Simon Malls | More Choices®

INDIANAPOLIS, Feb 23, 2004 /PRNewswire-FirstCall via COMTEX/ -- With gift card popularity on the rise, Simon Property Group, Inc. (NYSE: SPG) (Simon) has taken its highly successful gift card program to the next level by introducing the nation's first professional sports co-branded affinity gift cards. Simon is launching co-branded affinity gift cards with two of the National Basketball Association's top teams -- the soaring Indiana Pacers and defending league champion San Antonio Spurs. Such a move places Simon ahead of the curve in meeting consumer demand for the anticipated next wave of co-branded gift cards.

The Simon Pacers Giftcard and Simon Spurs Giftcard will offer basketball fans a new way to show their team loyalty, while enjoying the various benefits of the gift cards themselves. Simon will sell the Simon Pacers Giftcard at its Indianapolis malls and the Simon Spurs Giftcard at the company's San Antonio malls.

"We are proud to be partnering with these two high-profile teams as we chart new gift card territory with the Simon Pacers and Simon Spurs affinity Giftcards," said Stewart Stockdale, chief marketing officer of Simon Property Group and president of Simon Brand Ventures. "Through this new affiliation with the Pacers and Spurs, we are able to match these two dominant teams that have a very strong and loyal fan base with a new way for fans to display their pride."

Mr. Stockdale noted that one key reason why alliances were struck initially with the Pacers and the Spurs was Simon's firmly established presence in both Indianapolis and San Antonio.

"This is a great opportunity to get the Pacers' name out in the public eye in association with a successful company such as Simon Property Group. Gift cards continue to grow in popularity and the Pacers are honored to be part of this unique marketing effort," said Donnie Walsh, Pacers Sports & Entertainment CEO.

"We're excited about giving our loyal fans another way to show their spirit," said Russ Bookbinder, executive vice president of business operations for Spurs Sports & Entertainment. "When Simon approached us about creating a co-branded gift card, we jumped at the chance. We like to be in the lead, both on the court and in our marketing efforts. We are thrilled that the Spurs are one of the first teams to offer this new product to its fans."

The Simon Giftcard is a Visa prepaid card that can be used at Simon shopping centers nationwide and anywhere Visa debit cards are accepted. The Simon Giftcard is already the largest Visa gift card program in the country. Simon completed a rollout of the Simon Giftcard in 2003 at more than 150 Simon Malls nationwide and sales registered a significant increase over comparable gift certificate sales the previous year. Simon Giftcards are available in increments of $20 to $500.

Last fall, Simon Brand Ventures introduced the nation's first-ever affinity gift card program. The Simon Longhorn Giftcard, which resulted from a co-branded partnership between the University of Texas-Austin and Simon, currently sells in Simon properties in Austin and online through www.simon.com .

Simon Spurs Giftcards may be purchased in Simon's Ingram Park Mall or Rolling Oaks Mall in San Antonio beginning March 5.

Beginning March 19, Simon Pacers Giftcards may be purchased at any Simon mall in Indianapolis -- including Castleton Square Mall, Circle Centre, Fashion Mall at Keystone, Greenwood Park Mall, Lafayette Square Mall and Washington Square Mall. A portion of the handling fee on the sale of each Simon Pacers Giftcard will be donated to the Pacers Foundation and the Simon Youth Foundation. By Summer, 2004, Simon Pacers Giftcards will be available for purchase at the Pacers Home Court store at Conseco Fieldhouse.

About Simon Property Group

Simon Property Group, Inc. (NYSE: SPG), headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership and management of income-producing properties, primarily regional malls and community shopping centers. Through its subsidiary partnerships, it currently owns or has an interest in 247 properties containing an aggregate of 191 million square feet of gross leasable area in 37 states, as well as ownership interests in other real estate assets in North America. The Company holds interests in 47 assets in Europe (in France, Italy, Poland and Portugal). Additional Simon Property Group information is available at www.simon.com .

About Simon Brand Ventures

Simon Brand Ventures (SBV), Simon's business-to-consumer arm, has pioneered the transformation of shopping malls into a medium where consumer brands can build one-on-one relationships with more than 100 million shoppers who make approximately two billion visits to Simon Malls each year. Simon's vast franchise of market-leading shopping centers nationwide provides SBV the foundation to monetize the enterprise through numerous consumer ventures. SBV has engaged in a number of consumer business initiatives, including nationwide roll-out of the Simon Visa Giftcard, launch of the Simon platform programs (Simon Kidgits Club and Simon DTour Live), national media delivery channel including experiential marketing methods, and multiple national and local marketing alliances including Coca-Cola, VISA U.S.A, and Cingular, among others.

SOURCE Simon Property Group, Inc.

Billie Scott of Simon Property Group, +1-317-263-7148,
bscott@simon.com ; or Sarah Heffernan of Fleishman-Hillard, +1-314-982-8680,
e-mail@fleishman.com