Second Quarter 2008

Consolidated Revenue ($ in millions)

YTD ‘08 $1,818 YTD ‘07 $1,708 ’07 $3,651 ’06 $3,332 ’05 $3,167

Diluted FFO per Share*

YTD ‘08 $2.95 YTD ‘07 $2.68 ’07 $5.90 ’06 $5.39 ’05 $4.96

Total Market Capitalization ($ in billions)

YTD ‘08 $50.6 YTD ‘07 $50.1 ’07 $49.3 ’06 $48.8 ’05 $40.2 Fact Sheet Recent Highlights Development Activity High Quality Portfolio c Diluted Funds from Operations (“FFO”) per Simon currently has two new development projects Simon owns or has an interest in assets of national share* increased 13.7% to $1.49 for the quarter under construction – Jersey Shore Premium Outlets and international renown:

and 10.1% to $2.95 YTD. in Tinton Falls, New Jersey, projected to open in November of 2008 and Premium Outlets Arkadia Shopping Center – Warsaw, Poland c Revenues grew 7.8% to $923 million for the – Boston quarter and 6.5% to $1.818 billion YTD. in Monroe, , projected to open summer 2009. A 600,000 sf expansion of The Domain in Austin, – c Comparable sales increased 1.0% in our regional , is also underway which will be anchored The Fashion Centre at Pentagon – , D.C. mall portfolio to $494 psf and 5.5% in our by Dillard’s, Village Road Show theater and Dick’s Fashion – San Diego Premium Outlet® portfolio to $519 psf. Sporting Goods. The Mall – Orlando Simon has seven new international develop- c During the quarter, the Company opened three The Forum Shops at Caesars – Las Vegas new development projects: ment projects under construction: two in Italy, one – in Japan and four in China. Gotemba Premium Outlets – Tokyo, Japan , a 900,000 sf open-air lifestyle center Several redevelopment and expansion projects in Panama City Beach, Florida, anchored by – are under construction. Significant projects with The Mall at Chestnut Hill – Boston Dillard’s, Target, JCPenney, Borders, Old Navy, opening dates scheduled in 2008 include: Ron Jon Surf Shop, The Grand 16 Theatres and Orlando Premium Outlets – Orlando Jimmy Buffett’s Margaritaville. c in Peabody (Boston), MA – – Atlanta Addition of (opening in 2009), small Roosevelt Field – , a 950,000 sf open-air shops and restaurants including P.F. Chang’s retail center in Noblesville, , anchored – Ft. Lauderdale c by Bed Bath & Beyond, Borders, Dick’s Orlando Premium Outlets in Orlando, FL – SouthPark – Charlotte Sporting Goods, DSW, JCPenney, Stein Mart, 114,000 sf expansion with parking garage – Boston Ulta and a Hamilton 16 IMAX Theater. c in , PA – Addition of – Palo Alto Nordstrom, L.L. Bean and small shops Town Center at Boca Raton – Boca Raton Changshu IN CITY Plaza, a 466,000 sf shopping c in Tacoma (Seattle), WA – – New York center in China anchored by a Wal-Mart Supercenter (opening August 2008) with 150 Relocation of Nordstrom and lifestyle addition Woodbury Common Premium Outlets– New York specialty retailers. c in Mishawaka (South Bend), This high-quality portfolio provides geographic, IN – lifestyle addition including Barnes & Noble property and tenant diversity. (opening in 2009) * Please refer to back cover for a reconciliation of diluted net income available to common stockholders to diluted FFO per share. The Largest Retail Real Estate Company operates from five major platforms – regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers, and international properties. Within these platforms, nearly all retail distribution channels are represented – from community centers to power centers to lifestyle centers to Premium Outlet Centers to value-oriented regional malls to mega-town centers and super-regional malls. Our strategy is to have a significant presence in each of these elements of the retail real estate spectrum since all of these channels have appeal to our retailers and consumers. As of June 30, 2008, Simon Property Group: c Is an S&P 500 company and the largest public U.S. retail real estate company c Owns or has an interest in 323 Selected Financial Data properties in the U.S. and Puerto Rico As of As of As of As of As of comprising 245 million square feet of (In thousands, except per share data) 6/30/08 6/30/07 12/31/07 12/31/06 12/31/05 GLA Operating Data: c Hosts over 2.8 billion annual shopper Total revenue (1) $ 1,818,245 $ 1,708,073 $ 3,650,799 $ 3,332,154 $ 3,166,853 visits in its U.S. portfolio, generating Income from continuing operations $ 187,201 $ 187,152 $ 519,304 $ 563,443 $ 353,407 annual retail sales in excess of $60 Net income available to billion common stockholders $ 164,505 $ 158,298 $ 436,164 $ 486,145 $ 401,895 c Owns or has an interest in 82 regional Per Common Share Data: malls, 14 Premium Outlet Centers FFO (2) (diluted) $ 2.95 $ 2.68 $ 5.90 $ 5.39 $ 4.96 and 14 Mills in the top 25 largest U.S. Net income (diluted) $ 0.73 $ 0.71 $ 1.95 $ 2.19 $ 1.82 CBSAs* Cash dividends $ 1.80 $ 1.68 $ 3.36 $ 3.04 $ 2.80 c Owns an interest in 51 European Common stock price $ 89.89 $ 93.04 $ 86.86 $ 101.29 $ 76.63 shopping centers in France, Italy and Balance Sheet Data: Poland Cash and cash equivalents $ 503,879 $ 381,175 $ 501,982 $ 929,360 $ 337,048 c Owns an interest in six Premium Outlet Total assets $ 23,669,761 $ 22,884,263 $ 23,605,662 $ 22,084,455 $ 21,131,039 Centers in Japan and one Premium Mortgages and other indebtedness $ 17,693,774 $ 16,438,845 $ 17,218,674 $ 15,394,489 $ 14,106,117 Outlet Center in both Mexico and South Stockholders’ equity $ 3,382,344 $ 3,826,872 $ 3,563,383 $ 3,979,642 $ 4,307,296 Korea Other Data: c Owns an interest in one shopping center in China Shares of Common Stock (in thousands) 225,043 223,398 223,035 221,431 220,361 c Has the highest investment grade Operating Partnership Units ratings among U.S. regional mall (in thousands) 57,311 57,888 57,913 59,113 58,523 companies Total Market Capitalization (in millions) $ 50,634 $ 50,105 $ 49,265 $ 48,780 $ 40,153 n Standard & Poor’s A- (Stable Outlook) n (1) Before allocation to Limited Partners. Moody’s A3 (Stable Outlook) (2) Please refer to the back cover for a reconciliation of diluted net income available to common stockholders to diluted FFO per share. * based on the U.S. Office of Management and Budget’s definition of Core Based Statistical Area (CBSA) Design and Production by www.annualreportsinc.com Simon’s FiveRetailRealEstatePlatforms

(2) (1) U.S. OperationalStatistics

O O N L A U C ea ompa ve .S. .S. ccupancy: ccupancy ccupancy umbe Regional cost as apercentageOccupancy ofsales isprovided at only. year-end of On April 3, 2007, SPG-FCM Ventures, LLC, a joint venture between an entity owned 50% by the Company and 50% by funds managed by Farallon Capital Management, L.L.C., completed the acquisition Community/Lifestyle Centers Community/Lifestyle Centers Community/Lifestyle Centers RegionalMalls Mills RegionalMalls Mills RegionalMalls Mills Premium Centers Outlet Regional Malls Regional Malls Regional Malls Regional Malls Opening Base Rent Base perSquareRegional MallsOpening Foot Properties Other Premium Centers Outlet Premium Centers Outlet Regional MallsLeasing Spread (Percentage Increase) Regional Malls Total NumberofProperties The Portfolio Mills The Mills Premium Centers Outlet Rent Base perSquare Opening Foot Premium Centers Outlet Premium Centers Outlet Leasing Spread (Percentage Increase) The Mills Regional Malls Premium Centers Outlet The Mills M s r Gr ing Sp ing The Corporation. Mills alls age age r o r able Sale able ss of of B

a L r C s Pr ea ea o e Rent pe Rent e s s ope d t a t able able : s s r pe a a tie Ar P r r Premium s e Squa ea : Squa r centage of Sale of centage Centers (inthousands) r r Outlet e e e e ® F F oot: oot: s : The Mills ® C ommunity

$ $ $

$

$

$ $

$

$ $ $ 245,121 6/30/08 Centers A 93.2% 87.1% 91.8% 98.3% 23.1% 94.4% 50.1% 12.68 37.23 44.26 38.81 39.95 26.66 19.43 s of 449 166 323 494 519 380 /Lifestyle 69 12 39 37 (2) (2)

$ $ $ $ $ $ $ 244,300 6/30/07 92.9% 92.0% 99.4% 23.7% 30.8% As of As 12.03 47.20 36.51 31.07 25.11 171 323 489 492 68 10 36 38 (2) (2) (1) (1) (1) (1) (1) (1) International

Properties $ $ $ $ $ $ $ $ $ $ $ 12/31/07 242,114 13.1% 89.5% 94.1% 94.1% 93.5% 99.7% 14.4% 33.0% As of As 35.63 19.06 12.43 44.76 37.09 31.43 25.67 8.0% 444 372 168 320 491 504 37 67 10 38

strategy isto: multi-facetedOur growth c c c c Grow $ $ $ $ $ $ $ 12/31/06 201,015

As of As 12.9% 93.2% 93.2% 99.4% 17.6% 31.0% I our existing portfolio as therecent acquisition Mills sitions that create value, such acqui- Identify opportunistic presence. Expand our international estate and spectrum across theU.S. retail real assets Develop highquality ncrease the profitability of 11.82 43.21 35.38 29.95 24.23 7.8% 171 286 476 471 69 10 36 th Strategy (1) (1) (1) (1) (1) (1) (1)

$ $ $ $ $ $ $ 12/31/05 200,412 As of As 12.9% 91.6% 93.1% 99.6% 20.7% 20.9% 11.41 43.18 34.49 26.48 23.16 8.0% 171 286 450 444 71 11 33 (1) (1) (1) (1) (1) (1) (1)

Stockholder Inquiries Company Securities Total Return to Stockholders Shelly J. Doran Simon Property Group, Inc. common stock and Vice President of Investor Relations two public issues of preferred stock are traded Total Simon Property Group, Inc. on the New York Stock Exchange (“NYSE”) Year Return P.O. Box 7033 under the following symbols: 2008 (As of 6/30/08) 6% , IN 46207 2007 -11% 800-461-3439 Common Stock SPG 2006 37% 6.0% Series I Convertible Perpetual Preferred SPGPrI 2005 23% 8.375% Series J Cumulative 2004 45% Redeemable Preferred SPGPrJ 2003 43% Website Information such as financial results, corporate On February 1, 2008, the Company announced an 2002 24% announcements, dividend news and corporate increase in the annual common stock dividend of 2001 31% governance is available on Simon’s website: 7.1% to $3.60 per share. 2000 14% www.simon.com (Investor Relations tab). Average Annual Return to Investor Services Program Stockholders (2000-2007) 26% Simon Property Group offers an Investor Services Program for investors wishing to purchase or sell our common stock. To enroll in this Plan, please contact our transfer agent, BNY Mellon Shareowner Services (800-454-9768 or www.bnymellon.com/shareowner/isd).

The Company considers FFO a key measure of its operating performance that is not specifically defined by accounting principles generally accepted in the (“GAAP”). The Company believes that FFO is helpful to investors because it is a widely recognized measure of the performance of real estate investment trusts and provides a relevant basis for comparison among REITs. The Company determines FFO in accordance with the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”).

Reconciliation of Diluted Net Income Available to common Stockholders per Share TO Diluted FFO per Share

For the Six Months For the Year Ended June 30, Ended December 31, 2008 2007 2007 2006 2005 Diluted net income available to common stockholders per share $ 0.73 $ 0.71 $ 1.95 $ 2.19 $ 1.82 Adjustments to net income to arrive at FFO: Depreciation and amortization from consolidated properties and Simon’s share of depreciation and amortization from unconsolidated entities, net of minority interest portion of depreciation and amortization 2.28 2.01 4.27 3.78 3.73 Gain on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest — — (0.20 ) (0.47 ) (0.52 ) Impact of additional dilutive securities for FFO per share (0.06 ) (0.04 ) (0.12 ) (0.11 ) (0.07 ) Diluted FFO per share $ 2.95 $ 2.68 $ 5.90 $ 5.39 $ 4.96