TWIN CITIES PREMIUM OUTLETS

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1 TWIN CITIES 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 TWIN CITIES PREMIUM OUTLETS JOINT VENTURE WITH PARAGON OUTLETS EAGAN, MN MAJOR METROPOLITAN AREAS SELECT TENANTS 94 Minneapolis: St. Paul: RETAIL GLA (sq. ft.) 409,000; 100 stores 10 miles 10 miles adidas, Ann Taylor Factory Store, Armani Outlet, Banana Republic Factory Store, Coach Factory Store, Cole Haan Outlet, Express Factory Outlet, Fossil, Gap Factory Store, J.Crew Factory, Lucky Brand Outlet, Michael Kors Outlet, Movado Company Store, NikeFactoryStore, Polo Ralph Lauren Factory Store, Tommy Hilfiger Company Store, True Religion, Under Armour Factory House, Vera Bradley W Minneapolis 35W St. Paul E E OPENING DATES TOURISM / TRAFFIC Eagan Opened August 2014 PARKING RATIO 5.5:1 RADIUS POPULATION The City of Eagan is a growing suburb located southwest of the Greater Minneapolis-St. Paul (MSP) metro area. The MSP metro area is home to more than 3.2 million people. With a GMP of nearly $200 billion, MSP is the 13th largest metropolitan economy in the U.S. and 44th in the world. The greater MSP area is home to 19 Fortune 500 companies and seven of Forbes largest private firms. It is also an important center for manufacturing, retail, bioscience and medical technology, pharmaceuticals, and health care. TWIN CITIES PREMIUM OUTLETS EAGAN, MN mile population: 1,589, mile population: 2,907, mile population: 3,386,757 AVERAGE HH INCOME 30 mile average: $85,161 Eagan is only 10 miles from both Minneapolis and St. Paul. Traffic counts by the site are approximately 125,000 VPD. In 2008, MSP had 17.9 million visitors and was selected as one of Frommer s top international destinations. Locals and visitors will travel by the site on the way to many of Minnesota s attractions. The MSP International Airport is only minutes away and serves more than 33 million passengers annually. LOCATION / DIRECTIONS Intersection of Highway 13 and Highway 77 (Cedar Avenue) in Eagan, Minnesota. Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014).

4 SITE AND PLAN SR 13 / SIBLEY MEMORIAL HWY. CEDARVALE BLVD. RAHN RD. Exit to SR 77 / CEDAR AVE. NICHOLS RD. EAGAN OUTLETS PKWY. CEDAR GROVE PKWY. NORTH

5 100 45'-6" 86'-5" NICHOLS RD. 78'-2" '-2" PUMA Cedarvale Dr NIKE FC1 FC2 FC3 605 COACH 7998 FC4 FC '-11" 44'-5" 24'-6" 20'-7" 48'-11" 20' 30'-8" 30' 29' 38'-8" 115 TILLY'S '-8" 44'-11" 39' 24'-5" 332 ELEC BROOKS BROS J. CREW ' 27'-8" 36'-3" 27'-7" 23'-8" 70'-7" 44'-2" 27'-5" 18'-9" 20'-2" 33'-3" 20'-8" 17'-3" 66'-8" BURTON 3564 KITCHEN COLLECTION VAN HEUSEN 4008 CONVERSE '-9" 2502 SAUCONY 48'-9" '-1" SR 13 / SIBLEY MEMORIAL HWY. JUSTICE 18' 13'-3" 4348 MERRELL 2059 SKECHERS 25'-8" 31'-9" LIDS 1000 CRAZY CHILDREN'S PLACE 23'-7" '-1" 71' 58'-4" 49'-1" 30'-4" 34'-4" 20' 101'-10" 82'-7" 30' 22' 21'-2" 19'-10" 19'-10" 19'-10" 20'-10" 25'-1" 34'-8" 54' 43'-3" 60'-4" 26'-8" 21'-11" 24' 28'-11" 39'-4" 42'-5" 25'-5" OSHKOSH B'GOSH '-9" BATH & BODY WORKS 25'-11" 2836 WILSON'S LEATHER 3079 MAURICES JOCKEY NEW YORK & CO STRIDE RITE OAKLEY DRESS BARN CROCS 2126 BASS HOT TOPIC 1736 FAMOUS FOOTWEAR CHRISTOPHER & BANKS GOLD TOE 1145 SKAGEN PAC SUN JANIE & JACK CRABTREE & EVELYN 1405 LINDT 892 CHINA MAX GYMBOREE 2560 LOFT 649 CHICKEN NOW 603 SUBWAY SUSHI 605 SBARRO 638 SGH 1117 STARBUCKS 1251 KAY JEWELERS 30' 43'-3" '-6"24'-5" 26'-3" 28'-11" 28'-4" 38'-11" 25'-5" 102'-7" '-7" '-10" 35'-3" 29'-6" 30'-4" 38'-5" 21'-3" 20'-10" 20'-3" 20' 22' 38'-8" 1699 CALVIN KLEIN M. KORS CEDARVALE BLVD. YANKEE CANDLE STORAGE SIGNATURE PERFUME CARTERS 3695 ROBERT WAYNE TORRID 2131 WATCH STA SWAROVSKI GAP TOMMY HILFIGER 3197 MOVADO FILSON JOHNSTON & MURPHY 21'-8" 30' 30' 35' 33'-9" '-7" 21'-8" 29'-7" '-4" '-3" 56'-8" 28'-1" 58' 29' 30'-8" 57'-4" 35' 80'-11" 37'-5" 19'-9" 34'-1" 21'-8" 38'-1" 21'-9" '-7" 24'-4" 24'-4" 26'-2" 25' '-6" CHICO'S 2999 ASICS 2944 TALBOTS 4007 LUCY 2426 POLO RALPH LAUREN W.H.B.M. RESERVED SOLSTICE 1194 CLAIRE'S 1217 HELZBERG 2200 NINE WEST COLE HAAN BEBE BCBG 3024 ELIE TAHARI FOR ALL MANKIND DESTINATION MATERNITY GUCCI 5100 EDDIE BAUER UGG 75'-1" 31'-7" 71'-8" 50'-7" 25'-1" SAKS OFF FIFTH HAGGAR BANANA REPUBLIC 7505 PENDLETON PERFUMANIA 1160 COSMETIC CO THEORY ARMANI OUTLET 2163 ANN TAYLOR LUCKY BRAND JEANS VINCE CALPHALON LE CREUSET 1899 EXPRESS SAMSONITE PERRY ELLIS 2798 AUNTIE ANNE'S 767 A.E.O OLD NAVY 40'-7" FOSSIL '-7" 76'-8" 31'-7" 40'-4" UNDER ARMOUR '-9" 40'-4" 40'-7" LIDS LOCKER ROOM EAGAN OUTLETS PKWY. TRUE RELIGION 2200 ST JOHN 2500 DVF 2501 RAHN RD. 31'-7" ADIDAS 5001 REEBOK '-8" 500 TO CEDAR GROVE PKWY.

6 SURROUNDING AREA CENTERS Sartell Sauk Rapids Harris St Cloud St Joseph Waite Park d Spring Luck Cambridge Princeton North Branch Isanti St Augusta Clear Lake Clearwater Fairhaven ns Kimball South Haven Balsam Lake Centuria Zimmerman St Francis Bethel Becker Silver Creek Ramsey Otsego 2 Dayton Albertville 2 St Michael Kingston Andover Columbus Ham Lake Anoka 12 Champlin 12 Rogers Stacy Wyoming Elk River Monticello Annandale Maple Lake Martin Lake East Bethel Nowthen Oak Grove Big Lake Cumberland Milltown Center City Simon Centers Competition Almena Turtle Lake Taylors Falls St Croix Falls Dresser Lindstrom Chisago City Osceola Clayton Amery Forest Lake Scandia Prairie F Marine on St Croix Star Prairie Hugo Deer Park Centerville Lexington 10 Somerset New Richmond North Oaks Osseo Spring Lake Park Corcoran Dellwood n Grant Rockford 14 Dassel Emerald Waverly Fridley Shoreview Cokato Stillwater Howard Lake Medina Glenwood City White Bear Lake Loretto Hilltop Oak Park Heights Plymouth New Hope Delano Downing 8Pine Springs St Anthony Bayport North St Paul Maple Plain 13 Medicine Lake Lauderdale Oakdale Lake Elmo Hudson Golden Valley Minneapolis 6 Long Lake Lakeland Baldwin Winsted 11 Roberts 15 Watertown Wilson Knapp Shorewood Landfall St Louis Park Lakeland Shores Woodville 17 St Paul Minnetrista Spring Park Hopkins St Marys Point Greenwood Woodbury Lilydale St Bonifacius Silver Lake Edina Afton Excelsior Mendota Mayer hinson River Falls Lester Prairie 16 5 Newport Spring Valley Victoria Chanhassen 7 4 Waconia St Paul Park Eden Prairie Bloomington Biscay Chaska Inver Grove Heights Eagan Burnsville Elmwood Cologne Cottage Grove Glencoe Plato Shakopee Savage Carver Hastings Apple ValleyRosemount 3 Ellsworth ownton Hamburg Prior Lake 15 MILES Coates Hanover Blaine Coon Rapids M D 3 New Auburn Green Isle Farmington New Trier New Prague Henderson Heidelberg Le Sueur ourtland Nicollet Randolph Montgomery Cannon Falls Maiden Rock Frontenac Stockholm Lake City Dundas Pepin 45 MILES Dennison Nelson Goodhue Wabasha Bellechester Kilkenny Mankato Waterville Madison Lake St Clair Arkansaw Nerstrand Cleveland Lake Crystal Bay City Lonsdale Faribault Kasota North Mankato Eagle Lake Skyline Red Wing 30 MILES Le Center St Peter Plum City Miesville Elko New Market Gaylord ette Vermillion Hampton Belle Plaine Arlington inthrop Lakeville Jordan Kenyon Warsaw Wanamingo Zumbrota Mazeppa Kellogg Zumbro Falls Millville Hammond Morristown Elysian 9 9 Medford West Concord Pine Island Oronoco Plainview Elgin Janesville Waseca Owatonna SURROUNDING AREA CENTERS Elba Twin Cities Premium Outlets Albertville Premium Outlets Burnsville Center Eden Prairie Center Galleria Gaviidae Common Mall of America Maplewood Mall Medford Outlet Center Northtown Mall Ridgedale Center Riverdale Village Rosedale Center The Shoppes at Arbor Lakess The Shops at West End Southdale Center Woodbury Lakes

7 OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Mall of America Bloomington, MN 2,500,000 sf Macy s, Nordstrom, Sears 3 miles / 5 minutes Burnsville Center Burnsville, MN 1,100,000 sf Dick s Sporting Goods, JCPenney, Macy s, Sears 8 miles / 12 minutes Galleria Edina, MN 420,000 sf Gabberts Design Studio & Fine Furniture, Crate & Barrel, Pottery Barn 11 miles / 17 minutes Southdale Center Edina, MN 1,258,000 sf Herberger s, Macy s, JCPenney, AMC 16 Theatres 11 miles / 17 minutes Rosedale Center Roseville, MN 1,150,000 sf Herberger s, JCPenney, Macy s, AMC Theatres 22 miles / 26 minutes Ridgedale Center Minnetonka, MN 1,040,000 sf JCPenney, Macy s, Nordstrom, Sears 22 miles / 26 minutes Woodbury Lakes Woodbury, MN 390,000 sf DSW 21 miles / 26 minutes The Shoppes at Arbor Lakes Maple Grove, MN 850,000 sf Whole Foods Market, World Market, AMC Theatres 31 miles / 34 minutes OUTLET SHOPPING GROSS LEASABLE AREA DISTANCE / DRIVE-TIME Albertville Premium Outlets Albertville, MN 430,000 sf 47 miles / 49 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).