MOLINE, Ill.--(BUSINESS WIRE)--Dec. 18, 2002--Indianapolis based Simon Business Network (SBN), today awarded its coveted Seal of Superiority to KONE Inc. and welcomed the elevator and escalator manufacturer to its elite list of service partners. Under the new agreement, KONE will assume responsibility for the maintenance of all elevators and escalators in Simon Property Group (NYSE:SPG) shopping centers in the U.S. Currently, Simon Property Group, the largest owner of shopping centers in America, owns or has an interest in 248 properties in 36 states.

Simon Business Network (SBN), the business-to-business affiliate of Simon Property Group, chooses best in class service providers for Simon Property Group and its malls. The Seal of Superiority, a mark bestowed only on companies that demonstrate the highest standards of quality, service and customer satisfaction, was awarded to KONE in ceremonies at Simon Property Group's corporate headquarters in Indianapolis.

As one of the leading companies in the global vertical transportation business, KONE Corporation develops, manufactures, installs, modernizes and services elevators, escalators and autowalks. KONE supplies more than 20,000 new elevators and escalators annually and services some 500,000 units. The maintenance and modernization business accounts for nearly 60% of KONE's net sales, which is supported by 13,000 field professionals.

Through the SBN preferred vendor program, KONE's maintenance services will also be available to all Simon Property Group tenants. By accessing this relationship through the Preferred Vendor program, Simon tenants and other customers outside the mall environment are able to connect with first-rate products and services at preferred pricing.

"Simon Business Network chooses only the best product and service providers for its preferred vendor network and KONE has demonstrated a great understanding of our business, as well as a commitment to outstanding service during our association over the past years," said Scott Mumphrey, President of SBN. "That's why we have chosen KONE as our sole elevator and escalator maintenance provider. This dedication is reflected in KONE's innovative maintenance programs and its ability to provide reliable service that consistently exceeds the needs of our retail environments."

SBN offers a single source of integrated resources for constructing, cleaning, remodeling, repairing, maintaining and securing shopping center facilities.

"The Simon Seal of Superiority is an acknowledgement of KONE's commitment to superior service and the dedication of its maintenance personnel," said Bruce Norden, KONE Vice President Service Sales. "Selecting KONE for this honor and this responsibility is an outstanding endorsement of the standards of excellence to which we aspire in supporting our clients and their facilities."

KONE provides complete and innovative solutions for the installation, modernization and maintenance of elevators and escalators and the maintenance of automatic building doors. KONE Corporation operates globally with 23,000 employees and subsidiaries in 40 countries. KONE is known as a worldwide service company with the industry's leading technological innovations. KONE Corporation shares are listed on the Helsinki Stock Exchange.

U.S. operations are headquartered at KONE Inc. in Moline, Ill., with sales and service support from more than 50 branch offices coast to coast. Additional information about more than 100 years of KONE innovation, dedication and reliability can be found online at www.kone.com, or by calling (800) 956-KONE (5663).

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 248 properties containing an aggregate of 185 million square feet of gross leasable area in 36 states, as well as eight assets in Europe and Canada. Additional Simon Property Group information is available at www.shopsimon.com.