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Business Description
Simon Property Group, Inc. is a self-administered and self-managed real estate investment trust engaged primarily in the ownership, operation, leasing, management, acquisition, expansion and development of real estate properties. Simon Property Group, L.P. is a majority-owned partnership subsidiary of the Company that owns all but one of Simon's real estate properties. Its real estate properties consist primarily of regional malls and community shopping centers. As of December 31, 2002, Simon owned or held an interest in 246 income-producing properties in the United States, which consisted of 173 regional malls, 68 community shopping centers and five office and mixed-use properties in 36 states. Mixed-use properties are properties that include a combination of retail space, office space and/or hotel components. The Company also owns interests in four parcels of land held for future development and has ownership interests in eight retail real estate properties in Europe and Canada.

Financial Information
Simon Property Group, Inc. is a self-administered and self-managed REIT engaged in the ownership, development and management of regional malls and shopping centers. For the fiscal year ended 12/31/02, revenues rose 7% to $2.19 billion. Net income before extraordinary item and accounting change applicable to Common and limited partners totaled $344.1 million, up from $149.3M. Results reflect benefits from the CPI merger and an increase in gain on sales of real estate.