INDIANAPOLIS, Jan. 13 /PRNewswire-FirstCall/ -- Sales of the Simon Property Group, Inc. (NYSE: SPG) Gift Card were very positive during the recently completed 2002 holiday season. In the 47 malls that offered the card in December, sales were up 30 percent compared to the sale of Simon gift certificates at those same properties in December 2001.

"We are very excited about the successful results of the extended Simon Gift Card pilot in the 4th quarter 2002. It has provided us with key insight for the national roll-out this year," said Michele Sullender, Vice President of Product Development, at Simon Brand Ventures, the strategic marketing division of Simon Property Group. All Simon properties are expected to offer the Simon Gift Card by mid-2003.

Simon partnered with Visa to pioneer the Simon Gift Card as part of its commitment to provide shoppers with new innovative products and offerings that further enhance the shopping experience. The new gift cards provide customers with the convenience of a payment card that utilizes the Visa processing network and is used with the ease of a check card. Shoppers can use the Simon Gift Card, a prepaid card, anywhere Visa is accepted, like the many stores and restaurants within Simon malls nationwide.

Founded in 1997, Simon Brand Ventures has pioneered the transformation of shopping malls into a medium where consumer brands can build one-to-one relationships with the more than 100 million shoppers who make approximately 2 billion visits to Simon malls each year. Simon Brand Ventures has entered into strategic partnerships with more than 100 retailers and sponsors within the last year, including Cingular Wireless, Coca-Cola, Reebok and VISA U.S.A. to stage memorable brand experiences in Simon malls through a variety of media platforms.

Simon Property Group, Inc., 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 243 properties containing an aggregate of 183 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 . SOURCE Simon Property Group, Inc.

CONTACT: Billie Scott of Simon Property Group, Inc., +1-317-263-7148/