The Challenge The retailing and shopping center sector is experiencing one of the most profound and thoroughgoing transformations in its 60-year history. Migration of consumer spending from in-store to on-line Dramatic shift in shopping patterns by millennials Declines in traditional retail space usage 2

The Opportunity Envision 2020 represents a unique collaboration of industry leaders, trend experts, academic authorities and association professionals. Collaboratively lead the industry into an emerging new era of retailing Position ICSC as the central driver of retail transformation & the primary industry information touch point 3 3

The Objectives Identify radical changes and key trends which have the potential to transform the industry over the next five years. Demonstrate how developers and retailers can anticipate & prepare for “the new retail marketplace of the 2020’s” Ensure that ICSC’s program portfolio and organizational structure are aligned with emerging industry needs Ensure ICSC is positioned as the prime driver of industry change – a resource for all industry participants 4 4

Role of the ICSC Leadership Serve as a “panel of experts” to characterize the future state of the retail real estate industry and to recommend an appropriate course of action. Leverage the collective expertise of ICSC’s distinguished board of industry leaders Engage ICSC’s international leadership groups and membership at large to vet the BOT recommendations Involve an Academic Advisory Board to provide a perspective on large-scale demographic and macro- economic shifts impacting the retail sector 5 5

The Process 6 Demonstrate how developers and retailers can anticipate and prepare for “the new retail marketplace of the 2020’s” Engage the global industry in a free-flowing dialogue Conduct in-depth qualitative interviews with topical content experts Identify transformative changes Examine how these trends will impact the industry Develop, evaluate & finalize predictions Position ICSC with a definitive strategy to lead and support its members within the newly emerging industry structure

Stage 1: Create Bold Statements (BOT Meeting – Jan. 2015) Industry reinvention exercise: Cross-functional BOT teams challenge/evaluate preliminary ideas, hone in on “game changing” transformations, and formalize bold statements Research Teams report back recommendations to entire BOT 7

Stage 2: Bold Statements Vetted By Global Leaders: (February – April 2015) Global leadership weighs in on Bold Statements with dialogue generated by BOT Research Team members By Academic Panel: (May 2015, RECon Vegas) Panel of academic experts debate the Bold Statements [Evaluation and refinement of Bold Statements by BOT Research Teams] 8

Stage 3: Global Member Survey Validation of the Bold Statements: (Late May 2015) Create an online “idea exchange” to capture the worldwide conversation Administer a global ICSC membership survey Provide results to BOT Research Teams to approve / modify / update Bold Statements as appropriate 9

Stage 4: Final Bold Statements Framed (June 2015) Survey data analyzed and assessed BOT Research Teams validate final Bold Statements Final Bold Statements reported to entire Board of Trustees 10

Stage 5: Findings Report (June-August 2015) Engage emerging leadership in validation & research at the NextGen National Conference with guidance by the BOT Research Teams Case studies of “early movers” in each trend area are conducted by BOT Research Teams and NextGen leadership (September 2015) Envision 2020 Report produced & rolled out 11

Stage 6: Redefine ICSC’s Role (BOT Meetings Sep 2015-Jan 2016) Position ICSC as the primary resource for change. Redefine ICSC’s role in leading and supporting its members within the newly emerging industry structure Audit ICSC’s programs and services to ensure continued relevance Identify additional programs and services to meet the industry’s emerging needs 12

Stage 7: Re-visioning (BOT Meetings ) Trustees continue to provide strategic guidance through annual re-visioning sessions conducted at BOT meetings. Create addenda to Envision 2020 Report as warranted by industry conditions Reinitiate envisioning process is for 2025 Develop annual “state of the industry” white paper updates 13