THE SIMON EXPERIENCE WHERE BRANDS & COMMUNITIES COME TOGETHER

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1 LEE 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 LEE PREMIUM OUTLETS LEE, MA MAJOR METROPOLITAN AREAS Albany: Springfield: RETAIL GLA (sq. ft.) 5,000; 60 stores 44 miles 4 miles SELECT TENANTS Ann Taylor Factory Store, Banana Republic Factory Store, BCBGMAXAZRIA, Brooks Brothers Factory Store, Calvin Klein Company Store, Coach, Cole Haan Outlet, J.Crew Factory, LACOSTE Outlet, Lindt Chocolate of Switzerland, Michael Kors Outlet, Nautica, NikeFactoryStore, Polo Ralph Lauren Factory Store, SKECHERS USA, Talbots, Tommy Hilfiger Company Store, Under Armour Factory House Albany 8 Schenectady Troy 90 NY MA 9 Pittsfield VT NH MA 91 Springfield To Boston MA CT 90 OPENING DATES Opened June 199 PARKING RATIO 4.8:1 RADIUS POPULATION TOURISM / TRAFFIC Located at the scenic gateway to the Berkshires, the center is a frequent day trip from Springfield, MA, Albany, NY, and Hartford, CT. This area s wealthy population base includes 3.8 million people within 60 miles. This outlet destination is a tax-free shopping mecca, conveniently positioned just off Exit of the Massachusetts Turnpike. With a traffic count of 55,000 vehicles passing the center daily, it draws millions of annual visitors, which makes it Berkshire County s largest attraction. To New York City 8 Hartford 84 LEE PREMIUM OUTLETS LEE, MA 15 mile population: 93, mile population: 355, mile population: 1,864,88 AVERAGE HH INCOME 30 mile average: $6,308 MAJOR ATTRACTIONS Tourists visit the Berkshires for the mountains, lakes, shopping and small-town charm. Nearby Lenox is home to top-ranked Canyon Ranch Resort and Cranwell Resort Spa & Golf Club. Other regional attractions include Norman Rockwell Museum, Tanglewood, Hancock Shaker Village and Shakespeare & Company. LOCATION / DIRECTIONS Lee Premium Outlets is located off of I-90 (MA Turnpike). From NY: Rte. I-90 (MA Turnpike) east to Exit in Lee, MA From MA and CT: Rte. I-90 (MA Turnpike) west to Exit in Lee, MA From Berkshire County: Rte. 0E in Lee, MA Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (014).

4 SITE AND PLAN I-90 US 0 / WATER ST. PREMIUM OUTLETS BLVD. SR 10 NORTH

5 DN I-90

6 SURROUNDING AREA CENTERS VictoryGreenwich versville Galway town onville Arlington Saratoga Springs Broadalbin North Ballston Spa Ballston Spa Fort Johnson Newfane Scotia Niskayuna Delanson 4 5 Schoharie Middleburgh 1 Winchester Winch Shelburne Falls Cheshire Turners Falls Millers Falls Baldwin Orange Athol Petersham Niverville Preston-Potter Hollow Valatie Kinderhook Greenville Lenox Northampton Ghent Windham Cairo Leeds Hunter Catskill Tannersville 1 Stottville Lorenz Park Philmont Claverack-Red Mills Germantown Woodstock Chester Housatonic Chicopee 99 Pleasant Valley 45 MILESDover Plains Highland Fairview Clintondale Poughkeepsie Freedom Plains Gardiner SpackenkillTitusville New Paltz Crown Heights Watchtower Hillside Lake Plattekill Pine Bush Wallkill Wappingers Falls Hopewell Junction Walden g North Granby New Hartford Center 11 Bristol Bethlehem Village Pawling Holland Somers Southwood Acres Weatogue Canton Valley 11 Collinsville Northwest Harwinton Terryville Thomaston Fiskdale Sturbr Crystal Lake Broad Brook Bantam New Milford Winsted New Preston 6 6Wilbraham Thompsonville Salmon Brook Torrington North Brook Palmer Town Agawam Town Longmeadow Norfolk 10 Ware Monson Center Canaan Red Hook Lake Katrine Pine Plains Lakeville 10 Falls Village East Kingston Millerton Rhinebeck 30 MILES Hillside Hurley Port Ewen Sharon Rosendale Hamlet Staatsburg Amenia Stone Ridge Rifton High Falls Salt Point Millbrook Accord onkson Hyde Park Shokan Belchertown Granby Russell Blandford Saugerties South West HurleyZena 8 Holyoke 15 MILES Glasco Amherst Center 8 South Amherst Easthampton Town Huntington Copake Lake Malden-on-Hudson Phoenicia Lee Great Barrington Palenville Barre North Amherst Chatham Coxsackie moor J Adams Ravena enville Troy Williamstown North Adams East Nassau Castleton-on-Hudson Nassau anoch West Swanzey Hinsdale Readsboro Green Island Watervliet Colonie Poestenkill 4 Westmere 5 1 Albany Wynantskill West Sand Lake Voorheesville Rensselaer Averill Park Hampton Manor East Greenbush Altamont Brattleboro West Brattleboro Jacksonville Waterford Rotterdam EsperanceDuanesburg lle Marlborough Wilmington Bennington East Glenville Simon Centers Competition Keene North Bennington Old Bennington Valley Falls Mechanicville Mariaville Lake SURROUNDING AREA CENTERS Putney South Shaftsbury Stillwater Round Lake tral Bridge Westminster Cambridge Blue Hills West Hartford Hartford 3 3 Newington New Britain Kensington Watertown Waterbury Rockville Storrs Manchester South Coventry East Hartford Glastonbury Center Willimantic South Windham Terramuggus Lake Pocotopaug East Hampton Colchester Middletown Baltic Norwich Lee Premium Outlets Berkshire Mall Blue Back Square Colonie Center Crossgates Mall Eastfield Mall Enfield Square Hampshire Mall Holyoke Mall At Ingleside Hudson Valley Mall The Shoppes at Farmington Valley Stuyvesant Plaza

7 OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Berkshire Mall Lanesborough, MA 60,000 sf Best Buy, JCPenney, Macy s, Sears 1 miles / 31 minutes Holyoke Mall at Ingleside Holyoke, MA 1,600,000 sf JCPenney, Macy s, Sears, Sports Authority, Target 38 miles / 39 minutes The Shoppes at Farmington Valley Canton, CT 45,000 sf Barnes & Noble, Dick s Sporting Goods, Kohl s 44 miles / 6 minutes Avon Marketplace Avon, CT 9,000 sf Gap, Victoria s Secret 46 miles / 0 minutes Hampshire Mall Hadley, MA 435,000 sf Best Buy, Dick s Sporting Goods, JCPenney, Target 54 miles / 58 minutes OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Clinton Crossing Premium Outlets Clinton, CT 6,000 sf Saks Fifth Avenue OFF 5TH 105 miles / hours

8 60 Columbia Road Building B 3rd Floor Morristown, NJ 0960 (93) 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).