PRIME RETAIL TO INTRODUCE NEARLY TWO MILLION SQUARE FEET

Leading U.S. Retail Center Developer Announces 2008-2009 Construction Agenda

BALTIMORE, August 21, 2007 -- Prime Retail, one of the largest and most successful developers of outlet centers in the country, announces today it will embark upon an ambitious development agenda, including nearly 1.5 million square feet of new construction, across the United States and Puerto Rico by the end of 2009.

“Never before has this category experienced such an incredible surge of support and demand for evolution from both consumers and merchants alike—our goal is to truly redefine and recreate the industry with them,” commented Prime Retail President Bob Brvenik.  “Our aggressive 24-month construction agenda will continue our mission to create pristine and robust destinations, where surprise and intrigue fuel the passion for shopping we all embrace.”

Prime Retail’s 2008 development plans include:

• Prime Outlets International (Orlando) – 290,000 square foot construction
• The Shoppes at Prime Outlets International (Orlando) – 200,000 square foot renovation
• Prime Outlets – Puerto Rico – 155,000 square foot expansion
• Prime Outlets – St. Augustine: 250,000 square foot renovation and expansion
• Prime Outlets – Williamsburg: 115,000 square foot expansion
  

Prime Retail’s 2009 development plans include:

• Prime Outlets – Ellenton: 125,000 square foot expansion
• Prime Outlets – Grand Prairie: 400,000 square foot construction serving the Dallas/Fort Worth region
• Prime Outlets – Livermore: 420,000 square foot construction at San Francisco’s East Bay