Confidential 06/19/2013 Prospective Site Presentation Christiana Mall 132 Christiana Mall Newark, Delaware Site #3 1

Confidential Decision Logic Christiana Mall is the most desirable and tax-free destination between Philadelphia and Baltimore. It is one of the most productive super-regional malls in the country, producing over $1200 persqft, attracting over 18,000,000 visitors per year. In addition, the Mall is expanding. Notably adding a 100,000 sqft Cabela’s and a 70,000 sqft Cinemark, opening in

Confidential Market Plan 3 Pink Star Denotes Pinkberry Store Locations

Confidential Trade Area / Site Summary 4

Confidential Center Layout (Outdoor) 5 Label Co-Tenants and Competitors Directional arrows for Main Entrance Sales Volumes

Confidential Mall Layout 6 Label Co-Tenants and Competitors Directional arrows for Main Entrance Sales Volumes Pink Berry Store location

Confidential Site Layout 7 Layout “Proposed” (or “Approved”) by Landlord, Pinkberry Design

Confidential Pictures 8

Confidential Proposed Rendering 9

Confidential 10 Exterior / Interior Signage Layout “Proposed” (or “Approved”) by Landlord, Pinkberry Design

Confidential Sales Forecast Year 1Year 2Year 3 Rolling 12-Month Sales $650,000 $750,000 $850,000

Confidential Proforma Income Statement $650, Sales $650, % Cost of Sales 162, % Gross Margin 487, % Operating Expenses Labor Expense 167, % Other 9, % Total Operating Expense 176, % Fixed Costs Rent Related Expense78, % Royalties 39, % Marketing Fund 26, % Total Fixed Costs 143, % EBITDA138, %

Confidential Proforma Income Statement $850, Sales $850, % Cost of Sales 212, % Gross Margin 637, % Operating Expenses Labor Expense 219, % Other 11, % Total Operating Expense 231, % Fixed Costs Rent Related Expense102, % Royalties 51, % Marketing Fund 34, % Total Fixed Costs 187, % EBITDA186, %

Confidential Summary of Lease Terms 14 Basic Rent Terms –Term: 10 Years with Macy’s with a straight 12% royalty rate –No Percentage Rent –NO CAMs –NNN –Exclusive Use for Frozen Dessert –No Radius Restriction

Confidential Timeline Estimates: Date of Lease execution: –Approximately August 1, 2013 Date of Landlord Delivery: –October 8, 2013 Date plans complete/submit for Permits: –Target plan completion date: September 1, 2013 –No Zoning Issues identified –Building permit and signage process is expected to take 30 days –Permit submission target: August 15, 2013 Date receive permits –September 1, 2013 Date construction commences –September 1, 2013 Date construction completed –October 15, 2013 Date store opens –October 22,

Confidential Summary Remarks 16 Pros 1.High Population 2.High HBA in TA Cons Trade Area Site Specifics 1.High Visibility 2.Good Access 1.Co-Tenants close at 9pm – 9:30pm Potential Issues: This is a Top 5 Trade Area that we identified in our Market Plan. Our location is a Kiosk within the Macy’s footprint. We are locating here as a long-term strategy and understand the short-term challenge of this location.

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Confidential Legend