Under Construction 90% Complete

P | 2

Introducing… a new kind of destination.The first phase of Destiny USA is a brand new 2.4 million square foot destination that

includes the re-branded Carousel Center, a dominant super regional shopping center

already attracting 20 million annual visits, an offering of luxury outlet tenants, big box

retailers and a stunning three-story glass atrium filled with restaurants, culture and

community. This exciting collection of retail, premium outlets, dining and entertainment,

is designed to draw visitors from well beyond a typical trade area, extend length of stay

and increase total spending. This is a great opportunity to be a part of a unique LEED®*

Certified green project with a projected annual visitation of over 29 million and almost $1

billion in projected annual sales.**

Opening Spring 2011

*LEED - Leadership in Energy & Environmental Design is a nationally recognized green build-ing standard established by the U.S. Green Building Council (USGBC).

**Oxford Economic Report August 2009P | 3

Destiny USA

• A New Kind of Destination - The premier shopping and dining destination in the Northeast and one of the largest shopping destinations in the country.

• Location, Location, Location - An ideal location with great visibility and accessibility. Brands have the ability to capture the entire Upstate New York region, along with parts of Canada and Pennsylvania by placing one strategically located store at Destiny USA.

• Trade Area - A primary trade area projected to encompass a 2.5 hour drive time with access to over 5.5 million people.

• Visitation - Capturing other distinct visitor segments from outside the trade area, including 22 million regional households, 3.3 million regional tourists, 3.2 million Canadian shoppers, 650,000 college students and 270,000 overseas travelers.

• Carousel Center - A proven destination in the market with 1.5 million square feet of retail, dining and entertainment.

• Luxury Outlets - Company store and outlet brands unavailable anywhere else in the region and new brands entering the U.S. for the first time.

• Restaurants at The Green House - New dining opportunities for a hungry marketplace surrounded by a glass atrium, vertical gardens and indoor seating, creating a four-season “outdoor” dining experience.

• It’s Easy Being Green - Be a part of the largest LEED® commercial retail project in the country.

• Pyramid - A track record of innovation and success with a dominant portfolio in the Northeast.

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A proven location with great visibility and accessibility

Destiny USA is located in the heart of Central New York in the City of Syracuse and

on the shore of Onondaga Lake. Located at the intersection of the NYS Thruway

(I-90), Interstates 81 and 690, Destiny USA has access to over 18 million people living

within a 3.5-hour drive. Syracuse is uniquely positioned to capture north/south and east/

west driving traffic between major cities, including Boston, Cleveland, Toronto, Montreal,

Philadelphia and New York City.

With over 267,000 cars currently passing us daily, the site also has convenient access to

the local transportation hubs - Hancock International Airport, just 3 miles north and the

Regional Bus and Train Station located across the street.

Park St. 24,130 Cars Daily

I-81 91,490 Cars Daily

I-690 80,220 Cars Daily

Hiawatha Blvd. 33,400Sky B

ridge

ArrivalCenter

Location , Location, Location

With convenient and direct access from the major highways in the region, Destiny USA

offers visitors easy access points to parking and entry into the facility. The main parking

area provides visitors with valet service, along with well-situated tour bus drop-off, and

direct entry to the enclosed pedestrian Sky Bridge.

• Arrival center with valet service• Easy access to The Green House and sit down restaurants • Multiple entry points to parking fields• Dedicated off ramp from I-81 South• Multiple access points to I-81 and I-690 via Hiawatha Blvd. and Bear St.

90

81

690

81

Albany 2:26 min

Canada 1:30 min

Binghamton 1:15 minScranton, PA 2:11 min

Bus and Train Station

Airport

Syracuse University

Onondaga Lake

Pyramid Cos. Headquarters

Rochester 1:30 minBuffalo 2:33 minNiagara Falls 2:47 min

Turning Stone Casino 32 min

I-90 37,990 Cars Daily

Ottawa 3:15 minMontreal 4:58 min

I-81 91,490 Cars Daily

I-690 80,220 Cars Daily

Trade Area

P | 8

Building off a strong existing trade area

Carousel Center draws from a primary trade area of approximately 2.2 million people.

Wtih the expanded array of retail, luxury outlets and dining currently unavailable in the

region, Destiny USA will have a trade area draw with access to more than 5.5 million

people within a 2.5 hour drive time. This is more than two and a half times Carousel

Center’s current trade area draw.

Brands have the opportunity to capture the entire Upstate New York region, along with

parts of Canada and Pennsylvania by placing one strategically located store at Destiny

USA. This expanded trade area, combined with convenient travel distances, accessibility

and lack of competition, allow Destiny USA to compete with other markets with higher

populations. The region’s strong housing market and affordable cost of living add to its

strong demographics .

Carousel Center Destiny USA Trade Area Projected Trade Area

Population (2008) 2,592,516 5,594,279

Households 1,019,782 2,218,626

# of Households over $100,000 150,933 326,070

Average Household Income $63,523 $63,230

Median Disposable Income $39,083 $39,748

GAFO Potential $7.8 billion $16.8 billion

P | 7

Appalachian Mts.

C A N A D A

CONNECTICUT

DELAWARE

MA

MARYLAND

MASSACHUSETTS

NEWHAMPSHIRE

NEW JERSEY

NEW YORK

PENNSYLVANIA

RHOD

VERMONT

Allentown

Scranton

Syracuse

Williamsport

Binghamton

Erie

Baltimore

Philadelphia

Montreal

Buffalo

velandNew York

Pittsburgh

Rochester

Ithaca

Albany

Harrisburg

onto

Ottawa

Washington D. C.

ie

LakeOntario

St Law

rence

R.

81

90

80

90

87

QEW

401

A t lO c

Niagara Falls

C A N A D A

CONNECTICUT

MA

MASSACHUSETTS

NEWHAMPSHIRE

NEW YORKSTATE

PENNSYLVANIA

RHOD

VERMONT

Allentown

Scranton2:11

Syracuse

Williamsport

Binghamton1:15

Erie

Baltimore

Philadelphia

Montreal4:58

Buffalo2:33 min

veland

New York4:21

Pittsburgh

Rochester1:30

Ithaca

Watertown

Albany2:26

Boston5:00

Harrisburg

Toronto4:43min

Ottawa3:15

Washington D. C.

ie

LakeOntario

St Law

rence

R.

81

90

80

90

87

QEW

401

Niagara Falls2:47

Destiny USAProjectedTrade Area

CurrentTrade Area

Visitation

P | 10

The unique offering of restaurants, full priced retail, and luxury outlets will draw other high

impact, high spend visitor segments not represented in its primary trade area.

Oxford Economics projects over 29 million visits and almost $1 billion in sales for Destiny USA in the first full year of operation.

The Student Market

Central New York is home to the 3rd highest density of college

students in the U.S. with 44 private and state colleges with a combined

enrollment of over 215,000: Syracuse University, Cornell University

and Colgate University among them. The combination of market

size, demographics, purchasing power and shopping patterns are a

significant student market for Destiny USA, which are not reflected

in the regional household demographic data.

The Regional Visitor

Destiny USA is located at the center point of Upstate New York,

which currently attracts approximately 20 million leisure visitors per

year. The area’s abundance of natural resources supports a year-

round tourist and recreation industry. The Finger Lakes region

alone generated over $2 billion in visitor spending last year. Destiny

USA’s scale, scope of offerings and proximity to tourist activities and

attractions make it an ideal add-on to the itineraries of travelers to

the region.

The Overseas Visitor

Over 90% of overseas visitors to the U.S. include shopping as one

of their activities. A marketing strategy that includes active regional

cross-marketing, regional itinerary promotion and other destination

partnerships will allow Destiny USA to capture a portion of the 9.5

million overseas visitors already visiting New York City. Destiny USA’s

distinct offering and marketing strategies will make it an extremely

attractive destination for international visitors to the region.

Canada

Canadians spend an average of US$750 on shopping per trip to the

U.S. New York State hosts 10.4 million day visitors from Canada and

Carousel Center already has a strong market from Ontario, Canada.

Destiny USA will continue to draw significant Canadian shoppers,

capturing their high retail spending.

P | 11

Niagara Falls

Finger Lakes

New York City

CooperstownSaratoga

Adirondacks

1000 Islands

One of the largest shopping destinations in the country

Destiny USA will include 2.4 million square feet of retail, dining and entertainment

opportunities on four levels. Vertical transportation and a convenient “racetrack” design

enables seamless pedestrian flow between the new construction and existing center

creating hundreds of premier locations in one fully integrated destination.

• Re-branded Carousel Center• Luxury outlets• Big box retail• Full service restaurants • Entertainment

Combining luxury outlet brands, big box tenants, restaurants and full-priced retail under

one roof is a bold step for retail and meets the changing demand for frequent regional

shoppers and high spend traveling shoppers.

2.4 Million Square Feet

Convenient pedestrian flow and vertical transportation

P | 12

P | 13

New York City is the number one entry point for international travelers to North America.

Syracuse is a convenient midway stop for buses of international tourists traveling from

New York City to Niagara Falls. These travelers have a high propensity to shop and

Destiny USA will use strategies designed to target these specific high spend visitors.

• Shopping packages and group tours• Travel industry partnerships for international promotion• Cross-marketing and regional destination partnerships, such as the Finger Lakes

Wineries and nearby casinos• Bus service from major international hubs, including NYC and Boston• Online travel planning

*proposed tenants

Complimentary uses and programming will extend length of stay and adds to Destiny

USA’s overall customer experience.

• A unique cooking school, combining education, culture and entertainment• A European salon & spa• Live entertainment• Fashion shows• Sitting areas & cafes• A full calendar of events, including product launches, designer meet & greets,

wine tastings and private parties.• Integrated into a broader offering of full-service dining and entertainment

P | 14

Carousel Center opened in 1990 and has dominated the region’s retail shopping landscape

and eliminated the competition. It is currently home to 57 stores unique to the trade area

including: Apple, bebe, Coach, J. Jill, Swarovski, Oakley, Pottery Barn, Banana Republic,

J.Crew and Williams-Sonoma. Many of Carousel Center’s most successful retailers,

including Borders, Best Buy and Old Navy, were originally non-traditional retailers who

chose Carousel Center as their first in-line mall location.

Carousel Center is the premier shopping destination in Central New York with over 1.5

million square feet of the best retail, dining and entertainment. In addition to its distinct

tenant mix, Carousel Center enjoys convenient access from the major highways in the

region, including its own direct exit from Interstate 81.

A Proven Destination

P | 15

81

690

90

• 20 million annual visitors• Mall Shop Sales of over $500 per square foot• Total Sales of over $403 million• Currently attracting 2 million Canadian shoppers • 120 registered buses from Canada visited Carousel Center in 2008

Rebranded

P | 16

Destiny USA has created a unique consumer experience that integrates “Company

Store” retail into a broader 2.4 million square foot offering of shopping, dining and

entertainment.

This comprehensive retail offering will attract customers from beyond a typical trade area

with a extensive tenant mix that includes new luxury brands entering the market for the

first time, well-known European and Asian brands, as well as high end shops not seen

outside New York City, Boston, Los Angeles and Toronto.

• Designer fashion & sportswear• Housewares & home furnishings• Electronics• Fine leather & luggage• Gifts & specialty items

These brands will not just appeal to the value-conscious. Its atmosphere, amenities, and

integration into full priced retail stores will set it apart from the traditional “outlet” center

and will be the prime destination for anyone planning a shopping trip in the region.

Luxury Outlets

P | 17

Destiny USA is the ideal location for a new outlet shopping experience. Within its 2.5

hour trade area, only a few traditional outlet centers exist. By locating an outlet store

at Destiny USA, luxury brands can capture the entire region and parts of Canada and

Pennsylvania. Destiny USA will entice destination outlet shoppers across the northeast

with a broad mix of experiences in an enclosed three-level environment, something that

no other outlet shopping center in the region can offer.

Appalachian Mts.

C A N A D A

CONNECTICUT

DELAWARE

MAINE

MARYLAND

MASSACHUSETTS

NEWHAMPSHIRE

NEW JERSEY

NEW YORK

OHIO

PENNSYLVANIA

RHODE ISLAND

VERMONT

Allentown

Scranton

Syracuse

Williamsport

Binghamton

Erie

Baltimore

Philadelphia

Montreal

Buffalo

nnati

Cleveland

Detroit

New York

Pittsburgh

Rochester

Ithaca

Albany Boston

Ch l

Columbus

Harrisburg

Toronto

Ottawa

Washington D. C.

Lake Erie

LakeHuron

LakeOntario

St L

81

90

80

90

87

QEW

401

A t l a n t i cO c e a n

250 KM

Niagara Falls

C A N A D A

CONNECTICUT

MAINE

MASSACHUSETTS

NEWHAMPSHIRE

NEW YORKSTATE

OHIO

PENNSYLVANIA

RHODE ISLAND

VERMONT

Allentown

Scranton2:11

Syracuse

Williamsport

Binghamton1:15

Erie

Baltimore

Philadelphia

Montreal4:58

Buffalo2:33 min

nnati

Cleveland

Detroit New York4:21

Pittsburgh

Rochester1:30

Ithaca

Watertown

Albany2:26

Boston5:00

Ch l

Columbus

Harrisburg

Toronto4:43min

Ottawa3:15

Washington D. C.

Lake Erie

LakeHuron

LakeOntario

St L

81

90

80

90

87

QEW

401

250 KM

Niagara Falls2:47

Destiny USAProjectedTrade Area

CurrentTrade Area

Existing Outlet Centers

Bringing a little bit of the outdoors inside

Five new sit down restaurants will be located in a signature space within Destiny USA called

The Green House. An impressive three story atrium surrounded by glass and “Living Wall”

vertical gardens, The Green House will have indoor patio seating for perfect four season

“al fresco” dining. Over 20,000 square feet of floor area will feature a one-stop gourmet

market with restaurant, grocery, prepared foods, dried goods and kitchenwares catering to

the most passionate food enthusiasts.

• Natural lighting

• Full service restaurants & cafés

• Indoor patio seating creating a four season “outdoor” dining experience

• Food Emporium

Additional restaurants will also be distributed across the entire project giving visitors a

range of dining choices and extending length of stay. The third floor will feature a cooking

school and café showcasing a full program of classes and demonstrations. A Food Court

with a turn-of-the-century working carousel ride offers additional variety and compliments

the movie theaters above.

P | 18

Delicious Dining

at The Greenhouse

P | 19

P | 20

In 2002, Destiny USA became an early adopter of the green movement and is already a

showcase for sustainable operational procedures with the goal of becoming a LEED® Gold

certified building. In 2007, Destiny USA was pre-certified LEED® Gold by the United

States Green Building Council (USGBC) and has recently undergone a successful design

review earning 26 out of 27 points it initially set out to pursue. The final certification will

take place in 2010 when construction is complete and the building is commissioned.

It’s Easy Being Green

What is LEED®?Leadership in Energy Efficient Design (LEED®) is a nationally recognized green building standard established by the U.S. Green Building Council (USGBC). The intent is to promote healthful durable, affordable and environmentally sound practices in tenant space design and construction. The standards focus on: Site Selection, Water Efficiency & Conservation, Energy Efficiency, Indoor Air Quality and Material & Resource Conservation. Participants are awarded LEED® certification at four levels: Certified, Silver, Gold and Platinum.

LEED® Certification Made Easy at Destiny USAIn order to become LEED® certified, tenants usually need to achieve a minimum of 40 LEED®

Points. Simply by opening a store in Destiny USA’s green building, its tenants automatically

earn 21 LEED® Points needed to become certified.

P | 21

Simple Steps to LEED® Certification

1. Meet with Destiny USA’s LEED® Accredited Professional (AP) to assess the simplest path to certification

2. Register your project online with the United States Green Building Council (USGBC) for the appropriate LEED® Certification program

3. Meet prerequisites established by the USGBC4. Achieve 19 additional points (out of 110 available) 5. Submit LEED® application and participate in the application review

process6. SUCCESS: Receive USGBC LEED® Certification

Examples of how to earn points toward LEED® Certification:Simply open a store at Destiny USA 21 points

Use green power 5 possible points

Long term space commitment (10 years) 1 possible point

Use efficient & metered water fixtures 8 possible points

Use efficient lighting and light controls 4 possible points

Use Energy Star equipment/applicances 4 possible points

Use low emitting paints, flooring and adhesives 3 possible points

TOTAL 49 possible points

Destiny USA will provide guidance and tools for becoming LEED® certified. Destiny USA’s “Building Green” Tenant Guide

LEED® Credit Point recommendation worksheet

Preferred vendors that are experienced in LEED® Certification

• Construction partners / contractors • Electricians • Plumbers • Green power providers • LEED® Certification compliance experts

An Entire Portfolio of OpportunityThe Pyramid Companies are one of the largest, most innovative, privately held developers,

owners and managers of pioneering retail, entertainment, recreation and tourism centers.

Each Pyramid property is the single market-dominating shopping destination in its region.

A Track Record of Innovation and SuccessThe success of Robert Congel and partner Bruce Kenan has been driven by innovation

and by building teams with a strong culture. Our ongoing success can be attributed to our

unique combination of geographically centered sites, tremendous highway visibility, and

an unmatched mix of new and exciting retailers.

Pyramid was established in 1970 by Robert Congel and is under the current leadership of

Stephen Congel.

Just the BeginningThis 2.4 million square feet of Destiny USA is just the beginning - it’s the foundation for

Robert Congel’s larger vision to change the retail industry, the construction industry, and

raise awareness worldwide for sustainability and renewable energy.

Future phases of the Destiny USA experience will encompass hotels and even broader

retail, dining, entertainment and recreation offerings. Technology will also become more

prevalent throughout Destiny USA, enhancing the consumer experience and providing

valuable insight to brands.

P | 22

The Pyramid Cos.

Founder Robert Congel and Partner Bruce Kenan

Proven Track Record• 26 million square feet developed• 19 regional shopping centers• Approximately $5 billion in annual retail sales• 24.8 million people in Pyramid network trade areas• 187 million annual Pyramid customer visits• Dominant locations, highest visibility and best access• Northeast corridor: most densely populated area in the USA

P | 23

Continued Success

Pyramid Owned Shopping Centers Trade Areas

August 2009

Destiny USAMarket Overview

OverviewDestiny USA builds on the strong market created by the existing Carousel Center and expands it in five distinct market segments.An estimate of visitation to Destiny USA and a projection of total sales from each market segment are shown in the table below.

The existing reach of Carousel Center extends into Ontario Canada and the northern counties of Pennsylvania.

This reflects a lack of competition in the region as well as the critical mass of retailers at Carousel Center.

The projected Destiny USA trade area reflects a wider draw based on the broad set

of attractions and retailers slated for opening in 2010. This area encompasses over 2.2 million households with nearly 634,000 earning more than $75,000 per year.

Destiny USA will tap into the more than 20 million leisure visitors to the region per year,coming from the United States, Canada and overseas.

Destiny USA will draw on a lucrative student market, which encompasses an additional 215,000 households.

Destiny USA is projected to draw nearly 30 million visitors in the first full year of operation, generating $989 million in gross sales.

Current Carousel

Destiny USA Increase %

Retail Square Feet 1,500,000 2,400,000 60%Total Sales 400,000,000 988,800,000 147%

Total Visits 20,000,000 29,681,000 48%

Regional households 15,400,000 22,176,000 44% Regional visitors 2,000,000 3,300,000 65% Students 400,000 652,000 63% Overseas 150,000 273,000 82% Canada 2,050,000 3,280,000 60%

Spend per Visit 20.00$ 33.31$ 67%

Destiny USA Visitor Projections

For further information contact Adam Sacks (asacks@oxfordeconomics.com)

Destiny USA Market Overview

August 2009

The existing Carousel Center commands a remarkable trade area

The reach of Carousel Center extends into Ontario Canada and the northern counties of Pennsylvania.

This reflects a lack of competition in the region as well as the critical mass of retailers at Carousel Center.

Carousel Center currently attracts approximately 20 million visitors a year. The average distance travelled is more than 30 miles and many come from outside the local region.

Regional visitors and students represent a significant opportunity

Syracuse is located at the center of Upstate New York, a region that attracts more than 20 million leisure visitors per year (12.5 million excluding thosevisiting friends and relatives).

Upstate New York is a haven for boating, fishing, hiking, and skiing. Visitors to the Adirondack region spend $1 billion each year. Last year, 9 million visitors visited the Adirondack State Park alone.

Casinos in Tioga and Oneida counties attract millionsof visitors each year.

Leisure visitors present a potentially significant market for Destiny USA as an add-on to the itineraries of travellers to the region.

Central New York is home to the third highest density of college students in the United States, home to 44 private and state colleges with a combined enrolment of over 215,000 students. In 2005, entering freshmen came from households with a median income of $74,000, 60 percent higher than the national average of $46,326.

Destiny USA will expand the Carousel Center trade area

The Destiny USA trade area will expand up to an approximately 2.5 hour drive radius. The extended trade area reflects a wider draw based on the broadset of attractions and retailers slated for opening in 2010. This area encompasses over 2.2 million households with nearly 634,000 earning more than$75,000 per year.

276,761

1,019,782

2,218,626

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

30 mile Current TradeArea

Destiny USATrade Area

Households in Destiny Market Areas

Source : Oxford Economics, US Census, ESRI

Destiny USA Market Overview

August 2009

Car

ouse

l Cen

ter,

3.6

Eas

ton

Tow

n C

ente

r, 1

.8

Mal

l at M

illeni

a, 0

.7

Tyso

ns C

orne

r, 1

.4

Nat

ick

Col

lect

ion,

1.6

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Visits per resident within 2.5 hours

Source : Individual property management, US Census

Car

ouse

l Cen

ter,

13.3

Eas

ton

Tow

n C

ente

r, 12

.4

Mal

l at M

illeni

a, 5

.8

Tyso

ns C

orne

r, 9.

4

Nat

ick

Col

lect

ion,

11.

8

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Visits per Square Foot

Source : Individual property management

Carousel Center outperforms its peers

Within the expanded 2.5 hour drive radius projected for Destiny USA, Carousel Center already holds a high market share with 3.6 visits per resident.

This reflects, among other factors, a lack of competition within the region.

The success of Carousel Center can also be viewed in terms of visits per square foot.

This reveals that in addition to maintaining strong

Destiny USA will generate demandThe Destiny USA attractions and retailers will individually and collectively make a unique offering to a market that would otherwise remain unreached.

Most of these stores and restaurants do not have locations in the wider region and the compilation of retailers creates the scale to attract a broad market.

Upscale outlet merchandise will create an additional destination and further extend market draw and penetration.

Top quality Destiny USA restaurants will draw visitors and will extend the time visitors spend at Destiny, translating into increased retail sales.

LEED certification and the environmental focus of Destiny USA will generate earned media coverage and will drive demand among the socially conscious.

The contemporary interior design of Destiny USA will serve to reinforce brand strengths.

The Arendi technology will provide a unique shopping experience, enabling merchants to better serve and understand the consumer.

About Oxford Economics

August 2009

Founded in 1981

Over 300 clients including blue chip companies and government agencies throughout the United States, Europe, Asia and the Middle East.

50 staff, including more than 30 professional economists with at least Masters qualifications in economics from top-flight universities around the world.

Offices in Philadelphia, Oxford, London, Dubai, Singapore & Belfast.

Who We AreOxford Economics is a world-leader in high quality, quantitative economic analysis forecasting, and in practical, evidence-based business and public policy advice.

Our international reputation is built on:

The caliber of our staff: we have over 50 experienced professional economists in the UK, United States and France

Our rigorous, quantitative approach to issues, including our range of models and scenario tools to answer practical questions

Our ability to answer the 'So what?' questions, helping our clients to understand the challenges and strategic choices they face

Our close links with Oxford University and a range of partner institutions, providing access to the latest thinking

What We DoWe have a large number of multinational clients in the travel & tourism sector for whom we provide:

International macroeconomic and sectoral forecasts covering 180 countries

Bespoke market analysis - translating our economic forecasts into forecasts for detailed market segments and providing advice on market opportunities

Briefings for senior executives both presentations and tailored written reports on the implications of latest economic developments for the business

Outsourced economics support providing on-call advice, data and briefings

Destiny USA operates under a set

of Green Principles which guides the

projects’ decision making using a green

“filter” to help us achieve new standards

of energy innovation and environmen-

tal excellence. With this framework,

Destiny USA began the journey to

meet a number of green goals that will

have significant positive environmental

impacts.

All Destiny USA team members

are knowledgeable green ambassa-

dors, building awareness and inspiring

customers, suppliers, and partners to

build a healthier, more secure world. We

take a holistic view of how we affect the

environment, asking where things come

from, what they are made of, and how

they might be reused or recycled.

We provide a living model of sustain-

able, fossil-fuel free living, stimulating

change locally, regionally, and globally.

We encourage and help other

companies and partners engaged in

the Destiny USA initiative, to share and

incorporate our green initiatives and

principles.

Destiny USA is committed to

developing innovative, sustainable solu-

tions in the construction and consumer

market sectors enabled by the use of

technology. In that light Destiny USA

serves as a living laboratory for the test-

ing and commercialization of new ideas

and products.

Green is a journey, not a destination.

We use measurement and competition

to continually innovate and improve

environmental performance.

Built on Green Principles

D E S T I N Y U S A2 0 0 9 E N V I R O N M E N TA L R E P O R T

R E V O L U T I O N A R Y PA R T N E R S H I P W I T H E PAIn September of 2006, Destiny

USA executed a Memorandum of

Understanding (MOU) in partner-

ship with the United States’ EPA that

includes the use of Green Building

Design and a plan to become a model

of Environmental Stewardship through

the adoption of multiple programs

including Energy Star, Smartway and

WaterSense. Additionally, Destiny

USA is committed to Industrial

Materials Recycling, the use of Clean

Construction practices and Enhanced

Idling Reduction Measures. Although

many companies have participated in

these programs individually, it is the

layering and maximization of multiple

programs that make Destiny USA a

unique, voluntary and experimental

partner.

Since the first pile was driven,

Destiny USA has successfully imple-

mented to the highest standards, the

requirements of the MOU. The EPA

now successfully uses the Destiny USA

partnership model to encourage other

large construction projects across the

country to take a similar approach to

environmental stewardship, as accom-

plished by places like the new home to

the Mets.

F LY A S H : E C O - F R I E N D LY AT D E S T I N Y Destiny USA is using 30% Fly Ash, a

byproduct of coal-fired power plants, to

make environmentally friendly concrete

at the first phase of Destiny USA.

To date, Destiny USA has used

2,478 tons of Fly Ash for foundations,

sidewalks, elevator shafts, slab-on-

grade, and pile caps; and 5,327.61 tons

of bottom ash for light- weight fill. To

put Destiny’s exemplary efforts into

perspective, the average Wal-Mart

uses 926 tons of 10%-15% fly ash during

construction. Imagine the impact if all

future Walmarts bumped their formula

to 30% fly ash.

Fly Ash, and Bottom Ash, are

byproducts of coal fired plants which

are normally disposed of in landfills;

they are environmentally friendly

substitutes for Portland cement—a

resource which requires an extremely

energy intensive production process.

For every ton of Portland cement that

is produced about 6.4 million BTU’s of

energy is consumed.

Replacing a ton of Portland cement

with Fly Ash saves enough energy to

power the average home for 24 days

and reduces carbon dioxide emissions

equal to those produced by an automo-

bile in 2 months.

Because of Destiny USA’s work to

find ways to conserve natural resources

through waste reduction, the United

States Environmental Protection

Agency (EPA) has inducted Destiny

USA into the Coal Combustion

Products Partnership (C2P2).

Through the C2P2 program, the

EPA and Destiny USA will work with all

levels of government, as well as industry

organizations, to reduce or eliminate

legal, institutional, economic, market,

informational, and other barriers to the

beneficial use of Coal Combustion

Products (CCPs).

Specifically, C2P2 has goals to

reduce adverse effects on air and land

by increasing the use of coal combus-

tion products to 50 percent in 2011 from

31 percent in 2001, increase the use of

CCPs as a supplementary cementa-

tions material (SCM) in concrete by 50

percent, from 12.4 million tons in 2001

to 18.6 million tons in 2011, thereby

decreasing greenhouse gas emissions

from avoided cement manufacturing by

approximately 5 million tons.

The C2P2 program aims to accom-

plish these goals by working with

partners and with organizations to

increase the beneficial use of CCPs,

undertaking activities such as develop-

ing booklets for distribution, publishing

case studies, and writing new policies

to increase the beneficial use of CCPs.

The EPA utilizes workshops and its co-

sponsors also offer workshops on the

beneficial use of CCPs.

F A C T: R E P L A C I N G A

T O N O F P O R T L A N D

C E M E N T W I T H F LY

A S H S AV E S E N O U G H

E N E R G Y T O P O W E R

T H E AV E R A G E H O M E

F O R 2 4 D AY S

Syracuse, New York – Destiny USA

has used over 262,000 gallons of

biodiesel in all of its equipment during

the construction of the 1.3 million

square foot facility.

Over a 27-month construction

period, Destiny USA’s use of clean

renewable energy has significantly

reduced pollution associated with diesel

construction equipment including

Green House Gases (GHG) which has

been reduced by 67% and particulate

matter which has been reduced by 47%,

according to a technical report released

by the Environmental Protection

Agency (EPA).

Destiny USA’s Biodiesel initiative

came to fruition through collabora-

tive efforts over the past three years

with construction partners, equipment

providers, engine manufacturers, and

others to use alternative energy sources

on site and overcome the B20 limits of

the manufacturer’s engine warranties.

The partners for this initiative

have included

Yellowstone National Park, Volvo, AP

Reale & Sons, Cianbro Corporation,

Ascent Technologies, Vantage

Equipment, Robert H. Finke & Sons,

Inc., Earthwise Excavation, and the EPA.

Destiny USA immediately began

using biodiesel when construction com-

menced in March 2007. After 3,000

gallons of B5, the equipment quickly

moved to B20, which is the cut off point

for many equipment manufacturers.

Equipment operated at the B20 level

for around 18,000 gallons then jumped

to B50.

Environmental Protection Specialist

at Yellowstone National Park, Jim

Evanoff stated, “Yellowstone has been

using biodiesel in all of its equip-

ment for the past 8 years and we are

very excited to see the private sector

commercializing the use of this envi-

ronmentally preferable alternative to

petroleum-based fuels.”

“When the commitment was made

to operate Destiny USA free of fossil

fuels in April of 2002, I knew it would

take considerable expertise and com-

mitment from dozens of people,” said

Robert J. Congel, Founder of Destiny

USA. “All the research and collabora-

tion continues to move us forward with

this exciting initiative.”

Destiny USA continues to prove

the viability of using B100 in all types

of equipment and continues to edu-

cate and challenge other developers in

New York and around the country to

adopt similar environmentally friendly

approaches.

Continued...

Destiny USA’s Biodiesel JourneyD E S T I N Y U S A H A S

U S E D 2 4 9, 0 0 0

G A L L O N S O F

B I O D I E S E L I N A L L

O F I T S E Q U I P M E N T

D U R I N G T H E C O N -

S T R U C T I O N O F T H E

1 . 3 M I L L I O N S Q U A R E

F O O T F A C I L I T Y A N D

C O U N T I N G .

On June 20, 2007, Robert Congel’s

dream became a reality when Destiny

USA’s construction equipment was

running solely on 100% biodiesel. If you

were driving by Syracuse on I-81 on this

day you would have seen a large one

hundred and seventy ton crane and

over 100 different pieces of construc-

tion equipment running on B100 for the

first time; no black cloud emissions and

no foul diesel fumes.

Destiny USA continues to prove

the viability of using B100 in all types

of equipment and continues to edu-

cate and challenge other developers in

New York and around the country to

adopt similar environmentally friendly

approaches.

The Destiny USA’s Biodiesel initiative came to fruition through collaborative efforts over the past three years with construc-

tion partners, equipment providers, engine manufacturers, and others to use alternative energy sources on site .

Destiny USA believes the regional

purchasing is crucial for stimulating and

expanding local economies and in turn

decreasing unemployment. To date,

over $12,000,000 of materials used on

the 1.3 million square foot first phase

of the building meet the strict USGBC

standards for regional purchasing. To

qualify as a regional product it must be

extracted, manufactured and processed

regionally (within 500 miles of project

site). Our design team, contractors and

construction managers all par-

ticipated in the careful process

of specifying materials

that meet the stringent

requirements. The

results of our effort will

have positive impacts on both the com-

munity and the environment.

R E I N V E S T I N G O V E R $ 2 0 M I L L I O NI N T H E R E G I O N A L E C O N O M Y

H O W D O E S T H I S H E L P C E N T R A LN E W YO R K ?

I N C R E A S E D R EG I O N A L ECO N O M I C AC T I V I T Y

I N C R E A S E D E M P LOY M E N T

LO W E R T R A N S P O RTAT I O N CO S TS

AT T R AC TS B U S I N E S S E S

E X PA N D S LO C A L M A R K E TS

AT T R AC TS N E W M A R K E TS TO T H E R EG I O N

Destiny USA has instituted an Indoor

Air Quality (IAQ) Management

Plan to prevent the indoor air quality

problems associated with the typical

construction process. Poor control of

IAQ during the construction process

produces odors, dust, air pollutants,

and moisture intrusion and absorp-

tion into building materials, which can

cause health and comfort concerns to

construction workers as well as build-

ing occupants. To reduce health risks,

Destiny USA has taken extensive

measures to manage the IAQ during

the construction process. By effectively

managing the IAQ during construc-

tion, health and comfort issues that can

result from the construction process

can be significantly reduced.

As part of Destiny USA’s efforts to

maintain a superlative IAQ, it monitors

all incoming HVAC materials, duct

work, heat pumps and air units. Destiny

USA assures that the required level of

protection is maintained for all materials.

For example, all incoming and hang-

ing duct work is covered and sealed

with plastic and pictures are taken daily

to track on-going progress. Destiny

USA monitors on a constant basis the

compliance of all contractors on site

with written and photo documenta-

tion. All records are maintained in the

ConstructWare© software program for

easy accessibility and future back-up

documentation.

To date, Destiny USA’s IAQ

Management Plan has been very

successful. This is in large part due to

contractor’s readiness to cooperate, and

their understanding of the importance

of their work in maintaining a healthy

environment for the countless people

who will one day visit Destiny USA.

Indoor Air Quality Management System in Place

“Working within the Construction IAQ

area on the Destiny project has given

me the opportunity to interact with

experienced professionals while obtain-

ing LEED® certification”,

Beth Braun– Destiny USA Innovator

“My position in Construction IAQ has been

extremely enlightening. The knowledge that

I have obtained in this field has equipped me

with the tools and understanding of what is

required in the area of LEED®”,

Frank Spaights– Destiny USA Innovator

On August 29, 2007, 68 “Green

Parking” spaces were created at

Carousel Center. The parking spaces

are allocated to guests who choose to

drive fuel efficient and low emitting

vehicles according to a list of over 300

qualifying vehicles from the American

Coalition for an Energy Efficient

Economy (ACEEE). The parking

spaces are conveniently located near

every entrance, to create awareness of

environmentally friendly vehicles, and

to reward consumers who are “living

green”.

Uniquely each Destiny USA

“Green Parking” sign is created out of

Polyboard, according to newcityre-

sources.com’s website polyboard is a

100% environmentally friendly product

made from post industrial recycled

polymer, which contain product pieces

such as plastic from scrap material as

a result of the diaper manufacturing

process, sawdust, paper, etc. and can be

constantly reused and recycled; the use

of polyboard not only eliminates the

highly polluting plastic waste, but saves

countless trees to maintain the ecologi-

cal balance of nature.

G R E E N PA R K I N GS M A L L E R F O O T P R I N T, S H O R T E R W A L K

N E W WAY - PA P E R L E S S I N I T I AT I V E:

Now letter is sent electronically via email/computer (less

time/no cost/no environmental impact)

O L D WAY - F E D E R A L E X P R E S S :

Call the dispatcher to notify them of a letter package pickup

(time)

Van uses fuel to drive to Carousel Center to pick up the letter

package (environmental impact)

Van uses fuel to drive package back to Federal Express loca-

tion (environmental impact)

Package goes onto a plane (which uses fuel) to deliver pack-

age to Federal Express hub location (environmental impact)

Package goes onto a plane (which uses fuel) for final destina-

tion to ending address (environmental impact)

N E W WAY - PA P E R L E S S I N I T I AT I V E:

All is done electronically via email/computer (no time/no

cost/no environmental impact)

O L D WAY - PA P E R :

Timesheets

(75 employees) x 52 weeks per year = 3,900 timesheets

Expense reports

(30 employees x 2 pages 52 weeks per year = 3,120 expense

reports)

Invoicing

(generates average of 14,092 invoice copies per year)

N E W WAY - PA P E R L E S S I N I T I AT I V E:

No ordering of paper (no time/no cost/no environmental

impact)

O L D WAY - PA P E R :

Purchasing of paper from vendor:

Call and order paper from vendor (time)

Fuel used for delivery truck to deliver paper to site from

vendor location environmental impact)

On April 4, 2008, after months of

preparation, Destiny USA formally

adopted a Paperless Initiative Policy.

The policy mandates that tasks previ-

ously performed on paper are now

done in an electronic manner unless

required by law. The most unique

application of our paperless initiative

applied to our construction site where

technology enabled mobile electronic

access to the most current construction

drawings. Construction site supervisors

carry specially designed laptops instead

of hard copies of construction draw-

ings and an onsite mobile kiosk allows

collaborative viewing of construction

drawings. This Paperless Initiative

Policy lessened Destiny USA’s effect

on the environment, generates cost-

savings from decreasing supplies and

time-savings from implementing more

efficient technology enabled processes.

G O N E P A P E R L E S S !

Destiny USA is committed to shar-

ing with the community all aspects of

our green building and green initiative

efforts. We pride ourselves on being

a living laboratory where we share our

successes and failures, innovations and

research discoveries. Over the past 12

months Destiny USA was devoted to

sharing our green initiatives to the local

community, national and international

audiences.

D E S T I N Y U S A’ S C O M M U N I T Y O U T R E A C H

Sustainable outreach gatherings:

• Mary Nelson Youth Day Fair

• New York State Marketing and Sales Executives

• Brazilian Rotary Entrepreneurs Exchange Group

• Oswego County Green Team- Biodiesel Story Presentation

• Senator Hillary Clinton Green Upstate New York at the

Atrium

• The National Biodiesel Board Annual Conference, Orlando,

Florida

• Destiny USA Biodiesel Story

• Greater Syracuse Chamber of

Commerce- Green project panel discussion

• Transportation Club of Central New York

• American Public Works Association

• Leadership Greater Syracuse

• General Building Contractors

• Creative Core Green Team- Sustainable Progress Report

• Sino Trust, China (meeting proceeded with a translator)

• DecaDestiny –Educational Outreach to High School

Seniors

• Destiny USA Lunch and Learn- sustainable Progress

Report

• Emerging Green Builders of Upstate NY- Green learning

session for local colleges

• FOCUS Greater Syracuse- Green Initiative Update

• Syracuse Green Meeting City Group- Green Educational

Session

• SUNY Morrisville- curriculum collaboration for Green

Collar Jobs

• Central NY Air & Waste Management Association Annual

Conference- Sustainable Destiny USA

In addition to our presentation and outreach programs Destiny USA participates in many local sustainable and green

economic development groups:

• Corporate Member of the US Green Building Council National Chapter

• Member of the US Green Building Council NY Upstate Chapter

• Our Director of Sustainability, Melissa Perry served as an officer on the Board of Directors

• Syracuse Green Meeting City Group Working to promote Syracuse as a green city to attract sustainable conferences

• Onondaga Community College Sustainable Operations Committee- Advisor to Sustainable Campus Initiatives

• Clean Communities of Central New York- promotes green transportation

• Creative Core Green Team – Promoting green economic growth initiatives for the Central NY Region

• Creative Core Community Outreach Committee- networking tool for green resources

Destiny USA recently completed

the installation of a state of the art

rainwater harvest system. According

to the DEC and Department of Health,

who manage all gray water use, Destiny

USA’s rainwater harvest system will be

the largest in Upstate New York.

In the United States alone, approxi-

mately 340 billion gallons of fresh

water are withdrawn per day from rivers,

streams, and reservoirs. On an annual

basis, the water deficit in the United

States is currently estimated at 3,700

billion gallons, meaning that Americans

extract 3,700 billion gallons water more

per year than they return to recharge

aquifers and other water sources. As

a result of this over-extraction, some

parts of the United States have seen

water levels in underground aquifers

drop more by than 100 feet since the

1940’s.

Destiny USA’s rainwater harvest

system, 116,000 gallon retention pond,

and ultra low-flow bathroom fixtures will

decrease the project’s water consump-

tion by a staggering 4,000,000 gallons

annually, thereby using 50% fewer gal-

lons of water per year than a building of

like size and use. Destiny USA’s active

environmental stewardship will immedi-

ately begin to recharge the lakes, rivers,

and aquifers of its community, Upstate

New York. From now on, large scale

development projects will be remiss not

to adopt conservation efforts: Destiny

USA has proven reductions in water

consumption to be both technologically

feasible and fiscally sensible for projects

of its size.

T H E L A R G E S T R A I N W AT E R H A R V E S T S Y S T E M I N U P S TAT E N Y

D E S T I N Y U S A R E C YC L E ST O D AT E , D E S T I N Y U S A

H A S D I V E R T E D O V E R

7, 5 9 0 T O N S O F C O N -

S T R U C T I O N D E B R I S

F R O M G O I N G T O

L O C A L L A N D F I L L S .

Recycling reduces the demand for

resources and, in turn, reduces the

environmental impacts associated

with resource extraction, process-

ing, and in many cases, transportation.

Landfills contaminate ground water and

encroach upon valuable green space.

Through effective waste management,

it is possible to extend the lifetime of

existing landfills, avoiding the need for

expansion or development of new land-

fill sites. Destiny USA put into place a

construction waste management plan

that raises the bar and successfully

diverts its construction waste materials

from landfills through recycling efforts.

Destiny USA employs a full-time

recycling coordinator and operates

an onsite centralized recycling center.

Destiny USA has also partnered with its

tenants to ensure that all computer, cell

phone, ink cartridge, and miscellaneous

electronic equipment is collected and

recycled. Over 100 recycling recep-

tacles have been installed throughout

the facility.

Construction and demolition activi-

ties generate enormous quantities of

solid waste. The U.S. EPA estimates

that 136 million tons of construction

and demolition debris was generated

in 1996—57% of it from non-residential

construction, renovation, and demoli-

tion activities. Sadly, the majority of

this waste could have been recycled.

Destiny USA has proven that construc-

tion waste generation can be mitigated.

As the completion of Destiny USA

construction nears, we are pleased

to report that our comprehensive

Construction Waste Management Plan

has led to the diversion or recycling of

over 90% of our would-be construction

waste.

In addition to recycling 90% of our

construction waste, Destiny USA will

be built in part with recycled materials,

such as structural steel. Destiny USA

is built with recycled steel from the

Nucor-Yamato Steel Company located

in Auburn, New York whose products

use an electric arc furnace process to

melt down and re-use ferrous scrap.

Over 95% of the electric arc furnace

charge consists of various types of

recycled steel—over 80% is post-con-

sumer and over 15% is pre-consumer .In

2007, about 1,582,390 tons of ferrous

scrap was used by Nucor-Yamato from

within a 500 mile radius of their facility

which falls directly in line with Destiny

USA’s regional resource and purchasing

initiative.

Destiny USA is committed to pursu-

ing LEED® Gold level certification, one

of the highest levels of achievement for

green building practice. Leadership in

Energy Environmental Design (LEED®)

was developed by the United States

Green Building Council (USGBC) and

is the nationally recognized benchmark

for design, construction, and operation

of high performance green buildings.

LEED® gives building owners and

operators the tools they need to have

an immediate and measurable impact

on their buildings’ performance. Upon

successful completion of its LEED®

goals, Destiny USA will be the larg-

est certified complex of its kind in the

country. LEED® promotes a whole

building approach to sustainability by

recognizing performance in five key

areas of human and environmental

health: sustainable site development,

water savings, energy efficiency, materi-

als selection and indoor environmental

quality. Destiny USA meets regularly

with the project architects, engineers

and contractors to collaborate in meet-

ing Destiny’s green building goals.

In 2007, Destiny USA was been pre-

certified LEED® Gold by the United

States Green Building Council and has

recently undergone a successful design

review earning 26 out of 27 points it

initially set out to pursue. The USGBC

final certification review for the con-

struction phase credits will take place

after the building is completed and

commissioned.

Destiny USA will be partnering

with all tenants to help them achieve

LEED® Certification for their build-outs.

Once all of Destiny USA’s tenants

have achieved LEED® Certification,

Destiny USA will house more LEED®

Certified tenants than any other space

in the world. As a result of the LEED®

Certification, Destiny USA tenants will

enjoy energy savings and increased

occupational efficiency while building a

green brand identity.

LEED—ING the Way

D E S T I N Y U S A “G R E E N L I G H T S ”• E PA / D E S T I N Y M O U PA RT N E R S H I P i s b e i n g u s e d a s a m o d e l t h r o u g h o u t t h e c o u n t r y

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i n t e r n a t i o n a l l y

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r e s o u r c e s n o r m a l l y u s e d i n c o n c r e t e p r o d u c t i o n .

• C A R O U S E L G R E E N P O W E R T h i s p u r c h a s e o f f s e t s 1 2 ,4 9 5 t o n s o f CO 2 p o l l u t i o n a n n u a l l y

• R EG I O N A L P R OJ EC T M AT E R I A L S O v e r $ 2 0 , 0 0 0 , 0 0 0 w e r e e x t r a c t e d , m a n u f a c t u r e d a n d p r o c e s s e d

r e g i o n a l l Y

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C o n s t r u c t i o n a n d O u t r e a c h ; Ta k i n g t h e L E E D t o s a v e o u r p l a n e t .

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G R E E N I N G U S A

GreeningUSA advocates sustainable communities to

the benefit of local economies and environments. In April

2008, the organization presented Destiny USA with the

Community Advocacy Award for educational efforts sur-

rounding our green construction practices.

2 0 0 8 E N V I R O N M E N TA LQ UA L I T Y AWA R D

The Environmental Quality Award is the highest recog-

nition presented to the public by the EPA. Award recipients

come from all sectors of our community, including not-for-

profit, environmental groups, community groups, individual

citizens, environmental educators, business organizations

and members of the news media which have demonstrated

an outstanding commitment to protecting an enhancing

environmental quality in our region.

D E S T I N Y U S A A W A R D S2 0 0 9 TA K I N G T H E L E A D TO S AV E O U R P L A N E T

Mayor Matthew Driscoll and Country Executive Joanie

Mahoney recognized Destiny USA’s for its work involving

LEED® and other sustainable initiatives.

Fo r m o r e i n f o r m a t i o n a b o u t De s t i n y U S A’s G r e e n In i t i a t i v e s , p l e a s e c o n t a c t :

M e l i s s a Pe r r yDi r e c t o r o f S u s t a i n a b i l i t y, L E E D ® A P3 1 5 - 4 2 2 - 70 0 0

m p e r r y @ d e s t i n y u s a .c o m

Destiny USA - The Pyramid Companies

The Clinton Exchange 4 Clinton Square

Syracuse New York 13202

315-422-7000