WICHITA, KS (May 1, 2008) – Simon Property Group, Inc. (NYSE:SPG), owner and manager of Towne East Square, announces plans today for a major renovation that will create a brand new look and enhance the overall ambience of the shopping center. Construction is expected to begin soon with the renovation scheduled to be completed by early 2009.

Towne East Square originally opened in 1975, was renovated in 1988 and updated in 2001.

“Over the years we have established a very loyal shopper base. The improvements planned as part of this renovation will provide our customers with new and updated amenities to even better serve their needs,” said Towne East Square mall manager, Patti McDonough.

Shoppers can look forward to the addition of several amenities throughout the mall, including newly tiled floors on the lower level, carpeted flooring on the upper level, enhanced interior lighting, additional and updated “soft” seating areas, and new escalators. Plans also include exterior improvements and modifications, which feature new landscaping as well as new entrances and directional signage. An updated, new color scheme will blend together all these improvements, updating the appearance and appeal of this popular super-regional mall.

The addition of a children’s play area will be one of the highlights of the renovation. This space will feature a themed play area for children with oversized play items, a reading area and seating for families. New family and nursing restrooms will be added to further accommodate customers.

Full renovation elements will include:
• New exterior signs, landscaping, and monument and directional signage at nearly all vehicular entryways
• Upgraded mall entrances featuring new concrete with a gradual curb as well as lighting, graphics, furniture and landscaping
• New flooring installed throughout the mall which will include tile with the appearance of natural stone on the lower level and new carpeting on the upper level with tile in the concourse entryways
• Carpeted children’s play area with soft play features
• Fully-updated, contemporary men’s and women’s restroom facilities, including new finishes, fixtures and lighting. A family and nursing area will be added as well
• Skylight treatments over the main concourse modified to enhance the flow of natural light into the center
• New escalators installed in new locations within the center to enhance traffic flow

“This project will give Towne East Square a fresh new look and feel,” said Mis Gaston, Area Director of Strategic Mall Marketing. “The renovation is just another way that we continue to deliver on our commitment to provide a quality shopping experience for our shoppers and the community.”

The Law Company and Law/Kingdon have been constructing and designing projects for Simon Property Group for over 40 years. The Law Company and Law/Kingdon were the contractor and architect on Towne East Square when originally constructed in 1975. Since that time The Law Company and Law/Kingdon have teamed up on additions and renovations in 1983, 1988, 1994, and 2002. The Law Company will be using many Wichita sub-contractors for this project, thus, providing additional jobs to the Wichita market.

Towne East Square will remain open for business during each phase of the renovation with little interruption to retailers or shoppers. Most of the construction work will take place overnight, when the mall is closed.

This announced renovation of Towne East Square is an illustration of Simon Property Group’s commitment to reinvesting in its portfolio of malls, and continually improving the quality of the shopping experience.

About Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 380 properties comprising 259 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.

Mis Gaston, Towne East Square: (316) 686-4849
Billie Scott, Simon Property Group: (317) 263-7148