NORTH BEND PREMIUM OUTLETS

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1 NORTH BEND PREMIUM OUTLETS

2 THE SIMON EXPERIENCE WHERE BRANDS & COMMUNITIES COME TOGETHER More than real estate, we are a company of experiences. For our guests, we provide distinctive shopping, dining and entertainment. For our retailers, we offer the unique opportunity to thrive in the best retail real estate in the best markets. From new projects and redevelopments to acquisitions and mergers, we are continuously evaluating our portfolio to enhance the Simon experience - places where people choose to shop and retailers want to be. We deliver: SCALE Largest global owner of retail real estate including Malls, Simon Premium Outlets and The Mills QUALITY Iconic, irreplaceable properties in great locations INVESTMENT Active portfolio management increases productivity and returns GROWTH Core business and strategic acquisitions drive performance EXPERIENCE Decades of expertise in development, ownership, and management That s the advantage of leasing with Simon.

3 PROPERTY OVERVIEW NORTH BEND PREMIUM OUTLETS NORTH BEND, WA MAJOR METROPOLITAN AREA SELECT TENANTS NORTH BEND PREMIUM OUTLETS Seattle: RETAIL GLA (sq. ft.) 224,000; 50 stores OPENING DATES Opened 1990 Expanded 1995 PARKING RATIO 31 miles west Banana Republic Factory Store, Carter s Outlet, Coach Factory Store, Cutter & Buck, Eddie Bauer Outlet, G.H. Bass & Co., Gap Factory Store, Jockey, NikeFactoryStore, OshKosh Outlet, Reebok Outlet, Under Armour Factory House, VF Outlet, Volcom, Zumiez TOURISM / TRAFFIC The center is located in a region with economic diversity and stability. Microsoft and other high-tech industries are the economic drivers of one of the fastest growing regions in the United States. Within a 60-mile radius of the center the population count is 3.5 million, with 50% earning $50,000 or more. Seattle Tacoma Bellevue 90 Renton NORTH BEND, WA Exit 31 North Bend :1 LOCATION / DIRECTIONS RADIUS POPULATION 461 South Fork Avenue SW, North Bend, WA mile population: 179, mile population: 2,116, mile population: 3,731,806 East or West on I-90: Take Exit 31, North Bend Premium Outlets is located at the exit interchange, on the north side of the highway. AVERAGE HH INCOME 30 mile average: $92,059 Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014).

4 SITE AND PLAN I-90 W. RIBARY WAY S.W. MT. SI BLVD. I-90 To Seattle SR 202 / N. BEND BLVD. N. NORTH S. FORK AVE. S.W.

5 SR 202 / N. BEND BLVD. N. I-90 TO SEATTLE

6 SURROUNDING AREA CENTERS Lake Ketchum Northwest Stanwood Oso Darrington Sunday Lake Coupeville Silvana Arlington Heights Sisco Heights Canyon Creek North Marysville Marysville 13 Granite Falls 13 Marrowstone Port Hadlock-Irondale Langley Hat Island Freeland Lake Cassidy Hansville Port Gamble Tribal Comunity Lofall Kingston Quilcene Bangor Base Brinnon Indianola Poulsbo Suquamish Keyport Silverdale 7 Bainbridge Island Seabeck Tracyton Chico 7 Simon Centers Competition Verlot Lake Bosworth Machias Cavalero Clinton Port Ludlow SURROUNDING AREA CENTERS Arlington Warm Beach Port Townsend Swede Heaven Lake Roesiger Bunk Foss Everett Snohomish Mukilteo 5 Chain Lake Woods Creek Eastmont Picnic Point Mill Creek Monroe North North Sultan Startup Monroe Meadowdale Sultan May Creek Cathcart Clearview 2 Index Alderwood Manor High Bridge Brier Shoreline Woodinville Baring Lake Forest Park Kenmore Kingsgate Duvall 5 2 Lake Marcel-Stillwater Inglewood-Finn Hill Redmond 9 9 Union Hill-Novelty Hill Kirkland Ames Lake Hunts Point Clyde Hill Seattle Skykomish Carnation Sammamish Fall City Beaux Arts Village Klahanie Mercer Island Navy Yard City Manchester Issaquah Newcastle Snoqualmie Gorst Parkwood Boulevard Park Tanner Southworth Riverton Bethel Tukwila North Bend Fairwood Mirrormont 18 Belfair Wilderness Rim Normandy Park Maple Heights-Lake Desire Vashon SeaTac East Hill-Meridian Burley Hobart Shadow Lake Snoqualmie Pass 15 MILES Des Moines Allyn Stansberry Lake 6 Kent Covington Vaughn Ravensdale Rosedale Lakeland North Grapeview Raft Island Dash Point Black Diamond 4 Auburn Artondale Ruston Tacoma 10 Home Lake Holm Federal Way Wollochet Herron Island Milton Fox Island Fife Fircrest Longbranch Sumner Lake Tapps 16 Waller North Puyallup Enumclaw Steilacoom Buckley Midland Alderton Ketron Island 8 Summit15 Greenwater McChord AFB McMillin South Prairie DuPont Fort Lewis Wilkeson Orting Spanaway Carbonado Crocker ympia Tanglewilde Elk Plain Graham Rocky Point Leavenworth Cas Tumwater Nisqually Indian Community North Yelm Yelm McKenna 30 MILES Roslyn 45 MILES Easton Ronald Cle Elum South Cle Elum 15 Thorp South Creek Ellensburg Kapowsin Clear Lake Rainier Tenino und Bucoda Eatonville Nile La Grande Alder Elbe North Bend Premium Outlets Alderwood Mall The Bellevue Collection The Commons at Federal Way Everett Mall Kent Station Kitsap Mall Lakewood Towne Center Northgate Mall The Outlet Collection Pacific Place Redmond Town Center Seattle Premium Outlets The Shops at The Bravern South Hill Mall Tacoma Mall University Village Westfield Southcenter Westlake Center

7 OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME The Bellevue Collection Bellevue, WA Redmond Town Center Redmond, WA 1,300,000 sf JCPenney, Macy s, Nordstrom 25 miles / 30 minutes 674,000 sf Macy s 25 miles / 35 minutes Westfield Southcenter Seattle, WA 1,700,000 sf JCPenney, Macy s, Nordstrom, Sears 30 miles / 30 minutes Northgate Mall Seattle, WA 1,048,000 sf Nordstrom, Nordstrom Rack, Macy s, JCPenney 30 miles / 30 minutes The Commons at Federal Way Federal Way, WA 736,000 sf Macy s, Sears, Target 35 miles / 45 minutes South Hill Mall Puyallup, WA Alderwood Mall Lynnwood, WA 1,035,000 sf JCPenney, Macy s, Sears, Target 40 miles / 55 minutes 1,051,000 sf JCPenney, Macy s, Nordstrom, Sears 45 miles / 50 minutes OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME The Outlet Collection Auburn, WA 928,000 sf Sam s Club, Nordstrom Rack, Sports Authority, Marshalls, Bed Bath & Beyond 30 miles / 35 minutes Seattle Premium Outlets Tulalip, WA 555,000 sf 60 miles / 1 hour 8 minutes Outlet Shoppes at Burlington Burlington, WA 175,000 sf 90 miles / 1 hour 35 minutes Centralia Factory Outlets Centralia, WA 204,000 sf 90 miles / 1 hour 45 minutes

8 60 Columbia Road Building B 3rd Floor Morristown, NJ (973) premiumoutlets.com Simon is a global leader in retail real estate ownership, management and development and an S&P 100 company (Simon Property Group, NYSE:SPG).