1. Historical Selected Financial Data – 1997 – 2003 (in thousands, except per share amounts) Retail NOI Growth Community Development NOI Growth Total NOI Growth FFO from recurring activities Growth FFO from recurring activities, per share Growth Dividend per share Growth 1997199819992000200120022003CAGR $280,032 $49,195 $411,029 $186,216 $2.53 $1.00 $327,237 17% $48,037 -2% $451,411 10% $206,670 11% $2.71 7% $1.12 12% $365,176 12% $51,062 6% $534,199 18% $242,735 18% $2.92 8% $1.20 7% $368,110 1% $66,780 31% $556,468 4% $260,723 7% $3.41 17% $1.32 10% $375,650 2% $74,986 12% $558,537 0% $283,751 9% $3.74 10% $1.42 8% $469,644 25% $85,221 14% $650,488 17% $357,255 26% $3.86 3% $1.56 10% $4.20 9% $1.68 10% 11% 12% 10% 14% 9%

2. Philadelphia Area Dispositions & Acquisitions Properties Being Sold Center, LocationDepartment Stores Cherry Hill Mall, Cherry Hill, NJ Echelon Mall, Voorhees, NJ Exton Square, Exton, PA Gallery at Market East, Philadelphia, PA Moorestown Mall, Moorestown, NJ Plymouth Meeting Mall, Plymouth Meeting, PA Strawbridge, Macy’s, JCPenney Strawbridge, Boscov’s Strawbridge, Boscov’s, JCPenney Strawbridge Strawbridge, Sear’s, Boscov’s, JCPenney Strawbridge, Boscov’s Property Being Acquired Christiana Mall, Newark, DE Strawbridge, Macy’s, Lord & Taylor, JCPenney

3. Historical Selected Financial Data – 1997 – 2003 (in thousands, except per share amounts) Retail NOI Growth Community Development NOI Growth Total NOI Growth FFO from recurring activities Growth FFO from recurring activities, per share Growth Dividend per share Growth 1997199819992000200120022003CAGR $280,032 $49,195 $411,029 $186,216 $2.53 $1.00 $327,237 17% $48,037 -2% $451,411 10% $206,670 11% $2.71 7% $1.12 12% $365,176 12% $51,062 6% $534,199 18% $242,735 18% $2.92 8% $1.20 7% $368,110 1% $66,780 31% $556,468 4% $260,723 7% $3.41 17% $1.32 10% $375,650 2% $74,986 12% $558,537 0% $283,751 9% $3.74 10% $1.42 8% $469,644 25% $85,221 14% $650,488 17% $357,255 26% $3.86 3% $1.56 10% $4.20 9% $1.68 10% 11% 12% 10% 14% 9%

4. Corporate Governance  Corporate culture  Board of Directors  Committees of the Board  Sarbanes-Oxley & NYSE