QUEENSTOWN PREMIUM OUTLETS

QUEENSTOWN PREMIUM OUTLETS

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.

PROPERTY OVERVIEW QUEENSTOWN PREMIUM OUTLETS QUEENSTOWN, MD MAJOR METROPOLITAN AREAS SELECT TENANTS Baltimore 70 95 Annapolis: Baltimore: Washington, D.C.: RETAIL GLA (sq. ft.) 289,000; 60 stores OPENING DATES Opened June 1989 Expanded 2006 PARKING RATIO 3.6:1 24 miles 50 miles 53 miles adidas, Banana Republic Factory Store, BCBGMAXAZRIA, Brooks Brothers Factory Store, Calvin Klein Company Store, Clarks Bostonian Outlet, Coach, J.Crew Factory, kate spade new york, Michael Kors Outlet, NikeFactoryStore, Polo Ralph Lauren Factory Store, St. John, Swarovski, Talbots, Under Armour Factory House TOURISM / TRAFFIC Queenstown Premium Outlets is located 53 miles from Washington, D.C. and 24 miles from Annapolis, Maryland and is well situated in a prime location for all traffic destined to the Maryland and Delaware beach areas. The center draws from Washington, D.C., Baltimore and Delaware including Talbot County. Positioned in the ninth largest MSA in the country, the Washington/Baltimore/affluent Annapolis market serves nearly 5.3 million residents in the surrounding 60-mile radius (U.S. Census Bureau). 95 495 100 50 301 97 695 2 Annapolis Washington D.C. Chesapeake Bay 50 301 50 301 Outlet Center Drive 404 QUEENSTOWN PREMIUM OUTLETS QUEENSTOWN, MD RADI POPULATION MAJOR ATTRACTIONS 15 mile population: 62,347 30 mile population: 835,762 45 mile population: 4,086,216 Washington, D.C., Annapolis and Baltimore LOCATION / DIRECTIONS AVERAGE HH INCOME 30 mile average: $91,199 Strategically located at the 50/301 split just 10 miles east of the Chesapeake Bay Bridge. From Annapolis: Take 50E toward the Chesapeake Bay Bridge, cross the bridge and the center is located 10 miles east of the bridge at the 50/301 split From Washington, D.C.: Take I-495 Beltway to 50E which joins 301N, go across Chesapeake Bay Bridge to 50/301 split From Baltimore: Take I-97S to 50E toward the Chesapeake Bay Bridge, cross the bridge and the center is located 10 miles east of the bridge at the 50/301 split Information accurate as of 12/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014).

SITE AND PLAN SR 18 / MAIN ST. 301 / BLUE STAR MEMORIAL HWY. NORTH 50 / OCEAN GATEWAY

301 / BLUE STAR MEMORIAL HWY. 50 / OCEAN GATEWAY

SURROUNDING AREA CENTERS Pylesville Manchester estminster e Jarrettsville 15 Bel Air North Windsor Fallston Reisterstown Timonium Lutherville 17 Carney Owings Mills Eldersburg 14Garrison 14 17 Sykesville 18 16 13 9 Kingsville 8 21 6 7 11 3 12 19 Hybla Valley Fort Hunt Woodlawn Clinton Edesville Owings Brandywine ans Road ad Bensville Waldorf Pomfret La Plata Port Tobacco Village Aquasco Bryantown Barclay Centreville Tilghman Island Chesapeake Beach Templeville Marydel Mechanicsville Cordova Greenwood Rock Point Colonial Beach Cobb Island California Lexington Park Lewes Milton Choptank Dewey Beac Georgetown Seaford Blades Hurlock Eldorado Brookview Cambridge Long Neck Millsboro Laurel Bethel Sharptown Dagsboro 45 MILES Vienna Taylors Island Henlopen Acre Bridgeville Federalsburg 30 MILES Mardela Springs Frankford Selbyville Delmar Bishopville Bethany Bea South Beth Fenwick Is Hebron Broomes Island Leonardtown Ellendale Easton Church Creek Dahlgren Slaughter Beach Farmington Denton 15 MILES Williston Algonquin Lusby Drum Point Milford Houston West Denton Secretary Calvert Beach St Leonard Long Beach Riverview Frederica Harrington Oxford Madison Viola Felton Queen Anne Trappe Benedict Golden Beach eorge Rising Sun-Lebanon WoodsideMagnolia Ridgely Greensboro Huntingtown Prince Frederick Port N Leipsic 5 Goldsboro Preston Eagle Harbor Laurel Cheswold 5 Dover Little Creek Kent Acres Rodney Village Hartly Henderson 1 North Beach Baden Accokeek Millington Sudlersville Church Hill Rock Hall Cedarville Smyrna Friendship Dunkirk V Millvil Fairton Kenton Kingstown Marlton Seabrook Farms Rosenhayn Shiloh Galena Quantico Fishing Creek Elliott Tyaskin Jesterville Nanticoke Acres Salisbury Fruitland Allen Eden Whitehaven Parsonsburg Whaleyville Powellville Berlin Simon Centers Competition New Olivet Townsend Chestertown Tolchester 20 2 4 Cecilton Kennedyville Butlertown Worton Cape St Claire rett Park Crownsville 19 Hillandale Crofton Queenstown Berwyn Heights Greenbelt Chevy Chase University Park 20 Chester Naval Academy 2 ho 10 New Carrollton Stevensville Riva Grasonville Bowie North Brentwood 4 rner Highland Beach Cheverly Edgewater Lake Arbor Mayo Washington Largo n Kettering District Heights ossroads Silver Hill Marlboro Village Galesville Glassmanor Upper Marlboro Shady Side ria Deale untington Forest Heights St Michaels Queenland 10 Quinton Hancocks Bridge SURROUNDING AREA CENTERS Elmer Alloway Bridgeton Betterton Lansdowne Baltimore Ilchester Edgemere 11 Linthicum ville Columbia Ferndale ebrookeville Highland Jessup 3 Riviera Beach Olney ove North Laurel Severn 12 Spencerville d Lake Shore Maryland City Gambrills Layhill Fairland Severna Park e Glenmont Calverton Arden on the Severn Salem Clayton Woodstown Middletown Odessa Edgewood Perryman Joppatowne 6 Essex Dundalk Bear Glasgow Elkton Delaware City Aberdeen Proving Ground Riverside Bowleys Quarters New Castle Pennsville Chesapeake City Aberdeen Overlea 21 Rossville Towson Pikesville 18 Lochearn Milford Mill 13 16 Ellicott City 7 Catonsville 8 Havre de Grace Bel Air 9 Pleasant Hills Cockeysville iry North East Port Deposit 15 Charlestown Perryville W Wilmington Manor Brookside Newark Darlington Hampstead Pitman Mullica HillRichwood Penns Grove Newport Rising Sun Ocean Cit Ocean Pines 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Queenstown Premium Outlets Annapolis Towne Centre at Parole Arundel Mills Bowie Town Center Dover Mall Eastpoint Mall The Gallery at Harborplace Harborplace Harford Mall The Mall at Prince Georges The Mall in Columbia Marley Station Mondawmin Mall Owings Mills Mall Perryville Outlet Center Security Square Mall Towson Town Center The Village of Cross Keys Waugh Chapel Towne Centre Westfield Annapolis White Marsh Mall

OTHER RETAIL SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Parole at Town Center Annapolis, MD 2,000,000 sf P.F. Chang s, Target 24 miles / 31 minutes Westfield Annapolis Annapolis, MD 1,214,000 sf JCPenney, Lord & Taylor, Macy s, Nordstrom, Sears 24 miles / 31 minutes Marley Station Glen Burnie, MD Bowie Town Center Bowie, MD 1,100,000 sf JCPenney, Macy s, Sears 30 miles / 39 minutes 578,000 sf Macy s, Sears 36 miles / 43 minutes OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME Arundel Mills Hanover, MD 1,658,000 sf Neiman Marcus Last Call, Saks Fifth Avenue OFF 5TH 44 miles / 50 minutes Tanger National Harbor Oxon Hill, MD Tanger Outlets - Rehoboth Beach Rehoboth Beach, DE Ocean City Factory Outlets Ocean City, MD 350,000 sf 57 miles / 1 hour 5 minutes 569,000 sf 67 miles / 1 hour 30 minutes 202,000 sf 84 miles / 1 hour 59 minutes

60 Columbia Road Building B 3rd Floor Morristown, NJ 07960 (973) 228-6111 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).