FrontView REIT Inc

1. BUSINESS OPERATIONS

NADG NNN Property Fund LP (the “Partnership”) was formed on January 6, 2016 (the “Inception Date”), to provide investors with the opportunity to invest in a portfolio of high quality, primarily single tenant net leased properties located in the United States (“U.S.”).

NADG NNN Operating LP (the “Operating LP”) is the entity through which the Partnership conducts its business and owns (either directly or through subsidiaries) all of the Partnership’s properties. The Partnership has a 78.68% ownership interest in the Operating LP as of September 30, 2024 and 72.89% as of December 31, 2023 (see Note 2(a)).

The general partner of the Partnership is NADG NNN Property Fund GP, LLLP (the “General Partner”). The limited partners of the Partnership are U.S. investors (collectively, the “U.S. LP”) who invest directly in the Partnership and NADG NNN Property Fund (Canadian) Limited Partnership (the “CDN LP”), a Canadian partnership set up to admit Canadian investors, (the U.S. LP and the CDN LP, collectively the “Common Unit Holders”), which invests in the Partnership through its wholly-owned subsidiary, NADG NNN Property Fund (US) Limited Partnership (see Note 7).

NADG (US), LLLP is the sponsor of the Partnership (the “Sponsor”). The General Partner undertook to ensure that the Sponsor or its affiliates would subscribe for common units in the Partnership (“Common Units”) representing at least 10% of the total committed capital up to a maximum of $5,000. As of December 31, 2016, an affiliate of the Sponsor had subscribed for and been issued 500 Common Units, on the same terms as other limited partners, and had contributed $5,000 to the Partnership representing its full commitment to the Partnership. A director of such affiliate of the Sponsor is also a director of the Sponsor and the General Partner.

Excess available cash (as determined by the General Partner) from net sales proceeds, net financing and refinancing proceeds, net rental income and all other revenues of the Partnership, will be distributed in accordance with the provisions and priorities set out in the limited partnership agreements, including any distributable cash payable to the General Partner.