The Mills Corp. supplants Horizon Group at the top spot. Recent statistics from the International Council of Shopping Centers and the Outlet Retail Merchants' Association pegs the outlet industry in the United States at 311 outlet centers, or 56.4 million sq. ft., as of year-end 1997. Remarkably, our list of the Top 10 Outlet Center Owners and Managers takes responsibility for more than 95 percent of that space.

At the top spot among owners and managers for year-end 1997 is The Mills Corp., with its unique brand of outlet/value center. The 1997 developments of Grapevine Mills in Grapevine, Texas, and Arizona Mills in Tempe, Ariz., at more than 1 million sq. ft. each sent The Mills Corp. to the No. 1 position.

Last year's top outlet center owner and manager, Horizon Group, takes second place this year. But this position is tentative as well, since the company has entered into an agreement with Prime Retail (No. 3) to sell 20 of its properties in 1998.

The data collected was based on year-end 1997 totals of outlet center GLA owned and managed. Outlet centers were defined as any shopping center that is occupied by at least 70 percent manufacturer's outlet retailers.

Top 10 Outlet Owners The Mills Corp. 1300 Wilson Blvd., Suite 400 Arlington, VA 22209 703/526-5000; FAX: 703/526-5111 www.millscorp.com Total Outlet GLA owned: 12,453,029 sq. ft. Number of centers owned: 7 Chairman of the Board and CEO, Laurence C. Siegel; President and COO, Peter B. McMillan; Exec. Vice President, Development, James F. Dausch; Exec. Vice President, Management and Marketing, Kent S. Digby; Exec. Vice President, Specialty Leasing, Judith Berson; Exec. Vice President and CFO, Kenneth R. Parent

Horizon Group Inc. 5000 Hakes Drive Muskegon, MI 49443 616/798-9100; FAX: 616/798-5100 www.horizongroup.com Total Outlet GLA owned: 9,444,500 sq. ft. Number of centers owned: 38 Chairman of the Board, Norman Perlmutter; President/CEO, James Wassel; Vice President, Operations, Paul Comarato; Vice Presidents, Leasing, Gary Duncan, Bob Marona and Sue Pendleton

Prime Retail L.P. 100 E. Pratt St., 19th Floor Baltimore, MD 21202 800/628-9467; FAX: 410/234-1762 www.primeretail.com Total Outlet GLA owned: 7,200,000 sq. ft. Number of centers owned: 28 Amount acquired in 1997: 7 centers, 1,200,000 sq. ft. Chairman of the Board, Michael W. Reschke; Chief Executive Officer, Abraham Rosenthal; President and COO, William H. Carpenter Jr.; Exec. Vice President, Development, Site Acquisitions, Glen D. Reschke; Exec. Vice President, CFO and Treasurer, Robert P. Mulreaney

FAC Realty Trust Inc. 11000 Regency Pkwy., Suite 300 Cary, NC 27511 919/462-8787; FAX: 919/462-8799 www.facrealty.com Total Outlet GLA owned: 4,800,000 sq. ft. Number of centers owned: 36 President and CEO, C. Cammack Morton; Exec. Vice President and COO, William H. Neville; Exec. Vice President and CFO, Patrick Miniutti; Sr. Vice President, Retail Development, Connell Radcliff; Sr. Vice President, Management, Chris Gavrelis

Tanger Factory Outlet Centers 1400 W. Northwood St. Greensboro, NC 27410 336/274-1666; FAX: 336/274-2688 www.tangeroutlet.com Total Outlet GLA owned: 4,500,000 sq. ft. Number of centers owned: 30 Amount acquired in 1997: 2 centers, 303,000 sq. ft. CEO and Chairman of the Board, Stanley K. Tanger; President and COO, Steven B. Tanger; Sr. Vice President, Secretary, Administrative and Finance, Rochelle G. Simpson; Sr. Vice President, Leasing, Site Selection, Operations and Marketing, Willard A. Chafin Jr.; Vice President and CFO, Frank C. Marchisello Jr.

Chelsea GCA Realty Inc. 103 Eisenhower Parkway Roseland, NJ 07068-1029 973/228-6111; FAX: 973/228-8513 www.chelseagca.com Total Outlet GLA owned: 4,308,000 sq. ft. Number of centers owned: 20 Amount acquired in 1997: 1 center, 214,000 sq. ft. Chairman and CEO, David C. Bloom; Vice Chairman, Barry M. Ginsburg; President and CFO, Leslie T. Chao; COO, Thomas J. Davis; Exec. Vice President, Leasing, William D. Bloom; Exec. Vice President, Real Estate, Bruce Zalaznick

Charter Oak Partners 8000 Towers Crescent Drive, Suite 950 Vienna, VA 22182 703/905-4400; FAX: 703/905-4439 www.charter-oak.com Total Outlet GLA owned: 3,714,437 sq. ft. Number of centers owned: 13 President, John D. McGurk; Exec. Vice President, Richard Lewis; Sr. Vice President, Marketing, Shelley Gravino; Sr. Vice President, Asset Management, Paul LaFontaine

New Plan Realty Trust 1120 Avenue of the Americas New York, NY 10036 212/869-3000 www.nprt.com Total Outlet GLA owned: 1,795,000 sq. ft. Number of centers owned: 6 CEO, William Newman; COO, Arnold Laubich; Exec. Vice President, James Steuterman;

Belz Enterprises 100 Peabody Place, Suite 1400 Memphis, TN 38103 901/260-7400; FAX: 901/260-7378 Total Outlet GLA owned: 1,039,695 sq. ft. Number of centers owned: 3 Chairman Emeritus, Philip Belz; Chairman and CEO, Jack Belz; Presidents, Ron Belz and Marty Belz; Sr. Vice Presidents, Jerry Hanover and Andy Groveman; CFO, Jimmie Williams

Glimcher Realty Trust 20 S. Third St. Columbus, OH 43215 614/621-9000; FAX: 614/621/8930 Total Outlet GLA owned: 782,246 sq. ft. Number of centers owned: 1 Chairman of the Board, Herbert Glimcher; President, David J. Glimcher; Sr. Vice President and CFO, William G. Cornely; Sr. Vice President, CIO and Treasurer, Timothy C. Getz; Sr. Vice President, Development, Alan S. Perlstein; Sr. Vice President, Leasing, Michael P. Glimcher; Sr. Vice President, Construction Services, William R. Husted; Sr. Vice President, General Counsel and Secretary, George A. Schmidt

Top 10 Outlet Owners The Mills Corp. 1300 Wilson Blvd., Suite 400 Arlington, VA 22209 703/526-5000; FAX: 703/526-5111 www.millscorp.com Total Outlet GLA managed: 13,560,307 sq. ft. Number of centers managed: 8 Chairman of the Board and CEO, Laurence C. Siegel; President and COO, Peter B. McMillan; Exec. Vice President, Development, James F. Dausch; Exec. Vice President, Management and Marketing, Kent S. Digby; Exec. Vice President, Specialty Leasing, Judith Berson

Horizon Group Inc. 5000 Hales Drive Muskegon, MI 49443 616/798-9100; FAX: 616/798-5100 www.horizongroup.com Total Outlet GLA managed: 9,971,400 sq. ft. Number of centers managed: 39 Chairman, Norman Perlmutter; President/CEO, James Wassel

Prime Retail L.P. 100 E. Pratt St., 19th Floor Baltimore, MD 21202 800/628-9467; FAX: 410/234-1762 www.primeretail.com Total Outlet GLA managed: 7,200,000 sq. ft. Number of centers managed: 28 Chairman of the Board, Michael W. Reschke; Chief Executive Officer, Abraham Rosenthal; President and COO, William H. Carpenter Jr.; Exec. Vice President, Development, Site Acquisitions, Glen D. Reschke

FAC Realty Trust Inc. 11000 Regency Pkwy., Suite 300 Cary, NC 27511 919/462-8787; FAX: 919/462-8799 www.facrealty.com Total Outlet GLA managed: 4,800,000 sq. ft. Number of centers managed: 36 President and CEO, C. Cammack Morton; Exec. Vice President and COO, William H. Neville; Exec. Vice President and CFO, Patrick Miniutti; Sr. Vice President, Retail Development, Connell Radcliff

Tanger Factory Outlet Centers 1400 W. Northwood St. Greensboro, NC 27410 336/274-1666; FAX: 336/274-2688 www.tangeroutlet.com Total Outlet GLA managed: 4,600,000 sq. ft. Number of centers managed: 33 CEO and Chairman of the Board, Stanley K. Tanger; President and COO, Steven B. Tanger; Sr. Vice President, Secretary, Administrative and Finance, Rochelle G. Simpson

Chelsea GCA Realty Inc. 103 Eisenhower Parkway Roseland, NJ 07068-1029 973/228-6111; FAX: 973/228-8513 www.chelseagca.com Total Outlet GLA managed: 4,308,000 sq. ft. Number of centers managed: 20 Chairman and CEO, David C. Bloom; Vice Chairman, Barry M. Ginsburg; President and CFO, Leslie T. Chao; COO, Thomas J. Davis; Exec. Vice President, Leasing, William D. Bloom

Charter Oak Partners 8000 Towers Crescent Drive, Suite 950 Vienna, VA 22182 703/905-4400; FAX: 703/905-4439 www.charter-oak.com Total Outlet GLA managed: 3,714,437 sq. ft. Number of centers managed: 13 President, John D. McGurk; Exec. Vice President, Richard Lewis; Sr. Vice President, Marketing, Shelley Gravino; Sr. Vice President, Asset Management, Paul LaFontaine

Belz Enterprises 100 Peabody Place, Suite 1400 Memphis, TN 38103 901/260-7400; FAX: 901/260-7378 Total Outlet GLA managed: 1,998,277 sq. ft. Number of centers managed: 5 Chairman Emeritus, Philip Belz; Chairman and CEO, Jack Belz; Presidents, Ron Belz and Marty Belz; Sr. Vice Presidents, Jerry Hanover and Andy Groveman; CFO, Jimmie Williams

New Plan Realty Trust 1120 Avenue of the Americas, New York, NY 10036 212/869-3000 www.nprt.com Total Outlet GLA managed: 1,795,000 sq. ft. Number of centers managed: 6 CEO, William Newman; COO, Arnold Laubich; Exec. Vice President, James Steuterman

Insignia/ESG Retail Group 3100 Monticello, Suite 400 Dallas, TX 75205 214/525-2000; FAX: 214/525-2028 www.insigniafinancial.com Total Outlet GLA managed: 1,122,515 sq. ft. Number of centers managed: 5 President, Louis Gennarelli; Sr. Managing Director, Fred Meno