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0. HOLDINGS Great Frontier Holdings I Long -Term Industrial Sale -Leaseback TENANT OVERVIEW GFH's roots date back to 2004. Over a pint, founders Nikos Ridge and Jamie Floyd were introduced through mutual friends. United by entrepreneurial ambition and passion for beer, the two crafted a partnership to form Ninkasi Brewing Company in 2006, each contributing specialized knowledge bases. Ridge worked in finance in Manhattan for half a decade and Floyd spent a decade operating Steelhead Brewing. Ninkasi is the Sumerian Goddess of Fermentation, and literally translates to, "the ladywho fills the mouth." Going all in, Ridge and Floyd amassed enough startup capital to produce its inaugural batch, Total Domination IPA, in leased space in Springfield, OR and continued brewing in small German restaurant with 15 barrels. In 2007, Ninkasi planted its flag in Eugene's Whitaker neighborhood. Between 2006-2013, Ninkasi invested more than $5MM* in brewing infrastructure at 272 VB before reaching capacity that led to the build -to -suit of 220 B, where Ninkasi committed an incremental $12MM* in brewing infrastructure between 2013-2021. 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 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. Recognizing how consumer tastes & preferences were evolving in 2021, Ninkasi ran a strategic alternatives assessment, and executed a comprehensive re -branding in 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 220 B added hard seltzer, hard tea, and hard lemonade to its production runs. ► GFH fuses two west coast brands with complimentary beverage offerings and the economies of scale offered by 272 VB's and 220 Bs state-of-the-art .brewing infrastructure to insource other authentic west coast brands with unmet potential brands like Ecliptic Brewing (acquired Nov 2023). ► This success underscores the effectiveness of the re -branding efforts of the combined group and highlights GFH's resilience and adaptability in meeting evolving consumer preferences. *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.