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 95 70 Annapolis: 24 miles adidas, Banana Republic Factory Store, BCBGMAXAZRIA, Brooks Brothers 100 Baltimore: 50 miles Factory Store, Calvin Klein Company Store, Clarks Bostonian Outlet, 695 Washington, D.C.: 53 miles Coach, J.Crew Factory, kate spade new york, Michael Kors Outlet,

NikeFactoryStore, Polo Ralph Lauren Factory Store, St. John, Swarovski, 95 US Talbots, Under Armour Factory House 2 301 RETAIL 97 Chesapeake Bay Outlet Center Drive GLA (sq. ft.) 289,000; 60 stores US US TOURISM / TRAFFIC 495 US US 50 301 301 Annapolis 50 404 OPENING DATES Queenstown Premium Outlets is located 53 miles from Washington, D.C. and 24 miles from Annapolis, and is well situated in a Washington D.C. US Opened June 1989 prime location for all traffic destined to the Maryland and Delaware 50 Expanded 2006 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 QUEENSTOWN PARKING RATIO serves nearly 5.3 million residents in the surrounding 60-mile radius PREMIUM OUTLETS QUEENSTOWN, MD 3.6:1 (U.S. Census Bureau).

RADIUS POPULATION MAJOR ATTRACTIONS

15 mile population: 62,347 Washington, D.C., Annapolis and Baltimore 30 mile population: 835,762 45 mile population: 4,086,216 LOCATION / DIRECTIONS

AVERAGE HH INCOME Strategically located at the US 50/301 split just 10 miles east of the Chesapeake Bay Bridge. 30 mile average: $91,199 — From Annapolis: Take US 50E toward the Chesapeake Bay Bridge, cross the bridge and the center is located 10 miles east of the bridge at the US 50/301 split — From Washington, D.C.: Take I-495 Beltway to US 50E which joins US 301N, go across Chesapeake Bay Bridge to US 50/301 split — From Baltimore: Take I-97S to US 50E toward the Chesapeake Bay Bridge, cross the bridge and the center is located 10 miles east of the bridge at the US 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.

US 301 / BLUE STAR MEMORIAL HWY. NORT H US 50 / OCEAN GATEWAY US 301 / BLUE STAR MEMORIAL HWY.

US 50 / OCEAN GATEWAY SURROUNDING AREA CENTERS

Penns Grove Pitman Newport Mullica HillRichwood Rising Sun Pylesville Brookside Wilmington Manor W Newark Taneytown Manchester New Castle Clayton Darlington Pennsville Woodstown Hampstead North East Glasgow Bear Jarrettsville Port Deposit SURROUNDING AREA CENTERS Westminster Elkton Elmer 15 Delaware City Salem Union Bridge Perryville15 Charlestown Alloway Bel Air North Simon Centers New Windsor Havre de Grace Quinton New Fallston Olivet Bel Air Chesapeake City Competition 9 Aberdeen Hancocks Bridge Seabrook Farms ytown Cockeysville Pleasant Hills Aberdeen Proving Ground Riverside Rosenhayn V Reisterstown Middletown Shiloh 1 Queenstown Premium Outlets® Kingsville Odessa Timonium Edgewood Perryman Owings Mills Bridgeton 2 Annapolis Towne Centre at Parole Lutherville Joppatowne Eldersburg Cecilton 14Garrison 17 Carney Townsend ket 17 Millvil 3 Sykesville Towson Overlea21 Fairton Mount Airy Pikesville 21 Betterton 4 a 1818 Rossville Galena Cedarville Milford Mill Lochearn Laurel 5 Dover Mall Bowleys Quarters Smyrna 16 13 16 13 8 Butlertown Kennedyville 6 Eastpoint Mall Ellicott City 87 6 Essex Catonsville 6 Worton Damascus Dundalk 7 The Gallery at Lansdowne 7 Millington Leipsic Port N Ilchester Baltimore Edgemere Tolchester Chestertown Kenton 8 Harborplace Laytonsville 11 Linthicum Cheswold Columbia Kingstown 9 Ferndale Sudlersville 55 omery VillageBrookeville Highland Hartly Dover Little Creek 10 The Mall at Prince Georges Jessup Riviera Beach Edesville Barclay Olney 3 Church Hill Kent Acres Washington Grove North Laurel Severn 12 Templeville 11 12 Rock Hall Rodney Village c Derwood Spencerville Lake Shore Marydel Maryland City Gambrills Rising Sun-Lebanon 12 Marley Station Rockville Layhill Fairland Severna Park Henderson WoodsideMagnolia Glenmont Calverton Arden on the Severn 13 vilah Garrett Park Cape St Claire Centreville Viola Riverview 14 mac Hillandale Crownsville19 Goldsboro Berwyn Heights Greenbelt Crofton Queenstown Felton Frederica 15 Perryville Outlet Center bin John 20 Chevy Chase University Park 20Naval Academy Chester 2 1 Ridgely Greensboro Glen Echo 10 New Carrollton Stevensville 16 10 Bowie Riva 2 Grasonville p North Brentwood 4 Harrington Milford 17 Tysons Corner Cheverly 4 Highland Beach Edgewater Queen Anne Houston Slaughter Beach immit Hills Lake Arbor 18 The Village of Cross Keys Washington Mayo Largo West Denton Arlington Kettering Farmington 19 Waugh Chapel Towne Centre District Heights Cordova Denton Bailey's Crossroads 20 Silver Hill Marlboro Village Galesville 15 MILES Williston h Glassmanor Upper Marlboro Alexandria Shady Side Greenwood Ellendale 21 Forest Heights e Huntington Queenland Deale St Michaels Easton Milton Lewes Hybla Valley Marlton un Fort Hunt Clinton Friendship inte Dunkirk Bridgeville Henlopen Acre Woodlawn North Beach Preston Brandywine Owings Tilghman Island Federalsburg Dewey Beac uan Oxford Choptank 30 MILES Georgetown Baden Chesapeake Beach Accokeek Seaford bridge Trappe Hurlock sco Bensville Blades Bryans Road Long Neck Huntingtown Secretary Indian Head Waldorf Aquasco Eldorado Algonquin Laurel Millsboro Brookview Bethel l Pomfret Eagle Harbor Dagsboro Bryantown Cambridge La Plata Prince Frederick Madison Sharptown 45 MILES Bethany Bea Frankford South Beth Port Tobacco Village Benedict Church Creek Golden Beach Vienna Calvert Beach Taylors Island Selbyville Delmar St Leonard Mardela Springs Bishopville Fenwick Is Mechanicsville Long Beach Broomes Island Hebron Salisbury Parsonsburg Whaleyville Ocean Cit Quantico Lusby Ocean Pines Dahlgren Drum Point w Beach Fishing Creek Powellville Berlin Tyaskin Fruitland Elliott King George Leonardtown California Jesterville Allen Rock Point Eden Colonial Beach Cobb Island Lexington Park Nanticoke Acres Whitehaven Waterview Princess Anne OTHER RETAIL

SHOPPING CENTERS GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

Parole at Town Center 2,000,000 sf P.F. Chang’s, Target 24 miles / 31 minutes Annapolis, MD

Westfield Annapolis JCPenney, Lord & Taylor, Macy’s, 1,214,000 sf 24 miles / 31 minutes Annapolis, MD Nordstrom, Sears

Marley Station 1,100,000 sf JCPenney, Macy’s, Sears 30 miles / 39 minutes Glen Burnie, MD

Bowie Town Center 578,000 sf Macy’s, Sears 36 miles / 43 minutes Bowie, MD

OUTLET SHOPPING GROSS LEASABLE AREA ANCHORS DISTANCE / DRIVE-TIME

Arundel Mills® Neiman Marcus Last Call, 1,658,000 sf 44 miles / 50 minutes Hanover, MD Saks Fifth Avenue OFF 5TH

Tanger National Harbor 350,000 sf 57 miles / 1 hour 5 minutes Oxon Hill, MD

Tanger Outlets - Rehoboth Beach 569,000 sf 67 miles / 1 hour 30 minutes Rehoboth Beach, DE

Ocean City Factory Outlets 202,000 sf 84 miles / 1 hour 59 minutes Ocean City, MD 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).