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Home , Mills Corporation, South Shore Plaza, The Westchester

Fourth Quarter 2008

Consolidated Revenue ($ in millions)

‘08 $3,783 ’07 $3,651 ’06 $3,332 ’05 $3,167

Diluted FFO per Share*

‘08 $6.42 ’07 $5.90 ’06 $5.39 ’05 $4.96

Total Market Capitalization ($ in billions)

‘08 $40.3 ’07 $49.3 ’06 $48.8 ’05 $40.2 Fact Sheet 2008 Highlights Investment Merits High Quality Portfolio c Diluted Funds from Operations (“FFO”) per share* c Strong balance sheet, liquidity and access to Simon owns or has an interest in assets of increased 8.8% for the year to $6.42 from $5.90. capital national and international renown: c Revenues grew 3.6% for the year to $3.783  Simon has the highest investment grade Arkadia Shopping Center – Warsaw, Poland billion from $3.651 billion. ratings among U.S. regional mall companies: – Boston Standard & Poor’s A- (Stable Outlook) – c 2008 comparable sales per square foot were Moody’s A3 (Stable Outlook) Desert Hills Premium Outlets – Riverside $470 in the regional malls and $513 in the The Fashion Centre at Pentagon – Washington, D.C. Premium Outlets.  As of December 31, 2008, Simon had cash- on-hand of $1.075 billion including our – San Diego c In 2008, the Company opened seven new share of joint venture cash, and availability The Mall – Orlando development projects: two U.S. open-air on our corporate credit facility of over $2.4 The Forum Shops at Caesars – Las Vegas centers, three Premium Outlets (one in Japan), a billion. – shopping center in Italy and one in China. Gotemba Premium Outlets – Tokyo, Japan c Unmatched product, geographic and tenant Las Americas Premium Outlets – San Diego c The Company completed several significant diversity – redevelopment/expansion projects in 2008, The Mall at Chestnut Hill – Boston which included the addition of four new c Stable operating performance from core portfolio Orlando Premium Outlets – Orlando stores as well as small shops and generating positive comparable property NOI – Atlanta restaurants at six of our regional malls and five c Historical growth through opportunistic Roosevelt Field – Premium Outlets. acquisitions – Ft. Lauderdale c In 2008, Simon completed 21 new secured SouthPark – Charlotte c Equity outperformance; SPG has outperformed financings, generating $3.2 billion of proceeds – Boston the Morgan Stanley REIT Index for 8 consecutive (our share was $2.2 billion), and issued $1.5 – Palo Alto years and the S&P 500 Index for 7 of the last 8 billion of unsecured notes. Town Center at Boca Raton – Boca Raton years – New York

* Please refer to back cover for a reconciliation of diluted net income Woodbury Common Premium Outlets– New York available to common stockholders to diluted FFO per share. The Largest U.S. 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 formats have appeal to our retailers and consumers. As of January 31, 2009, Simon Property Group: Selected Financial Data c Is an S&P 500 company and the largest public U.S. real estate As of As of As of As of company (In thousands, except per share data) 12/31/08 12/31/07 12/31/06 12/31/05 c Owns or has an interest in 324 Operating Data: properties in 41 states in the U.S. and Total revenue (1) $ 3,783,155 $ 3,650,799 $ 3,332,154 $ 3,166,853 Puerto Rico comprising 246 million Net income available to common stockholders $ 422,517 $ 436,164 $ 486,145 $ 401,895 square feet of GLA Per Common Share Data: c Hosts over 2.8 billion annual shopper FFO (2) (diluted) $ 6.42 $ 5.90 $ 5.39 $ 4.96 visits in its U.S. portfolio, generating Net income (diluted) $ 1.87 $ 1.95 $ 2.19 $ 1.82 annual retail sales in excess of $60 Cash dividends $ 3.60 $ 3.36 $ 3.04 $ 2.80 billion Common stock price $ 53.13 $ 86.86 $ 101.29 $ 76.63 c Owns or has an interest in 82 regional malls, 15 Premium Outlet Centers Consolidated Balance Sheet Data: and 14 Mills in the top 25 largest U.S. Cash and cash equivalents $ 773,544 $ 501,982 $ 929,360 $ 337,048 CBSAs* Total assets $ 23,596,672 $ 23,605,662 $ 22,084,455 $ 21,131,039 Mortgages and other indebtedness $ 18,042,532 $ 17,218,674 $ 15,394,489 $ 14,106,117 c Owns an interest in 52 European Stockholders’ equity $ 3,040,183 $ 3,563,383 $ 3,979,642 $ 4,307,296 shopping centers in France, Italy and Poland and one shopping center in Other Data: China Shares of Common Stock 231,320 223,035 221,431 220,361 c Owns an interest in seven Premium Operating Partnership Units 56,368 57,913 59,113 58,523 Outlet Centers in Japan and one Total Market Capitalization (in millions) $ 40,273 $ 49,265 $ 48,780 $ 40,153 Premium Outlet Center in both Mexico (1) Before allocation to Limited Partners. and Korea (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 (1) U.S. OperationalStatistics

O O N L A U C ea ompa ve .S. .S. ccupancy: ccupancy ccupancy umbe Regional of The Corporation. Mills 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 Regional Malls Premium Centers Outlet 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 Number of Properties 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 ing alls age age r o r able Sale able ss of of A B ctivity:

a L C s Pr ea o e Rent pe Rent e s s ope 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

Centers

/Lifestyle $ $ $ $ $ $ $ 246,039 $ $ $ $ 12/31/08 90.7% 87.4% 92.4% 14.2% 98.9% 21.3% 94.5% 48.8% A 13.25 36.99 45.74 39.49 38.07 27.65 19.51 8.2% s of 418 164 324 470 513 372 70 14 40 36 International

Properties

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

South ShoreSouth Plaza. – Outlets The Promenade and include Camarillo Premium currently underconstruction redevelopment projects in Austin, . Significant II expansion of The Domain Monroe, , andthephase Premium in Outlets scheduled to openin2009: development projects ontwo new construction In theU.S., continues Simon Development $ $ $ $ $ 201,015 $ $ 12/31/06 As of As 12.9% 93.2% 93.2% 99.4% 17.6% 31.0% 11.82 43.21 35.38 29.95 24.23 7.8% 171 286 476 471 69 10 36 (1) (1) (1) (1) (1) (1) (1)

$ $ $ $ $ 200,412 $ $ 12/31/05 A 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% ctivity 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: 2000 14% , IN 46207 Common Stock SPG 2001 31% 800-461-3439 6.0% Series I Convertible 2002 24% Perpetual Preferred SPGPrI 8.375% Series J Cumulative 2003 43% Redeemable Preferred SPGPrJ 2004 45% On January 30, 2009, the Company announced 2005 23% Website that it will pay its quarterly dividend of $0.90 Information such as financial results, corporate 2006 37% per share in a combination of 10% cash and announcements, dividend news and corporate 90% common stock. The Company intends 2007 -11% governance is available on Simon’s website: that the aggregate cash component of the div- 2008 -36% www.simon.com (Investor Relations tab). idend will not exceed 10% in the aggregate, Average Annual Return to or $0.09 per share. The dividend is payable on Investor Services Program Stockholders (2000-2008) 19% March 18, 2009 to stockholders of record on Simon Property Group offers an Investor February 12, 2009. If adopted for all of 2009, Services Program for investors wishing to the Company would retain up to $925 million purchase or sell our common stock. To enroll in of cash from this dividend policy. 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 . 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 based upon the definition set forth by the National Association of Real Estate Investment Trusts.

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

For the Year Ended December 31, 2008 2007 2006 2005 Diluted net income available to common stockholders per share $ 1.87 $ 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 4.69 4.27 3.78 3.73 (Loss) gain on sales of assets and interests in unconsolidated entities, net of Limited Partners’ interest — (0.20 ) (0.47 ) (0.52 ) Impact of additional dilutive securities for FFO per share (0.14 ) (0.12 ) (0.11 ) (0.07 ) Diluted FFO per share $ 6.42 $ 5.90 $ 5.39 $ 4.96 Growth in FFO per share 8.8% 9.5% 8.7% 13.0%