4.42 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1992 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 12,885 Condition Rating: Average Net Rentable Area (sf): 12,885 Actual Age (years): 22 # of Buildings: 1 Tenant: Walgreens # of Stories: 1 Land to Building Ratio: 4.46 TAX/ZONING INFORMATION Parcel ID Number(s): 023-103-06-0-30-25-007.00-0 Zoning Municipality: City of Lawrence Taxing Authority/Jurisdiction: Douglas County Current Zoning: PCD, Planned Commercial District Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $528,475 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $66,843 Zoning Change Applied For: No Taxes per sf of NRA: $5.19 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Walgreens Current Rent $/sf: $16.90 Tenant S&P Rating: BBB Rent Bump Date: None Lease Expiration: December 31, 2018 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 12/31/2025 at Landlord pays CapEx $16,876/mo. ($15.72/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,350,000 Sales Comparison Approach: $225.00 to $270.00 per square foot Value PSF of NRA: $259.99 Income Capitalization Approach: Discounted Cash Flow: $3,350,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 7.00% Market Rent $/sf: $15.75 Market Rent Growth: 3.00% Contract Rent $/sf: $16.90 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,060,000 Sales Comparison Approach: $225.00 to $270.00 per square foot Value PSF of NRA: $237.49 Income Capitalization Approach: Discounted Cash Flow: $3,060,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 6.50% Market Rent $/sf: $15.75 Market Rent Growth 3.00% Contract Rent $/sf: $16.90 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,577 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,350,000 Value PSF of NRA: $259.99 Market Leasing Assumptions Retail Market Rent $/sf: $15.75 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $217,757 $217,757 $217,757 $217,757 $217,757 $235,261 $235,262 $235,262 $235,262 $235,262 $245,064 Absorption & Turnover Vacancy 0 0 0 0 0 (39,210) 0 0 0 0 0 Scheduled Base Rental Revenue 217,757 217,757 217,757 217,757 217,757 196,051 235,262 235,262 235,262 235,262 245,064 Expense Reimbursement Revenue 90,394 93,105 95,899 98,776 101,739 87,325 107,934 111,173 114,508 117,943 121,482 Total Potential Gross Revenue 308,151 310,862 313,656 316,533 319,496 283,376 343,196 346,435 349,770 353,205 366,546 Effective Gross Revenue 308,151 310,862 313,656 316,533 319,496 283,376 343,196 346,435 349,770 353,205 366,546 Operating Expenses CAM 22,549 23,225 23,922 24,640 25,379 26,140 26,924 27,732 28,564 29,421 30,304 Real Estate Taxes 67,845 69,880 71,977 74,136 76,360 78,651 81,010 83,441 85,944 88,522 91,178 Total Operating Expenses 90,394 93,105 95,899 98,776 101,739 104,791 107,934 111,173 114,508 117,943 121,482 Net Operating Income 217,757 217,757 217,757 217,757 217,757 178,585 235,262 235,262 235,262 235,262 245,064 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 37,343 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 36,171 0 0 0 0 0 Capital Expenditures 0 91,500 0 0 0 0 0 0 0 0 0 Capital Reserves 2,577 0 2,734 2,816 2,900 2,987 3,077 3,169 3,264 3,362 3,463 Total Leasing & Capital Costs 2,577 91,500 2,734 2,816 2,900 76,501 3,077 3,169 3,264 3,362 3,463 Cash Flow Before Debt Service & Taxes $215,180 $126,257 $215,023 $214,941 $214,857 $102,084 $232,185 $232,093 $231,998 $231,900 $241,601

Walgreens Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $215,180 $201,103 Year 2 Dec-15 126,257 110,278 Year 3 Dec-16 215,023 175,523 Year 4 Dec-17 214,941 163,977 Year 5 Dec-18 214,857 153,190 Year 6 Dec-19 102,084 68,023 Year 7 Dec-20 232,185 144,593 Year 8 Dec-21 232,093 135,080 Year 9 Dec-22 231,998 126,192 Year 10 Dec-23 231,900 117,886 Total Cash Flow $2,016,518 $1,395,845 Property Resale @ 6.25% 3,842,604 1,953,385 Total Property Present Value $3,349,230 Rounded $3,350,000 Per Square Foot $259.99

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,577 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 6.50% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,060,000 Value PSF of NRA: $237.49 Market Leasing Assumptions Retail Market Rent $/sf: $15.75 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $210,154 $202,552 $202,552 $202,552 $202,552 $202,552 $202,552 $202,552 $202,552 $202,552 $202,552 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 210,154 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 Expense Reimbursement Revenue 90,394 93,105 95,899 98,776 101,739 104,791 107,934 111,173 114,508 117,943 121,482 Total Potential Gross Revenue 300,548 295,657 298,451 301,328 304,291 307,343 310,486 313,725 317,060 320,495 324,034 Effective Gross Revenue 300,548 295,657 298,451 301,328 304,291 307,343 310,486 313,725 317,060 320,495 324,034 Operating Expenses CAM 22,549 23,225 23,922 24,640 25,379 26,140 26,924 27,732 28,564 29,421 30,304 Real Estate Taxes 67,845 69,880 71,977 74,136 76,360 78,651 81,010 83,441 85,944 88,522 91,178 Total Operating Expenses 90,394 93,105 95,899 98,776 101,739 104,791 107,934 111,173 114,508 117,943 121,482 Net Operating Income 210,154 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 202,552 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditures 0 91,500 0 0 0 0 0 0 0 0 0 Capital Reserves 2,577 0 2,734 2,816 2,900 2,987 3,077 3,169 3,264 3,362 3,463 Total Leasing & Capital Costs 2,577 91,500 2,734 2,816 2,900 2,987 3,077 3,169 3,264 3,362 3,463 Cash Flow Before Debt Service & Taxes $207,577 $111,052 $199,818 $199,736 $199,652 $199,565 $199,475 $199,383 $199,288 $199,190 $199,089

Walgreens Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 6.50% Year 1 Dec-14 $207,577 $194,908 Year 2 Dec-15 111,052 97,910 Year 3 Dec-16 199,818 165,419 Year 4 Dec-17 199,736 155,259 Year 5 Dec-18 199,652 145,722 Year 6 Dec-19 199,565 136,769 Year 7 Dec-20 199,475 128,363 Year 8 Dec-21 199,383 120,473 Year 9 Dec-22 199,288 113,067 Year 10 Dec-23 199,190 106,114 Total Cash Flow $1,914,736 $1,364,005 Property Resale @ 6.25% 3,176,015 1,691,946 Total Property Present Value $3,055,951 Rounded $3,060,000 Per Square Foot $237.49

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Walgreens 198 E Main St Hendersonville TN 13,500 $2,550,000 $188.89 10/31/2013 $202,470 7.94% Walgreens 5050 Lemay Ferry Rd Saint Louis MO 13,987 $4,575,000 $327.09 6/14/2013 $338,550 7.40% Walgreens 3301 Denton Hwy Haltom City TX 13,905 $4,394,118 $316.01 4/26/2013 $298,800 6.80% Walgreens 746 W University Dr Mesa AZ 15,120 $3,561,000 $235.52 2/7/2013 $267,075 7.50% Walgreens 550 S 129th St Bonner Springs KS 14,820 $6,523,390 $440.17 11/20/2012 $391,403 6.00% Walgreens 9285 Halls Ferry Rd Jennings MO 15,120 $2,250,000 $148.81 8/1/2012 $187,875 8.35% Walgreens 13255 Atlantic Blvd Jacksonville FL 13,960 $3,575,000 $256.09 5/31/2012 $260,975 7.30% Walgreens 15301 E Mississippi Ave Aurora CO 17,548 $3,250,000 $185.21 5/2/2012 $208,975 6.43% Walgreens 3920 Hampton Ave Saint Louis MO 16,938 $3,600,000 $212.54 3/30/2012 $227,880 6.33% Walgreens 9020 Biscayne Blvd Miami Shores FL 14,850 $2,900,000 $195.29 1/2/2012 $202,130 6.97% Walgreens 1625 S Webb Rd Wichita KS 15,099 $4,000,000 $264.92 8/1/2011 $330,000 8.25% Min $148.81 6.00% Max $440.17 8.35% Average $251.87 7.21% Concluded Range of Price PSF $225.00 to $270.00 per square foot

PT1005 – Rite Aid – Memphis, TN

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 3060 Thomas St. Interest Appraised: Leased Fee City: Memphis Value Premise: Market Value State: TN Date of Value- “As Is”: December 31, 2013 County: Shelby Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 38127 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.64 Frontage: Good Gross Land Area (sf): 71,438 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 470177 0260F Location Rating: Good FEMA Map Date: 9/28/2007 Number of Parking Spaces: 69 Parking Ratio (per 1,000 SF): 6.24 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2000 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,064 Condition Rating: Average Net Rentable Area (sf): 11,064 Actual Age (years): 14 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 6.46 TAX/ZONING INFORMATION Parcel ID Number(s): 069025 00009C Zoning Municipality: City of Memphis Taxing Authority/Jurisdiction: City of Memphis Current Zoning: CMU-1, Commercial Mixed Use-1 Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $464,160 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $15,781 Zoning Change Applied For: No Taxes per sf of NRA: $1.43 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $30.78 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: April 6, 2020 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Landlord pays CapEx Comment: Property is currently subleased to Dollar Tree. Sublease terms have not been disclosed. Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,390,000 Sales Comparison Approach: $200.00 to $250.00 per square foot Value PSF of NRA: $216.02 Income Capitalization Approach: Discounted Cash Flow: $2,390,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 9.00% Market Rent $/sf: $11.00 Market Rent Growth: 3.00% Contract Rent $/sf: $30.78 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.25% Basis Point Spread over OAR: 1.00% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,390,000 Value PSF of NRA: $216.02 Market Leasing Assumptions Retail Market Rent $/sf: $11.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 50.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $340,523 $340,523 $340,523 $340,523 $340,523 $340,523 $194,121 $145,321 $145,321 $145,321 $145,321 Absorption & Turnover Vacancy (60,550) Scheduled Base Rental Revenue 340,523 340,523 340,523 340,523 340,523 340,523 133,571 145,321 145,321 145,321 145,321 Expense Reimbursement Revenue CAM 19,362 19,943 20,541 21,157 21,792 22,446 13,486 23,813 24,527 25,263 26,021 RE Tax 16,255 16,743 17,245 17,762 18,295 18,844 11,322 19,992 20,591 21,209 21,845 Total Reimbursement Revenue 35,617 36,686 37,786 38,919 40,087 41,290 24,808 43,805 45,118 46,472 47,866 Total Potential Gross Revenue 376,140 377,209 378,309 379,442 380,610 381,813 158,379 189,126 190,439 191,793 193,187 Effective Gross Revenue 376,140 377,209 378,309 379,442 380,610 381,813 158,379 189,126 190,439 191,793 193,187 Operating Expenses CAM 19,362 19,943 20,541 21,157 21,792 22,446 23,119 23,813 24,527 25,263 26,021 RE Tax 16,255 16,743 17,245 17,762 18,295 18,844 19,409 19,992 20,591 21,209 21,845 Total Operating Expenses 35,617 36,686 37,786 38,919 40,087 41,290 42,528 43,805 45,118 46,472 47,866 Net Operating Income 340,523 340,523 340,523 340,523 340,523 340,523 115,851 145,321 145,321 145,321 145,321 Leasing & Capital Costs Tenant Improvements 66,055 Leasing Commissions 44,686 Cap Expenditures 70,000 Reserve 2,213 2,348 2,418 2,491 2,565 2,642 2,721 2,803 2,887 2,974 Total Leasing & Capital Costs 2,213 70,000 2,348 2,418 2,491 2,565 113,383 2,721 2,803 2,887 2,974 Cash Flow Before Debt Service & Taxes $338,310 $270,523 $338,175 $338,105 $338,032 $337,958 $2,468 $142,600 $142,518 $142,434 $142,347

Rite Aid Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $338,310 $310,376 Year 2 Dec-15 270,523 227,694 Year 3 Dec-16 338,175 261,133 Year 4 Dec-17 338,105 239,522 Year 5 Dec-18 338,032 219,698 Year 6 Dec-19 337,958 201,513 Year 7 Dec-20 2,468 1,350 Year 8 Dec-21 142,600 71,566 Year 9 Dec-22 142,518 65,619 Year 10 Dec-23 142,434 60,166 Total Cash Flow $2,391,123 $1,658,637 Property Resale @ 8.25% 1,726,237 729,181 Total Property Present Value $2,387,819 Rounded $2,390,000 Per Square Foot $216.02

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 5441 Highway 153 Hixson TN 10,908 $2,500,000 $229.19 1/6/2014 $237,500 9.50% Rite Aid 7354 E Brainerd Rd Chattanooga TN 11,200 $2,450,000 $218.75 10/21/2013 $245,000 10.00% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 2005 Maple St Rome GA 14,673 $5,152,100 $351.13 6/13/2013 $412,168 8.00% Rite Aid 655 S Main St Ashland City TN 13,824 $2,585,000 $186.99 1/29/2013 $239,371 9.26% Rite Aid 5192 Murfreesboro Rd La Vergne TN 14,564 $4,906,000 $336.86 11/21/2012 $461,164 9.40% Rite Aid 1630 Benvenue Rd Rocky Mount NC 10,908 $2,400,000 $220.02 10/2/2012 $235,200 9.80% Min $186.99 7.50% Max $351.13 10.00% Average $258.56 8.93% Concluded Range of Price PSF $200.00 to $250.00 per square foot

PT1006 – Rite Aid – Warren, OH

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 1560 Parkman Rd. NW Interest Appraised: Leased Fee City: Warren Value Premise: Market Value State: OH Date of Value- “As Is”: December 31, 2013 County: Trumbull Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 44485 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.53 Frontage: Average Gross Land Area (sf): 66,647 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 390541 0377D Location Rating: Average FEMA Map Date: 6/18/2010 Number of Parking Spaces: 55 Parking Ratio (per 1,000 SF): 4.88 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1999 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,267 Condition Rating: Average Net Rentable Area (sf): 11,267 Actual Age (years): 15 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 5.92 TAX/ZONING INFORMATION Parcel ID Number(s): 39-063912; 39-063915; 39-063916; 39-195150; 39-195200 Zoning Municipality: City of Warren Taxing Authority/Jurisdiction: Trumbull County Current Zoning: CA, Commercial “A” Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $529,530 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $37,554 Zoning Change Applied For: No Taxes per sf of NRA: $3.33 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $27.00 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: April 30, 2020 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Landlord pays CapEx Comment: None Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,670,000 Sales Comparison Approach: $300.00 to $340.00 per square foot Value PSF of NRA: $325.73 Income Capitalization Approach: Discounted Cash Flow: $3,670,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $25.00 Market Rent Growth: 3.00% Contract Rent $/sf: $27.00 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,253 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,670,000 Value PSF of NRA: $325.73 Market Leasing Assumptions Retail Market Rent $/sf: $25.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 3.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $304,208 $304,208 $304,208 $304,208 $304,208 $304,208 $325,626 $336,335 $336,335 $336,335 $336,335 Absorption & Turnover Vacancy (56,056) Scheduled Base Rental Revenue 304,208 304,208 304,208 304,208 304,208 304,208 269,570 336,335 336,335 336,335 336,335 Expense Reimbursement Revenue CAM 19,717 20,309 20,918 21,546 22,192 22,858 19,620 24,250 24,977 25,727 26,498 RE Tax 37,554 38,681 39,841 41,036 42,267 43,535 37,368 46,187 47,572 48,999 50,469 Total Reimbursement Revenue 57,271 58,990 60,759 62,582 64,459 66,393 56,988 70,437 72,549 74,726 76,967 Total Potential Gross Revenue 361,479 363,198 364,967 366,790 368,667 370,601 326,558 406,772 408,884 411,061 413,302 Effective Gross Revenue 361,479 363,198 364,967 366,790 368,667 370,601 326,558 406,772 408,884 411,061 413,302 Operating Expenses CAM 19,717 20,309 20,918 21,546 22,192 22,858 23,543 24,250 24,977 25,727 26,498 RE Tax 37,554 38,681 39,841 41,036 42,267 43,535 44,841 46,187 47,572 48,999 50,469 Total Operating Expenses 57,271 58,990 60,759 62,582 64,459 66,393 68,384 70,437 72,549 74,726 76,967 Net Operating Income 304,208 304,208 304,208 304,208 304,208 304,208 258,174 336,335 336,335 336,335 336,335 Leasing & Capital Costs Tenant Improvements 33,633 Leasing Commissions 51,711 Cap Expenditures 72,000 Reserve 2,253 2,321 2,391 2,536 2,612 2,691 2,771 2,855 2,940 3,028 Total Leasing & Capital Costs 2,253 2,321 2,391 72,000 2,536 2,612 88,035 2,771 2,855 2,940 3,028 Cash Flow Before Debt Service & Taxes $301,955 $301,887 $301,817 $232,208 $301,672 $301,596 $170,139 $333,564 $333,480 $333,395 $333,307

Rite Aid Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $301,955 $278,300 Year 2 Dec-15 301,887 256,440 Year 3 Dec-16 301,817 236,295 Year 4 Dec-17 232,208 167,555 Year 5 Dec-18 301,672 200,626 Year 6 Dec-19 301,596 184,862 Year 7 Dec-20 170,139 96,116 Year 8 Dec-21 333,564 173,677 Year 9 Dec-22 333,480 160,030 Year 10 Dec-23 333,395 147,456 Total Cash Flow $2,911,713 $1,901,355 Property Resale @ 8.25% 3,995,252 1,767,042 Total Property Present Value $3,668,397 Rounded $3,670,000 Per Square Foot $325.73

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 3362 Navarre Ave Oregon OH 14,565 $5,585,000 $383.45 6/14/2013 $474,725 8.50% Rite Aid 501 E Emmitt Ave Waverly OH 10,600 $2,395,000 $225.94 5/10/2013 $215,550 9.00% Rite Aid 332 S Main St Marion OH 14,564 $3,943,000 $270.74 3/15/2013 $364,728 9.25% Rite Aid 613 W Main St Louisville OH 14,564 $4,507,011 $309.46 10/31/2012 $419,152 9.30% Rite Aid 350 Main St Pennsburg PA 11,064 $7,805,737 $705.51 10/5/2012 $618,995 7.93% Rite Aid 1501 N Main St Findlay OH 14,564 $4,141,800 $284.39 10/3/2012 $373,176 9.01% Min $225.94 7.50% Max $705.51 9.30% Average $356.18 8.53% Concluded Range of Price PSF $300.00 to $340.00 per square foot

PT1007 – Walgreens – Cahokia, IL

BASIC INFORMATION Property Name: Walgreens Report Type: Restricted Appraisal Report Address: 1201 Camp Jackson Rd. Interest Appraised: Leased Fee City: Cahokia Value Premise: Market Value State: IL Date of Value- “As Is”: December 31, 2013 County: St. Clair Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 62206 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.74 Frontage: Average Gross Land Area (sf): 75,794 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: AH, bordering on X Shape: Regular FEMA Community Map #: 170620 0170 D Location Rating: Average FEMA Map Date: 11/5/2003 Number of Parking Spaces: 74 Parking Ratio (per 1,000 SF): 5.48 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1994 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,500 Condition Rating: Average Net Rentable Area (sf): 13,500 Actual Age (years): 20 # of Buildings: 1 Tenant: Walgreens # of Stories: 1 Land to Building Ratio: 5.61 TAX/ZONING INFORMATION Parcel ID Number(s): 06-02.0-407-049 Zoning Municipality: Village of Cahokia Taxing Authority/Jurisdiction: St. Clair County Current Zoning: B2, Community Business District Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $205,198 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $39,095 Zoning Change Applied For: No Taxes per sf of NRA: $2.90 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Walgreens Current Rent $/sf: $14.29 Tenant S&P Rating: BBB Rent Bump Date: None Lease Expiration: July 31, 2014 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 7/31/2019 at Landlord pays CapEx $11,252/mo. ($10.00/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 8/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,000,000 Sales Comparison Approach: $140.00 to $170.00 per square foot Value PSF of NRA: $148.15 Income Capitalization Approach: Discounted Cash Flow: $2,000,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.75% Discount Rate: 7.50% Market Rent $/sf: $10.00 Market Rent Growth: 3.00% Contract Rent $/sf: $14.29 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,040,000 Sales Comparison Approach: $140.00 to $170.00 per square foot Value PSF of NRA: $151.11 Income Capitalization Approach: Discounted Cash Flow: $2,040,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.75% Discount Rate: 7.00% Market Rent $/sf: $10.00 Market Rent Growth 3.00% Contract Rent $/sf: $14.29 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 11 Reversion Year (Yrs): 12 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $133,026 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.50% Terminal Capitalization Rate: 6.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,000,000 Value PSF of NRA: $148.15 Market Leasing Assumptions Retail Market Rent $/sf: $10.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Potential Gross Revenue Base Rental Revenue $168,784 $135,000 $135,000 $135,000 $135,000 $136,688 $141,750 $141,750 $141,750 $141,750 $151,670 $181,429 Absorption & Turnover Vacancy (22,500) 0 0 0 0 0 0 0 0 0 (30,238) 0 Scheduled Base Rental Revenue 146,284 135,000 135,000 135,000 135,000 136,688 141,750 141,750 141,750 141,750 121,432 181,429 Expense Reimbursement Revenue 53,243 65,809 67,783 69,817 71,911 74,068 76,290 78,579 80,936 83,364 71,554 88,442 Total Potential Gross Revenue 199,527 200,809 202,783 204,817 206,911 210,756 218,040 220,329 222,686 225,114 192,986 269,871 Effective Gross Revenue 199,527 200,809 202,783 204,817 206,911 210,756 218,040 220,329 222,686 225,114 192,986 269,871 Operating Expenses CAM 23,625 24,334 25,064 25,816 26,590 27,388 28,209 29,056 29,927 30,825 31,750 32,703 Real Estate Taxes 40,267 41,475 42,719 44,001 45,321 46,680 48,081 49,523 51,009 52,539 54,115 55,739 Total Operating Expenses 63,892 65,809 67,783 69,817 71,911 74,068 76,290 78,579 80,936 83,364 85,865 88,442 Net Operating Income 135,635 135,000 135,000 135,000 135,000 136,688 141,750 141,750 141,750 141,750 107,121 181,429 Leasing & Capital Costs Tenant Improvements 33,750 0 0 0 0 0 0 0 0 0 45,357 0 Leasing Commissions 20,756 0 0 0 0 0 0 0 0 0 27,895 0 Capital Expenditures 78,520 6,600 0 0 0 0 0 0 0 0 0 0 Capital Reserves 0 0 2,864 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 3,737 Total Leasing & Capital Costs 133,026 6,600 2,864 2,950 3,039 3,130 3,224 3,321 3,420 3,523 76,881 3,737 Cash Flow Before Debt Service & Taxes $2,609 $128,400 $132,136 $132,050 $131,961 $133,558 $138,526 $138,429 $138,330 $138,227 $30,240 $177,692

Walgreens Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.50% Year 1 Dec-14 $2,609 $2,427 Year 2 Dec-15 128,400 111,109 Year 3 Dec-16 132,136 106,364 Year 4 Dec-17 132,050 98,879 Year 5 Dec-18 131,961 91,919 Year 6 Dec-19 133,558 86,540 Year 7 Dec-20 138,526 83,497 Year 8 Dec-21 138,429 77,617 Year 9 Dec-22 138,330 72,151 Year 10 Dec-23 138,227 67,067 Year 11 Dec-24 30,240 13,649 Total Cash Flow $1,244,466 $811,219 Property Resale @ 6.75% 2,634,080 1,188,874 Total Property Present Value $2,000,093 Rounded $2,000,000 Per Square Foot $148.15

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $78,520 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,040,000 Value PSF of NRA: $151.11 Market Leasing Assumptions Retail Market Rent $/sf: $10.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow -Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $168,784 $135,000 $135,000 $135,000 $135,000 $143,960 $156,502 $156,502 $156,502 $156,502 $158,458 Absorption & Turnover Vacancy 0 0 0 0 0 (26,084) 0 0 0 0 0 Scheduled Base Rental Revenue 168,784 135,000 135,000 135,000 135,000 117,876 156,502 156,502 156,502 156,502 158,458 Expense Reimbursement Revenue 63,892 65,809 67,783 69,817 71,911 61,723 76,290 78,579 80,936 83,364 85,865 Total Potential Gross Revenue 232,676 200,809 202,783 204,817 206,911 179,599 232,792 235,081 237,438 239,866 244,323 Effective Gross Revenue 232,676 200,809 202,783 204,817 206,911 179,599 232,792 235,081 237,438 239,866 244,323 Operating Expenses CAM 23,625 24,334 25,064 25,816 26,590 27,388 28,209 29,056 29,927 30,825 31,750 Real Estate Taxes 40,267 41,475 42,719 44,001 45,321 46,680 48,081 49,523 51,009 52,539 54,115 Total Operating Expenses 63,892 65,809 67,783 69,817 71,911 74,068 76,290 78,579 80,936 83,364 85,865 Net Operating Income 168,784 135,000 135,000 135,000 135,000 105,531 156,502 156,502 156,502 156,502 158,458 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 39,126 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 24,062 0 0 0 0 0 Capital Expenditures 78,520 6,600 0 0 0 0 0 0 0 0 0 Capital Reserves 0 0 2,864 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 Total Leasing & Capital Costs 78,520 6,600 2,864 2,950 3,039 66,318 3,224 3,321 3,420 3,523 3,629 Cash Flow Before Debt Service & Taxes $90,264 $128,400 $132,136 $132,050 $131,961 $39,213 $153,278 $153,181 $153,082 $152,979 $154,829

Walgreens Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $90,264 $84,359 Year 2 Dec-15 128,400 112,150 Year 3 Dec-16 132,136 107,862 Year 4 Dec-17 132,050 100,740 Year 5 Dec-18 131,961 94,086 Year 6 Dec-19 39,213 26,129 Year 7 Dec-20 153,278 95,454 Year 8 Dec-21 153,181 89,153 Year 9 Dec-22 153,082 83,266 Year 10 Dec-23 152,979 77,767 Total Cash Flow $1,266,544 $870,967 Property Resale @ 6.75% 2,300,575 1,169,496 Total Property Present Value $2,040,462 Rounded $2,040,000 Per Square Foot $151.11

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Walgreens 6320 N Eldridge Pky Houston TX 14,820 $5,500,000 $371.12 9/20/2013 $309,100 5.62% Walgreens 1207 N Randall Rd Aurora IL 13,905 $2,701,150 $194.26 9/18/2012 $235,000 8.70% Walgreens 515 Carlyle Ave Belleville IL 12,848 $3,478,500 $270.74 12/28/2012 $274,802 7.90% Walgreens 9301 Waukegan Rd Morton Grove IL 14,440 $3,850,000 $266.62 12/19/2012 $301,840 7.84% Walgreens 1701 E Kensington Rd Mount Prospect IL 15,120 $3,820,000 $252.65 4/22/2013 $286,500 7.50% Walgreens 198 E Main St Hendersonville TN 13,500 $2,550,000 $188.89 10/31/2013 $202,470 7.94% Walgreens 3301 Denton Hwy Haltom City TX 13,905 $4,394,118 $316.01 4/26/2013 $298,800 6.80% Walgreens 746 W University Dr Mesa AZ 15,120 $3,561,000 $235.52 2/7/2013 $267,075 7.50% Walgreens 9285 Halls Ferry Rd Jennings MO 15,120 $2,250,000 $148.81 8/1/2012 $187,875 8.35% Walgreens 13255 Atlantic Blvd Jacksonville FL 13,960 $3,575,000 $256.09 5/31/2012 $260,975 7.30% Walgreens 15301 E Mississippi Ave Aurora CO 17,548 $3,250,000 $185.21 5/2/2012 $208,975 6.43% Walgreens 9020 Biscayne Blvd Miami Shores FL 14,850 $2,900,000 $195.29 1/2/2012 $202,130 6.97% Min $148.81 5.62% Max $371.12 8.70% Average $240.10 7.40% Concluded Range of Price PSF $140.00 to $170.00 per square foot

PT1008 – Walgreens – Cleveland, OH

BASIC INFORMATION Property Name: Walgreens Report Type: Restricted Appraisal Report Address: 15609 Lakeshore Blvd Interest Appraised: Leased Fee City: Cleveland Value Premise: Market Value State: OH Date of Value- "As Is": December 31, 2013 County: Cuyahoga Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 44110 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.45 Frontage: Average Gross Land Area (sf): 63,162 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 390104 0079 E Location Rating: Average FEMA Map Date: 12/3/2010 Number of Parking Spaces: 63 Parking Ratio (per 1,000 SF): 4.67 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1994 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,500 Condition Rating: Average Net Rentable Area (sf): 13,500 Actual Age (years): 20 # of Buildings: 1 Tenant: Walgreens # of Stories: 1 Land to Building Ratio: 4.68 TAX/ZONING INFORMATION Parcel ID Number(s): 113-01-007 Zoning Municipality: City of Cleveland Taxing Authority/Jurisdiction: Cuyahoga County Current Zoning: LR, Local Retail Business Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $489,480 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $48,514 Zoning Change Applied For: No Taxes per sf of NRA: $3.59 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Walgreens Current Rent $/sf: $13.23 Tenant S&P Rating: BBB Rent Bump Date: None Lease Expiration: September 30, 2014 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 12/31/2025 at Landlord pays CapEx $13,378/mo. ($11.89/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY – SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,550,000 Sales Comparison Approach: $170.00 to $200.00 per square foot Value PSF of NRA: $188.89 Income Capitalization Approach: Discounted Cash Flow: $2,550,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 7.00% Market Rent $/sf: $12.00 Market Rent Growth: 3.00% Contract Rent $/sf: $13.23 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,430,000 Sales Comparison Approach: $170.00 to $200.00 per square foot Value PSF of NRA: $180.00 Income Capitalization Approach: Discounted Cash Flow: $2,430,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.25% Discount Rate: 6.50% Market Rent $/sf: $12.00 Market Rent Growth 3.00% Contract Rent $/sf: $13.23 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 11 Reversion Year (Yrs): 12 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $61,358 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,550,000 Value PSF of NRA: $188.89 Market Leasing Assumptions Retail Market Rent $/sf: $12.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Potential Gross Revenue Base Rental Revenue $174,454 $162,000 $162,000 $162,000 $162,000 $162,675 $170,100 $170,100 $170,100 $170,100 $174,068 $224,246 Absorption & Turnover Vacancy (27,000) 0 0 0 0 0 0 0 0 0 (18,143) (18,687) Scheduled Base Rental Revenue 147,454 162,000 162,000 162,000 162,000 162,675 170,100 170,100 170,100 170,100 155,925 205,559 Expense Reimbursement Revenue 60,115 74,303 76,533 78,829 81,193 83,629 86,137 88,722 91,383 94,125 88,870 91,535 Total Potential Gross Revenue 207,569 236,303 238,533 240,829 243,193 246,304 256,237 258,822 261,483 264,225 244,795 297,094 Effective Gross Revenue 207,569 236,303 238,533 240,829 243,193 246,304 256,237 258,822 261,483 264,225 244,795 297,094 Operating Expenses CAM 23,625 24,334 25,064 25,816 26,590 27,388 28,209 29,056 29,927 30,825 31,750 32,703 Real Estate Taxes 48,514 49,969 51,469 53,013 54,603 56,241 57,928 59,666 61,456 63,300 65,199 67,155 Total Operating Expenses 72,139 74,303 76,533 78,829 81,193 83,629 86,137 88,722 91,383 94,125 96,949 99,858 Net Operating Income 135,430 162,000 162,000 162,000 162,000 162,675 170,100 170,100 170,100 170,100 147,846 197,236 Leasing & Capital Costs Tenant Improvements 33,750 0 0 0 0 0 0 0 0 0 0 46,718 Leasing Commissions 24,908 0 0 0 0 0 0 0 0 0 0 34,478 Capital Expenditures 0 0 60,000 0 0 0 0 0 0 0 0 0 Capital Reserves 2,700 2,781 0 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 3,737 Total Leasing & Capital Costs 61,358 2,781 60,000 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 84,933 Cash Flow Before Debt Service & Taxes $74,072 $159,219 $102,000 $159,050 $158,961 $159,545 $166,876 $166,779 $166,680 $166,577 $144,217 $112,303

Walgreens Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $74,072 $69,226 Year 2 Dec-15 159,219 139,068 Year 3 Dec-16 102,000 83,262 Year 4 Dec-17 159,050 121,338 Year 5 Dec-18 158,961 113,337 Year 6 Dec-19 159,545 106,312 Year 7 Dec-20 166,876 103,922 Year 8 Dec-21 166,779 97,067 Year 9 Dec-22 166,680 90,663 Year 10 Dec-23 166,577 84,679 Year 11 Dec-24 144,217 68,516 Total Cash Flow $1,623,976 $1,077,391 Property Resale @ 6.25% 3,092,660 1,469,301 Total Property Present Value $2,546,692 Rounded $2,550,000 Per Square Foot $188.89

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,700 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 6.50% Terminal Capitalization Rate: 6.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,430,000 Value PSF of NRA: $180.00 Market Leasing Assumptions Retail Market Rent $/sf: $12.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Walgreens Schedule of Prospective Cash Flow – Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $169,560 $160,515 $160,515 $160,515 $160,515 $160,515 $160,515 $160,515 $160,515 $160,515 $160,515 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 169,560 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 Expense Reimbursement Revenue 72,139 74,303 76,533 78,829 81,193 83,629 86,137 88,722 91,383 94,125 96,949 Total Potential Gross Revenue 241,699 234,818 237,048 239,344 241,708 244,144 246,652 249,237 251,898 254,640 257,464 Effective Gross Revenue 241,699 234,818 237,048 239,344 241,708 244,144 246,652 249,237 251,898 254,640 257,464 Operating Expenses CAM 23,625 24,334 25,064 25,816 26,590 27,388 28,209 29,056 29,927 30,825 31,750 Real Estate Taxes 48,514 49,969 51,469 53,013 54,603 56,241 57,928 59,666 61,456 63,300 65,199 Total Operating Expenses 72,139 74,303 76,533 78,829 81,193 83,629 86,137 88,722 91,383 94,125 96,949 Net Operating Income 169,560 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 160,515 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditures 0 0 60,000 0 0 0 0 0 0 0 0 Capital Reserves 2,700 2,781 0 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 Total Leasing & Capital Costs 2,700 2,781 60,000 2,950 3,039 3,130 3,224 3,321 3,420 3,523 3,629 Cash Flow Before Debt Service & Taxes $166,860 $157,734 $100,515 $157,565 $157,476 $157,385 $157,291 $157,194 $157,095 $156,992 $156,886

Walgreens Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 6.50% Year 1 Dec-14 $166,860 $156,676 Year 2 Dec-15 157,734 139,068 Year 3 Dec-16 100,515 83,211 Year 4 Dec-17 157,565 122,479 Year 5 Dec-18 157,476 114,939 Year 6 Dec-19 157,385 107,861 Year 7 Dec-20 157,291 101,218 Year 8 Dec-21 157,194 94,982 Year 9 Dec-22 157,095 89,128 Year 10 Dec-23 156,992 83,634 Total Cash Flow $1,526,107 $1,093,195 Property Resale @ 6.25% 2,516,875 1,340,805 Total Property Present Value $2,434,000 Rounded $2,430,000 Per Square Foot $180.00

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Walgreens 6320 N Eldridge Pky Houston TX 14,820 $5,500,000 $371.12 9/20/2013 $309,100 5.62% Walgreens 198 E Main St Hendersonville TN 13,500 $2,550,000 $188.89 10/31/2013 $202,470 7.94% Walgreens 1000 E Cumberland Gap Pky Corbin KY 13,650 $4,514,000 $330.70 7/19/2013 $282,125 6.25% Walgreens 3301 Denton Hwy Haltom City TX 13,905 $4,394,118 $316.01 4/26/2013 $298,800 6.80% Walgreens 9290 Wicker Ave Saint John IN 13,905 $3,530,864 $253.93 3/24/2013 $286,000 8.10% Walgreens 746 W University Dr Mesa AZ 15,120 $3,561,000 $235.52 2/7/2013 $267,075 7.50% Walgreens 9285 Halls Ferry Rd Jennings MO 15,120 $2,250,000 $148.81 8/1/2012 $187,875 8.35% Walgreens 13255 Atlantic Blvd Jacksonville FL 13,960 $3,575,000 $256.09 5/31/2012 $260,975 7.30% Walgreens 15301 E Mississippi Ave Aurora CO 17,548 $3,250,000 $185.21 5/2/2012 $208,975 6.43% Walgreens 25016 Gratiot Ave Eastpointe MI 15,120 $3,800,000 $251.32 1/20/2012 $349,600 9.20% Walgreens 9020 Biscayne Blvd Miami Shores FL 14,850 $2,900,000 $195.29 1/2/2012 $202,130 6.97% Min $148.81 5.62% Max $371.12 9.20% Average $248.44 7.31% Concluded Range of Price PSF $170.00 to $200.00 per square foot

PT1010 – Lowe’s – Jonesboro, AR

BASIC INFORMATION Property Name: Lowe’s Report Type: Restricted Appraisal Report Address: 2111 Fair Park Blvd. Interest Appraised: Leased Fee City: Jonesboro Value Premise: Market Value State: AR Date of Value- “As Is”: December 31, 2013 County: Craighead Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 72401 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 12.16 Frontage: Good Gross Land Area (sf): 529,690 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Irregular FEMA Community Map #: 050048 ‘0132C - per map- lookup says uninc. Location Rating: Average FEMA Map Date: 9/27/1991 Number of Parking Spaces: 632 Parking Ratio (per 1,000 SF): 5.00 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1994 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 126,405 Condition Rating: Average Net Rentable Area (sf): 126,405 Actual Age (years): 20 # of Buildings: 1 Tenant: Lowe’s # of Stories: 1 Land to Building Ratio: 4.19 TAX/ZONING INFORMATION Parcel ID Number(s): 01-144282-03400 Zoning Municipality: City of Jonesboro Taxing Authority/Jurisdiction: Craighead County Current Zoning: C3, General Commercial Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $1,524,420 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $64,331 Zoning Change Applied For: No Taxes per sf of NRA: $0.51 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Lowe’s Current Rent $/sf: $5.97 Tenant S&P Rating: A- Rent Bump Date: February 1, 2014 Lease Expiration: January 31, 2024 Rent at Bump Date $/sf: $5.81 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $10,810,000 Sales Comparison Approach: $80.00 to $90.00 per square foot Value PSF of NRA: $85.52 Income Capitalization Approach: Direct Capitalization $10,810,000 Exposure Time: 6-9 months Overall Capitalization Rate: 6.25% Market Rent $/sf: $6.00 Contract Rent $/sf: $5.97

Lowe’s Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $736,304 $5.82 Expense Reimbursement Revenue 287,469 2.27 Total Potential Gross Revenue $1,023,773 $8.10 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $1,023,773 $8.10 Operating Expenses CAM $221,209 $1.75 Real Estate Taxes 66,260 0.52 Total Operating Expenses $287,469 $2.27 Capital Reserves $25,281 0.20 Net Operating Income $711,023 $5.62 Overall Capitalization Rate 6.25% Indicated Property Value $11,376,363 $90.00 Less: Capital Expenditures $540,000 $4.27 Indicated Property Value (Rounded) $10,810,000 $85.52

Comparable Sales Property Square Estimated Name Address City State Footage Price Price PSF Date NOI Cap Rate Lowe’s 945 Fangboner Rd Fremont OH 125,357 $9,225,000 $73.59 12/11/2013 $649,440 7.04% Lowe’s 4900 Oscar Baxter Dr Tuscaloosa AL 115,236 $9,818,000 $85.20 10/29/2013 $603,807 6.15% Lowe’s 7441 Two Notch Rd Columbia SC 121,148 $11,940,000 $98.56 10/4/2013 $889,530 7.45% Lowe’s 1369 Division St Adrian MI 101,287 $8,025,000 $79.23 9/27/2013 $650,025 8.10% Lowe’s 2470 Whiskey Rd Aiken SC 135,197 $10,600,000 $78.40 8/21/2013 $795,000 7.50% Lowe’s 1836 US Highway 78 E Oxford AL 135,197 $11,250,000 $83.21 7/12/2013 $875,250 7.78% Lowe’s 1955 Buford Mill Dr Buford GA 128,997 $13,125,000 $101.75 11/1/2011 $1,030,313 7.85% Lowe’s 2900 Martins Dr West Carrollton OH 125,357 $11,650,000 $92.93 9/9/2011 $856,275 7.35% Min $73.59 6.15% Max $101.75 8.10% Average $86.61 7.40% Concluded Range of Price PSF $80.00 to $90.00 per square foot

PT1011 – Lowe’s – Texas City, TX

BASIC INFORMATION Property Name: Lowe’s Report Type: Restricted Appraisal Report Address: 3620 Emmett F Lowry Expy Interest Appraised: Leased Fee City: Texas City Value Premise: Market Value State: TX Date of Value- “As Is”: December 31, 2013 County: Galveston Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 77590 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 16.32 Frontage: Good Gross Land Area (sf): 710,899 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: B Shape: Regular FEMA Community Map #: 485514 0030C Location Rating: Average FEMA Map Date: 5/2/1983 Number of Parking Spaces: 776 Parking Ratio (per 1,000 SF): 5.95 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1995 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 130,497 Condition Rating: Average Net Rentable Area (sf): 130,497 Actual Age (years): 19 # of Buildings: 1 Tenant: Lowe’s # of Stories: 1 Land to Building Ratio: 5.45 TAX/ZONING INFORMATION Parcel ID Number(s): 4827-0000-0000-001 Zoning Municipality: City of Texas City Taxing Authority/Jurisdiction: Galveston County Current Zoning: E, General Business Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $5,300,000 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $131,653 Zoning Change Applied For: No Taxes per sf of NRA: $1.01 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Lowe’s Current Rent $/sf: $6.61 Tenant S&P Rating: A- Rent Bump Date: None Lease Expiration: October 31, 2020 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $12,490,000 Sales Comparison Approach: $85.00 to $100.00 per square foot Value PSF of NRA: $95.71 Income Capitalization Approach: Discounted Cash Flow: $12,490,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.50% Discount Rate: 6.75% Market Rent $/sf: $7.00 Market Rent Growth: 3.00% Contract Rent $/sf: $6.61 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $237,500 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 6.75% Terminal Capitalization Rate: 6.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $12,490,000 Value PSF of NRA: $95.71 Market Leasing Assumptions Retail Market Rent $/sf: $7.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx *The tenant has multiple extension options. Based on our analysis, we have assumed the first option at $6.61/sf is exercised since it is deemed to be below market.

Lowe’s Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 $862,585 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 Expense Reimbursement Revenue 360,023 370,824 381,948 393,407 405,209 417,365 429,886 442,783 456,066 469,748 483,841 Total Potential Gross Revenue 1,222,608 1,233,409 1,244,533 1,255,992 1,267,794 1,279,950 1,292,471 1,305,368 1,318,651 1,332,333 1,346,426 Effective Gross Revenue 1,222,608 1,233,409 1,244,533 1,255,992 1,267,794 1,279,950 1,292,471 1,305,368 1,318,651 1,332,333 1,346,426 Operating Expenses CAM 228,370 235,221 242,277 249,546 257,032 264,743 272,685 280,866 289,292 297,971 306,910 Real Estate Taxes 131,653 135,603 139,671 143,861 148,177 152,622 157,201 161,917 166,774 171,777 176,931 Total Operating Expenses 360,023 370,824 381,948 393,407 405,209 417,365 429,886 442,783 456,066 469,748 483,841 Net Operating Income 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 862,585 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Capital Expenditures 237,500 0 0 0 0 0 0 0 0 0 0 Capital Reserves 0 26,882 27,689 28,520 29,375 30,256 31,164 32,099 33,062 34,054 35,075 Total Leasing & Capital Costs 237,500 26,882 27,689 28,520 29,375 30,256 31,164 32,099 33,062 34,054 35,075 Cash Flow Before Debt Service & Taxes $625,085 $835,703 $834,896 $834,065 $833,210 $832,329 $831,421 $830,486 $829,523 $828,531 $827,510

Lowe’s Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 6.75% Year 1 Dec-14 $625,085 $585,560 Year 2 Dec-15 835,703 733,358 Year 3 Dec-16 834,896 686,323 Year 4 Dec-17 834,065 642,286 Year 5 Dec-18 833,210 601,056 Year 6 Dec-19 832,329 562,455 Year 7 Dec-20 831,421 526,315 Year 8 Dec-21 830,486 492,481 Year 9 Dec-22 829,523 460,805 Year 10 Dec-23 828,531 431,152 Total Cash Flow $8,115,249 $5,721,791 Property Resale @ 6.50% 13,005,128 6,767,617 Total Property Present Value $12,489,408 Rounded $12,490,000 Per Square Foot $95.71

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Lowe’s 945 Fangboner Rd Fremont OH 125,357 $9,225,000 $73.59 12/11/2013 $649,440 7.04% Lowe’s 4900 Oscar Baxter Dr Tuscaloosa AL 115,236 $9,818,000 $85.20 10/29/2013 $603,807 6.15% Lowe’s 7441 Two Notch Rd Columbia SC 121,148 $11,940,000 $98.56 10/4/2013 $889,530 7.45% Lowe’s 1369 Division St Adrian MI 101,287 $8,025,000 $79.23 9/27/2013 $650,025 8.10% Lowe’s 2470 Whiskey Rd Aiken SC 135,197 $10,600,000 $78.40 8/21/2013 $795,000 7.50% Lowe’s 1836 US Highway 78 E Oxford AL 135,197 $11,250,000 $83.21 7/12/2013 $875,250 7.78% Lowe’s 1955 Buford Mill Dr Buford GA 128,997 $13,125,000 $101.75 11/1/2011 $1,030,313 7.85% Lowe’s 2900 Martins Dr West Carrollton OH 125,357 $11,650,000 $92.93 9/9/2011 $856,275 7.35% Min $73.59 6.15% Max $101.75 8.10% Average $86.61 7.40% Concluded Range of Price PSF $85.00 to $100.00 per square foot

PT1013 – CVS – Whiteville, NC

BASIC INFORMATION Property Name: CVS Report Type: Restricted Appraisal Report Address: 900 North J.K. Powell Blvd. Interest Appraised: Leased Fee City: Whiteville Value Premise: Market Value State: NC Date of Value- “As Is”: December 31, 2013 County: Columbus Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 28472 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.69 Frontage: Average Gross Land Area (sf): 73,616 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 370071 0281J Location Rating: Average FEMA Map Date: 6/2/2006 Number of Parking Spaces: 72 Parking Ratio (per 1,000 SF): 7.16 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2004 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 10,055 Condition Rating: Average Net Rentable Area (sf): 10,055 Actual Age (years): 10 # of Buildings: 1 Tenant: CVS # of Stories: 1 Land to Building Ratio: 7.32 TAX/ZONING INFORMATION Parcel ID Number(s): 088776 Zoning Municipality: City of Whiteville Taxing Authority/Jurisdiction: Columbus County Current Zoning: B3, Highway Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $1,191,300 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $15,934 Zoning Change Applied For: No Taxes per sf of NRA: $1.58 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: CVS Current Rent $/sf: $18.51 Tenant S&P Rating: BBB+ Rent Bump Date: None Lease Expiration: January 31, 2027 Rent at Bump Date $/sf: None Expense Recovery: NNN: Tenant pays all Operating, RE Taxes and CapEx Comment: None Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,100,000 Sales Comparison Approach: $280.00 to $340.00 per square foot Value PSF of NRA: $308.30 Income Capitalization Approach: Direct Capitalization $3,100,000 Exposure Time: 6-9 months Overall Capitalization Rate: 6.00% Market Rent $/sf: $20.00 Contract Rent $/sf: $18.51

CVS Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $186,150 $18.51 Expense Reimbursement Revenue 36,019 3.58 Total Potential Gross Revenue $222,169 $22.10 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $222,169 $22.10 Operating Expenses CAM $17,596 $1.75 Real Estate Taxes 16,412 1.63 Capital Reserves 2,011 0.20 Total Operating Expenses $36,019 $3.58 Net Operating Income $186,150 $18.51 Overall Capitalization Rate 6.00% Indicated Property Value $3,102,504 $308.55 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $3,100,000 $308.30

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate CVS 5190 S Conway Rd Orlando FL 14,145 $5,066,357 $358.17 11/20/2013 $354,645 7.00% CVS 3187 S Congress Ave Lake Worth FL 14,376 $4,700,000 $326.93 5/13/2013 $329,000 7.00% CVS 609-611 College Rd Greensboro NC 10,000 $3,117,000 $311.70 3/28/2013 $194,813 6.25% CVS 707 Church St Conway SC 10,128 $2,500,000 $246.84 1/30/2013 $198,500 7.94% CVS 965 Joe Frank Harris Pky SE Cartersville GA 13,225 $2,616,000 $197.81 10/30/2012 $163,500 6.25% CVS 912 W Ward St Douglas GA 10,880 $3,700,000 $340.07 10/8/2012 $251,970 6.81% CVS 2391 W 68th St Hialeah FL 12,025 $3,650,000 $303.53 9/14/2012 $213,525 5.85% CVS 13998 Walsingham Rd Largo FL 11,200 $4,120,000 $367.86 2/17/2012 $314,356 7.63% Min $197.81 5.85% Max $367.86 7.94% Average $306.61 6.84% Concluded Range of Price PSF $280.00 to $340.00 per square foot

PT1014 – Rite Aid – Bangor, ME

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 713 Broadway Interest Appraised: Leased Fee City: Bangor Value Premise: Market Value State: ME Date of Value- “As Is”: December 31, 2013 County: Penobscot Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 04401 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.05 Frontage: Good Gross Land Area (sf): 89,298 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 230102 0012C Location Rating: Average FEMA Map Date: 3/4/2002 Number of Parking Spaces: 48 Parking Ratio (per 1,000 SF): 3.66 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1998 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,100 Condition Rating: Average Net Rentable Area (sf): 13,100 Actual Age (years): 16 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 6.82 TAX/ZONING INFORMATION Parcel ID Number(s): 1046 Zoning Municipality: City of Bangor Taxing Authority/Jurisdiction: City of Bangor Current Zoning: S&PS, Shopping and Personal Service Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,137,500 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $44,460 Zoning Change Applied For: No Taxes per sf of NRA: $3.39 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $27.08 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: June 30, 2018 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 6/30/2028 at Landlord pays CapEx $26,604/mo. ($24.37/sf) to 6/30/2018, $28,599/mo. Occupancy: 100% ($26.20/sf) to 6/30/2023, and $30,744/mo. ($28.16/sf) to 6/30/2028. These terms are utilized in our second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,960,000 Sales Comparison Approach: $280.00 to $330.00 per square foot Value PSF of NRA: $302.29 Income Capitalization Approach: Discounted Cash Flow: $3,960,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 9.00% Market Rent $/sf: $24.00 Market Rent Growth: 3.00% Contract Rent $/sf: $27.08 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $4,050,000 Sales Comparison Approach: $280.00 to $330.00 per square foot Value PSF of NRA: $309.16 Income Capitalization Approach: Discounted Cash Flow: $4,050,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $24.00 Market Rent Growth 3.00% Contract Rent $/sf: $27.08 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,620 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,960,000 Value PSF of NRA: $302.29 Market Leasing Assumptions Retail Market Rent $/sf: $24.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $354,715 $354,715 $354,715 $354,715 $354,288 $353,860 $353,860 $353,860 $353,860 $359,758 $371,553 Absorption & Turnover Vacancy (58,977) Scheduled Base Rental Revenue 354,715 354,715 354,715 354,715 295,311 353,860 353,860 353,860 353,860 359,758 371,553 Expense Reimbursement Revenue CAM 22,925 23,613 24,321 25,051 21,502 26,576 27,374 28,195 29,041 29,912 30,809 RE Tax 45,127 46,481 47,875 49,311 42,326 52,315 53,884 55,501 57,166 58,880 60,647 Total Reimbursement Revenue 68,052 70,094 72,196 74,362 63,828 78,891 81,258 83,696 86,207 88,792 91,456 Total Potential Gross Revenue 422,767 424,809 426,911 429,077 359,139 432,751 435,118 437,556 440,067 448,550 463,009 Effective Gross Revenue 422,767 424,809 426,911 429,077 359,139 432,751 435,118 437,556 440,067 448,550 463,009 Operating Expenses CAM 22,925 23,613 24,321 25,051 25,802 26,576 27,374 28,195 29,041 29,912 30,809 RE Tax 45,127 46,481 47,875 49,311 50,791 52,315 53,884 55,501 57,166 58,880 60,647 Total Operating Expenses 68,052 70,094 72,196 74,362 76,593 78,891 81,258 83,696 86,207 88,792 91,456 Net Operating Income 354,715 354,715 354,715 354,715 282,546 353,860 353,860 353,860 353,860 359,758 371,553 Leasing & Capital Costs Tenant Improvements 36,860 Leasing Commissions 54,406 Cap Expenditures 85,200 Reserve 2,620 2,699 2,780 2,863 3,037 3,128 3,222 3,319 3,419 3,521 Total Leasing & Capital Costs 2,620 2,699 2,780 2,863 176,466 3,037 3,128 3,222 3,319 3,419 3,521 Cash Flow Before Debt Service & Taxes $352,095 $352,016 $351,935 $351,852 $106,080 $350,823 $350,732 $350,638 $350,541 $356,339 $368,032

Rite Aid Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $352,095 $323,023 Year 2 Dec-15 352,016 296,285 Year 3 Dec-16 351,935 271,758 Year 4 Dec-17 351,852 249,261 Year 5 Dec-18 106,080 68,945 Year 6 Dec-19 350,823 209,184 Year 7 Dec-20 350,732 191,862 Year 8 Dec-21 350,638 175,973 Year 9 Dec-22 350,541 161,399 Year 10 Dec-23 356,339 150,521 Total Cash Flow $3,273,051 $2,098,212 Property Resale @ 8.25% 4,413,599 1,864,352 Total Property Present Value $3,962,564 Rounded $3,960,000 Per Square Foot $302.29

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,620 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Basis Point Spread over OAR: 0.00% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $4,050,000 Value PSF of NRA: $309.16 Market Leasing Assumptions Retail Market Rent $/sf: $24.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $336,981 $319,248 $319,248 $319,248 $330,978 $342,708 $342,708 $342,708 $342,708 $355,818 $368,928 Scheduled Base Rental Revenue 336,981 319,248 319,248 319,248 330,978 342,708 342,708 342,708 342,708 355,818 368,928 Expense Reimbursement Revenue CAM 22,925 23,613 24,321 25,051 25,802 26,576 27,374 28,195 29,041 29,912 30,809 RE Tax 45,127 46,481 47,875 49,311 50,791 52,315 53,884 55,501 57,166 58,880 60,647 Total Reimbursement Revenue 68,052 70,094 72,196 74,362 76,593 78,891 81,258 83,696 86,207 88,792 91,456 Total Potential Gross Revenue 405,033 389,342 391,444 393,610 407,571 421,599 423,966 426,404 428,915 444,610 460,384 Effective Gross Revenue 405,033 389,342 391,444 393,610 407,571 421,599 423,966 426,404 428,915 444,610 460,384 Operating Expenses CAM 22,925 23,613 24,321 25,051 25,802 26,576 27,374 28,195 29,041 29,912 30,809 RE Tax 45,127 46,481 47,875 49,311 50,791 52,315 53,884 55,501 57,166 58,880 60,647 Total Operating Expenses 68,052 70,094 72,196 74,362 76,593 78,891 81,258 83,696 86,207 88,792 91,456 Net Operating Income 336,981 319,248 319,248 319,248 330,978 342,708 342,708 342,708 342,708 355,818 368,928 Leasing & Capital Costs Cap Expenditures 85,200 Reserve 2,620 2,699 2,780 2,863 3,037 3,128 3,222 3,319 3,419 3,521 Total Leasing & Capital Costs 2,620 2,699 2,780 2,863 85,200 3,037 3,128 3,222 3,319 3,419 3,521 Cash Flow Before Debt Service & Taxes $334,361 $316,549 $316,468 $316,385 $245,778 $339,671 $339,580 $339,486 $339,389 $352,399 $365,407

Rite Aid Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $334,361 $308,167 Year 2 Dec-15 316,549 268,894 Year 3 Dec-16 316,468 247,765 Year 4 Dec-17 316,385 228,295 Year 5 Dec-18 245,778 163,454 Year 6 Dec-19 339,671 208,200 Year 7 Dec-20 339,580 191,838 Year 8 Dec-21 339,486 176,760 Year 9 Dec-22 339,389 162,866 Year 10 Dec-23 352,399 155,861 Total Cash Flow $3,240,066 $2,112,099 Property Resale @ 8.25% 4,382,417 1,938,279 Total Property Present Value $4,050,379 Rounded $4,050,000 Per Square Foot $309.16

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 317 Main St Farmington ME 14,673 $5,050,000 $344.17 6/12/2013 $424,200 8.40% Rite Aid 331 Main St Nashua NH 15,086 $3,262,533 $216.26 2/4/2013 $277,315 8.50% The Rite Aid Plaza 1 S River Rd Bedford NH 23,540 $3,850,000 $163.55 9/10/2012 $327,250 8.50% Rite Aid 330 River St Cambridge MA 13,777 $6,675,000 $484.50 2/29/2012 $440,550 6.60% Wawa/Rite Aid 664-668 Haddon Ave Collingswood NJ 9,800 $2,490,000 $254.08 2/28/2012 $196,212 7.88% Rite-Aid 21 Columbia St Adams MA 10,504 $1,600,000 $152.32 8/2/2011 $144,000 9.00% Rite Aid 1900 Ocean St Marshfield MA 13,876 $2,754,000 $198.47 2/14/2011 $235,467 8.55% Min $152.32 6.60% Max $484.50 9.00% Average $281.39 8.15% Concluded Range of Price PSF $280.00 to $330.00 per square foot

PT1015 – Tractor Supply – Woodstock, VA

BASIC INFORMATION Property Name: Tractor Supply Report Type: Restricted Appraisal Report Address: 541 W. Reservoir Rd. Interest Appraised: Leased Fee City: Woodstock Value Premise: Market Value State: VA Date of Value- “As Is”: December 31, 2013 County: Shenandoah Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 22664 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 3.31 Frontage: Average Gross Land Area (sf): 144,184 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 510150 0260C Location Rating: Average FEMA Map Date: 7/26/20013 Number of Parking Spaces: 98 Parking Ratio (per 1,000 SF): 4.32 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2004 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 22,670 Condition Rating: Average Net Rentable Area (sf): 22,670 Actual Age (years): 10 # of Buildings: 1 Tenant: Tractor Supply # of Stories: 1 Land to Building Ratio: 6.36 TAX/ZONING INFORMATION Parcel ID Number(s): 6313 Zoning Municipality: Town of Woodstock Taxing Authority/Jurisdiction: Shenandoah County & Town of Woodstock Current Zoning: B2, Highway Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,029,800 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $12,483 Zoning Change Applied For: No Taxes per sf of NRA: $0.55 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Tractor Supply Current Rent $/sf: $10.19 Tenant S&P Rating: Not Rated Rent Bump Date: November 1, 2014 Lease Expiration: October 3, 2019 Rent at Bump Date $/sf: $11.21 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: Currently negotiating lease extension to 12/31/2028 at Occupancy: and CapEx 100% $19,250/mo. ($10.19/sf). These terms are utilized in our second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,000,000 Sales Comparison Approach: $100.00 to $150.00 per square foot Value PSF of NRA: $132.33 Income Capitalization Approach: Discounted Cash Flow: $3,000,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.75% Discount Rate: 8.50% Market Rent $/sf: $10.00 Market Rent Growth: 3.00% Contract Rent $/sf: $10.19 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,960,000 Sales Comparison Approach: $100.00 to $150.00 per square foot Value PSF of NRA: $130.57 Income Capitalization Approach: Discounted Cash Flow: $2,960,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.50% Discount Rate: 7.75% Market Rent $/sf: $10.00 Market Rent Growth 3.00% Contract Rent $/sf: $10.19 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,534 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 7.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,000,000 Value PSF of NRA: $132.33 Market Leasing Assumptions Retail Market Rent $/sf: $10.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NNN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $234,850 $254,100 $254,100 $254,100 $254,100 $256,277 $270,692 $270,692 $270,692 $270,692 $270,692 Absorption & Turnover Vacancy (65,702) (22,558) Scheduled Base Rental Revenue 234,850 254,100 254,100 254,100 254,100 190,575 248,134 270,692 270,692 270,692 270,692 Expense Reimbursement Revenue CAM 39,672 40,863 42,089 43,351 44,652 34,493 43,423 48,792 50,256 51,764 53,317 RE Tax 12,858 13,244 13,641 14,050 14,472 11,179 14,074 15,814 16,288 16,777 17,280 Total Reimbursement Revenue 52,530 54,107 55,730 57,401 59,124 45,672 57,497 64,606 66,544 68,541 70,597 Total Potential Gross Revenue 287,380 308,207 309,830 311,501 313,224 236,247 305,631 335,298 337,236 339,233 341,289 Effective Gross Revenue 287,380 308,207 309,830 311,501 313,224 236,247 305,631 335,298 337,236 339,233 341,289 Operating Expenses CAM 39,673 40,863 42,089 43,351 44,652 45,991 47,371 48,792 50,256 51,764 53,317 RE Tax 12,858 13,244 13,641 14,050 14,472 14,906 15,353 15,814 16,288 16,777 17,280 Total Operating Expenses 52,531 54,107 55,730 57,401 59,124 60,897 62,724 64,606 66,544 68,541 70,597 Net Operating Income 234,849 254,100 254,100 254,100 254,100 175,350 242,907 270,692 270,692 270,692 270,692 Leasing & Capital Costs Tenant Improvements 121,811 Leasing Commissions $49,943 Cap Expenditures Reserve 4,534 4,670 4,810 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Total Leasing & Capital Costs 4,534 4,670 4,810 4,954 5,103 5,256 177,168 5,576 5,744 5,916 6,093 Cash Flow Before Debt Service & Taxes $230,315 $249,430 $249,290 $249,146 $248,997 $170,094 $65,739 $265,116 $264,948 $264,776 $264,599

Tractor Supply Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $230,315 $212,272 Year 2 Dec-15 249,430 211,880 Year 3 Dec-16 249,290 195,171 Year 4 Dec-17 249,146 179,777 Year 5 Dec-18 248,997 165,594 Year 6 Dec-19 170,094 104,258 Year 7 Dec-20 65,739 37,138 Year 8 Dec-21 265,116 138,038 Year 9 Dec-22 264,948 127,143 Year 10 Dec-23 264,776 117,107 Total Cash Flow $2,257,851 $1,488,378 Property Resale @ 7.75% 3,422,944 1,513,918 Total Property Present Value $3,002,296 Rounded $3,000,000 Per Square Foot $132.33

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,534 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.75% Terminal Capitalization Rate: 7.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,960,000 Value PSF of NRA: $130.57 Market Leasing Assumptions Retail Market Rent $/sf: $10.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $15.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NNN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 $231,000 Scheduled Base Rental Revenue 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 Expense Reimbursement Revenue CAM 39,672 40,863 42,089 43,351 44,652 45,991 47,371 48,792 50,256 51,764 53,317 RE Tax 12,858 13,244 13,641 14,050 14,472 14,906 15,353 15,814 16,288 16,777 17,280 Total Reimbursement Revenue 52,530 54,107 55,730 57,401 59,124 60,897 62,724 64,606 66,544 68,541 70,597 Total Potential Gross Revenue 283,530 285,107 286,730 288,401 290,124 291,897 293,724 295,606 297,544 299,541 301,597 Effective Gross Revenue 283,530 285,107 286,730 288,401 290,124 291,897 293,724 295,606 297,544 299,541 301,597 Operating Expenses CAM 39,673 40,863 42,089 43,351 44,652 45,991 47,371 48,792 50,256 51,764 53,317 RE Tax 12,858 13,244 13,641 14,050 14,472 14,906 15,353 15,814 16,288 16,777 17,280 Total Operating Expenses 52,531 54,107 55,730 57,401 59,124 60,897 62,724 64,606 66,544 68,541 70,597 Net Operating Income 230,999 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 231,000 Leasing & Capital Costs Cap Expenditures Reserve 4,534 4,670 4,810 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Total Leasing & Capital Costs 4,534 4,670 4,810 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Cash Flow Before Debt Service & Taxes $226,465 $226,330 $226,190 $226,046 $225,897 $225,744 $225,586 $225,424 $225,256 $225,084 $224,907

Tractor Supply Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.75% Year 1 Dec-14 $226,465 $210,176 Year 2 Dec-15 226,330 194,943 Year 3 Dec-16 226,190 180,810 Year 4 Dec-17 226,046 167,698 Year 5 Dec-18 225,897 155,534 Year 6 Dec-19 225,744 144,249 Year 7 Dec-20 225,586 133,780 Year 8 Dec-21 225,424 124,069 Year 9 Dec-22 225,256 115,059 Year 10 Dec-23 225,084 106,702 Total Cash Flow $2,258,022 $1,533,019 Property Resale @ 7.50% 3,018,400 1,430,883 Total Property Present Value $2,963,901 Rounded $2,960,000 Per Square Foot $130.57

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Tractor Supply N/A Macedon NY 29,508 $1,316,000 $44.60 Under Contract $95,475 7.25% Tractor Supply N/A South Hill VA 19,097 $3,130,000 $163.90 6/24/2013 $219,997 7.03% Tractor Supply N/A Monticello FL 19,097 $2,821,428 $147.74 6/20/2013 $197,463 7.00% Tractor Supply 1649 Columbia Tpke Castleton On Hudson NY 34,000 $3,548,000 $104.35 4/3/2013 $313,998 8.85% Tractor Supply 142 Mckinley Rd Beaver Falls PA 19,097 $2,622,000 $137.30 12/27/2012 $209,760 8.00% Tractor Supply 90 Marketplace Dr Newnan GA 19,097 $3,943,000 $206.47 11/21/2012 $279,953 7.10% Tractor Supply Company 58 Williams Dr Spencer WV 19,127 $2,945,000 $153.97 11/20/2012 $209,979 7.13% Tractor Supply 276 S Hwy 16 Denver NC 19,097 $4,209,250 $220.41 4/3/2012 $331,689 7.88% Tractor Supply 1266 Highway 641 S Paris TN 22,670 $2,250,000 $99.25 12/21/2011 $189,675 8.43% Tractor Supply Company 66-68 Newton St Greenfield MA 19,097 $3,350,000 $175.42 3/31/2011 $251,250 7.50% Min $44.60 7.00% Max $220.41 8.85% Average $145.34 7.62% Concluded Range of Price PSF $100.00 to $150.00 per square foot

PT1016 – Sherwin-Williams – Ashtabula, OH

BASIC INFORMATION Property Name: Sherwin-Williams Report Type: Restricted Appraisal Report Address: 2375 West Prospect Rd. Interest Appraised: Leased Fee City: Ashtabula Value Premise: Market Value State: OH Date of Value- “As Is”: December 31, 2013 County: Ashtabula Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 44004 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.38 Frontage: Average Gross Land Area (sf): 103,673 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Irregular FEMA Community Map #: 390010 0155D Location Rating: Average FEMA Map Date: 12/18/2007 Number of Parking Spaces: 20 Parking Ratio (per 1,000 SF): 3.70 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2003 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 5,400 Condition Rating: Average Net Rentable Area (sf): 5,400 Actual Age (years): 11 # of Buildings: 1 Tenant: Sherwin-Williams # of Stories: 1 Land to Building Ratio: 19.20 TAX/ZONING INFORMATION Parcel ID Number(s): 48-010-00-021-00 Zoning Municipality: Saybrook Township Taxing Authority/Jurisdiction: Ashtabula County Current Zoning: C1, Commercial Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $112,570 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $7,101 Zoning Change Applied For: No Taxes per sf of NRA: $1.31 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Sherwin-Williams Current Rent $/sf: $11.61 Tenant S&P Rating: A Rent Bump Date: May 1, 2019 Lease Expiration: April 30, 2024 Rent at Bump Date $/sf: $12.77 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $880,000 Sales Comparison Approach: $145.00 to $175.00 per square foot Value PSF of NRA: $162.96 Income Capitalization Approach: Direct Capitalization $880,000 Exposure Time: 6-9 months Overall Capitalization Rate: 7.00% Market Rent $/sf: $12.50 Contract Rent $/sf: $11.61

Sherwin-Williams Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $62,700 $11.61 Expense Reimbursement Revenue 16,764 3.10 Total Potential Gross Revenue $79,464 $14.72 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $79,464 $14.72 Operating Expenses CAM $9,450 $1.75 Real Estate Taxes 7,314 1.35 Total Operating Expenses $16,764 $3.10 Capital Reserves $1,080 0.20 Net Operating Income $61,620 $11.41 Overall Capitalization Rate 7.00% Indicated Property Value $880,286 $163.02 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $880,000 $162.96

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Sherwin Williams 1747 W 5th St Eureka MO 5,000 $1,375,000 $275.00 6/20/2013 $103,950 7.56% Sherwin Williams 9425 S Delaware Ave Tulsa OK 4,100 $1,007,500 $245.73 12/5/2012 $70,525 7.00% Sherwin Williams 1171 E Sumner St Hartford WI 4,020 $750,000 $186.57 9/14/2012 $52,500 7.00% Sherwin Williams 2280 Cooper Foster Park Rd Lorain OH 5,000 $1,045,000 $209.00 6/13/2012 $75,763 7.25% Sherwin Williams 2940 S Arlington Rd Akron OH 6,240 $862,000 $138.14 4/27/2012 $66,805 7.75% Sherwin Williams 2208 W Washington St Stephenville TX 5,501 $880,000 $159.97 3/27/2012 $66,000 7.50% Sherwin Williams 720 High St Wadsworth OH 5,016 $1,200,000 $239.23 12/29/2011 $99,240 8.27% Sherwin Williams 18179 NE Halsey St Portland OR 4,425 $1,575,000 $355.93 10/24/2011 $102,375 6.50% Sherwin Williams 2033 W Eisenhower Blvd Loveland CO 6,000 $1,260,000 $210.00 9/14/2011 $88,200 7.00% Min $138.14 6.50% Max $355.93 8.27% Average $224.40 7.31% Concluded Range of Price PSF $145.00 to $175.00 per square foot

PT1017 – Sherwin-Williams – Boardman, OH

BASIC INFORMATION Property Name: Sherwin-Williams Report Type: Restricted Appraisal Report Address: 4040 South Ave. Interest Appraised: Leased Fee City: Boardman Value Premise: Market Value State: OH Date of Value- “As Is”: December 31, 2013 County: Mahoning Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 44512 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.10 Frontage: Average Gross Land Area (sf): 47,916 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 390367 0217D Location Rating: Average FEMA Map Date: 11/18/2009 Number of Parking Spaces: 18 Parking Ratio (per 1,000 SF): 3.00 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2003 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 6,000 Condition Rating: Average Net Rentable Area (sf): 6,000 Actual Age (years): 11 # of Buildings: 1 Tenant: Sherwin-Williams # of Stories: 1 Land to Building Ratio: 7.99 TAX/ZONING INFORMATION Parcel ID Number(s): 29-011-0-002.06-0 Zoning Municipality: Boardman Township Taxing Authority/Jurisdiction: Mahoning County Current Zoning: C, Commercial Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $126,080 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $8,807 Zoning Change Applied For: No Taxes per sf of NRA: $1.47 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Sherwin-Williams Current Rent $/sf: $12.56 Tenant S&P Rating: A Rent Bump Date: March 1, 2019 Lease Expiration: February 29, 2024 Rent at Bump Date $/sf: $13.81 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $1,060,000 Sales Comparison Approach: $165.00 to $200.00 per square foot Value PSF of NRA: $176.67 Income Capitalization Approach: Direct Capitalization $1,060,000 Exposure Time: 6-9 months Overall Capitalization Rate: 7.00% Market Rent $/sf: $13.50 Contract Rent $/sf: $12.56

Sherwin-Williams Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $75,348 $12.56 Expense Reimbursement Revenue 19,571 3.26 Total Potential Gross Revenue $94,919 $15.82 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $94,919 $15.82 Operating Expenses CAM $10,500 $1.75 Real Estate Taxes 9,071 1.51 Total Operating Expenses $19,571 $3.26 Capital Reserves $1,200 0.20 Net Operating Income $74,148 $12.36 Overall Capitalization Rate 7.00% Indicated Property Value $1,059,257 $176.54 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $1,060,000 $176.67

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Sherwin Williams 1747 W 5th St Eureka MO 5,000 $1,375,000 $275.00 6/20/2013 $103,950 7.56% Sherwin Williams 9425 S Delaware Ave Tulsa OK 4,100 $1,007,500 $245.73 12/5/2012 $70,525 7.00% Sherwin Williams 1171 E Sumner St Hartford WI 4,020 $750,000 $186.57 9/14/2012 $52,500 7.00% Sherwin Williams 2280 Cooper Foster Park Rd Lorain OH 5,000 $1,045,000 $209.00 6/13/2012 $75,763 7.25% Sherwin Williams 2940 S Arlington Rd Akron OH 6,240 $862,000 $138.14 4/27/2012 $66,805 7.75% Sherwin Williams 2208 W Washington St Stephenville TX 5,501 $880,000 $159.97 3/27/2012 $66,000 7.50% Sherwin Williams 720 High St Wadsworth OH 5,016 $1,200,000 $239.23 12/29/2011 $99,240 8.27% Sherwin Williams 18179 NE Halsey St Portland OR 4,425 $1,575,000 $355.93 10/24/2011 $102,375 6.50% Sherwin Williams 2033 W Eisenhower Blvd Loveland CO 6,000 $1,260,000 $210.00 9/14/2011 $88,200 7.00% Min $138.14 6.50% Max $355.93 8.27% Average $224.40 7.31% Concluded Range of Price PSF $165.00 to $200.00 per square foot

PT1018 – Sherwin-Williams – Angola, IN

BASIC INFORMATION Property Name: Sherwin-Williams Report Type: Restricted Appraisal Report Address: 1902 North Wayne St. Interest Appraised: Leased Fee City: Angola Value Premise: Market Value State: IN Date of Value- “As Is”: December 31, 2013 County: Steuben Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 46703 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): .79 Frontage: Average Gross Land Area (sf): 34,412 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 180244 0165E Location Rating: Average FEMA Map Date: 12/17/2013 Number of Parking Spaces: 21 Parking Ratio (per 1,000 SF): 4.19 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2001 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 5,010 Condition Rating: Average Net Rentable Area (sf): 5,010 Actual Age (years): 13 # of Buildings: 1 Tenant: Sherwin-Williams # of Stories: 1 Land to Building Ratio: 6.87 TAX/ZONING INFORMATION Parcel ID Number(s): 760614430106010000 Zoning Municipality: City of Angola Taxing Authority/Jurisdiction: Steuben County Current Zoning: C1, Small to Medium General Commercial Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $391,300 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $8,323 Zoning Change Applied For: No Taxes per sf of NRA: $1.66 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Sherwin-Williams Current Rent $/sf: $18.08 Tenant S&P Rating: A Rent Bump Date: April 1, 2020 Lease Expiration: March 31, 2025 Rent at Bump Date $/sf: $20.07 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $1,280,000 Sales Comparison Approach: $235.00 to $285.00 per square foot Value PSF of NRA: $255.49 Income Capitalization Approach: Direct Capitalization $1,280,000 Exposure Time: 6-9 months Overall Capitalization Rate: 7.00% Market Rent $/sf: $18.50 Contract Rent $/sf: $18.08

Sherwin-Williams Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $90,576 $18.08 Expense Reimbursement Revenue 17,341 3.46 Total Potential Gross Revenue $107,917 $21.54 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $107,917 $21.54 Operating Expenses CAM $8,768 $1.75 Real Estate Taxes 8,573 1.71 Total Operating Expenses $17,341 $3.46 Capital Reserves $1,002 0.20 Net Operating Income $89,574 $17.88 Overall Capitalization Rate 7.00% Indicated Property Value $1,279,629 $255.41 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $1,280,000 $255.49

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Sherwin Williams 1747 W 5th St Eureka MO 5,000 $1,375,000 $275.00 6/20/2013 $103,950 7.56% Sherwin Williams 9425 S Delaware Ave Tulsa OK 4,100 $1,007,500 $245.73 12/5/2012 $70,525 7.00% Sherwin Williams 1171 E Sumner St Hartford WI 4,020 $750,000 $186.57 9/14/2012 $52,500 7.00% Sherwin Williams 2280 Cooper Foster Park Rd Lorain OH 5,000 $1,045,000 $209.00 6/13/2012 $75,763 7.25% Sherwin Williams 2940 S Arlington Rd Akron OH 6,240 $862,000 $138.14 4/27/2012 $66,805 7.75% Sherwin Williams 2208 W Washington St Stephenville TX 5,501 $880,000 $159.97 3/27/2012 $66,000 7.50% Sherwin Williams 720 High St Wadsworth OH 5,016 $1,200,000 $239.23 12/29/2011 $99,240 8.27% Sherwin Williams 18179 NE Halsey St Portland OR 4,425 $1,575,000 $355.93 10/24/2011 $102,375 6.50% Sherwin Williams 2033 W Eisenhower Blvd Loveland CO 6,000 $1,260,000 $210.00 9/14/2011 $88,200 7.00% Min $138.14 6.50% Max $355.93 8.27% Average $224.40 7.31% Concluded Range of Price PSF $235.00 to $285.00 per square foot

PT1019 – Apria Healthcare – Indianapolis, IN

BASIC INFORMATION Property Name: Apria Healthcare Report Type: Restricted Appraisal Report Address: 7353 Company Dr. Interest Appraised: Leased Fee City: Indianapolis Value Premise: Market Value State: IN Date of Value- "As Is": December 31, 2013 County: Marion Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 46237 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: At the time of sale, the transaction was at or near market levels. To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 8.81 Frontage: Average Gross Land Area (sf): 383,764 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Irregular FEMA Community Map #: 108159 0262F Location Rating: Average FEMA Map Date: 7/5/2005 Number of Parking Spaces: 446 Parking Ratio (per 1,000 SF): 5.39 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Office/Warehouse Year Built: 1993 Property Subtype: Net Leased Last Major Renovation: 2010 Gross Building Area (sf): 82,750 Condition Rating: Average Net Rentable Area (sf): 82,750 Actual Age (years): 21 # of Buildings: 1 Tenant: Apria Healthcare # of Stories: 1 Land to Building Ratio: 4.64 TAX/ZONING INFORMATION Parcel ID Number(s): 3011473 Zoning Municipality: City of Indianapolis Taxing Authority/Jurisdiction: Marion County Current Zoning: I2S, Light Industrial Suburban Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $4,554,800 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $139,371 Zoning Change Applied For: No Taxes per sf of NRA: $1.68 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for industrial development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Apria Healthcare Current Rent $/sf: $6.84 Tenant S&P Rating: B+ Rent Bump Date: March 1, 2014 Lease Expiration: February 28, 2015 Rent at Bump Date $/sf: $7.00 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes and CapEx Comment: New lease out for signature that extends lease to 2/28/2020 with rent at $6.42/sf for year 1 and increasing 2% per year. Occupancy: 100% Our analysis incorporates a speculative renewal after the base term expires in February 2015, as it is unknown whether the aforementioned extension will be executed. VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $5,480,000 Sales Comparison Approach: $60.00 to $70.00 per square foot Value PSF of NRA: $66.22 Income Capitalization Approach: Discounted Cash Flow: $5,480,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 9.00% Discount Rate: 9.50% Market Rent $/sf: $6.50 Market Rent Growth: 3.00% Contract Rent $/sf: $6.84 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $0 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.50% Terminal Capitalization Rate: 9.00% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $5,480,000 Value PSF of NRA: $66.22 Market Leasing Assumptions Flex Market Rent $/sf: $6.50 Rent Escalations: 2% Annually Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $5.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Apria Healthcare Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $577,043 $558,217 $559,551 $570,742 $582,157 $593,800 $605,676 $617,790 $630,146 $642,749 $655,604 Absorption & Turnover Vacancy 0 (184,670) 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 577,043 373,547 559,551 570,742 582,157 593,800 605,676 617,790 630,146 642,749 655,604 Expense Reimbursement Revenue 304,914 200,851 305,926 315,104 324,557 334,293 344,323 354,652 365,291 376,250 387,538 Total Potential Gross Revenue 881,957 574,398 865,477 885,846 906,714 928,093 949,999 972,442 995,437 1,018,999 1,043,142 Effective Gross Revenue 881,957 574,398 865,477 885,846 906,714 928,093 949,999 972,442 995,437 1,018,999 1,043,142 Operating Expenses CAM 144,813 149,157 153,632 158,241 162,988 167,877 172,914 178,101 183,444 188,947 194,616 Real Estate Taxes 143,552 147,859 152,294 156,863 161,569 166,416 171,409 176,551 181,847 187,303 192,922 Capital Reserves 16,550 17,047 17,558 18,085 18,627 19,186 19,762 20,354 20,965 21,594 22,242 Total Operating Expenses 304,915 314,063 323,484 333,189 343,184 353,479 364,085 375,006 386,256 397,844 409,780 Net Operating Income 577,042 260,335 541,993 552,657 563,530 574,614 585,914 597,436 609,181 621,155 633,362 Leasing & Capital Costs Tenant Improvements 0 681,860 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 109,193 0 0 0 0 0 0 0 0 0 Total Leasing & Capital Costs 0 791,053 0 0 0 0 0 0 0 0 0 Cash Flow Before Debt Service & Taxes $577,042 $(530,718) $541,993 $552,657 $563,530 $574,614 $585,914 $597,436 $609,181 $621,155 $633,362

Apria Healthcare Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.50% Year 1 Dec-14 $577,042 $526,979 Year 2 Dec-15 (530,718) (442,625) Year 3 Dec-16 541,993 412,811 Year 4 Dec-17 552,657 384,414 Year 5 Dec-18 563,530 357,970 Year 6 Dec-19 574,614 333,343 Year 7 Dec-20 585,914 310,410 Year 8 Dec-21 597,436 289,054 Year 9 Dec-22 609,181 269,165 Year 10 Dec-23 621,155 250,645 Total Cash Flow $4,692,804 $2,692,166 Property Resale @ 9.00% 6,896,608 2,782,879 Total Property Present Value $5,475,045 Rounded $5,480,000 Per Square Foot $66.22

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Prudhomme Park 485 Southpoint Cir Brownsburg IN 41,000 $2,200,000 $53.66 9/16/2013 N/A N/A Acutronic USA, Inc. 700 Waterfront Dr Pittsburgh PA 53,183 $5,100,000 $95.90 6/13/2013 $437,070 8.57% Questar Assessment 14720 Energy Way & 5550 Upper 147th St W Apple Valley MN 103,155 $7,000,000 $67.86 6/6/2013 $777,700 11.11% 525 Congressional Boulevard 525 Congressional Blvd Carmel IN 47,250 $2,700,000 $57.14 3/22/2013 N/A N/A Central Restaurant Products 7750 Georgetown Rd Indianapolis IN 102,943 $5,600,000 $54.40 7/9/2012 N/A N/A Best USA 65 Inverness Dr E Englewood CO 50,559 $4,038,385 $79.87 7/6/2011 $323,071 8.00% Metro Park North Building 3001 SE Convenience Blvd Ankeny IA 62,250 $5,000,000 $80.32 Listing $520,000 10.40% 2 Property Portfolio 1185 & 1187 Northfield Dr Brownsburg IN 83,249 $5,200,000 $62.46 Listing N/A N/A Kenny Bernstein Racing 474 Southpoint Cir Brownsburg IN 41,851 $3,495,000 $83.51 Listing N/A N/A BuzTronics 4343 W 62nd St Indianapolis IN 63,490 $3,250,000 $51.19 Listing N/A N/A Min $51.19 8.00% Max $95.90 11.11% Average $68.63 9.52% Concluded Range of Price PSF $60.00 to $70.00 per square foot

PT1020 – Gander Mountain – Houston, TX

BASIC INFORMATION Property Name: Gander Mountain Report Type: Restricted Appraisal Report Address: 19820 Hempstead Rd. Interest Appraised: Leased Fee City: Houston Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Harris Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 77065 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 8.17 Frontage: Good Gross Land Area (sf): 355,885 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480287 0440L Location Rating: Good FEMA Map Date: 6/18/2007 Number of Parking Spaces: 404 Parking Ratio (per 1,000 SF): 4.57 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2004 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 88,492 Condition Rating: Good Net Rentable Area (sf): 88,492 Actual Age (years): 10 # of Buildings: 1 Tenant: Gander Mountain # of Stories: 1 Land to Building Ratio: 4.02 TAX/ZONING INFORMATION Parcel ID Number(s): 126-261-001-0001 Zoning Municipality: N/A Taxing Authority/Jurisdiction: Harris County & Cypress-Fairbanks ISD Current Zoning: N/A Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $5,405,008 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $152,007 Zoning Change Applied For: No Taxes per sf of NRA: $1.72 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Gander Mountain Current Rent $/sf: $12.95 Tenant S&P Rating: Not Rated Rent Bump Date: November 1, 2014 Lease Expiration: October 31, 2019 Rent at Bump Date $/sf: $13.45 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $14,510,000 Sales Comparison Approach: $120.00 to $160.00 per square foot Value PSF of NRA: $163.97 Income Capitalization Approach: Discounted Cash Flow: $14,510,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $13.00 Market Rent Growth: 3.00% Contract Rent $/sf: $12.95 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $17,698 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Basis Point Spread over OAR: 0.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $14,510,000 Value PSF of NRA: $163.97 Market Leasing Assumptions Retail Market Rent $/sf: $13.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Gander Mountain Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $1,153,350 $1,190,220 $1,190,220 $1,190,220 $1,190,220 $1,226,071 $1,373,633 $1,373,633 $1,373,633 $1,373,633 $1,373,633 Absorption & Turnover Vacancy (333,406) (114,469) Scheduled Base Rental Revenue 1,153,350 1,190,220 1,190,220 1,190,220 1,190,220 892,665 1,259,164 1,373,633 1,373,633 1,373,633 1,373,633 Expense Reimbursement Revenue CAM 154,861 159,507 164,292 169,221 174,297 134,645 169,503 190,459 196,173 202,058 208,120 RE Tax 152,007 156,567 161,264 166,102 171,085 132,163 166,379 186,949 192,558 198,335 204,285 Total Reimbursement Revenue 306,868 316,074 325,556 335,323 345,382 266,808 335,882 377,408 388,731 400,393 412,405 Total Potential Gross Revenue 1,460,218 1,506,294 1,515,776 1,525,543 1,535,602 1,159,473 1,595,046 1,751,041 1,762,364 1,774,026 1,786,038 Effective Gross Revenue 1,460,218 1,506,294 1,515,776 1,525,543 1,535,602 1,159,473 1,595,046 1,751,041 1,762,364 1,774,026 1,786,038 Operating Expenses CAM 154,861 159,507 164,292 169,221 174,297 179,526 184,912 190,459 196,173 202,058 208,120 RE Tax 152,007 156,567 161,264 166,102 171,085 176,218 181,504 186,949 192,558 198,335 204,285 Total Operating Expenses 306,868 316,074 325,556 335,323 345,382 355,744 366,416 377,408 388,731 400,393 412,405 Net Operating Income 1,153,350 1,190,220 1,190,220 1,190,220 1,190,220 803,729 1,228,630 1,373,633 1,373,633 1,373,633 1,373,633 Leasing & Capital Costs Tenant Improvements 475,488 Leasing Commissions $253,435 Cap Expenditures 7,800 Reserve 17,698 18,229 19,340 19,920 20,517 21,133 21,767 22,420 23,092 23,785 Total Leasing & Capital Costs 17,698 18,229 7,800 19,340 19,920 20,517 750,056 21,767 22,420 23,092 23,785 Cash Flow Before Debt Service & Taxes $1,135,652 $1,171,991 $1,182,420 $1,170,880 $1,170,300 $783,212 $478,574 $1,351,866 $1,351,213 $1,350,541 $1,349,848

Gander Mountain Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $1,135,652 $1,046,684 Year 2 Dec-15 1,171,991 995,554 Year 3 Dec-16 1,182,420 925,726 Year 4 Dec-17 1,170,880 844,877 Year 5 Dec-18 1,170,300 778,303 Year 6 Dec-19 783,212 480,066 Year 7 Dec-20 478,574 270,359 Year 8 Dec-21 1,351,866 703,875 Year 9 Dec-22 1,351,213 648,420 Year 10 Dec-23 1,350,541 597,325 Total Cash Flow $11,146,649 $7,291,188 Property Resale @ 8.25% 16,317,095 7,216,813 Total Property Present Value $14,508,001 Rounded $14,510,000 Per Square Foot $163.97

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Big Box Store Confidential Confidential Confidential 52,000 $10,300,000 $198.08 4Q 2013 $790,010 7.67% Big Box Store Confidential Confidential Confidential 68,000 $12,500,000 $183.82 4Q 2013 $958,750 7.67% Gander Mountain 20870 Rogers Dr Rogers MN 46,089 $6,000,000 $130.18 11/25/2013 $519,600 8.66% Floor & Decor Outlets 17211 N I-45 Houston TX 109,000 $6,219,000 $57.06 10/31/2013 $528,615 8.50% Gander Mountain 2890 Acquest Ave SE Grand Rapids MI 33,032 $3,350,000 $101.42 9/24/2013 $284,750 8.50% Gander Mountain 1523 Vann Dr Jackson TN 65,000 $8,000,000 $123.08 9/18/2013 $684,800 8.56% Gander Mountain 5038 Miller Rd Flint MI 65,293 $7,200,000 $110.27 9/16/2013 $619,200 8.60% Academy Sports & Outdoors 4627 E Sam Houston Pky S Pasadena TX 87,117 $11,325,000 $130.00 12/17/2012 $792,750 7.00% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Min $57.06 7.00% Max $198.08 9.50% Average $130.13 8.47% Concluded Range of Price PSF $120.00 to $160.00 per square foot

PT1021 – CVS – Lago Vista, TX

BASIC INFORMATION Property Name: CVS Report Type: Restricted Appraisal Report Address: 20601 FM 1431 Interest Appraised: Leased Fee City: Lago Vista Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Travis Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 78645 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.74 Frontage: Average Gross Land Area (sf): 119,354 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 481588 0205H Location Rating: Average FEMA Map Date: 9/26/2008 Number of Parking Spaces: 76 Parking Ratio (per 1,000 SF): 5.39 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 14,097 Condition Rating: Average Net Rentable Area (sf): 14,097 Actual Age (years): 9 # of Buildings: 1 Tenant: CVS # of Stories: 1 Land to Building Ratio: 8.47 TAX/ZONING INFORMATION Parcel ID Number(s): 01807602300000 Zoning Municipality: City of Lago Vista Taxing Authority/Jurisdiction: Travis County Current Zoning: PDD, Planned Development District Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,242,120 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $60,394 Zoning Change Applied For: No Taxes per sf of NRA: $4.28 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: CVS Current Rent $/sf: $26.82 Tenant S&P Rating: BBB+ Rent Bump Date: None Lease Expiration: January 31, 2031 Rent at Bump Date $/sf: None Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: None and CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $6,300,000 Sales Comparison Approach: $430.00 to $470.00 per square foot Value PSF of NRA: $446.90 Income Capitalization Approach: Direct Capitalization $6,300,000 Exposure Time: 6-9 months Overall Capitalization Rate: 6.00% Market Rent $/sf: $27.00 Contract Rent $/sf: $26.82

CVS Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $378,133 $26.82 Expense Reimbursement Revenue 87,883 6.23 Total Potential Gross Revenue $466,016 $33.06 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $466,016 $33.06 Operating Expenses CAM $24,670 $1.75 Real Estate Taxes 60,394 4.28 Capital Reserves 2,819 0.20 Total Operating Expenses $87,883 $6.23 Net Operating Income $378,133 $26.82 Overall Capitalization Rate 6.00% Indicated Property Value $6,302,216 $447.06 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $6,300,000 $446.90

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate CVS 4001 W William Cannon Dr Austin TX 12,900 $7,429,250 $575.91 7/23/2013 $386,321 5.20% CVS 7740 N Cortaro Farms Rd Marana AZ 14,419 $5,967,280 $413.85 7/12/2013 $535,265 8.97% CVS 331 Superior Ave Bogalusa LA 11,945 $4,800,000 $401.84 1/2/2013 $320,160 6.67% CVS 934 E Irving Blvd Irving TX 10,908 $3,917,557 $359.15 10/2/2012 $256,600 6.55% CVS 10222 East Fwy Houston TX 13,013 $4,936,932 $379.38 7/16/2012 $320,901 6.50% CVS 2323 W Illinois Ave Dallas TX 13,775 $5,830,000 $423.23 5/15/2012 $469,315 8.05% CVS 810 W Pioneer Pky Grand Prairie TX 13,140 $4,370,000 $332.57 4/5/2012 $345,230 7.90% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,866,335 $374.33 4/3/2012 $312,419 6.42% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,100,000 $315.38 12/15/2011 $330,050 8.05% Min $315.38 5.20% Max $575.91 8.97% Average $397.29 7.15% Concluded Range of Price PSF $430.00 to $470.00 per square foot

PT1022 – Rite Aid – Hayes, VA

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 2460 George Washington Mem Hwy Interest Appraised: Leased Fee City: Hayes Value Premise: Market Value State: VA Date of Value- "As Is": December 31, 2013 County: Gloucester Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 23072 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.80 Frontage: Good Gross Land Area (sf): 121,968 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 510071 0195D Location Rating: Good FEMA Map Date: 9/17/2010 Number of Parking Spaces: 77 Parking Ratio (per 1,000 SF): 5.57 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2004 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,813 Condition Rating: Good Net Rentable Area (sf): 13,813 Actual Age (years): 10 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 8.83 TAX/ZONING INFORMATION Parcel ID Number(s): 266890 Zoning Municipality: Gloucester County Taxing Authority/Jurisdiction: Gloucester County Current Zoning: B1, Business Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: 2532200 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: 16459.3 Zoning Change Applied For: No Taxes per sf of NRA: $1.19 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $23.16 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: October 26, 2024 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,960,000 Sales Comparison Approach: $265.00 to $310.00 per square foot Value PSF of NRA: $286.69 Income Capitalization Approach: Direct Capitalization $3,960,000 Exposure Time: 6-9 months Overall Capitalization Rate: 8.00% Market Rent $/sf: $25.00 Contract Rent $/sf: $23.16

Rite Aid Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $319,950 $23.16 Expense Reimbursement Revenue 41,126 2.98 Total Potential Gross Revenue $361,076 $26.14 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $361,076 $26.14 Operating Expenses CAM $24,173 $1.75 Real Estate Taxes 16,953 1.23 Total Operating Expenses $41,126 $2.98 Capital Reserves $2,763 0.20 Net Operating Income $317,187 $22.96 Overall Capitalization Rate 8.00% Indicated Property Value $3,964,843 $287.04 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $3,960,000 $286.69

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 335 Crystal Ln Strasburg VA 11,280 $1,975,000 $175.09 9/16/2013 $162,938 8.25% Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite-Aid 1808 Salem Rd Virginia Beach VA 13,813 $4,100,000 $296.82 4/17/2013 $358,750 8.75% Walgreens 2819 Nolensville Pike Nashville TN 12,743 $5,228,117 $410.27 3/29/2013 $313,164 5.99% Rite Aid 330 River St Cambridge MA 13,777 $6,675,000 $484.50 2/29/2012 $440,550 6.60% Rite Aid 840 S Military Hwy Virginia Beach VA 12,784 $3,712,752 $290.42 10/24/2012 $315,584 8.50% Min $175.09 5.99% Max $484.50 8.75% Average $341.17 7.69% Concluded Range of Price PSF $265.00 to $310.00 per square foot

PT1023 – Rite Aid – Spartanburg, SC

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 4010 Anderson Mill Rd. Interest Appraised: Leased Fee City: Spartanburg Value Premise: Market Value State: SC Date of Value- "As Is": December 31, 2013 County: Spartanburg Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 29301 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.41 Frontage: Good Gross Land Area (sf): 61,420 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 451076 0242D Location Rating: Good FEMA Map Date: 1/6/2011 Number of Parking Spaces: 56 Parking Ratio (per 1,000 SF): 4.05 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,824 Condition Rating: Very Good Net Rentable Area (sf): 13,824 Actual Age (years): 9 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 4.44 TAX/ZONING INFORMATION Parcel ID Number(s): 032480-12-3 Zoning Municipality: N/A Taxing Authority/Jurisdiction: Spartanburg County Current Zoning: N/A Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: 2618000 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: 51852 Zoning Change Applied For: No Taxes per sf of NRA: $3.75 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $28.43 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: January 31, 2025 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $4,870,000 Sales Comparison Approach: $325.00 to $380.00 per square foot Value PSF of NRA: $352.29 Income Capitalization Approach: Direct Capitalization $4,870,000 Exposure Time: 6-9 months Overall Capitalization Rate: 8.00% Market Rent $/sf: $25.00 Contract Rent $/sf: $28.43

Rite Aid Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $392,983 $28.43 Expense Reimbursement Revenue 77,600 5.61 Total Potential Gross Revenue $470,583 $34.04 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $470,583 $34.04 Operating Expenses CAM $24,192 $1.75 Real Estate Taxes 53,408 3.86 Total Operating Expenses $77,600 $5.61 Capital Reserves $2,765 0.20 Net Operating Income $390,218 $28.23 Overall Capitalization Rate 8.00% Indicated Property Value $4,877,727 $352.84 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $4,870,000 $352.29

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 501 N Harper St Laurens SC 10,200 $2,770,000 $271.57 10/24/2013 $248,192 8.96% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 501 N Harper St Laurens SC 10,200 $2,300,000 $225.49 7/10/2013 $207,690 9.03% Rite Aid 841 S Main St Graham NC 13,824 $4,290,000 $310.33 6/7/2013 $396,825 9.25% Rite Aid 2711 Jones Franklin Rd Cary NC 11,500 $2,472,500 $215.00 11/8/2012 $222,525 9.00% Rite Aid 350 Main St Pennsburg PA 11,064 $7,805,737 $705.51 10/5/2012 $618,995 7.93% Wawa/Rite Aid 664-668 Haddon Ave Collingswood NJ 9,800 $2,490,000 $254.08 2/28/2012 $196,212 7.88% Min $215.00 7.88% Max $705.51 9.25% Average $321.09 8.51% Concluded Range of Price PSF $325.00 to $380.00 per square foot

PT1024 – Rite Aid – Travelers Rest, SC

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 6414 State Park Rd. Interest Appraised: Leased Fee City: Travelers Rest Value Premise: Market Value State: SC Date of Value- "As Is": December 31, 2013 County: Greenville Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 26960 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.83 Frontage: Average Gross Land Area (sf): 79,715 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 450089 0325D Location Rating: Average FEMA Map Date: 12/2/2004 Number of Parking Spaces: 73 Parking Ratio (per 1,000 SF): 5.28 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 13,813 Condition Rating: Good Net Rentable Area (sf): 13,813 Actual Age (years): 9 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 5.77 TAX/ZONING INFORMATION Parcel ID Number(s): 1200004918077 Zoning Municipality: City of Travelers Rest Taxing Authority/Jurisdiction: Greenville County Current Zoning: C-2, Commercial District Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,993,182 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $59,663 Zoning Change Applied For: No Taxes per sf of NRA: $4.32 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $26.21 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: April 19, 2025 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $4,490,000 Sales Comparison Approach: $300.00 to $350.00 per square foot Value PSF of NRA: $325.06 Income Capitalization Approach: Direct Capitalization $4,490,000 Exposure Time: 6-9 months Overall Capitalization Rate: 8.00% Market Rent $/sf: $25.00 Contract Rent $/sf: $26.21

Rite Aid Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $361,978 $26.21 Expense Reimbursement Revenue 85,626 6.20 Total Potential Gross Revenue $447,604 $32.40 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $447,604 $32.40 Operating Expenses CAM $24,173 $1.75 Real Estate Taxes 61,453 4.45 Total Operating Expenses $85,626 $6.20 Capital Reserves $2,763 0.20 Net Operating Income $359,215 $26.01 Overall Capitalization Rate 8.00% Indicated Property Value $4,490,192 $325.07 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $4,490,000 $325.06

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 501 N Harper St Laurens SC 10,200 $2,770,000 $271.57 10/24/2013 $248,192 8.96% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 501 N Harper St Laurens SC 10,200 $2,300,000 $225.49 7/10/2013 $207,690 9.03% Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 2005 Maple St Rome GA 14,673 $5,152,100 $351.13 6/13/2013 $412,168 8.00% Rite Aid 2711 Jones Franklin Rd Cary NC 11,500 $2,472,500 $215.00 11/8/2012 $222,525 9.00% Min $215.00 7.50% Max $437.72 9.03% Average $289.98 8.28% Concluded Range of Price PSF $300.00 to $350.00 per square foot

PT1025 – CVS – Independence, MO

BASIC INFORMATION Property Name: CVS Report Type: Restricted Appraisal Report Address: 11115 East U.S. Hwy 24 Interest Appraised: Leased Fee City: Independence Value Premise: Market Value State: MO Date of Value- "As Is": December 31, 2013 County: Jackson Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 64054 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.59 Frontage: Good Gross Land Area (sf): 69,260 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 290172 0152F Location Rating: Average FEMA Map Date: 9/29/2006 Number of Parking Spaces: 55 Parking Ratio (per 1,000 SF): 5.04 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2000 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 10,908 Condition Rating: Average Net Rentable Area (sf): 10,908 Actual Age (years): 14 # of Buildings: 1 Tenant: CVS # of Stories: 1 Land to Building Ratio: 6.35 TAX/ZONING INFORMATION Parcel ID Number(s): 27-110-04-42-00-0-00-000 Zoning Municipality: City of Independence Taxing Authority/Jurisdiction: Jackson County Current Zoning: C2, Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $322,720 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $30,249 Zoning Change Applied For: No Taxes per sf of NRA: $2.77 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: CVS Current Rent $/sf: $25.94 Tenant S&P Rating: BBB+ Rent Bump Date: None Lease Expiration: June 7, 2020 Rent at Bump Date $/sf: None Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: None and CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $4,130,000 Sales Comparison Approach: $355.00 to $405.00 per square foot Value PSF of NRA: $378.62 Income Capitalization Approach: Discounted Cash Flow: $4,130,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.75% Discount Rate: 7.00% Market Rent $/sf: $25.00 Market Rent Growth: 3.00% Contract Rent $/sf: $25.94 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $0 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $4,130,000 Value PSF of NRA: $378.62 Market Leasing Assumptions Retail Market Rent $/sf: $25.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx *The tenant has multiple extension options. Based on our analysis, we have assumed the first option at $26.44/sf is exercised since it is deemed to be below market.

CVS Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $282,954 $282,954 $282,954 $282,954 $282,954 $282,954 $286,135 $288,408 $288,408 $288,408 $288,408 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 282,954 282,954 282,954 282,954 282,954 282,954 286,135 288,408 288,408 288,408 288,408 Expense Reimbursement Revenue 51,520 53,065 54,657 56,297 57,986 59,725 61,517 63,362 65,264 67,221 69,238 Total Potential Gross Revenue 334,474 336,019 337,611 339,251 340,940 342,679 347,652 351,770 353,672 355,629 357,646 Effective Gross Revenue 334,474 336,019 337,611 339,251 340,940 342,679 347,652 351,770 353,672 355,629 357,646 Operating Expenses CAM 19,089 19,662 20,252 20,859 21,485 22,129 22,793 23,477 24,181 24,907 25,654 Real Estate Taxes 30,249 31,156 32,091 33,054 34,046 35,067 36,119 37,202 38,319 39,468 40,652 Capital Reserves 2,182 2,247 2,314 2,384 2,455 2,529 2,605 2,683 2,764 2,846 2,932 Total Operating Expenses 51,520 53,065 54,657 56,297 57,986 59,725 61,517 63,362 65,264 67,221 69,238 Net Operating Income 282,954 282,954 282,954 282,954 282,954 282,954 286,135 288,408 288,408 288,408 288,408 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Total Leasing & Capital Costs 0 0 0 0 0 0 0 0 0 0 0 Cash Flow Before Debt Service & Taxes $282,954 $282,954 $282,954 $282,954 $282,954 $282,954 $286,135 $288,408 $288,408 $288,408 $288,408

CVS Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $282,954 $264,443 Year 2 Dec-15 282,954 247,143 Year 3 Dec-16 282,954 230,975 Year 4 Dec-17 282,954 215,864 Year 5 Dec-18 282,954 201,742 Year 6 Dec-19 282,954 188,544 Year 7 Dec-20 286,135 178,190 Year 8 Dec-21 288,408 167,856 Year 9 Dec-22 288,408 156,875 Year 10 Dec-23 288,408 146,612 Total Cash Flow $2,849,083 $1,998,245 Property Resale @ 6.75% 4,187,257 2,128,589 Total Property Present Value $4,126,834 Rounded $4,130,000 Per Square Foot $378.62

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate CVS 2722 N Central Ave Chicago IL 13,700 $6,878,000 $502.04 11/7/2013 $478,021 6.95% CVS 1203 S Main St Bluffton IN 10,125 $3,100,000 $306.17 10/8/2013 $215,760 6.96% CVS 2104 N Main St London KY 13,225 $4,906,062 $370.97 9/10/2013 $310,554 6.33% CVS 15521-15573 W 7 Mile Rd Detroit MI 13,013 $5,445,859 $418.49 8/28/2013 $386,656 7.10% CVS 16701 S Harlem Ave Tinley Park IL 12,900 $6,900,000 $534.88 6/7/2013 $427,110 6.19% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,866,335 $374.33 4/3/2012 $312,419 6.42% CVS 651 E Main St Danville IN 10,125 $2,215,000 $218.77 1/30/2012 $163,910 7.40% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,100,000 $315.38 12/15/2011 $330,050 8.05% Min $218.77 6.19% Max $534.88 8.05% Average $380.13 6.93% Concluded Range of Price PSF $355.00 to $405.00 per square foot

PT1026 – Rite Aid – Murfreesboro, TN

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 1696 Middle Tennessee Blvd. Interest Appraised: Leased Fee City: Murfreesboro Value Premise: Market Value State: TN Date of Value- "As Is": December 31, 2013 County: Rutherford Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 37130 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.48 Frontage: Good Gross Land Area (sf): 108,029 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 470168 0280H Location Rating: Good FEMA Map Date: 1/5/2007 Number of Parking Spaces: 66 Parking Ratio (per 1,000 SF): 5.89 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1999 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,200 Condition Rating: Average Net Rentable Area (sf): 11,200 Actual Age (years): 15 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 9.65 TAX/ZONING INFORMATION Parcel ID Number(s): 103H A 00100 Zoning Municipality: City of Murfreesboro Taxing Authority/Jurisdiction: Rutherford County Current Zoning: PCD, Planned Commercial District Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $643,080 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $16,496 Zoning Change Applied For: No Taxes per sf of NRA: $1.47 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $24.52 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: January 26, 2019 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,640,000 Sales Comparison Approach: $200.00 to $250.00 per square foot Value PSF of NRA: $235.71 Income Capitalization Approach: Discounted Cash Flow: $2,640,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 9.25% Discount Rate: 10.00% Market Rent $/sf: $20.00 Market Rent Growth: 3.00% Contract Rent $/sf: $24.52 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,240 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 10.00% Terminal Capitalization Rate: 9.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,640,000 Value PSF of NRA: $235.71 Market Leasing Assumptions Retail Market Rent $/sf: $20.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $274,584 $274,584 $274,584 $274,584 $274,584 $258,029 $256,524 $256,524 $256,524 $256,524 $266,144 Absorption & Turnover Vacancy (42,754) Scheduled Base Rental Revenue 274,584 274,584 274,584 274,584 274,584 215,275 256,524 256,524 256,524 256,524 266,144 Expense Reimbursement Revenue CAM 19,362 19,943 20,541 21,157 21,792 18,705 23,119 23,813 24,527 25,263 26,021 RE Tax 16,296 16,785 17,288 17,807 18,341 15,743 19,458 20,042 20,643 21,262 21,900 Total Reimbursement Revenue 35,658 36,728 37,829 38,964 40,133 34,448 42,577 43,855 45,170 46,525 47,921 Total Potential Gross Revenue 310,242 311,312 312,413 313,548 314,717 249,723 299,101 300,379 301,694 303,049 314,065 Effective Gross Revenue 310,242 311,312 312,413 313,548 314,717 249,723 299,101 300,379 301,694 303,049 314,065 Operating Expenses CAM 19,600 20,188 20,794 21,417 22,060 22,722 23,403 24,106 24,829 25,574 26,341 RE Tax 16,496 16,991 17,501 18,026 18,566 19,123 19,697 20,288 20,897 21,524 22,169 Total Operating Expenses 36,096 37,179 38,295 39,443 40,626 41,845 43,100 44,394 45,726 47,098 48,510 Net Operating Income 274,146 274,133 274,118 274,105 274,091 207,878 256,001 255,985 255,968 255,951 265,555 Leasing & Capital Costs Tenant Improvements 32,066 Leasing Commissions 39,441 Cap Expenditures Reserve 2,240 2,307 2,376 2,448 2,521 2,597 2,675 2,755 2,838 2,923 3,010 Total Leasing & Capital Costs 2,240 2,307 2,376 2,448 2,521 74,104 2,675 2,755 2,838 2,923 3,010 Cash Flow Before Debt Service & Taxes $271,906 $271,826 $271,742 $271,657 $271,570 $133,774 $253,326 $253,230 $253,130 $253,028 $262,545

Rite Aid Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 10.00% Year 1 Dec-14 $271,906 $247,187 Year 2 Dec-15 271,826 224,650 Year 3 Dec-16 271,742 204,164 Year 4 Dec-17 271,657 185,545 Year 5 Dec-18 271,570 168,624 Year 6 Dec-19 133,774 75,512 Year 7 Dec-20 253,326 129,996 Year 8 Dec-21 253,230 118,134 Year 9 Dec-22 253,130 107,352 Year 10 Dec-23 253,028 97,553 Total Cash Flow $2,505,189 $1,558,717 Property Resale @ 9.25% 2,813,448 1,084,706 Total Property Present Value $2,643,422 Rounded $2,640,000 Per Square Foot $235.71

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 5441 Highway 153 Hixson TN 10,908 $2,500,000 $229.19 1/6/2014 $237,500 9.50% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 2005 Maple St Rome GA 14,673 $5,152,100 $351.13 6/13/2013 $412,168 8.00% Rite Aid 655 S Main St Ashland City TN 13,824 $2,585,000 $186.99 1/29/2013 $239,371 9.26% Rite Aid 5192 Murfreesboro Rd La Vergne TN 14,564 $4,906,000 $336.86 11/21/2012 $461,164 9.40% Rite Aid 2711 Jones Franklin Rd Cary NC 11,500 $2,472,500 $215.00 11/8/2012 $222,525 9.00% Rite Aid 330 River St Cambridge MA 13,777 $6,675,000 $484.50 2/29/2012 $440,550 6.60% Min $186.99 6.60% Max $484.50 9.50% Average $291.16 8.41% Concluded Range of Price PSF $200.00 to $250.00 per square foot

PT1027 – Rite Aid – Philadelphia, PA

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 1334 Windrim Ave. Interest Appraised: Leased Fee City: Philadelphia Value Premise: Market Value State: PA Date of Value- "As Is": December 31, 2013 County: Philadelphia Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 19141 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.85 Frontage: Average Gross Land Area (sf): 80,586 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 420757 0095G Location Rating: Good FEMA Map Date: 1/17/2007 Number of Parking Spaces: 75 Parking Ratio (per 1,000 SF): 6.60 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1999 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,361 Condition Rating: Average Net Rentable Area (sf): 11,361 Actual Age (years): 15 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 7.09 TAX/ZONING INFORMATION Parcel ID Number(s): 50940 01324 Zoning Municipality: City of Philadelphia Taxing Authority/Jurisdiction: Philadelphia County Current Zoning: CMX-2, Neighborhood Commercial Mixed-Use District-2 Current Tax Year 2014 Current Use = Permitted Use: Yes Current Assessed Value: $2,673,900 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $30,505 Zoning Change Applied For: No Taxes per sf of NRA: $2.69 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $28.24 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: June 16, 2019 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,560,000 Sales Comparison Approach: $250.00 to $350.00 per square foot Value PSF of NRA: $313.35 Income Capitalization Approach: Discounted Cash Flow: $3,560,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.75% Discount Rate: 9.00% Market Rent $/sf: $25.00 Market Rent Growth: 3.00% Contract Rent $/sf: $28.24 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,272 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,560,000 Value PSF of NRA: $313.35 Market Leasing Assumptions Retail Market Rent $/sf: $25.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $320,874 $320,874 $320,874 $320,874 $320,874 $325,068 $329,263 $329,263 $329,263 $329,263 $334,751 Absorption & Turnover Vacancy (54,877) Scheduled Base Rental Revenue 320,874 320,874 320,874 320,874 320,874 270,191 329,263 329,263 329,263 329,263 334,751 Expense Reimbursement Revenue CAM 19,882 20,478 21,093 21,725 22,377 19,207 23,740 24,452 25,186 25,941 26,719 RE Tax 16,496 16,991 17,501 18,026 18,566 15,936 19,697 20,288 20,897 21,524 22,169 Total Reimbursement Revenue 36,378 37,469 38,594 39,751 40,943 35,143 43,437 44,740 46,083 47,465 48,888 Total Potential Gross Revenue 357,252 358,343 359,468 360,625 361,817 305,334 372,700 374,003 375,346 376,728 383,639 Effective Gross Revenue 357,252 358,343 359,468 360,625 361,817 305,334 372,700 374,003 375,346 376,728 383,639 Operating Expenses CAM 19,882 20,478 21,093 21,725 22,377 23,048 23,740 24,452 25,186 25,941 26,719 RE Tax 16,496 16,991 17,501 18,026 18,566 19,123 19,697 20,288 20,897 21,524 22,169 Total Operating Expenses 36,378 37,469 38,594 39,751 40,943 42,171 43,437 44,740 46,083 47,465 48,888 Net Operating Income 320,874 320,874 320,874 320,874 320,874 263,163 329,263 329,263 329,263 329,263 334,751 Leasing & Capital Costs Tenant Improvements 32,926 Leasing Commissions 50,624 Cap Expenditures Reserve 2,272 2,340 2,411 2,483 2,557 2,634 2,713 2,795 2,878 2,965 3,054 Total Leasing & Capital Costs 2,272 2,340 2,411 2,483 2,557 86,184 2,713 2,795 2,878 2,965 3,054 Cash Flow Before Debt Service & Taxes $318,602 $318,534 $318,463 $318,391 $318,317 $176,979 $326,550 $326,468 $326,385 $326,298 $331,697

Rite Aid Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $318,602 $292,295 Year 2 Dec-15 318,534 268,104 Year 3 Dec-16 318,463 245,912 Year 4 Dec-17 318,391 225,556 Year 5 Dec-18 318,317 206,884 Year 6 Dec-19 176,979 105,527 Year 7 Dec-20 326,550 178,634 Year 8 Dec-21 326,468 163,843 Year 9 Dec-22 326,385 150,277 Year 10 Dec-23 326,298 137,832 Total Cash Flow $3,074,987 $1,974,864 Property Resale @ 8.75% 3,749,211 1,583,707 Total Property Present Value $3,558,571 Rounded $3,560,000 Per Square Foot $313.35

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 350 Main St Pennsburg PA 11,064 $7,805,737 $705.51 10/5/2012 $618,995 7.93% Rite Aid 592 E 183rd St Bronx NY 10,901 $3,300,000 $302.72 7/26/2012 $201,300 6.10% Rite Aid 1395 Middletown Rd Northford CT 10,445 $2,325,000 $222.59 6/12/2012 $201,578 8.67% Rite Aid 8416 Lee Hwy Fairfax VA 14,390 $7,300,000 $507.30 11/2/2011 $564,290 7.73% Rite Aid 1900 Ocean St Marshfield MA 13,876 $2,754,000 $198.47 2/14/2011 $235,467 8.55% Rite Aid 1329 Hyde Park Ave Hyde Park MA 13,556 $3,025,000 $223.15 2/10/2011 $272,250 9.00% Min $198.47 6.10% Max $705.51 9.00% Average $371.07 7.96% Concluded Range of Price PSF $250.00 to $350.00 per square foot

PT1028 – CVS – Duncanville, TX

BASIC INFORMATION Property Name: CVS Report Type: Restricted Appraisal Report Address: 603 South Cedar Ridge Dr. Interest Appraised: Leased Fee City: Duncanville Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Dallas Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 75137 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.60 Frontage: Good Gross Land Area (sf): 69,696 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480173 0470J Location Rating: Average FEMA Map Date: 8/23/2001 Number of Parking Spaces: 58 Parking Ratio (per 1,000 SF): 5.32 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2000 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 10,908 Condition Rating: Average Net Rentable Area (sf): 10,908 Actual Age (years): 14 # of Buildings: 1 Tenant: CVS # of Stories: 1 Land to Building Ratio: 6.39 TAX/ZONING INFORMATION Parcel ID Number(s): 22036000000010000 Zoning Municipality: City of Duncanville Taxing Authority/Jurisdiction: Dallas County Current Zoning: LR-2, Local Retail-2 Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $1,787,050 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $50,435 Zoning Change Applied For: No Taxes per sf of NRA: $4.62 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: CVS Current Rent $/sf: $22.02 Tenant S&P Rating: BBB+ Rent Bump Date: None Lease Expiration: November 29, 2020 Rent at Bump Date $/sf: None Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: None and CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,510,000 Sales Comparison Approach: $300.00 to $340.00 per square foot Value PSF of NRA: $321.78 Income Capitalization Approach: Discounted Cash Flow: $3,510,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 6.75% Discount Rate: 7.00% Market Rent $/sf: $23.00 Market Rent Growth: 3.00% Contract Rent $/sf: $22.02 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $0 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.00% Terminal Capitalization Rate: 6.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,510,000 Value PSF of NRA: $321.78 Market Leasing Assumptions Retail Market Rent $/sf: $23.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx *The tenant has multiple extension options. Based on our analysis, we have assumed the first option at $22.52/sf is exercised since it is deemed to be below market.

CVS Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $240,194 $240,194 $240,194 $240,194 $240,194 $240,194 $240,649 $245,648 $245,648 $245,648 $245,648 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 240,194 240,194 240,194 240,194 240,194 240,194 240,649 245,648 245,648 245,648 245,648 Expense Reimbursement Revenue 71,706 73,857 76,072 78,355 80,705 83,126 85,621 88,189 90,835 93,559 96,366 Total Potential Gross Revenue 311,900 314,051 316,266 318,549 320,899 323,320 326,270 333,837 336,483 339,207 342,014 Effective Gross Revenue 311,900 314,051 316,266 318,549 320,899 323,320 326,270 333,837 336,483 339,207 342,014 Operating Expenses CAM 19,089 19,662 20,252 20,859 21,485 22,129 22,793 23,477 24,181 24,907 25,654 Real Estate Taxes 50,435 51,948 53,506 55,112 56,765 58,468 60,222 62,029 63,890 65,806 67,780 Capital Reserves 2,182 2,247 2,314 2,384 2,455 2,529 2,605 2,683 2,764 2,846 2,932 Total Operating Expenses 71,706 73,857 76,072 78,355 80,705 83,126 85,620 88,189 90,835 93,559 96,366 Net Operating Income 240,194 240,194 240,194 240,194 240,194 240,194 240,650 245,648 245,648 245,648 245,648 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Total Leasing & Capital Costs 0 0 0 0 0 0 0 0 0 0 0 Cash Flow Before Debt Service & Taxes $240,194 $240,194 $240,194 $240,194 $240,194 $240,194 $240,650 $245,648 $245,648 $245,648 $245,648

CVS Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.00% Year 1 Dec-14 $240,194 $224,480 Year 2 Dec-15 240,194 209,795 Year 3 Dec-16 240,194 196,070 Year 4 Dec-17 240,194 183,243 Year 5 Dec-18 240,194 171,255 Year 6 Dec-19 240,194 160,051 Year 7 Dec-20 240,650 149,865 Year 8 Dec-21 245,648 142,969 Year 9 Dec-22 245,648 133,616 Year 10 Dec-23 245,648 124,875 Total Cash Flow $2,418,758 $1,696,220 Property Resale @ 6.75% 3,566,445 1,813,000 Total Property Present Value $3,509,219 Rounded $3,510,000 Per Square Foot $321.78

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate CVS 4001 W William Cannon Dr Austin TX 12,900 $7,429,250 $575.91 7/23/2013 $386,321 5.20% CVS 7740 N Cortaro Farms Rd Marana AZ 14,419 $5,967,280 $413.85 7/12/2013 $535,265 8.97% CVS 331 Superior Ave Bogalusa LA 11,945 $4,800,000 $401.84 1/2/2013 $320,160 6.67% CVS 934 E Irving Blvd Irving TX 10,908 $3,917,557 $359.15 10/2/2012 $256,600 6.55% CVS 10222 East Fwy Houston TX 13,013 $4,936,932 $379.38 7/16/2012 $320,901 6.50% CVS 2323 W Illinois Ave Dallas TX 13,775 $5,830,000 $423.23 5/15/2012 $469,315 8.05% CVS 1627 Wildcat Dr Portland TX 11,208 $3,200,000 $285.51 5/11/2012 $224,000 7.00% CVS 4801 S Alameda Corpus Christi TX 11,344 $3,400,000 $299.72 4/20/2012 $243,100 7.15% CVS 810 W Pioneer Pky Grand Prairie TX 13,140 $4,370,000 $332.57 4/5/2012 $345,230 7.90% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,866,335 $374.33 4/3/2012 $312,419 6.42% CVS 930 N Belt Hwy Saint Joseph MO 13,000 $4,100,000 $315.38 12/15/2011 $330,050 8.05% Min $285.51 5.20% Max $575.91 8.97% Average $378.26 7.13% Concluded Range of Price PSF $300.00 to $340.00 per square foot

PT1029 – CineMagic Theatre – Rochester, MN

BASIC INFORMATION Property Name: CineMagic Theatre Report Type: Restricted Appraisal Report Address: 2171 Superior Drive NW Interest Appraised: Leased Fee City: Rochester Value Premise: Market Value State: MN Date of Value- "As Is": December 31, 2013 County: Olmsted Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 55901 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 8.88 Frontage: Average Gross Land Area (sf): 386,813 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X, with possible AE on south border Shape: Regular FEMA Community Map #: 275246 0142E Location Rating: Average FEMA Map Date: 2/4/2019 Number of Parking Spaces: 750 Parking Ratio (per 1,000 SF): 16.50 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Movie Theater Year Built: 2002 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 45,455 Condition Rating: Average Net Rentable Area (sf): 45,455 Actual Age (years): 12 # of Buildings: 1 Tenant: CineMagic Theatre # of Stories: 1 Land to Building Ratio: 8.51 TAX/ZONING INFORMATION Parcel ID Number(s): R 74.29.14.068131 Zoning Municipality: City of Rochester Taxing Authority/Jurisdiction: Olmsted County Current Zoning: M1-Mixed Comercial, Industrial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $3,500,000 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $131,200 Zoning Change Applied For: No Taxes per sf of NRA: $2.89 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: CineMagic Theatre Current Rent $/sf: $4.95 Tenant S&P Rating: Not Rated Rent Bump Date: None Lease Expiration: March 31, 2023 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Tenant also pays 10% of sales over a $1,500,000 breakpoint. Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,000,000 Sales Comparison Approach: $60.00 to $80.00 per square foot Value PSF of NRA: $66.00 Income Capitalization Approach: Discounted Cash Flow: $3,000,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $8.00 Market Rent Growth: 3.00% Contract Rent $/sf: $4.95 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $9,091 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,000,000 Value PSF of NRA: $66.00 Market Leasing Assumptions Movie Theater Market Rent $/sf: $8.00 Rent Escalations: None Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $5.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx *The tenant has multiple extension options. Based on our analysis, we have assumed the first option at $4.95/sf is exercised since it is deemed to be below market.

CineMagic Theatre Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 $225,000 Absorption & Turnover Vacancy 0 0 0 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 225,000 Retail Sales Percent Revenue 102,029 107,069 112,211 117,455 122,804 128,260 133,825 139,502 145,292 151,197 157,222 Expense Reimbursement Revenue 141,546 143,933 146,391 148,922 151,530 154,216 156,982 159,832 162,767 165,789 168,904 Total Potential Gross Revenue 468,575 476,002 483,602 491,377 499,334 507,476 515,807 524,334 533,059 541,986 551,126 Effective Gross Revenue 468,575 476,002 483,602 491,377 499,334 507,476 515,807 524,334 533,059 541,986 551,126 Operating Expenses CAM 79,546 81,933 84,391 86,922 89,530 92,216 94,982 97,832 100,767 103,790 106,904 Real Estate Taxes 135,136 139,190 143,366 147,667 152,097 156,660 161,359 166,200 171,186 176,322 181,611 Total Operating Expenses 214,682 221,123 227,757 234,589 241,627 248,876 256,341 264,032 271,953 280,112 288,515 Net Operating Income 253,893 254,879 255,845 256,788 257,707 258,600 259,466 260,302 261,106 261,874 262,611 Leasing & Capital Costs Tenant Improvements 0 0 0 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 0 0 0 0 0 0 0 0 0 Capital Reserves 9,091 9,364 9,645 9,934 10,232 10,539 10,855 11,181 11,516 11,862 12,218 Total Leasing & Capital Costs 9,091 9,364 9,645 9,934 10,232 10,539 10,855 11,181 11,516 11,862 12,218 Cash Flow Before Debt Service & Taxes $244,802 $245,515 $246,200 $246,854 $247,475 $248,061 $248,611 $249,121 $249,590 $250,012 $250,393

CineMagic Theatre Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $244,802 $225,624 Year 2 Dec-15 245,515 208,554 Year 3 Dec-16 246,200 192,752 Year 4 Dec-17 246,854 178,123 Year 5 Dec-18 247,475 164,582 Year 6 Dec-19 248,061 152,048 Year 7 Dec-20 248,611 140,447 Year 8 Dec-21 249,121 129,710 Year 9 Dec-22 249,590 119,773 Year 10 Dec-23 250,012 110,577 Total Cash Flow $2,476,241 $1,622,190 Property Resale @ 8.25% 3,119,500 1,379,710 Total Property Present Value $3,001,899 Rounded $3,000,000 Per Square Foot $66.00

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Movie Theater 9020 Ulmerton Rd Largo FL 30,239 $2,400,000 $79.37 6/27/2013 N/A N/A Malco Oxford Commons 206 Commonwealth Blvd Oxford MS 35,087 $2,900,000 $82.65 6/6/2013 N/A N/A Andover Cinema 1836 Bunker Lake Blvd NW Andover MN 34,429 $2,250,000 $65.35 11/13/2012 N/A N/A Carmike Cinemas 2401 NW 12th Ave Ardmore OK 30,729 $4,780,000 $155.55 5/17/2012 $430,200 9.00% Cinetopia 11700 SE 7th St Vancouver WA 36,427 $7,400,000 $203.15 12/30/2011 $658,600 8.90% Wynnsong Cinema 1640 John B White Sr Blvd Spartanburg SC 22,734 $1,772,500 $77.97 12/13/2011 $141,800 8.00% AMC Theatres 400 Potomac Blvd Mount Vernon IL 23,962 $4,782,420 $199.58 9/12/2011 $334,769 7.00% Crossroads Cinema 1211 E I-240 Service Rd Oklahoma City OK 64,440 $4,650,000 $72.16 2/10/2011 N/A N/A Min $65.35 7.00% Max $203.15 9.00% Average $116.97 8.23% Concluded Range of Price PSF $60.00 to $80.00 per square foot

PT1030 – Rite Aid – Wheelersburg, OH

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 8130 Ohio River Rd. Interest Appraised: Leased Fee City: Wheelersburg Value Premise: Market Value State: OH Date of Value- "As Is": December 31, 2013 County: Scioto Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 45694 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowlede, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.11 Frontage: Good Gross Land Area (sf): 48,352 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 39145C 0426E Location Rating: Good FEMA Map Date: 4/18/2011 Number of Parking Spaces: 40 Parking Ratio (per 1,000 SF): 3.58 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1998 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,180 Condition Rating: Average Net Rentable Area (sf): 11,180 Actual Age (years): 16 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 4.32 TAX/ZONING INFORMATION Parcel ID Number(s): 170965000; 171322000; 171315001 Zoning Municipality: N/A Taxing Authority/Jurisdiction: Scioto County Current Zoning: N/A Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $371,750 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $20,068 Zoning Change Applied For: No Taxes per sf of NRA: $1.79 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $16.10 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: June 15, 2018 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 6/15/2028 at Landlord pays CapEx $13,500/mo. ($14.49/sf) to 6/15/2018, $14,513/mo. Occupancy: 100% ($15.58/sf) to 6/15/2023, and $15,601/mo. ($16.75/sf) to 6/15/2028. These terms are utilized in our second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $1,990,000 Sales Comparison Approach: $170.00 to $200.00 per square foot Value PSF of NRA: $178.00 Income Capitalization Approach:p Discounted Cash Flow: $1,990,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 9.00% Market Rent $/sf: $14.50 Market Rent Growth: 3.00% Contract Rent $/sf: $16.10 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,020,000 Sales Comparison Approach: $170.00 to $200.00 per square foot Value PSF of NRA: $180.68 Income Capitalization Approach: Discounted Cash Flow: $2,020,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $14.50 Market Rent Growth 3.00% Contract Rent $/sf: $16.10 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,236 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $1,990,000 Value PSF of NRA: $178.00 Market Leasing Assumptions Retail Market Rent $/sf: $14.50 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $180,000 $180,000 $180,000 $180,000 $181,228 $182,456 $182,456 $182,456 $182,456 $185,497 $191,579 Absorption & Turnover Vacancy (30,409) Scheduled Base Rental Revenue 180,000 180,000 180,000 180,000 150,819 182,456 182,456 182,456 182,456 185,497 191,579 Expense Reimbursement Revenue CAM 19,565 20,152 20,757 21,379 18,350 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 20,670 21,290 21,929 22,587 19,387 23,962 24,681 25,421 26,184 26,970 27,779 Total Reimbursement Revenue 40,235 41,442 42,686 43,966 37,737 46,643 48,043 49,483 50,968 52,498 54,073 Total Potential Gross Revenue 220,235 221,442 222,686 223,966 188,556 229,099 230,499 231,939 233,424 237,995 245,652 Effective Gross Revenue 220,235 221,442 222,686 223,966 188,556 229,099 230,499 231,939 233,424 237,995 245,652 Operating Expenses CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 20,670 21,290 21,929 22,587 23,264 23,962 24,681 25,421 26,184 26,970 27,779 Total Operating Expenses 40,235 41,442 42,686 43,966 45,285 46,643 48,043 49,483 50,968 52,498 54,073 Net Operating Income 180,000 180,000 180,000 180,000 143,271 182,456 182,456 182,456 182,456 185,497 191,579 Leasing & Capital Costs Tenant Improvements 31,458 Leasing Commissions 28,053 Cap Expenditures 73,000 11,100 Reserve 2,236 2,303 2,443 2,592 2,670 2,750 2,832 2,917 3,005 Total Leasing & Capital Costs 2,236 2,303 73,000 2,443 70,611 2,592 2,670 2,750 2,832 2,917 3,005 Cash Flow Before Debt Service & Taxes $177,764 $177,697 $107,000 $177,557 $72,660 $179,864 $179,786 $179,706 $179,624 $182,580 $188,574

Rite Aid Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $177,764 $163,086 Year 2 Dec-15 177,697 149,564 Year 3 Dec-16 107,000 82,624 Year 4 Dec-17 177,557 125,786 Year 5 Dec-18 72,660 47,224 Year 6 Dec-19 179,864 107,247 Year 7 Dec-20 179,786 98,349 Year 8 Dec-21 179,706 90,188 Year 9 Dec-22 179,624 82,704 Year 10 Dec-23 182,580 77,124 Total Cash Flow $1,614,238 $1,023,896 Property Resale @ 8.25% 2,275,726 961,291 Total Property Present Value $1,985,187 Rounded $1,990,000 Per Square Foot $178.00

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,236 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,020,000 Value PSF of NRA: $180.68 Market Leasing Assumptions Retail Market Rent $/sf: $14.50 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $171,000 $162,000 $162,000 $162,000 $169,091 $174,156 $174,156 $174,156 $174,156 $181,772 $187,212 Scheduled Base Rental Revenue 171,000 162,000 162,000 162,000 169,091 174,156 174,156 174,156 174,156 181,772 187,212 Expense Reimbursement Revenue CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 20,670 21,290 21,929 22,587 23,264 23,962 24,681 25,421 26,184 26,970 27,779 Total Reimbursement Revenue 40,235 41,442 42,686 43,966 45,285 46,643 48,043 49,483 50,968 52,498 54,073 Total Potential Gross Revenue 211,235 203,442 204,686 205,966 214,376 220,799 222,199 223,639 225,124 234,270 241,285 Effective Gross Revenue 211,235 203,442 204,686 205,966 214,376 220,799 222,199 223,639 225,124 234,270 241,285 Operating Expenses CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 20,670 21,290 21,929 22,587 23,264 23,962 24,681 25,421 26,184 26,970 27,779 Total Operating Expenses 40,235 41,442 42,686 43,966 45,285 46,643 48,043 49,483 50,968 52,498 54,073 Net Operating Income 171,000 162,000 162,000 162,000 169,091 174,156 174,156 174,156 174,156 181,772 187,212 Leasing & Capital Costs Cap Expenditures 73,000 11,100 Reserve 2,236 2,303 2,443 2,592 2,670 2,750 2,832 2,917 3,005 Total Leasing & Capital Costs 2,236 2,303 73,000 2,443 11,100 2,592 2,670 2,750 2,832 2,917 3,005 Cash Flow Before Debt Service & Taxes $168,764 $159,697 $89,000 $159,557 $157,991 $171,564 $171,486 $171,406 $171,324 $178,855 $184,207

Rite Aid Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $168,764 $155,543 Year 2 Dec-15 159,697 135,655 Year 3 Dec-16 89,000 69,679 Year 4 Dec-17 159,557 115,132 Year 5 Dec-18 157,991 105,071 Year 6 Dec-19 171,564 105,159 Year 7 Dec-20 171,486 96,877 Year 8 Dec-21 171,406 89,246 Year 9 Dec-22 171,324 82,215 Year 10 Dec-23 178,855 79,105 Total Cash Flow $1,599,644 $1,033,683 Property Resale @ 8.25% 2,223,852 983,577 Total Property Present Value $2,017,260 Rounded $2,020,000 Per Square Foot $180.68

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 335 Crystal Ln Strasburg VA 11,280 $1,975,000 $175.09 9/16/2013 $162,938 8.25% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 3362 Navarre Ave Oregon OH 14,565 $5,585,000 $383.45 6/14/2013 $474,725 8.50% Rite Aid 2005 Maple St Rome GA 14,673 $5,152,100 $351.13 6/13/2013 $412,168 8.00% Rite Aid 501 E Emmitt Ave Waverly OH 10,600 $2,395,000 $225.94 5/10/2013 $215,550 9.00% Rite Aid 1501 N Main St Findlay OH 14,564 $4,141,800 $284.39 10/3/2012 $373,176 9.01% Min $175.09 7.50% Max $383.45 9.01% Average $279.87 8.28% Concluded Range of Price PSF $170.00 to $200.00 per square foot

PT1031 – Tractor Supply – Paducah, KY

BASIC INFORMATION Property Name: Tractor Supply Report Type: Restricted Appraisal Report Address: 5525 US HWY 60 W Interest Appraised: Leased Fee City: Paducah Value Premise: Market Value State: KY Date of Value- "As Is": December 31, 2013 County: McCracken Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 42003 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 3.54 Frontage: Average Gross Land Area (sf): 154,202 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 240151 0129F Location Rating: Average FEMA Map Date: 11/2/2011 Number of Parking Spaces: 98 Parking Ratio (per 1,000 SF): 4.52 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2004 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 21,677 Condition Rating: Good Net Rentable Area (sf): 21,677 Actual Age (years): 10 # of Buildings: 1 Tenant: Tractor Supply # of Stories: 1 Land to Building Ratio: 7.11 TAX/ZONING INFORMATION Parcel ID Number(s): 076-20-00-033.02 Zoning Municipality: McCracken County Taxing Authority/Jurisdiction: McCracken County Current Zoning: C, Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,158,600 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $19,515 Zoning Change Applied For: No Taxes per sf of NRA: $0.90 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Tractor Supply Current Rent $/sf: $7.94 Tenant S&P Rating: Not Rated Rent Bump Date: December 1, 2014 Lease Expiration: November 19, 2019 Rent at Bump Date $/sf: $8.74 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 12/31/2028 at Landlord pays CapEx $14,346/mo. ($7.94/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY – SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,240,000 Sales Comparison Approach: $75.00 to $150.00 per square foot Value PSF of NRA: $103.34 Income Capitalization Approach: Discounted Cash Flow: $2,240,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.75% Discount Rate: 8.50% Market Rent $/sf: $8.00 Market Rent Growth: 3.00% Contract Rent $/sf: $7.94 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,200,000 Sales Comparison Approach: $75.00 to $150.00 per square foot Value PSF of NRA: $101.49 Income Capitalization Approach: Discounted Cash Flow: $2,200,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.50% Discount Rate: 7.75% Market Rent $/sf: $8.00 Market Rent Growth 3.00% Contract Rent $/sf: $7.94 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,335 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 7.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,240,000 Value PSF of NRA: $103.34 Market Leasing Assumptions Retail Market Rent $/sf: $8.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $173,585 $189,365 $189,365 $189,365 $189,365 $190,338 $207,068 $207,068 $207,068 $207,068 $207,068 Absorption & Turnover Vacancy (16,753) (51,767) Scheduled Base Rental Revenue 173,585 189,365 189,365 189,365 189,365 173,585 155,301 207,068 207,068 207,068 207,068 Expense Reimbursement Revenue CAM 37,935 39,073 40,245 41,452 42,696 40,312 33,972 46,655 48,055 49,496 50,981 RE Tax 20,100 20,703 21,324 21,964 22,623 21,360 18,000 24,720 25,462 26,226 27,013 Total Reimbursement Revenue 58,035 59,776 61,569 63,416 65,319 61,672 51,972 71,375 73,517 75,722 77,994 Total Potential Gross Revenue 231,620 249,141 250,934 252,781 254,684 235,257 207,273 278,443 280,585 282,790 285,062 Effective Gross Revenue 231,620 249,141 250,934 252,781 254,684 235,257 207,273 278,443 280,585 282,790 285,062 Operating Expenses CAM 37,935 39,073 40,245 41,452 42,696 43,977 45,296 46,655 48,055 49,496 50,981 RE Tax 20,100 20,703 21,324 21,964 22,623 23,301 24,000 24,720 25,462 26,226 27,013 Total Operating Expenses 58,035 59,776 61,569 63,416 65,319 67,278 69,296 71,375 73,517 75,722 77,994 Net Operating Income 173,585 189,365 189,365 189,365 189,365 167,979 137,977 207,068 207,068 207,068 207,068 Leasing & Capital Costs Tenant Improvements 116,476 Leasing Commissions 38,204 Cap Expenditures 10,200 Reserve 4,335 4,670 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Total Leasing & Capital Costs 4,335 4,670 10,200 4,954 5,103 5,256 160,094 5,576 5,744 5,916 6,093 Cash Flow Before Debt Service & Taxes $169,250 $184,695 $179,165 $184,411 $184,262 $162,723 ($22,117) $201,492 $201,324 $201,152 $200,975

Tractor Supply Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $169,250 $155,991 Year 2 Dec-15 184,695 156,890 Year 3 Dec-16 179,165 140,270 Year 4 Dec-17 184,411 133,066 Year 5 Dec-18 184,262 122,543 Year 6 Dec-19 162,723 99,740 Year 7 Dec-20 (22,117) (12,494) Year 8 Dec-21 201,492 104,911 Year 9 Dec-22 201,324 96,611 Year 10 Dec-23 201,152 88,967 Total Cash Flow $1,646,357 $1,086,494 Property Resale @ 7.75% 2,618,408 1,158,084 Total Property Present Value $2,244,578 Rounded $2,240,000 Per Square Foot $103.34

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,335 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.75% Terminal Capitalization Rate: 7.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,200,000 Value PSF of NRA: $101.49 Market Leasing Assumptions Retail Market Rent $/sf: $8.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $15.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 $172,150 Scheduled Base Rental Revenue 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 Expense Reimbursement Revenue CAM 37,935 39,073 40,245 41,452 42,696 43,977 45,296 46,655 48,055 49,496 50,981 RE Tax 20,100 20,703 21,324 21,964 22,623 23,301 24,000 24,720 25,462 26,226 27,013 Total Reimbursement Revenue 58,035 59,776 61,569 63,416 65,319 67,278 69,296 71,375 73,517 75,722 77,994 Total Potential Gross Revenue 230,185 231,926 233,719 235,566 237,469 239,428 241,446 243,525 245,667 247,872 250,144 Effective Gross Revenue 230,185 231,926 233,719 235,566 237,469 239,428 241,446 243,525 245,667 247,872 250,144 Operating Expenses CAM 37,935 39,073 40,245 41,452 42,696 43,977 45,296 46,655 48,055 49,496 50,981 RE Tax 20,100 20,703 21,324 21,964 22,623 23,301 24,000 24,720 25,462 26,226 27,013 Total Operating Expenses 58,035 59,776 61,569 63,416 65,319 67,278 69,296 71,375 73,517 75,722 77,994 Net Operating Income 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 172,150 Leasing & Capital Costs Cap Expenditures 10,200 Reserve 4,335 4,670 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Total Leasing & Capital Costs 4,335 4,670 10,200 4,954 5,103 5,256 5,414 5,576 5,744 5,916 6,093 Cash Flow Before Debt Service & Taxes $167,815 $167,480 $161,950 $167,196 $167,047 $166,894 $166,736 $166,574 $166,406 $166,234 $166,057

Tractor Supply Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.75% Year 1 Dec-14 $167,815 $155,745 Year 2 Dec-15 167,480 144,254 Year 3 Dec-16 161,950 129,458 Year 4 Dec-17 167,196 124,039 Year 5 Dec-18 167,047 115,014 Year 6 Dec-19 166,894 106,644 Year 7 Dec-20 166,736 98,880 Year 8 Dec-21 166,574 91,679 Year 9 Dec-22 166,406 84,999 Year 10 Dec-23 166,234 78,804 Total Cash Flow $1,664,332 $1,129,516 Property Resale @ 7.50% 2,249,427 1,066,348 Total Property Present Value $2,195,864 Rounded $2,200,000 Per Square Foot $101.49

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Tractor Supply N/A Marion IN 19,097 $3,010,000 $157.62 Under Contract $241,005 8.01% Tractor Supply N/A Chickasha OK 19,185 $3,244,000 $169.09 Under Contract $229,950 7.09% Tractor Supply 994 US Highway 27 S Cynthiana KY 40,700 $1,955,080 $48.04 7/10/2013 $175,957 9.00% Tractor Supply 276 S Hwy 16 Denver NC 19,097 $4,209,250 $220.41 4/3/2012 $331,689 7.88% Tractor Supply 90 Marketplace Dr Newnan GA 19,097 $3,943,000 $206.47 11/21/2012 $279,953 7.10% Tractor Supply 8005 Marketplace Dr Oak Ridge NC 21,677 $3,539,000 $163.26 11/18/2013 $256,578 7.25% Tractor Supply Co. 2310 Mercury Blvd Murfreesboro TN 24,000 $3,246,000 $135.25 7/28/2011 $243,450 7.50% Tractor Supply 1266 Highway 641 S Paris TN 22,670 $2,250,000 $99.25 12/21/2011 $189,675 8.43% Tractor Supply 476 W Third St Forest MS 24,708 $1,080,000 $43.71 8/12/2013 $91,800 8.50% Min $43.71 7.09% Max $220.41 9.00% Average $138.12 7.86% Concluded Range of Price PSF $75.00 to $150.00 per square foot

PT1032 – Rite Aid – St. Marys, OH

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 1502 Executive Dr. Interest Appraised: Leased Fee City: St. Marys Value Premise: Market Value State: OH Date of Value- "As Is": December 31, 2013 County: Auglaize Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 45885 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.60 Frontage: Average Gross Land Area (sf): 113,256 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 390022 0080C Location Rating: Average FEMA Map Date: 9/6/1989 Number of Parking Spaces: 60 Parking Ratio (per 1,000 SF): 4.12 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 14,564 Condition Rating: Good Net Rentable Area (sf): 14,564 Actual Age (years): 9 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 7.78 TAX/ZONING INFORMATION Parcel ID Number(s): K3262300100; K3262300200 Zoning Municipality: City of St Marys Taxing Authority/Jurisdiction: Auglaize County Current Zoning: C2, General Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $419,840 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $25,189 Zoning Change Applied For: No Taxes per sf of NRA: $1.73 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $17.01 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: July 31, 2025 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,060,000 Sales Comparison Approach: $200.00 to $230.00 per square foot Value PSF of NRA: $210.11 Income Capitalization Approach: Direct Capitalization $3,060,000 Exposure Time: 6-9 months Overall Capitalization Rate: 8.00% Market Rent $/sf: $16.00 Contract Rent $/sf: $17.01

Rite Aid Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $247,690 $17.01 Expense Reimbursement Revenue 50,676 3.48 Total Potential Gross Revenue $298,366 $20.49 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $298,366 $20.49 Operating Expenses CAM $25,487 $1.75 Real Estate Taxes 25,189 1.73 Total Operating Expenses $50,676 $3.48 Capital Reserves $2,913 0.20 Net Operating Income $244,777 $16.81 Overall Capitalization Rate 8.00% Indicated Property Value $3,059,713 $210.09 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $3,060,000 $210.11

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 101 E Fleming Dr Morganton NC 10,908 $3,200,000 $293.36 9/9/2013 $256,000 8.00% Rite Aid 3295 Centerville Hwy Snellville GA 10,594 $2,460,000 $232.21 8/8/2013 $184,500 7.50% Rite Aid 3362 Navarre Ave Oregon OH 14,565 $5,585,000 $383.45 6/14/2013 $474,725 8.50% Rite Aid 2005 Maple St Rome GA 14,673 $5,152,100 $351.13 6/13/2013 $412,168 8.00% Rite Aid 501 E Emmitt Ave Waverly OH 10,600 $2,395,000 $225.94 5/10/2013 $215,550 9.00% Rite Aid 613 W Main St Louisville OH 14,564 $4,507,011 $309.46 11/15/2012 $419,152 9.30% Rite Aid 1501 N Main St Findlay OH 14,564 $4,141,800 $284.39 10/3/2012 $373,176 9.01% Rite Aid 330 River St Cambridge MA 13,777 $6,675,000 $484.50 2/29/2012 $440,550 6.60% Min $225.94 6.60% Max $484.50 9.30% Average $320.56 8.24% Concluded Range of Price PSF $200.00 to $230.00 per square foot

PT1033 – Tractor Supply – Glasgow, KY

BASIC INFORMATION Property Name: Tractor Supply Report Type: Restricted Appraisal Report Address: 3300 Veterans Outer Loop Interest Appraised: Leased Fee City: Glasgow Value Premise: Market Value State: KY Date of Value- "As Is": December 31, 2013 County: Barren Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 42141 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 3.69 Frontage: Average Gross Land Area (sf): 160,736 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X, with A on border Shape: Regular FEMA Community Map #: 210007 0165C Location Rating: Average FEMA Map Date: 5/3/2011 Number of Parking Spaces: 93 Parking Ratio (per 1,000 SF): 4.29 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 21,688 Condition Rating: Good Net Rentable Area (sf): 21,688 Actual Age (years): 9 # of Buildings: 1 Tenant: Tractor Supply # of Stories: 1 Land to Building Ratio: 7.41 TAX/ZONING INFORMATION Parcel ID Number(s): 79-71E Zoning Municipality: City of Glasgow Taxing Authority/Jurisdiction: Barren County & City of Glasgow Current Zoning: B3,Highway Service Business Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $1,677,500 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $18,582 Zoning Change Applied For: No Taxes per sf of NRA: $0.86 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Tractor Supply Current Rent $/sf: $9.28 Tenant S&P Rating: Not Rated Rent Bump Date: April 1, 2015 Lease Expiration: March 31, 2020 Rent at Bump Date $/sf: $10.21 Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 12/31/2028 at Landlord pays CapEx $16,775/mo. ($9.28/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,580,000 Sales Comparison Approach: $100.00 to $150.00 per square foot Value PSF of NRA: $118.96 Income Capitalization Approach: Discounted Cash Flow: $2,580,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.75% Discount Rate: 8.50% Market Rent $/sf: $9.00 Market Rent Growth: 3.00% Contract Rent $/sf: $9.28 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,580,000 Sales Comparison Approach: $100.00 to $150.00 per square foot Value PSF of NRA: $118.96 Income Capitalization Approach: Discounted Cash Flow: $2,580,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.50% Discount Rate: 7.75% Market Rent $/sf: $9.00 Market Rent Growth 3.00% Contract Rent $/sf: $9.28 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,338 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 7.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,580,000 Value PSF of NRA: $118.96 Market Leasing Assumptions Retail Market Rent $/sf: $9.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $201,300 $216,398 $221,430 $221,430 $221,430 $221,430 $230,160 $233,069 $233,069 $233,069 $233,069 Absorption & Turnover Vacancy (77,690) Scheduled Base Rental Revenue 201,300 216,398 221,430 221,430 221,430 221,430 152,470 233,069 233,069 233,069 233,069 Expense Reimbursement Revenue CAM 37,954 39,093 40,265 41,473 42,718 43,999 30,213 46,679 48,079 49,521 51,007 RE Tax 19,121 19,695 20,285 20,894 21,521 22,166 15,221 23,516 24,222 24,949 25,697 Total Reimbursement Revenue 57,075 58,788 60,550 62,367 64,239 66,165 45,434 70,195 72,301 74,470 76,704 Total Potential Gross Revenue 258,375 275,186 281,980 283,797 285,669 287,595 197,904 303,264 305,370 307,539 309,773 Effective Gross Revenue 258,375 275,186 281,980 283,797 285,669 287,595 197,904 303,264 305,370 307,539 309,773 Operating Expenses CAM 37,954 39,093 40,265 41,473 42,718 43,999 45,319 46,679 48,079 49,521 51,007 RE Tax 19,121 19,695 20,285 20,894 21,521 22,166 22,831 23,516 24,222 24,949 25,697 Total Operating Expenses 57,075 58,788 60,550 62,367 64,239 66,165 68,150 70,195 72,301 74,470 76,704 Net Operating Income 201,300 216,398 221,430 221,430 221,430 221,430 129,754 233,069 233,069 233,069 233,069 Leasing & Capital Costs Tenant Improvements 116,535 Leasing Commissions 43,001 Cap Expenditures 5,400 Reserve 4,338 4,602 4,740 4,882 5,028 5,179 5,335 5,495 5,660 5,829 Total Leasing & Capital Costs 4,338 5,400 4,602 4,740 4,882 5,028 164,715 5,335 5,495 5,660 5,829 Cash Flow Before Debt Service & Taxes $196,962 $210,998 $216,828 $216,690 $216,548 $216,402 ($34,961) $227,734 $227,574 $227,409 $227,240

Tractor Supply Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $196,962 $181,532 Year 2 Dec-15 210,998 179,233 Year 3 Dec-16 216,828 169,756 Year 4 Dec-17 216,690 156,358 Year 5 Dec-18 216,548 144,014 Year 6 Dec-19 216,402 132,643 Year 7 Dec-20 (34,961) (19,750) Year 8 Dec-21 227,734 118,574 Year 9 Dec-22 227,574 109,208 Year 10 Dec-23 227,409 100,580 Total Cash Flow $1,922,184 $1,272,148 Property Resale @ 7.75% 2,947,195 1,303,501 Total Property Present Value $2,575,649 Rounded $2,580,000 Per Square Foot $118.96

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,338 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.75% Terminal Capitalization Rate: 7.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,580,000 Value PSF of NRA: $118.96 Market Leasing Assumptions Retail Market Rent $/sf: $9.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $15.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 $201,300 Scheduled Base Rental Revenue 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 Expense Reimbursement Revenue CAM 37,954 39,093 40,265 41,473 42,718 43,999 45,319 46,679 48,079 49,521 51,007 RE Tax 19,121 19,695 20,285 20,894 21,521 22,166 22,831 23,516 24,222 24,949 25,697 Total Reimbursement Revenue 57,075 58,788 60,550 62,367 64,239 66,165 68,150 70,195 72,301 74,470 76,704 Total Potential Gross Revenue 258,375 260,088 261,850 263,667 265,539 267,465 269,450 271,495 273,601 275,770 278,004 Effective Gross Revenue 258,375 260,088 261,850 263,667 265,539 267,465 269,450 271,495 273,601 275,770 278,004 Operating Expenses CAM 37,954 39,093 40,265 41,473 42,718 43,999 45,319 46,679 48,079 49,521 51,007 RE Tax 19,121 19,695 20,285 20,894 21,521 22,166 22,831 23,516 24,222 24,949 25,697 Total Operating Expenses 57,075 58,788 60,550 62,367 64,239 66,165 68,150 70,195 72,301 74,470 76,704 Net Operating Income 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 201,300 Leasing & Capital Costs Cap Expenditures 5,400 Reserve 4,338 4,602 4,740 4,882 5,028 5,179 5,335 5,495 5,660 5,829 Total Leasing & Capital Costs 4,338 5,400 4,602 4,740 4,882 5,028 5,179 5,335 5,495 5,660 5,829 Cash Flow Before Debt Service & Taxes $196,962 $195,900 $196,698 $196,560 $196,418 $196,272 $196,121 $195,965 $195,805 $195,640 $195,471

Tractor Supply Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.75% Year 1 Dec-14 $196,962 $182,795 Year 2 Dec-15 195,900 168,733 Year 3 Dec-16 196,698 157,235 Year 4 Dec-17 196,560 145,823 Year 5 Dec-18 196,418 135,237 Year 6 Dec-19 196,272 125,416 Year 7 Dec-20 196,121 116,306 Year 8 Dec-21 195,965 107,855 Year 9 Dec-22 195,805 100,016 Year 10 Dec-23 195,640 92,744 Total Cash Flow $1,962,341 $1,332,160 Property Resale @ 7.50% 2,630,320 1,246,912 Total Property Present Value $2,579,072 Rounded $2,580,000 Per Square Foot $118.96

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Tractor Supply N/A Marion IN 19,097 $3,010,000 $157.62 Under Contract $241,005 8.01% Tractor Supply N/A Chickasha OK 19,185 $3,244,000 $169.09 Under Contract $229,950 7.09% Tractor Supply 994 US Highway 27 S Cynthiana KY 40,700 $1,955,080 $48.04 7/10/2013 $175,957 9.00% Tractor Supply 276 S Hwy 16 Denver NC 19,097 $4,209,250 $220.41 4/3/2012 $331,689 7.88% Tractor Supply 90 Marketplace Dr Newnan GA 19,097 $3,943,000 $206.47 11/21/2012 $279,953 7.10% Tractor Supply 8005 Marketplace Dr Oak Ridge NC 21,677 $3,539,000 $163.26 11/18/2013 $256,578 7.25% Tractor Supply Co. 2310 Mercury Blvd Murfreesboro TN 24,000 $3,246,000 $135.25 7/28/2011 $243,450 7.50% Tractor Supply 1266 Highway 641 S Paris TN 22,670 $2,250,000 $99.25 12/21/2011 $189,675 8.43% Tractor Supply 476 W Third St Forest MS 24,708 $1,080,000 $43.71 8/12/2013 $91,800 8.50% Min $43.71 7.09% Max $220.41 9.00% Average $138.12 7.86% Concluded Range of Price PSF $100.00 to $150.00 per square foot

PT1036 – Best Buy – Tupelo, MS

BASIC INFORMATION Property Name: Best Buy Report Type: Restricted Appraisal Report Address: 3040 N. Gloster St. Interest Appraised: Leased Fee City: Tupelo Value Premise: Market Value State: MS Date of Value- "As Is": December 31, 2013 County: Lee Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 38804 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 3.07 Frontage: Average Gross Land Area (sf): 133,729 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: AE Shape: Regular FEMA Community Map #: 280227 0162E Location Rating: Average FEMA Map Date: 2/3/2010 Number of Parking Spaces: 204 Parking Ratio (per 1,000 SF): 10.20 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2005 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 20,000 Condition Rating: Average Net Rentable Area (sf): 20,000 Actual Age (years): 9 # of Buildings: 1 Tenant: Best Buy # of Stories: 1 Land to Building Ratio: 6.69 TAX/ZONING INFORMATION Parcel ID Number(s): 084S-18-001-30 Zoning Municipality: City of Tupelo Taxing Authority/Jurisdiction: Lee County Current Zoning: RC, Regional Center Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $454,020 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $62,655 Zoning Change Applied For: No Taxes per sf of NRA: $3.13 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Best Buy Current Rent $/sf: $14.89 Tenant S&P Rating: BB Rent Bump Date: None Lease Expiration: January 31, 2016 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: CCPT has discussed an extension with Best Buy; however, Landlord pays CapEx Best Buy has requested a 30% rent reduction and CCPT Occupancy: 100% has not agreed. Discussions are on-going. VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,760,000 Sales Comparison Approach: $130.00 to $150.00 per square foot Value PSF of NRA: $138.00 Income Capitalization Approach: Discounted Cash Flow: $2,760,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.75% Discount Rate: 9.00% Market Rent $/sf: $12.00 Market Rent Growth: 3.00% Contract Rent $/sf: $14.89 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,000 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,760,000 Value PSF of NRA: $138.00 Market Leasing Assumptions Retail Market Rent $/sf: $12.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Best Buy Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $297,800 $297,800 $258,215 $254,616 $254,616 $254,616 $254,616 $262,042 $267,347 $267,347 $267,347 Absorption & Turnover Vacancy 0 0 (84,872) 0 0 0 0 0 0 0 0 Scheduled Base Rental Revenue 297,800 297,800 173,343 254,616 254,616 254,616 254,616 262,042 267,347 267,347 267,347 Expense Reimbursement Revenue 97,655 100,585 69,068 106,710 109,912 113,209 116,605 120,104 123,706 127,418 131,240 Total Potential Gross Revenue 395,455 398,385 242,411 361,326 364,528 367,825 371,221 382,146 391,053 394,765 398,587 Effective Gross Revenue 395,455 398,385 242,411 361,326 364,528 367,825 371,221 382,146 391,053 394,765 398,587 Operating Expenses CAM 35,000 36,050 37,132 38,245 39,393 40,575 41,792 43,046 44,337 45,667 47,037 Real Estate Taxes 62,655 64,535 66,471 68,465 70,519 72,634 74,813 77,058 79,369 81,751 84,203 Total Operating Expenses 97,655 100,585 103,603 106,710 109,912 113,209 116,605 120,104 123,706 127,418 131,240 Net Operating Income 297,800 297,800 138,808 254,616 254,616 254,616 254,616 262,042 267,347 267,347 267,347 Leasing & Capital Costs Tenant Improvements 0 0 95,481 0 0 0 0 0 0 0 0 Leasing Commissions 0 0 46,977 0 0 0 0 0 0 0 0 Capital Reserves 4,000 4,120 4,244 4,371 4,502 4,637 4,776 4,919 5,067 5,219 5,376 Total Leasing & Capital Costs 4,000 4,120 146,702 4,371 4,502 4,637 4,776 4,919 5,067 5,219 5,376 Cash Flow Before Debt Service & Taxes $293,800 $293,680 ($7,894) $250,245 $250,114 $249,979 $249,840 $257,123 $262,280 $262,128 $261,971

Best Buy Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $293,800 $269,541 Year 2 Dec-15 293,680 247,185 Year 3 Dec-16 (7,894) (6,096) Year 4 Dec-17 250,245 177,280 Year 5 Dec-18 250,114 162,557 Year 6 Dec-19 249,979 149,054 Year 7 Dec-20 249,840 136,671 Year 8 Dec-21 257,123 129,041 Year 9 Dec-22 262,280 120,761 Year 10 Dec-23 262,128 110,726 Total Cash Flow $2,361,295 $1,496,720 Property Resale @ 8.75% 2,994,286 1,264,819 Total Property Present Value $2,761,539 Rounded $2,760,000 Per Square Foot $138.00

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Best Buy 5635 Johnston St Lafayette LA 45,000 $5,550,000 $123.33 10/4/2013 $492,840 8.88% Best Buy 975 N Point Dr Alpharetta GA 45,321 $8,150,000 $179.83 9/11/2013 $731,870 8.98% Best Buy 3117 Turkey Creek Blvd Joplin MO 30,000 $3,275,000 $109.17 3/28/2013 $270,188 8.25% Best Buy 5025 Jimmy Lee Smith Pky Hiram GA 30,258 $5,200,000 $171.86 9/13/2012 $509,600 9.80% Best Buy 30830 Orchard Lake Rd Farmington Hills MI 45,600 $12,000,000 $263.16 3/2/2012 $957,600 7.98% Best Buy 304 Market Plz Southaven MS 30,645 $4,950,000 $161.53 9/26/2011 $438,570 8.86% Best Buy 7021 120th Ave Kenosha WI 30,000 $6,600,000 $220.00 7/12/2011 $510,180 7.73% Best Buy 5425 S Harvey St Norton Shores MI 30,056 $5,292,000 $176.07 3/30/2011 $394,783 7.46% Best Buy 3725 US Hwy 41 W Marquette MI 30,040 $4,952,000 $164.85 2/15/2011 $387,742 7.83% Min $109.17 7.46% Max $263.16 9.80% Average $174.42 8.42% Concluded Range of Price PSF $130.00 to $150.00 per square foot

PT1037 – Conn’s – Hurst, TX

BASIC INFORMATION Property Name: Conn's Report Type: Restricted Appraisal Report Address: 747 NE Loop 820 Interest Appraised: Leased Fee City: Hurst Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Tarrant Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 76053 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.06 Frontage: Good Gross Land Area (sf): 89,734 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480601 0205K Location Rating: Good FEMA Map Date: 9/25/2009 Number of Parking Spaces: 99 Parking Ratio (per 1,000 SF): 3.92 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1999 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 25,230 Condition Rating: Average Net Rentable Area (sf): 25,230 Actual Age (years): 15 # of Buildings: 1 Tenant: Conn's # of Stories: 1 Land to Building Ratio: 3.56 TAX/ZONING INFORMATION Parcel ID Number(s): 00040996239 Zoning Municipality: City of Hurst Taxing Authority/Jurisdiction: Tarrant County Current Zoning: OCPD, Outdoor Commercial/Planned Development Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $1,750,000 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $46,986 Zoning Change Applied For: No Taxes per sf of NRA: $1.86 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Conn's Current Rent $/sf: $8.39 Tenant S&P Rating: Not Rated Rent Bump Date: October 1, 2016 Lease Expiration: September 30, 2019 Rent at Bump Date $/sf: $8.66 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes and CapEx Comment: None Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,610,000 Sales Comparison Approach: $95.00 to $150.00 per square foot Value PSF of NRA: $103.45 Income Capitalization Approach: Discounted Cash Flow: $2,610,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $10.00 Market Rent Growth: 3.00% Contract Rent $/sf: $8.39 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $5,046 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Basis Point Spread over OAR: 0.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,610,000 Value PSF of NRA: $103.45 Market Leasing Assumptions Retail Market Rent $/sf: $10.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx The tenant has multiple extension options and based on our analysis we have assumed the first option at $8.91/sf is exercised since it is deemed to be below market

Conn's Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $211,800 $211,800 $213,450 $218,400 $218,400 $219,975 $224,700 $224,700 $226,425 $231,600 $231,600 Scheduled Base Rental Revenue 211,800 211,800 213,450 218,400 218,400 219,975 224,700 224,700 226,425 231,600 231,600 Expense Reimbursement Revenue CAM 44,152 45,477 46,841 48,247 49,694 51,185 52,720 54,302 55,931 57,609 59,337 RE Tax 46,986 48,396 49,847 51,343 52,883 54,469 56,104 57,787 59,520 61,306 63,145 Total Reimbursement Revenue 91,138 93,873 96,688 99,590 102,577 105,654 108,824 112,089 115,451 118,915 122,482 Total Potential Gross Revenue 302,938 305,673 310,138 317,990 320,977 325,629 333,524 336,789 341,876 350,515 354,082 Effective Gross Revenue 302,938 305,673 310,138 317,990 320,977 325,629 333,524 336,789 341,876 350,515 354,082 Operating Expenses CAM 44,153 45,477 46,841 48,247 49,694 51,185 52,720 54,302 55,931 57,609 59,337 RE Tax 46,986 48,396 49,847 51,343 52,883 54,470 56,104 57,787 59,520 61,306 63,145 Total Operating Expenses 91,139 93,873 96,688 99,590 102,577 105,655 108,824 112,089 115,451 118,915 122,482 Net Operating Income 211,799 211,800 213,450 218,400 218,400 219,974 224,700 224,700 226,425 231,600 231,600 Leasing & Capital Costs Cap Expenditures Reserve 5,046 5,197 5,353 5,514 5,679 5,850 6,025 6,206 6,392 6,584 6,781 Total Leasing & Capital Costs 5,046 5,197 5,353 5,514 5,679 5,850 6,025 6,206 6,392 6,584 6,781 Cash Flow Before Debt Service & Taxes $206,753 $206,603 $208,097 $212,886 $212,721 $214,124 $218,675 $218,494 $220,033 $225,016 $224,819

Conn's Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $206,753 $190,556 Year 2 Dec-15 206,603 175,500 Year 3 Dec-16 208,097 162,921 Year 4 Dec-17 212,886 153,613 Year 5 Dec-18 212,721 141,469 Year 6 Dec-19 214,124 131,246 Year 7 Dec-20 218,675 123,535 Year 8 Dec-21 218,494 113,763 Year 9 Dec-22 220,033 105,589 Year 10 Dec-23 225,016 99,521 Total Cash Flow $2,143,402 $1,397,714 Property Resale @ 8.25% 2,751,127 1,216,783 Total Property Present Value $2,614,498 Rounded $2,610,000 Per Square Foot $103.45

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Ross Dress for Less 4629 S Hulen St Fort Worth TX 32,400 $4,900,000 $151.23 10/4/2012 $356,230 7.27% Ashley Furniture Homestores 1201 S Earl Rudder Fwy College Station TX 35,000 $5,900,000 $168.57 6/20/2013 $501,500 8.50% Tractor Supply 2911 E Austin St Giddings TX 19,000 $3,251,741 $171.14 12/21/2012 $225,996 6.95% Big Lots 4905 W Waco Dr Waco TX 28,470 $2,600,000 $91.32 12/10/2012 $199,680 7.68% The Container Store 8460 Parkwood Blvd Dallas TX 23,286 $7,950,000 $341.41 5/16/2013 $647,925 8.15% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Tractor Supply 1530 S Main St Boerne TX 19,097 $2,307,124 $120.81 1/5/2011 $194,952 8.45% Min $91.32 6.95% Max $341.41 9.50% Average $164.88 8.25% Concluded Range of Price PSF $95.00 to $150.00 per square foot

PT1038 – Conn’s – Austin, TX

BASIC INFORMATION Property Name: Conn's Report Type: Restricted Appraisal Report Address: 11101 Pecan Park Blvd. Interest Appraised: Leased Fee City: Austin Value Premise: Market Value State: TX Date of Value- "As Is": December 31, 2013 County: Williamson Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 78613 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 3.16 Frontage: Average Gross Land Area (sf): 137,650 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480624 0610E Location Rating: Good FEMA Map Date: 9/26/2008 Number of Parking Spaces: 111 Parking Ratio (per 1,000 SF): 4.45 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2002 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 24,960 Condition Rating: Average Net Rentable Area (sf): 24,960 Actual Age (years): 12 # of Buildings: 1 Tenant: Conn's # of Stories: 1 Land to Building Ratio: 5.51 TAX/ZONING INFORMATION Parcel ID Number(s): 3498-000A-0001 Zoning Municipality: City of Austin Taxing Authority/Jurisdiction: Williamson County & Round Rock ISD Current Zoning: GR, Community Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,885,641 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $71,392 Zoning Change Applied For: No Taxes per sf of NRA: $2.86 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Conn's Current Rent $/sf: $15.02 Tenant S&P Rating: Not Rated Rent Bump Date: October 1, 2014 Lease Expiration: September 30, 2017 Rent at Bump Date $/sf: $15.62 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: Conn's has subleased this property to Savers Thrift Store. and CapEx The terms of the sublease have not been disclosed. Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $4,180,000 Sales Comparison Approach: $120.00 to $180.00 per square foot Value PSF of NRA: $167.47 Income Capitalization Approach: Discounted Cash Flow: $4,180,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.75% Discount Rate: 9.00% Market Rent $/sf: $14.00 Market Rent Growth: 3.00% Contract Rent $/sf: $15.02 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,992 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.75% Basis Point Spread over OAR: 0.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $4,180,000 Value PSF of NRA: $167.47 Market Leasing Assumptions Retail Market Rent $/sf: $14.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Conn's Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $378,571 $389,816 $389,816 $387,823 $393,298 $393,298 $393,298 $393,298 $393,298 $411,324 $412,963 Absorption & Turnover Vacancy (95,461) (32,775) Scheduled Base Rental Revenue 378,571 389,816 389,816 292,362 360,523 393,298 393,298 393,298 393,298 411,324 412,963 Expense Reimbursement Revenue CAM 43,680 44,990 46,340 35,798 45,065 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 71,392 73,534 75,740 58,509 73,656 82,763 85,246 87,803 90,437 93,150 95,945 Total Reimbursement Revenue 115,072 118,524 122,080 94,307 118,721 133,400 137,402 141,524 145,770 150,142 154,647 Total Potential Gross Revenue 493,643 508,340 511,896 386,669 479,244 526,698 530,700 534,822 539,068 561,466 567,610 Effective Gross Revenue 493,643 508,340 511,896 386,669 479,244 526,698 530,700 534,822 539,068 561,466 567,610 Operating Expenses CAM 43,680 44,990 46,340 47,730 49,162 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 71,392 73,534 75,740 78,012 80,352 82,763 85,246 87,803 90,437 93,150 95,945 Total Operating Expenses 115,072 118,524 122,080 125,742 129,514 133,400 137,402 141,524 145,770 150,142 154,647 Net Operating Income 378,571 389,816 389,816 260,927 349,730 393,298 393,298 393,298 393,298 411,324 412,963 Leasing & Capital Costs Tenant Improvements 126,417 Leasing Commissions 72,563 Cap Expenditures Reserve 4,992 5,142 5,296 5,455 5,619 5,787 5,961 6,140 6,324 6,513 6,709 Total Leasing & Capital Costs 4,992 5,142 5,296 5,455 204,599 5,787 5,961 6,140 6,324 6,513 6,709 Cash Flow Before Debt Service & Taxes $373,579 $384,674 $384,520 $255,472 $145,131 $387,511 $387,337 $387,158 $386,974 $404,811 $406,254

Conn's Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $373,579 $342,733 Year 2 Dec-15 384,674 323,772 Year 3 Dec-16 384,520 296,920 Year 4 Dec-17 255,472 180,983 Year 5 Dec-18 145,131 94,325 Year 6 Dec-19 387,511 231,060 Year 7 Dec-20 387,337 211,887 Year 8 Dec-21 387,158 194,302 Year 9 Dec-22 386,974 178,174 Year 10 Dec-23 404,811 170,997 Total Cash Flow $3,497,167 $2,225,152 Property Resale @ 8.75% 4,625,186 1,953,728 Total Property Present Value $4,178,880 Rounded $4,180,000 Per Square Foot $167.47

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Ashley Furniture Homestores 1201 S Earl Rudder Fwy College Station TX 35,000 $5,900,000 $168.57 6/20/2013 $501,500 8.50% Tractor Supply 2911 E Austin St Giddings TX 19,000 $3,251,741 $171.14 12/21/2012 $225,996 6.95% Big Lots 4905 W Waco Dr Waco TX 28,470 $2,600,000 $91.32 12/10/2012 $199,680 7.68% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Tractor Supply 1530 S Main St Boerne TX 19,097 $2,307,124 $120.81 1/5/2011 $194,952 8.45% Min $91.32 6.95% Max $171.14 9.50% Average $137.73 8.43% Concluded Range of Price PSF $120.00 to $180.00 per square foot

PT1039 – Conn’s – Austin, TX

BASIC INFORMATION Property Name: Conn’s Report Type: Restricted Appraisal Report Address: 2531 West Anderson Ln. Interest Appraised: Leased Fee City: Austin Value Premise: Market Value State: TX Date of Value- “As Is”: December 31, 2013 County: Travis Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 78757 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.91 Frontage: Good Gross Land Area (sf): 83,200 Access: Good Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 480624 0455H Location Rating: Good FEMA Map Date: 9/26/2008 Number of Parking Spaces: 58 Parking Ratio (per 1,000 SF): 2.32 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2002 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 24,960 Condition Rating: Average Net Rentable Area (sf): 24,960 Actual Age (years): 12 # of Buildings: 1 Tenant: Conn’s # of Stories: 1 Land to Building Ratio: 3.33 TAX/ZONING INFORMATION Parcel ID Number(s): 02-3904-0302-0000 Zoning Municipality: City of Austin Taxing Authority/Jurisdiction: Travis County Current Zoning: GRV, Community Commercial, with CS1-V Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $2,548,014 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $62,763 Zoning Change Applied For: No Taxes per sf of NRA: $2.51 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Conn’s Current Rent $/sf: $15.47 Tenant S&P Rating: Not Rated Rent Bump Date: July 1, 2014 Lease Expiration: June 30, 2017 Rent at Bump Date $/sf: $16.09 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: CCPT in talks with Ross Dress For Less to take over the and CapEx space with a new 10-year lease at $14.00/sf. These terms Occupancy: 100% are utilized in our second scenario with the new rent assumed to begin 7/1/2014. Conn’s will reimburse CCPT for 70% of the leasing costs for Ross. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,980,000 Sales Comparison Approach: $120.00 to $170.00 per square foot Value PSF of NRA: $159.46 Income Capitalization Approach: Discounted Cash Flow: $3,980,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.75% Discount Rate: 9.50% Market Rent $/sf: $14.00 Market Rent Growth: 3.00% Contract Rent $/sf: $15.47 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,650,000 Sales Comparison Approach: $120.00 to $170.00 per square foot Value PSF of NRA: $146.23 Income Capitalization Approach: Discounted Cash Flow: $3,650,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.75% Discount Rate: 9.00% Market Rent $/sf: $14.00 Market Rent Growth 3.00% Contract Rent $/sf: $15.47 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,992 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.50% Terminal Capitalization Rate: 8.75% Basis Point Spread over OAR: 1.00% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,980,000 Value PSF of NRA: $159.46 Market Leasing Assumptions Retail Market Rent $/sf: $14.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Conn’s Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $393,774 $401,495 $401,495 $391,669 $381,843 $381,843 $381,843 $381,843 $385,025 $400,935 $400,935 Absorption & Turnover Vacancy (127,281) Scheduled Base Rental Revenue 393,774 401,495 401,495 264,388 381,843 381,843 381,843 381,843 385,025 400,935 400,935 Expense Reimbursement Revenue CAM 43,680 44,990 46,340 31,820 49,162 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 62,763 64,646 66,585 45,722 70,640 72,760 74,942 77,191 79,506 81,891 84,348 Total Reimbursement Revenue 106,443 109,636 112,925 77,542 119,802 123,397 127,098 130,912 134,839 138,883 143,050 Total Potential Gross Revenue 500,217 511,131 514,420 341,930 501,645 505,240 508,941 512,755 519,864 539,818 543,985 Effective Gross Revenue 500,217 511,131 514,420 341,930 501,645 505,240 508,941 512,755 519,864 539,818 543,985 Operating Expenses CAM 43,680 44,990 46,340 47,730 49,162 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 62,763 64,646 66,585 68,583 70,640 72,760 74,942 77,191 79,506 81,891 84,348 Total Operating Expenses 106,443 109,636 112,925 116,313 119,802 123,397 127,098 130,912 134,839 138,883 143,050 Net Operating Income 393,774 401,495 401,495 225,617 381,843 381,843 381,843 381,843 385,025 400,935 400,935 Leasing & Capital Costs Tenant Improvements 122,735 Leasing Commissions 70,450 Cap Expenditures Reserve 4,992 5,142 5,296 5,455 5,619 5,787 5,961 6,140 6,324 6,513 6,709 Total Leasing & Capital Costs 4,992 5,142 5,296 198,640 5,619 5,787 5,961 6,140 6,324 6,513 6,709 Cash Flow Before Debt Service & Taxes $388,782 $396,353 $396,199 $26,977 $376,224 $376,056 $375,882 $375,703 $378,701 $394,422 $394,226

Conn’s Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.50% Year 1 Dec-14 $388,782 $355,052 Year 2 Dec-15 396,353 330,563 Year 3 Dec-16 396,199 301,766 Year 4 Dec-17 26,977 18,765 Year 5 Dec-18 376,224 238,988 Year 6 Dec-19 376,056 218,156 Year 7 Dec-20 375,882 199,137 Year 8 Dec-21 375,703 181,774 Year 9 Dec-22 378,701 167,328 Year 10 Dec-23 394,422 159,155 Total Cash Flow $3,485,299 $2,170,685 Property Resale @ 8.75% 4,490,472 1,811,969 Total Property Present Value $3,982,654 Rounded $3,980,000 Per Square Foot $159.46

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,992 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.75% Basis Point Spread over OAR: 1.00% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $3,650,000 Value PSF of NRA: $146.23 Market Leasing Assumptions Retail Market Rent $/sf: $14.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $15.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Conn’s Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $393,774 $365,218 $361,920 $361,920 $361,920 $361,920 $384,800 $386,880 $386,880 $386,880 $386,880 Scheduled Base Rental Revenue 393,774 365,218 361,920 361,920 361,920 361,920 384,800 386,880 386,880 386,880 386,880 Expense Reimbursement Revenue CAM 43,680 44,990 46,340 47,730 49,162 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 62,763 64,646 66,585 68,583 70,640 72,760 74,942 77,191 79,506 81,891 84,348 Total Reimbursement Revenue 106,443 109,636 112,925 116,313 119,802 123,397 127,098 130,912 134,839 138,883 143,050 Total Potential Gross Revenue 500,217 474,854 474,845 478,233 481,722 485,317 511,898 517,792 521,719 525,763 529,930 Effective Gross Revenue 500,217 474,854 474,845 478,233 481,722 485,317 511,898 517,792 521,719 525,763 529,930 Operating Expenses CAM 43,680 44,990 46,340 47,730 49,162 50,637 52,156 53,721 55,333 56,992 58,702 RE Tax 62,763 64,646 66,585 68,583 70,640 72,760 74,942 77,191 79,506 81,891 84,348 Total Operating Expenses 106,443 109,636 112,925 116,313 119,802 123,397 127,098 130,912 134,839 138,883 143,050 Net Operating Income 393,774 365,218 361,920 361,920 361,920 361,920 384,800 386,880 386,880 386,880 386,880 Leasing & Capital Costs Tenant Improvements 490,000 Leasing Commissions 157,248 Cap Expenditures Reserve 4,992 5,142 5,296 5,455 5,619 5,787 5,961 6,140 6,324 6,513 6,709 Total Leasing & Capital Costs 4,992 652,390 5,296 5,455 5,619 5,787 5,961 6,140 6,324 6,513 6,709 Cash Flow Before Debt Service & Taxes $388,782 ($287,172) $356,624 $356,465 $356,301 $356,133 $378,839 $380,740 $380,556 $380,367 $380,171

Conn’s Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $388,782 $356,681 Year 2 Dec-15 (287,172) (241,707) Year 3 Dec-16 356,624 275,379 Year 4 Dec-17 356,465 252,529 Year 5 Dec-18 356,301 231,571 Year 6 Dec-19 356,133 212,350 Year 7 Dec-20 378,839 207,238 Year 8 Dec-21 380,740 191,081 Year 9 Dec-22 380,556 175,219 Year 10 Dec-23 380,367 160,671 Total Cash Flow $3,047,635 $1,821,012 Property Resale @ 8.75% 4,333,056 1,830,330 Total Property Present Value $3,651,341 Rounded $3,650,000 Per Square Foot $146.23

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Ashley Furniture Homestores 1201 S Earl Rudder Fwy College Station TX 35,000 $5,900,000 $168.57 6/20/2013 $501,500 8.50% Tractor Supply 2911 E Austin St Giddings TX 19,000 $3,251,741 $171.14 12/21/2012 $225,996 6.95% Big Lots 4905 W Waco Dr Waco TX 28,470 $2,600,000 $91.32 12/10/2012 $199,680 7.68% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Gander Mountain 2301 Earl Rudder Fwy S College Station TX 67,753 $9,300,000 $137.26 2/2/2012 $883,500 9.50% Tractor Supply 1530 S Main St Boerne TX 19,097 $2,307,124 $120.81 1/5/2011 $194,952 8.45% Min $91.32 6.95% Max $171.14 9.50% Average $137.73 8.43% Concluded Range of Price PSF $120.00 to $170.00 per square foot

PT1040 – Vanguard Car Rental – College Park, GA

BASIC INFORMATION Property Name: Vanguard Car Rental Report Type: Restricted Appraisal Report Address: 3600 Naturally Fresh Blvd. Interest Appraised: Leased Fee City: College Park Value Premise: Market Value State: GA Date of Value- “As Is”: December 31, 2013 County: Fulton Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 30349 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the “As Is” Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 35.00 Frontage: Average Gross Land Area (sf): 1,524,600 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 135160 0457F Location Rating: Average FEMA Map Date: 9/18/2013 Number of Parking Spaces: 398 Parking Ratio (per 1,000 SF): 17.04 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Off Airport Rental Car Storage Year Built: 2002 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 23,360 Condition Rating: Average Net Rentable Area (sf): 23,360 Actual Age (years): 12 # of Buildings: 3 Tenant: Vanguard Car Rental # of Stories: 1 Land to Building Ratio: 65.27 TAX/ZONING INFORMATION Parcel ID Number(s): 13 -0065- LL-047-7 Zoning Municipality: Fulton County Taxing Authority/Jurisdiction: Fulton County Current Zoning: M-1, Light Industrial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $1,325,400 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $55,139 Zoning Change Applied For: No Taxes per sf of NRA: $2.36 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for industrial development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Vanguard Car Rental Current Rent $/sf: $55.88 Tenant S&P Rating: Not Rated Rent Bump Date: None Lease Expiration: December 31, 2022 Rent at Bump Date $/sf: None Expense Recovery: NNN: Tenant pays all Operating, RE Taxes and CapEx Comment: None Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $12,870,000 Sales Comparison Approach: Not Applicable Value PSF of NRA: $550.94 Income Capitalization Approach: Discounted Cash Flow: $12,870,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 9.00% Market Rent $/sf: $25.00 Market Rent Growth: 3.00% Contract Rent $/sf: $55.88 Expense Growth: 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,672 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $12,870,000 Value PSF of NRA: $550.94 Market Leasing Assumptions Car Rental Market Rent $/sf: $25.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $5.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Vanguard Car Rental Schedule of Prospective Cash Flow In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $1,305,452 $1,305,452 $1,305,452 $1,305,452 $1,739,806 $1,739,806 $1,739,806 $1,739,806 $1,739,806 $761,988 $761,988 Absorption & Turnover Vacancy (253,996) Scheduled Base Rental Revenue 1,305,452 1,305,452 1,305,452 1,305,452 1,739,806 1,739,806 1,739,806 1,739,806 1,739,806 507,992 761,988 Expense Reimbursement Revenue CAM 40,880 42,106 43,370 44,671 46,011 47,391 48,813 50,277 51,786 35,559 54,939 RE Tax 56,793 58,497 60,252 62,059 63,921 65,839 67,814 69,848 71,944 49,401 76,325 Total Reimbursement Revenue 97,673 100,603 103,622 106,730 109,932 113,230 116,627 120,125 123,730 84,960 131,264 Total Potential Gross Revenue 1,403,125 1,406,055 1,409,074 1,412,182 1,849,738 1,853,036 1,856,433 1,859,931 1,863,536 592,952 893,252 Effective Gross Revenue 1,403,125 1,406,055 1,409,074 1,412,182 1,849,738 1,853,036 1,856,433 1,859,931 1,863,536 592,952 893,252 Operating Expenses CAM 40,880 42,106 43,370 44,671 46,011 47,391 48,813 50,277 51,786 53,339 54,939 RE Tax 56,793 58,497 60,252 62,059 63,921 65,839 67,814 69,848 71,944 74,102 76,325 Total Operating Expenses 97,673 100,603 103,622 106,730 109,932 113,230 116,627 120,125 123,730 127,441 131,264 Net Operating Income 1,305,452 1,305,452 1,305,452 1,305,452 1,739,806 1,739,806 1,739,806 1,739,806 1,739,806 465,511 761,988 Leasing & Capital Costs Tenant Improvements 198,117 Leasing Commissions 140,587 Cap Expenditures Reserve 4,672 4,812 4,957 5,105 5,258 5,416 5,579 5,746 5,918 6,096 6,279 Total Leasing & Capital Costs 4,672 4,812 4,957 5,105 5,258 5,416 5,579 5,746 5,918 344,800 6,279 Cash Flow Before Debt Service & Taxes $1,300,780 $1,300,640 $1,300,495 $1,300,347 $1,734,548 $1,734,390 $1,734,227 $1,734,060 $1,733,888 $120,711 $755,709

Vanguard Car Rental Discounted Cash Flow Analysis As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $1,300,780 $1,193,376 Year 2 Dec-15 1,300,640 1,094,723 Year 3 Dec-16 1,300,495 1,004,221 Year 4 Dec-17 1,300,347 921,199 Year 5 Dec-18 1,734,548 1,127,337 Year 6 Dec-19 1,734,390 1,034,160 Year 7 Dec-20 1,734,227 948,682 Year 8 Dec-21 1,734,060 870,266 Year 9 Dec-22 1,733,888 798,330 Year 10 Dec-23 120,711 50,990 Total Cash Flow $13,994,086 $9,043,283 Property Resale @ 8.25% 9,051,494 3,823,449 Total Property Present Value $12,866,732 Rounded $12,870,000 Per Square Foot $550.94

LAND VALUATION - COMPARABLE LAND SALE ADJUSTMENT GRID Vanguard Car Rental 3600 Naturally Fresh Blvd. Subject Sale No. 1 Adj. Sale No. 2 Adj. Sale No. 3 Adj. Listing No. 1 Adj. Location 3600 Naturally Fresh Blvd. Anvil Block Rd @ I-675 Buffington Rd @ Carriage Lee Mills Road Buffington Drive City, State College Park, GA Ellenwood, GA Union City, GA C College Park, GA Atlanta, GA Sale price $1,950,000 $1,342,000 $2,639,000 $850,000 Size (Square Feet) 1,524,600 1,927,530 1,411,344 1,529,827 435,600 Sales price per Square Foot $1.01 $0.95 $1.73 $1.95 Terms of sale characteristics Property rights conveyed Fee Simple Fee Simple = Fee Simple = Fee Simple = Fee Simple = Financing terms Market Market = Market = Market = Market = Conditions of sale Normal Normal = Normal = Normal = Normal = Market Conditions Dec-2013 Nov-2013 = Nov-2013 = Mar-2013 + Listing - Location/Physical Adjustments Location Good Inferior + Inferior + Superior - Similar = Access/Frontage Good/Good Similar/Similar = Similar/Similar = Inferior/Inferior + Similar/Similar = Size (Square Feet) 1,524,600 1,927,530 + 1,411,344 = 1,529,827 = 435,600 - Shape/Topography Irregular/Level Irregular/Level = Irregular/Level + Irregular/Level = Irregular/Level = Zoning/Intended Use M-1, Light Industrial HI = M1 = HI = Industrial = Adjusted sale price $1.42 $1.43 $1.72 $1.76 Minimum Adjusted Sale Price: $1.42 Maximum Adjusted Sale Price: $1.76 Mean Adjusted Sale Price: $1.58 Median Adjusted Sale Price: $1.57 Concluded Land Value per Square Foot : $1.75 Indicated value $2,668,050 Interest Acquired 100.00% Concluded Value $2,668,050 Concluded Value (Rounded) $2,670,000

PT1041 – Rite Aid – Buxton, ME

BASIC INFORMATION Property Name: Rite Aid Report Type: Restricted Appraisal Report Address: 226 Parker Farm Rd. Interest Appraised: Leased Fee City: Buxton Value Premise: Market Value State: ME Date of Value- "As Is": December 31, 2013 County: York Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 04093 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 1.84 Frontage: Good Gross Land Area (sf): 80,150 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: C Shape: Regular FEMA Community Map #: 230146 0010B Location Rating: Average FEMA Map Date: 7/5/1982 Number of Parking Spaces: 55 Parking Ratio (per 1,000 SF): 4.92 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 1997 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 11,180 Condition Rating: Average Net Rentable Area (sf): 11,180 Actual Age (years): 17 # of Buildings: 1 Tenant: Rite Aid # of Stories: 1 Land to Building Ratio: 7.17 TAX/ZONING INFORMATION Parcel ID Number(s): 0001-0201 Zoning Municipality: Town of Buxton Taxing Authority/Jurisdiction: Town of Buxton Current Zoning: V, Village Current Tax Year 2014 Current Use = Permitted Use: Yes Current Assessed Value: $1,195,200 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $14,940 Zoning Change Applied For: No Taxes per sf of NRA: $1.34 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Rite Aid Current Rent $/sf: $18.26 Tenant S&P Rating: B- Rent Bump Date: None Lease Expiration: June 30, 2018 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: Currently negotiating lease extension to 6/30/2028 at Landlord pays CapEx $15,311/mo. ($16.43/sf) to 6/30/2018, $16,459/mo. Occupancy: 100% ($17.67/sf) to 6/30/2023, and $17,694/mo. ($18.99/sf) to 6/30/2028. These terms are utilized in our second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,270,000 Sales Comparison Approach: $180.00 to $230.00 per square foot Value PSF of NRA: $203.04 Income Capitalization Approach: Discounted Cash Flow: $2,270,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 9.00% Market Rent $/sf: $16.50 Market Rent Growth: 3.00% Contract Rent $/sf: $18.26 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,290,000 Sales Comparison Approach: $180.00 to $230.00 per square foot Value PSF of NRA: $204.83 Income Capitalization Approach: Discounted Cash Flow: $2,290,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 8.25% Discount Rate: 8.50% Market Rent $/sf: $16.50 Market Rent Growth 3.00% Contract Rent $/sf: $18.26 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,236 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 9.00% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,270,000 Value PSF of NRA: $203.04 Market Leasing Assumptions Retail Market Rent $/sf: $16.50 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $10.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $204,147 $204,147 $204,147 $204,147 $205,885 $207,623 $207,623 $207,623 $207,623 $211,083 $218,004 Absorption & Turnover Vacancy (34,604) Scheduled Base Rental Revenue 204,147 204,147 204,147 204,147 171,281 207,623 207,623 207,623 207,623 211,083 218,004 Expense Reimbursement Revenue CAM 19,565 20,152 20,757 21,379 18,350 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 15,388 15,850 16,325 16,815 14,433 17,839 18,374 18,925 19,493 20,078 20,680 Total Reimbursement Revenue 34,953 36,002 37,082 38,194 32,783 40,520 41,736 42,987 44,277 45,606 46,974 Total Potential Gross Revenue 239,100 240,149 241,229 242,341 204,064 248,143 249,359 250,610 251,900 256,689 264,978 Effective Gross Revenue 239,100 240,149 241,229 242,341 204,064 248,143 249,359 250,610 251,900 256,689 264,978 Operating Expenses CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 15,388 15,850 16,325 16,815 17,319 17,839 18,374 18,925 19,493 20,078 20,680 Total Operating Expenses 34,953 36,002 37,082 38,194 39,340 40,520 41,736 42,987 44,277 45,606 46,974 Net Operating Income 204,147 204,147 204,147 204,147 164,724 207,623 207,623 207,623 207,623 211,083 218,004 Leasing & Capital Costs Tenant Improvements 31,458 Leasing Commissions 31,922 Cap Expenditures 77,500 Reserve 2,236 2,372 2,443 2,517 2,592 2,670 2,750 2,832 2,917 3,005 Total Leasing & Capital Costs 2,236 77,500 2,372 2,443 65,897 2,592 2,670 2,750 2,832 2,917 3,005 Cash Flow Before Debt Service & Taxes $201,911 $126,647 $201,775 $201,704 $98,827 $205,031 $204,953 $204,873 $204,791 $208,166 $214,999

Rite Aid Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 ________________________________________ For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 9.00% Year 1 Dec-14 $201,911 $185,239 Year 2 Dec-15 126,647 106,596 Year 3 Dec-16 201,775 155,807 Year 4 Dec-17 201,704 142,892 Year 5 Dec-18 98,827 64,231 Year 6 Dec-19 205,031 122,253 Year 7 Dec-20 204,953 112,116 Year 8 Dec-21 204,873 102,819 Year 9 Dec-22 204,791 94,291 Year 10 Dec-23 208,166 87,932 Total Cash Flow $1,858,678 $1,174,177 Property Resale @ 8.25% 2,589,623 1,093,885 Total Property Present Value $2,268,062 Rounded $2,270,000 Per Square Foot $203.04

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $2,236 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 8.25% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,290,000 Value PSF of NRA: $204.83 Market Leasing Assumptions Retail Market Rent $/sf: $16.50 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $10.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 75.0% Downtime (months): 9 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Rite Aid Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 ________________________________________ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $193,939 $183,732 $183,732 $183,732 $190,620 $197,508 $197,508 $197,508 $197,508 $204,918 $212,328 Scheduled Base Rental Revenue 193,939 183,732 183,732 183,732 190,620 197,508 197,508 197,508 197,508 204,918 212,328 Expense Reimbursement Revenue CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 15,388 15,850 16,325 16,815 17,319 17,839 18,374 18,925 19,493 20,078 20,680 Total Reimbursement Revenue 34,953 36,002 37,082 38,194 39,340 40,520 41,736 42,987 44,277 45,606 46,974 Total Potential Gross Revenue 228,892 219,734 220,814 221,926 229,960 238,028 239,244 240,495 241,785 250,524 259,302 Effective Gross Revenue 228,892 219,734 220,814 221,926 229,960 238,028 239,244 240,495 241,785 250,524 259,302 Operating Expenses CAM 19,565 20,152 20,757 21,379 22,021 22,681 23,362 24,062 24,784 25,528 26,294 RE Tax 15,388 15,850 16,325 16,815 17,319 17,839 18,374 18,925 19,493 20,078 20,680 Total Operating Expenses 34,953 36,002 37,082 38,194 39,340 40,520 41,736 42,987 44,277 45,606 46,974 Net Operating Income 193,939 183,732 183,732 183,732 190,620 197,508 197,508 197,508 197,508 204,918 212,328 Leasing & Capital Costs Cap Expenditures 77,500 Reserve 2,236 2,372 2,443 2,517 2,592 2,670 2,750 2,832 2,917 3,005 Total Leasing & Capital Costs 2,236 77,500 2,372 2,443 2,517 2,592 2,670 2,750 2,832 2,917 3,005 Cash Flow Before Debt Service & Taxes $191,703 $106,232 $181,360 $181,289 $188,103 $194,916 $194,838 $194,758 $194,676 $202,001 $209,323

Rite Aid Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 ________________________________________ For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $191,703 $176,685 Year 2 Dec-15 106,232 90,239 Year 3 Dec-16 181,360 141,988 Year 4 Dec-17 181,289 130,813 Year 5 Dec-18 188,103 125,097 Year 6 Dec-19 194,916 119,473 Year 7 Dec-20 194,838 110,069 Year 8 Dec-21 194,758 101,405 Year 9 Dec-22 194,676 93,421 Year 10 Dec-23 202,001 89,342 Total Cash Flow $1,829,876 $1,178,532 Property Resale @ 8.25% 2,522,199 1,115,532 Total Property Present Value $2,294,064 Rounded $2,290,000 Per Square Foot $204.83

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Rite Aid 1080 S West End Blvd Quakertown PA 14,564 $6,375,000 $437.72 7/10/2013 $494,063 7.75% Rite Aid 317 Main St Farmington ME 14,673 $5,050,000 $344.17 6/12/2013 $424,200 8.40% Rite Aid 331 Main St Nashua NH 15,086 $3,262,533 $216.26 2/4/2013 $277,315 8.50% The Rite Aid Plaza 1 S River Rd Bedford NH 23,540 $3,850,000 $163.55 9/10/2012 $327,250 8.50% Wawa/Rite Aid 664-668 Haddon Ave Collingswood NJ 9,800 $2,490,000 $254.08 2/28/2012 $196,212 7.88% Rite-Aid 21 Columbia St Adams MA 10,504 $1,600,000 $152.32 8/2/2011 $144,000 9.00% Rite Aid 1900 Ocean St Marshfield MA 13,876 $2,754,000 $198.47 2/14/2011 $235,467 8.55% Rite Aid 1329 Hyde Park Ave Hyde Park MA 13,556 $3,025,000 $223.15 2/10/2011 $272,250 9.00% Min $152.32 7.75% Max $437.72 9.00% Average $248.72 8.45% Concluded Range of Price PSF $180.00 to $230.00 per square foot

PT1043 – Tractor Supply – Topeka, KS

BASIC INFORMATION Property Name: Tractor Supply Report Type: Restricted Appraisal Report Address: 5235 SW Topeka Blvd Interest Appraised: Leased Fee City: Topeka Value Premise: Market Value State: KS Date of Value- "As Is": December 31, 2013 County: Shawnee Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 66609 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 4.55 Frontage: Average Gross Land Area (sf): 198,198 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 205187 0306E Location Rating: Average FEMA Map Date: 9/29/2011 Number of Parking Spaces: 76 Parking Ratio (per 1,000 SF): 3.07 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2006 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 24,727 Condition Rating: Good Net Rentable Area (sf): 24,727 Actual Age (years): 8 # of Buildings: 1 Tenant: Tractor Supply # of Stories: 1 Land to Building Ratio: 8.02 TAX/ZONING INFORMATION Parcel ID Number(s): 1393003006029010 Zoning Municipality: City of Topeka Taxing Authority/Jurisdiction: Shawnee County Current Zoning: I1-Light Industrial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $540,851 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $87,976 Zoning Change Applied For: No Taxes per sf of NRA: $3.56 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Tractor Supply Current Rent $/sf: $9.16 Tenant S&P Rating: Not Rated Rent Bump Date: May 3, 2016 Lease Expiration: May 2, 2021 Rent at Bump Date $/sf: $10.07 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: Currently negotiating lease extension to 12/31/2028 at and CapEx $18,866/mo. ($9.16/sf). These terms are utilized in our Occupancy: 100% second scenario with the new rent assumed to begin 7/1/2014. VALUATION SUMMARY - SCENARIO 1 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,490,000 Sales Comparison Approach: $75.00 to $150.00 per square foot Value PSF of NRA: $100.70 Income Capitalization Approach: Discounted Cash Flow: $2,490,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.75% Discount Rate: 8.50% Market Rent $/sf: $9.00 Market Rent Growth: 3.00% Contract Rent $/sf: $9.16 Expense Growth: 3.00% VALUATION SUMMARY - SCENARIO 2 Cost Approach Value: Not Applicable Midpoint Value Conclusion: $2,640,000 Sales Comparison Approach: $75.00 to $150.00 per square foot Value PSF of NRA: $106.77 Income Capitalization Approach: Discounted Cash Flow: $2,640,000 Exposure Time: 6-9 months Terminal Capitalization Rate: 7.50% Discount Rate: 7.75% Market Rent $/sf: $9.00 Market Rent Growth 3.00% Contract Rent $/sf: $9.16 Expense Growth 3.00%

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 1 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,945 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 8.50% Terminal Capitalization Rate: 7.75% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,490,000 Value PSF of NRA: $100.70 Market Leasing Assumptions Retail Market Rent $/sf: $9.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New $/sf: $15.00 Tenant Improvements-Renewal $/sf: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 1 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $226,392 $226,392 $241,488 $249,036 $249,036 $249,036 $249,036 $243,054 $240,062 $240,062 $240,062 Absorption & Turnover Vacancy (80,021) Scheduled Base Rental Revenue 226,392 226,392 241,488 249,036 249,036 249,036 249,036 163,033 240,062 240,062 240,062 Expense Reimbursement Revenue CAM 37,954 39,093 40,265 41,473 42,718 43,999 45,319 31,119 48,079 49,521 51,007 RE Tax 78,321 80,671 83,091 85,584 88,151 90,796 93,520 64,217 99,215 102,192 105,257 Total Reimbursement Revenue 116,275 119,764 123,356 127,057 130,869 134,795 138,839 95,336 147,294 151,713 156,264 Total Potential Gross Revenue 342,667 346,156 364,844 376,093 379,905 383,831 387,875 258,369 387,356 391,775 396,326 Effective Gross Revenue 342,667 346,156 364,844 376,093 379,905 383,831 387,875 258,369 387,356 391,775 396,326 Operating Expenses CAM 43,272 44,570 45,908 47,285 48,703 50,164 51,669 53,219 54,816 56,460 58,154 RE Tax 89,296 91,975 94,734 97,576 100,503 103,519 106,624 109,823 113,118 116,511 120,006 Total Operating Expenses 132,568 136,545 140,642 144,861 149,206 153,683 158,293 163,042 167,934 172,971 178,160 Net Operating Income 210,099 209,611 224,202 231,232 230,699 230,148 229,582 95,327 219,422 218,804 218,166 Leasing & Capital Costs Tenant Improvements 120,031 Leasing Commissions 44,291 Cap Expenditures Reserve 4,945 5,094 5,247 5,404 5,566 5,733 5,905 6,082 6,265 6,453 6,646 Total Leasing & Capital Costs 4,945 5,094 5,247 5,404 5,566 5,733 5,905 170,404 6,265 6,453 6,646 Cash Flow Before Debt Service & Taxes $205,154 $204,517 $218,955 $225,828 $225,133 $224,415 $223,677 ($75,077) $213,157 $212,351 $211,520

Tractor Supply Discounted Cash Flow Analysis - Scenario 1 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 8.50% Year 1 Dec-14 $205,154 $189,082 Year 2 Dec-15 204,517 173,728 Year 3 Dec-16 218,955 171,422 Year 4 Dec-17 225,828 162,952 Year 5 Dec-18 225,133 149,724 Year 6 Dec-19 224,415 137,554 Year 7 Dec-20 223,677 126,361 Year 8 Dec-21 (75,077) (39,090) Year 9 Dec-22 213,157 102,290 Year 10 Dec-23 212,351 93,920 Total Cash Flow $1,878,110 $1,267,941 Property Resale @ 7.75% 2,758,744 1,220,152 Total Property Present Value $2,488,094 Rounded $2,490,000 Per Square Foot $100.70

DISCOUNTED CASH FLOW ASSUMPTIONS - SCENARIO 2 General Cash Flow Assumptions Cash Flow Software: Argus Valuation - DCF 15.0.1.26 Cash Flow Start Date: 1/1/2014 Calendar or Fiscal Analysis: Fiscal Investment Holding Period (Yrs): 10 Reversion Year (Yrs): 11 Growth Rates General Inflation: 3.00% Market Rent: 3.00% Expenses: 3.00% Real Estate Taxes: 3.00% Vacancy & Collection Loss General Vacancy: 0.00% Credit & Collection Loss: 0.00% Total Vacancy & Collection Loss1: 0.00% Capital Expenditures Total Year 1 CAPEX & Leasing Costs $4,945 Reserves for Replacement ($/psf/year) $0.20 Rates of Return Discount Rate: 7.75% Terminal Capitalization Rate: 7.50% Reversionary Sales Cost: 2.00% Valuation Midpoint Market Value: $2,640,000 Value PSF of NRA: $106.77 Market Leasing Assumptions Retail Market Rent $/sf: $9.00 Rent Escalations: 5% After 5 Years Leasing Commissions-New: 6.0% Leasing Commissions-Renewal: 0.0% Tenant Improvements-New: $15.00 Tenant Improvements-Renewal: $0.00 Renewal Probability: 70.0% Downtime (months): 12 Market Term (years): 10 Rent Abatements: 0 Reimbursement Method: NN 2 1 Included in discount rate 2 Tenant pays all Operating & RE Taxes, Landlord pays CapEx

Tractor Supply Schedule of Prospective Cash Flow - Scenario 2 In Inflated Dollars for the Fiscal Year Begining December 31, 2013 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 For the Years Ending Dec-2014 Dec-2015 Dec-2016 Dec-2017 Dec-2018 Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Potential Gross Revenue Base Rental Revenue $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 $226,392 Scheduled Base Rental Revenue 226,392 226,392 226,392 226,392 226,392 226,392 226,392 226,392 226,392 226,392 226,392 Expense Reimbursement Revenue CAM 37,954 39,093 40,265 41,473 42,718 43,999 45,319 46,679 48,079 49,521 51,007 RE Tax 78,321 80,671 83,091 85,584 88,151 90,796 93,520 96,325 99,215 102,192 105,257 Total Reimbursement Revenue 116,275 119,764 123,356 127,057 130,869 134,795 138,839 143,004 147,294 151,713 156,264 Total Potential Gross Revenue 342,667 346,156 349,748 353,449 357,261 361,187 365,231 369,396 373,686 378,105 382,656 Effective Gross Revenue 342,667 346,156 349,748 353,449 357,261 361,187 365,231 369,396 373,686 378,105 382,656 Operating Expenses CAM 43,272 44,570 45,908 47,285 48,703 50,164 51,669 53,219 54,816 56,460 58,154 RE Tax 89,296 91,975 94,734 97,576 100,503 103,519 106,624 109,823 113,118 116,511 120,006 Total Operating Expenses 132,568 136,545 140,642 144,861 149,206 153,683 158,293 163,042 167,934 172,971 178,160 Net Operating Income 210,099 209,611 209,106 208,588 208,055 207,504 206,938 206,354 205,752 205,134 204,496 Leasing & Capital Costs Cap Expenditures Reserve 4,945 5,094 5,247 5,404 5,566 5,733 5,905 6,082 6,265 6,453 6,646 Total Leasing & Capital Costs 4,945 5,094 5,247 5,404 5,566 5,733 5,905 6,082 6,265 6,453 6,646 Cash Flow Before Debt Service & Taxes $205,154 $204,517 $203,859 $203,184 $202,489 $201,771 $201,033 $200,272 $199,487 $198,681 $197,850

Tractor Supply Discounted Cash Flow Analysis - Scenario 2 As of December 31, 2013 For the PV of Cash Analysis Year Annual Cash Flow Period Ending Flow @ 7.75% Year 1 Dec-14 $205,154 $190,398 Year 2 Dec-15 204,517 176,155 Year 3 Dec-16 203,859 162,959 Year 4 Dec-17 203,184 150,737 Year 5 Dec-18 202,489 139,417 Year 6 Dec-19 201,771 128,930 Year 7 Dec-20 201,033 119,219 Year 8 Dec-21 200,272 110,225 Year 9 Dec-22 199,487 101,896 Year 10 Dec-23 198,681 94,185 Total Cash Flow $2,020,447 $1,374,123 Property Resale @ 7.50% 2,672,081 1,266,709 Total Property Present Value $2,640,832 Rounded $2,640,000 Per Square Foot $106.77

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Tractor Supply N/A Marion IN 19,097 $3,010,000 $157.62 Under Contract $241,005 8.01% Tractor Supply N/A Chickasha OK 19,185 $3,244,000 $169.09 Under Contract $229,950 7.09% Tractor Supply 994 US Highway 27 S Cynthiana KY 40,700 $1,955,080 $48.04 7/10/2013 $175,957 9.00% Tractor Supply 276 S Hwy 16 Denver NC 19,097 $4,209,250 $220.41 4/3/2012 $331,689 7.88% Tractor Supply 90 Marketplace Dr Newnan GA 19,097 $3,943,000 $206.47 11/21/2012 $279,953 7.10% Tractor Supply 8005 Marketplace Dr Oak Ridge NC 21,677 $3,539,000 $163.26 11/18/2013 $256,578 7.25% Tractor Supply Co. 2310 Mercury Blvd Murfreesboro TN 24,000 $3,246,000 $135.25 7/28/2011 $243,450 7.50% Tractor Supply 1266 Highway 641 S Paris TN 22,670 $2,250,000 $99.25 12/21/2011 $189,675 8.43% Tractor Supply 4768 US Hwy 250 Norwalk OH 19,048 $1,375,000 $72.19 8/6/2013 $93,775 6.82% Tractor Supply 2911 E Austin St Giddings TX 19,000 $3,251,741 $171.14 12/21/2012 $225,996 6.95% Min $48.04 6.82% Max $220.41 9.00% Average $144.27 7.60% Concluded Range of Price PSF $75.00 to $150.00 per square foot

PT1046 – AutoZone – Yorkville, IL

BASIC INFORMATION Property Name: AutoZone Report Type: Restricted Appraisal Report Address: 958 North Bridge St Interest Appraised: Leased Fee City: Yorkville Value Premise: Market Value State: IL Date of Value- "As Is": December 31, 2013 County: Kendall Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 60560 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: The property was purchased on 6/25/13 for $1,912,000 from Highland Properties, Inc. At the time of sale, the transaction was at or near market levels. To our knowledge, the property has not sold in the past three years (other than the previously described transaction), and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 0.73 Frontage: Average Gross Land Area (sf): 31,755 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: X Shape: Regular FEMA Community Map #: 170347 0039G Location Rating: Average FEMA Map Date: 2/4/2009 Number of Parking Spaces: 30 Parking Ratio (per 1,000 SF): 4.06 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2006 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 7,381 Condition Rating: Good Net Rentable Area (sf): 7,381 Actual Age (years): 8 # of Buildings: 1 Tenant: AutoZone # of Stories: 1 Land to Building Ratio: 4.30 TAX/ZONING INFORMATION Parcel ID Number(s): 02-28-329-032 Zoning Municipality: United City of Yorkville Taxing Authority/Jurisdiction: Kendall County Current Zoning: B-3, Service Business District Current Tax Year 2012 Current Use = Permitted Use: Yes Current Assessed Value: $713,247 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $74,057 Zoning Change Applied For: No Taxes per sf of NRA: $10.03 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: AutoZone Current Rent $/sf: $18.00 Tenant S&P Rating: BBB Rent Bump Date: None Lease Expiration: November 30, 2026 Rent at Bump Date $/sf: None Expense Recovery: NN; Tenant pays all Operating & RE Taxes, Comment: None Landlord pays CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $1,950,000 Sales Comparison Approach: $240.00 to $290.00 per square foot Value PSF of NRA: $264.19 Income Capitalization Approach: Direct Capitalization $1,950,000 Exposure Time: 6-9 months Overall Capitalization Rate: 6.75% Market Rent $/sf: $18.00 Contract Rent $/sf: $18.00

AutoZone Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $132,864 $18.00 Expense Reimbursement Revenue 39,431 5.34 Total Potential Gross Revenue $172,295 $23.34 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $172,295 $23.34 Operating Expenses CAM $12,917 $1.75 Real Estate Taxes 26,514 3.59 Total Operating Expenses $39,431 $5.34 Capital Reserves $1,476 0.20 Net Operating Income $131,388 $17.80 Overall Capitalization Rate 6.75% Indicated Property Value $1,946,486 $263.72 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $1,950,000 $264.19

Comparable Sales Property Square Estimated Name Address City State Footage Price Price PSF Date NOI Cap Rate AutoZone 12440 S Us Highway 71 Grandview MO 6,600 $1,175,000 $178.03 8/15/2013 $77,550 6.60% AutoZone 958 N Bridge St Yorkville IL 7,381 $1,912,000 $259.04 6/25/2013 $129,060 6.75% AutoZone 6401 S King Dr Chicago IL 7,278 $2,000,000 $274.80 4/30/2013 $146,400 7.32% AutoZone 850 W Dundee Rd Wheeling IL 6,786 $2,950,000 $434.72 1/15/2013 $199,125 6.75% AutoZone 405 S Halleck St Demotte IN 7,370 $1,075,000 $145.86 10/21/2011 $89,978 8.37% AutoZone 671 E Lincoln Hwy New Lenox IL 7,370 $2,267,500 $307.67 3/7/2011 $164,394 7.25% Min $145.86 6.60% Max $434.72 8.37% Average $266.69 7.17% Concluded Range of Price PSF $240.00 to $290.00 per square foot

PT1047 – Dollar General – Broken Bow, OK

BASIC INFORMATION Property Name: Dollar General Report Type: Restricted Appraisal Report Address: 906 South Park Dr Interest Appraised: Leased Fee City: Broken Bow Value Premise: Market Value State: OK Date of Value- "As Is": December 31, 2013 County: McCurtain Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 74728 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: The property was purchased on 1/4/2013 for $1,771,000 from Broken Bow GSDG, LLC. At the time of sale, the transaction was at or near market levels. To our knowledge, the property has not sold in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 2.31 Frontage: Average Gross Land Area (sf): 100,624 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Average Excess Land Area (sf): 0 Topography: Level Flood Zone: Panel not printed - no special flood hazard Shape: Regular FEMA Community Map #: 400107 0750D Location Rating: Average FEMA Map Date: 7/22/2010 Number of Parking Spaces: 47 Parking Ratio (per 1,000 SF): 3.79 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2012 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 12,406 Condition Rating: Good Net Rentable Area (sf): 12,406 Actual Age (years): 2 # of Buildings: 1 Tenant: Dollar General # of Stories: 1 Land to Building Ratio: 8.11 TAX/ZONING INFORMATION Parcel ID Number(s): 219-24-06S-24E-4-072-00 Zoning Municipality: City of Broken Bow Taxing Authority/Jurisdiction: McCurtain County Current Zoning: C5, Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $97,975 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $8,460 Zoning Change Applied For: No Taxes per sf of NRA: $0.68 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Dollar General Current Rent $/sf: $10.56 Tenant S&P Rating: BBB- Rent Bump Date: November 1, 2022 Lease Expiration: October 31, 2027 Rent at Bump Date $/sf: $10.88 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes Comment: None and CapEx Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $1,870,000 Sales Comparison Approach: $135.00 to $165.00 per square foot Value PSF of NRA: $150.73 Income Capitalization Approach: Direct Capitalization $1,870,000 Exposure Time: 6-9 months Overall Capitalization Rate: 7.00% Market Rent $/sf: $9.00 Contract Rent $/sf: $10.56

Dollar General Direct Capitalization Approach As of December 31, 2013 Amount PSF Potential Gross Revenue Rental Revenue $130,996 $10.56 Expense Reimbursement Revenue 32,779 2.64 Total Potential Gross Revenue $163,774 $13.20 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $163,774 $13.20 Operating Expenses CAM $21,711 $1.75 Real Estate Taxes 8,587 0.69 Capital Reserves 2,481 0.20 Total Operating Expenses $32,779 $2.64 Net Operating Income $130,996 $10.56 Overall Capitalization Rate 7.00% Indicated Property Value $1,871,367 $150.84 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $1,870,000 $150.73

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Dollar General 15298 Pike Rd Athens AL 9,026 $1,680,000 $186.13 12/10/2013 $116,256 6.92% Dollar General 15449 ONeal Rd Gulfport MS 9,100 $1,663,752 $182.83 9/5/2013 $116,463 7.00% Dollar General 6401 E Kenosha St Broken Arrow OK 9,026 $1,261,970 $139.81 8/26/2013 $88,338 7.00% Dollar General 103 N Kelley St Bokchito OK 9,026 $1,026,000 $113.67 2/24/2013 $74,385 7.25% Dollar General 906 South Park Dr Broken Bow OK 12,406 $1,771,000 $142.75 1/4/2013 $128,398 7.25% Dollar General 2210 N Church St Harrah OK 9,014 $1,030,650 $114.34 12/21/2012 $82,452 8.00% Min $113.67 6.92% Max $186.13 8.00% Average $146.59 7.24% Concluded Range of Price PSF $135.00 to $165.00 per square foot

PT1048 – Sunoco – Merritt Island, FL

BASIC INFORMATION Property Name: Sunoco Report Type: Restricted Appraisal Report Address: 1760 East Merritt Island Cswy Interest Appraised: Leased Fee City: Merritt Island Value Premise: Market Value State: FL Date of Value- "As Is": December 31, 2013 County: Brevard Owner of Record: Cole Credit Property Trust, Inc. Zip Code: 32952 Intended User: Cole Credit Property Trust, Inc. Purpose of the Appraisal: To estimate the "As Is" Market Value of the subject property as of December 31, 2013. Ownership History: The property was purchased on 4/12/2013 for $3,047,353 from S&S Enterprises, Inc. At the time of sale, the transaction was at or near market levels. To our knowledge, other than the sale described in April 2013, the property has not been involved in any other sales in the past three years, and is not currently being offered for sale. Further, the property is not subject to an option for sale. SITE INFORMATION Gross Land Area (Acres): 0.73 Frontage: Good Gross Land Area (sf): 31,755 Access: Average Excess Land Area (Acres): 0.0 Site Visibility: Good Excess Land Area (sf): 0 Topography: Level Flood Zone: AE and X Shape: Regular FEMA Community Map #: 120592 0360E Location Rating: Average FEMA Map Date: 4/3/1989 Number of Parking Spaces: 10 Parking Ratio (per 1,000 SF): 4.30 Parking Type: Paved open surface parking BUILDING INFORMATION Type of Property: Retail Year Built: 2009 Property Subtype: Net Leased Last Major Renovation: The building has not been renovated. Gross Building Area (sf): 2,325 Condition Rating: Average Net Rentable Area (sf): 2,325 Actual Age (years): 5 # of Buildings: 1 Tenant: Sunoco # of Stories: 1 Land to Building Ratio: 13.66 TAX/ZONING INFORMATION Parcel ID Number(s): 2437310031 Zoning Municipality: Brevard County Taxing Authority/Jurisdiction: Brevard County Current Zoning: BU2, Retail, Housing and Wholesale Commercial Current Tax Year 2013 Current Use = Permitted Use: Yes Current Assessed Value: $535,000 Current Use Compliance: The subject represents a legal and conforming use. Current Tax Liability: $11,236 Zoning Change Applied For: No Taxes per sf of NRA: $4.83 Zoning Variance Applied For: No HIGHEST & BEST USE As Vacant: As Improved: The highest and best use of the subject property as vacant is for retail development. The highest and best use of the subject property as improved is continued use as is. LEASE SUMMARY Tenant: Sunoco Current Rent $/sf: $96.34 Tenant S&P Rating: Not Rated Rent Bump Date: April 1, 2016; 2019; 2022; 2025; 2028 Lease Expiration: March 25, 2029 Rent at Bump Date $/sf: $105.97; $116.57; $128.22; $141.05; $155.15 Expense Recovery: NNN: Tenant pays all Operating, RE Taxes and CapEx Comment: None Occupancy: 100% VALUATION SUMMARY Cost Approach Value: Not Applicable Midpoint Value Conclusion: $3,200,000 Sales Comparison Approach: $1,000.00 to $1,500.00 per square foot Value PSF of NRA: $1,376.34 Income Capitalization Approach: Direct Capitalization $3,200,000 Exposure Time: 6-9 months Overall Capitalization Rate: 7.00% Market Rent $/sf: $95.00 Contract Rent $/sf: $96.34

Sunoco Direct Capitalization Approach As of December 31, 2013 Potential Gross Revenue Amount PSF Rental Revenue $223,980 $96.34 Expense Reimbursement Revenue 16,107 6.93 Total Potential Gross Revenue $240,088 $103.26 Vacancy Loss $0 $0.00 Collection Loss 0 0.00 Effective Gross Income $240,088 $103.26 Operating Expenses CAM $4,069 $1.75 Real Estate Taxes 11,573 4.98 Capital Reserves 465 0.20 Total Operating Expenses $16,107 $6.93 Net Operating Income $223,980 $96.34 Overall Capitalization Rate 7.00% Indicated Property Value $3,199,721 $1,376.22 Less: Capital Expenditures $0 $0.00 Indicated Property Value (Rounded) $3,200,000 $1,376.34

Comparable Sales Square Estimated Property Name Address City State Footage Price Price PSF Date NOI Cap Rate Hess Station 24435 Allapattah Rd Homestead FL 3,514 $3,060,000 $870.80 10/29/2013 $192,474 6.29% Mobil 4150 Pga Blvd Palm Beach Gardens FL 2,797 $5,000,000 $1,787.63 4/22/2013 $380,500 7.61% Sunoco 600 S Courtenay Pky Merritt Island FL 2,353 $2,809,105 $1,193.84 4/12/2013 $209,278 7.45% Sunoco 1760 East Merritt Island Cswy Merritt Island FL 2,325 $3,047,353 $1,310.69 4/12/2013 $216,972 7.12% 7 Eleven 381 S Avalon Park Blvd Orlando FL 2,725 $1,900,000 $697.25 1/24/2013 $110,010 5.79% 7 Eleven 2135 Tamiami Trl E Naples FL 2,759 $3,600,000 $1,304.82 12/18/2012 $225,000 6.25% Chevron Station 24800 SW 177th Ave Homestead FL 1,500 $825,000 $550.00 9/10/2012 $41,250 5.00% Pappas Plaza 1940 Us-19 Holiday FL 1,400 $915,000 $653.57 6/7/2012 $78,050 8.53% 7 Eleven 4520 Bonita Beach Rd Bonita Springs FL 3,257 $2,520,400 $773.84 5/29/2012 $155,005 6.15% 7 Eleven 11008 S Orange Blossom Trl Orlando FL 2,941 $3,125,200 $1,062.63 4/25/2012 $203,138 6.50% Exxon 1100 N Federal Hwy Fort Lauderdale FL 3,633 $4,150,000 $1,142.31 6/8/2011 $228,250 5.50% 7 Eleven 4227 E State Road 64 Bradenton FL 2,940 $2,105,000 $715.99 5/27/2011 $153,034 7.27% Min $550.00 5.00% Max $1,787.63 8.53% Average $1,005.28 6.62% Concluded Range of Price PSF $1,000.00 to $1,500.00 per square foot

Notes Payable Fair Value Summary TOTAL Principal Interest Total Fixed - PV @ “Market” Rate $76,703,023 $5,855,846 $82,558,868 Variable - PV @ “Market” Rate $5,742,792 $299,120 $6,041,912 Book Value at 12/31/13 $85,906,077 Difference $2,694,704 In determining the estimated market interest rates, we have considered the leverage, property type and weighted average years to maturity of the outstanding debt to estimate the spread. See calculation of market interest rates below. Support for rates is shown in the Cushman and Wakefield Capital Markets as of 12/31/13. VARIABLE RATE Years Base Rate Spread Total 5 0.17% 2.025% 2.19% FIXED RATE Base Treasury Years Rate Spread Total 0.5 0.100% 3.150% 3.250% 1 0.130% 3.150% 3.280% 2 0.380% 3.150% 3.530% 3 0.780% 3.150% 3.930% 4 1.265% 3.150% 4.415% 5 1.750% 3.150% 4.900% 6 2.100% 2.800% 4.900% 7 2.450% 2.800% 5.250% 8 2.745% 2.800% 5.545% 10 3.040% 2.800% 5.840%

Fair Value Date: 12/31/2013 Entity: CV Whiteville NC TS Woodstock VA CV Lago Vista TX EK Hayes VA EK Spartanburg SC EK Travelers Rest SC TS Paducah KY RA St. Mary’s OH Date Of Note 3/10/05 4/29/05 6/3/05 7/8/05 6/29/05 7/15/05 7/22/05 7/26/05 Final Due Date 3/11/15 5/11/15 7/11/15 7/11/15 7/11/15 8/11/15 8/11/15 8/11/15 Years Remaining 1.19 1.36 1.53 1.53 1.53 1.61 1.61 1.61 Fixed (Stated) Rate 5.27% 5.45% 5.42% 5.55% 5.55% 5.63% 5.64% 5.64% “Market” Rate 3.28% 3.53% 3.53% 3.53% 3.53% 3.53% 3.53% 3.53% Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Ending Balance 12/31/2013 1,736,000 - - 1,658,000 - - 3,151,000 - - 2,773,000 - - 3,406,000 - - 3,137,000 - - 1,187,000 - - 1,687,000 - - January 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 February 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 March 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 April 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 May 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 June 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 July 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 August 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 September 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 October 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 November 2014 1,736,000 - 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 December 2014 - 1,736,000 7,624 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 January 2015 - - - 1,658,000 - 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 February 2015 - - - - 1,658,000 7,530 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 March 2015 - - - - - - 3,151,000 - 14,232 2,773,000 - 12,825 3,406,000 - 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 April 2015 - - - - - - - 3,151,000 14,232 - 2,773,000 12,825 - 3,406,000 15,753 3,137,000 - 14,718 1,187,000 - 5,579 1,687,000 - 7,929 May 2015 - - - - - - - - - - - - - - - - 3,137,000 14,718 - 1,187,000 5,579 - 1,687,000 7,929 June 2015 - - - - - - - - - - - - - - - - - - - - - - - - July 2015 - - - - - - - - - - - - - - - - - - - - - - - - August 2015 - - - - - - - - - - - - - - - - - - - - - - - - September 2015 - - - - - - - - - - - - - - - - - - - - - - - - October 2015 - - - - - - - - - - - - - - - - - - - - - - - - November 2015 - - - - - - - - - - - - - - - - - - - - - - - - December 2015 - - - - - - - - - - - - - - - - - - - - - - - - January 2016 - - - - - - - - - - - - - - - - - - - - - - - - February 2016 - - - - - - - - - - - - - - - - - - - - - - - - March 2016 - - - - - - - - - - - - - - - - - - - - - - - - April 2016 - - - - - - - - - - - - - - - - - - - - - - - - May 2016 - - - - - - - - - - - - - - - - - - - - - - - - June 2016 - - - - - - - - - - - - - - - - - - - - - - - - July 2016 - - - - - - - - - - - - - - - - - - - - - - - - August 2016 - - - - - - - - - - - - - - - - - - - - - - - - September 2016 - - - - - - - - - - - - - - - - - - - - - - - - October 2016 - - - - - - - - - - - - - - - - - - - - - - - - November 2016 - - - - - - - - - - - - - - - - - - - - - - - - December 2016 - - - - - - - - - - - - - - - - - - - - - - - - January 2017 - - - - - - - - - - - - - - - - - - - - - - - - February 2017 - - - - - - - - - - - - - - - - - - - - - - - - March 2017 - - - - - - - - - - - - - - - - - - - - - - - - April 2017 - - - - - - - - - - - - - - - - - - - - - - - - May 2017 - - - - - - - - - - - - - - - - - - - - - - - - June 2017 - - - - - - - - - - - - - - - - - - - - - - - - July 2017 - - - - - - - - - - - - - - - - - - - - - - - - August 2017 - - - - - - - - - - - - - - - - - - - - - - - - September 2017 - - - - - - - - - - - - - - - - - - - - - - - - October 2017 - - - - - - - - - - - - - - - - - - - - - - - - November 2017 - - - - - - - - - - - - - - - - - - - - - - - - December 2017 - - - - - - - - - - - - - - - - - - - - - - - - Present Value “Market” Rate - Principal 1,680,058 1,591,201 3,006,337 2,645,691 3,249,630 2,984,201 1,129,183 1,604,828 Present Value “Market” Rate - Interest 89,882 103,131 222,118 200,160 245,852 243,699 92,376 131,288 Purchase Price (Gross Asset Value) 2,670,000 3,015,000 4,847,860 4,266,000 5,239,773 4,826,493 2,158,600 3,050,000 Midpoint Estimated Market Value 3,100,000 3,000,000 6,300,000 4,000,000 4,900,000 4,500,000 2,200,000 3,100,000 LTV% (Loan Value / Purchase Price) 56.0% 55.3% 50.0% 69.3% 69.5% 69.7% 54.0% 54.4%

Fair Value Date: 12/31/2013 Entity: TS Glasgow KY VG Atlanta GA TS Topeka KS CN Rochester MN RBS Loan Pool - 22 Entities Date Of Note 8/17/05 6/9/06 8/9/07 9/27/13 4/1/10 Final Due Date 9/11/15 6/11/16 9/1/17 3/31/14 4/11/15 Years Remaining 1.70 2.45 3.67 0.25 1.28 Fixed (Stated) Rate 5.53% 6.56% 5.88% 5.75% 7.06% Weighted Average (CMBS & Mezzanine) “Market” Rate 3.53% 3.93% 4.42% 3.25% 3.28% Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Int @ Fixed Ending Principal Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Rate Balance Payments Int @ Fixed Rate Ending Balance 12/31/2013 1,388,000 - - 8,625,000 - - 1,677,500 - - 300,000 - - 49,180,577 - - January 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 300,000 - 1,438 49,124,858 55,719 298,851 February 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 300,000 - 1,438 49,068,917 55,941 298,629 March 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - 300,000 1,438 48,983,875 85,042 269,527 April 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,927,251 56,624 297,946 May 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,860,796 66,455 288,114 June 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,803,638 57,158 297,411 July 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,736,662 66,975 287,594 August 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,678,964 57,699 296,871 September 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - 48,621,031 57,932 296,637 October 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - 48,621,031 286,841 November 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - December 2014 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - January 2015 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - February 2015 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - March 2015 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - April 2015 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - May 2015 1,388,000 - 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - June 2015 - 1,388,000 6,396 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - July 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - August 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - September 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - October 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - November 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - December 2015 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - January 2016 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - February 2016 - - - 8,625,000 - 47,150 1,677,500 - 8,225 - - - - - - March 2016 - - - - 8,625,000 47,150 1,677,500 - 8,225 - - - - - - April 2016 - - - - - - 1,677,500 - 8,225 - - - - - - May 2016 - - - - - - 1,677,500 - 8,225 - - - - - - June 2016 - - - - - - 1,677,500 - 8,225 - - - - - - July 2016 - - - - - - 1,677,500 - 8,225 - - - - - - August 2016 - - - - - - 1,677,500 - 8,225 - - - - - - September 2016 - - - - - - 1,677,500 - 8,225 - - - - - - October 2016 - - - - - - 1,677,500 - 8,225 - - - - - - November 2016 - - - - - - 1,677,500 - 8,225 - - - - - - December 2016 - - - - - - 1,677,500 - 8,225 - - - - - - January 2017 - - - - - - 1,677,500 - 8,225 - - - - - - February 2017 - - - - - - 1,677,500 - 8,225 - - - - - - March 2017 - - - - - - 1,677,500 - 8,225 - - - - - - April 2017 - - - - - - 1,677,500 - 8,225 - - - - - - May 2017 - - - - - - 1,677,500 - 8,225 - - - - - - June 2017 - - - - - - - 1,677,500 8,225 - - - - - - July 2017 - - - - - - - - - - - - - - - August 2017 - - - - - - - - - - - - - - - September 2017 - - - - - - - - - - - - - - - October 2017 - - - - - - - - - - - - - - - November 2017 - - - - - - - - - - - - - - - December 2017 - - - - - - - - - - - - - - - Present Value “Market” Rate - Principal 1,316,520 7,896,222 1,437,727 297,576 47,863,850 Present Value “Market” Rate - Interest 111,979 1,216,484 319,553 4,289 2,875,033 Purchase Price (Gross Asset Value) 2,524,000 14,375,000 3,050,000 7,400,000 72,680,000 Midpoint Estimated Market Value 2,600,000 12,900,000 2,600,000 3,000,000 81,900,000 LTV% (Loan Value / Purchase Price) 53.4% 66.9% 64.5% 10.0% 60.0%

Fair Value Date: 12/31/2013 Entity: GM Houston TX Date Of Note 12/10/12 Final Due Date 12/10/15 Years Remaining 1.94 State Rate 2.54% “Market” Rate 2.19% Ending Principal Balance Payments Int @ Fixed Rate Ending Balance 12/31/2013 6,000,000 January 2014 6,000,000 - 12,750 February 2014 6,000,000 - 12,750 March 2014 6,000,000 - 12,750 April 2014 6,000,000 - 12,750 May 2014 6,000,000 - 12,750 June 2014 6,000,000 - 12,750 July 2014 6,000,000 - 12,750 August 2014 6,000,000 - 12,750 September 2014 6,000,000 - 12,750 October 2014 6,000,000 - 12,750 November 2014 6,000,000 - 12,750 December 2014 6,000,000 - 12,750 January 2015 6,000,000 - 12,750 February 2015 6,000,000 - 12,750 March 2015 6,000,000 - 12,750 April 2015 6,000,000 - 12,750 May 2015 6,000,000 - 12,750 June 2015 6,000,000 - 12,750 July 2015 6,000,000 - 12,750 August 2015 6,000,000 - 12,750 September 2015 6,000,000 - 12,750 October 2015 6,000,000 - 12,750 November 2015 6,000,000 - 12,750 December 2015 - 6,000,000 12,750 Present Value “Market” Rate - Principal 5,742,792 Present Value “Market” Rate - Interest 299,120 Midpoint Estimated Market Value 14,500,000