#1N NETSTREIT Initial Public Offering Roadshow Presentation August 2020 Walmart LOWE'S#2Disclaimer A registration statement on Form 5-11 (as amended, the "Registration Statement") related to the common stock of NETSTREIT Corp. (together with its subsidiaries, the "Company," "we," "us," or "our") has been filed with the Securities and Exchange Commission (the "SEC"), but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the Registration Statement becomes effective. This presentation has been prepared by the Company solely for informational purposes. This presentation and related discussion shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Any investment in the Company will be subject to certain risks related to the nature of the Company's business and its structure and operations. Before you invest, you should read the Registration Statement and other documents the Company files with the SEC for more complete information about the Company and this offering. You may obtain these documents by visiting the SEC's website at http://www.sec.gov. Alternatively, a copy of the preliminary prospectus related to these securities may be obtained by contacting (800) 326-5897 or emailing a request to [email protected]. Although the Company believes the information contained herein is accurate in all material respects, the Company does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this presentation. The presentation includes certain "forward-looking statements." All statements, other than statements of historical fact, included in this presentation regarding, among other things, our strategy, future operations, financial position, anticipated dividends, projected costs, prospects, pipeline and opportunities, plans and objectives are forward- looking statements. Forward-looking statements can be identified by words such as "will." "could." "would potential" target." "goal." "anticipates." "intends." "plans." "secks." "believes," "estimates," "expects, projects and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short and long-term business operations and objectives, and financial needs. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. There are risks, uncertainties and other factors, both known and unknown, that could cause actual results to differ materially from those in the forward-looking statements which include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, and other factors. Any forward- looking statement made by us is based upon the reasonable judgment of our management at the time such statement is made and speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof, and the Company has no obligation to update such information, including in the event that such information becomes inaccurate. The Company presents Annualized Base Rent ("ABR) which is calculated by multiplying (1) cash rental payments (a) for the month anding July 31, 2020 (or, if applicable, the next full month's cash rent contractually due in the case of rent abatements, rent deferrals and recently acquired properties, other than properties under development) for leases in place as of July 13, 2020, plus (b) for properties under development, the first full month's permanent cash rent contractually due after the development period by (ii) 12. You should not construe the contents of this presentation or other information we provide at this mooting as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein. NETSTREIT#3Transaction Overview Issuer Ticker (Exchange) Share Offering Primary / Secondary Over-Allotment Option Use of Proceeds Price Range Expected Pricing Date Target Annual Dividend Lock-Up¹ Bookrunners " NETSTREIT + 1 I # ■ i . + # + NETSTREIT Corp. NTST (NYSE) 15.5 million shares of common stock 98% / 2% (existing LPs) 15% (primary) To redeem outstanding shares of Series A Preferred Stock, repay indebtedness, and general corporate purposes, which may include the acquisition of properties in the pipeline $19.00 - $21.00 per share August 12, 2020 $0.80 per share annually; pro-rated dividend to be paid for Q3 180 days for management, directors and -80% of 144A investors (including all "anchor" investors) 60 days for remaining 144A investors Wells Fargo Securities, BofA Securities, Citigroup, Stifel, Jefferies Source: Company data 1, in addition, at the 4,158,154 OP Units that will be quiganding upon completion of the IPC, 509,636 OF Units haid by Mark Manhalmer and El Anow alates and 14,359 OP Use to be held by selling stockholders will be locked up for 10 days. Ramning Of Units will be locked up for days, but cannot be recome balane December 23, 2000 4#4Leadership Introduction Seasoned leadership team with significant net lease retail and public company experience N High-Quality Real Estate Portfolio NETSTREIT Mark Manheimer President, CEO & Director Mr. Manheimer leads the overall investment strategy and asset management for the company Prior experience includes: •EB Arrow, CIO of the Single-Tenant Net Lease Group • Spirit Realty Capital (NYSE: SRC); EVP, Head of Asset Management from 2012 through 2016 • Played critical role in IPO • Member of Investment Committee NETSTREIT . Leading role in restructuring master lease of SRC's largest tenant Led due diligence in merger that doubled company size • Cole Real Estate Investments; Head of Sale-Leaseback Acquisitions from 2009 through 2012 Realty Income Corporation (NYSE: O); Director of Underwriting from 2005 through 2009 Source Company dets 1. First Promoc Realty Trust was publicly traded on the NYSE until October 2017. Conservative Capitalization Andy Blocher CFO, Treasurer & Secretary Mr. Blocher manages liabilities, capital raising, investor relations and financial reporting for the company Prior experience includes: • First Potomac Realty Trust (NYSE: FPO); EVP, CFO and Treasurer from 2012 through 2017 • Leading role in FPO's $1.4 billion sale to Government Properties Income Trust (now Office Properties Income Trust, NASDAQ: OPI) • Provided valuable public company expertise in evaluating and recommending changes to corporate governance initiatives; active role in evaluating Board candidates . Successfully remediated a pre-existing material weakness with respect to financial controls Federal Realty Investment Trust (NYSE: FRT); SVP, CFO and Treasurer from 2008 through 2012#5Company & Investment Highlights NETSTREIT Is Built on a Foundation of Strength on Both Sides of the Balance Sheet, Led by Seasoned Leadership Team with Exceptional Track Record 1 2 3 4 5 NETSTREIT Attractive Sector Fundamentals with Compelling Growth Opportunity Active Asset Management to Achieve Optimal Portfolio Performance Disciplined Underwriters with Dual Focus on Credit AND Real Estate Multifaceted Investment Strategy Leveraging Deep Industry Relationships Balance Sheet and Platform Positioned for Scale S High-Quality, Diversified, and Defensive Net Lease Retail Portfolio NETSTREIT Conservative Capitalization to Support Accretive Growth#6Market Opportunity: Why Net Lease Retail? Net Lease Retail concepts have outperformed traditional retailers such as department stores ▪ NETSTREIT focuses on tenancy shielded from the e- commerce threat facing mall-centric retailers NETSTREIT targets a market segment which has historically seen less institutional competition and provides a meaningful growth opportunity Targeted average asset size of between $1M and $10M ■ Non-institutional buyers represent the majority of single- tenant retail acquisition volume NETSTREIT - Market share of Non-Mall Retail real estate, including Net Lease retail, controlled by REITs is small as compared to other sectors (-10% for Retail vs -80% for Malls)¹ Public Net Lease landscape has grown dramatically in recent years ▪ Since 2012, the sector has increased in scale from -$40B (14 REITS) to -$187B (24 REITS) (approximately 371% expansion of capitalization)² RETAIL SALES CAGR³ 2010-2019 Improvement 3.3% Pharmacies and Drug Stores 54% Single-tenant retail transactions under $5.0 million (2019/¹ 3.1% -10% REIT share of Non- Mall Retail real estate by market value¹ Food and Beverage Stores NET LEASE AND RETAIL CRE MARKET Department 59% ($13bn) Non-institutional single-tenant retail buyers (2017-2019) 12% Public Net Lease share of the MSCI US REIT Index (RMZ)³ Sourco Real Copal Analytics, SM. Financial Gon Street Advisors, U.S. Consus Bursa 1. Gmon Street Advisons 2. Spain based on total capitalization at 7/31/2020. 3. U.S. Con Bureau 4. Real Capital Analys. 5. As of 6/62020.#7Market Opportunity: Why NETSTREIT? Investment grade tenancy provides defensive, consistent performance through economic cycles ■ High-quality tenancy creates bond-like leases with embedded growth Sub-investment grade tenancy allows for more negotiating leverage and higher relative yields Defensive nature of NETSTREIT portfolio strategy ▪ Focused on benefits of restructuring leases (i.e. extending lease terms) rather than pushing rent collections during COVID-19 NETSTREIT ▪ Minimal exposure to experiential retail ▪ NETSTREIT's focus on defensive, credit tenancy in essential industries is a deliberate and longstanding strategy, rather than a reactionary shift to a post- COVID-19 world NETSTREIT STRATEGY BY THE NUMBERS¹ Investment Grade Tenancy³ 64% Defensive Retail Tenancy Q2 2020 Rent Collections (Amid COVID-19 Disruption) Experiential Retail Exposure (Cinemas, Fitness, Childcare, Family Entertainment) Peers² 44% 88% 73% 0% 87% 76% 15% Source Company dats. Portak data represents portlas of 781/2020 unless otherwise noted. 1. Figuros represent percentage of ABR unless otherwise noted. 2. Roñocts straightline averages for the following compania ADC,EPRT, FOPT, NNN. O.SRC and STOR. Per disas of 3310020 with exception of rent collection data, which is asof 71312020, NETSTREIT ont collection is as of 7/22/2020, 3. Paor data based on closure available no of 7/3/2020; NAN investmont grade as of 12/31/2018: xcludes EPRT and STOR which do not report this m. 4. Dertensive tallbonancy and on rent from saman in necesity, discount or service-oria nånd industrias FCPT, NNN and STOR que duda industries as "Other"#8Market Opportunity: Why NETSTREIT? (Cont'd) Q2 2020 Rent Collections²: 92% 100% NETSTREIT #FCPT 71% I #FCPT INETSTREIT Q2 2020 Investment Grade Rent Collections": 100% Significant Defensive Industry Exposure (% of ABR)¹ 64% 1 90% HETSTREIT 76% 100% 61% 85% TACK PENTT ECEPORATION 76% REALTY High Exposure to Investment Grade Rated Tenants (% of ABR)³ 48% 68% IG Defensive Peers 70% 99% 23% SPIRIT 52% Other Pears 68% FOURIE 18% PROPEATES TIT 75% 66% SPIRIT NR* 71% STORE NR STORE Souros Company de public. NETSTREIT portida det an af 113/1/2000. 1. Detva industrias de ocity discount, and/or sennis-oriented indu. Par de perfilega na of 3/31/2020 and 1930120080, FGPT, NNN and STOR iguras culnted only from reported industnica and exclude the cleanted an "Other"”. 2. Badan disclosures avellana 31/2000 NETSTREITrent collection of 7222020. 3. Intrent grade concentration as reported and maybe defined diffently been companies. Investment grade peer dates of 301/2020, compil NMN (which is ua of 12012019) and ADC and SRG (which armies of 6000020) 4. EPRT and STOf do not report exposure to investment grade tenants. H#9Market Opportunity: Why Now? Current environment provides attractive risk- adjusted returns Cap rate spreads are currently above the mean and just below the max of the past fifteen years Spreads have only exceeded the current levels 1% of the time since 2005 Despite market dislocation, investment grade and defensive-focused ("IG/Defensive") peers have a cost of capital advantage... NETSTREIT ▪ IG/Defensive peers have performed better given heavier reliance on tenant credit, real estate underwriting and defensive, necessity-based concepts .…. which provides NETSTREIT a unique opportunity to capitalize on the current acquisition landscape ▪ Less-competitive landscape for new investment opportunities with most non-IG/Defensive focused peers having seen their trading premiums largely evaporate ▪ The currently dislocated market backdrop provides a unique opportunity for a well-capitalized new entrant to build a fortified portfolio at a historically compelling basis SINGLE-TENANT RETAIL CAP RATE SPREAD TO UST¹ (2005- Current) 6.05% Max 5.90% 52.7% Cument Jul-20 PREM. / (DISC.) TO CONSENSUS NAV² Unaffected 20.8% IG/Defensive Peers AGREE REALTY CORPORATION 3.85% REALTY INCOME Mean Current 31.4% T HATINAL ENTAIL PROPERTIES 1.42% Other Pears JL SP FOUR COEREEL Min Jul-06 SPIRIT STORE ESSENTIAL PROPERTIES Sources Real Copy, SNL Financ. 1. Real Capital Andly and SNL Finendist chean refeca single-te copprend to 10-year U.S. Tressury; minimun, main and makmum sprends from 1/3/2006 to 70112000 Monthy des of June 2020. 2. BNL Firende unaffected in of 22:112020; current es of 70157420.#102 Portfolio Overview High-quality, diversified portfolio consisting of 64% investment grade tenants across 34 states Key Portfolio Stats Top 10 Tenants by % of ABR Properties Portfolio Square Feet(in millions) Tenants Retail Sectors % Occupancy % Investment Grade Tenants (by ABR) % Defensive Industry Exposure (by ABR) Weighted Average Lease Tem Remaining (Years) Weighted Average Annual Rent Increases Lease Tumover Through 2004 (by ABR) National Footprint Across Attractive Markets NETSTREIT DA MV ID UT AX 10 MI Co NE 48 TX 11 WI NO UT BY Th 13H AL MO 30 PA PU MODE 100.0% 20 ME CTR 11.2 FEMEN Walmart CVS LOWE'S Auto Parts DOLLAR GENERAL Bax?! BBB Baal/BBB+ Walgreens Baaz / 800 AZIA 4.9% 4.7% 4.6% KOHLS BZ/BBB- 3.3% 3.5% 7.9% > and <5% ABR 0% ABR >5% and <10% ARR >15 and 3% ABR <1% ABR Souros Company, Bloomberg. Portia data representa parti7.01/2020. 1. Poplence that are defined as having a xed rating of Bag303- or higher from one of the three majanganse (S&P Moddychand Includes Tractor Supply, which has an equivalent rating of NAIG-2. 2. Repreenhigh-quality and without racing that are defined by and Maxx Debt Urduiad CTO of 2.0 12.7% Investment Grade Rated High Quality Unrated 10#112 Portfolio Diversification In Defensive Retail Sectors NETSTREIT offers a national diversified portfolio comprised primarily of defensive retail tenants Walgreens Walmart > Kroger HOW Advance Auto Parts/ TTRACTOR SUPPLYC₂ Necessity KFC NETSTREIT S CVS TACO BELL. LOWE'S Service UCHIN 45% CALIBER COLLISION 88% of ABR 27% Firestone Discount Service FAMILY DOLLAR Discount 17% 12% DOLLAR GENERAL CAMPING WORLD QLLIE'S Burlington DOLLAR TREE KOHL'S Other Other carefully selected Net Lease tenants in key retail subsectors verizon HOBBYC LOBBY Ashley HOHENHE 1 2 3 4 5 Top Industries (% of ABR) Convenience Stores: Home Improvement: Discount Retail: 11% Drug Stores & Pharmacies: Source: Company data Potisko data reprssantsportalo as of 2020. Nata: Dun to rounding, spective deren naastor exposung may not procily reflect the absolute fique General Retail: 10% LOWES 11#122 Active Asset Management NETSTREIT continuously tracks property performance and stratifies the portfolio to achieve consistent cash flows and balanced growth for its investors Disciplined Acquisitions Pursue opportunities that align with objectives Practice disciplined underwriting strategy Existing portfolio has been carefully curated Strategic Recycling Leverage 1031 exchange transfers where possible to access deep, non- institutional market for portfolio optimization Soura Company data NETSTREIT ACQUIRE DISPOSE MONITOR NETSTREIT IDENTIFY Active Monitoring Periodically review all properties for changes in performance, credit, and local conditions Perpetual Stratification Identify properties not meeting strategy and/or risk management criteria (i.e. rent coverage) Since inception, the Company has disposed of 35 properties totaling approximately $100 million, while also acquiring high-quality assets that have enhanced scale and materially improved portfolio performance metrics#132 Active Asset Management (Cont'd) NETSTREIT continues to curate a high-quality and diversified portfolio Properties States Portfolio Size ABR Investment Grade Tenants NETSTREIT Top Five Tenants Key Transition Highlights Inherited Portfolio¹ 114 30 1.6M SF $22.4M 56% CVS-9.9% Shopko -8.6% Dollar General - 7.7% Walgreens - 7.0% Lowe's-6.3% Pre-144A Portfolio Inherited to Pre-144A Portfolio Highlights: ✓ Disposed of 33 properties for $89.6 million ✓ Acquired 12 properties for $46.0 million ✓ Executed 6 blend and extend leases Retired $85.6 million of debt 93 28 1.4M SF Source Company data. Particia data represents portlas of 20/2020 unless otherwise noted. 1. Inherited Porfolio metrics shown of Juna 2018. $17.8M CVS - 11.9% Dollar General - 8.9% Lowe's - 7.9% Walgreens - 7.5% Kohl's - 6.4% Current Portfolio 163 3.0M SF $34.5M ↑ 7-Eleven - 12.7% Walmart-7.9% CVS - 6.1% Ollie's - 5.2% Lowe's - 4.9 % Pre-144A to Current Portfolio Highlights: Disposed of 2 properties for $10.4 million Acquired 72 properties for $264.0 million ✓ Executed 3 blend and extend leases 13#143 Three-Part Underwriting Philosophy NETSTREIT leverages a disciplined, three-pronged approach to underwriting potential acquisitions which positions the Company to benefit from superior downside protection on its investments Level of Underwriting Emphasis NETSTREIT Bay S - Nigh А |IIII. sipa TENANT CREDIT UNDERWRITING Evaluate corporate level financials Assess business risks Determine ownership/sponsorship For Non-IG tenants, establish NETSTREIT implied credit rating B REAL ESTATE VALUATION Review underlying key real estate metrics to maximize re-leasing potential Location analysis Alternative use analysis i + CH UNIT-LEVEL PROFITABILITY Determine rent coverage (min. 2.0x) and cost variability Assess relative to corporate stability / real estate merits 14#153 Tenant Credit Underwriting NETSTREIT employs a credit-focused underwriting strategy for all tenants - the MOST IMPORTANT element of the Company's underwriting process that drives stable revenue and long-term return on investment High-Quality Unrated Sub-IG, Not Rated H 19 1 Description Durability % Of ABR¹ Lease Terms (WALT, Rent Bumps, etc.) Representative Tenants NETSTREIT Investment Grade Rated¹ Validated financial strength and stability Professional management with standardized operational practices Focus on corporate guarantee credit Lower relative yields Higher competition for deals Less negotiating leverage Walgreens Kroger Firestone DOLLAR GENERAL Defensive, consistent performance through economic cycles UAN Walmart IG-caliber balance sheets without explicit rating Threshold metrics: 71% Total LOWE'S Advance Auto Partsilo # # >$1B in Sales Max Debt / Unadjusted EBITDA of 2.0x 7% More negotiating leverage HOBBYS LOBBY OLLIE'S Sour Company data. Particia data represents portlas of 20/2020 1. Trus Investment Grade includes Tractor Supply which has an equivalent rating of NAIC-2 Well-capitalized retailers National footprint with strong brand Focus on real estate quality / unit-level profitability Higher relative yields Lower competition for deals Coverage and credit enhancements required given more susceptible to market disruptions 29% Most negotiating leverage CALIBER COLLISION chili's Jacks CAMPING WORLD ***** Burlington#16H My 1 3 A Focus on Investment Grade Tenants *** AN Investment grade tenants have outperformed during economic downturns and largely avoided bankruptcy Price Performance vs. S&P 500 During GFC and COVID-19¹ 2005 Financial Crisis COVID-19 Outbreak 27% NETSTREIT Public IG-Rated Tenants Other Public Tonants Wild. Wtd. Awg. by ABR² Avg. by ABR3 IG/Defensive Peers vs. Other Peers YTD Price Performance¹ Feb-20 IG/Defensive Pers Other Peers www налит Mar-20 S&P 500 Jun-20 1:2%) Major Net Lease Retail Tenant Bankruptcies (2009 - 2020)³ Best Credit Rating Prior to Filing (S&P / Moody's) Retail Tenant Wurt Van SHOPKO sears MATTRESS FIRM ToysЯus GANDERMI SPORTS AUTHORITY -Buffets, Inc. BORDERS Bankruptcy Filing Date Mar-20 Jan-19 Oct-18 Oct-18 Sep-17 Mar-17 Mar-16 Jan-12 Feb-11 Mar-09 NR/NR BB- (May-01) / B2 (Apr-01) BB+ (Mar-05) / Bal (Mar-05) B+ (Sep-15) / B1 (July-15) BB (Mar-04)/ B1 (Aug-10) NR/NR B (Mar-06) / B2 (Mar-06) B (Nov-04)/ NR NR/NR NR/NR Investment Grade? X X X X X X X X X X Sources: Capital 10. Company isla, The Dual Pipuline, Bloomberg, SML Financial. 1. Time intervala based on market paaks to markat trough for 2008 Financial Crisis and COMID-19 Qurak (10/9/2007 10 8/9/2008 and 2/19 2020 10 3/28/28020, respectively. Tonant ABR calculated based on NETSTREIT portfolio taas of 71312020. 2. 10 Wol Aug calousted on all of NETSTREIT public conants (16) total conants) ond includes Tractor Supply which has an equilplant rating of NC-2.3 Other Public Tonanta calul sied on all of NETSTREITs public non IG tonante (11 soal tona), 4. Sourced from SNL Financial market data of 231/2020. IGV Defensive poors include ADC and O. Othor peors incluto NNN, EPRT, FOPT, SRC, and STOR 5 Badan The Deal Pipelinen of 4/22/2020. 6. indicates bast modit noting held ofer 1/1/2005 and date when the respective and it noting was assigned. Some credit ratings are pro-2006 16#173 Real Estate Valuation Real Estate closely follows Credit as a top priority: NETSTREIT utilizes a ground-up framework rooted in real estate fundamentals to underpin its valuation and further quantify the upside potential for a transaction Market-Level Considerations • Vacancy analysis • Marketability of the real estate without current tenant List of likely replacement tenants Rent analysis • Replacement rent versus current rent . . • Demographic analysis . . Current demographics plus trends and forecasts . Competitive analysis • Market position versus competing retail corridors NETSTREIT ww X Property-Level Considerations • Fungibility of building for alternative uses • Replacement cost . Location analysis • Traffic counts • Nearby uses and traffic drivers, complementary nature thereof • Accessibility and parking capacity • Ingress and egress Visibility/signage 49: 2#183 Unit-Level Profitability In assessing unit-level financial performance, NETSTREIT focuses on mission-critical properties with strong rent coverage and higher variability in operating costs 1 • H Obtain Financial Information € Ai Provides clarity into location-specific performance NETSTREIT Obtain unit-level financial information from parent company if possible If financials are not provided, utilize data provided by third party vendors to estimate sales by location Third party data includes: Cell phone traffic Point of sales (POS) data - 2 H Perform Financial Analysis Analyze store demand dynamics, cost structure and liquidity profile Triangulate P&L based on available information L $ " ■ Sales (per data vendors) EBITDAR margin (per financials) Rent (known quantity) Account for variability in business model cost structure Higher proportion of fixed costs = more variability in rent coverage Determine store ranking within tenant's broader operating portfolio based on estimated sales 3 H ✔ H Assess Investment Merits Determine whether property meets investment criteria Key Unit-Level Investment Criteria Minimum 2.0x Rent Coverage Higher Cost Variability Ranks in Top Half of Tenant's Store Portfolio 18#194 Portfolio Strategy / Investment Philosophy S Investment Philosophy NETSTREIT Defensive Tenancy in Necessity-Based and E-commerce-Resistant Industries¹ Resilient, Cycle-Tested Investment Grade Credit Tenants with Durable Cash Flows¹ Granular Assets in Highly Fragmented, Undercapitalized Market Segment Net Lease Retail Assets with Long Lease Term Benefiting From Contractual Rent Growth Diversification by Industry, Tenant, State¹ Significant Focus on Fundamental Real Estate Underwriting Sour Company data. Particia data represents portal of 12020, 1. Participatics by percorings of AR Portfolio Strategy Primarily >60% $1 to $10M Avg. Asset Size >10 Year WALT <15% Industry <50% Top 10 Tenants <15% State Current Metrics 88% $3.2M Avg. Asset Size 11.2 Year WALT 14% Industry 57% Top 10 Tenants 20% State Attractive cost basis with durable valuation supported by market rents and demos, physical structure and location, and alternative use analyses#204 Growth Strategy: Generating Both Quality & Quantity The Company utilizes a multi-faceted growth strategy to deploy capital in a variety of investment structures in the Net Lease Retail sector, allowing it greater flexibility to build its portfolio from a larger opportunity set 聰 big NETSTREIT Investment Type Existing Stabilized Blend & Extend Build-to-Suit ("BTS") Reverse Build-to-Suit Sale- Leaseback Description Commentary Acquire operating properties on the open market • Deepest and most liquid opportunity set • Actively monitored Acquire single-tenant property with short-term lease • Blend existing rent rate with new rate to extend lease term to at least 12 years Fund construction for single-tenant property with long-term lease • Key driver of higher risk-adjusted returns Collaborate in design and construction of property Acquire a BTS property upon completion . Strong tenant relationship upon acquisition • Long lease terms, higher cap rates, comparable risk Acquire single-tenant property with a simultaneous long-term lease back to the seller Capitalize on likelihood of increased corporate real estate monetization in light of current disruption Current Owners ✓ ✓ ✓ Brokerage Development Tenant Network ✓ Investment Source ✓ Private Partners Relationship Equity ✓ ✓ ✓ 20#214 Post-144A Monthly Investment Activity Thoughtful investment of 144A proceeds ($ in milions) " " I Properties Acquired: 1 Monthly Portfolio Expansion": 0% 5 NETSTREIT $1.1 Dec-19 11 Average Acquisition Activity per Quarter = $114 million $22.6 Jan-20 Cumulative Acquisitions Since 144A $48.7 $25.1 9% Feb-20 $77.9 $29.2 Mar-20 4 $90.4 $12.5 7% $115.8 $25.4 May-20 Apr-20 Completed Acquisitions New Monthly Acquisitions Sour Company data. Particiodatarepants portalas of 2/01/2020 1. Mansund monthly acquisition at purchase prices divided by portalo at the beginning at the month shown. 72 Total Acquisitions 29% $228.2 $112.4 Jun-20 3 $264.0 $35.8 Jul-20#224 Robust Pipeline of Quality Assets to Drive Growth Company well-positioned to move quickly to deploy IPO proceeds into accretive opportunities ■ ■ Full Deployment of 144A Proceeds: Despite briefly hitting pause to take stock of COVID impacts, NTST was able to deploy substantially all 144A proceeds between its initial closing in December 2019 and July 31, 2020 1 - Acquired 72 properties for $264M with 66% IG tenancy and a 11.6 year WALT NETSTREIT Added several top-tier defensive tenants including Walmart, Home Depot and Ollie's Compelling Acquisition Pipeline: The Company plans to deploy the vast majority of IPO proceeds into its pipeline of opportunities that are accretive to the stated business plan Today, NTST has a $500MM+ pipeline of actionable deals that fit its strategy and philosophy, providing ample targets to deploy IPO proceeds New Properties Acquired -Value of Gross Asset Base (SM) NTST has successfully deployed capital amid the COVID-19 disruption. acquiring 72 properties and disposing of 2 properties since completing its 1444 $276 AL 144A Soung Company data. Particiodata repasan portal of 20/2020. 1. Calculated using cost for is currently in the part and disposition price for old Cumulative Number of Properties 163 $529 Net Acquisitions Current Portfolio Since 144A (7731/201 T Pipeline Summary Under Contract 9 properties Under Contract with an aggregate purchase price of -$10.2M and WALT of 8.6 years Under LOI 44 properties Under LOI with an aggregate purchase price of -$132.4M and WALT of Identified Pipeline 75 additional properties with an aggregate purchase price of -$363.9M for which the Company has submitted an Loi#23Acquisition Case Study: IG Rated Walmart Supercenter and Sam's Club - Tupelo, MS Acquisition Completed: July 2020 Walmart Walmart Sam's CLUB Recession Proof Tenant with Long Lease Term Acquisition of one Walmart Supercenter and one Sam's Club by partnering with and concurrently closing with a shopping center acquirer who purchased the remainder of the center . Both brands owned by Walmart Inc. (NYSE: WMT) . Blue-chip investment grade tenant • Proven history of performing through economic downturns Increases NETSTREIT's defensive retail exposure 12 years of new lease terms NETSTREIT $17.0M Purchase Price 6.6% Acquisition Cap Rate 12 Years New Lease Terms $366.5B Market Capitalization $49.0B Debt on Balance Sheet² Scure SNL Financial, Company data Marka dots as of 71312020 1. WMT's 2020 fiacalar presore the twelve months onded 1/31/2020 2. Reffects long-term debt outstanding at 430/2020 2 Properties $519.9B Tenant Sales (2020) 0.0% Avg. Annual Rent Increases AA/Aa2 S&P/Moody's Credit Rating Essential Designation During COVID-19 23#24Acquisition Case Study: High-Quality Unrated Ollie's Bargain Outlet Portfolio Acquisition - Various Locations Acquisition Completed: March 2020 COLLIE'S NETSTREIT Defensive Portfolio at Premium Yield Establishes meaningful exposure to Ollie's Bargain Outlet (NASDAQ: OLLI) QUIE'S • Previously part of the Toys R Us estate High-quality properties in strong retail locations Exemplifies NETSTREIT's "High-Quality Unrated" category • Premium yield for a creditworthy tenant operating in a defensive market position Supports counter-cyclical portion of NTST's strategy and philosophy $26.1M Purchase Price 6.9% Acquisition Cap Rate 10 Years New Lease Terms $6.9B Market Capitalization $0.9M Debt on Balance Sheet² Scurce SNL Financial, Company dat Markt dists as of 71312020. 1. Originally proportion with weakes two locations liminated following to checks 2. Reffects long lam deb outstanding as of 5/2/2020 7 Properties¹ $1.4B Tenant Sales (2019) 0.8% Avg. Annual Rent Increases NR/NR S&P/Moody's Credit Rating Essential Designation During COVID-19 2#25Acquisition Case Study: Sub-IG Rated Floor & Decor - La Quinta, CA Acquisition Completed: June 2020 FLOOR DECOR STONE E-Commerce Resistant Tenant at Attractive Price First exposure to Floor & Decor (NYSE: FND) • Exemplifies NETSTREIT's ability to partner with developers and buyers to acquire undervalued assets NETSTREIT • Purchase of the property from a mixed-use buyer who did not want the retail exposure FLOOR DECOR Replacement tenant with 2nd generation rents next to a thriving Waimart Supercenter • Mitigates the downside related to Floor & Decor's sub-investment grade rating Enhances the e-commerce resistance of current portfolio $9.6M Purchase Price 8.5% Acquisition Cap Rate 10 Years New Lease Term $6.8B Market Capitalization $419.6M Debt on Balance Sheet¹ Source SNL Financial, Company dats Markets of 71312020. 1, Reflecte long-term deb as of 3/262020 (FNC a first fecal quamor of 2020 ended on 326/2020) 1 Property $2.0B Tenant Sales (2019) 2.0% Avg. Annual Rent Increases BB-/ Ba3 S&P/Moody's Credit Rating Essential Designation During COVID-19#265 IPO Sources & Uses and Capitalization¹ Upon completion of the IPO, NETSTREIT will have a well-equitized balance sheet with ample liquidity to pursue its growth-oriented business plan (5 in milions) Sources Gross IPO Proceeds to NETSTREITÄ Total Sources Illustrative Post-IPO Capitalization Equity NETSTREIT 78% Debt $ Illustrative IPO Sources & Uses Uses $304.2 $304.2 % 100.0% Cash Available for Acquisitions Revolver Paydown Gross Spread (6.0%) Legal, Accounting & Other Transaction Costs Redemption of Preferred Equity 100.0% Total Uses Illustrative Post-IPO Liquidity Profile ($ in millions) Source Company data 1. Aspumos IPO prices at 5000/sh, the mid-point of the offering price rango. 3. Includes 15 209 primary pharma. Post-IPO Liquidity Pre-IPO Cash & Cash Equivalents IPO Proceeds Added to Cash Post-IPO Cash & Cash Equivalents Revolving Credit Facility - Committed Balance Outstanding Revolving Credit Facility - Availability Total Liquidity Post-IPO S 36.9 18.3 3.7 0.1 $304.2 % 12.1% 6.0% 1.2% 0.0% 100.0% $10.0 245.2 $255.2 $250.0 $250.0 $505.2#275 Balance Sheet Strategy The Company intends to maintain a conservative balance sheet strategy, enabling it to be well-positioned for sustainable growth Balance Sheet Characteristics $250 million unsecured revolving credit facility due December 2023 ■ Interest Rate: L + 1.25% * Pre-IPO projected outstanding balance of $36.9 million $175 million unsecured term loan due December 2024 ▪ Interest Rate: L + 1.20% No upcoming debt maturities until 2024 Peer Metrics Comparison¹ Net Debt / EBITDA MAGHEMBALITY CORPORATION NETSTREIT MAINE PUPOIS NETSTREIT target long-term leverage level of 4.5x - 5.5x aligns with peer set PATIONAL RETAIL PROPLE LY IG/Defensive Peers Other Peers 5.0x | NETSTREIT Proceeds from the IPO will be used to pay down revolver; a substantial majority of remaining proceeds, together with existing credit capacity, provide ample liquidity to fund acquisition pipeline HEALTY STORE 5.7x #FCPT 5.7x SPIRIT HUA Sour Public, 1. ParNo Debe/ERITOA represent run-rate matice of 01 2000 ADC, FCPT and SRC, which are of 02, and do not contemplaris capital na see sube equant to quarter and, NETSTREIT ou represents point at target long-termNet Debt! EBITDA Inval of 4 5x – 15.5x ADC sted a pro forma net debt resuming EBITOA of 15x at the end of 02 2020, which in pro form for the salomont of the Company's April 2020 Forward Oraning and ATM Forward Offerings 27#285 Public Net Lease REIT G&A Benchmarking G&A % of Rental Revenue 19.1% JL FOUR CORNERS TECH STET LQA Rental Revenue (Sin millions): $158 $152 $469 1.3% NETSTREIT SPIRIT G&A % of Gross Book Value of Assets 0.7% EF FOUR CORNERS Toalerine 0.6% SPIRIT Gross Book Value of Assets (S in mans): $2,406 $2,159 $6,931 Sour Company data and SNL Financial Market dana 2011(22020. ALER $230 0.6% A Net Lease Retail Peer Average: 8.9% $3,258 $698 MTGADE OF KIL ERSITY INETHE STORE HATIKAN 5.1% 0.5% $1,657 $8,835 4.8% Net Lease Retail Peer Average: 0.6% $653 $22,039 NATIONAL RETNL KLAITY INCOME STORE PROPERTIES 0.3% $9,801 IG/Defensive Peers Other Pears 25.8% NETSTREIT | NETSTREIT! 2021E | @-3bn 1 I -$55 1.5% NTST's team is currently built to sustain an asset base of $3bn+ -$950 I i -$210 0.6% NETSTREIT NETSTREIT 2021E I @-3bn I -$3,000 Small Cap REIT Avg- (<$1bn) 1.5% Small Cap REIT Avg. (<$1bn) Mid Cap REIT Avg- 0.8% Mid Cap REIT Avg. ($3-$5bm) NETSTREIT's G&A registers proportionally high compared to peers due to its relative size, but the Company's G&A load will normalize to a level in-line with the public net lease retail peer average as the company achieves scale#295 Key Personnel Comprising the NETSTREIT Platform Experienced team of professionals drive NETSTREIT's day to day operations N High-Quality Real Estate Portfolio NETSTREIT Jeff Fuge Senior Vice President, Acquisitions Joined in December 2010 Prior experience includes NETSTREIT Director of Captal Markets at EB Arrow Senior Vice President at Compass Port Research & Trading Client Relations Director et Aega Finencia BA in History and minor in Business Administration from the College of Charleston MBA fom George Washington Universty Chad Shafer Senior Vice President, Credit and Underwriting Prior experience includes Various roles at JPMorgan Chase & Co. most recently as Exotive Dirocter Wholesale Crod Rick Other roles includeo Hoad of Real Estate Banking Portfoo Managemont Head of Kay Raiationship Group Crack Rick, Commercial Torm Lending and Credit Maneger, among others 9.5 in Finance from Dutier University Kirk Klatt Senior Vice President, Real Estate Joined in December 201 Prior experience includes Chef Acqualione Ocar, Single-Trant Nel-Last EB Anow Development Survices Manager for Dua Raalty Corporation (NYSE DRE) B.& in Civil Engineering from Taxas Tech University, MBA from University of Texe at Dallas licensed real estate in Tex Scance Company dists. 1. First Potomac Realty Trust was publicly traded on the NYSE until October 2017. Conservative Capitalization Trish McBratney Senior Vice President and Chief Accounting Officer Joined in May 2020 Prior experience includes Chat Accounting Officer of American Beth Group Chef Accounting and Adrenabave Offct of ME Creek Resident Trust Vice President and Controller of Cyrusne (NASDAQ CONE) BS in Accounting Tom Cklaters Swe University Cered Pu Accountant Randy Haugh Senior Vice President, Finance Joined in February 2000 Prior experience includes U.S. Real Esta fund management group at The Carlyle Groep (NASDAG:CG) Vice Prosition of Finance and Director of Finance as First Palamos Realty Truet (NYSE FPOI BS in Economics and Certificate of Accounting from University of Virgini Amy An Investor Relations Manager Joined in Decent 2018 Prior experience inclu Istor Relations Manager at EB Amon Relations Associats and Real Estate Analyst at CapMaw Parman 88 in Business Administration from the University of Texas o Dolo-Noreon Jindal School of Management B#305 Corporate Responsibility NETSTREIT is committed to fulfilling its responsibility as an outstanding corporate citizen The Company's mission is to be the leader in the net lease industry by practicing and implementing innovative, impactful Environmental, Social and Governance policies with the highest ethical standards E Environmental Responsibility S Social Responsibility NETSTREIT G Corporate Governance Areas of Focus Dedication to reducing the Company's ecological footprint • Endorsement of renewable resources and encouragement of tenants to practice leading sustainability initiatives . Implementation of energy conservation practices in the office . Emphasis on creating a culture driven by diversity & inclusion . Commitment to employee well-being & satisfaction in the workplace • Creation of leading employee training and development programs to promote growth Diverse management team & board of directors Enactment of ideal board features to enhance the Company's fiduciary responsibility to shareholders • Rigorous risk management procedures to protect shareholder interests 30#315 Board of Directors In addition to Mr. Manheimer, the Company's board will be comprised of six additional directors, five of whom will be independent, each possessing diverse backgrounds in industry, public company and investment experience Todd Minnis Chairman of the Board Current Roles EB Arrow, CEO Commercial real esta developer & owner with $1.88 of AUM History Cypress Equities Real Estate Investment Management, CIO The Staubach Company NETSTREIT Matt Troxell, CFA Lead Independent Director Compensation Committee Chair . Investment Committee Chair Current Roles • AEW Real Estate Securities, Managing Director AEW Management and Risk Management Committees History AEW Capital Management, Head of AEW Real Estate Securities Landmark Land Company, VP Lori Wittman Independent Director • Audit Committee Chair Current Roles Big Rock Partners CFO Global Medical REIT (NYSE: GMRE) Independent Director and Audit Committee Chair History • Care Capital Properties. CFO • Ventas, SVP - Capital Markets & Investor Relati Robin Zeigler Independent Director • Nominating & Corporate Governance Committee Chair Current Roles . Cedar Resty Trust (NYSE: CDR) EVP and COO History Federal Reality Investment Trust (NYSE: FRT) COO. Mid-Atlantic Heidi Everett Director Nominee Current Roles Star Cypress Partners President and CEO History The Wentworth Group and Stafford Family Foundation, Vice President - Velecan of the United States Air Force Michael Christodolou Director Nominee Current Roles Inglewood Capital Management, Manager Lindsay Corporation (NYSE: LNN), Director, serves on Audi Committee, Humen Resources and Compensation Committee History Bans Brothers / Taylor & Company 31#32Company & Investment Highlights NETSTREIT NETSTREIT IS A Growth Company With A Defensive Net Lease Retail Strategy Attractive Sector Fundamentals with Compelling Growth Opportunity Seasoned Leadership Team with Extensive Track Record Active Asset Management to Achieve Optimal Portfolio Performance Disciplined Underwriters with Dual Focus on Credit AND Real Estate Multifaceted Investment Strategy Leveraging Deep Industry Relationships Balance Sheet and Platform Positioned for Scale High-Quality, Diversified, and Defensive Net Lease Retail Portfolio N NETSTREIT Conservative Capitalization to Support Accretive Growth 24#33N NETSTREIT 93