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Tanger Factory Outlet Centers, Inc., headquartered in Greensboro, North Carolina, is a self-administered, self-managed real estate investment trust that focuses exclusively on developing, acquiring, owning and managing upscale outlet shopping centers. Each center is branded as a Tanger Outlet Center. 

In 1981, Stanley K. Tanger began developing factory outlet centers. Steven B. Tanger joined his father’s successful development company in 1986 and by June 1993, the company had developed 17 centers totalling approximately 1.5 million square feet of outlet retail space. In June 1993, Tanger Factory Outlet Centers, Inc. became the first publicly traded outlet center company. Since our initial public offering, we have grown our portfo- lio through strategic development and acquisitions. 

## WE HAVE BECOME ONE OF THE LARGEST OWNER OPERATORS OF FACTORY OUTLET CENTERS IN THE COUNTRY 

Since entering into the factory outlet business 23 years ago, we have become one of the largest owner operators of factory outlet centers in the country. As of December 31, 2003, we managed for a fee four shopping centers, with a total leasable area of approximately 434,000 square feet, bringing the total number of centers we operate to 40 with a total leasable area of approximately 9.3 million square feet containing over 2,000 stores and representing over 400 store brands. 

For over 23 years, we have provided consumers convenient, attractive shopping centers where they find quality, selection and great values on leading designer apparel, brand-name footwear, home products, electron- ics and more. 

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Tanger Factory Outlet Centers, Inc. is listed on the New York Stock Exchange and is traded under the ticker symbol SKT. Please visit our web- site, www.tangeroutlet.com, for more information about our outlet centers and our company. 

