Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements include, without limitation, statements concerning our business and growth strategies, investment, financing and leasing activities and trends in our business, including trends in the market for long-term, triple-net leases of freestanding, single-tenant properties. Words such as “expects,” “anticipates,” “intends,” “plans,” “likely,” “will,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from the results of operations or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such statements included in this presentation may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation, the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and subsequent quarterly reports on form 10-Q.Forward-looking statements set forth herein speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent otherwise required by law.THIS PRESENTATION CONTAINS HISTORICAL PERFORMANCE INFORMATION REGARDING STORE CAPITAL, AS WELL AS OTHER COMPANIES PREVIOUSLY MANAGED BY OUR SENIOR EXECUTIVE TEAM. SUCH PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS.This presentation contains references to our copyrights, trademarks and service marks and to those belonging to other entities. Solely for convenience, copyrights, trademarks, trade names and service marks referred to in this presentation may appear without the “© “ or “TM” OR “sm” Symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these copyrights, trademarks, trade names and service marks. We do not intend our use or display of other companies’ trade names, copyrights, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.Definitions and footnotes for data provided herein are provided in the appendix section of this presentation. Unless otherwise indicated, data provided herein is as of December 31, 2017. 2

3 STORE CAPITAL SNAPSHOT 4 VALUES ADDED BY DESIGN (How We Uniquely Built S|T|O|R|E) 5 Our Market. Our Investment Strategy and Customers. Our Approach to Risk. Our Capital Structure. Our Internal Growth. Our Leadership. Our Governance. PERFORMANCE (How We Have Performed) 16 Our Portfolio at a Glance. Our Many Key Achievements. Our High Investment Diversity. Our Contract Quality. Our Investment Pipeline Activity. Our Growth and Performance. Our Comparative Stock Return Profile. Our Many Margins of Safety. APPENDIX (Important Supporting Information) 27 Prior Leadership Investment Performance. Contract Quality Trends. Peer Group Comparisons. Market Value Added Performance. Servicing Case Study. Our Approach to Asset Dispositions. FINANCIAL INFORMATION 40 DEFINITIONS AND FOOTNOTES 48 Table of Contents

STORE Capital Snapshot NYSE: STOR; U.S. PROFIT-CENTER REAL ESTATE ~30-YEAR SUCCESSFUL LEADERSHIP TRACK RECORD $5.0B EQUITY MARKET CAP; 4.8% DIVIDEND YIELD24% DIVIDEND INCREASE FROM 2014 TO 20171,921 PROPERTIES LEASED TO 397 CUSTOMERS ~75% OF LEASE CONTRACTS INVESTMENT-GRADE QUALITY1 UNIQUE DIRECT ORIGINATION PLATFORM “As the leading company delivering real estate lease solutions to middle market and larger companies, we are proud of the positive impact we have for our tenants, their communities and their stakeholders. We succeed by helping our tenants succeed.” -- Christopher Volk, CEO 4

S|T|O|R|E addresses a large market S|T|O|R|E has many broad based market opportunities. >$3 trillionSTORE market opportunity Dedicated to net-leased profit-center real estateFocused on the service sector of the U.S. economyMarket leader in profit-center net-lease solutionsNearly 200,000 companies in S|T|O|R|E’s target marketApproximately same size as world’s third largest economyMore than 17,000 contacts in S|T|O|R|E’s proprietary prospecting database | values added by design | 5 Cumulative Counts ($MM) S|T|O|R|E’s Target Market(U.S. Middle Market)

S|T|O|R|E is Single Tenant Operational Real Estate defining our investment asset class shapes everything we do. Why is that so important?Tenants need their profit-center real estate in order to conduct business, making our rent contracts senior to other financial obligations Which is the unique payment source?Profitability from the operations of each investment How do STORE Properties differ from other real estate?Three sources of payment support instead of two PROPERTY VALUE CORPORATE CREDIT UNIT-LEVEL PROFITABILITY | values added by design | STORE Properties uniquely offer the ability to create contracts that are superior to the credit quality of the tenant. 6

Filling A Broad-Based Market Need Rated S|T|O|R|E’s tenants choose to rent because….Long term real estate funding solutions are lackingLeasing real estate replaces both debt and equityLower cost of capitalUnparalleled product flexibility S|T|O|R|E is landlord of choice because….Customer-centric and solutions-orientedAdministrative ease through responsive servicing Development and renovation opportunitiesA focus on corporate flexibility and wealth creation our customers choose to have a landlord rather than a banker. 7 S|T|O|R|E is important and fundamental to creating opportunities for our clients,their employees and other stakeholders What we do is impactful….Year-over-year tenant revenue growth of 9.8%1S|T|O|R|E customers added ~180,000 employees in 20172Exclusive educational event: Inside Track Forum Online educational opportunities: STORE UniversityIntegrated real estate capital: Master Funding Solutions | values added by design |

Internal OwnershipDirect calling efforts on thousands of companies and financial sponsors ~80% ~20% B2B Benefits + Higher Lease Rates+ Lower Real Estate Prices+ Longer Lease Terms+ Smaller Transaction Sizes + Greater Investment Diversity+ Stronger Contracts Our unique platform has multiple origination channels enabling us to efficiently cover a very large market opportunity.All channels result in a B2B approach. our origination platform is key to greater investment returns and lower risk. “B2B” Origination Platform Virtual SalesforceTenant introductions through intermediary relationships = Value for Stockholders 8 | values added by design |

S|T|O|R|E’s Diverse Customer Profile UNPRECEDENTED GRANULARITY customer revenue distribution1 % Of Total Rent & Interest 397 customers operating across over 100 industries~ 16 net new customers quarterly 1,921 properties | ~ 74 net new properties quarterly ~ 620 contracts | ~ 30 transactions closed quarterlyAverage transaction size below $9 millionRepeat customers about one-third of new business <$5MM $5 -$20MM $20 -$50MM $50 -$200MM $200 -$500MM $500MM -$1B >$1B ~ 70% of customers have revenues over $50 millionMedian tenant revenues ~ $47 millionWeighted average tenant revenues ~$799 millionEmploy ~1.8 million workers2Operate ~24,000 locations in all 50 states S|T|O|R|E TENANT PROFILES | values added by design | 9 both our tenants and their employees benefit from a S|T|O|R|E relationship.

Evidence-based real estate investment approach our goal is to create investment-grade contracts with every customer. | values added by design | 10

Capital Structure Leadership an effective capital structure must be established at the outset. 11 Effective Liquidity Management $600 million unsecured multi-year revolving credit facility1A+ asset-backed and Baa2/BBB unsecured borrowing optionsVirtually all borrowings are long-term and fixed rate Effective Asset/Liability Management Intelligent, laddered investment-grade borrowingsTarget long-term annual debt maturities below 2.5% of assetsMinimize gap between free cash flow2 and debt maturities strategic liability management ($MM) Our structural aim is to have the annual gap between our free cash flow after dividends and our annual debt maturities be 1.5% of assets or less. The smaller the gap, the less sensitive our balance sheet is to changes in interest rates. Median debt maturities 2 4.8% 3.0% 4.2% 3.5% 4.4% 5.1% 5.1% 4.2% 4.4% 4.3% N/A Avg Rate 3 | values added by design |

Complementary Investment-Grade Debt Options growing unencumbered asset pool ($MM) STORE Master Funding ($1.5 billion) S&P rated A+Dedicated asset-backed securities conduit Unsecured Term Borrowings ($575 million) our access to multiple borrowing sources optimizes our cost of capital. Moody’s rated Baa2, stable outlookS&P and Fitch Ratings rated BBB, stable outlook Q3 2011 Q4 2017 12 Non-recourse with minimal covenantsComplete portfolio management flexibilityEfficient leverage of 70% at time of issuanceBBB rated notes retained for flexibilityEnables superior unsecured debt ratiosProvides leading term borrowing diversity BBB+/Baa1 Net STORE Unencumbered Asset Select Ratios Lease Average1 Target2 Actual3 Debt/EBITDA ~5x ~4x 3.7x Unencumbered assets/unsecured debt ~3x ~3.5x 3.9x Debt service coverage ~5x ~5.5x 7.5x Cash flow support from encumbered assets NO YES Investment-grade borrowing diversity with resultant improved unsecured credit metrics. $3.3B $0.4B $2.5B | values added by design | $4.2B $2.5B $0.4B Q4 2018 Target4

Internal Growth Strategy Lease Escalation Frequency % Base Rent and Interest1 Weighted Average Annual Escalation Rate2 Annually 68% 1.8% Every 5 years 28% 1.8% Other escalation frequencies 3% 1.7% Flat 1% N/A Total / Weighted Average 100% 1.8% lease escalations dividends Market-leading dividend increases 8.0% in 20157.4% in 20166.9% in 2017Market-leading dividend protection370% payout ratio in 201568% payout ratio in 201670% payout ratio in 2017 Annual Lease Escalations AFFO Per Share Growth 1.00% 1.55% 1.25% 1.93% 1.50% 2.32% 1.80% 2.79% 2.00% 3.09% + ReinvestedCash Flows 65.0% 72.0% 75.0% 80.0% 3.05% 2.38% 2.09% 1.61% = EstimatedInternal Growth > 5% internal growth is driven by retained and reinvested cash flows. 13 estimated internal growth4 AFFO Payout Ratio AFFO Per Share Growth | values added by design |

Unrivaled Leadership Over Decades Experienced….Built & managed three net-lease real estate investment companiesInvested over $16 billion in profit-center real estate (9,200+ properties)Consistently outperformed broader REIT market returns over multiple decades*Navigated platforms through multiple economic cycles & interest rate environmentsThought leadership through primary and published research Groundbreaking….Investment-grade corporate net-lease rating (1995)Net-lease real estate master trust conduit (2005)NYSE-listed public company sales (2001 & 2007)Private institutional investor sponsorship (1999 & 2011) a progression of innovation and thought leadership over three decades. 14 1980 Q4 2017 > $16 B We have successfully invested and managed more in STORE Properties and over a longer period of time than anyone. 80 employees in one office, ~40% of which drive our origination activity and ~30% of which have worked in predecessor companies. | values added by design |

Best in Class Corporate Governance Independent Board, Board Chairman and Key Committees? Yes Board Refreshment? Yes, > 50% directors new since 2016 Board Diversity? 33% Regular Board Evaluations? Yes Regular Stockholder Engagement? Yes Opt-out of State Anti-Takeover Provisions1? Yes Poison Pill? No Staggered Board? No leading board governance leading stockholder disclosure Full tenant credit quality distributionFull contract quality distributionFull tenant size distributionLease contract escalationsProperty appraised replacement costsPortfolio master leasesLeading unit-level performance disclosureProperty sales gain over costsGround lease investmentsNN v. NNN leases With our leading stockholder disclosure and governance practices, we provide corporate governance that is “best in class” in the net-lease sector. | values added by design | 15 tenant reporting requirements allow for transparent disclosure to stockholders.

Portfolio at a Glance As of December 31, 2017 2016 Investment property locations 1,921 1,660 States 48 48 Customers 397 360 Industries in which our customers operate 104 106 Proportion of portfolio from direct origination ~80% ~80% Contracts with STORE-preferred terms*1 93% 91% Weighted average annual lease escalation2 1.8% 1.8% Weighted average remaining lease contract term ~14 years ~14 years Occupancy3 99.6% 99.5% Properties not operating but subject to a lease4 16 9 Investment locations subject to a ground lease 20 17 Investment portfolio subject to NNN leases* 98% 97% Investment portfolio subject to Master Leases*5 87% 82% Average investment amount / replacement cost (new)6 82% 82% Locations subject to unit-level financial reporting 97% 97% Median unit FCCR / 4-wall FCCR7 2.1x / 2.6x 2.1x / 2.6x Contracts rated investment grade8 ~75% ~75% | performance | 16

Key Achievements As A Public Company EXCEPTIONAL PERFORMANCEMore than doubled our pipeline of investment opportunities1 to $12 Billion since IPORealized average monthly investment activity in excess of $100 million since 2015.Raised our dividends to shareholders 24% (6.9% in 2017)Delivered AFFO per share growth of 23%2 Realized compound annual shareholder returns greater than 16% vs. just under 6.5% for Equity REITsCreated exceptional Market Value Added with our equity valuation exceeding equity cost by 38%3 INVESTMENT SAFETYHave been amongst the industry leaders in dividend protection4Maintained approximately 75% of our lease contracts at investment-grade qualityMaintained a consistent real estate occupancy5 level of 99% or betterMARKET RECOGNITIONGarnered investor interest from well-known investors, including Berkshire Hathaway, a 9.8% shareholderAmongst the highest credit ratings relative to our peer group from all three agencies (BBB, BBB, Baa2) | performance | 17

Diversification Across Industry Groups Building % Base Rent and Interest1 # ofProperties Sq. Ft. (in thousands) As of December 31, Customer Industry Groups 2017 2016 Restaurants – Full Service 372 2,546 13.1% 13.8% Restaurants – Limited Service 399 1,051 7.2% 8.4% Early Childhood Education 174 1,901 6.6% 7.4% Movie Theaters 39 1,873 6.0% 6.9% Health Clubs 71 1,973 5.9% 6.2% Family Entertainment 26 866 4.2% 3.8% Automotive Repair and Maintenance 103 481 3.1% 2.9% Pet Care 111 1,178 3.0% 2.8% Lumber & Construction Materials Wholesalers 53 2,541 2.0% 1.0% Career Education 7 584 1.9% 2.2% Behavioral Health 39 493 1.8% 1.9% Equipment Sales and Leasing 19 577 1.4% 1.2% Elementary and Secondary Schools 6 222 1.4% 1.5% Medical and Dental 27 283 1.4% 0.9% Wholesale Automobile Auction 6 224 1.1% 0.9% Consumer Goods Rental 44 593 1.0% 1.1% All Other Service (22 industry groups) 81 4,400 6.3% 6.6% Total Service 1,577 21,786 67.4% 69.5% SERVICE (~67%) Located near target customers Not readily available onlineBroad array of everyday services As of December 31, 2017, our portfolio is diversified across 104 different industries in the service, retail and manufacturing sectors of the U.S. economy. We group these industries into 76 different industry groups as shown in the following tables. 18 | performance | service industries account for more than half of the u.s. employment and gdp.

Diversification Across Industry Groups (continued) 19 Building % Base Rent and Interest1 # ofProperties Sq. Ft. (in thousands) As of December 31, Customer Industry Groups 2017 2016 Furniture 51 3,229 6.7% 3.8% Farm and Ranch Supply 24 2,048 3.1% 3.2% Hunting and Fishing 17 1,292 2.6% 2.2% Recreational Vehicle Dealers 8 222 1.0% 1.1% Home Furnishings 5 691 0.9% 1.1% Used Car Dealers 14 203 0.9% 0.6% Electronics and Appliances 7 331 0.7% 0.9% All Other Retail (9 industry groups) 48 1,970 1.9% 2.5% Total Retail 174 9,986 17.8% 15.4% Metal Fabrication 51 5,326 3.8% 3.6% Plastic and Rubber Products 28 3,363 2.6% 2.9% Medical and Pharmaceutical 6 431 0.8% 1.0% Electronics Equipment 5 619 0.8% 0.7% Paper and Packaging 6 969 0.7% 0.6% Food Processing 5 447 0.6% 2.4% Furniture Manufacturing 1 899 0.6% 0.0% All Other Manufacturing (15 industry groups) 68 6,079 4.9% 3.9% Total Manufacturing 170 18,133 14.8% 15.1% Total Portfolio 1,921 49,905 100.0% 100.0% RETAIL MANUFACTURING Primarily located in industrial parksStrategically near customersBroad array of industriesMaking everyday necessities (~15%) Located in retail corridorsInternet resistantHigh experiential component (~18%) | performance | S|T|O|R|E’s retail exposure has high experiential component.

20 Top 10 Customers1 AMC Entertainment (NYSE:AMC), is the largest movie exhibition company in the world with over 1,000 theatres and 11,000 screens across the globe. AMC operates among the most productive theatres in the United States’ top markets, having the #1 or #2 market share positions in 22 of the 25 largest metropolitan areas of the United States, including the top three markets (NY, LA, Chicago). Cadence Education is a Morgan Stanley Global private equity owned company and is one of the premier early childhood educators in the U.S. The Company’s national platform of more than 170 schools has the capacity to serve more than 20,000 students across 21 states. Mills Fleet Farm is a full-service merchant with 37 locations in four mid-western states, offering a broad assortment of goods from hunting gear to lawn, garden and farm supplies. In 2016 Mills was purchased by the private equity firm KKR & Co. RMH Franchise Holdings is the second largest Applebee’s franchisee, operating 160+ units in 15 states. The company is a top 100 multi-unit franchisee company in the United States and was formed in 2012 with the backing of PE firms including ACON Investments. O'Charley's operates over 300 casual dining restaurants, over 200 of which are branded as O’Charley’s. O'Charley's is a wholly owned subsidiary of American Blue Ribbon Holdings (ABRH), a diversified food services company operating 500+ family and casual dining restaurants in the United States ABRH is majority owned by Cannae Holdings (NYSE:CNNE). % Base Rent and Interest2 3.4% 2.6% 2.3% 2.1% 1.9% 1.6% 1.2% 1.2% 1.1% 1.1% 18.5% Total Top 10 Customers Art Van Furniture is the Midwest’s largest furniture retailer and a top ten national furniture retailer based on sales. Founded in 1959, the company operates approximately 176 stores throughout nine states with expected annual sales of $1.3 billion. Art Van Furniture is majority owned by Boston based private equity firm Thomas H. Lee Partners. Automotive Remarketing Group, dba America’s Auto Auction is one of the fastest growing auto auction companies in the nation. Today the company operates 21 successful auction locations nationwide. The Company is a wholesale auto auction company offering a full spectrum of remarketing services for both buyers and sellers of used vehicles. Stratford School, founded in 1999, is the premier U.S.-based private education platform combining great academic outcomes and a strong base of existing campuses of elementary and middle schools. Grown organically to over 6,000 students across 22 campuses throughout California, including five opened in the last two years, with a strong foundation to drive continued growth. # ofProperties 22 9 15 8 32 37 29 30 4 6 192 Bass Pro Group operates retail locations under the Bass Pro Shops and Cabela’s monikers, offering outdoor gear and apparel in an immersive setting. These two iconic brands, combined, operate more than 180 retail and marine centers. Both concepts are market leaders and highly respected within their respective niche of outdoor products. U.S. LBM Holdings, founded in 2009, is a collection of leading building material distributors across 29 states with more than 230 locations. The company serves as a critical link in the building materials supply chain, supplying more than 60,000 stock keeping units (“SKUs”) for custom homebuilders and specialty contractors. U.S. LBM has filed an S-1 with the SEC as it intends to raise additional equity from an IPO. Proceeds from the IPO are expected to payoff outstanding indebtedness under its Second Lien Term Loan. | performance | top ten tenants represent less than 19% of annual rent & interest.

Diversification Across Geographies1 21 OCCUPANCY2 | performance | geographically dispersed portfolio with consistently high occupancy rates.

~75% of Contracts Investment-Grade in Quality Because we invest in profit-center real estate, our contracts almost always have less investment risk than the credit risk of our tenants. In addition, the STORE Score, being purely quantitative, is a base risk score that often understates contract quality. Moody’s RiskCalc (EDF) STORE Score 1 22 CONTRACTS RATED INVESTMENT GRADE (3-MO. AVERAGE) MEDIAN UNIT-LEVEL FIXED CHARGE COVERAGE Median EDF MedianSTORE Score investment-grade contracts mitigate corporate default risk. | performance |

23 Investment Pipeline Activity Total Pipeline1 Deals Reviewed1 Cumulative Annual Acquisitions ($MM) 2012 2013 2014 2015 2016 2017 PIPELINE VELOCITY ($B) PIPELINE SECTOR DISTRIBUTION AS OF 12/31/17 85% of our investments and 84% of our pipeline are customer facing industries with emphasis on the service sector. | performance | S|T|O|R|E’s pipeline remains robust and diverse.

24 NOI, AFFO AND NET INCOME ($MM)2 Growth and Performance | performance | PER SHARE ANNUAL GROWTH NET INCOME:13.8% DIVIDENDS:6.6% AFFO:7.2% Average Annual Growth Rate ACQUISITION AND DISPOSITION VOLUME ($MM)1 GROSS RATE OF RETURN 3 5.6% 5.3% 5.4% 5.6% 4.7% 4.4% 4.1% 8.3% 8.1% 7.9% 10.0% 9.8% 9.7% 9.6% 7.8% 3.6% S|T|O|R|E has consistently performed year over year.

Total Return Built on Both Yield & Growth | performance | 25 500 companies 29 companies(6%) 5 companies(1%) Only 1% of companies in the S&P 500 have S|T|O|R|E’s combination of dividend yield and EPS growth offering a superior investment opportunity. 164% Price-to-Total Return Discount S&P 500 INDEX2 S&P Multiple 25.0 x Dividend Yield 1.9% LTM EPS Growth 9.1% Total Return 11.0% PEGY 2.3 x STORE CAPITAL AFFO Multiple 15.2 x Dividend Yield 4.8% LTM AFFO Growth Rate 6.2% Total Return 11.0% STOR PEGY 1.4 x attractive total return relative to the broader market.

Values Added market-leading direct investment approach in underserved market exceeding $3.3 trillion 1. predominantly investment-grade quality net-lease contract portfolio 2. market-leading diversified investment-grade capital markets strategy 3. secure dividends and exceptional internal1 and dividend growth 4. Market-leading investment diversity 5. leadership team with over 30-year history and a multiple-decade record of outperformance2 7. | performance | 26 Market-leading governance and investor disclosure 6.

Appendix

FFCA (NYSE: FFA) 1994 - 2001 Spirit Finance (NYSE: SFC) 2003 - 2007 STORE Holding (Oaktree) 2011 - 2016 Management Team Performance | appendix – historical performance | Management has unparalleled expertise in creating successful STORE Property investment platforms in a variety of market environments. 28 $4.9 billion Invested Average Cap Rate 10.3%Average 10-year US Treasury 6.2%Asset-Backed and Unsecured DebtRated BBB by S&P, Baa2 by Moody’sAverage Occupancy 98+%Sold to GE Capital $3.5 billion InvestedAverage Cap Rate 8.7%Average 10-year US Treasury 4.4%Asset-Backed DebtNo corporate credit ratingAverage Occupancy 99+%Sold to consortium of investors $4.4 billion InvestedAverage Cap Rate 8.3%Average 10-year US Treasury 2.3%Asset-Backed and Unsecured DebtRated BBB- by S&P, BBB- by FitchAverage Occupancy 99+%Founding shareholders sold shares in public market

29 1994 2017 Stable and Attractive Lease Rates and Risk-Adjusted Returns Low lease rate volatility and strong investment spreads have resulted in superior risk-adjusted returns. S|T|O|R|E and predecessors’ average Lease Rates vs. 10-Year Treasuries Excess Return relative to Market Risk 2 | appendix – historical performance |

¹ Information based on YTD 3Q 2017 reported results. For companies where the year-to-date lease rate on new acquisitions is not disclosed, the formula assumes a lease rate of 7.0%. Same Store NOI growth used as a proxy for contract lease escalator where the latter is not disclosed. For companies where neither is disclosed, the formula assumes a lease escalator of 1.50%. EBITDA margin is based on revenue less reimbursed property expenses and straight-line rent. Marginal interest rate is based on the current spread on unsecured debt outstanding over the 10 year treasury. | appendix - returns | Our elevated equity return on new investments is a principle driver of our margins of safety and contributes to superior equity value creation ability. Marginal Equity Returns on Net Lease Real Estate Investments 30 Marginal Equity RETURNS1 ((lease rate + lease escalators) x EBITDA margin - (marginal interest rate x % funded with debt)) % funded with equity ROE computed on new investments using the V-Formula both our shareholders and tenants reap the rewards of a S|T|O|R|E relationship.

| appendix - returns | 31 ADCSRCEPRNNNO ADCONNNEPRSRC GROSS Cap Rate SPREAD over the cost of debt1 MVA Growth Rate2 CURRENT AFFO Multiple3 S|T|O|R|E S|T|O|R|E S|T|O|R|E Elevated gross cap rates and EBITDA margins have contributed to higher equity rates of return, leading to a higher spread between shareholder historic cost and market valuation, or Market Value Added (MVA). Comparative Value Creation S|T|O|R|E vs. Peers SRCEPRNNNOADC ¹ For the YTD period ended September 30, 2017. Gross cap is Initial cap rate on new acquisitions plus contract bumps. For companies where the year-to-date lease rate on new acquisitions is not disclosed, the formula assumes a lease rate of 7.0%. Same Store NOI growth used as a proxy for contract lease escalator where the latter is not disclosed. For companies where neither is disclosed, the formula assumes a lease escalator of 1.50%. Cost of debt is the current spread on unsecured debt outstanding over the 10 year treasury.2 Calculated using the formula: [market capitalization / computed equity cost]^(1 / weighted average age of equity) 3 Calculated as of December 29, 2017

Consistent Contract Quality 32 Investment grade contracts averaging ~75% of S|T|O|R|E’s rent over prior three years. Tenant Rating vs. Contract Rating (Cumulative) Strong contracts create a margin of safety relative to corporate credit risk. Contract Ratings | appendix – portfolio| Tenant Ratings strong contract stability across S|T|O|R|E’s portfolio over time.

Most Diversified Tenant Base Source: Latest publicly available financial information as of September 30, 2017. ¹ Includes: Agree Realty Corporation; EPR Properties; Lexington Realty Trust; Spirit Realty Capital, Inc.; VEREIT, Inc.; and W. P. Carey Inc. (weighted average lease term in years) Longest Lease Term Lowest Near-Term Renewal Exposure (% top 5 tenants, based on current annual rent) (% expirations by period, based on current annual rent) Our net-lease portfolio has long contract terms and very high tenant diversification. High Quality Portfolio 33 | appendix – portfolio|

ebitda margin1 Average Lease escalator2 Source: Latest publicly available quarterly financial statements as of September 30, 2017. ¹ Represents Adjusted EBITDA to Total Adjusted Revenue. For W.P. Carey represents Owned Real Estate only.2 See page 51 (page 16, footnote 2) for description of S|T|O|R|E’s weighted average annual lease escalation. Realty Income and VEREIT data represents projected same store sales based on midpoint of 2017 company estimates. (based on Q3 2017 financials) affo payout ratio (based on Q3 2017 financials) Stable and Growing Cash Flow Our lease contracts and well-protected dividends provide cash flow growth and stability. 34 (based on Q3 2017 financials) | appendix – portfolio|

Case Study: National Restaurant Chain Bankruptcy Investment Overview National restaurant chain that operated over 200 stores.At the time of S|T|O|R|E’s investment: Moody’s RiskCalc EDF – B3Acquired two properties subject to existing individual leases as part of a diversified portfolio acquisition.S|T|O|R|E proactively sold one of the locations due to underperformance for a 14% gain on investmentSubsequently acquired eight properties in a direct sale leaseback with the company.15-year master lease with annual rent escalations of 2%Average sales of almost $3.0 million and a master lease FCC of 2.3x (STORE Score – Baa3) investment risk is governed by the quality of the lease contract. Bankruptcy & Result Tenant filed for bankruptcy protection.Tenant exited bankruptcy after a few months.Closed 34 storesNegotiated $4.0 million in rent savings Converted $300 million in debt to equity S|T|O|R|E’s master lease was assumed in bankruptcy.No modification to master leaseLease payments brought current.Limited rent reduction (13%) on the individual lease. 100% recovery on the eight unit master leaseFollowing the restructure, S|T|O|R|E sold the unit that was on the individual lease for a 9.0% gain on investment. Therefore, after the acceptance of S|T|O|R|E’s master lease in full and the disposition of the individual lease for a gain, the final recovery was over 100%. Tenant Moody’s RiskCalc EDF MasterLeaseSTOREScore 35 IndividualLeaseSTOREScore | appendix – portfolio|

Value Added Through Portfolio Management we seek embedded gains in each asset we buy. | appendix – portfolio| Opportunistic Sales(~40% of Sales) Property Management(~35% of Sales) Net Gains over Cost StrategicSales(~25% of Sales) + - = 5.0% of the Portfolio was Sold in 2017Opportunistic Sales were sold at > 160 bps spread over the marketStrategic Sales were sold at > 80 bps spread over the marketWe recovered 91% on Property Management Sales Active portfolio management is a strong complement to our property management activity to minimize portfolio investment risk +21% +8% (9%) +5% 36

37 Internal Growth in Perspective Attractive internal growth components based on $6.5 billion of investments over 6.5 years Resolved Credit Events (0.8)%Recovery (~70%) 0.6 % PROPERTY MANAGEMENTAbility to manage losses Net Credit Loss (0.2)% Property Sales 0.8 % PORTFOLIO MANAGEMENTAbility to realize gains Gains Over Cost (~12%) 0.1 % Net Portfolio Loss1 (0.1)% Average Rent Increase 1.8 %Reinvested Cash Flow2 1.8 % INTERNAL GROWTHGrowth by design Internal Growth 3.6 % Adjusted Internal Growth3 3.5% | appendix – portfolio| margins of safety, investment-grade performance and built-in growth.

38 Executive Management Team | appendix – S|T|O|R|E leadership| MARY FEDEWAChief Operating Officer & DirectorCo-Founder; Chief Operating Officer, Assistant Secretary and Assistant Treasurer; Director since August 2016Former Managing Director of Acquisitions at Spirit; former Senior Vice President of GE Franchise Finance (successor company to FFCA)>20 years of experience in a broad range of financial servicesRecognized as a Woman of Influence in 2016 by Real Estate Forum magazine CHRISTOPHER H. VOLKPresident, CEO & DirectorCo-Founder; CEO and Director since Company’s inception in May 2011Former Co-Founder, CEO and Director of Spirit Finance Corporation (“Spirit”); former President and Director of Franchise Finance Corporation of America (“FFCA”)>30 years of experience in structuring, managing and financing commercial real estate companiesLed largest ever real estate limited partnership roll-up transaction of its time in 1994 in formation of FFCA; oversaw issuance of FFCA's unsecured debt rating in 1995, the first unsecured debt rating ever issued to a net-lease REIT; led creation of first commercial real estate master trust debt conduit in the United States designed to finance net-lease assets in 2005 at Spirit CATHERINE LONGChief Financial Officer, EVP & TreasurerCo-Founder; Executive Vice President – CFO, Treasurer and Assistant Secretary since Company’s inceptionFormer CFO and Treasurer of Spirit; former Principal Accounting Offer of FFCA>30 years of accounting, operating and financial management expertise Named CFO of the Year in 2008 by Arizona chapter of Financial Executives International CHRISTOPHER K. BURBACHEVP – UnderwritingExecutive Vice President – Underwriting since February 2012Former Vice President of Investment Management at Spirit; former CEO of VM ManagementBroad range of experience in credit, underwriting and financial analysis MICHAEL T. BENNETTEVP – General Counsel, Chief Compliance Officer & SecretaryCo-Founder; Executive Vice President—General Counsel, Chief Compliance Officer, Corporate Secretary and Assistant TreasurerFormer Senior Vice President of Spirit; former General Counsel of Farmer Mac (NYSE:AGM)>30 years of legal, transactional and operational experience in real estate and finance industriesNamed best in-house attorney at the Arizona Corporate Counsel Awards in 2017 by Az Business magazine

39 Board of Directors MORTON H. FLEISCHERChairmanChairman since inception in May 2011. Former Co-Founder and Chairman of Spirit and FFCA MARY FEDEWAChief Operating Officer & DirectorCo-Founder of S|T|O|R|E; COO since September 2017 (previously EVP – Acquisitions since inception in May 2011); Director since 2016 William F. HippDirectorDirector since 2016. Former head of real estate for Key Bank, BankBoston and FleetBoston with over 35 years in commercial banking Einar A. SeadlerDirectorDirector since 2016. Founder and President of EAS Advisors LLC; Former Managing Director of Accenture Strategy Joseph M. DonovanDirectorDirector since 2014. Chairman of Fly Leasing Limited (NYSE: FLY) Mark N. SklarDirectorDirector since August 2016. Founding partner and Director of DMB and its affiliated companies Quentin P. Smith, JrDirectorDirector since 2014. Founder and President of Cadre Business Advisors LLC; Director of Banner Health System CHRISTOPHER H. VOLKChief Executive Officer & DirectorCo-Founder of S|T|O|R|E; CEO and Director since inception in May 2011. Former Co-Founder, CEO and Director of Spirit and President and Director of FFCA Catherine D. riceDirectorDirector since October 2017. Former Senior Managing Director and CFO of W.P. Carey; Partner at Parmenter Realty Partners | appendix – S|T|O|R|E leadership|

Financial Information

41 Condensed Consolidated Statements of Income Three Months Ended Year Ended December 31, December 31, $ thousands, except share and per share data 2017 2016 2017 2016 Revenues: (unaudited) (unaudited) Rental revenues $ 113,850 $ 96,415 $ 427,943 $ 356,081 Interest income on loans and direct financing receivables 5,836 5,576 22,565 19,677 Other income 438 150 2,339 585 Total revenues 120,124 102,141 452,847 376,343 Expenses: Interest 28,540 28,753 120,478 105,180 Transaction costs - 33 - 523 Property costs 1,501 1,548 4,773 4,067 General and administrative 11,203 8,732 40,990 33,972 Selling stockholder costs - - - 800 Depreciation and amortization 40,079 32,992 150,279 119,618 Provisions for impairment 1,500 1,720 13,440 1,720 Total expenses 82,823 73,778 329,960 265,880 Income from operations before income taxes 37,301 28,363 122,887 110,463 Income tax expense 119 110 453 358 Income before gain on dispositions of real estate 37,182 28,253 122,434 110,105 Gain on dispositions of real estate, net of tax 3,826 3,687 39,604 13,220 Net income $ 41,008 $ 31,940 $ 162,038 $ 123,325 Net income per share of common stock - basic and diluted $ 0.21 $ 0.20 $ 0.90 $ 0.82 Dividends declared per common share $ 0.31 $ 0.29 $ 1.20 $ 1.12 Weighted average common shares outstanding – basic 190,765,946 155,987,275 178,586,266 148,878,504 – diluted 191,302,717 156,199,297 178,656,676 149,124,010 | appendix - financial |

Condensed Consolidated Balance Sheets $ thousands, except share and per share data December 31, 2017 December 31, 2016 (unaudited) (audited) Assets Investments: Real estate investments: Land and improvements $ 1,898,342 $ 1,536,178 Buildings and improvements 3,958,003 3,226,791 Intangible lease assets 87,402 92,337 Total real estate investments 5,943,747 4,855,306 Less accumulated depreciation and amortization (426,931 ) (298,984 ) 5,516,816 4,556,322 Real estate investments held for sale, net 16,741 - Loans and direct financing receivables 271,453 269,210 Net investments 5,805,010 4,825,532 Cash and cash equivalents 42,937 54,200 Other assets, net 51,830 61,936 Total assets $ 5,899,777 $ 4,941,668 Liabilities and stockholders' equity Liabilities: Credit facility $ 290,000 $ 48,000 Unsecured notes and term loans payable, net 570,595 470,190 Non-recourse debt obligations of consolidated special purpose entities, net 1,736,306 1,833,481 Dividends payable 60,068 46,209 Accrued expenses, deferred revenue and other liabilities 71,866 60,533 Total liabilities 2,728,835 2,458,413 Stockholders' equity: Common stock, $0.01 par value per share, 375,000,000 shares authorized, 193,766,854 and 159,341,955 shares issued and outstanding, respectively 1,938 1,593 Capital in excess of par 3,381,090 2,631,845 Distributions in excess of retained earnings (214,845 ) (151,592 ) Accumulated other comprehensive income 2,759 1,409 Total stockholders' equity 3,170,942 2,483,255 Total liabilities and stockholders' equity $ 5,899,777 $ 4,941,668 42 | appendix - financial |

Funds From Operations and Adjusted Funds from Operations1 Three Months Ended Year Ended December 31, December 31, $ thousands, except per share data 2017 2016 2017 2016 (unaudited) (unaudited) NET INCOME $ 41,008 $ 31,940 $ 162,038 $ 123,325 Depreciation and amortization of real estate assets 39,858 32,843 149,556 119,079 Provision for impairment of real estate - 1,720 11,940 1,720 Gain on dispositions of real estate, net of tax (3,826 ) (3,687 ) (39,604 ) (13,220 ) FUNDS FROM OPERATIONS (FFO) $ 77,040 $ 62,816 $ 283,930 $ 230,904 Adjustments: Straight-line rental revenue, net (396 ) 204 (3,358 ) (2,344 ) Transaction costs - 33 - 523 Amortization of: Equity-based compensation 2,051 1,803 7,931 7,022 Deferred financing costs and other noncash interest expense2 1,851 1,949 9,978 7,267 Lease-related intangibles and costs3 158 336 5,800 1,657 Provision for loan losses 1,500 - 1,500 - Accrued severance costs - - 296 - Selling stockholder costs - - - 800 ADJUSTED FUNDS FROM OPERATIONS (AFFO) $ 82,204 $ 67,141 $ 306,077 $ 245,829 Net Income per share of common stock - basic and diluted4 $ 0.21 $ 0.20 $ 0.90 $ 0.82 FFO per share of common stock – basic4 – diluted4 $ 0.40$ 0.40 $ 0.40$ 0.40 $ 1.59$ 1.59 $ 1.55$ 1.54 AFFO per share of common stock – basic4 – diluted4 $ 0.43$ 0.43 $ 0.43$ 0.43 $ 1.71$ 1.71 $ 1.65$ 1.64 43 | appendix - financial |

GAAP Reconciliations: Net Income to FFO and AFFO 44 Year Ended December 31, $ millions 2014 2015 2016 2017 NET INCOME $ 48.1 $ 83.8 $ 123.3 $ 162.0 Depreciation and amortization of real estate assets 56.7 88.3 119.1 149.6 Provision for impairment of real estate - 1.0 1.7 11.9 Gain on dispositions of real estate, net of tax (5.5) (1.3) (13.2) (39.6) FUNDS FROM OPERATIONS (FFO) $ 99.4 $ 171.7 $ 230.9 $ 283.9 Adjustments: Straight-line rental revenue, net (2.4) (2.0) (2.3) (3.4) Transaction costs 2.8 1.2 0.5 - Amortization of: Equity-based compensation 2.3 4.7 7.0 7.9 Deferred financing costs and other noncash interest expense 7.1 6.5 7.3 10.0 Lease-related intangibles and costs 0.7 1.4 1.7 5.8 Provision for loan losses - - - 1.5 Accrued severance costs - - - 0.3 Selling stockholder costs - - 0.8 - ADJUSTED FUNDS FROM OPERATIONS (AFFO) $ 109.9 $ 183.5 $ 245.8 $ 306.1 | appendix - financial |

GAAP Reconciliations: Net Income to NOI 45 Year Ended December 31, $ millions 2014 2015 2016 2017 NET INCOME $48.1 $83.8 $123.3 $162.0 Less: Gain on dispositions of real estate, net of tax (4.5) (1.3) (13.2) (39.6) Less: Income from discontinued operations (1.1) INCOME FROM CONTINUING OPERATIONS $42.5 $82.4 $110.1 $122.4 Adjustments: Interest 68.0 81.8 105.2 120.5 Transaction costs 2.8 1.2 0.5 - General and administrative 19.5 28.0 34.0 41.0 Selling stockholder costs - - 0.8 - Depreciation and amortization 57.0 88.6 119.6 150.3 Provisions for impairment - 1.0 1.7 13.4 Income tax expense 0.2 0.3 0.4 0.5 NET OPERATING INCOME $190.0 $283.2 $372.3 $448.1 | appendix - financial |

GAAP Reconciliations: Debt to Adjusted Debt 46 $ millions As of December 31, 2017 Credit facility $ 290.0 Unsecured notes and term loans payable, net 570.6 Non-recourse debt obligations of consolidated special purpose entities, net 1,736.3 TOTAL DEBT $ 2,596.9 Adjustments: Unamortized net debt discount 0.4 Unamortized deferred financing costs 31.1 Cash and cash equivalents (42.9 ) Restricted cash deposits held for the benefit of lenders (5.6 ) ADJUSTED DEBT $ 2,579.8 | appendix - financial |

GAAP Reconciliations: Net Income to Adjusted EBITDA 47 $ millions Three Months Ended December 31, 2017 NET INCOME $ 41.0 Adjustments: Interest 28.5 Depreciation and amortization 40.1 Income tax expense 0.1 EBITDA 109.7 Adjustments: Provision for loan losses 1.5 Gain on dispositions of real estate, net of tax (3.8 ) ADJUSTED EBITDA $ 107.4 Estimated adjustment to Adjusted EBITDA if all real estate acquisitions and dispositions for the quarter ended December 31, 2017 had occurred as of October 1, 2017 5.8 ADJUSTED EBITDA – CURRENT ESTIMATED RUN RATE $ 113.3 ANNUALIZED ADJUSTED EBITDA $ 429.7 ANNUALIZED ADJUSTED EBITDA – CURRENT ESTIMATED RUN RATE $ 453.0 ADJUSTED DEBT / ANNUALIZED ADJUSTED EBITDA 6.0x ADJUSTED DEBT/ ANNUALIZED ADJUSTED EBITDA – CURRENT ESTIMATED RUN RATE 5.7x | appendix - financial |

48 Supplemental Reporting Measures Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO Our reported results are presented in accordance with U.S. generally accepted accounting principles, or GAAP. We also disclose Funds from Operations, or FFO, and Adjusted Funds from Operations, or AFFO, both of which are non‑GAAP measures. We believe these two non‑GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs. FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or to cash flows from operations as reported on a statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income, excluding gains (or losses) from extraordinary items and sales of depreciable property, real estate impairment losses, and depreciation and amortization expense from real estate assets, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to certain non‑cash revenues and expenses that have no impact on our long-term operating performance, such as straight‑line rents, amortization of deferred financing costs and stock‑based compensation. In addition, in deriving AFFO, we exclude certain other costs not related to our ongoing operations, such as the amortization of lease-related intangibles. FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. Management believes that AFFO provides more useful information to investors and analysts because it modifies FFO to exclude certain additional non-cash revenues and expenses such as straight‑line rents, amortization of deferred financing costs and stock‑based compensation as such items may cause short-term fluctuations in net income but have no impact on long-term operating performance. Additionally, in deriving AFFO, we exclude certain other costs, such as the amortization of lease-related intangibles. We believe that these costs are not an ongoing cost of the portfolio in place at the end of each reporting period and, for these reasons, the portion expensed is added back when computing AFFO. As a result, we believe AFFO to be a more meaningful measurement of ongoing performance that allows for greater performance comparability. Therefore, we disclose both FFO and AFFO and reconcile them to the most appropriate GAAP performance metric, which is net income. STORE Capital’s FFO and AFFO may not be comparable to similarly titled measures employed by other companies. | appendix |

49 Supplemental Reporting Measures We believe that presenting supplemental reporting measures, or non-GAAP measures, such as EBITDA and Adjusted EBITDA, is useful to investors and analysts because it provides important information concerning our operating performance exclusive of certain non-cash and other costs. These non-GAAP measures have limitations as they do not include all items of income and expense that affect operations. Accordingly, they should not be considered alternatives to net income as a performance measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Our presentation of such non-GAAP measures may not be comparable to similarly titled measures employed by other companies. The following is a summary of the primary inputs into our presentation of these measures. EBITDA, Adjusted EBITDA, Annualized Adjusted EBITDA and Adjusted DebtEBITDA represents earnings before interest, taxes, depreciation and amortization.Adjusted EBITDA represents EBITDA modified to include other adjustments to GAAP net income for transaction costs, non-cash impairment charges, gains/losses on dispositions of real estate and certain other expenses not related to our ongoing operations.Annualized Adjusted EBITDA is calculated by multiplying Adjusted EBITDA for the quarter by four. Annualized Adjusted EBITDA – Current Estimated Run Rate is calculated based on an estimated Adjusted EBITDA as if all leases and loans in place as of December 31, 2017 had been in place as of October 1, 2017; then annualizing the Adjusted EBITDA for the quarter by multiplying it by four. You should not unduly rely on this metric as it is based on several assumptions and estimates that may prove to be inaccurate. Our actual reported Adjusted EBITDA for future periods may be significantly less than that implied by our reported Annualized Adjusted EBITDA – Current Estimated Run Rate for a variety of reasons. Adjusted Debt represents our outstanding debt obligations excluding unamortized deferred financing costs and net debt premium, further reduced for cash and cash equivalents and restricted cash deposits held for the benefit of lenders. We believe excluding unamortized deferred financing costs and net debt premium, cash and cash equivalents and restricted cash deposits held for the benefit of lenders provides an estimate of the net contractual amount of borrowed capital to be repaid, which we believe is a beneficial disclosure to investors and analysts. Adjusted Debt to Annualized Adjusted EBITDA Adjusted Debt to Annualized Adjusted EBITDA, or leverage, is a supplemental non-GAAP financial measure we use to evaluate the level of borrowed capital being used to increase the potential return of our real estate investments. We calculate leverage by dividing Adjusted Debt by Annualized Adjusted EBITDA. Because our portfolio growth level is significant to the overall size of the Company, we believe that presenting this leverage metric on a run rate basis is more meaningful than presenting the metric for the historical quarterly period, and we refer to this metric as Adjusted Debt to Annualized Adjusted EBITDA—Current Estimated Run Rate. Leverage should be considered as a supplemental measure of the level of risk to which stockholder value may be exposed. Our computation of leverage may differ from the methodology employed by other companies and, therefore, may not be comparable to other measures. | appendix |

50 Footnotes Page 41 Reflects the percentage of our contracts that have a STORE Score that is investment grade. We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of our tenants and the profitability of the operations at the properties.Page 71 Represents the weighted average percentage change (by annualized base rent and interest) in reported corporate revenues for the trailing 12-month (or nine-month if 12-month is not available) period as reported to STORE Capital for the period ended September 30, 2017 as compared to the same period ended September 30, 2016. Excludes customers representing 8.6% of annualized base rent and interest because sufficient comparable data is not available.2 Estimated based on total revenue per employee for all companies in the middle market (based on data as reported by the National Center for the Middle Market) extrapolated to the aggregate total revenue of S|T|O|R|E’s customers and the growth rate as described in footnote 1 above.Page 91 Excludes customers, representing approximately 4.6% of annualized base rent and interest, that do not report corporate revenues. 2 Estimated based on total revenue per employee for all companies in the middle market (based on data as reported by the National Center for the Middle Market) extrapolated to the aggregate total revenue of S|T|O|R|E’s customers.Page 111 As of February 9, 2018 our unsecured revolving credit facility was increased from $500 million to $600 million. 2 Free cash flow approximates Adjusted Funds from Operations less dividends paid.3 Represents the weighted average interest rate on balloon payments due in the respective years.Page 12:1 Based on average of ratios of Realty Income and National Retail Properties as of September 30, 2017.2 In addition to improved unencumbered asset ratios, unsecured lenders additionally benefit from the support of significant cash flows after debt service from assets subject to secured borrowings as well as a pool of unencumbered BBB rated Master Funding notes.3 Ratios as of December 31, 2017; Unencumbered EBITDA based on NOI from Unencumbered Assets less an allocation of general and administrative expenses based on assets.4 Amounts for Q4 2018 represent targeted figures and are shown for illustrative purposes only, assuming net acquisition volume for 2018 equal to $900 million and no additional assets are encumbered during the year. Our actual future debt levels and unencumbered asset pool are subject to numerous uncertainties and may be significantly different from these targeted levels.Page 13: 1 Shown by percentage of annualized base rent and interest (annualized based on rates in effect on December 31, 2017, for all leases, loans and direct financing receivables in place as of that date). Excludes contracts representing less than 0.2% of annualized base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options. Of our contracts in place as of December 31, 2017, 82% increase based on changes in CPI, 17% increase based on fixed rates in the contract and only 1% do not increase. | appendix | 2 Represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract or assumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. 3 Dividend protection refers to the percentage difference between our AFFO per share and our dividend per share. The wider the relative gap between AFFO per share and dividends per share, the greater the implied dividend protection. All dividends are declared at the discretion of our Board of Directors and future dividends will depend upon our actual funds from operations, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and other factors.4 S|T|O|R|E defines internal growth as the combination of high average lease escalators and a low AFFO payout ratio, which allows us to reinvest a growing amount of free cash flow back into our business. Page 14:* See chart, page 28.Page 15:1 Our Board of Directors has opted out of provisions of the Maryland Unsolicited Takeover Act (or “MUTA”), the business combination statute, the control share acquisition statute and provisions otherwise granting us the right to adopt a stockholder rights plan and we may not opt back into any of these statutes or provisions without stockholder approval or, in the case of a stockholder rights plan, stockholder ratification within 12 months of adoption of such a plan.

Footnotes | appendix | 51 Page 16: * Based on annualized base rent and interest.1 Represents the percentage of our lease contracts that were created by S|T|O|R|E or contain preferred contract terms such as unit-level financial reporting, triple-net lease provisions and, when applicable, master lease provisions.2 Weighted average annual lease escalation represents the weighted average annual escalation rate of the entire portfolio as if all escalations occurred annually. For escalations based on a formula including CPI, assumes the stated fixed percentage in the contract orassumes 1.5% if no fixed percentage is in the contract. For contracts with no escalations remaining in the current lease term, assumes the escalation in the extension term. Calculation excludes contracts representing less than 0.2% of annualized base rent and interest where there are no further escalations remaining in the current lease term and there are no extension options.3 S|T|O|R|E defines occupancy as a property being subject to a lease or loan contract. 4 The number of properties not currently operating but subject to a lease represents the number of our investment locations that have been closed by the tenant but remain subject to a lease.5 The percentage of investment portfolio subject to master leases represents the percentage of the investment portfolio in multiple properties with a single customer subject to master leases. Based on annualized base rent and interest, 82% of the investment portfolio involves multiple properties with a single customer, whether or not subject to a master lease.6 The average investment amount/replacement cost (new) represents the ratio of purchase price to replacement cost (new) at acquisition. 7 S|T|O|R|E calculates unit fixed charge coverage ratio generally as the ratio of (i) the unit’s EBITDAR, less a standardized corporate overhead expense based on estimated industry standards, to (ii) the unit’s total fixed charges, which are its lease expense, interest expense and scheduled principal payments on indebtedness. The 4-Wall coverage ratio refers to a unit’s FCCR before taking into account standardized corporate overhead expense.8 The proportion of investment contracts rated investment grade represents the percentage of our contracts that have a STORE Score that is investment grade. We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a risk measure reflective of both the credit risk of our tenants and the profitability of the operations at the properties. Page 17: 1 S|T|O|R|E’s pipeline from 2014 through December 31, 2017. See slide 23 for more information about S|T|O|R|E's pipeline, including its composition. S|T|O|R|E may never acquire properties in its pipeline for a variety of reasons as described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017.2 Growth rate in quarterly AFFO per share since IPO in Q4 2014.3 Data as of September 30, 2017.4 See footnote 3 to page 13 on page 50.5 S|T|O|R|E defines occupancy as a property being subject to a lease or loan contract. Pages 18 and 19: 1 Data as of December 31, 2017 and 2016, by percentage of annualized base rent and interest (annualized based on rates in effect on December 31, 2017 and 2016, for all leases, loans and direct financing receivables in place as of those dates). Page 20:1 Data based on information available on customer websites, news releases and/or SEC filings.2 Data as of December 31, 2017, by percentage of annualized base rent and interest (annualized based on rates in effect on December 31, 2017, for all leases, loans and direct financing receivables in place as of that date).Page 21:1 Based on annualized base rent and interest.2 Represents the percentage of our properties that are occupied. S|T|O|R|E defines occupancy as a property being subject to a lease or loan contract. As of September 30, 2017, the Company owned 19 properties that were vacant and not subject to a contract; subsequent to September 30, 2017, eight of these properties were re-leased, one was sold and the Company’s occupancy rate improved from 99.0% to 99.5%.Page 22:1 We measure the credit quality of our portfolio on a contract-by-contract basis using the STORE Score, which is a proprietary risk measure reflective of both the credit risk of our tenants and the profitability of the operations at our properties. The STORE Score is a quantitative measurement of contract risk computed by multiplying tenant default probabilities (using Moody’s RiskCalc) and estimated store closure probabilities (using a simple algorithm we developed that has closure probabilities ranging from 100% to 10%, depending on unit-level profitability). Qualitative features can also impact investment risk, such as low property investment amounts, favorable tenant debt capital stacks, the presence of third party guarantors, or other factors. Such qualitative factors are not included in the STORE Score and may serve to mitigate investment risk even further.

Footnotes | appendix | 52 Page 23:1 Four period moving average.Page 24:1 Acquisitions represent the total of acquisitions of real estate and investment in loans and direct financing receivables. Dispositions represent the original acquisition cost of real estate sold and loan repayments received in conjunction with real estate sales.2 Refer to pages 43 through 48 for definitions of these non-GAAP financial measures and reconciliation to GAAP net income.3 Gross Rate of Return represents initial cap rate plus weighted average annual lease escalators. Gross returns do not represent the actual returns we may earn on properties.Page 25:Source: IBES Thomson Reuters.Data as of December 31, 2017.1 Represents 3-year historical normalized diluted EPS growth of five companies: CME Group Inc., Macerich Company, PPL Corporation, Ventas Inc., and Welltower Inc.2 Market data as of December 31, 2017; P/E multiple and EPS growth per CapIQ.Page 26:1 See footnote 4 to page 13 on page 50. 2 Based on annualized total returns earned by management’s prior investment vehicles while operating as a public company, compared to annualized total returns on the MSCI US REIT Index during the same periods. The past performance of these investment vehicles is not an indicator of S|T|O|R|E’s future performance, and S|T|O|R|E’s performance may be significantly less favorable than the past performance data included in this presentation. Moreover, some of the past performance data covers periods with economic characteristics and cycles and interest rate environments that are significantly different from those S|T|O|R|E faces today and may face in the future.Page 29:Source: Green Street Advisors, U.S. Treasury, Company data and with respect to FFCA and Spirit, publicly available SEC company filings¹ Risk for each sector measured as the standard deviation of capitalization rates during the periods of operation of FFCA, Spirit and S|T|O|R|E from January 1994 to December 2017. 2 The Sharpe Ratio measures the ratio of excess returns to risk, using the spread between capitalization or lease rates and the 10-year U.S. Treasury yields to measure excess returns, and using the standard deviation of returns to measure risk. All ratios are calculated using capitalization or lease rate data during which FFCA and Spirit were publicly traded companies and the period since S|T|O|R|E’s inception. The ratio is calculated based on historical data from January 1994 to December 2017, and future returns and risk may not be consistent with this historical data. Page 37:¹ Results are average annual percentages based on the percentage of total assets acquired since inception divided by total years since inception of 6.5 years. Assuming a comparative reinvestment rate, the resulting loss in rent and interest would be the same.2 Growth from reinvested cash flow is equal to (i) the incremental cash flow added from reinvesting retained cash assuming a prior period payout ratio of 72%, leveraged at 45% with a borrowing cost of 4.25% and amortization of 45 years, reinvested at 7.75% less incremental operating costs of 0.25% divided by (ii) prior period rents assuming assets were acquired at 7.75%.3 Represents an unlevered growth rate.Page 43:1 See page 48 for discussion regarding use of Funds From Operations and Adjusted Funds from Operations.2 For the year ended December 31, 2017, includes $2.0 million of accelerated amortization of deferred financing costs related to the prepayment of STORE Master Funding debt.3 For the year ended December 31, 2017, includes a $4.6 million charge related to accelerated amortization of lease incentives associated with terminated lease contracts.4 Under the two-class method, earnings attributable to unvested restricted stock are deducted from earnings in the computation of per share amounts where applicable.

Investor and Media ContactsFinancial Profiles, Inc.Moira Conlon, 310.622.8220Tricia Ross, 310.622.8226STORECapital@finprofiles.com Corporate Headquarters8377 East Hartford Drive, Suite 100Scottsdale, Arizona 85255480.256.1100www.STOREcapital.com