CORNING INCORPORATED

TRIVIUM CORPORATE CENTER - 2020 Trivium Court

265,000 SF - FULLY LEASED
Class A Business Park | “Off-Market” Opportunity | Western NC Logistical Epicenter
Catawba County, NC
EXECUTIVE SUMMARY

Following the successful development of a 215,000 SF build-to-suit manufacturing facility lease for Corning, Inc., as the first building the Trivium
Corporate Center in Hickory, NC, Stonemont Financial Group (“Stonemont”) in partnership with David E. Looper & Company and the Catawba County
Economic Development Corporation developed a 192,000 SF Class-A industrial shell building across the street from the first Corning project. Upon
substantial completion of the project in July 2021, Stonemont marketed the project and secured a 15-yr NNN lease with Corning, Inc to upfit the shell
building and further expand it by 72,000 SF.

Building Overview

Class A, 265,000 SF manufacturing facility, which is further expandable by 83,000 (Corning Option). The state-of-the-art Property is being
construction as a fiber optic cable manufacturing facility. The building will be a 32’ clear height concrete tilt-wall constructed industrial facility with
dock equipment for seven (7) dock openings and 3 drive-in doors. Construction on the expansion and upfit has commenced and is expected to be
complete in January 2023.

Location Overview

Trivium Corporate Center is located in Catawba County, NC, halfway between Charlotte and Asheville. This central location serves as a logistical
epicenter to the economic centers and population bases in the mountains and foothills of North Carolina and is home to major distribution and
manufacturing centers. The Property is just 10 minutes from US Hwy 321, and only 5 minutes from Interstate I-40, which spans from the North
Carolina coast to as far west as Arkansas. It is 60 minutes north of Charlotte Douglas International Airport which is the region’s premier air cargo
facility.

Corning, Inc.

Corning Inc., rated Baa1 / BBB+, is a materials science technology and innovation company that has been in business for over 170 years.
Headquartered in Corning, NY, the Company operates through five segments: Display Technologies, Optical Communications, Specialty Materials,
Environmental Technologies and Life Sciences. The company generated $14.58 billion of revenue and $3.58 billion of EBITDA for the LTM period
ended June 2022. The Optical Communications segment, which is served by the Property, manufactures carrier network and enterprise network
components for the telecommunications industry. 31% of Corning’s revenue is generated through the Optical Communication.

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LEASE SUMMARY

Lease Term & Commencement

- 15-year Lease Term and rent shall commence on the date of substantial completion of the first portion of the building (192,000 SF) and the Lease
Term and rent shall reset to a full 15-year term upon the completion of the second portion of the building (73,000 SF) and the term shall end 180
months after the commencement date of the second portion.
- Corning is currently projected to take possession of the 192,000 SF in Dec 2022, with possession of the full building in January 2023.
- Renewal Terms: Two (2) successive additional terms of five (5) years each with twelve months prior to the end of the Lease Term. Tenant’s renewal
term shall be set at an amount equal to the greater of the last year of the original term, plus 2%, or 95% of the Fair Market Rate.

Rent & Escalations

- First Lease Year rent of $3,716,023, with 2.0% annual escalations

Absolute NET LEASE

- The Lease is an absolute net lease and all Monetary Obligations shall be paid by Tenant.

Tenant Responsibilities:
- The Tenant shall at its sole cost and expense, keep and maintain the Premises in good condition and repair including, without limitation, all Building
Systems, the Building roof, the Building foundation, the exterior perimeter walls of the Building (inclusive of glass and doors), landscaping, parking
areas, walls, and flooring in good condition and repair and appearance. Tenant shall promptly make all repairs and replacements of every kind and
nature, whether seen or foreseen.

Landlord Responsibilities
- Landlord may make repairs as necessary if the Tenant fails to perform, otherwise, the Landlord is not required to maintain, repair or rebuild all or
any part of the Premises.

Expansion
- Tenant may elect to expand the facility up to an additional 83,000 SF. If Landlord cannot finance the expansion, Tenant has the right to fund the
construction itself.

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LOCATION OVERVIEW

Hickory

Kannapolis

Gastonia

Charlotte
Charlotte Douglas
Int’l Airport

Monroe
Spartanburg

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LOCATION OVERVIEW

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LOCATION OVERVIEW

AREA MAP

45-Minute Drive Time

Winston Salem

Hickory

Gastonia
Charlotte

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PROPERTY OVERVIEW

TRIVIUM OVERVIEW & MASTERPLAN

• Trivium Corporate Center is a 270-acre Class A
business park in Hickory, NC.

• The EDC-controlled park is zoned for office and

light industrial and is located less than 2 miles from
Interstate 40 and less than one hour from
Charlotte Douglas International Airport.

• Conveniently located less than 1 mile from

shopping, hotels and restaurants in the Hickory
MSA's commercial center, the site is also ideal for
corporate headquarters and is less than 1 mile
from Catawba Valley Community College (“CVCC”).

• CVCC provides extensive training including

robotics, mechatronics, computer integrated
machining; NSA Certification and Certified Network
Engineer programs.

• CVCC’s multiple programs provide a solid

recruiting base for companies already based in the
area and for companies looking to move or
establish their manufacturing operations in the
Hickory area.

• Stonemont has completed both projects for

Corning as shown to the right totaling 710,475 SF,

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PROPERTY OVERVIEW

WHY TRIVIUM?

• Lack of New Supply

• The introduction of a new Class A Business Park is welcome news to the Hickory area which is dominated by older Class C product, which is expensive to retrofit to
today’s standards.

• Various Forms of Local Support

• Developer – Ground lease structure with land purchase upon identification of tenant/purchaser, waiver of permitting fees, abatement of taxes during construction
period

• Tenant – State of North Carolina, Catawba County, and City of Hickory incentives available

• Additional Recruiting Initiatives – In announcing the Project, the Catawba EDC also announced its Critical & Essential Recruitment and Expansion Initiative, which
targets and incentivizes industries that have shown supply chain vulnerabilities during the Covid-19 outbreak. Potential sectors that qualify include pharmaceuticals,
medical supplies, personal protective equipment, medical devices, medical labs, battery manufacturing, logistics and transportation, information and data storage,
food production and advanced textiles.

• Commitment to Manufacturing / Training Resources

• Extensive training available from the NC Community College Systems including robotics, mechatronics, computer integrated machining; NSA Certification and
Certified Network Engineer programs.

• Catawba County is a community committed to the future of manufacturing and ensuring that manufacturers have a workforce pipeline for the future. In the Fall
2018, Catawba County invested $25MM in a new 80,400 SF state-of-the-art Workforce Solutions Complex on the campus of Catawba Valley Community College,
which provides creates state-of-the-art classrooms and laboratory spaces to teach advanced manufacturing skills and other technical skills in demand by a growing
local and state economy.

• Rare and Ongoing Opportunity

• Stonemont is a party to an Economic Development Agreement with the Catawba County, the City of Hickory and the Catawba EDC which gives Stonemont a Right of
First Refusal on any additional speculative projected within Trivium. There are currently 3 additional lots available within Trivium.

• Stonemont’s and the local governments’ intentions are for the Stonemont / Looper team to being the next project as soon as a user is contracted for this Property.

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SITE PLAN

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CONSTRUCTION PHOTOS

Feb 2021 June 2022

Aug 2022 Aug 2022

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COMPANY & TENANT OVERVIEW

CORNING INCORPORATED COMPANY OVERVIEW

Company Overview

Corning Incorporated is a leading innovator in materials science. For 170 years, Corning has combined its unparalleled expertise in glass science, ceramic
science, and optical physics with deep manufacturing and engineering capabilities to develop category-defining products that transform industries and
enhance people's lives. They succeed through sustained investment in research and development, a unique combination of material and process
innovation, and deep, trust-based relationships with customers who are global leaders in their industries.

Corning’s capabilities are versatile and synergistic, allowing the Company to evolve to meet changing market needs, while also helping customers capture
new opportunities in dynamic industries. Today, Corning’s markets include optical communications, mobile consumer electronics, display technology,
automotive emissions control, laboratory products and other glass products. Corning's industry-leading products include damage-resistant cover glass for
mobile devices; precision glass for advanced displays; optical fiber and cable, wireless technologies, and connectivity solutions for state-of-the-art
communications networks; trusted products to accelerate drug discovery and delivery; and clean-air technologies for cars and trucks.

Optical Communications Segment:

Corning invented the world’s first low-loss optical fiber in 1970. Since that milestone, they have continued to pioneer optical fiber, cable and connectivity
solutions. As global demand driven by video usage grows exponentially, telecommunications networks continue to migrate from copper to optical-based
systems that can deliver the required cost-effective capacity. Their experience puts them in a unique position to design and deliver optical solutions that
reach every edge of the communications network.

This segment is divided into two main product groupings – carrier network and enterprise network. The carrier network group consists primarily of
products and solutions for optical-based communications infrastructure for services such as video, data and voice communications. The enterprise
network group consists primarily of optical-based communication networks sold to businesses, governments and individuals for their own use.

The Optical Communications segment represented 31% of Corning’s consolidated net sales in 2021.

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COMPANY & OVERVIEW

CORNING, INC. COMPANY AND SUBSIDIARIES – INCOME STATEMENT

Income Statement
For the Fisc al Year Ended
($ millions) 1 2 /3 1 /2 0 1 9 1 2 /3 1 /2 0 2 0 1 2 /3 1 /2 0 2 1 TTM 2 Q 2 2

Net Sales $ 11,503 $ 11,303 $ 14,082 $ 14,586

YoY Growth (1.7%) 24.6% 29.0%

Cost of Sales (7,468) (7,772) (9,019) (9,465)

Gross P rofit $ 4 ,0 3 5 $ 3 ,5 3 1 $ 5 ,0 6 3 $ 5 ,1 2 1
Gross Profit Margin % 35.1% 31.2% 36.0% 35.1%

Operating Expenses:
Selling, General & Administrative Expenses ($1,585) ($1,747) ($1,827) ($1,882)
Research, Development & Engineering Expenses ($1,031) ($1,154) ($995) ($1,019)
Amortization of Purchase Intangibles (113) (121) (129) (125)
O perating Inc ome $ 1 ,3 0 6 $ 509 $ 2 ,1 1 2 $ 2 ,0 9 5
Operating Profit Margin % 11.4% 4.5% 15.0% 14.4%

Equity in Earnings (Losses) of Affliated Companies 17 (25) 35 36

Interest Income 21 15 11 23
Interest Expense (221) (276) (300) (250)
Translated Earnings Contract (Loss) Gain, Net 248 (38) 354 354
Transaction-related Gain, Net – 498 – –
Other (Expense) / Income, Net (155) (60) 185 324
P re-Tax Inc ome $ 1 ,2 1 6 $ 623 $ 2 ,3 9 7 $ 2 ,5 8 2

Income Tax Expense (256) (111) (491) (544)

Net Inc ome Attributable to Corning $ 960 $ 512 $ 1 ,9 0 6 $ 2 ,0 3 8
8.3% 4.5% 13.5% 14.0%

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COMPANY & TENANT OVERVIEW

CORNING, INC. COMPANY AND SUBSIDIARIES – EBITDA

EBITDA & Adj. EBITDA Reconciliation:

For the Fiscal Year Ended
($ millions) 12/31/2019 12/31/2020 12/31/2021 TTM 2Q22
Net Income $960 $512 $1,906 $2,038
Add: Interest Expense (221) (276) (300) (250)
Add: Income Tax Expense 256 111 491 544
Add: Depreciation & Amortization 1,503 1,520 1,481 1,481
EBITDA $2,498 $1,867 $3,578 $3,813
EBITDA Margin % 21.7% 16.5% 25.4% 26.1%

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COMPANY & TENANT OVERVIEW

CORNING, INC. COMPANY AND SUBSIDIARIES – BALANCE SHEET

Balance Sheet
As Of
($ millions) 1 2 /3 1 /2 0 1 9 1 2 /3 1 /2 0 2 0 1 2 /3 1 /2 0 2 1 6 /3 0 /2 0 2 2 (Q 2 )
Cash & Cash Equivalents $ 2,434 $ 2,672 $ 2,148 $ 1,629
Accounts Receivable 1,836 2,133 2,004 1,786
Inventories, Net 2,320 2,438 2,481 2,835
Other Current Assets 873 761 1,026 1,633
Total Current Asstes $ 7 ,4 6 3 $ 8 ,0 0 4 $ 7 ,6 5 9 $ 7 ,8 8 3

Property & Equipment, net 15,337 15,766 15,804 15,350

Goodwill 1,935 2,460 2,421 2,389
Other Intangible Assets 1,185 1,308 1,148 1,088
Deferred Income Taxes 1,157 1,121 1,066 982
Other Assets 1,821 2,116 2,056 2,026
Total Assets $ 2 8 ,8 9 8 $ 3 0 ,7 7 5 $ 3 0 ,1 5 4 $ 2 9 ,7 1 8

Current Portion of LT Debt and ST Borrowings 11 158 55 121

Accounts Payable 1,587 1,174 1,612 1,934
Other Current Liab 1,923 2,435 3,139 3,475
Total Current Liab $ 3 ,5 2 1 $ 3 ,7 6 7 $ 4 ,8 0 6 $ 5 ,5 3 0

LT Debt 7,729 7,838 6,989 6,677

Postretirement Benefits Other Than Pensions 671 727 622 588
Other Liab 3,980 4,995 5,192 4,941
Total Liab $ 1 5 ,9 0 1 $ 1 7 ,3 2 7 $ 1 7 ,6 0 9 $ 1 7 ,7 3 6

Preferred Stock 2,300 2,300 0 –

Common Stock 859 863 907 910
Add. Paid-in Capital - Common Stock 14,323 14,642 16,475 16,590
Retained Earnings 16,408 16,120 16,389 16,837
Treasury Stock (19,812) (19,928) (20,263) (20,509)
Accumulated Other Comprehensive Loss (1,171) (740) (1,175) (2,094)
Non Controlling Interest 90 191 212 248
Total Equity and Liab $ 2 8 ,8 9 8 $ 3 0 ,7 7 5 $ 3 0 ,1 5 4 $ 2 9 ,7 1 8

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