Excerpts from Investor Slide Presentation

This presentation contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Excel Trust operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Excel Trust's failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Excel Trust's inability to successfully complete real estate acquisitions or successfully operate acquired properties and Excel Trust's failure to qualify or maintain its status as a real estate investment trust, or REIT. For a further list and description of such risks and uncertainties that could impact Excel Trust's future results, performance or transactions, see the reports filed by Excel Trust with the Securities and Exchange Commission, including its final prospectus relating to its initial public offering and quarterly reports on Form 10-Q. Excel Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

These forward-looking statements speak only as of the date of this presentation. We undertake no obligation to update any forward-looking statements to reflect the events or circumstances arising after the date as of which they are made. As a result of these risks and uncertainties, recipients of this presentation are cautioned not to place undue reliance on the forward-looking statements included in this presentation or that may be made elsewhere from time to time by, or on behalf of, us.

“Annualized Base Rent” or “ABR” is obtained by annualizing the contractual rental rate (excluding reimbursements and percentage rent) during the final month of a reporting period.

“Funds from Operations” or “FFO” Excel Trust computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with generally accepted accounting principles, or GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Excel Trust’s computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of Excel Trust’s financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of Excel Trust’s liquidity, nor is it indicative of funds available to fund cash needs, including Excel Trust’s ability to pay dividends or make distributions.

Excel Trust presents FFO because it is deemed an important supplemental measure of the company’s operating performance and because it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year-over -year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income.

We strive to be the premier owner retail real estate. We will provide stability and growth for our investors through the judicious acquisition, management, development and disposition of a diversified portfolio of high quality properties.

of open air, “box and pad” Experienced mgmt. team with proven track record Vertically integrated real estate platform

Cornerstone portfolio which supports future growth Access to extensive pipeline through quality relationships Growth oriented capital structure with no legacy issues

Chairman and President, COO CIO, SVP Acquisitions SVP, General Counsel Position CFO and Treasurer CEO and Director and Director and Secretary

SVP Asset Management / Vice President VP Capital Markets Position Accounting Manager SVP Capital Markets Development Development & Communications

Excel Legacy Corp. spun-off from Excel Realty Trust with $96.5M of total assets (2)

Merger creates Price Legacy Corp., $1.2B tot. assets, 55 properties in 13 states (3)

(1) As reported in the Annual Report of New Plan Excel Realty Trust for the year ended December 31, 1998 (2) As reported in the 8-K filed on March 26, 1998, prior to the spin-off of Excel Legacy Corporation from Excel Realty Trust (3) As reported in the Annual Report of Price Legacy Corporation for the year ended December 31, 2001

# of Properties closed since IPO 23 Gross asset value—properties $414M Approx. total GLA (SF) 2.6M Approx. percent leased 95% Approx. portfolio price/sq. ft. (1) $153 3 / 5 mile weighted average HH income (2) $84K / $79K 3 / 5 mile weighted average population (2) 40K / 105K Weighted average age in years (3) 5

Notes: (1) Does not include Red Rock Commons or Rockwall Phase II which are land parcels to be developed.

(2) Source: Claritas, 2010. Weighted by GLA; does not include single tenant properties or properties for development. (3) Weighted by GLA; based on year built or year of last major renovation if applicable.

Anchor GLA Expiring—% of Total Inline GLA Expiring—% of Total Total % Expiring

Portfolio primarily located in markets with stable demographics that have historically exhibited favorable trends such as strong population and income growth Focus on markets with attractive demographic and property fundamental trends, typically in the NE, NW and Sunbelt regions Long-term strategy of clustering properties around regional hubs in San Diego, Dallas, Atlanta, SF Bay Area and Washington D.C.

Property Name City State Sq. Ft. Date Price (000) Sq. Ft. % Leased Major Tenants

Excel Centre San Diego CA 82,157 * $23,700 $288 100% Kaiser Permanente, Swinerton, Excel Trust, UBS

5000 South Hulen Fort Worth TX 86,838 5/12/2010 $21,900 $252 92% Barnes and Noble, Old Navy

Jewel-Osco Morris IL 51,762 5/14/2010 $8,200 $158 100% Jewel-Osco (subsidiary of SuperValu)

Shop ’n Save (SuperValu)Ballwin MO 53,411 5/28/2010 $8,500 $159 100% Shop 'n Save (subsidiary of SuperValu)

Plaza at Rockwall—Phase I Rockwall TX 332,989 6/29/2010 $35,500 $107 99% Best Buy, Dick's, Staples, Ulta, JC Penney, Belk

Merchant Central Milledgeville GA 45,013 6/29/2010 $6,100 $136 96% Dollar Tree, Super Wal-Mart (non-owned)

Mariner's Point St. Marys GA 45,215 6/30/2010 $6,600 $146 100% Shoe Show, Super Wal-Mart (non-owned)

Grant Creek Town Center Missoula MT 164,166 8/27/2010 $23,100 $141 92% Ross, TJ Maxx and REI

Rosewick Crossing MD 116,095 10/1/2010 $24,900 $214 85% Giant Food, Lowe's (non-owned)

Shops at Foxwood Ocala FL 78,660 10/19/2010 $12,600 $160 94% Publix, McDonalds (non-owned)

10 * Acquired from Predecessor as part. of the Company’s formation transactions

A power center, anchored by JC Penney, Belk, Dick’s, by Jc Penney, Belk, Dick’s,

Off-market transaction closed for ~ $41M (including Phase II) Phase II 60%+ leased – construction underway Located in Dallas suburb, ranked 2nd wealthiest county in TX (1) Average HH income of $95K in a 3-mile radius (2)

Located at I-30 and Hwy 205 with highest traffic counts in county (98,000 and 23,080, respectively) (3)

Notes: (1) Source: 2000 Census based on median income (2) Source: Claritas, 2010 (3) Source Texas DOT, 2009

99% leased 740K sq. ft. power center (598K owned) with frontage on I-5 freeway Off-market transaction closed for $92.5M on 12/14/2010

Anchored by Target (non-owned), Lowe’s, Kohl’s, Jo-Ann, Ross, PetSmart, etc.Sports Authority, Strong demographics: In 3 / 5 mile radius the average HH income is $84K / $71K—population 50K /118K (1) Regional trade area draw

Brandywine Crossing – Brandywine, MD: 198K sq. ft. anchored by Safeway, Jo-Ann, Marshall's, Costco (non-owned) and Target (non-owned) Rosewick Crossing – La Plata, MD: 116K sq. ft. anchored by Giant Food and Lowe's (non-owned) Off-market transaction closed for ~ $70 million on 10/1/10 Approx. $100K average HH income in 3 mi radius (1)

In active negotiation on properties with a total asset value in excess of $500M Select properties outlined below

Gilroy Crossing CA 325K 69,000 Signed PSA Kohl’s, Sports Authority, Ross, Michaels, etc.

San Diego NNN CA 100K 24,000 Signed PSA Edwards Theatres; unit deal at $14 / share

Property A FL 74K 14,000 In negotiations purchased upon completion from developer

Property B FL 80K 15,000 In negotiations purchased upon completion from developer

Property C CA 300K 60,000 In negotiations Homegoods, Target (non-owned), Vons (non-owned)

Property D CA 180K 35,000 In negotiations Kohl’s-owned),(nonRoss, Jo-Ann, PetSmart, etc.

19 Notes: (1) Excel Trust cannot guarantee that the above properties will close on the terms described herein, or at all. .

99% leased ~470K sq. ft. power center (~325K to be owned) 30 miles S. of San Jose off 101 freeway Relationship driven transaction

Tenants include Target (non-owned), Kohl’s, Sports Authority, PetSmartRoss, Bed Bath & beyond, Michaels,

Strong Demographics: in 5 mile radius average HH income is $94K / population is 59K (1) Shopping center plus surrounding retail provide regional trade area draw

Company Portfolio –

Detailed List

as of December 31, 2010 (Unaudited)

Company Portfolio –

Detailed List

as of December 31, 2010 (Unaudited)

Property Name

City

State

Year

Built

(1)

Total

GLA

(2)

Acquisition

Date

Acquisition

Price ($ in

000's)

Price

Sq. Ft.

Leased

# of

Tenants

Major Tenants

(3)

Major Lease

Expiration

Date

Annualized

Base Rent

(4)

($ in 000's)

Annualized

Base Rent

Related to

Anchor

(5)

Excel Centre

San Diego

1999

82,157

$23,700

$288

100%

Kaiser Permanente*, Swinerton, Excel

Trust, UBS

2019

$2,909

78.3

Newport Towne Center

Newport

2006

60,100

$6,500

$108

95%

Stage Stores (DBA Goody's), Dollar

Tree*, Super Wal-Mart (non-owned)

2011

$465

17.2

Five Forks Place

Simpsonville

2002

61,191

$7,800

$127

97%

Publix*

2022

$737

63.7

5000 South Hulen

Fort Worth

2005

86,838

5/12/2010

$21,900

$252

92%

Barnes and Noble*, Old Navy

2015

$1,877

36.5

Jewel-Osco

Morris

1999

(9)

51,762

5/14/2010

$8,200

$158

100%

Jewel-Osco (subsidiary of SuperValu)*

2024

$660

100

Walgreens

Corbin (North)

2009

13,650

5/24/2010

$3,500

$256

100%

Walgreens*

2034

(10)

$282

100

Walgreens

Corbin (South)

2009

13,650

5/24/2010

$4,200

$308

100%

Walgreens*

2034

(10)

$335

100

Walgreens

Barbourville

2008

13,650

5/24/2010

$4,200

$308

100%

Walgreens*

2033

(10)

$337

100

Shop ’n Save

(SuperValu)

Ballwin

2007

53,411

5/28/2010

$8,500

$159

100%

Shop 'n Save (subsidiary of SuperValu)*

2027

$737

(8)

97.8

Walgreens

Beckley

2008

14,820

6/17/2010

$7,200

$486

100%

Walgreens*

2033

(10)

$575

100

Lowe's

Shippensburg

2008

171,069

6/22/2010

$17,600

$103

100%

Lowe's*

2031

$1,475

100

Plaza at Rockwall -

Phase I

Rockwall

2007

332,989

(6)

6/29/2010

$35,500

$107

99%

Best Buy, Dick's*, Staples, Ulta, JC

Penney, Belk

2018

$2,977

(7)

80.1

Merchant Central

Milledgeville

2004

45,013

6/29/2010

$6,100

$136

96%

Dollar Tree

(12)

, Super Wal-Mart (non-

owned)

2014

$581

—

(12)

Mariner's Point

St. Marys

2001

45,215

6/30/2010

$6,600

$146

100%

Shoe Show

(11)

, Super Wal-Mart (non-

owned)

2011

$663

—

(11)

Grant Creek Town

Center

Missoula

1998

164,166

8/27/2010

$23,100

$141

92%

Ross, TJ Maxx and REI*

2020

$1,941

52.7

Vestavia Hills City

Center

Birmingham (Vestavia

Hills)

2002

378,805

8/30/2010

$33,400

$88

77%

Publix, Dollar Tree, Stein Mart, Rave

Motion Pictures*

2022

$4,058

47.9

Brandywine Crossing

Brandywine

(Washington Metro)

2009

198,330

(14)

10/1/2010

$45,100

$227

98%

Safeway*, Marshalls, Jo-Ann, Target

(non-owned) Costco (non-owned)

2028

$3,608

Rosewick Crossing

La Plata

(Washington Metro)

2008

116,095

(15)

10/1/2010

$24,900

$215

85%

Giant Food*, Lowe's (non-owned)

2028

$1,838

38.7

Shops at Foxwood

Ocala

2010

78,660

10/19/2010

$12,600

$160

94%

Publix*, McDonalds (non-owned)

2030

$845

69.1

Walgreens

Princeton

2008

14,550

10/29/2010

$4,100

$282

100%

Walgreens*

2033

(10)

$323

100

Park West Place

Stockton

2005

597,787

(13)

12/14/2010

$92,500

$155

99%

Lowe's*, Kohl's, Sports Authority, Jo-

Ann, Ross, PetSmart, Office Depot,

Target (non-owned)

2026

$7,203

56.3

Total

2,593,908

$397,200

$153

95%

$34,426

58.8

Properties for

Development

Red Rock Commons

St. George

TBD

$11,700

Plaza at Rockwall -

Phase II

Rockwall

TBD

6/29/2010

$5,300

Northside Plaza

Dothan

TBD

Total

$17,000

Total Portfolio

$414,200

Note: See footnotes on following page.

* Denotes the tenant in each property that has the highest annualized base rent. Also denotes the tenant used to calculate the major lease expiration dates.

** Acquired from Predecessor as part of the Company’s formation transactions (1) Year built represents the year in which construction was completed.

(4) Annualized base rent means the annualized fixed base rental amount in effect under existing leases as of September 30, 2010, except for the following properties whose annualized fixed base rental amount is based on existing leases as of December 31, 2010: Park West Place, Brandywine Crossing, Rosewick Crossing, Shops at Foxwood, and Walgreens – Princeton. In the case of triple-net leases, annualized base rent does not include real estate taxes and insurance, common area and other operating expenses, substantially all of which are borne by the tenants. Does not reflect amounts attributable to percentage rent increases, where applicable.

(6) Of the total GLA for Plaza at Rockwall Phase I, 103,256 square feet and 75,524 square feet are leased under ground leases to J.C. Penney and Belk Department Store, respectively.

(7) Amount includes rent attributable to ground leases to J.C. Penney and Belk Department Store. (8) Amount includes $15.9 related to a cell tower lease. (9) Jewel-Osco was originally constructed in 1999 and was completely renovated in 2008.

(10) Represents the earliest date these leases can be terminated by the tenant. Without early termination, the leases for Walgreens, Corbin, KY — North and Walgreens, Corbin, KY — South will

expire in 2084, while Walgreens, Barbourville, KY, Walgreens, Princeton, WV and Walgreens, Beckley, WV will expire in 2083.

(12) Dollar Tree is not the anchor tenant of this property. Merchant Central Shopping Center is anchored by a non-owned Super Wal-Mart.

(13) Of the total GLA for Park West Place, 154,794 square feet, 88,248 square feet and 31,629 square feet is leased under a ground lease to Lowe’s, Kohl’s and Babies R’ Us, respectively.

(14) Of the total GLA for Brandywine Crossing, 59,678 square feet is leased under a ground lease to Safeway. (15) Of the total GLA for Rosewick Crossing, 58,432 square feet is leased under a ground lease to Giant Food.

On December 9, 2010, we, through our operating partnership, entered into an agreement to acquire Gilroy Crossing, a 473,640 square foot shopping center (of which 325,431 square feet will be owned by us) located in Gilroy, California. The purchase price for Gilroy Crossing, excluding closing costs, is approximately $68.5 million, of which $48.4 million will be assumed debt. Gilroy Crossing is occupied by 32 tenants operating in various businesses, including retail and services. Major tenants include Target (not owned), Kohl’s, Sports Authority, Ross Dress PetSmart. The acquisition of this For Less, Bed bath & beyond, michael’s and property is subject to lender consent, due diligence and other customary closing conditions.

On January 10, 2011, we, through our operating partnership, entered into an agreement to acquire Edwards Theatres, a 100,511 square foot freestanding property located in San Marcos, California that is currently 100% leased by one tenant. The purchase price for Edwards Theatres, excluding closing costs, is approximately $23.6 million, of which $12.5 million will be assumed debt. The purchase price, excluding assumed debt, will be payable in the form of operating partnership units valued at $14.00 per unit. The acquisition of this property is subject to lender consent, due diligence and other customary closing conditions.

Northside Plaza is a retail property located in Dothan, Alabama, which is currently being redeveloped. When complete, the property is expected to be comprised of approximately 243,000 square feet of gross leasable area and include Publix and Hobby Lobby as anchor tenants. We entered into a joint venture with Northside Development Co. to acquire a 50% interest in Northside Plaza in November 2010. Total costs are expected to be approximately $14.8 million, $12.0 million of which will be funded by Dothan Downtown Redevelopment Authority Revenue Bonds. The Bonds are secured by a letter of credit in the amount of $12.1 million issued by Excel Trust.