It’s our passion to empower people to be secure, free, and generous.

1031 portfoliosOur net-leased platform features 1031-exchangeable DST portfolios of long-term, net-leased properties backed by investment grade corporations. We target corporate tenants that successfully operate in the necessity-based retail and healthcare industries to provide investments that feature secure capital, stable income, and strategic exits.

preferred equity & reitsExchangeRight also provides non-1031 preferred equity and REIT investments that are structured to benefit from ExchangeRight's 1031 syndication platform and aggregation strategy. These preferred equity and REIT investments are designed to provide investors with stable monthly or quarterly cash distributions and enhanced liquidity and return potential via strategic exits.

In order to accomplish our mission, we provide real estate investments that target secure capital, stable income, and strategic exits.

2

about exchangeright

24+17+11+6+6+5+5+5+4+4+13T O P T E N T E N A N T S % O F N O I

Walgreens 24.23%

Dollar General 16.78%

Tractor Supply 10.71%

Kroger 6.30%

Hobby Lobby 5.75%

Family Dollar 4.90%

Hy-Vee 4.77%

Advance Auto Parts 4.56%

Fresenius Medical Care 4.21%

BioLife Plasma Services L.P. 4.01%

Over 99% of our portfolio tenants are investment-grade or companies that exhibit investment-grade metrics.

WALGREENS

19 OTHERCREDIT

TENANTS

TRACTORSUPPLYKROGER

DOLLARGENERALFAMILY

DOLLAR

HY-VEE

AAP

FMC

BL

HOBBYLOBBY

ExchangeRight has built a highly diversified, aggregated portfolio of net-leased properties backed by investment grade credit tenants that operate successfully in the necessity retail and healthcare space so that we may provide investors with secure capital, stable income, and a strategic exit.

38S TAT E S

2.38xA V E R A G E D E B T S E R V I C E

C O V E R A G E R AT I O

9I N D U S T R I E S

355M A R K E T S

100%L E A S E D

P O R T F O L I O

11.03 YearsW E I G H T E D - A V E R A G E

L E A S E T E R M

29T E N A N T S

S U M M A R Y O F E X C H A N G E R I G H T ' S A S S E T S U N D E R M A N A G E M E N T

L E A S E R O L L O V E R B Y Y E A R D E B T M AT U R I T Y S C H E D U L E

20

15

10

5

0

15

12

9

6

3

0

2028

2029

2022

2023

2021

2020

2019

2024

2025

2026

2027

2038

2039

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2032

2033

2031

2030

2034

2035

2036

2037

0.4

2.93.7

4.53.3

7.86.8

13.1 13.5

7.48.2

9.0 8.4

6.1

1.4 1.2 1.0 0.8 0.6 0.41 0.88

2.54

5.294.24

9.31

12.34 12.17

L E A S E R O L L O V E R B Y Y E A R D E B T M AT U R I T Y S C H E D U L E

The debt maturity schedule is displayed as a percentage of ExchangeRight's Assets Under Management. All statistics are presented as of June 30, 2019.

3

assets under management

In preparation for the next recession, ExchangeRight creates portfolios of assets with significant diversification and scale that are designed to pay stable cash flow, provide downside protection, and safeguard investments for the right exit timing. The chart below shows the contrast between the net operating incomes (NOIs) of all the major asset classes per data provided by CoStar and the NOIs of two different portfolios of net-leased assets backed by national credit tenants throughout the most recent recession.

*The NOI for the Necessity-Based Retail data set is derived from the SEC filings of the largest publicly traded net-leased REIT, Realty Income Trust (NYSE: O). The NOI for ExchangeRight is derived from properties under ExchangeRight’s management that were in operation during the same period and that include some of, and are similar in many respects to, the properties in the Trust. Realty Income Trust generated approximately 51% of its rent from investment-grade tenants for the year-ended 12/31/2018. ExchangeRight's rents are generated by tenants that are over 99% investment-grade or exhibit investment-grade metrics. All NOIs are indexed to 100 to show how they changed throughout the recession. These historical figures are being provided to help explain the Trust's business strategy. These are not guarantees or predictions of future performance; as such, undue reliance should not be placed on them. In the event of a market downturn, there may be disruption in performance.

80

85

90

95

100

105

N O I I N D E X : Q 1 2 0 0 8 – Q 4 2 0 1 0

2008 2009 2010

101.96101.15100.32

89.13

88.2188.80

Apartment Industrial Office Retail ExchangeRight* Necessity-Based Retail*

4

recession resilient

Together with our affiliates, we have over $2.1 billion in assets under management diversified across more than 600 properties of 14 million square feet located throughout 38 different states.

› $2.1+ Billion of assets under management

› 14+ Million square feet under management

› Focus on investment-grade, necessity-based retail and healthcare

› Invested across 600+ properties

› Diversi� ed across 38 states

› All o� erings are currently meeting or exceeding investor cash � ow distribution projections

› Past performance is no guarantee of future results. All AUM statistics as of 6/30/19.

States with ER and affiliates’ AUM

ExchangeRight provides a vertically integrated, fully scalable real estate platform.

› Underwriting and Acquisitions

› Financing and Structuring

› Leasing and Tenant Retention

› Marketing and Dispositions

› Asset and Property Management

› Analysis and Legal

› Institutional-Quality Investor Reporting

› Monthly Investor Distributions

Past performance of the Sponsor and any past offerings is not indicative of future results.Liquidity and exit objectives or results are not guaranteed.

43 OfferingsA L L C U R R E N T O F F E R I N G S A R E M E E T I N G O R E X C E E D I N G

I N V E S T O R C A S H F L O W D I S T R I B U T I O N P R O J E C T I O N S

Over 2,500 InvestorsE N T R U S T E X C H A N G E R I G H T W I T H T H E S T E W A R D S H I P

O F T H E I R W E A LT H A N D I N C O M E

5

corporate overview

ExchangeRight intends to take advantage of its fully scalable platform and deep industry relationships to strategically acquire single-tenant, net-leased necessity retail and healthcare properties with the goal of seeking enhanced returns and liquidity for shareholders. ExchangeRight will seek this liquidity via a sale of its assets, a merger with another REIT or REITs, a listing of its shares on a national securities exchange, or an initial public offering. It is important to understand that this strategy describes ExchangeRight's current intended exit approach and may change based on future circumstances outside of its control.

ExchangeRight will be aiming for its total net-leased necessity retail and healthcare properties under management to grow to $3-4+ billion within the next few years. ExchangeRight believes this will be a portfolio size that will be attractive and marketable for a larger aggregated sale, merger, listing, and/or initial public offering. ExchangeRight believes that this scale is achievable based on the fact that it currently manages a proprietary pipeline of over $2.1 billion in assets and is currently on pace to acquire $600+ million of additional single-tenant, net-leased necessity retail and healthcare properties annually from its off-market developer, tenant, and seller relationships and other net-leased market sources.

While there can be no guarantee that we will meet our intended goals or that a liquidity or exit transaction will take place within our targeted time frame, ExchangeRight intends to pursue such an exit or liquidity event if we believe that it will be in the best interests of the shareholders and will provide them with enhanced liquidity and value.

Past performance of the Sponsor and any past offerings is not indicative of future results. Liquidity and exit objectives, timing, and results are not guaranteed.

ExchangeRight currently manages over $2.1 billion of assets diversified across 600+ properties and 38 states with significant experience acquiring and managing net-leased properties.

Launch AggregationAccumulationYears 1–4 Est. Year 5

Liquidity/Exit

$2.1+ BillionE X C H A N G E R I G H T ’ S

A U M

$600+ Million/YearA D D I T I O N A L N E T - L E A S E D

A C Q U I S I T I O N S

+ +

$3–4+ BillionO F A G G R E G A T E D

A U M

S A L E

M E R G E R

P U B L I C L I S T I N G

I P O

ExchangeRight's corporate portfolio is significantly diversified to not be overly dependent on any one property, location, tenant, lease, industry, debt term, or sale period for its cash flow and value.

6

liquidity and exit strategy

ExchangeRight tracks the performance and metrics of publicly-traded net-leased REITs to ensure that its portfolio and offering construction are in alignment with its ultimate exit and liquidity strategy. The graph below compares the key metrics of publicly traded net-lease REITs against the current and past returns of ExchangeRight's assets under management.

key assumptions and sourcesInvestments are subject to market risk. Past performance may not be indicative of future results.

1. As of 6/30/2019. Source: Ycharts, a financial data research platform. Share price reflects closing share price on 6/28/2019.

2. “WALT” refers to “weighted average lease term”. ExchangeRight lease terms are as of 6/30/19. Source for public REITs was 2019 10Qs.

3. Debt to Assets for ExchangeRight is calculated on a comparable funds from operations (FFO) yield-to-equity value basis.

4. ExchangeRight 5-yr average historical dividend yield as of 6/30/19.

reit name tkrmarket

cap1shareprice1

dividend yield1

5-yr avg historical dividend yield1

walt(years)2

l-t debt % of total assets3

Realty Income Corporation O $21.83 B $68.97 3.88% 4.37% 9.20 44.5%

National Retail Properties, Inc. NNN $8.62 B $53.01 3.77% 4.23% 11.40 40.0%

Agree Realty Corp. ADC $2.46 B $64.05 3.47% 4.51% 10.10 35.9%

STORE Capital STOR $7.54 B $33.19 3.98% 4.42% 14.00 44.1%

Acadia Realty Trust AKR $2.27 B $27.37 4.06% 3.39% Not Disclosed 39.6%

Weighted average of public REIT comparables (based on Market Capitalization) 3.86% 4.30% 10.62 42.8%

ExchangeRight Net-Leased AUM as of 6/30/19 6.61% 7.10% 11.03 46.6%

Difference between ExchangeRight Net-Leased AUM and public REIT comparables 71.3% 65.0% 3.8% 9.1%

7

public market comparables

offering description

targetedannualized cash flow

actualannualized cash flow

NLP 25 Portfolio of 21 long-term net-leased properties leased to BioLife Plasma Services (2), Dollar General (8), Family Dollar (2), Hobby Lobby (1), Hy-Vee (1), Tractor Supply (3) and Walgreens (4) 6.10% 6.15%

NLP 24Portfolio of 24 long-term net-leased properties leased to Advance Auto Parts (2), BioLife Plasma Services (2), CVS (1), Dollar General (5), Dollar Tree (1), Fresenius Medical Care (1), Pick ‘n Save (Kroger guaranty) (1), Sherwin Williams (1), Tractor Supply (3), and Walgreens (7)

6.13% 6.13%

NLP 23 Portfolio of 24 long-term net-leased properties leased to Advance Auto Parts (2), AutoZone (2), Dollar General (8), Family Dollar (2), GIANT Food Store (1), Tractor Supply (2), and Walgreens (7) 6.19% 6.30%

NLP 22Portfolio of 15 long-term net-leased properties leased to BioLife Plasma Services (1), CVS (1), Dollar General (4), Family Dollar (1), First Midwest Bank (1), Fresenius Medical Care (1), Pick ‘n Save (Kroger guaranty) (1), Tractor Supply (2), and Walgreens (3)

6.25% 6.25%

NLP 21 Portfolio of 20 long-term net-leased properties leased to Advance Auto Parts (1), Dollar General (6), Fresenius Medical Care (3), Hobby Lobby (1), Napa Auto Parts (2), O’Reilly Auto Parts (1), Tractor Supply (3), and Walgreens (3) 6.38% 6.42%

NLP 20Portfolio of 16 long-term net-leased properties leased to Advance Auto Parts (1), BioLife Plasma Services (1), Dollar General (4), Fresenius Medical Care (1), Napa Auto Parts (1), Pick ‘n Save (Kroger guaranty) (1), Tractor Supply (2), Verizon Wireless (1), and Walgreens (2)

6.50% 6.50%

NLP 19 Portfolio of 21 long-term net-leased properties leased to Advance Auto Parts (2), CVS (1), Dollar General (9), Fresenius Medical Care (2), Hobby Lobby (1), Napa Auto Parts (2), Verizon Wireless (1), and Walgreens (3) 6.76% 6.76%

NLP 18 Portfolio of 17 long-term net-leased properties leased to Advance Auto Parts (1), CVS (1), Dollar General (6), Fresenius Medical Care (1), Hobby Lobby (1), Napa Auto Parts (1), Tractor Supply (2), and Walgreens (4) 6.64% 6.64%

NLP 17 Portfolio of 16 long-term net-leased properties leased to Advance Auto Parts (1), Dollar General (7), Goodwill (1), Pick ‘n Save (Kroger guaranty) (1), Napa Auto Parts (1), Tractor Supply (2), Verizon Wireless (1), and Walgreens (2) 6.84% 6.84%

NLP 16 Portfolio of 19 long-term net-leased properties leased to Advance Auto Parts (3), Dollar General (7), Family Dollar (1), Hobby Lobby (1), Sherwin Williams (1), Tractor Supply (2), and Walgreens (4) 6.78% 6.78%

NLP 15Portfolio of 16 long-term net-leased properties leased to Advance Auto Parts (2), CVS (1), Dollar General (6), Family Dollar (1), Fresenius Medical Care (1), Goodwill (1), Hobby Lobby (1), Indianapolis Osteopathic Hospital (1), and Walgreens (2)

6.53% 6.53%

NLP 14Portfolio of 17 long-term net-leased properties leased to Advance Auto Parts (1), Athletico Physical Therapy (1), Dollar General (6), Fresenius Medical Care (2), MedSpring (1), Napa Auto Parts (1), O’Reilly Auto Parts (1), Tractor Supply (1), and Walgreens (3)

6.53% 6.60%

NLP 13 Portfolio of 20 long-term net-leased properties leased to Advance Auto Parts (1), CVS (1), Dollar General (5), Family Dollar (4), Hobby Lobby (1), Napa Auto Parts (1), Sherwin Williams (4), Tractor Supply (1), and Walgreens (2) 6.64% 6.80%

NLP 12 Portfolio of 19 long-term net-leased properties leased to Advance Auto Parts (3), Dollar General (9), Family Dollar (1), Fresenius Medical Care (1), Kroger (1), Napa Auto Parts (2), Tractor Supply (1), and Walgreens (1) 6.15% 6.30%

NLP 11Portfolio of 17 long-term net-leased properties leased to Advance Auto Parts (3), CVS (1), Dollar General (5), Family Dollar (2), Hobby Lobby (1), Napa Auto Parts (3), Sherwin-Williams (1), and Walgreens (1)

6.77% 6.77%

net-leased portfolios closed offerings

full-cycle offeringsoffering description

targetedannualized cash flow

actualannualized cash flow

Van Mark Creek Apartments Class B apartment community consisting of 144 units 7.16% 7.27 %

Net-Leased Preferred Equity Fund 2 Shorter-term fund to acquire and syndicate assets for the Sponsor 8–12% 10.00%

Net-Leased Preferred Equity Fund 1 Shorter-term fund to acquire and syndicate assets for the Sponsor 12–20% 14.00%

Acquisition Notes Shorter-term fund to acquire and syndicate assets for the Sponsor 12–14% 12.00%

8

exchangeright track record

Past performance is no guarantee of future results. Targeted cash flows are not guaranteed and could be lower than anticipated. This material is not a recommendation or solicitation to buy any security, as all such offers can be made only by a private placement memorandum. DSTs, and real estate investments are speculative and require a high level of due diligence. The due diligence performed does not guarantee investment performance. There are material risks associated with investing in real estate. Some include total loss of principal, declining market values, tenant vacancies and that they are illiquid investments.

net-leased portfolios closed offerings (cont.)offering description

targetedannualized cash flow

actualannualized cash flow

NLP 10Portfolio of 22 long-term net-leased properties leased to Advance Auto Parts (3), AutoZone (1), CVS (1), Dollar General (5), Dollar Tree (1), Family Dollar (4), Napa Auto Parts (2), O’Reilly Auto Parts (2), PNC Bank (1), and Tractor Supply (2)

7.09% 7.09%

NLP 9 Portfolio of 22 long-term net-leased properties leased to Advance Auto Parts (4), AutoZone (4), CVS (1), Dollar General (9), Hobby Lobby (1), Napa Auto Parts (2), and TCF National Bank (1) 7.17% 7.17%

NLP 8 Portfolio of 13 long-term net-leased properties leased to Advance Auto Parts (3), AutoZone (2), CVS (1), Dollar General (2), Family Dollar (1), Franciscan Alliance (1), Ross Stores (1), and Tractor Supply (2) 7.46% 7.46%

NLP 7 Portfolio of 16 long-term net-leased properties leased to Family Dollar (4), Dollar General (8), Advance Auto Parts (1), CVS (1), Napa Auto Parts (1), and O’Reilly Auto Parts (1) 7.77% 7.77%

NLP 6 Portfolio of 16 long-term net-leased properties leased to Family Dollar (3), Dollar General (8), Advance Auto Parts (1), AutoZone (1), CVS (1), Dollar Tree (1), and Tractor Supply (1) 7.61% 7.61%

NLP 5 Portfolio of 14 long-term net-leased properties leased to Family Dollar (5), Dollar General (4), Advance Auto Parts (2), AutoZone (1), Sherwin Williams (1), and The Christ Hospital (1) 7.58% 7.58%

NLP 4 Portfolio of 11 long-term net-leased properties leased to Family Dollar (8), Dollar General (1), Aaron’s (1), and Advance Auto Parts (1) 7.00% 7.00%

NLP 3 Portfolio of 9 long-term net-leased properties leased to Family Dollar (8) and Dollar General (1) 7.52% 7.52%

NLP 2 Portfolio of 7 long-term net-leased properties leased to Family Dollar (6) and Dollar General (1) 7.45% 7.45%

NLP 1 Portfolio of 2 long-term net-leased properties leased to Family Dollar. One of the two properties sold in January 2015 at a 10.59% net profit to investors. 7.25% 7.25%

preferred equity funds and acquisition notes offering description

targetedannualized cash flow

actualannualized cash flow

Net-Leased Preferred Equity Fund 3 Shorter-term fund to acquire and syndicate assets for the Sponsor 8.25% 8.25%

Acquisition Notes 3 Shorter-term fund to acquire and syndicate assets for the Sponsor 8.25% 8.25%

Acquisition Notes 2 Shorter-term fund to acquire and syndicate assets for the Sponsor 8–12% 10.00%

offering description

targetedannualized cash flow

actualannualized cash flow

El Paso Apartment Portfolio 2 Class B apartment communities consisting of 393 units 5.95% 6.03%

Crystal Lake Apartments 1 Class B apartment community consisting of 224 units 6.55% 7.11%

North Austin Apartments 3 Class B apartment communities consisting of 422 units 6.61% 6.61%

Lakeside at Arbor Place 1 Class B apartment community consisting of 246 units 6.86% 6.86%

Mira Bella and San Martin 2 Class B apartment communities consisting of 378 units 6.81% 6.81%

multifamily offerings closed offerings

9

exchangeright track record (cont.)

S&P Rated: Investment Grade BBB (Long-Term)A-2 (Short-Term)

S&P Rated: Investment Grade BBB (Long-Term)A-2 (Short-Term)

S&P Rated (DLTR): Investment Grade BBB-(Long-Term)

No Publicly-Rated Debt

S&P Rated: Investment Grade BBB (Long-Term)A-2 (Short-Term)

Advance Stores Company, Inc. is a wholly-owned subsidiary of Advance Auto Parts, Inc., which is Investment Grade BBB-

No Publicly-Rated Debt

S&P Rated: Investment Grade BBB+

NAIC Rated: Investment Grade 2 (NAIC discloses that their “2” rating is the equivalent of a BBB-, BBB, or BBB+ investment grade rating by S&P)

ExchangeRight's platform focuses on national tenants that have remained resilient and profitable even through recessions and that have investment-grade credit or that are private or unrated and exhibit investment-grade characteristics.

top 10 tenants

Fresenius Medical Care Holdings, Inc.’s parent has a credit rating of BBB by S&P

10

creditworthy tenants with recession resiliency

Warren Thomas, CPA Managing Member Warren is the co-founder and president over a number of integrated wealth management and securitized real estate companies with Joshua Ungerecht and is focused on the securitization, broker-dealer, and registered representative relations sides of the business. Warren has over 35 years of experience as a CPA and has been an active commercial real estate investor for the past 20 years. He maintains Series 6, 7, 22, 24, 39, 63, 66, and 79 Securities Licenses.

David Fisher, CPA Managing Member David enjoyed a successful career in banking and � nance for 20 years before focusing on the management success of ExchangeRight and his own investments. Over the years, David and his banking teams have executed international � nancings in excess of $8 billion. He has been an active real estate investor for the past 15 years and has interests in over 50 partnerships across 27 states. He earned national honors with the Elijah Watt Sells Award on the May 1993 CPA exam.

Joshua Ungerecht Managing MemberJoshua is focused on the operations, investment structuring, and acquisitions aspects of ExchangeRight. Concurrently, he serves as CEO and Chief Investment O� cer over a number of integrated wealth management and securitized real estate companies. He developed one of the industry’s leading due diligence platforms in securitized real estate analysis. He also maintains Series 7, 22, 24, 63, 65, and 79 Securities Licenses and an active California real estate broker’s license.

ACQUISITIONS

Jennifer ChaseDirector of Acquisitions

Deborah DunlopSenior Paralegal

Antoinette BacaAcquisitions Coordinator

Kathleen JuContract Admin

Stephanie LeeExec Assistant to Legal

Rahsaana AllenGeneral Counsel

ACCOUNTING

Juliet MelikianSta� Accountant

Wesley LaVelleSta� Accountant

Marisa DimovSta� Accountant

Karina OvergaardSr Accountant

Dean MillerSta� Accountant

Leah FrinkSr Accountant

Carrie GarciaAssistant Controller

ASSET MANAGEMENT

Meryl MaglayaDepartment Lead

Kevin TenkmanWork Order Coord

Maureen LittleWork Order Coord

Julie CorreaAdmin Assistant

Janna GrigoryanAsset Manager

Kelly Ann PepinDepartment Lead

Sharlene Francis Asset Mgmt

Charles KimVP, Asset Mgmt

RIA AND BROKER-DEALER RELATIONS

Beth VelozSenior Vice President

Geo� FlahardyDir of Natl Accounts

Larry BaronInternal Wholesaler

Zach PlahnInternal Wholesaler

David GunnelsSenior Vice President

Scott PetermanInternal Wholesaler

David McCurdySenior Vice President

KEY MANAGEMENT

Susana DrydenChief Operating O� cer

Kevin Steines, CPAController

Dave Van Steenis, CPA/CFAChief Financial O� cer

INVESTOR RELATIONS

Janessa De La RivaInvestor Relations Manager

Joanna KuAdmin Assistant

Shannon BaileyInvestor Relations Assoc

OPERATIONS

Christie BurrowOperations Manager

Abby BaghdasarianExecutive Assistant

Jenifer MulcahyO� ce Manager

Casey KoestnerExecutive Assistant

Mary Lynn DeagonExecutive Assistant

ANALYSIS TEAM

Sara SeamanAnalyst

William SpencerSr Invest Analyst

Aaron BushAnalyst

Josh DeloAnalyst

Chris RogersAnalyst

11

exchangeright team

It’s our passion to empower people to be secure, free, and generous.

www.exchangeright.com1055 e . colorado blvd. , ste. 3 10, pasadena, ca 91106

phone: (855) 31 -right (855) 317-4448 | fax: (877) 711 -4047 | info@exchangeright.com

R E V 0 8/19