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Press Release

Montgomery Mall Poised for a Multi-Million Dollar Renovation in 2008

NORTH WALES, PA (March 14, 2008) – Montgomery Mall, a Kravco Simon property, revealed plans today for a multi-million dollar renovation that will create a fresh new look and enhance the overall ambience of the shopping center. Demolition will begin in the spring, with the renovation scheduled to be mostly completed for the 2008 holiday season.

Shoppers can look forward to the addition of several amenities throughout the mall including new interior lighting, new “soft” seating areas, landscaping improvements and upgraded restrooms. As part of the renovation, Montgomery Mall’s Food Court will also be completely remodeled. A new modern color scheme will blend together all of the new amenities, updating the appearance and appeal of this popular regional mall.

“This project will give Montgomery Mall an exciting new look and feel,” said Menden Poole, Marketing Manager. “With the addition of Dick’s Sporting Goods, scheduled to open in May, the renovation is just another way that we continue to deliver on our commitment to provide a quality shopping experience for our shoppers and community.”

Montgomery Mall will remain open for business during each phase of the renovation with no interruption to retailers or shoppers. Most of the construction will take place overnight while the mall is closed.

About Montgomery Mall
Montgomery Mall is located at the intersection of Routes 202 and 309 in North Wales, Pa. Montgomery Mall is a regional mall anchored by Macy’s, Boscov’s, JCPenney, and Sears and has over 150 shops and services. For additional information on Montgomery Mall, visit www.shopmontgomerymall.com.

About Simon Property Group, Inc.
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 379 properties comprising 258 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.

About Kravco Simon Company
Kravco Simon Company (formerly Kravco Company) has been managing and developing commercial real estate, primarily regional shopping malls, for over 50 years. Headquartered in King of Prussia, Pennsylvania, Kravco Simon currently manages over 14 million square feet of commercial real estate located in Pennsylvania, New Jersey, Maine and Florida. For additional information about Kravco Simon Company and its managed properties, go to www.kravcosimon.com.

Media Contacts: Menden Poole, CMD
(215) 855-3403 / mpoole@kravcosimon.com
or
Leah Rice / 215-340-0480 / leah@furiarubel.com