PHILADELPHIA 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

PHILADELPHIA PREMIUM OUTLETS® LIMERICK TOWNSHIP, PA

Easton

MAJOR METROPOLITAN AREAS SELECT TENANTS Allentown 78 Water Gap Philadelphia: 35 miles southeast Neiman Marcus Last Call, adidas, Ann Taylor Factory Store, Asics, Banana Republic Factory Store, BCBGMAXAZRIA, Brooks Brothers 183 RETAIL Factory Store, Calvin Klein Company Store, Coach Factory Store, Reading 476 Cole Haan Outlet, Diesel, DKNY Company Store, Elie Tahari Outlet, 422 GLA (sq. ft.) 549,000; 150 stores Forever 21, Gap Factory Store, GUESS Factory Store, J.Crew Factory, 76 95 222 Sanatoga 276 kate spade , Michael Kors Outlet, NikeFactoryStore, Polo Exit Ralph Lauren Factory Store, Puma, Restoration Hardware, Lancaster OPENING DATE Sperry Top-Sider, Theory Outlet, Tommy Hilfiger Company Store, Philadelphia Opened November 2007 Under Armour Factory House, UGG® Australia, Vera Bradley PA Expanded April 2008 PHILADELPHIA PREMIUM OUTLETS TOURISM / TRAFFIC NJ LIMERICK, PA RADIUS POPULATION Philadelphia is the second largest city on the East Coast and ranks 15 mile population: 652,328 fifth in the nation with a metropolitan population of 5.8 million. The 30 mile population: 4,351,331 Convention Center stands as the second largest 45 mile population: 7,539,765 convention center in the Northeast with 1.3 million square feet of floor space. In 2013, Philadelphia International Airport (PHL) processed over 30.5 million passengers. Limerick Township is situated along the 422 AVERAGE HH INCOME Expressway. Recent statistics indicate Limerick Township to be the 30 mile average: $80,062 fifth fastest growing community in Pennsylvania and the second fastest growing municipality in Montgomery County. Approximately 47,390 vehicles pass the site on Rte. 422 each day.

MAJOR ATTRACTIONS

Attractions in the area include the Liberty Bell, Valley Forge National Historical Park, Independence Hall, Rodin Museum, Philadelphia Museum of Art, Longwood Gardens, and The Philadelphia Zoo.

LOCATION / DIRECTIONS

Rte. 422 Expressway at Sanatoga Exit (Evergreen Road), Limerick Township, Montgomery County, Pennsylvania.

­­— Rte. 422 to Sanatoga Exit (Evergreen Road) at mile marker 176 to Information accurate as of 5/1/15. Sources: SPG Research; trade area demographic information per Pitney Bowes MapInfo (2014). new access road (Lightcap Road). SITE AND PLAN

LIGHT CAP RD.

From Evergreen Rd. / US 422

US 422 / POTTSTOWN EXPWY.

H

NORT LIGHT CAP RD.

FROM EVERGREEN RD. / US 422 (

(

US 422 / POTTSTOWN EXPWY. SURROUNDING AREA CENTERS

ingtonville Nescopeck Newton Lightstreet Beech Mountain Lakes Holiday Pocono Penn Estates Buckhorn Almedia Freeland Lake Mohawk Albrightsville Sierra View Arlington Heights Lattimer Conyngham Jeddo Stroudsburg Marksboro Andover K Rupert Mainville Indian Mountain Lake Hopatcong Danville West Hazleton Johnsonburg Catawissa Weatherly Delaware Water Gap Lake Te SURROUNDING AREA CENTERS Nuremberg Byram Center White Mea Riverside Silver Lake Beaver Meadows Brodheadsville Portland Allamuchy Hope Stanhope Slabtown Sheppton Kelayres East Bangor Rockaway Boo Simon Centers Snydertown Delaware Vienna Netcong Brandonville Jim Thorpe Roseto Victory Gardens Mo Elysburg Numidia Nesquehoning Mountain Lake Kenvil Competition Ringtown Delano Weissport East Wind Gap Hackettstown AckermanvilleBridgeville Succasunna Morris Plains Aristes Shenandoah HeightsGrier City Lansford Weissport (Uniontown) Buttzville Beattystown Centralia Hometown Tamaqua Bowmanstown Morristown 1 Philadelphia Premium Outlets® Strong Belfast Port Murray evorton Ranshaw Ashland Englewood Martins Creek 2 Berkshire Mall Fairview-Ferndale 45Tuscarora MILES Walnutport Port Colden Long Valley Gordon Cherryville Chapman Brainards Mendham Madi 3 Slatedale Tatamy Broadway C Cumbola Bath Heckscherville Califon Peapack and Gladstone 4 Beurys Lake Mechanicsville Laurys Station Upper Stewartsville Seltzer Wilson24 Glen Gardner Far Hills New Pr McKeansburg Cementon 22 28 5 Hegins Branchdale Mount Carbon New Tripoli West Easton26Alpha High Bridge erstown North Catasauqua Watchu 6 Schnecksville Glendon Donaldson Landingville Catasauqua Bloomsbury Lebanon Fa Cressona Kempton 16 Freemansburg Clinton 7 /Coventry Square Tremont Deer Lake 14 White House Station Reinerton Friedensburg 30 MILES Tower City Auburn Port Clinton Cetronia Fountain 2022Hill Riegelsville Green Knoll North Plainf 8 Williamstown Orwin Lake Wynonah Hellertown Middlesex Hamburg Lenhartsville Dorneyville Raritan Wiconsico Summit Station Milford 9 Exton Square Pine Grove Edenburg Trexlertown 3338 2830 Zarephath DeSales University Weston 10 Fairgrounds Square Frenchtown Soc Schubert Shoemakersville Virginville Somerset Topton Alburtis Coopersburg Flemington1517 Millstone 11 Gloucester Premium Outlets Strausstown Centerport Mertztown East Frankli Lyons Richlandtown Belle Mead 12 Granite Run Mall Rehrersburg Mohrsville Fredericksburg Leesport Walnuttown Dryville Hereford Harlingen Milltow 13 King of Prussia Bernville 15 MILES Milford Square Skillman Temple East Greenville Griggstown Jonestown Mount Aetna Trumbauersville 14 Lehigh South Temple Bally Plumsteadville Stockton Blawenburg Oley Pennsburg Dayton Spo Stouchsburg Perkasie 15 Liberty Village Premium Outlets Sand Hill Myerstown Hyde11 Park10 Bechtelsville Red Hill Dublin Hopewell Kingston Helme New Hope 16 The Mall at ew Cleona Womelsdorf Colony Park Silverdale Princeton Ja Hebron 36243 Boyertown Green Lane 2426 Palmyra Annville Springmont2 37Mount Penn Telford Pennington Plainsboro CenterWhittingh 17 Montgomery Mall Lebanon South Wernersville Woxhall Clearbrook Pa Montrose Manor St Lawrence Gilbertsville Lawrenceville n Deposit New Britain 18 Quentin Flying Hills Halfway House Spring Mount Chalfont 30 stown Mohnton Hightstown 19 Reinholds Amity Gardens Schwenksville Newtown Grant Yardley Mount Gretna Heights Adamstown Stowe Lansdale Timber Hills Hopeland 7 1 1719 Richboro Newtown Woodside Robbinsville 20 The Outlets at Sands Bethlehem Denver South Pottstown7 Limerick 3237 Roosevelt Swartzville North Wales Ivyland Penryn Clay Evansburg Woodbourne Morrisville 21 Spring House Warminster Heights on Ephrata Fivepointville New Morgan Spring City Langhorne2123 Fairless Hills Allentown 22 Manheim Terre Hill 31 Eagleville Elizabethtown Akron MorgantownElverson Phoenixville 29 Ambler Groveville 23 Lititz 44Bryn Athyn 1921Hulmeville Tullytown outh Rheems Mount Joy Brownstown 38 Blue Ball Churchtown Audubon Norristown Oreland 24 Penn's Purchase Factory ven 2729 Jenkintown Bristol East Petersburg Leola East Earl Honey Brook Arcadia University Bridgeport15 Eddington27 Burlington 25 Maytown Landisville 13West Conshohocken 25 Wolf 25 Witmer Eagleview Rockledge Cornwells Heights New Egypt Marietta 23 Intercourse Paoli Devon Philadelphia 26 Mountville Smoketown Bryn Mawr 3 Exton9 3 McGuire AFB 27 Wrightsville 354132 Downingtown 9 Malvern Fort Dix rklyn Soudersburg Haverford College Hallam Boro 31 Caln Thorndale Riverton Juliustown 28 Promenade Shops at Saucon Valley Strasburg Gap Westwood Broomall Penn Wynne rk Yorkana East Prospect PembertonBrowns Mills Atglen Pomeroy Modena West Chester Drexel HillMillbourne 29 View Refton Merchantville Ramblewood Country Lake Estates Cedar G Georgetown Christiana East Lansdowne 4 2018 ey Windsor Conestoga Cheyney University 4 30 42Ellisburg Leisuretowne Presidential Lakes Yoe 1214 3934MortonColwyn 36 Estates 31 Rockvale Outlets Red Lion Quarryville Cochranville Rose Valley Oaklyn Marlton acobus Ridley Park Mount EphraimSpringdale Chester Heights Parkside 32 The Shops at Valley Square Felton Kirkwood Eddystone Westville Echelon Medford Lakes ville Boothwyn Chester 18 33 Kennett Square Hi-Nella16 West Grove 8 Gibbsboro Cross Roads Arden6 Linwood GibbstownWoodbury 8 Avondale 34 Lincoln University 6Ardencroft Marcus Hook Oak Valley Pine Hill Berlin en Rock 35 Tanger Lancaster Susquehanna Trails Little Britain Oxford Greenville Pine Valley road Bellefonte Swedesboro Turnersville Pike Creek 11 36 Towne Place at Garden State Park wartstown Fawn Grove Elsmere Edgemoor Delta Mullica HillPitman Chesilhurst 37 VF Outlet Center Pike Creek Valley Newport Penns Grove Rising Sun Glassboro 38 Willow Grove Park Pylesville Wilmington Manor Brookside 5 Newark New Castle Clayton Hammonton Darlington Woodstown Victory Lakes North East Glasgow Bear Jarrettsville Port Deposit Elkton Elmer Collings Lakes Charlestown Salem Alloway Delaware City Elwood Mys Fallston Havre de Grace Quinton Olivet Buena Egg Harbor City Bel Air Chesapeake City Port Republic Aberdeen Hancocks Bridge Seabrook Farms Smithville Cockeysville PleasantHills OTHER RETAIL

SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

Coventry Mall 808,000 sf Boscov’s, Kohl’s 6 miles / 9 minutes Pottstown, PA

King of Prussia® Neiman Marcus, Nordstrom, Bloomingdale’s, 2,623,000 sf 14 miles / 20 minutes King of Prussia, PA Lord & Taylor, Macy’s, JCPenney

Exton Square Mall 974,000 sf Boscov’s, Macy’s, 27 miles / 28 minutes Exton, PA

Plymouth Meeting Mall 820,000 sf Boscov’s, Macy’s 27 miles / 28 minutes Plymouth Meeting, PA

Lehigh Valley Mall 1,181,000 sf Boscov’s, Macy’s, JCPenney 39 miles / 55 minutes Whitehall, PA

OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

VF Outlet Village 450,000 sf 24 miles / 28 minutes Reading, PA

The Outlets at Sands Bethlehem 133,000 sf 35 miles / 60 minutes Bethlehem, PA

Penns’ Purchase 109,000 sf 36 miles / 58 minutes Lahaska, PA

Philadelphia Mills® Neiman Marcus Last Call, 1,777,000 sf 43 miles / 53 minutes Philadelphia, PA Saks Fifth Avenue OFF 5TH

Gloucester Premium Outlets® 375,000 sf 51 miles / 55 minutes Gloucester Township, NJ

Rockvale Outlets 565,000 sf 57 miles / 1 hour Lancaster, PA

Tanger Outlet Center 267,000 sf 58 miles / 1 hour Lancaster, PA

The Crossings Premium Outlets® 412,000 sf 81 miles / 1 hour 41 minutes Tannersville, PA 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 (, NYSE:SPG).