SEATTLE PREMIUM OUTLETS

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1 SEATTLE 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 SEATTLE PREMIUM OUTLETS TULALIP, WA SEATTLE PREMIUM OUTLETS MAJOR METROPOLITAN AREAS Seattle: Vancouver, BC: RETAIL GLA (sq. ft.) 555,000; 125 stores OPENING DATES Opened May 2005 Expanded 2006, 2013 RADIUS POPULATION 35 miles 110 miles 15 mile population: 404, mile population: 1,434, mile population: 2,744,607 SELECT TENANTS Abercrombie & Fitch, adidas, Ann Taylor Factory Store, Banana Republic Factory Store, BCBGMAXAZRIA, Burberry, Calvin Klein Company Store, Coach, Cole Haan Outlet, Diane von Furstenberg, Elie Tahari Outlet, HUGO BOSS Factory Store, J.Crew Factory, kate spade new york, Kenneth Cole Company Store, Michael Kors Outlet, Movado, NikeFactoryStore, The North Face, Polo Ralph Lauren Factory Store, Restoration Hardware, Theory, Tommy Bahama Outlet, True Religion, Tumi MARKET OVERVIEW Seattle, Washington is the 13th largest metropolitan area in the U.S. and the largest in the Pacific Northwest. The area is fifth in the U.S. for concentration of high-tech businesses, with one in 4.5 jobs dependent on technology. The Boeing Company is the area s largest employer with over 98,000 employees; Microsoft Corporation, headquartered in Redmond, employs over 15,000 people locally. The major corridor through the market is I-5, with I-405 creating a loop around Seattle. TULALIP, WA 101 Bremerton 3 Arlington 531 Tulalip Marysville 92 Everett 2 5 Lynnwood Edmonds Shoreline Seattle VANCOUVER, BC AVERAGE HH INCOME 30 mile average: $86,851 TOURISM / TRAFFIC Tourism is the state s fourth largest industry, with over ten million visitors annually. Approximately half of these visits are made to the Seattle area. Sea-Tac airport is the closest airport to Asia on the continental U.S. Major tourist attractions include the Seattle Center (featuring the famed Space Needle), the Seattle Aquarium and the new Experience Music Project. Nearby outdoor attractions are Puget Sound, San Juan Islands and the Cascade mountain range, which includes Mount Rainier. LOCATION / DIRECTIONS I-5 at 116th Street, NE (Exit 202) Quil Ceda Village, Tulalip, Washington. Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014). Take I-5 to Exit 202 (116th Street, NE). Take 116th Street NE west to Quil Ceda Blvd. Seattle Premium Outlets is located next to the Tulalip Casino.

4 SITE AND PLAN QUIL CEDA BLVD. SEATTLE I-5 VANCOUVER NORTH

5 SEATTLE I-5 VANCOUVER QUIL CEDA BLVD.

6 SURROUNDING AREA CENTERS les Port Angeles East Custer Glacier Ferndale Deming SURROUNDING AREA CENTERS Marietta-Alderwood Bellingham Geneva Simon Centers Competition Acme Sudden Valley Alger Edison Friday Harbor Hamilton Lyman Sedro-Woolley Anacortes Bay View 4 Burlington 4 8 Clear Lake 8 Vernon Mount La Conner Rockport 45 MILES Big Lake Whidbey Island Station Conway Oak Harbor Lake Cavanaugh Lake McMurray Northwest Stanwood Coupeville Marblemount Concrete 30 MILES Swede Heaven Oso Bryant Stanwood Sunday Lake Silvana Darrington Arlington Heights 15 MILES Arlington Warm Beach Jamestown Carlsborg Sequim Marysville Port Townsend River Road Bell Hill Blyn Marrowstone Port Hadlock-Irondale Canyon Creek 1 Lake Cassidy Langley Freeland Hat Island Granite Falls Machias Cavalero Clinton Verlot Lake Bosworth Lake Roesiger Bunk Foss Everett Snohomish 5 Chain Lake Woods Creek Eastmont Lake Stickney Monroe NorthNorth Sultan Startup Port Gamble Tribal Meadowdale Sultan May Creek Cathcart Comunity Quilcene 2 Index Alderwood Manor Lofall Maltby Woodway Brier Bothell East Kingston Shoreline Baring Lake Forest Park Cottage Lake Indianola Bangor Base Poulsbo Suquamish Duvall Kingsgate Skykomish Lake Marcel-Stillwater Redmond 7 Keyport Union Hill-Novelty Hill Kirkland Brinnon Silverdale Bainbridge Island Carnation Hunts Point Seabeck Tracyton Ames Lake Chico Hill Seattle 1Clyde Sammamish Rocky Point Beaux Arts Village KlahanieFall City Eastgate Navy Yard City Manchester Issaquah Newcastle Snoqualmie Gorst Parkwood Boulevard Park Riverton Bethel Riverbend Tanner Mirrormont Tukwila Port Ludlow Hansville Mukilteo Union Burley AllynStansberry Lake Vaughn Belfair Hoodsport Rosedale 13 Maple Heights-Lake Desire Normandy Park Des Moines Shadow Lake Covington Ravensdale Wilderness Rim Snoqualmie Pass Seattle Premium Outlets Alderwood Mall The Bellevue Collection Cascade Mall Everett Mall Kitsap Mall Northgate Mall The Outlet Shoppes at Burlington Pacific Place Redmond Town Center The Shops at The Bravern University Village Westfield Southcenter Westlake Center

7 OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Everett Mall Everett, WA Alderwood Mall Lynnwood, WA 743,000 sf Macy s, Sears 14 miles / 15 minutes 1,100,000 sf JCPenney, Macy s, Nordstrom, Sears 20 miles / 25 minutes Northgate Mall Seattle, WA 1,048,000 sf Nordstrom, Nordstrom Rack, Macy s, JCPenney 25 miles / 30 minutes University Village Seattle, WA 400,000 sf Shops & Boutiques 25 miles / 35 minutes Pacific Place Seattle, WA The Bellevue Collection Bellevue, WA 335,000 sf Shops & Boutiques 30 miles / 45 minutes 1,300,000 sf Macy s, JCPenney, Nordstrom 35 miles / 45 minutes OUTLET SHOPPING GROSS LEASABLE AREA DISTANCE / DRIVE-TIME The Outlet Shoppes at Burlington Burlington, WA North Bend Premium Outlets North Bend, WA SuperMall Auburn, WA Centralia Factory Outlets Centralia, WA 175,000 sf 30 miles / 35 minutes 224,000 sf 60 miles / 1 hour 8 minutes 933,000 sf 80 miles / 1 hour 15 minutes 204,000 sf 120 miles / 2 hours

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).