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Simon's Chelsea Division Opens Jersey Shore Premium Outlets(R)

TINTON FALLS, N.J.--(BUSINESS WIRE)--Nov. 13, 2008--Simon Property Group, Inc. (NYSE: SPG) announced today that its Chelsea outlet division opened Jersey Shore Premium Outlets(R). Located directly off the Garden State Parkway at exit 100A on Route 66 East in Tinton Falls, Jersey Shore Premium Outlets contains 435,000 square feet of gross leasable area and 120 designer and name-brand outlet stores.

The Grand Opening celebration runs through Sunday, November 16 and features live entertainment by popular area musicians, giveaways, store promotions and more. Merchants include Ann Taylor, BCBG Max Azria, Banana Republic, Brooks Brothers, Burberry, Calvin Klein, Cole Haan, Elie Tahari, Geox, Guess, J.Crew, Juicy Couture, Kate Spade, Kenneth Cole, Lucky Brand Jeans, Michael Kors, Nike, Sony, Theory and Tommy Hilfiger.

"Jersey Shore Premium Outlets will serve fashion and value conscious area residents and visitors and we look forward to the center providing an economic benefit to the region," remarked John R. Klein, co-president of Chelsea. "We are very pleased that this project has created over 800 new jobs."

Jersey Shore Premium Outlets is the 49th Premium Outlet Center worldwide. Chelsea's industry-leading properties also include Woodbury Common Premium Outlets (near New York City); Orlando Premium Outlets (Orlando, Florida); Desert Hills Premium Outlets (near Palm Springs, California); Las Vegas Premium Outlets (Las Vegas, Nevada); Wrentham Village Premium Outlets (near Boston, Massachusetts); Gotemba Premium Outlets (near Tokyo, Japan); and Yeoju Premium Outlets (near Seoul, Korea). Cincinnati Premium Outlets is under construction and scheduled to open August 2009 in Monroe, Ohio. See www.premiumoutlets.com for more information.

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(R), The Mills(R), community/lifestyle centers and international properties. It currently owns or has an interest in 387 properties comprising 263 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.

CONTACT: Simon Property Group
Les Morris, 317-263-7711
E-mail: lmorris@simon.com
or
Chelsea Property Group
Michele Rothstein, 973-228-6111
E-mail: shopper@premiumoutlets.com

SOURCE: Simon Property Group, Inc.

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