Tly <br />HOLDINGS <br />Great Frontier Holdings I Long -Term Industrial Sale -Leaseback <br />TENANT OVERVIEW <br />GFH's roots date back to 2004. Over a pint, founders Nikos Ridge and Jamie Floyd were introduced through mutual friends. United <br />by entrepreneurial ambition and passion for beer, the two crafted a partnership to form Ninkasi Brewing Company in 2006, each <br />contributing specialized knowledge bases. Ridge worked in finance in Manhattan for half a decade and Floyd spent a decade operating <br />Steelhead Brewing. <br />Ninkasi is the Sumerian Goddess of Fermentation, and literally translates to, "the lady who fills the mouth." Going all in, Ridge and Floyd <br />amassed enough startup capital to produce its inaugural batch, Total Domination IPA, in leased space in Springfield, OR and continued <br />brewing in small German restaurant with 15 barrels. <br />In 2007, Ninkasi planted its flag in Eugene's Whitaker neighborhood. Between 2006-2013, Ninkasi invested more than $5MM* <br />in brewing infrastructure at 272 VB before reaching capacity that led to the build -to -suit of 220 B, where Ninkasi .committed an <br />incremental $12MM* in brewing infrastructure between 2013-2021. <br />In lieu of going national, Ridge and Floyd focused on developing the Ninkasi Beer brand with a strategic focus on the Pacific Northwest("PNW") by cultivating strategic <br />distributor and retail relations. Investing in these relationships paid off. Ninkasi is consistently ranked in the top 10 of IRI data for grocery store sales in the PNW. <br />Recognizing how consumer tastes & preferences were evolving in 2021, Ninkasi ran a strategic alternatives assessment, and executed a comprehensive re -branding in <br />2022 to expand market share in new beverage categories by forming Great Frontier Holdings. Under a licensing agreement with California's Wings & Arrow, 272 VB and <br />220 B added hard seltzer, hard tea, and hard lemonade to its production runs. <br />► GFH fuses two west coast brands with complimentary beverage offerings and the economies of scale offered by 272 VB's and 220 B's state-of-the-art <br />brewing infrastructure to insource other authentic west coast brands with unmet potential brands like Ecliptic Brewing (acquired Nov 2023). <br />This success underscores the effectiveness of the re -branding efforts of the combined group and highlights GFH's resilience and adaptability in meeting <br />evolving consumer preferences. <br />*Historical book value, excluding real estate and leasehold improvements. Barry-Wehmiller Design Group engaged to full replacement cost study. Expected to be finalized in early -to -mid December. <br />