Simon Malls | More Choices®

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Chuck Kaiser, Edelman Worldwide: (312) 240-2729

INDIANAPOLIS (May 10, 2000) – Simon Live Media Network (SLMN), the experiential marketing division of Simon Brand Ventures, the strategic business unit of the nation’s largest mall owner and manager Simon Property Group, Inc. (NYSE: SPG), today announced that it has established its headquarters in New York.

SLMN is pioneering a new multi-channel marketing medium for the shopping center industry. By leveraging the national network of more than 150 regional Simon malls across the country, SLMN has created a new customer-centric media network where live media and one-to-one communication surround and immerse the more than 100 million consumers who visit Simon malls each year in lasting brand experiences.

Leading the staff of more than 10 brand marketers is marketing industry veteran Drew Sheinman, senior vice president of business development and marketing of Simon Brand Ventures. Widely known throughout the industry for the innovation of such place-based marketing initiatives as the Coca-Cola Olympic Themepark and Major League Baseball Fanfest, Mr. Sheinman joined Simon Brand Ventures in 1998. Since that time, he has played instrumental roles in forwarding the concept of the mall as a marketing medium for major consumer brands to establish meaningful relationships with consumers and the development and implementation of SLMN.

“New York represents a strategic market for the Simon Live Media Network as we continue our work to pioneer new multi-medium platforms to help brand managers drive customer affinity to their respective brands,” said Mr. Sheinman. “Our new headquarters in New York also provides us the opportunity to work more closely with consumer brand marketers to overcome various marketing barriers through the development of integrated marketing platforms and programs.”

Joining Mr. Sheinman at the New York-based headquarters is John Segal, former national marketing executive of ABC New Media Sales. In his new position as vice president of partnership and marketing development of Simon Brand Ventures, Mr. Segal will leverage his extensive Interactive experience to integrate the Internet and other technology platforms into the shopping center environment. Additionally, Mr. Segal will maintain and cultivate relationships among marketers of major consumer products to utilize SLMN to drive awareness and customer affinity to their brands, while enhancing the overall Simon shopping experience.

Working closely with Mr. Sheinman and Mr. Segal is Cathi Weiner, vice president of partnership and marketing development for Simon Brand Ventures, who works extensively with the New York office from Simon’s corporate office in Indianapolis. In her current position, Ms. Weiner is responsible for the negotiation of national alliances that enhance the Simon shopping experience, as well as the development of national in-mall promotions and live, interactive event opportunities for major brands.

Managing SLMN’s relationship with Turner Broadcasting System to develop a retail entertainment network featuring original and branded programming from the stable of TBS networks, including CNN, TNT and the Cartoon Network, are Ken Volk, vice president of business development, and Jim Roberts, director of partnership management.

Rounding out the New York staff for SLMN are Clifford Brunelli, project manager of sales and development, and Indianapolis-based Susan Austin, project manager of sales development, who works closely with the New York team in developing live, interactive brand experiences at Simon malls.

Brand Ventures is the world’s largest and most sophisticated mall marketing initiative with recognized brands such as VISA U.S.A., Pepsi-Cola Company, Turner Broadcasting System and Time Inc, among others. Simon Brand Ventures’ mission is to provide access to more products, services, discounts, and benefits in any one Simon mall location than anywhere else in the world.

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a self-administered and self-managed real estate investment trust which, through its subsidiary partnerships, is engaged in the ownership, development, management, leasing, acquisition and expansion of income-producing properties, primarily regional malls and community shopping centers. It currently owns or has an interest in 257 properties containing an aggregate of 184 million square feet of gross leasable area in 36 states and five assets in Europe. Together with its affiliated management company, Simon owns or manages approximately 189 million square feet of gross leasable area in retail and mixed-use properties. Shares of Simon Property Group, Inc. are paired with beneficial interests in shares of stock of SPG Realty Consultants, Inc. Additional Simon Property Group information is available at www.shopsimon.com.