For Further Information, Please Contact:

Les Morris, Simon Property Group: (317) 263-7711 E-mail: [email protected]

PF CHANG’S, BJ’S RESTAURANT, IBC BANK TO PALMS CROSSING

McALLEN, TX (March 22, 2007) – In conjunction with the City of McAllen’s ribbon cutting for the new Convention Center today, Simon Property Group, Inc. (NYSE:SPG) released more tenants for Phase I of its Palms Crossing development, the retail portion of the Master Plan. Palms Crossing is a 385,000 square foot community center that will encompass 550,000 square feet at completion.

P.F. Chang’s, BJ’s Restaurant and Brewhouse and IBC Bank will be located adjacent to the mall on I-83. These stores will open in late summer. “We’re very excited to have P.F. Chang’s, BJ’s Restaurant and Brewhouse and IBC Bank join us at Palms Crossing,” said Kevin Sims, vice president of Simon’s community/lifestyle center division. “They will add another very exciting component to this project.”

Fresh, contemporary and consistently outstanding are the trademarks of P.F. Chang’s China Bistro (NASDAQ:PFCB). Founded in 1993, P.F. Chang’s is a restaurant that has been embraced by diners across the country.

The P.F. Chang’s experience is a unique combination of Chinese cuisine, attentive service, wine, and tempting desserts all served in a stylish, high-energy bistro.

BJ’s Restaurant and Brewhouse will open an 8,000 square foot restaurant at Palms Crossing. BJ’s offers a high quality, extensive menu (approximately 100 items) featuring BJ’s signature deep dish pizza, complemented by generously portioned salads, sandwiches, soups, pastas, entrees, its own line of handcrafted microbrewed beers and the famous Pizookie® dessert.

Quality, flavor, value, moderate prices and sincere service remain distinct attributes of the BJ’s experience. BJ’s is popular with all ages – kids, families, young adults, “baby boomers” and senior citizens – and all income levels.

- more - Palms Crossing/Add one

It was 1978 when two guys who had a great recipe for deep dish pizza opened the first BJ’s Chicago Pizzeria in Santa Ana, California. The pizza was an immediate hit and as years went by, new BJ’s restaurants were opened in beach cities along Southern California’s coastline. In 1996, with seven restaurants in operation from San Diego to Los Angeles, the first BJ’s brewery began production in a new restaurant in Brea, California. The introduction of fine handcrafted beer was welcomed by guests and the newly renamed BJ’s Restaurant & Brewery concept was launched. New menu items and new beers have been added through the years as the BJ’s brand has expanded throughout California, Oregon, Colorado, Arizona, Texas, Nevada, and Hawaii.

The Palms Crossing branch will mark Texas-based IBC Bank’s 25th location in the greater McAllen area. The full-service facility, which, like many IBC branches, will be open seven days a week with extended hours, will offer IBC’s full range of deposit and loan products for both personal and business customers, as well as investment and loan services. Customers will also benefit from IBC’s local decision-making capabilities, knowledgeable lenders and commitment to delivering superior customer service.

IBC Bank-McAllen is a member International Bancshares Corporation (NASDAQ:IBOC), a $10.9 billion multi-bank financial holding company headquartered in Laredo, Texas, with more than 230 facilities and more than 360 ATM’s serving more than 85 communities in Texas and Oklahoma.

Simon Property Group, Inc., an S&P 500 company headquartered in , Indiana, is a real estate investment trust engaged in the ownership, development and management of retail real estate, primarily regional malls, Premium Outlet Centers® and community/lifestyle centers. The Company's current total market capitalization is approximately $52 billion. Through its subsidiary partnership, it currently owns or has an interest in 286 properties in the containing an aggregate of 202 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests in 53 European shopping centers in France, Italy, and Poland; 5 Premium Outlet Centers in Japan; and one Premium Outlet Center in Mexico. Additional Simon Property Group information is available at www.simon.com. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG.

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