GLOBAL REACHCOMPLETE CARE

TORG is the only global alliance of experts with a truly comprehensive approach to outlets. Our

deep experience and understanding of the outlet industry’s every facet — including advisory

services, finance, leasing, marketing and more — help us deliver informed, integrated solutions. Our

knowledge spans international retail expertise to development and asset management, for a truly

unparalleled group of experts wholly focused on maximizing stakeholder value.

Powered by the vision and experience of principals Lisa Wagner and David Hinkle, TORG aspires to

create the world’s best outlet centers from the ground up, using our best-in-class advisory group

of experienced and innovative experts, backed by best practices and industry standards, to give

value to investors, retailer partners and shoppers.

Each discipline can be applied independently, but the best results occur when marketing and

leasing are deployed together. TORG uniquely offers in-house marketing and leasing services

through a fully integrated, customer-focused, value-adding team structure.

Our leasing approach is highly strategic and relationship-based — from securing new brands to ensuring tenant

growth and retention. By combining comprehensive, professional merchandising mix strategy and leasing services

with unparalleled industry relationships, we deliver optimal results for both developers and tenants.

LEASINGComprehensive Leasing Services

OUR LEASING SERVICESEnd-to-End Leasing Process

Best-in-Class Property Representation

• Aggressive terms for

development entity

• Merchandising mix strategy

• Industry best practice lease terms

and provisions

• Input on architectural

specifics/financial terms

• Presentation of project/center

to tenants

• Tenant negotiation

• Creation of Letters of Intent (LOIs)

• Creation of Lease Outlet

Drawings (LODs)

• Coordination with attorneys

on final lease

• Regular reporting on leasing

progress

• Monitoring of lease expirations

and renewals

• Representing project at industry

conventions and events

With expertise in outlet positioning and marketing, TORG envisions and builds high-level strategies to determine the unique

selling proposition of each project and works to execute these strategies into marketing plans for both B2B and B2C campaigns.

We understand omni-channel retailing and work to connect as many components as possible to ensure that marketing

elements work in concert with each other.

MARKETINGExperts In Strategic Marketing

Channels

Media

• Traditional

• Broadcast

• Print

• Out of Home

• Direct

• New

• Digital

• Social

• Mobile

• On Line / Electronic

• Websites

• Apps

• E-Blasts

Events & PR

• Live retail events

• Product launches

• Grand openings

• Sales-driving promotional

experiences

• Festivals

• Launch parties

• Media coverage

• Strategic alliances

Relationships

• Collaborative

initiatives with brands

and retailers

• Retail, dining and

entertainment

connections

• Promotional

partnerships

Growth & Benefits

• New brand expansion

• Combined advertising,

public relations and

promotional strategies

• Customer loyalty

programs

OUR MARKETING ELEMENTS

From research and design to zoning and entitlement, we work closely with development partners and clients to add value

to existing, under-performing and new assets through a comprehensive consultation process.

DEVELOPMENT CONSULTATIONSolid Experience, Insightful Strategy

Combining our industry knowledge with information about market nuances and quirks, we conduct thorough custom

feasibility assessments.

FEASIBILITY ASSESSMENTSInsights Through Research and Expertise

Research

• Audience identification

• Location-specific, in-

depth market research

study

• Peer sentiment analysis

• Competitive analysis

(both full retail & outlet)

Architecture & Design

• Optimal outlet center

layout and design

• Scope of potential

renovations

• In-person client meetings

Planning & Modeling

• Leasing plan and

schedule

• Financial model(s) and

pro-forma(s)

Operating marketing

budgets

• Marketing plan

development and

implementation

Reporting & Presentation

• Detailed report of findings

and recommendations

• In-person presentations

• Regular status reports

OUR FEASIBILITY PROCESS

Research

• Primary & secondary

market research

• Site selection

• Financial modeling

Architecture & Design

• Land use and planning

• Design consultation

Planning & Modeling

• Construction

management

• Tenant coordination

• Public/private

partnership structures

• Zoning and approvals

OUR DEVELOPMENT EXPERTISE

Through a partnership with Singerman Real Estate, LLC, TORG is equipped to acquire and finance outlet centers. This partnership

allows TORG to invest in projects, assist with recapitalization strategies and provide financial expertise to clients.

TORG has the right combination of skills, expertise and access to investment capital to retrieve value that may be currently out of

reach. Whatever the challenge, we have processes and resources to tackle it.

ACQUISITIONRelease Locked-Up Value In Assets

Our financial partners take pride in applying creative approaches to overcoming financial challenges. With an eye for

detail, we unearth opportunities that others miss and unlock value for all stakeholders.

With our strong top-tier private equity relationships, financial acumen and wealth of resources, TORG is more equipped

than ever to create value in outlet projects.

Taking creative approaches to overcome finan-cial challenges

Using our wealth of resources and experience

Applying financial creditability

Utilizing strong top-tier private equity relationships

Unlocking value for all stakeholders

OUR ACQUISITION STRATEGY

INTERNATIONAL OUTLET PIONEERS & PRACTITIONERSA World-Class Network

65OPENED

Outlet Centers Around the World

27 MILLIONLEASED

Square Feet of Retail

TORG is the only truly integrated, international alliance of outlet experts. Principal

Lisa Wagner helped found two successful European outlet development

companies and maintains a high international profile that gives our team critical

experience and contacts in international travel tourism. Our team is multi-

national and multi-lingual and bridges cultural gaps to invite customers around

the world to the outlet experience.

• TORG principals have opened more than 65 outlet centers around the world

• TORG team members have leased in excess of 27 million square feet of retail

• TORG’s international experts are fluent in English, Japanese, Mandarin,

Cantonese, Italian, Spanish and Arabic

Our Global Experience

TORG has unparalleled experience in outlet centers on five continents and in many cases, being the first to introduce them to a given country. Our expertise in tenant representation, site negotiation and expansion strategies are global in scope.

Just like our team in the states, our international team holds a comprehensive knowledge of outlet opportunities and provides services tailor-made for each region they work in. They possess a deep understanding of feasibility assessments, site identification, development consultation, planning, strategy, marketing, capitalization and acquisitions, among other key services. Proficient at leasing and tenant relationship building, they have nurtured key connections with regional developers and retail license holders that are invaluable when guiding brands and retailer expansion, and navigating transactions in established and emerging markets.

In short, TORG is a world player and a proven and trusted partner for outlet ventures around the globe.

TORG is currently involved with outlet projects in Europe and Latin America.

PREMIUM BRAND MIGRATION & GLOBAL REPRESENTATION

TORG professionally represents outlet retailers in the identification and refinement of their store portfolios. We also provide

access and insights into market information, comparative metrics and sales performance that are critical to making

equitable and profitable deals.

Whether it’s a single lease, regional expertise or national representation, TORG can provide retail tenants with

straightforward and sound advice.

TENANT REPRESENTATIONNow Trending: Brand Migration and Expansion

SPECIFICALLY, TORG IS FULLY EQUIPPED TO:

Identify and assess locations that comply

with brand/retailer criteria

Select space within centers of the

appropriate size and location

Negotiate lease terms

Coordinate with legal, operations, architects/

store planners and tenant coordination

Oversee lease execution

Monitor store delivery

Manage lease inventory including

renewals and expirations

Provide robust reporting

Powered by the dual vision and experience of principals Lisa Wagner and David Hinkle, TORG has assembled a deeply

experienced team to deliver on its mission to clients. Our depth and breadth of outlet experience is truly unmatched in the

industry — equipping us with a 360-degree vantage point, which we activate and leverage to deliver value to our clients.

THE TEAM

David brings more than 25 years of outlet and retail experience to TORG. David’s combination of retail and real estate knowledge in conjunction with expertise in start-ups and early stage companies provides him with a unique perspective to help clients maximize value and achieve business objectives.

David applies his diversified background and perspective to all areas of the outlet industry including identification of site and acquisition opportunities, feasibility review, underwriting and strategic and operational planning and budgeting.

In the recent past, David has been one of the most active executives in the outlet sector in terms of acquisitions and underwriting. David has demonstrated proven leadership in educating private equity groups about the industry and converting them into investors in the outlet asset class. David has played instrumental roles in positioning companies for capital raisings and public offerings as well as advising on business growth and exit strategies.

As President and CEO of National Book Warehouse, Inc. (NBW), David helped pioneer the specialty retail segment of the business where he oversaw all aspects of the company with a particular focus on leasing, construction and lease administration. During his 16 years with the company, David grew NBW to the fourth largest bookseller in the US prior to executing a leveraged buyout of the company in 2001. At its peak, NBW had more than 1,100 employees in 185 stores across the country.

Subsequent to his role at NBW, David has operated a successful consulting business applying his retail, real estate and business acumen to retailers, developers, entrepreneurial enterprises and mature companies. David has a proven track record of helping owners maximize value and position their companies for a strategic sell, growth and/or ongoing profitability.

David has handled real estate transactions in 43 states and has leased more than 7 million square feet of retail space.

As a Principal at TORG, David is primarily responsible for the company’s leasing, acquisition and tenant representation services and is co-leader of the business and strategic planning and implementation functions.

David is past Co-Chair of the Outlet Retail Manufacturers Association (ORMA) and an active member of the International Council of Shopping Centers (ICSC). David has received ICSC’s SCLS designation. David participates regularly as a speaker and moderator at ICSC and Urban Land Institute (ULI) conferences and is frequently quoted in the general news media and trade publications across the country.

DAVID HINKLE PRINCIPAL

Lisa brings 25 years of domestic and international outlet experience to TORG. She applies a global perspective to outlet center

development, including site identification, feasibility assessment, business and strategic planning and marketing strategy to

maximize asset value and investor returns. Lisa has overseen the grand opening and/or marketing of more than 50 centers around

the world.

Lisa began her career in the industry in 1988 as Vice President and Director of Marketing for McArthur Glen Group, where she was

an active participant in the company’s development program while creating and implementing marketing programs for the

company’s portfolio. Her role expanded to encompass both corporate and consumer marketing as the company grew into the

nation’s premier developer, owner and operator of outlet shopping centers. Lisa was instrumental in the company’s 1994 IPO, one

of the first in the sector.

Building on this success, Lisa pioneered US outlet development in Europe. With McArthur Glen Europe, Lisa established the first

American-style outlet center in England, followed by the first American-style center in Troyes, France. As a founding partner of

Outlet Centres International (a London-based subsidiary of Lehman Brothers), Lisa opened centers in Scotland and Sweden. Lisa

also successfully shepherded a five-year conflict to achieve planning consent for a center in Zweibrüecken, Germany, on the site

of a former NATO airbase.

For the past ten years, Lisa’s return to North America has focused on outlet center development and turnaround projects as a

Partner in EWB Development LLC. Through QTM, Inc., her pre-existing marketing consultancy, Lisa has also handled numerous

high-profile marketing projects and maintained a strong presence in the European outlet community, celebrating the grand

opening of the Norwegian Outlets in 2013.

The formation of TORG is the culmination of all of these experiences in the US and abroad, synthesizing the knowledge gained and

the collaboration with other best-in-class industry experts.

Lisa focuses her successful background, knowledge and expertise on the turnaround of under-performing assets, hybrid project

repositioning and new center development utilizing a team-based, multi-disciplinary approach. Lisa is well known and respected

for her success in creating strong brand positioning and elevating company and center profiles.

As a Principal at TORG, Lisa is primarily responsible for the company’s new business and client relationship management areas and

will be co-leader of the business and strategic planning and implementation functions.

Lisa is a member of the International Council of Shopping Centers (ICSC), serves as Chair of the Outlet Marketing Alliance (OMA)

and is a frequent speaker at conferences domestically and abroad.

LISA WAGNER PRINCIPAL

MITCHELL BROWN CHIEF OPERATING OFFICER & SENIOR VICE PRESIDENT OF MARKETING

Mitchell brings more than 25 years of real estate development, advertising, marketing, public relations and corporate

communications experience to TORG. He served as a senior marketing executive for Federal Realty Investment Trust and

Centro Properties Group (both in the US and in Australia). Most recently, Mitchell served as Chief Operating Officer of

Compco Americas, the leading provider of digital marketing and loyalty programs to the shopping center industry. Mitchell

has overseen the opening of over 30 outlet centers and been responsible for the marketing of portfolios that range from one

to 700+ shopping centers.

As Chief Operating Officer and Senior Vice President of Marketing at TORG, Mitchell oversees the day-to-day operations of

the company as well as heads up marketing for both the company and its clients.

Cynthia (Cindy) Hoke joins TORG with 26 years of retail and marketing experience, having most recently served as the

National Director of Retailer Engagement & Campaign Management for Compco Americas. Prior to Compco Americas,

Cindy spent 11 years working for Prime Retail in Baltimore, Maryland as Director of Merchant & Marketing Services.

Cindy began her career in advertising and marketing at The Rouse Company where she managed nine advertising

initiatives for seven shopping centers and four national sales advertising campaigns for 36 shopping centers. Prior to that,

she served as the Advertising and Public Relations Traffic Manager for Hartt and Company.

CYNTHIA HOKE VICE PRESIDENT OF CENTER MARKETING

MARKETING DIVISION

MINDY WRIGHTMARKETING & SOCIAL MEDIA MANAGER

Mindy brings marketing and social media excellence to TORG. Mindy is responsible for directing and overseeing the social

media programs for 7 outlet centers. In addition, Mindy is responsible for implementing the marketing program at OKC Outlets.

Mindy comes to us from Gateway Services Group where she showed an expert understanding in driving marketing campaigns

through email, social and other platforms. Immediately prior to this, Mindy was with Urban Farmhouse Designs where she

handled social media, prepared marketing graphics and managed the website for the OKC furniture and home décor retailer.

Mindy holds a Bachelor of Science in Marketing from Oklahoma State University in Stillwater, Oklahoma and is a member of the

International Council of Shopping Centers (ICSC) and American Marketing Association (AMA).

RON SIMKIN SENIOR VICE PRESIDENT OF LEASING

An outlet industry veteran, Ron brings over 35 years of development, leasing and management expertise to TORG. Ron has

extensive experience developing architecture and construction plans and creating and managing budgets. He has

overseen the end-to-end development and construction process for four outlet centers comprising over 2 million square feet.

Since 2008, Ron has advised numerous development and private equity firms in retail real estate, the outlet sector and

traditional retail, including a stint in China on behalf of Urban Retail Asia and work with Poag and Tanger to break

ground on a new outlet center in Southaven, Mississippi.

Ron has a strong reputation and unparalleled contacts in the outlet industry and with municipalities such as Memphis, St.

Augustine, Las Vegas, Pigeon Forge and Orlando. He also brings an important retail perspective, having served as Vice

President of Operations and Real Estate for Toy King, a chain of more than 70 stores.

Matt brings sales and operations excellence to TORG. Matt’s technology background with two FORTUNE 500 companies will

be utilized to increase efficiency, improve client experiences and generate more efficient communications with clients and

prospective tenants. Matt will also take an active role in prospecting for new tenancies and in supporting the TORG leasing team.

Matt holds a Bachelor of Science in Accounting from Miami University in Oxford, Ohio and is a member of the International Council of Shopping Centers (ICSC).

MATT CHANDLER LEASING COORDINATOR

MARC GURSTEL VICE PRESIDENT OF LEASING

With over 16 years of retail and real estate experience, Marc has a solid and diverse real estate background. He is an

expert in site selection, lease negotiation, lease administration and retail and real estate operations.

Marc joins TORG after nearly five years at AM Retail Group (operator of Wilsons Leather, G.H. Bass & Co and Calvin Klein

Performance brands) where he was most recently Director of Real Estate. Marc also oversaw the facilities maintenance

division of AM Retail, directing operational efforts for 300+ stores.

Prior to AM Retail, Marc was Commercial Property Manager for Welsh Companies, FL and Colliers International/Welsh

Companies, full-service real estate firms in South Florida and Minneapolis. There, he led all property operations including staff

management, financial reporting, budgeting, tenant and vendor relations, build-outs, capital improvement projects, lease

renewals and lease administration.

Marc is a member of the International Council of Shopping Centers (ICSC) and the Institute of Real Estate Management (IREM).

LEASING DIVISION

ROBERT VAN DEN HEUVEL COMMERCIAL DIRECTOR EUROPE

Robert started his career in the outlet industry back in 1998 as Real Estate Manager for Nike Retail in the German/Eastern

Europe region. He left Nike as Senior Real Estate Manager for Europe. He then started his own outlet consultancy company

and has provided his services to various developers in the outlet industry. He has been involved in developing, leasing and

managing schemes in various countries such as Germany, Italy, Belgium, the Netherlands, Switzerland, Croatia and the Czech

Republic. He was Leasing Director for BVS Outlet Villages in Europe as well as Commercial Director for Europ Invest.

In the recent past, Robert has been focusing on outlet projects in China. The outlet model has been introduced into China

with mixed success. Robert has maintained involvement with the delivery of authentic, original brands in one of the most difficult

markets in the world. He is providing leasing and management consultancy for various developers and has worked on the

development, brand creation and pre-leasing of the Yurun Outlet in Weihai China (Yurun is the 5th largest private group in China).

Robert has a very motivating personality, he is an excellent relationship builder. He excels in new business as well as in leasing and

tenant relationship building. Robert is an integral and trusted man in the Global Outlet community.

Barbara has held Senior Management positions in Marketing and Leasing with the two major players in Europe,

McArthur Glen and Value Retail as well as a number of new European outlet ventures like OCI and BVS. In 2005/06 as

Marketing Director Europe of McArthur Glen she was part of the management team that was responsible for the turnaround

of the Designer Outlet Roermond/ NL, today one of Europe’s top10 outlets. Of German origin, Barbara has an exceptional

international background having lived and worked in Boston, New York, Paris, London, Zurich and Cologne today. She has a

unique cross-border understanding of shoppers and brands and an in depth understanding of the European outlet industry.

BARBARA HORATZ MANAGING DIRECTOR EUROPE

INTERNATIONAL DIVISION

US | 980 N. Michigan Avenue, Suite 1660, Chicago, IL 60611 | +1 312.292.9585 | contact@outletresource.com | outletresource.com

LATIN AMERICA | Ave. Balboa, Multicentro Local 249 B, Panama, Republic of Panama | +507.377.471008-2019