BELZ FACTORY OUTLET WORLD – ORLANDO AND BELZ DESIGNER OUTLET CENTRE LAUNCH BELZ BUCKS COUPON BOOK PROGRAM

Shoppers Save Up To $300 On Merchandise Mall-Wide

(Orlando, FL) May 16, 2002 -- Belz Factory Outlet World – Orlando and Belz Designer Outlet Centre have just introduced a new coupon book program that can save shoppers up to $300 on purchases at leading brand-name stores throughout both malls.

A variety of brand name stores across a broad range of merchandise categories are participating in the Belz Bucks program. Here's just a sample of the current savings offered in the Belz Bucks coupon book: Coach Factory Store is offering 15 percent off any purchase of $150 or more; Calvin Klein Outlet Store is offering $10 percent off any purchase of $100 or more; and Gap Outlet is offering 15% off an entire purchase of $75 or more. In addition, several food court tenants are offering savings on sandwiches and salads or free drinks with a food purchase.

"We're introducing the Belz Bucks coupon book as an added incentive to shop with us," said Andrew J. Groveman, President of the Factory Outlet Division of Belz Enterprises. "We know consumers have many choices about where to shop, but when they consider the significant dollars-off savings at our outlet stores that already offer merchandise at up to 75 percent off retail, as well the free bonuses the Belz Bucks coupon book offers, they'll be convinced that our values are the best in the market. We also see the Belz Bucks coupon book program as a thank-you to our many loyal shoppers who give us repeat business year after year."

Shoppers can pick up a Belz Bucks coupon book at the Information/Universal Booth in Mall I or II of Belz Factory Outlet World-Orlando, or at The Coach Factory Store, Off 5th Saks Fifth Avenue Outlet and The Gourmet Dippin' Bread Café at Belz Designer Outlet Centre.

Located on the North End of Orlando's International Drive, Belz Factory Outlet World – Orlando is the largest factory outlet center in the United States. The property features more than 170 outlet stores in two fully-enclosed, air-conditioned malls and four annexes. An eclectic food court, spacious parking, a carousel for the kids, and up to 75% off retail merchandise everyday make shopping at Belz an experience the whole family will enjoy. The Belz Factory Outlet World – Orlando and Belz Designer Outlet Centre store hours are 10:00 a.m. to 9:00 p.m., Monday through Saturday, and 10:00 a.m. to 6:00 p.m. on Sunday.

With headquarters in Memphis, Belz Enterprises is a multi-faceted real estate company with more than 30 million square feet of developed property including over 40 shopping complexes, ranging from community shopping centers to regional malls. Belz developed and manages Factory Outlet Worlds in Lakeland and Pigeon Forge, Tenn., Las Vegas, Nev., St. Augustine, Fla. and Orlando, Fla., where the company also operates the Belz Designer Outlet Centre. In 2001, the firm opened Belz Factory Outlet World-Puerto Rico, the first enclosed factory outlet mall on Puerto Rico. In addition, Belz operates the 100 Oaks Mall in Nashville, Tenn. The company has also developed and owns a group of premier hotels, including the flagship Peabody Hotels in Memphis and Orlando and the recently opened Peabody Hotel in Little Rock, Arkansas.