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Home , Copley Place, Mills Corporation, Pier Park (Florida), South Shore Plaza, The Westchester

First Quarter 2008

Consolidated Revenue ($ in millions)

YTD ‘08 $895 YTD ‘07 $852 ’07 $3,651 ’06 $3,332 ’05 $3,167

Diluted FFO per Share*

YTD ‘08 $1.46 YTD ‘07 $1.37 ’07 $5.90 ’06 $5.39 ’05 $4.96

Total Market Capitalization ($ in billions)

YTD ‘08 $51.3 YTD ‘07 $53.5 ’07 $49.3 ’06 $48.8 ’05 $40.2 Fact Sheet Recent Highlights (EPA) for outstanding energy management and High Quality Portfolio c Diluted Funds from Operations (“FFO”) per reductions in greenhouse gas emissions at its Simon owns or has an interest in assets of national share* increased 6.6% to $1.46 for the quarter and international renown: malls across the country. Simon was the first REIT from $1.37 in 2007. to win the award in the last five years and is the Arkadia Shopping Center – Warsaw, Poland c Revenues grew 5.0% to $895 million for the only REIT recognized this year. – quarter from $852 million in 2007. – Development Pipeline The Fashion Centre at Pentagon – Washington, D.C. c On March 27th, the Company opened Simon has a development and redevelopment – San Diego Premium Outlets in Cypress, , located pipeline of over $5 billion of projects in the U.S. The Mall – Orlando approximately 30 miles northwest of Houston. and abroad scheduled to open over the next four The Forum Shops at Caesars – Las Vegas This center is leased to merchants including Ann to five years. Two new U.S. development projects – Houston Taylor, BCBG Max Azria, Burberry, Coach, Crocs, are scheduled to open in May: Hamilton Town Gotemba Premium Outlets – Tokyo, Japan Elie Tahari, Juicy Couture, Kate Spade, Lucky Center in Noblesville, Indiana, and in and – Brand Jeans, Michael Kors and True Religion. Panama City Beach, Florida. Jersey Shore Premium The Mall at Chestnut Hill – Boston c During the quarter, Simon completed five Outlets, located in Tinton Falls, , is under Orlando Premium Outlets – Orlando significant redevelopment and expansion construction and scheduled to open in November Roosevelt Field – projects including the addition of of 2008. – Ft. Lauderdale and small shops at and Simon has eight new international development SouthPark – Charlotte Burlington Mall, as well as expansions at three projects under construction: two in Italy, one in – Boston Premium Outlets — Las Vegas Premium Japan and five in China. – Palo Alto Outlets, Premium Outlets and Town Center at Boca Raton – Boca Raton Rio Grande Valley Premium Outlets. The Company also has 12 significant – New York redevelopment and expansion projects under Woodbury Common Premium Outlets – New York c On March 4th, the Company announced that it construction that include the addition of lifestyle was named a 2008 ENERGY STAR Partner of the components featuring tenants such as Barnes & This high-quality portfolio provides geographic, Year by the U.S. Environmental Protection Agency Noble, Ulta Cosmetics and P.F. Chang’s, as well property and tenant diversity. as small shops. A mall renovation initiative is underway to update mall appearance and enhance * Please refer to back cover for a reconciliation of diluted net income customer amenities at nine regional malls, all available to common stockholders to diluted FFO per share. scheduled to be completed in 2008. 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 March 31, 2008, Simon Property Group: c Is an S&P 500 company and the largest public U.S. retail real estate Selected Financial Data company As of As of As of As of As of (In thousands, except per share data) 3/31/08 3/31/07 12/31/07 12/31/06 12/31/05 c Owns or has an interest in 321 properties in the U.S. and Puerto Rico Operating Data: comprising 243 million square feet of Total revenue (1) $ 895,298 $ 852,141 $ 3,650,799 $ 3,332,154 $ 3,166,853 GLA Income from continuing operations $ 99,284 $ 112,949 $ 519,304 $ 563,443 $ 353,407 Net income available to c Hosts over 2.8 billion annual shopper common stockholders $ 87,933 $ 98,381 $ 436,164 $ 486,145 $ 401,895 visits in its U.S. portfolio, generating annual retail sales in excess of $60 Per Common Share Data: billion FFO (2) (diluted) $ 1.46 $ 1.37 $ 5.90 $ 5.39 $ 4.96 c Owns or has an interest in 82 regional Net income (diluted) $ 0.39 $ 0.44 $ 1.95 $ 2.19 $ 1.82 malls, 14 Premium Outlet Centers Cash dividends $ 0.90 $ 0.84 $ 3.36 $ 3.04 $ 2.80 and 14 Mills in the top 25 largest U.S. Common stock price $ 92.91 $ 111.25 $ 86.86 $ 101.29 $ 76.63 CBSAs* Balance Sheet Data: c Owns an interest in 51 European Cash and cash equivalents $ 428,659 $ 339,953 $ 501,982 $ 929,360 $ 337,048 shopping centers in France, Italy and Total assets $ 23,503,125 $ 23,743,590 $ 23,605,662 $ 22,084,455 $ 21,131,039 Poland Mortgages and other indebtedness $ 17,445,746 $ 17,152,418 $ 17,218,674 $ 15,394,489 $ 14,106,117 c Owns an interest in six Premium Stockholders’ equity $ 3,478,715 $ 3,951,317 $ 3,563,383 $ 3,979,642 $ 4,307,296 Outlet Centers in Japan and one Other Data: Premium Outlet Center in both Mexico and South Korea Shares of Common Stock (in thousands) 224,755 223,387 223,035 221,431 220,361 c Has the highest investment grade Operating Partnership Units ratings among U.S. regional mall (in thousands) 57,563 57,945 57,913 59,113 58,523 companies Total Market Capitalization (in millions) $ 51,267 $ 53,469 $ 49,265 $ 48,780 $ 40,153 n Standard & Poor’s A- (Stable Outlook) (1) Before allocation to Limited Partners. n (2) Please refer to the back cover for a reconciliation of diluted net income available to common stockholders to diluted FFO per share. Moody’s A3 (Stable Outlook) * 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

Regional Malls

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 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 Premium Centers Outlet Regional Malls Regional Malls Regional Malls Opening Base Rent Base perSquareRegional MallsOpening Foot Other and Office Properties 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 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

$ $ $

$

$

$ $

$

$ $ $ 243,405 3/31/08 Centers A 93.3% 86.8% 91.7% 97.9% 38.7% 94.2% 28.6% 12.47 37.05 54.55 37.73 31.73 26.32 19.25 s of 450 168 321 491 511 379 /Lifestyle 67 10 39 37 (2) (2)

$ $ $ $ $ $ $ 201,019 3/31/07 93.1% 91.8% 99.1% 21.3% 29.2% As of As 11.94 45.54 36.18 29.19 24.84 171 285 487 485 68 10 36 (2) (2) (1) (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: 2007 -11% , IN 46207 2006 37% 800-461-3439 Common Stock SPG 2005 23% 6.0% Series I Convertible Perpetual Preferred SPGPrI 2004 45% 8.375% Series J Cumulative 2003 43% Redeemable Preferred SPGPrJ 2002 24% Website Information such as financial results, corporate On February 1, 2008, the Company announced an 2001 31% announcements, dividend news and corporate increase in the annual common stock dividend of 2000 14% governance is available on Simon’s website: 7.1% to $3.60 per share. Average Annual Return to www.simon.com (Investor Relations tab). Stockholders (2000-2007) 26%

Investor Services Program 2008 Total Return to Stockholders (As of 3/31/08) 8% 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 Three Months For the Year Ended March 31, Ended December 31, 2008 2007 2007 2006 2005 Diluted net income available to common stockholders per share $ 0.39 $ 0.44 $ 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 1.10 0.95 4.27 3.78 3.73 (Gain) Loss on sales of assets and interests in unconsolidated entities and discontinued operations, net of Limited Partners’ interest — 0.01 (0.20 ) (0.47 ) (0.52 ) Impact of additional dilutive securities for FFO per share (0.03 ) (0.03 ) (0.12 ) (0.11 ) (0.07 ) Diluted FFO $ 1.46 $ 1.37 $ 5.90 $ 5.39 $ 4.96