HAGERSTOWN PREMIUM OUTLETS

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1 HAGERSTOWN 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 HAGERSTOWN PREMIUM OUTLETS HAGERSTOWN, MD MAJOR METROPOLITAN AREAS SELECT TENANTS Baltimore: Washington, D.C.: RETAIL GLA (sq. ft.) 485,000; 100 stores 70 miles 71 miles adidas, Ann Taylor Factory Store, Banana Republic Factory Store, bareminerals, BCBGMAXAZRIA, Brooks Brothers Factory Store, Calvin Klein Company Store, Coach, Gap Factory Store, GUESS Factory Store, J.Crew Factory, kate spade new york, NikeFactoryStore, The North Face, Polo Ralph Lauren Factory Store, Talbots, Tommy Hilfiger Company Store, Under Armour Factory House To Mtns Frederick HAGERSTOWN PREMIUM OUTLETS HAGERSTOWN, MD 70 Baltimore 695 OPENING DATES Opened 1998 PARKING RATIO 5.5:1 TOURISM / TRAFFIC Hagerstown Premium Outlets is located 71 miles from Washington, D.C. and 70 miles from Baltimore. The center draws from Washington, D.C., Pennsylvania, West Virginia and Maryland. Hagerstown draws on a strong population base of over 4.8 million people living within a 60-mile radius. Potomac River 270 Montgomery County Washington D.C. 695 RADIUS POPULATION MAJOR ATTRACTIONS 15 mile population: 240, mile population: 735, mile population: 1,816,949 AVERAGE HH INCOME 30 mile average: $79,142 Hagerstown Speedway, Washington County Museum of Fine Arts, Yogi Bear s and Jellystone Park LOCATION / DIRECTIONS This center is situated at the intersection of I-70 and Rte. 65, just two miles east of the major north/south corridor, I-81. From Baltimore: Take US 40 to I-70W, take Exit 29 to Hagerstown, merge onto South Potomac Street, left at Premium Outlets Blvd. From Washington, D.C.: Take I-66W/US 50W, US 50/Arlington Blvd./ GW Pkwy., I-495N, I-270N, take Exit 32 to I-70W, Exit 29 toward Hagerstown, merge onto South Potomac Street, left at Premium Outlets Blvd. Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014).

4 SITE AND PLAN E. OAKRIDGE DR. S. POTOMAC ST. I-70 / DWIGHT D. EISENHOWER HWY. NORTH

5 I-70 / DWIGHT D. EISENHOWER HWY. S. POTOMAC ST.

6 SURROUNDING AREA CENTERS Newry Summerhill h Beaverdale Sidman Salix Dunlo Cassville Stonerstown Coalmont Saxton Dudley Coaldale Woodbury Pleasantville St Clairsville Cairnbrook tral City w Baltimore Shade Gap Newville Rainsburg Shippensburg Valley-Hi Chambersburg Gardners Idaville York Springs Lake Meade Marion Needmore Mercersburg 15 MILES Hancock Pecktonville Scotland 3 3 Mont Alto Greencastle State Line Fairview Dover Yorklyn Ha Y North York Flora Dale West York East Berlin W Biglerville Grantley Hampton Yoe Arendtsville Table Rock New Salem Abbottstown Jacobus McKnightstown Spring Grove New Oxford Loganville Orrtanna Gettysburg Seven Valleys Cr 11 Midway Lake Heritage Glen Rock Pennville 12 Guilford Fort Loudon Hyndman Flintstone Pleasant Grove Boiling SpringsMessiah College Goldsboro Elizab Lewisberry Falmouth Dillsburg York Haven Bainbridge Franklintown Mount Wolf Wellsville Bendersville McConnellsburg Palmyr Paxtonia Union Deposit He Lawnton Mount Holly Springs Shippensburg University Orrstown Skyline View Carroll Valley Wayne Heights Railroad Stewartstow Littlestown Reid Ringgold Emmitsburg Cearfoss Sabillasville Leitersburg Edgemont Chewsville Smithsburg Manchester Taneytown Indian Springs Charlton Big Pool Funkstown Hagerstown 14 Thurmont Hampstead Great Cacapon Westminster Wiley Ford Williamsport Bagtown Union Bridge 13 Hedgesville Spring Gap Oldtown Falling Waters Breathedsville New Windsor Downsville Mapleville Woodsboro Paw Paw Green Spring Bakersville Myersville Fort Ashby Mercersville Libertytown Cockeys Walkersville Sharpsburg Eakles Mill Martinsburg Reisterstown 10 Timo Frederick ShepherdstownRohrersville Owings Mills Luther Spring Ridge Braddock Heights 7 Eldersburg Gapland Garrison Antietam New Market Yarrowsburg Sykesville T 176 Pikesville Monrovia Mount Airy Inwood Shenandoah Junction Garretts Mill Romney Milford Mill Lochearn Buckeystown Rosemont Lake Holiday Bolivar Urbana Middleway Ranson Woodlawn Brunswick Capon Bridge Point of Rocks Ellicott City Charles Town Catonsville Lovettsville Damascus Lansd Clarksburg Arbutus Balti Barnesville Laytonsville Elkridge Linthicum Shannondale Hillsboro Shawneeland Highland Fernda Brookeville Germantown Winchester Berryville Savage Jessup 2 Purcellville 8 Olney Poolesville Washington Grove Shenandoah Retreat 4 Hamilton North Laurel Severn 9 Spencerville Round Hill North Potomac 16 Derwood Leesburg Gambrills Laurel Boyce Darnestown Rockville Layhill Stephens City 15 Belmont Wardensville Arden on Calverton University Center Lowes Island Kemp Mill South Laurel Garrett Park Sugarland Run 5 Middletown Hillandale Cro Broadlands Potomac Kensington Shenandoah Farms Dranesville Strasburg Chevy ChaseBerwyn Heights Loudoun Valley Estates Middleburg Reston Glen Echo New Carrollton Fairwood Riv Shenandoah Shores McNair Bowie Toms Brook North Brentwood Arcola Wolf Trap Tysons Corner Cheverly Glenarden Apple Mountain Lake Maurertown Franklin Farm Pimmit Hills Bull Run Mountain Estates Washington Lake Arbor Queen Anne Oakton eley rpendale Little Orleans 14 Bath (Berkeley Springs) Woodstock Greenbriar SURROUNDING AREA CENTERS Simon Centers Competition LemoyneOberlin New Kingstown Enhaut Shiremanstown Carlisle Royalton Saltillo Newburg 30 MILES Enola West Fairview Schlusser Orbisonia Hopewell Bedford Everett 45 MILES Manns Choice Earlston Marysville Shirleysburg slie ille Dauphin Landisburg New Paris Schellsburg e East Rutherford Blain Claysburg vel int Duncannon Newton Hamilton Allenport Marklesburg East Freedom Roaring Spring Arlington Capitol Heights Kettering Hagerstown Premium Outlets Apple Blossom Mall Chambersburg Mall Creekside Dulles Town Center Francis Scott Key Mall Frederick Towne Mall Lakeforest Mall Leesburg Corner Premium Outlets Martinsburg Mall North Hanover Mall The Outlet Shoppes at Gettysburg Town Mall of Westminster Valley Mall Village at Leesburg Washingtonian Center Westview Promenade

7 OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Valley Mall Hagerstown, MD Martinsburg Mall Martinsburg, WV 903,000 sf Bon-Ton, Macy s, Sears 6 miles / 9 minutes 556,000 sf Bon-Ton, Walmart 22 miles / 23 minutes Francis Scott Key Mall Frederick, MD Westview Promenade Frederick, MD 706,000 sf JCPenney, Macy s, Sears, Value City 27 miles / 28 minutes 200,000 sf 27 miles / 28 minutes OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME The Outlet Shoppes at Gettysburg Gettysburg, PA Leesburg Corner Premium Outlets Leesburg, VA 260,000 sf 40 miles / 54 minutes 518,000 sf Saks Fifth Avenue OFF 5TH 50 miles / 1 hour Arundel Mills Hanover, MD 1,658,000 sf Saks Fifth Avenue OFF 5TH, Neiman Marcus Last Call 71 miles / 1 hour 20 minutes Tanger National Harbor Washington, DC 350,000 sf 85 miles / 1 hour 30 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).

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