Ala Moana Center Presentation

AGENDA

Market Overview

Ala Moana Center

Expansion and Redevelopment

Louis Vuitton

Leasing Strategy

Economics and Value Creation

Q&A

Ala Moana Center Tour

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MARKET OVERVIEW

Scott Creel

Senior Marketing Manager

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TOURISM

Hawaii is one of the world’s top tourist

destinations

• 8.2 million visitor arrivals

• 75.4 million visitor days in 2013

• $14.5 billion in visitor spending in 2013

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TOURISM

57% of Ala Moana Center shoppers are tourists

• 30% of total from Japan

• 8% of total from the U.S.

• 5% of total from Australia

• Growing demand from Korea and China

– 4% of total from South Korea

– 2% of total from China

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ALA MOANA CENTER

Kay Day Senior Director of Leasing

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HISTORICAL HIGHLIGHTS

1884 – Land for sale by estate of Princess Bernice Pauahi Bishop

1912 – Dillingham Corporation purchased land for $25,000

1957 – Construction begins on Ala Moana Center

1959 – Ala Moana Center opens - 680,000 sf, 87 stores

1966 – Doubles in size to 1.3 M sf, 155 stores

1982 – Daiei and Equitable Life acquires Ala Moana Center

1987 – Makai Market food court opens

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HISTORICAL HIGHLIGHTS

1990 – 3rd Level Center Court Expansion

1998 – Neiman Marcus and Upper Level Expansion

1999 – GGP acquires Ala Moana Center

2003 – J.C. Penney closes

2005 – 30 new stores and restaurants open in former JCP

2008 – Nordstrom and 29 new stores open

2013 – Sears closes and redevelopment project begins

ALA MOANA CENTER - 1932

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ALA MOANA CENTER - 1957 The swamp land was filled in with acres of coral from nearby Dillingham dredging projects

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ALA MOANA CENTER - 1960

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ALA MOANA CENTER - TODAY

EXPANSION & REDEVELOPMENT

David Cuthill Vice President - Development

Francisco Gutierrez Senior Director - Development

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OVERVIEW

GGP acquires Sears pad in early 2012

Construction begins mid-2013

~660,000 square feet of additional GLA

On schedule for completion in Q4 2015

Nordstrom opens in mid-2016

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PROJECT AREA

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Parking

Structure

Park Lane Condo (Air rights parcel)

Small

Shops

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STREET LEVEL

MALL LEVEL

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UPPER LEVEL

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Nordstrom Court

• Add rendering of Nordstrom building/court

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Nordstrom Court

• Add rendering of Nordstrom building/court

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Renovation of Existing Mall Center Court

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Renovation of Existing Mall Street Level Common Area

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Renovation of Existing Mall Food Court

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Renovation of Existing Mall Common Area

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LOUIS VUITTON MOËT HENNESSY

John Slavinsky

Senior Vice President-Real Estate

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LVMH at Ala Moana Center

Evolution

Expansion

Rankings

Trends

LVMH in Oahu

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LEASING STRATEGY

Upgrade luxury and fashion tenants across entire mall level

• Accommodate strong demand from luxury/fashion retailers

Backfill Nordstrom building and wing

• Satisfy demand from large-format stores

Enhance dining and entertainment options

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NEW TO MARKET RETAILERS

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RELOCATIONS & ADDITIONAL STORES

STREET LEVEL

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MALL LEVEL

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UPPER LEVEL

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CONCLUSION

Sandeep Mathrani

Chief Executive Officer

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ECONOMICS

Phase I

Demolish Sears, expand mall, reconfigure center court

$573.2 million total projected cost

$294.3 million investment to date

9%-10% expected return on investment

Q4 2015 expected project opening

Phase II

Nordstrom box repositioning

$85 million total projected cost

9%-10% expected return on investment

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Value Creation – Phase I

Total Projected Cost $573

Expected Return on Investment 9% - 10%

First Year Stabilized NOI $55

Capitalization Rate 4%

Total Value of Phase I $1,375

Less – Total Projected Cost (573)

Value Creation $802

Diluted Common Shares 946

NAV per Share $0.85

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CONCLUSION

Significant shareholder value creation

Other value creation opportunities exist

Expansion and redevelopment on schedule and

within budget

Irreplaceable asset

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Property Tour

Group 1 Kay Day, Senior Director - Leasing

Francis Cofran, Senior GM

Group 2 Jared Chupaila, VP Leasing

Dave Cuthill, VP Development

Group 3 Terry Migliaccio, Senior Director – Leasing

Francisco Gutierrez, Senior Director – Dvpt

Group 4 Jordan Brant – Senior Leasing Rep

Scott Creel, Senior Manager – Marketing

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BIOGRAPHIES

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Kay Day

Kay Day is senior director of leasing for General Growth Properties, with primary responsibility for leasing and

merchandising Ala Moana Center. Since joining Ala Moana Center in 1996, Kay has overseen the

transformation of the Center’s tenant mix to rival the best shopping centers and shopping streets in the world.

She was responsible for leasing the last three major development projects, including the upper level expansion

that opened in 1999, the conversion of the former J.C. Penney building into four levels of retail in 2005 and the

Nordstrom wing in 2008. Kay is currently involved in the Ala Moana Center Ewa Expansion scheduled to open in

late 2015.

John Slavinsky

Mr. Slavinsky is currently the Senior Vice President of Louis Vuitton Americas. He is responsible for all real estate

activity, store planning and construction, commercial negotiation with department stores and retail store

network evolution. He is a 26 year veteran of Vuitton.

Mr. Slavinsky, until January of 2001, was the Senior Vice President of Stores for Louis Vuitton North America. Mr.

Slavinsky’s geographic area of responsibility covered the United States, Canada the Caribbean.

He became involved in the luggage and leather goods business in 1968 (16 years of age) and has never

worked outside of the luggage and leather goods industry. He sold his first piece of Louis Vuitton in 1972,

became a buyer of Louis Vuitton in 1981 for his then company, Houston Trunk Factory, and opened a joint

venture Louis Vuitton retail store in the Houston Galleria in 1984. He offices both in Texas and New York. He is

married and has two grown children. John graduated from the University of Texas in 1974.

David Cuthill

Dave Cuthill serves as vice president of development at General Growth Properties. With 20 years of retail

experience, Dave and his team recently finished the redevelopment of Glendale Galleria (Glendale, CA) and

is currently heading up all of the GGP development efforts in Hawaii, including: a) the expansion and

renovation of Ala Moana Center; b) Park Lane Ala Moana residential project, which is being developed by a

partnership between GGP, The MacNaughton Group, Blacksand Development and the Kobayshi Group; and

c) the expansion and renovation of Whalers Village. Prior to joining GGP in January of 2007, Dave spent four

years as a director of retail development for Opus NW and served as divisional vice president at Nordstrom, Inc.

for eight years. Dave’s introduction to the Hawaii retail market occurred in the late 1990’s with the bringing of

Nordstrom Rack to Ward Properties. He holds a Business Administration degree in Accounting from the

University of Washington and a Juris Doctor from Seattle University.

Francisco Gutierrez

Francisco is a Senior Director of Development at General Growth. Francisco has worked in design and

development for 18 years. He is the local contact and the lead for all entitlement, zoning, regulatory and

planning issues for the Ewa Expansion at Ala Moana Center. While at General Growth, Francisco’s involvement

includes the 2008 development of the Nordstrom Expansion at Ala Moana Center, the entitlements of the Ward

Neighborhood Master Plan, and the redevelopment of the Ward Center’s Village Shops. Francisco has also

worked as a Developer at Oliver McMillan, in the development of Pacifica and Symphony, two 40 story

residential high rise projects located in downtown Honolulu. Prior to that, he worked at The Mills Corporation

doing retail and mixed-use development, and as an architect at Gensler. Francisco received his Bachelor of

Architecture and Bachelor of Science in Environmental Design, from the University of Houston, and also holds a

Master of Architecture. He is an active board member of NAIOP, HI.

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Scott Creel

As senior marketing manager, Scott leads the teams that oversee the extensive resident, domestic and

international consumer marketing efforts at Ala Moana Center, Whalers Village on Maui, and Prince Kuhio

Plaza on Hawaii Island. Prior to joining General Growth Properties in 2010, Scott served as regional marketing

director for MMI Realty Services, Inc., overseeing the consumer marketing efforts for Oahu’s other top shopping

destinations, including Pearlridge Center, Kahala Mall, Aloha Tower Marketplace, Hawaii Kai Towne Center,

Kapolei Shopping Center and Kamehameha Shopping Center. Prior to moving to Hawaii in 1992, Scott worked

for other national shopping center notables including LaSalle Partners Asset Management and TrizecHahn

Corp. Scott has served as a six-time ICSC MAXI Award judge and is active with the Hawaii ICSC planning

committee. Scott graduated from Southwest Texas State University with a BBA Finance, and obtained his

certified marketing director (CMD) accreditation in 1987 and his certified retail executive (CRX) accreditation

in 2013.

Robyn Tucker

Robyn Tucker currently serves as the marketing manager for Ala Moana Center on Oahu and Prince Kuhio

Plaza on Hawaii Island where she contributes to the consumer marketing efforts for the resident, domestic and

international customer and oversees all promotional events and activities. Prior to joining General Growth

Properties in January 2012, Robyn worked for Glimcher Realty Trust as a marketing coordinator for Pearlridge

Center on Oahu. In addition to her experience in marketing shopping centers, Robyn has also worked with

several non-profit organizations performing pro bono public relations and marketing services. Robyn attended

California State University, Sacramento, where she received a double Bachelor’s Degree in

Communications/Public Relations and Dance.

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Ala Moana Center Expansion

www.alamoanaexpansion.com

www.hdcc.com

www.callison.com

Residential Development

www.parklanealamoana.com

www.tmghawaii.com

www.kobayashi-group.com

ALA MOANA CENTER INFORMATION

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