<SUBMISSION>
<ACCESSION-NUMBER>0000912057-01-505961
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20010508
<FILING-DATE>20010402
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SIMON PROPERTY GROUP INC /DE/
<CIK>0001063761
<ASSIGNED-SIC>6798
<IRS-NUMBER>046268599
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-14469
<FILM-NUMBER>1588686
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
<PHONE>3176361600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>CORPORATE PROPERTY INVESTORS INC
<STREET2>THRE DAG MANNARSKJOLD PLAZA 305 E. 47TH
<CITY>NEW YORK
<STATE>NY
<ZIP>10017
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE PROPERTY INVESTORS INC
<DATE-CHANGED>19980610
</FORMER-COMPANY>
</FILER>
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>SPG REALTY CONSULTANTS INC
<CIK>0001067173
<ASSIGNED-SIC>6798
<IRS-NUMBER>132838638
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>001-14469-01
<FILM-NUMBER>1588687
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<STREET2>SUITE 15 EAST
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
<PHONE>2124218200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>THREE DOG HAMMARSKJOLD PLAZA
<STREET2>305 EAST 47TH STREET
<CITY>NEW YORK
<STATE>NY
<ZIP>10017
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE REALTY CONSULTANTS INC
<DATE-CHANGED>19980729
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a2043023zdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>

<HTML>
<HEAD>
<TITLE> Prepared by MERRILL CORPORATION www.edgaradvantage.com
</TITLE>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#01CHI2138_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<P ALIGN="CENTER"><FONT SIZE=2><B>SCHEDULE 14A INFORMATION</B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Proxy
Statement Pursuant to Section 14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2>Filed by the Registrant /x/<BR></FONT>
</TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2>Filed by a Party other than the Registrant /&nbsp;/</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=3><FONT SIZE=2><BR>
Check the appropriate box:</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Preliminary Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Proxy Statement</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Definitive Additional Materials</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%"><FONT SIZE=2>Soliciting Material Pursuant to &sect;240.14a-12<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="84%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2><B>SIMON PROPERTY GROUP, INC. AND SPG REALTY CONSULTANTS, INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Registrant as Specified In Its Charter)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5 ALIGN="CENTER"><HR NOSHADE><FONT SIZE=2> (Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=5><FONT SIZE=2>Payment of Filing Fee (Check the appropriate box):</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/x/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>No fee required</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and&nbsp;0-11</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Title of each class of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Aggregate number of securities to which transaction applies:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Proposed maximum aggregate value of transaction:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(5)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Total fee paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Fee paid previously with preliminary materials.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="95%" COLSPAN=3><FONT SIZE=2>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(1)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Amount Previously Paid:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Form, Schedule or Registration Statement No.:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Filing Party:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2>(4)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Date Filed:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=1,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=144081,FOLIO='blank',FILE='DISK033:[01CHI8.01CHI2138]BA2138A.;6',USER='SPAPPON',CD='28-MAR-2001;11:51' -->
<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->

<P><FONT SIZE=2><B> <IMG SRC="g320991.jpg" ALT="LOGO" WIDTH="342" HEIGHT="129">  </B></FONT></P>

<P><FONT SIZE=6>JOINT PROXY STATEMENT<BR>
April&nbsp;2, 2001 </FONT></P>

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=2,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=823625,FOLIO='blank',FILE='DISK033:[01CHI8.01CHI2138]BE2138A.;7',USER='DINGRAM',CD='28-MAR-2001;15:00' -->
<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->
<P ALIGN="CENTER"><FONT SIZE=2>Simon
Property Group,&nbsp;Inc.<BR>
115 West Washington Street<BR>
Indianapolis, Indiana 46204 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="219">
<P ALIGN="CENTER"><FONT SIZE=2><B> NOTICE OF ANNUAL MEETING OF STOCKHOLDERS  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="219">

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
TIME</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
10:00&nbsp;a.m. on Tuesday, May&nbsp;8, 2001</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
PLACE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Hyatt Regency Indianapolis<BR>
One South Capitol Avenue<BR>
Indianapolis, Indiana</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
ITEMS OF BUSINESS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(1)&nbsp;To elect a total of ten (10) directors (six (6)&nbsp;to be elected by the holders of all classes of voting securities and four (4)&nbsp;to be elected by the holders of Class&nbsp;B Common Stock) each to serve until the next annual meeting of
stockholders.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(2)&nbsp;To ratify the appointment of Arthur Andersen LLP as independent accountants for 2001.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(3)&nbsp;To transact such other business as may properly come before the meeting.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
RECORD DATE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
You can vote if you are a stockholder of record on March&nbsp;16, 2001.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
ANNUAL REPORT</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Our 2000 Annual Report, which is not part of the proxy soliciting material, is enclosed.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
PROXY VOTING</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
We cordially invite you to attend the meeting, but regardless of whether you plan to be present, please vote in one of these ways:</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(1)&nbsp;USE THE TOLL-FREE TELEPHONE NUMBER shown on the proxy card (this is a free call in the U.S.);</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(2)&nbsp;VISIT THE WEB SITE noted on your proxy card to vote via the Internet; OR</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(3)&nbsp;MARK, SIGN, DATE AND PROMPTLY RETURN the enclosed proxy card in the envelope provided, which requires no additional postage if mailed in the United States. Your vote is important, regardless of the number of shares you own.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Any proxy may be revoked at any time prior to its exercise at the meeting.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
By order of the Board of Directors of Simon Property Group, Inc.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
<BR>
April&nbsp;2, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="RIGHT"><FONT SIZE=2><BR>
James M. Barkley<BR>
Secretary</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<!-- ZEQ.=1,SEQ=3,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=129653,FOLIO='blank',FILE='DISK033:[01CHI8.01CHI2138]CA2138A.;9',USER='SPAPPON',CD='28-MAR-2001;11:51' -->
<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->
<P ALIGN="CENTER"><FONT SIZE=2>SPG
Realty Consultants,&nbsp;Inc.<BR>
115 West Washington Street<BR>
Indianapolis, Indiana 46204 </FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="219">
<P ALIGN="CENTER"><FONT SIZE=2><B> NOTICE OF ANNUAL MEETING OF STOCKHOLDERS  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="219">

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
TIME</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
10:00&nbsp;a.m. on Tuesday, May&nbsp;8, 2001</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
PLACE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Hyatt Regency Indianapolis<BR>
One South Capitol Avenue<BR>
Indianapolis, Indiana</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
ITEMS OF BUSINESS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(1)&nbsp;To elect ten (10) directors, each to serve until the next annual meeting of stockholders.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(2)&nbsp;To ratify the appointment of Arthur Andersen LLP as independent accountants for 2001.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(3)&nbsp;To transact such other business as may properly come before the meeting.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
RECORD DATE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
You can vote if you are a holder of beneficial interest of record on March&nbsp;16, 2001.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
ANNUAL REPORT</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Our 2000 Annual Report, which is not part of the proxy soliciting material, is enclosed.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
PROXY VOTING</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
We cordially invite you to attend the meeting, but regardless of whether you plan to be present, please vote in one of these ways:</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(1)&nbsp;USE THE TOLL-FREE TELEPHONE NUMBER shown on the proxy card (this is a free call in the U.S.);</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(2)&nbsp;VISIT THE WEB SITE noted on your proxy card to vote via the Internet; OR</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
(3)&nbsp;MARK, SIGN, DATE AND PROMPTLY RETURN the enclosed proxy card in the envelope provided, which requires no additional postage if mailed in the United States. Your vote is important, regardless of the number of shares you own.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
Any proxy may be revoked at any time prior to its exercise at the meeting.</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%"><FONT SIZE=2><BR>
By order of the Board of Directors of SPG Realty Consultants, Inc.</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="42%"><FONT SIZE=2><BR>
<BR>
 April&nbsp;2, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="55%" ALIGN="RIGHT"><FONT SIZE=2><BR>
James M. Barkley<BR>
Secretary</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2>Simon
Property Group,&nbsp;Inc.<BR>
SPG Realty Consultants,&nbsp;Inc.<BR>
115 West Washington Street<BR>
Indianapolis, Indiana 46204 </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>JOINT PROXY STATEMENT</B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Joint Proxy Statement is being furnished to stockholders of Simon Property Group,&nbsp;Inc., a Delaware corporation ("SPG"), and the holders of beneficial interests of the
outstanding stock of SPG Realty Consultants,&nbsp;Inc., a Delaware corporation ("SRC" and together with SPG, the "Companies," "we," or "us"), in connection with the solicitation of proxies by SPG's
Board of Directors (the "SPG Board") and SRC's Board of Directors (the "SRC Board" and together with the SPG Board, the "Boards of Directors" or the "Boards") for use at SPG's 2001 Annual Meeting of
Stockholders and at any and all adjournments or postponements thereof (the "SPG Meeting") and SRC's 2001 Annual Meeting of Stockholders and at any and all adjournments or postponements thereof (the
"SRC Meeting" and together with the SPG Meeting, the "Meetings"). </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
are invited to attend the Meetings on May&nbsp;8, 2001, beginning at 10:00&nbsp;a.m. Indianapolis time. The Meetings will be held at the Hyatt Regency Indianapolis, One South
Capitol Avenue, Indianapolis, Indiana. Stockholders will be admitted beginning at 9:00&nbsp;a.m. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Hyatt Regency Indianapolis is accessible to disabled persons and, upon request, we will provide wireless headsets for hearing amplification. Sign interpretation will also be
offered upon request. Please call us at least five (5)&nbsp;days in advance at 317-685-7330 if you require either of these services or other special accommodations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each
share of SPG's Common Stock, par value $.0001 per share ("SPG Common"); Class&nbsp;B Common Stock, par value $.0001 per share ("SPG Class B Common"); Class&nbsp;C Common
Stock, par value $.0001 per share ("SPG Class&nbsp;C Common"); and Series&nbsp;A Convertible Preferred Stock, par value $.0001 per share ("SPG Series&nbsp;A Preferred" and together with the SPG
Common, SPG Class&nbsp;B Common and SPG Class&nbsp;C Common, the "SPG Voting Stock") is paired with a beneficial interest in shares of Common Stock, par value $.0001 per share, of SRC ("SRC
Shares") in units consisting of one share of SPG Voting Stock and a beneficial interest in one-one hundredth (1/100th) of an SRC Share (a "Paired Share"). The SRC Shares are held by trusts (the
"Trusts") for the benefit of the holders of SPG Voting Stock. Beneficial interests in the SRC Shares are not transferable separately but only by and as part of a transfer of shares of SPG Voting
Stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
Joint Proxy Statement, form of proxy and voting instructions are being mailed starting April&nbsp;2, 2001. </FONT></P>

<P><FONT SIZE=2><B>Voting Securities  </B></FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;SPG.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Holders of record of SPG Voting Stock at the close of business on March&nbsp;16, 2001 are entitled to receive
this notice and to vote their shares at the SPG Meeting. On that date, there were outstanding 168,757,265 shares of SPG Common, 3,200,000 shares of SPG Class&nbsp;B Common, 4,000 shares of SPG
Class&nbsp;C Common and 51,059 shares of SPG Series&nbsp;A Preferred. For purposes of voting at the SPG Meeting, holders of SPG Series&nbsp;A Preferred are entitled to a number of votes equal to
the number of shares of SPG Common into which their shares would be convertible, or 1,940,005. As a result, a total of 173,901,270 shares are entitled to vote (the "Voting Shares") at the SPG Meeting.
The presence at the SPG Meeting in person or by proxy of a majority of all the votes entitled to be cast at the SPG Meeting, or 86,950,636 Voting Shares, will constitute a quorum for the transaction
of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
of the SPG Class&nbsp;B Common is owned by Melvin Simon, Herbert Simon and David Simon, all of whom are our executive officers, as voting trustees. All of the SPG Class&nbsp;C
Common is owned by The Edward J. DeBartolo Corporation ("EJDC"). The SPG Board is not soliciting proxies in respect of the SPG Class&nbsp;B Common or the SPG Class&nbsp;C Common, although the SPG
Board expects those shares will be represented at the SPG Meeting. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the SPG Class&nbsp;B Common have informed SPG that they intend to cause all such shares to be voted in favor of the six nominees for </FONT></P>

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<P><FONT SIZE=2>
Independent Director (as defined in the Companies' Charters) and the four nominees for Class&nbsp;B Director named below. Holders of the SPG Class&nbsp;C Common have not yet informed SPG how they
intend to vote their shares although they are expected to cause all such shares to be voted in favor of the six nominees for Independent Director and the two persons whom they will nominate for
Class&nbsp;C Director. </FONT></P>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;SRC.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Holders of beneficial interests of record in SRC Shares at the close of business on March&nbsp;16, 2001 are
entitled to receive this notice and to vote at the SRC Meeting. On that date, there were outstanding 1,739,012.70 SRC Shares which are held by the Trusts for the benefit of SPG's stockholders and are
entitled to vote at the SRC Meeting. The presence at the SRC Meeting in person or by proxy of a majority of all of the votes entitled to be cast at the SRC Meeting, or beneficial interests in
869,506.36 SRC Shares, will constitute a quorum for the transaction of business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As
to the election of the SRC Board, SPG will instruct the trustees of the Trusts how to vote the SRC Shares they hold, and the trustees are obligated to vote as instructed, so that
each director of SRC is also a director of SPG. As to all other matters, the trustees will vote in accordance with the vote of the holders of beneficial interests in SRC Shares. </FONT></P>

<P><FONT SIZE=2><B>Required Vote  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All shares entitled to vote at the Meetings are entitled to one vote per share, except for shares of
Series&nbsp;A Preferred, which are entitled to vote on an as-converted basis as described above. A plurality of the votes cast is required to elect directors. On all other proposals, the proposal
will be approved if the number of votes cast in favor exceed the number of votes cast against. Abstentions and broker "non-votes" will be treated as shares not voted and will have no effect on the
voting. A broker "non-vote" occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary voting power for that
particular item and has not received instructions from the beneficial owner. </FONT></P>

<P><FONT SIZE=2><B>Proxies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>Your vote is important.</B></FONT><FONT SIZE=2> You may vote your proxy by telephone, Internet or mail. A toll-free telephone number
and web site address are included on your proxy card. If you choose to vote by mail, simply mark your proxy, date and sign it, and return it in the envelope provided, which requires no additional
postage if mailed in the United States. All shares that have been properly voted and not revoked will be voted at the Meetings. If you sign and return your proxy card but do not give voting
instructions, the shares represented by that proxy will be voted as recommended by the Boards of Directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
may revoke your proxy at any time before it is exercised by: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>giving
written notice to the Secretary of the Companies at 115 West Washington Street, Indianapolis, Indiana 46204, </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>executing
and delivering a later-dated proxy or </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>attending
and voting by ballot at the Meetings. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;You
may save us the expense of a second mailing by voting promptly. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Voting
now will not limit your right to vote at the Meetings if you decide to attend in person. If your shares are held in the name of a bank, broker or other holder of record, you
must obtain a proxy, executed in your favor, from the holder of record to be able to vote at the Meetings. </FONT></P>


<P><FONT SIZE=2><B>Voting on Other Matters  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We know of no other business to be transacted at the Meetings, but if other matters requiring a vote do arise, the persons named in the proxy will have the
discretion to vote on those matters for you. </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2><B>Costs of Proxy Solicitation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We will pay the cost of preparing, assembling, and mailing the proxy material. We expect to solicit proxies primarily by mail, but our employees or other
representatives may also solicit proxies without additional compensation. We will also request banks, brokers and other holders of record to send the proxy material to, and obtain proxies from,
beneficial owners, and will reimburse them for their reasonable
expenses in doing so. In addition, we have hired Mellon Investor Services LLC to assist in the solicitation of proxies. We will pay Mellon a fee of $4,500 for its services. The telephone number of
Mellon Investor Services' proxy solicitation practice is (917) 320-6252. </FONT></P>

<P><FONT SIZE=2><B>List of Stockholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A list of stockholders entitled to vote at the Meetings will be available at the Meetings and for ten days prior to the Meetings, between the hours of
8:45&nbsp;a.m. and 4:30&nbsp;p.m., at our offices at 115 West Washington Street, Indianapolis, Indiana, by contacting the Secretary of the Companies. </FONT></P>

<P><FONT SIZE=2><B>Section 16(a)&nbsp;Beneficial Ownership Reporting Compliance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Section 16(a)&nbsp;of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), requires SPG's directors, executive officers and beneficial
owners of more than 10% of the capital stock of SPG to file reports of ownership and changes of ownership with the Securities and Exchange Commission ("SEC") and the New York Stock Exchange. Based
solely on our review of the copies of those forms received by us, and/or written representations from certain reporting persons, we believe that, during the year ended December&nbsp;31, 2000, our
directors, executive officers and beneficial owners of more than 10% of SPG's capital stock have complied with all filing requirements applicable to them. </FONT></P>

<P><FONT SIZE=2><B>Incorporation by Reference  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To the extent this Joint Proxy Statement has been or will be specifically incorporated by reference into any filing under the Securities Act of 1933, as
amended, or the Exchange Act, the sections of this Joint Proxy Statement entitled "COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION," "REPORT OF THE AUDIT COMMITTEE" and "PERFORMANCE GRAPH"
shall not be deemed to be so incorporated unless specifically otherwise provided in any such filing. </FONT></P>

<P><FONT SIZE=2>3</FONT></P>

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<A NAME="toc_dg2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>Board and Committee Membership    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our business, property and affairs are managed under the direction of our Boards of Directors. Members of our Boards of Directors are kept informed of our
business through discussions with our Co-Chairmen and Chief Executive Officer and other officers, by reviewing materials provided to them, by visiting our offices and properties, and by participating
in meetings of the Boards and their committees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;During
2000, the Boards of Directors met five times and had four standing committees. Those committees consisted of a Compensation Committee, an Audit Committee, an Executive
Committee and a Nominating Committee. Other than Robert E. Angelica, all directors participated in 75% or more of the meetings of the Boards and each committee on which they served. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
table below provides membership and meeting information for each of the committees. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="69%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="37%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="17%" ALIGN="CENTER"><FONT SIZE=1><B>Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Audit</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="CENTER"><FONT SIZE=1><B>Executive</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Nominating</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><BR>
Robert E. Angelica</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Birch Bayh</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Hans C. Mautner</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>G. William Miller</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>David Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Herbert Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Melvin Simon</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>J. Albert Smith, Jr.</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Richard S. Sokolov</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Fredrick W. Petri</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Pieter S. van den Berg</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>Philip J. Ward</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>*</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2>M. Denise DeBartolo York</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>X</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><BR>
2000 Meetings</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="37%"><FONT SIZE=2><BR>
*Chair</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="17%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="14%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B>The Compensation Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee sets remuneration levels for our officers, reviews significant employee benefit programs and establishes, as it deems appropriate,
and administers executive compensation programs, including bonus plans, stock option and other equity-based programs, deferred compensation plans and any other cash or stock incentive programs. Our
By-Laws require that (1)&nbsp;the Compensation Committee have at least one member elected by the SPG Class&nbsp;B common and at least one member elected by the SPG Class&nbsp;C Common, and
(2)&nbsp;a majority of the Compensation Committee be composed of Independent Directors. </FONT></P>

<P><FONT SIZE=2><B>The Audit Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee makes recommendations concerning the engagement of independent public accountants, reviews with the independent public accountants the
scope of the audit engagement, reviews the independent public accountants' letter of comments and management's responses thereto, approves professional services provided by the independent public
accountants, reviews the independence of the independent public accountants, </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>4</FONT></P>

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<A NAME="page_dg2138_1_5"> </A>

<P><FONT SIZE=2>
reviews any major accounting changes made or contemplated, considers the range of audit and non-audit fees, and reviews the adequacy of our internal accounting controls. Our By-Laws require that the
entire Audit Committee be composed of Independent Directors. The Board of Directors has adopted a written charter for the Audit Committee which is attached hereto as Annex I. </FONT></P>


<P><FONT SIZE=2><B>The Executive Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Executive Committee approves the acquisition and disposition of real property, authorizes the execution of certain contracts and agreements relating to
transactions having an aggregate value of less than $50 million, including those related to the borrowing of money by the Companies, and generally exercises all other powers of the Boards of Directors
between meetings of the Boards, except in cases where action of the entire Boards is required and except where action by Independent Directors is required by our conflict of interest policies. </FONT></P>

<P><FONT SIZE=2><B>The Nominating Committee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Nominating Committee nominates persons to serve as directors who are elected by the holders of Voting Shares. In considering persons to nominate, the
Nominating Committee will consider persons recommended by stockholders. Our By-Laws require that the Nominating Committee have five members, with two members elected by the SPG Class&nbsp;B Common
and one member elected by the SPG Class&nbsp;C Common. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;At
the meetings of directors to be held following the Meetings, the Boards will reappoint members of the Boards to the four standing committees. </FONT></P>

<P><FONT SIZE=2>5</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dg2138_compensation_of_directors"> </A>
<A NAME="toc_dg2138_2"> </A>
<BR></FONT><FONT SIZE=2><B>Compensation of Directors    <BR>  </B></FONT></P>

<HR NOSHADE>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=1><B>Director</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="11%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B><BR>
Annual Retainer</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="11%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B><BR>
Board<BR>
Meeting Fees</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="13%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B><BR>
Committee<BR>
Meeting Fees</B></FONT><HR NOSHADE></TH>
<TH WIDTH="5%"><FONT SIZE=1><B><BR>&nbsp;</B></FONT></TH>
<TH WIDTH="11%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B><BR>
Total</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2><BR>
Robert E. Angelica*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Birch Bayh</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>26,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Hans C. Mautner</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>G. William Miller</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>28,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>David Simon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Herbert Simon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Melvin Simon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>J. Albert Smith, Jr.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>3,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>28,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Richard S. Sokolov</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Fredrick W. Petri</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>4,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>29,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Pieter S. van den Berg*</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>25,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>Philip J. Ward</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>5,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>1,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>26,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="36%"><FONT SIZE=2>M. Denise DeBartolo York</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>20,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2>4,000</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2>24,000</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE>
<DL compact>
<DT><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Robert
E. Angelica has assigned his director compensation (including the value of director options) to Long-Term Investment Trust. Pieter van den Berg has assigned his director
compensation (including the value of director options) to PGGM, a Dutch pension fund. </FONT></DD></DL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
pay directors who are not our employees or employees of our affiliates annual compensation of $20,000 plus $1,000 for attendance (in person or by telephone) at each meeting of the
Boards or their committees. Joint meetings of the SPG Board and the SRC Board are considered one meeting and joint meetings of the respective standing committees of the Boards are considered one
meeting of each standing committee. Committee members do not receive compensation for committee meetings held on the same day as regularly scheduled Board meetings. We do not pay directors who are our
employees or employees of our affiliates any compensation for their services as directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
directors are reimbursed for their expenses incurred in attending directors' meetings. Directors of SPG who are not our employees or employees of our affiliates are automatically
granted each year options to purchase 3,000 shares of SPG Common Stock multiplied by the number of calendar years that have elapsed since that person's last election to the SPG Board. In addition,
directors of SPG are eligible to be granted discretionary awards under and to participate in SPG's incentive stock option plan, as described below under "EXECUTIVE COMPENSATION&#151;Option
Plans." </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>6</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="di2138_item_1_#151;election_of_directors"> </A>
<A NAME="toc_di2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>ITEM 1&#151;ELECTION OF DIRECTORS    <BR>  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;SPG.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The holders of Voting Shares will elect six directors, and the holders of SPG Class&nbsp;B Common will elect
four directors. The holders of SPG Class&nbsp;C Common have the right to elect two directors. There will be a vacancy of one Independent Director. Further, the holders of SPG Class&nbsp;C Common
have not yet nominated persons for the two Class&nbsp;C Director positions. Each director will serve until the 2002 annual meeting of stockholders and until his or her successor has been elected. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Nominating Committee is currently identifying and evaluating candidates to fill the vacant Independent Director position. The Boards of Directors expect that process will be
completed shortly and the Independent Director vacancy filled by action of the Boards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
shares of SPG Class&nbsp;B Common are held by a voting trust that is obligated to elect Melvin Simon, Herbert Simon and David Simon as directors of SPG and SRC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our
employment agreements with Hans C. Mautner and Richard S. Sokolov contemplate that each of them will be elected to the SPG Board of Directors. </FONT></P>


<P><FONT SIZE=2><B>&nbsp;&nbsp;&nbsp;&nbsp;SRC.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The holders of SRC Shares will elect ten directors as discussed above. Each director will serve until the 2002
annual meeting of stockholders and until his or her successor has been elected. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
trustees of the Trusts are obligated to vote the SRC Shares held by them as instructed by SPG so that each member of the Board of Directors of SRC is also a director of SPG. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
persons named in the enclosed proxy intend to vote the proxy for the election of each of the nominees, unless you indicate on the proxy card that your vote should be withheld from
any or all such nominees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Boards of Directors unanimously recommend that stockholders vote FOR the election of the nominees named below.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We expect each nominee for election as a director to be able to serve if elected. If any nominee is not able to serve, proxies will be voted in favor of the
remainder of those nominated and may be voted for substitute nominees, unless the Boards of Directors choose to reduce the number of directors serving on the Boards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
names, principal occupations and certain other information about the nominees for director are set forth on the following pages. </FONT></P>


<P><FONT SIZE=2><B>Security Ownership of Directors and Officers  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;16, 2001, the nominees and the named executive officers of the Companies: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>owned
beneficially the number and percentage of Paired Shares indicated; and </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>owned
beneficially the indicated number and percentage of units of limited partnership interest ("Units") which are exchangeable for Paired Shares. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated in the footnotes, Paired Shares or Units are owned directly, and the indicated person has sole voting and investment power. </FONT></P>

<P><FONT SIZE=2>7</FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="28%" COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Name and Age as of the<BR>
May&nbsp;8, 2001 Meeting Date</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="42%" ALIGN="CENTER"><FONT SIZE=1><B>Position, Principal Occupation,<BR>
Business Experience and Directorships</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" ALIGN="CENTER"><FONT SIZE=1><B>Number of Paired Shares<SUP>(1)(2)(3)</SUP> and<BR>
Units, and Percent of Paired Shares<SUP>(4)</SUP><BR>
and Units<SUP>(5)</SUP> Beneficially Owned</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>NOMINEES FOR DIRECTOR TO BE ELECTED BY HOLDERS OF VOTING SHARES</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Birch Bayh</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
73</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Partner in the Washington, D.C. law firm of Oppenheimer Wolff&nbsp;&amp; Donnelly LLP for more than five years. Mr.&nbsp;Bayh served as a United States Senator from Indiana from 1963 to 1981. A director of ICN Pharmaceuticals,&nbsp;Inc. Our director
since 1998 and prior to that a director of our predecessor, Simon DeBartolo Group, Inc. (the "Predecessor Company") since 1993. Member of our Compensation and Nominating Committees.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 22,000<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Hans C. Mautner</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
63</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Vice Chairman of our Boards since 1998 and prior to that Chairman of the Board of Directors and Chief Executive Officer of Corporate Property Investors,&nbsp;Inc. ("CPI") and Corporate Realty Consultants,&nbsp;Inc. ("CRC") from 1989 to 1998. A
director of CPI from 1973 to 1998 and of CRC from 1975 to 1998. Served as Vice President of CPI from 1972 to 1973. Appointed Executive Vice President in 1973. Elected President of CPI and CRC in 1976, elected Chairman and President in 1988, and
elected Chairman, President and Chief Executive Officer of CPI and CRC in 1989. Prior to joining CPI, Mr.&nbsp;Mautner was a General Partner of Lazard Freres. A board member for various funds in The Dreyfus Family of Funds. Member of our Executive
Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 794,613<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="RIGHT"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=2,SEQ=12,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=679866,FOLIO='8',FILE='DISK033:[01CHI8.01CHI2138]DI2138A.;26',USER='DINGRAM',CD='28-MAR-2001;15:28' -->
<A NAME="page_di2138_1_9"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>NOMINEES FOR DIRECTOR TO BE ELECTED BY HOLDERS OF VOTING SHARES<BR>
(continued)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
G. William Miller</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
76</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Chairman of the Board and Chief Executive Officer of G. William Miller&nbsp;&amp; Co. Inc., a merchant banking firm, since 1983. A former Secretary of the U.S. Treasury and a former Chairman of the Federal Reserve Board. From January&nbsp;1990 until
February&nbsp;1992, Chairman and Chief Executive Officer of Federated Stores,&nbsp;Inc., the parent company of predecessors to Federated Department Stores,&nbsp;Inc. A director of HomePlace of America,&nbsp;Inc., GS Industries,&nbsp;Inc. and Repligen
Corporation. Our director since 1998 and prior to that a director of the Predecessor Company since 1996. Member of our Audit and Nominating Committees.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 22,440<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
J. Albert Smith, Jr.</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
60</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Managing Director of Bank One Corporation since October&nbsp;1998. President of Bank One, Indiana, NA, a commercial bank, from September&nbsp;1994 until October&nbsp;1998. From 1974 until September&nbsp;1994, President of Banc One Mortgage
Corporation, a mortgage banking firm. Our director since 1998 and prior to that a director of the Predecessor Company since 1993. Member of our Audit Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 27,000<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- insert table folio -->

<P><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=3,SEQ=13,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=1024712,FOLIO='9',FILE='DISK033:[01CHI8.01CHI2138]DI2138A.;26',USER='DINGRAM',CD='28-MAR-2001;15:28' -->
<A NAME="page_di2138_1_10"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>NOMINEES FOR DIRECTOR TO BE ELECTED BY HOLDERS OF VOTING SHARES<BR>
(continued)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Pieter S. van den Berg</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
55</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Director Controller of PGGM, a Dutch pension fund, since 1991. Our director since 1998.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 11,000<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Philip J. Ward</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
52</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Senior Managing Director, Head of Real Estate Investments, for CIGNA Investments,&nbsp;Inc., a wholly-owned subsidiary of CIGNA Corporation. Member of the International Council of Shopping Centers, the Urban Land Institute, the National Association
of Industrial and Office Parks and the Society of Industrial and Office Realtors. Our director since 1998 and prior to that a director of the Predecessor Company since 1996. Member of our Compensation Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 18,830<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="RIGHT"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=4,SEQ=14,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=925896,FOLIO='10',FILE='DISK033:[01CHI8.01CHI2138]DI2138A.;26',USER='DINGRAM',CD='28-MAR-2001;15:28' -->
<A NAME="page_di2138_1_11"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>NOMINEES FOR DIRECTOR TO BE ELECTED BY HOLDERS OF SPG CLASS B COMMON</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Melvin Simon</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
74</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Co-Chairman of the Board of the Companies since 1998 and prior to that Co-Chairman of the Board and a director of the Predecessor Company since its incorporation. Co-Chairman of the Board of Melvin Simon&nbsp;&amp; Associates,&nbsp;Inc. ("MSA"), a
company Mr.&nbsp;Simon founded in 1960 with his brother, Herbert Simon. Member of our Executive Committee.<SUP>(7)</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 7,374,701<SUP>(6)</SUP><BR>
Percent of Paired Shares: 4.1%<BR>
Units: 7,149,491<BR>
Percent of Units: 3.0%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Herbert Simon</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
66</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Co-Chairman of the Board of the Companies since 1998 and prior to that a director of the Predecessor Company since its incorporation. Chief Executive Officer of the Predecessor Company from its incorporation to 1995, when Mr.&nbsp;Simon was appointed
Co-Chairman of the Board. Co-Chairman of the Board of MSA. A director of Kohl's Corporation, a specialty retailer. Member of our Compensation, Executive and Nominating Committees.<SUP>(7)</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 5,808,911<SUP>(6)</SUP><BR>
Percent of Paired Shares: 3.2%<BR>
Units: 5,571,960<BR>
Percent of Units: 2.4%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>
<!-- insert table folio -->

<P><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=5,SEQ=15,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=823058,FOLIO='11',FILE='DISK033:[01CHI8.01CHI2138]DI2138A.;26',USER='DINGRAM',CD='28-MAR-2001;15:28' -->
<A NAME="page_di2138_1_12"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>NOMINEES FOR DIRECTOR TO BE ELECTED BY HOLDERS OF SPG CLASS B COMMON<BR>
(continued)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
David Simon</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
39</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Our Chief Executive Officer and a director since 1998. Prior to that Chief Executive Officer of the Predecessor Company since 1995 and a director of the Predecessor Company since its incorporation. President of the Predecessor Company from its
incorporation until 1996. Executive Vice President of MSA since 1990. From 1988 to 1990, Vice President of Wasserstein Perella&nbsp;&amp; Company, a firm specializing in mergers and acquisitions. The son of Melvin Simon, the nephew of Herbert Simon
and a director of First Health Group Corp. Member of our Executive and Nominating Committees.<SUP>(7)</SUP></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 3,079,342<SUP>(8)</SUP><BR>
Percent of Paired Shares: 1.7%<BR>
Units: 2,725,092<BR>
Percent of Units: 1.2%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Richard S. Sokolov</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
51</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Our President and Chief Operating Officer and a director since 1998 and prior to that a director of the Predecessor Company since 1996. President and Chief Executive Officer and a director of DeBartolo Realty Corporation ("DRC") from its
incorporation until it merged with the Predecessor Company in 1996. Prior to that Mr.&nbsp;Sokolov had served as Senior Vice President, Development of EJDC since 1986 and as Vice President and General Counsel since 1982. A trustee and a member of the
Executive Committee of the International Council of Shopping Centers. Member of our Executive Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 483,370<BR>
Percent of Paired Shares: *<BR>
Units: 60,835<BR>
Percent of Units: *</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="RIGHT"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<!-- ZEQ.=6,SEQ=16,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1",CHK=129924,FOLIO='12',FILE='DISK033:[01CHI8.01CHI2138]DI2138A.;26',USER='DINGRAM',CD='28-MAR-2001;15:28' -->
<A NAME="page_di2138_1_13"> </A>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER"><FONT SIZE=2>CURRENT DIRECTORS WHO ARE NOT NOMINEES</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Robert E. Angelica</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
54</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Mr.&nbsp;Angelica is currently an Independent Director and has chosen not to stand for reelection. Chairman and Chief Executive Officer of the AT&amp;T Investment Management Corporation, a position assumed during 1999. Mr.&nbsp;Angelica began his
career at AT&amp;T in 1978. A director of the Batterymarch Global Emerging Markets Fund and The India Magnum Fund, Ltd. Our director since 1998 and prior to that a director of CPI since 1997. Member of our Compensation Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 9,000<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
Fredrick W. Petri</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
54</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Mr.&nbsp;Petri is currently a Class&nbsp;C Director. A partner of Petrone, Petri&nbsp;&amp; Company, a real estate investment firm Mr.&nbsp;Petri founded in 1993, and an officer of Housing Capital Company since its formation in 1994. Prior to that,
an Executive Vice President of Wells Fargo Bank, where for over 18 years Mr.&nbsp;Petri held various real estate positions. Previously a member of the Board of Governors and a Vice President of the National Association of Real Estate Investment
Trusts and a director of the National Association of Industrial and Office Park Development. Mr.&nbsp;Petri is also a trustee of the Urban Land Institute and the University of Wisconsin's Real Estate Center. Our director since 1998 and prior to that
a director of the Predecessor Company since 1996. Member of our Compensation and Audit Committees.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 31,160<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>
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<P><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER"><FONT SIZE=2>CURRENT DIRECTORS WHO ARE NOT NOMINEES<BR>
(continued)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
M. Denise DeBartolo York</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Ms.&nbsp;DeBartolo York is currently a Class&nbsp;C Director. Chairman of The DeBartolo Corporation. Previously served as Chairman of the Board of EJDC and in other executive capacities with EJDC for more than five years. Our director since 1998 and
prior to that a director of the Predecessor Company since 1996. Member of our Nominating Committee.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 1,330,104<SUP>(9)</SUP><BR>
Percent of Paired Shares: *<BR>
Units: 1,290,439<BR>
Percent of Units: *</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER"><FONT SIZE=2>NAMED EXECUTIVE OFFICERS WHO ARE NOT DIRECTORS</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
James A. Napoli</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Our Executive Vice President&#151;Leasing.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 116,823<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
James M. Barkley</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
Our General Counsel and Secretary.</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 137,455<BR>
Percent of Paired Shares: *<BR>
Units: 0<BR>
Percent of Units: &#151;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>
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<P ALIGN="RIGHT"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
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<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7 ALIGN="CENTER"><FONT SIZE=2>ALL DIRECTORS AND EXECUTIVE OFFICERS AS A GROUP<SUP>(10)</SUP></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
21 Persons</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%" ALIGN="RIGHT"><FONT SIZE=2><BR>
Paired Shares: 63,326,302<BR>
Percent of Paired Shares: 27.3%<BR>
Units: 56,497,281<BR>
Percent of Units: 24.0%</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="23%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="42%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="100%" COLSPAN=7><HR NOSHADE></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="72">
<DL compact>
<DT><FONT SIZE=1>*</FONT></DT><DD><FONT SIZE=1>Less
than one percent
<BR><BR></FONT></DD><DT><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Includes
the following Paired Shares that may be purchased pursuant to stock options that are exercisable within 60 days: David
Simon&#151;230,000; Richard M. Sokolov&#151;20,000; Hans C. Mautner&#151;440,539; M. Denise DeBartolo York&#151;9,000; Birch Bayh&#151;21,000; G. William
Miller&#151;18,360; Fredrick W. Petri&#151;18,360; J. Albert Smith, Jr.&#151;26,000; Philip J. Ward&#151;17,000; Robert E. Angelica&#151;9,000; Pieter S. van den
Berg&#151;11,000; James A. Napoli&#151;58,000; James M. Barkley&#151;83,000; and all directors and executive officers as a group&#151;1,264,534. Pieter S. van den Berg has
assigned the economic benefit of his stock options to PGGM, a Dutch pension fund. Includes 68,354 Paired Shares issuable upon conversion of SPG Series&nbsp;B Convertible Preferred Stock, par value
$.0001 per share ("SPG Series&nbsp;B Preferred") which are owned by Hans C. Mautner.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Includes
the following Paired Shares that may be received upon exchange of Units held by the following persons on March&nbsp;16, 2001: David
Simon&#151;2,725,092; Herbert Simon&#151;5,571,960; Melvin Simon&#151;7,149,491; Richard S. Sokolov&#151;60,835; M. Denise DeBartolo York&#151;1,290,439; and all
directors and executive officers as a group&#151;56,497,281. Units held by limited partners are exchangeable either for Paired Shares (on a one-to-one basis) or for cash as selected by the
Independent Directors.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Includes
the following restricted shares which are subject to vesting requirements: David Simon&#151;41,940; Richard S.
Sokolov&#151;140,292; James A. Napoli&#151;17,565; James M. Barkley&#151;15,605; and all directors and executive officers as a group&#151;295,649.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>At
March&nbsp;16, 2001, there were 168,757,265 shares of SPG Common, 3,200,000 shares of SPG Class&nbsp;B Common, 4,000 shares of SPG
Class&nbsp;C Common and 51,059 shares of SPG Series&nbsp;A Preferred outstanding. Upon the occurrence of certain events, shares of SPG Class&nbsp;B Common and SPG Class&nbsp;C Common convert
automatically into SPG Common (on a share-for-share basis). No officer or director beneficially owns shares of SPG Series&nbsp;A Preferred. These percentages assume the exercise of stock options,
exchange of Units for Paired Shares and conversion of SPG Series&nbsp;B Preferred only by the applicable beneficial owner.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>At
March&nbsp;16, 2001, there were 235,222,881 outstanding Units of which the Companies owned, directly or indirectly, 170,290,321 or 72.4%. These
percentages assume that no Units are exchanged for Paired Shares.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Does
not include 15,172,723 Paired Shares and Units held by Melvin Simon&nbsp;&amp; Associates,&nbsp;Inc. and certain related persons and entities.
See "PRINCIPAL STOCKHOLDERS."
<BR><BR></FONT></DD><DT><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>Messrs.&nbsp;Melvin
Simon, Herbert Simon and David Simon are officers of the indirect general partner of SZS 33 Associates, L.P., a Delaware
limited partnership ("SZS"), that filed a bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York on October&nbsp;12, 1998 as part of a prepackaged Chapter 11
plan (the "Plan"). The Plan was confirmed on January&nbsp;13, 1999, and the assets of SZS were transferred to a creditor on February&nbsp;24, 1999.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Includes
Units owned by trusts of which David Simon is a beneficiary.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Does
not include Paired Shares and Units held by EJDC and certain related persons and entities. See "PRINCIPAL STOCKHOLDERS."
<BR><BR></FONT></DD><DT><FONT SIZE=1>(10)</FONT></DT><DD><FONT SIZE=1>Includes
Paired Shares and Units held by EJDC, Melvin Simon&nbsp;&amp; Associates,&nbsp;Inc. and certain related persons and entities. See
"PRINCIPAL STOCKHOLDERS." </FONT></DD></DL>

<P><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dk2138_principal_stockholders"> </A>
<A NAME="toc_dk2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>PRINCIPAL STOCKHOLDERS    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information concerning each person (including any group) known to us to beneficially own more than five percent (5%) of
any class of voting securities of the Companies as of March&nbsp;16, 2001. Unless otherwise indicated in the footnotes, shares are owned directly, and the indicated person has sole voting and
investment power. </FONT></P>

<HR NOSHADE>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="25%" COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>SPG Common Stock<SUP>(1)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" COLSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>SPG Series&nbsp;A Preferred</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="49%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Address of<BR>
Beneficial Owner</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Number<BR>
of Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>%<SUP>(2)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="CENTER"><FONT SIZE=1><B>Number<BR>
of Shares</B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>%</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
Alaska Permanent Fund Corporation<BR>
&nbsp;&nbsp;801 West 10<SUP>th</SUP> Street<BR>
Suite&nbsp;302<BR>
Juneau, AK 99801-4100</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
2,620,637</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><SUP>(3)</SUP></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
1.50</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
49,821</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
97.58</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
The Edward J. DeBartolo Corporation, et al.<SUP>(4)</SUP><BR>
&nbsp;&nbsp;7620 Market Street<BR>
Youngstown, OH 44513</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
21,802,993</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><SUP>(5)</SUP></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
11.14</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
Kuwait Investment Authority<BR>
&nbsp;&nbsp;Ministries Complex, Block No. 3<BR>
Third Floor<BR>
Kuwait&#151;State of Kuwait</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
11,352,647</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><SUP>(6)</SUP></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
6.45</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
Melvin Simon&nbsp;&amp; Associates,&nbsp;Inc., et al.<SUP>(7)</SUP><BR>
&nbsp;&nbsp;115 W. Washington Street<BR>
Indianapolis, IN 46204</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
28,356,335</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><SUP>(8)</SUP></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
14.09</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="BOTTOM">
<TD WIDTH="49%" VALIGN="TOP"><FONT SIZE=2><BR>
PGGM<BR>
&nbsp;&nbsp;Kroostweg Noord 149<BR>
3704 EC Zeist<BR>
The Netherlands</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="15%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
12,102,817</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR><SUP>(9)</SUP></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
6.94</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
0</FONT></TD>
<TD WIDTH="3%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE></DIV>
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<HR NOSHADE>
<HR NOSHADE ALIGN="LEFT" WIDTH="72">
<DL compact>
<DT><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>SPG
Common Stock includes shares of SPG Common, SPG Class&nbsp;B Common and SPG Class&nbsp;C Common, including their respective paired proportionate beneficial ownership
interests in SRC Shares. Upon the occurrence of certain events, shares of SPG Class&nbsp;B Common and SPG Class&nbsp;C Common convert automatically into SPG Common (on a share-for-share basis). At
the option of the holders of the SPG Series&nbsp;A Preferred, such shares convert into shares of SPG Common (at the rate of approximately 37.995 shares of SPG Common for each share of SPG
Series&nbsp;A Preferred). Also assumes conversion of SPG Series&nbsp;B Preferred, which is convertible into SPG Common (at the rate of approximately 2.586 shares of SPG Common for each share of
SPG Series&nbsp;B Preferred) at the option of the holders. The amounts in the table also include Paired Shares that may be issued upon the exchange of Units. Units held by limited partners are
exchangeable either for Paired Shares (on a one-to-one basis) or for cash as selected by the Independent Directors.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>Assumes
the exercise of stock options, exchange of Units for Paired Shares and conversion of SPG Series&nbsp;B Preferred by the subject holder only. Also assumes conversion of SPG
Series&nbsp;A Preferred by all holders.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(3)</FONT></DT><DD><FONT SIZE=1>Includes
1,892,967 shares of SPG Common issuable upon conversion of SPG Series&nbsp;A Preferred, 66,873 shares issuable upon conversion of SPG Series&nbsp;B Preferred and
660,797 outstanding shares of SPG Common. </FONT></DD></DL>
<P ALIGN="RIGHT"><FONT SIZE=2>16</FONT></P>

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<DL compact>
<DT><FONT SIZE=1>(4)</FONT></DT><DD><FONT SIZE=1>The
beneficial owners of the securities are EJDC, directly or indirectly, the estate of the late Edward J. DeBartolo, members of the DeBartolo family, including Edward J. DeBartolo,
Jr. and M. Denise DeBartolo York, or trusts established for the benefit of members of the DeBartolo family or partnerships in which the foregoing persons hold partnership interests.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(5)</FONT></DT><DD><FONT SIZE=1>Includes
39,665 shares of SPG Common currently outstanding, 21,759,328 shares of SPG Common issuable upon exchange of Units and 4,000 outstanding shares of SPG Class&nbsp;C
Common.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(6)</FONT></DT><DD><FONT SIZE=1>Includes
9,184,830 shares of SPG Common currently outstanding and 2,167,817 shares of SPG Common issuable upon conversion of 838,273 shares of SPG Series&nbsp;B Preferred.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(7)</FONT></DT><DD><FONT SIZE=1>This
group consists of Melvin Simon&nbsp;&amp; Associates,&nbsp;Inc. ("MSA"), a wholly owned subsidiary of MSA, Melvin Simon and Herbert Simon. MSA is owned 69% by Melvin Simon and
31% by Herbert Simon.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(8)</FONT></DT><DD><FONT SIZE=1>Includes
969,061 shares of SPG&nbsp;Common currently outstanding, 24,187,274 shares of SPG Common issuable upon exchange of Units and 3,200,000 shares of SPG Class&nbsp;B Common
currently held by MSA, Melvin Simon and Herbert Simon. Does not include 10,751,431 shares of SPG Common and Units held by David Simon and family trusts of the Simons over which MSA, Melvin Simon and
Herbert Simon do not have voting or dispositive power.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(9)</FONT></DT><DD><FONT SIZE=1>Includes
11,667,996 shares of SPG Common currently outstanding and 434,821 shares of SPG Common issuable upon conversion of 168,141 shares of SPG Series&nbsp;B Preferred. </FONT></DD></DL>

<P><FONT SIZE=2>17</FONT></P>

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<A NAME="toc_dm2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>ITEM 2&#151;APPROVAL OF AUDITORS    <BR>  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The Boards of Directors have selected Arthur Andersen LLP as our independent accountants for 2001, subject to the approval of our stockholders. The Report of the Audit Committee
(which appears below) contains information on the amount of fees paid to Arthur Andersen LLP during 2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
expect that representatives of Arthur Andersen LLP will be present at the Meetings and will be available to respond to appropriate questions. They will also have an opportunity to
make a statement if they desire to do so. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>The Boards of Directors unanimously recommend a vote FOR ratification of Arthur Andersen LLP as our independent accountants for the year 2001.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="dm2138_report_of_the_audit_committee"> </A>
<A NAME="toc_dm2138_2"> </A>
<BR>    REPORT OF THE AUDIT COMMITTEE    <BR>  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;We have reviewed and discussed with management the Companies' audited financial statements as of and for the year ended December&nbsp;31, 2000. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have discussed with Arthur Andersen LLP (the "Auditors") the matters required to be discussed by Statement on Auditing Standards No. 61, Communication with Audit Committees, as
amended, by the Auditing Standards Board of the American Institute of Certified Public Accountants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have received and reviewed the written disclosures and the letter from the Auditors required by Independence Standard No. 1, Independence Discussions with Audit Committees, as
amended, by the Independence Standards Board, and have discussed with the Auditors the Auditors' independence. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Auditors have advised the Companies that they have billed or will bill the Companies the below indicated amounts for the following categories of services for the year ended
December&nbsp;31, 2000: </FONT></P>

<UL>

<P><FONT SIZE=2>Audit
of the Companies' annual financial statements for the year ended December&nbsp;31, 2000 and review of the financial statements included in the Companies' quarterly reports on Forms 10-Q for
that year $0.58 million </FONT></P>

<P><FONT SIZE=2>All
other services $1.617 million </FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Companies did not incur any fees for services provided by the Auditors related to financial information systems design and implementation for the year ended December&nbsp;31,
2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Based
on the reviews and discussions referred to above, we recommended to the Boards of Directors that the financial statements referred to above be included in the Companies' Annual
Report on Form 10-K for the year ended December&nbsp;31, 2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We
have also considered whether the provision of services by the Auditors not related to the audit of the financial statements referred to above and to the reviews of the interim
financial statements included in the Companies' Forms 10-Q for the quarters ended March&nbsp;31, 2000, June&nbsp;30, 2000 and September&nbsp;30, 2000 is compatible with maintaining the Auditors'
independence. </FONT></P>

<P><FONT SIZE=2><B>The Audit Committee:</B></FONT></P>

<P><FONT SIZE=2>J.
Albert Smith, Jr., Chairman<BR>
G. William Miller<BR>
Fredrick W. Petri </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>18</FONT></P>

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<A NAME="toc_do2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information regarding compensation paid by us and by our predecessors during each of the last three years to our Chief Executive
Officer and each of our four other most highly compensated executive officers, based on salary and bonus earned during 2000 (the "Named Executives"). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Summary Compensation Table  </B></FONT></P>

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<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" COLSPAN=5 ALIGN="CENTER"><FONT SIZE=1><B>Annual Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="28%" COLSPAN=7 ALIGN="CENTER"><FONT SIZE=1><B>Long-Term Compensation</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="15%" ALIGN="CENTER"><FONT SIZE=1><B>Name and Principal<BR>
Position</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="4%" ALIGN="CENTER"><FONT SIZE=1><B>Year</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Salary</B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Bonus<SUP>(1)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="8%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Restricted Stock Awards<SUP>(2)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Securities Underlying Options<SUP>(3)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>LTIP Payouts<SUP>(4)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="1%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>All Other Compensation<SUP>(5)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="18%"><FONT SIZE=1>&nbsp;</FONT></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
David Simon<BR>
Chief Executive Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000<BR>
1999<BR>
1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
800,000<BR>
800,000<BR>
800,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
375,000<BR>
450,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,551,000<BR>
1,057,500<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,598<BR>
8,450<BR>
9,394</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
Hans C. Mautner<BR>
Vice Chairman</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000<BR>
1999<BR>
1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
728,000<BR>
728,545<BR>
626,676</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR><SUP>(6)</SUP><BR><BR></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
125,000<BR>
250,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
62,500<BR>
237,500</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
160,350<BR>
6,120<BR>
12,197,459</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2><BR><SUP>(7)</SUP><BR><BR><SUP>(8)</SUP></FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
Richard S. Sokolov<BR>
President and Chief Operating Officer</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000<BR>
1999<BR>
1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
600,000<BR>
600,000<BR>
608,654</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
375,000<BR>
375,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
775,500<BR>
705,000<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,805<BR>
8,046<BR>
34,529</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
James A. Napoli<BR>
Executive Vice President&#151;Leasing</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000<BR>
1999<BR>
1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
467,308<BR>
421,154<BR>
409,927</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
250,000<BR>
250,000<BR>
250,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
323,125<BR>
293,750<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,922<BR>
8,800<BR>
11,392</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="15%"><FONT SIZE=2><BR>
James M. Barkley<BR>
General Counsel&nbsp;&amp; Secretary</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2000<BR>
1999<BR>
1998</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
376,923<BR>
355,553<BR>
334,498</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
200,000<BR>
200,000<BR>
200,000</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000<BR>
&#151;<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="8%" ALIGN="RIGHT"><FONT SIZE=2><BR>
323,125<BR>
293,750<BR>
&#151;</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$<BR><BR></FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
9,910<BR>
8,800<BR>
8,800</FONT></TD>
<TD WIDTH="18%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE ALIGN="LEFT" WIDTH="72">
<DL compact>
<DT><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Bonus
awards are accrued in the year indicated and paid in the following year.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>The
number and value of the aggregate restricted stock holdings of each of the Named Executives at December&nbsp;31, 2000, excluding the performance-based restricted stock
discussed in footnote (4) below, are as follows: David Simon&#151;17,062 shares, $409,488; Hans C. Mautner&#151;0 shares, $0; Richard S. Sokolov&#151;151,016 shares, $3,624,384;
James A. Napoli&#151;17,062 shares, $409,488; James M. Barkley&#151;14,125 shares, $339,000. The values are calculated by multiplying the number of restricted shares held by each Named
Executive by $24.00, the December&nbsp;31, 2000 closing price of SPG Common, paired with a beneficial interest in SRC Shares, as reported by the New York Stock Exchange.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Represents
number of shares of SPG Common, paired with a beneficial interest in SRC Shares.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Represents
the value of shares of performance-based restricted stock allocated to the Named Executives on March&nbsp;26, 2001 for 2000 and on March&nbsp;23, 2000 for 1999, under
the Companies' 1999 stock incentive program. These awards are subject to further vesting requirements.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Represents
annualized amounts of (i)&nbsp;employer paid contributions to the 401(k) retirement plan and (ii)&nbsp;company paid employee and dependent life insurance premiums.
Employer contributions to the 401(k) retirement plan become vested 30% after completion of three years of service, 40% after four years and an additional 20% after each additional year until fully
vested after seven years.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Includes
compensation payable by a non-U.S. affiliate of the Companies for his non-U.S.-based services.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Includes
$151,000 in housing allowance paid in connection with his relocation outside the U.S.
<BR><BR></FONT></DD><DT><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Includes
a one-time payment made by CPI immediately prior to and in connection with the CPI Merger to Hans C. Mautner of $9,700,000. Also includes forgiveness of a $2,497,459 debt
relating to shares of CPI stock purchased under the CPI Employee Share Purchase Plan. Such debt was forgiven pursuant to the terms of and in connection with the CPI Merger. Does not include taxes in
the amount of $2,728,322 paid by CPI on behalf of Mr.&nbsp;Mautner immediately prior to and in connection with the CPI Merger. </FONT></DD></DL>

<P><FONT SIZE=2>19</FONT></P>

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<A NAME="page_do2138_1_20"> </A>

<P><FONT SIZE=2><B>Options Granted in 2000  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table shows all stock options granted to the Named Executives who were granted options in 2000. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>OPTION GRANTS IN 2000  </B></FONT></P>

<HR NOSHADE>

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<TH WIDTH="69%" COLSPAN=9 ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Individual Grants</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="29%" COLSPAN=5 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Potential Realizable Value at Assumed Annual Rates of Stock Price Appreciation for Option Term</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>% of Total Options Granted to Employees in 2000</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="11%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B># of Securities Underlying Options<SUP>(1)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="9%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Exercise or Base Price ($/Share)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Expiration Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="21%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>5%</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>10%</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
David Simon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
10.3</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.4063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
03/23/10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,104,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2,797,500</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
Richard S. Sokolov</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
6.9</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.4063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
03/23/10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
736,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1,865,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
James A. Napoli</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.4063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
03/23/10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
294,400</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
746,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="21%"><FONT SIZE=2><BR>
James M. Barkley</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
2.8</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>%</FONT></TD>
<TD WIDTH="9%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.4063</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
03/23/10</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
294,400</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="11%" ALIGN="RIGHT"><FONT SIZE=2><BR>
746,000</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<HR NOSHADE ALIGN="LEFT" WIDTH="72">
<DL compact>
<DT><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Represents
number of shares of SPG Common paired with a beneficial interest in SRC Shares. </FONT></DD></DL>

<P><FONT SIZE=2><B>Option Exercises and Year-End Values  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth information with respect to the unexercised stock options granted to Named Executives and held by them at December&nbsp;31,
2000. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>AGGREGATED OPTION EXERCISES IN 2000 AND<BR>
DECEMBER 31, 2000 OPTION VALUES  </B></FONT></P>

<HR NOSHADE>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="93%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=4><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="26%" COLSPAN=3 ROWSPAN=4 ALIGN="CENTER"><FONT SIZE=1><B>Number of Securities Underlying Unexercised Options at December&nbsp;31, 2000<SUP>(1)</SUP></B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="28%" COLSPAN=5 ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Value of Unexercised In-the-Money Options at December&nbsp;31, 2000<SUP>(2)</SUP></B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=3><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ROWSPAN=3 ALIGN="CENTER"><FONT SIZE=1><B>Shares Acquired on Exercise</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="LEFT"><FONT SIZE=1>&nbsp;</FONT><BR></TH>
<TH WIDTH="2%" ROWSPAN=2><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ROWSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Value Realized</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="4%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Exercisable</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" COLSPAN=2 ALIGN="CENTER"><FONT SIZE=1><B>Unexercisable</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
David Simon</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
200,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
350,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>$</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
44,527</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Hans C. Mautner</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
440,539</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
110,417</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
Richard S. Sokolov</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
29,685</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
James A. Napoli</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
50,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
87,500</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11,874</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="20%"><FONT SIZE=2><BR>
James M. Barkley</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="RIGHT"><FONT SIZE=2><BR>
&#151;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
75,000</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
20,000</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
131,250</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11,874</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<HR NOSHADE ALIGN="LEFT" WIDTH="72">
<DL compact>
<DT><FONT SIZE=1>(1)</FONT></DT><DD><FONT SIZE=1>Represents
number of shares of SPG Common paired with a beneficial interest in SRC Shares.
<BR><BR></FONT></DD><DT><FONT SIZE=1>(2)</FONT></DT><DD><FONT SIZE=1>The
closing price of the SPG Common, paired with a beneficial interest in SRC Shares, as reported by the New York Stock Exchange on December&nbsp;31, 2000 was $24.00. Value is
calculated on the basis of the difference between the exercise price and $24.00, multiplied by the number of shares of Common Stock underlying "in-the-money" options. </FONT></DD></DL>
<P ALIGN="RIGHT"><FONT SIZE=2>20</FONT></P>

<HR NOSHADE>
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<A NAME="page_do2138_1_21"> </A>

<P><FONT SIZE=2><B>Employment Agreements  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Employment Agreement with Hans C. Mautner.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Hans C. Mautner is a party to an employment
agreement with SPG (the "Mautner Agreement"). The Mautner Agreement has a term ending September&nbsp;24, 2003. Under the Mautner Agreement, Mautner receives an aggregate annual base salary of
$762,000 and is eligible to receive an annual aggregate bonus in an amount up to 135% of his annual base salary. The compensation payable under the Mautner Agreement is allocated between U.S.-based
and non-U.S.-based services. The severance provisions in the Mautner Agreement provide that, in the event Mautner is terminated by SPG other than for "Cause", death or disability, or by Mautner for
"Good Reason" (as those terms are defined in the Mautner Agreement), SPG will pay Mautner an amount equal to the product of three times the sum of (i)&nbsp;Mautner's then annual base salary and
(ii)&nbsp;his then annual bonus and will contribute an amount to the CPI Supplemental Executive Retirement Plan, as amended and restated effective as of August&nbsp;1, 1997 equal to 33% of the sum
of his annual base salary and bonus, as well as continue to provide certain employee benefits. In addition, all then outstanding unvested options granted to Mautner shall become immediately vested and
exercisable and remain exercisable for their original term. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Mautner Agreement contains a golden parachute excise tax gross-up provision, under which Mautner will be entitled to be made whole on excise taxes imposed under Section 4999 of
the Code. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Employment Agreement with Richard S. Sokolov.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;Richard S. Sokolov is a party to an employment
agreement with SPG (the "Sokolov Agreement"). The Sokolov Agreement has an initial term which ended August&nbsp;9, 1997 and provides for two automatic one-year extensions of the term unless either
party gives the other party notice that the term will not be extended. The Sokolov Agreement has been extended to August&nbsp;9, 2001. Under the Sokolov Agreement, Sokolov receives an annual base
salary currently of $600,000, subject to annual review and adjustment, and is eligible to receive a cash bonus of up to 75% of his base salary. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
severance provisions in the Sokolov Agreement provide that, in the event Sokolov is terminated by SPG other than for "Cause", death or disability, or by Sokolov for "Good Reason"
(as those terms are defined in the Sokolov Agreement), SPG will pay Sokolov an amount equal to the sum of all accrued and unpaid base salary plus one-year's then current base salary and bonus, and
accelerate the vesting of his unearned restricted stock grants. </FONT></P>

<P><FONT SIZE=2><B>Option Plans  </B></FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;General.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;During 2000, SPG maintained one option plan, the 1998 Stock Incentive Plan (the "1998
Plan"). Options outstanding under plans of the predecessors of the Companies were converted to similar awards under the 1998 Plan. Under the 1998
Plan, a maximum of 6,300,000 paired shares of common stock (subject to adjustment) are available for issuance to eligible officers, key employees, "Eligible Directors", advisors and consultants for
positions of substantial responsibilities with the Companies. "Eligible Directors" are directors of SPG who are not employees of the Companies or our affiliates. All officers, key employees, advisors
and consultants of the Companies and our affiliates (except for Melvin Simon and Herbert Simon) and all Eligible Directors are eligible to receive grants under and participate in the 1998 Plan. In
addition, Eligible Directors receive automatic grants, as described below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
1998 Plan is administered by the Compensation Committee of the SPG Board (the "Committee"). During the ten-year period following the adoption of the 1998 Plan, the Committee may
make the following types of grants: incentive stock options ("ISOs") within the meaning of section 422 of the Code, "nonqualified stock options" ("NQSOs" and together with ISOs, "Options"), stock
appreciation rights ("SARs"), performance units and shares of restricted or unrestricted SPG Common. Each share of SPG Common issued under the 1998 Plan, whether issued directly, or through the
exercise of an Option, will be paired with a beneficial interest in SRC Shares. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Discretionary Grants.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The terms and conditions of Options, SARs and restricted stock granted
under the 1998 Plan are set out in written agreements which will contain such provisions as the Committee from time to time deems appropriate. </FONT></P>


<P><FONT SIZE=2>21</FONT></P>

<HR NOSHADE>
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<A NAME="page_do2138_1_22"> </A>

<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;The terms of Options granted under the 1998 Plan are generally determined by the Committee within the terms of the 1998 Plan. The exercise price for any Option may not be less than
the fair market value of a paired share on the date of grant. No Option will be exercisable after the expiration of ten years from the date of its grant. The 1998 Plan provides that, unless otherwise
determined by the Committee, Options generally vest 40% on the first anniversary of the date of grant, an additional 30% on the second anniversary of the date of grant and become 100% vested three
years after the date of grant. The Option exercise price may be paid (i)&nbsp;by certified or official bank check, (ii)&nbsp;in the discretion of the Committee, by personal check, (iii)&nbsp;in
shares of SPG Common owned by the optionee for at least six months and which have a fair market value on the date of exercise equal to the exercise price, (iv)&nbsp;in the discretion of the
Committee, by delivery of a promissory note and agreement providing for payment with interest on any unpaid balance, (v)&nbsp;through a brokered exercise, (vi)&nbsp;by any combination of the
above, or (vii)&nbsp;by any other means permitted by the Committee, in its discretion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A
SAR may be granted in connection with all or any part of an Option granted under the 1998 Plan or may be granted independent of any Option. SARs granted in connection with an Option
will become exercisable and lapse according to the same vesting schedule and lapse rules&nbsp;that are established for the corresponding Option. SARs granted independent of any Option will vest and
lapse according to the terms and conditions set by the Committee. A SAR will entitle its holder to be paid an amount equal to the excess of the fair market value of the SPG Common subject to the SAR
on the date of exercise over the exercise price of the related Option, in the case of a SAR granted in connection with an Option, or the fair market value of the paired shares of common stock subject
to the SAR on the date of exercise over the fair market value on the date of grant in the case of a SAR granted independent of an Option. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the discretion of the Committee, certificates representing restricted stock earned and awarded may (i)&nbsp;be issued to a grantee bearing an appropriate legend
specifying that such shares are subject to restrictions or (ii)&nbsp;be held in escrow until the end of the restricted period set by the Committee. During the restricted period, restricted stock
will be subject to transfer restrictions and forfeiture in the event of termination of employment with the Companies or any of our affiliates and such other restrictions and conditions established by
the Committee at the time the restricted stock is granted. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To
the extent deemed necessary and desirable by the Committee, the terms and conditions of performance unit awards granted under the 1998 Plan will be set out in written agreements.
Performance unit awards provide for future payment of cash, or any other equivalent consideration deemed appropriate by the Committee, to the grantee upon the attainment of certain "Performance Goals"
(as defined in the 1998 Plan) established by the Committee over specified periods. At the end of each performance award period, the Committee decides the extent to which the Performance Goals have
been attained and the amount of cash, or other consideration, to be distributed to the grantee. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Automatic Grants For Eligible Directors.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;The 1998 Plan provides for automatic grants of Options
("Director Options") to Eligible Directors. Upon the first day of the first calendar month following the month in which any person first becomes an Eligible Director, such person will be automatically
granted without further action by the SPG Board, a Director Option to purchase 5,000 paired shares of common stock (an "Initial Award"). Thereafter, on the date of each SPG annual meeting of
stockholders (the "Annual Meeting") held after January&nbsp;1, 1999, each Eligible Director who continues as an Eligible Director will automatically be granted each year, without further action by
the SPG Board, a Director Option to purchase 3,000 shares multiplied by the number of calendar years that have elapsed since such person's last election to the Board of Directors (the "Annual Award");
provided, however, that if any person becomes an Eligible Director during the 60-day period prior to the Annual Meeting in any year, then such Eligible Director will not receive the Annual Award. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price per share of Director Options is 100% of the fair market value of the paired shares of common stock on the date the Director Option is granted. All Director Options
shall become vested and exercisable on the first anniversary of the date of grant or such earlier time in the event of a "Change in Control" (as defined in the 1998 Plan). </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>22</FONT></P>

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<P><FONT SIZE=2>
Upon termination of any person's service as an Eligible Director, all Director Options granted will expire 30 days following the date of termination. </FONT></P>

<P><FONT SIZE=2><B><I>&nbsp;&nbsp;&nbsp;&nbsp;Stock Incentive Programs.</I></B></FONT><FONT SIZE=2>&nbsp;&nbsp;During 1999, a two-year stock incentive program was created under the
terms of the 1998 Plan in which Options to purchase an aggregate of 1,595,000 paired shares of common stock and an aggregate of 2,556,250 restricted shares were allocated to a total of 206 executive
officers and employees. Options allocated under the 1999 stock incentive program will be granted only if the Companies attain annual and cumulative targets for growth in Funds From Operations for a
specific year and then will only become exercisable over a three year period from the date of grant. The exercise price per share of the Options will be the fair market value of the paired shares of
common stock on the date of grant and all Options will expire 10 years from the date of grant. The allocated restricted shares may be earned in
each of the two years of the program only if the Companies attain the specified targets for growth in Funds From Operations. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
determination of whether the Companies have achieved their targets for a particular year is made in March&nbsp;of the following year (the "Determination Date") and, to the
extent the targets have been achieved, a portion of the allocation of shares of restricted stock is deemed to be earned and is awarded as of the Determination Date. Options allocated under the 1999
stock incentive program will be granted as of the Determination Date and are subject to further vesting requirements after the date of grant. Although the participant is entitled to vote all
restricted shares that are earned and receive distributions on restricted shares as of the Determination Date, restricted shares that are earned vest in four installments of 25% each on
January&nbsp;1 of each year following the year in which the Determination Date occurs. The participant must continue to be employed on the day prior to the vesting date to receive the awards,
otherwise the awards are forfeited. </FONT></P>

<P><FONT SIZE=2><B>Incentive Bonus Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Incentive Bonus Plan (the "Bonus Plan") is intended to provide senior executives and key employees with opportunities to earn incentives based upon the
performance of the Companies, the participant's business unit and the individual participant. At the beginning of a year, the Committee specifies the maximum incentive pool available for distributions
and approves performance measures for each participant and three levels of performance that must be attained in order to trigger the award of the bonuses. Each participant's bonus award for the year
is expressed as a percentage of base salary, a fixed dollar amount, or a percentage of the available incentive pool. Bonus amounts for each year are determined in the following February&nbsp;with
disbursement in March. </FONT></P>

<P><FONT SIZE=2><B>Deferred Compensation Plan  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Companies have a non-qualified deferred compensation plan (the "Deferred Compensation Plan") that provides deferred compensation to certain executives and
key employees. Under the Deferred Compensation Plan, a participant may defer all or a part of his compensation. SPG, at its discretion, may contribute a matching amount equal to a rate selected by
SPG, and an additional incentive contribution amount on such terms as SPG may specify. All participant deferrals and matching and incentive contributions are credited to a participant's account and
remain general assets of SPG. A participant's elective deferrals are fully vested. Except in the case of death or disability of the participant or insolvency or a change in control of SPG, a
participant becomes vested in matching and incentive contributions 20% after one year of service and an additional 20% for each year thereafter. Upon death or disability of the participant or
insolvency or a change in control of SPG, a participant becomes 100% vested in his account. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;All
contributions under the Deferred Compensation Plan are deposited in what is commonly referred to as a "rabbi trust" arrangement pursuant to which the assets of the trust are
subject to the claims of SPG's general creditors in the event of SPG's insolvency. The trust assets are invested by the trustee in its sole discretion. Payments of a participant's elective deferrals
and vested matching contributions are made as elected by the participant. These amounts would be paid earlier in the event of termination of employment or death of the participant, an unforeseen
emergency affecting the participant or a change in control of SPG. </FONT></P>

<P><FONT SIZE=2>23</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dq2138_compensation_committee___dq202385"> </A>
<A NAME="toc_dq2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION    <BR>  </B></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2><B>General Principles  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;As a general matter, the Companies have adopted a compensation philosophy which embraces the concept of pay-for-performance. The Companies' strategy is to link
executive management compensation with the Companies' performance and stockholder return and to reward management for results that are consistent with the key goals of the Companies. This is described
further below under "2000 Executive Officer Compensation." The Companies believe that their compensation program attracts result-oriented employees and motivates them to achieve higher levels of
performance. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;It
is the Companies' policy to establish executive officer base salary at levels which are competitive in relation to comparable real estate investment trusts ("REITs"), while
providing significant additional compensation opportunities through programs which are linked directly to Company performance. </FONT></P>

<P><FONT SIZE=2><B>2000 CEO Compensation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;David Simon was paid a base salary of $800,000 for 2000 and received a cash bonus of $375,000 and was granted 150,000 Options in March&nbsp;2001 with respect
to 2000 performance. David Simon was allocated an aggregate of 200,000 Options and 105,000 restricted shares under the 1999 stock incentive program. Of these, 75,000 Options were granted in
March&nbsp;2000, 125,000 Options were granted in March&nbsp;2001, 45,000 restricted shares were earned and awarded in March 2000 and 60,000 restricted shares were earned and awarded in March 2001
because the Companies met their targets for growth in Funds From Operations for 1999 and 2000. These awards are subject to further vesting requirements. Based on information provided by third parties,
management believes that David Simon's total compensation in 2000 was in the 41st percentile for chief executive officers of a peer group of REITs. </FONT></P>

<P><FONT SIZE=2><B>2000 Executive Officer Compensation  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Companies compensate their executive officers through four principal elements, the third and fourth of which are intended to link executive compensation
more directly to increases in value of the Paired Shares: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Base
Pay.&nbsp;&nbsp;Base pay is determined through a review and analysis of peers in the REIT industry in order to determine reasonable and
competitive compensation levels.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Bonus
Plan.&nbsp;&nbsp;Under the Bonus Plan, participants have opportunities to participate in an incentive pool depending upon performance of the
Companies, the participant's business unit and the individual participant. Bonuses of $2,030,000 were paid in 2001 to the eleven (11) eligible executive officers with respect to 2000 performance. See
"EXECUTIVE COMPENSATION&#151;Incentive Bonus Plan."
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Option
Plan.&nbsp;&nbsp;At December&nbsp;31, 2000, eleven (11) eligible executive officers held vested options to acquire an aggregate of 1,134,814
shares that were previously granted under the 1998 Plan. Two (2) executive officers are not eligible to receive option grants.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Stock
Incentive Program.&nbsp;&nbsp;Under the 1999 stock incentive program, allocations of Options and restricted shares are earned if the
performance-based goals of the program are met. 293,500 Options and 168,000 restricted shares allocated to ten (10) of the eleven (11) eligible executive officers for 2000 were earned as of
March&nbsp;2001 because the Companies met the target for growth in Funds From Operations for 2000. These awards are subject to further vesting requirements. In addition, three (3) Named Executives
were granted an aggregate of 283,333 Options in March 2001 with respect to 2000 performance. Two (2) executive officers are not eligible to receive shares under the stock incentive program. See
"EXECUTIVE COMPENSATION&#151;Option </FONT></DD></DL>
</UL>
<P ALIGN="RIGHT"><FONT SIZE=2>24</FONT></P>

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<UL>
<UL>

<P><FONT SIZE=2>Plans&#151;Stock
Incentive Programs." The Companies believe that each element of their executive compensation program attracts results-oriented individuals and motivates them to achieve levels
of performance which are consistent with the performance goals of the Companies and their stockholders. </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2><B>The Compensation Committee:</B></FONT></P>

<P><FONT SIZE=2>Philip
J. Ward, Chairman<BR>
Robert E. Angelica<BR>
Birch Bayh<BR>
Fredrick W. Petri<BR>
Herbert Simon </FONT></P>

<P><FONT SIZE=2><B>COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Other than Herbert Simon, who is a Co-Chairman of the Board of the Companies, no member of the Compensation Committee during 2000 was an officer, employee or
former officer of the Companies or any of their subsidiaries or had any relationship requiring disclosure herein pursuant to SEC regulations. No executive officer of the Companies served as a member
of a compensation committee or a director of another entity under circumstances requiring disclosure herein pursuant to SEC regulations. </FONT></P>

<P><FONT SIZE=2>25</FONT></P>

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<A NAME="toc_ds2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>PERFORMANCE GRAPH    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The following line graph compares the percentage change in the cumulative total shareholder return on the Paired Shares from December&nbsp;31, 1995 through
December 31, 2000 (the period from December&nbsp;31, 1995 through September&nbsp;24, 1998 represents common stock of the Predecessor Company) as compared to the cumulative total return of the S&amp;P
Composite&#151;500 Stock Index and the NAREIT Equity REIT Total Return Index for the period December&nbsp;31, 1995 through December&nbsp;31, 2000. The graph assumes an investment of $100 on
December&nbsp;31, 1995, a reinvestment of dividends and actual increase of the market value of the Paired Shares relative to an initial investment of $100. The comparisons in this table are required
by the SEC and are not intended to forecast or be indicative of possible future performance of the Paired Shares. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <IMG SRC="g500449.jpg" ALT="LOGO" WIDTH="594" HEIGHT="412">  </B></FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>26</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du2138_certain_transactions"> </A>
<A NAME="toc_du2138_1"> </A>
<BR></FONT><FONT SIZE=2><B>CERTAIN TRANSACTIONS    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>Transactions with the Simons  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;SPG has entered into noncompetition agreements with Melvin Simon, Herbert Simon and David Simon (collectively, the "Simons"), all of whom are executive
officers of the Companies. Pursuant to such agreements and except as set forth below, Melvin Simon and Herbert Simon are prohibited from engaging in the shopping center business in North America other
than through SPG or as passive investors until the later of (i)&nbsp;December&nbsp;20, 2003, or (ii)&nbsp;the date that they are no longer directors or officers of SPG, and David Simon is
prohibited from engaging in the shopping center business in North America other than through SPG and, with certain exceptions, for two years thereafter if he resigns or is terminated for cause. These
restrictions will not prohibit Melvin Simon, Herbert Simon or David Simon from owning an interest in the properties in which the Simons previously owned an interest that were not contributed to the
predecessor of SPG in 1993 (the "Excluded Properties") and in M.S. Management Associates,&nbsp;Inc. (the "Management Company"), and serving as directors and officers of the Management Company. It is
anticipated that such commitments will not, in the aggregate, involve a material amount of time, but no assurance can be given in this regard. In addition, Melvin Simon and Herbert Simon may pursue
other investment activities in which they are currently engaged. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Simons continue to own, in whole or in part, the Excluded Properties. The Management Company has entered into management agreements with the partnerships that hold the Excluded
Properties, some of which agreements were not negotiated on an arms-length basis. Management believes, however, that the terms of such management agreements are fair to the Companies. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
Simons and certain of their family members may from time to time and are permitted by the Companies' conflicts of interest policies to invest in tenants in shopping centers owned
in whole or in part by the Companies or our affiliates, <U>provided</U> that (1)&nbsp;such investment does not exceed 25% of the outstanding equity capital of any such tenant,
(2)&nbsp;the Simon family has no right to participate in the day to day management of any such tenant and (3)&nbsp;any lease transaction between the Companies, Simon Property Group, L.P. (the
"Operating Partnership") and our respective affiliates and the tenant in which an investment has been made by a member of the Simon family is an arm's length transaction providing for payment of
prevailing market rents. As of December&nbsp;31, 2000, members of the Simon family or entities controlled by them have investments in four tenants in shopping centers owned in whole or in part by
SPG. The investments and the leases were entered into on terms consistent with the conflicts of interest policies set forth above. Such an investment may cause income from the applicable tenant to be
nonqualifying income for purposes of one of the tests for SPG's qualification as a REIT for federal income tax purposes. In this regard, rent received from a tenant will not be qualifying income if
SPG, or an owner of ten percent or more of SPG, directly or constructively owns ten percent or more of the tenant. Management believes that the amount of nonqualifying income due to these investments
under the foregoing income test does not, and future investments by the Simons will not, adversely impact SPG's qualification as a REIT. </FONT></P>

<P><FONT SIZE=2><B>Management Company  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Management Company manages regional malls and community shopping centers not wholly-owned by the Operating Partnership and certain other properties and
also engages in certain property development activities. Of the outstanding voting common stock of the Management Company, 95% is owned by the Simons, which will enable the Simons to control the
election of the board of directors of the Management Company. The Operating Partnership owns common stock representing 80% of the value of the outstanding stock of the Management Company, all of the
outstanding participating preferred stock of the Management Company and a mortgage note of the Management Company, which entitles SPG to more than 90% of the anticipated after-tax economic benefits,
in the form of dividends and interest, of the Management Company. The Management Company must receive the approval of a majority of the Independent Directors in order to provide services for any
property not currently managed by the Management </FONT></P>

<P><FONT SIZE=2>27</FONT></P>

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<P><FONT SIZE=2>
Company unless SPG owns at least a 25% interest in such property. The Management Company has agreed with SPG that, if in the future SPG is permitted by applicable tax law and regulations to conduct
any or all of the activities that are now being conducted by the Management Company, the Management Company will not compete with SPG with respect to new or renewal business of this nature. </FONT></P>

<P><FONT SIZE=2><B>Other Transactions  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Operating Partnership leases office space in Ohio from 7655 Corporation, an affiliate of EJDC, pursuant to a lease dated as of January&nbsp;1, 1999.
Ms.&nbsp;DeBartolo York, one of our directors, served as Chairman of the Board of EJDC during 2000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Phillip
J. Ward, one of our directors, is the Head of Real Estate Investments for CIGNA Investments,&nbsp;Inc., which has, or its affiliates have, made mortgage loans to us or our
affiliates, or entities in which we have an interest, totaling approximately $330.8 million as of December&nbsp;31, 2000. An affiliate of CIGNA is one of the providers under the Companies' group
health plan. These arrangements are considered to be arm's length agreements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;J.
Albert Smith, another of our directors, is a Managing Director of Bank One Corporation. Bank One Corporation is a participating lender in our $1.25 billion revolving credit
facility with a $76.5 million lending commitment, or 6.1% of the total facility. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du2138_annual_report"> </A>
<A NAME="toc_du2138_2"> </A>
<BR></FONT><FONT SIZE=2><B>ANNUAL REPORT    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our Annual Report for the year ended December&nbsp;31, 2000, including financial statements audited by Arthur Andersen LLP, independent accountants, and
their report thereon, is being mailed with this Proxy Statement. In addition, a copy of our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2000, will be sent to any
stockholder, without charge (except for exhibits, if requested, for which a reasonable fee will be charged), upon written request to Shelly&nbsp;J. Doran, Simon Property Group,&nbsp;Inc., Investor
Relations, P.&nbsp;O. Box 7033, Indianapolis, Indiana 46207. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="du2138_stockholder_proposals_at_2002_annual_meeting"> </A>
<A NAME="toc_du2138_3"> </A>
<BR></FONT><FONT SIZE=2><B>STOCKHOLDER PROPOSALS AT<BR>  2002 ANNUAL MEETING    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The date by which we must receive stockholder proposals for inclusion in the proxy materials relating to the 2002 annual meetings of stockholders is
December&nbsp;6, 2001. SPG must receive notice of any other stockholder proposals between February&nbsp;7, 2002 and March&nbsp;9, 2002, as more fully set forth in our By-laws. In the event that
the 2002 annual meeting of stockholders is called for a date that is not within thirty (30) days before or after May&nbsp;8, 2002, in order to be timely, we must receive notice by the stockholder
not later than the close of business on the tenth day following the day on which such notice of the date of the annual meeting was mailed or such public disclosure of the date of the annual meeting
was made, whichever first occurs. Stockholder proposals must comply with all of the applicable requirements set forth in the rules and regulations of the SEC, including Rule&nbsp;14a-8, as well as
the advance notification requirements set forth in our By-Laws. A copy of the advance notification requirements may be obtained from James&nbsp;M. Barkley, General Counsel and Secretary, Simon
Property Group,&nbsp;Inc., 115&nbsp;West Washington Street, Indianapolis, Indiana 46204. </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>28</FONT></P>

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<P ALIGN="RIGHT"><FONT SIZE=2><B>Annex 1  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> AUDIT COMMITTEE OF THE BOARD OF DIRECTORS<BR>
OF<BR>
SIMON PROPERTY GROUP, INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B> <A NAME="ha2138_charter"> </A>
<A NAME="toc_ha2138_1"> </A>
<BR>    <U>CHARTER</U>    <BR>  </B></FONT></P>

<P><FONT SIZE=2><B>I.&nbsp;&nbsp;PURPOSE  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The primary function of the Audit Committee is to assist the Board of Directors in fulfilling its oversight responsibilities by reviewing the consolidated
financial reports and other consolidated financial information provided by the Corporation to any governmental body or the public; the Corporation's systems of internal controls regarding finance,
accounting, legal compliance and ethics that management has established; and the Corporation's auditing, accounting and financial reporting processes generally. The Audit Committee's primary duties
and responsibilities are to: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Serve
as an independent and objective party to monitor the Corporation's financial reporting process and internal control system.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Review
and appraise the audit efforts of the Corporation's independent accountants and internal auditing department.
<BR><BR></FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Provide
an open avenue of communication among the independent accountants, financial and senior management, the internal auditing department, and the Board
of Directors such that the independent accountants are ultimately responsible to the Audit Committee and the Board of Directors. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>The
Audit Committee will primarily fulfill these responsibilities by carrying out the activities enumerated in Section IV of this Charter. </FONT></P>

<P><FONT SIZE=2><B>II.&nbsp;&nbsp;COMPOSITION  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee shall be comprised of three or more directors as determined by the Board, each of whom shall be independent directors, and free from any
relationship that, in the opinion of the Board, would interfere with the exercise of his or her independent judgment as a member of the Committee. "Independent Director" shall have the meaning set
forth in the Corporation's Charter. All members of the Committee shall have a working familiarity with basic finance and accounting practices, and at least one member of the Committee shall have
accounting or related financial management expertise, as the Board of Directors interprets such qualification in its business judgment. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
members of the Committee shall be elected by the Board at the annual organizational meeting of the Board or until their successors shall be duly elected and qualified. The members
of the Committee may designate a Chair by majority vote of the full Committee membership. </FONT></P>

<P><FONT SIZE=2>29</FONT></P>

<HR NOSHADE>
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<A NAME="page_ha2138_1_30"> </A>

<P><FONT SIZE=2><B>III.&nbsp;&nbsp;MEETINGS  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The Committee shall meet (in person or telephonically) at least two (2)&nbsp;times annually, or more frequently as circumstances dictate. In addition, the
Committee, or at least its Chair, shall meet with the independent accountants and management quarterly (which may coincide with a regularly scheduled Committee meeting) to review the Corporation's
financials consistent with IV.2 below. </FONT></P>

<P><FONT SIZE=2><B>IV.&nbsp;&nbsp;RESPONSIBILITIES AND DUTIES  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To fulfill its responsibilities and duties the Audit Committee shall: </FONT></P>

<P><FONT SIZE=2><U>Documents/Reports
Review</U> </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>Review
and, if conditions dictate, update this Charter at least annually.
<BR><BR></FONT></DD><DT><FONT SIZE=2>2.</FONT></DT><DD><FONT SIZE=2>Review
the Corporation's annual financial statements, any quarterly reports or other financial information required to be submitted to the Securities and Exchange Commission and any
governmental body and any certification, report, opinion, or review rendered by the independent accountants with respect to the annual financial statements and quarterly reports of the Corporation.
<BR><BR></FONT></DD><DT><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>Review
any reports to management prepared by the internal auditing department and management's response.
<BR><BR></FONT></DD><DT><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>Obtain
a draft copy of the Corporation's Form 10-K prior to filing, and, if requested by the Committee, approve the final draft of the Corporation's Form 10K.
<BR><BR></FONT></DD><DT><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>Direct
the drafting, and review the final form, of the Committee's report in the Corporation's annual proxy statement indicating, among other things, that the Committee has
discussed the Corporation's financial statements with management and the independent accountants and has received the report of the independent accountants regarding their independence.
<BR><BR></FONT></DD><DT><FONT SIZE=2>6.</FONT></DT><DD><FONT SIZE=2>The
Chair of the Committee may represent the entire Committee for purposes of any review and/or approval under this Article&nbsp;IV. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><U>Independent
Accountants</U> </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>7.</FONT></DT><DD><FONT SIZE=2>Recommend
to the Board of Directors the selection of the independent accountants, considering independence and effectiveness, and approve the fees and other compensation to be paid
to the independent accountants. On an annual basis, the Committee should review and discuss with the independent accountants all of their significant relationships with the Corporation to determine
the accountants' independence.
<BR><BR></FONT></DD><DT><FONT SIZE=2>8.</FONT></DT><DD><FONT SIZE=2>Review
the performance of the independent accountants and approve any proposed discharge of the independent accountants when circumstances warrant.
<BR><BR></FONT></DD><DT><FONT SIZE=2>9.</FONT></DT><DD><FONT SIZE=2>Periodically
consult with the independent accountants, out of the presence of management, if necessary, about internal controls and the fullness and accuracy of the Corporation's
financial statements. </FONT></DD></DL>
</UL>
<P ALIGN="RIGHT"><FONT SIZE=2>30</FONT></P>

<HR NOSHADE>
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<A NAME="page_ha2138_1_31"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><U>Financial
Reporting Processes</U> </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>10.</FONT></DT><DD><FONT SIZE=2>In
consultation with the independent accountants and the internal auditors, review the integrity of the Corporation's financial reporting processes, both internal and external.
<BR><BR></FONT></DD><DT><FONT SIZE=2>11.</FONT></DT><DD><FONT SIZE=2>Consider
the independent accountants' judgments about the quality and appropriateness of the Corporation's accounting principles as applied in its financial reporting.
<BR><BR></FONT></DD><DT><FONT SIZE=2>12.</FONT></DT><DD><FONT SIZE=2>Consider
and approve, if appropriate, major changes to the Corporation's auditing and accounting principles and practices as suggested by the independent accountants, management, or
the internal auditing department.
<BR><BR></FONT></DD><DT><FONT SIZE=2>13.</FONT></DT><DD><FONT SIZE=2>Review
any significant judgments made in management's preparation of the financial statements and the view of each of management, the independent accountants and, if necessary, the
internal auditors, as to the appropriateness of such judgments.
<BR><BR></FONT></DD><DT><FONT SIZE=2>14.</FONT></DT><DD><FONT SIZE=2>Following
completion of the annual audit, review with each of management, the independent accountants and the internal auditing department (separately, if necessary) any significant
difficulties or disagreement encountered during the course of the audit, including any restrictions on the scope of work or access to required information.
<BR><BR></FONT></DD><DT><FONT SIZE=2>15.</FONT></DT><DD><FONT SIZE=2>Review
with the independent accountants, the internal auditing department and management the extent to which changes or improvements in financial or accounting practices, as
approved by the Audit Committee, have been implemented. (This review should be conducted at an appropriate time subsequent to implementation of changes or improvements, as decided by the Committee.) </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><U>Ethical
and Legal Compliance</U> </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>16.</FONT></DT><DD><FONT SIZE=2>Establish,
review and update periodically a Code of Ethical Conduct and ensure that management has established a system to enforce this Code.
<BR><BR></FONT></DD><DT><FONT SIZE=2>17.</FONT></DT><DD><FONT SIZE=2>Review
management's monitoring of the Corporation's compliance with the organization's Ethical Code.
<BR><BR></FONT></DD><DT><FONT SIZE=2>18.</FONT></DT><DD><FONT SIZE=2>Review
activities and organizational structure of the internal audit department.
<BR><BR></FONT></DD><DT><FONT SIZE=2>19.</FONT></DT><DD><FONT SIZE=2>Review,
with the organization's counsel, legal compliance matters including corporate securities trading policies.
<BR><BR></FONT></DD><DT><FONT SIZE=2>20.</FONT></DT><DD><FONT SIZE=2>Review,
with the organization's counsel, any legal matter that could have a significant impact on the organization's financial statements.
<BR><BR></FONT></DD><DT><FONT SIZE=2>21.</FONT></DT><DD><FONT SIZE=2>Perform
any other activities consistent with this Charter, the Corporation's By-laws and governing law, as the Committee or the Board deems necessary or appropriate. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>31</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
</UL>
</UL>
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<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="56%"><FONT SIZE=2>The SPG and SRC Boards of Directors recommend a vote FOR the election of the nominees in proposal 1 and a vote FOR proposal 2.</FONT></TD>
<TD WIDTH="8%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="26%"><FONT SIZE=2>Please mark your votes as indicated in this example</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>/x/<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>1.&nbsp;&nbsp;ELECTION OF SPG/SRC DIRECTORS </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>FOR </B></FONT><FONT SIZE=2>all nominees listed at right<BR>
(except as marked to the contrary)<BR>
<BR>
/&nbsp;/</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>WITHHOLD AUTHORITY</B></FONT><FONT SIZE=2><BR>
to vote for all nominees listed at right<BR>
<BR>
/&nbsp;/</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>Election of SPG Directors, Nominees: (01) Birch Bayh, (02) Hans C. Mautner, (03)<BR>
G. William Miller, (04) J. Albert Smith, Jr., (05) Pieter S. van den Berg, and (06) Philip J. Ward Election of SRC Directors, Nominees: (07) Birch Bayh, (08) Hans C. Mautner, (09) G. William Miller,
(10) Melvin Simon, (11) Herbert Simon, (12) David Simon, (13) J. Albert Smith, Jr., (14) Richard S. Sokolov, (15) Pieter S. van den Berg, and (16)Philip J. Ward </FONT></P>


<P><FONT SIZE=2>VOTE
FOR, except withhold from the following numbered nominee(s):<BR></FONT></P>

<HR NOSHADE>

<P><FONT SIZE=2>2.&nbsp;&nbsp;Ratification
of the appointment of Arthur Andersen LLP as independent accountants for the fiscal year ending December 31, 2001; and </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="63%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>FOR</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>AGAINST</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>ABSTAIN</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>/&nbsp;/</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>/&nbsp;/</B></FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%" ALIGN="CENTER"><FONT SIZE=2><B>/&nbsp;/</B></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->
<P><FONT SIZE=2>3.&nbsp;&nbsp;In their discretion, the proxies are authorized to vote upon such other matters (none known at the time of this proxy) as may properly come before the annual
meeting or any adjournment or postponement thereof. </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>Date Signed:</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>Signature:</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>Signature:</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="15%"><FONT SIZE=2>Signature:</FONT></TD>
<TD WIDTH="25%" VALIGN="BOTTOM"><HR NOSHADE></TD>
<TD WIDTH="8%"><FONT SIZE=2>, 2001</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>The
signer hereby revokes all proxies heretofore given by the signer to vote at the SPG/SRC Annual Meetings or any adjournments or postponements thereof. Please sign exactly as your name appears
hereon. Joint owners should each sign. When signing as attorney, executor, administrator, trustee or guardian, please give full title as such. </FONT></P>

<HR NOSHADE>
<P ALIGN="CENTER"><FONT SIZE=2><B>*FOLD AND DETACH HERE*  </B></FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2>
Vote by Internet or Telephone or Mail 24 Hours a Day, 7 Days a Week </FONT></P>

<P><FONT SIZE=2>Your
telephone or Internet vote authorizes the named proxies to vote your shares in the same manner as if you marked, signed and returned your proxy card. </FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>Internet<BR>
http://www.proxyvoting.com/spg  </B></FONT></P>

<P><FONT SIZE=2>Use
the Internet to vote your proxy. Have your proxy card in hand when you access the web site. You will be prompted to enter your control number, located in the box below, to create and submit an
electronic ballot. </FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>OR  </B></FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B> Telephone<BR>
1-800-840-1208  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Use any touch-tone telephone to vote your proxy. Have your proxy card in hand when you call. You will be prompted to enter your control number, located in the
box below, and then follow the directions given. </FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>OR  </B></FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B> Mail  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>Mark, sign and date your proxy card and<BR>
return it in the enclosed postage-paid envelope. </FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>If you vote your proxy by Internet or by telephone, you do<BR>
NOT need to mail back your proxy card.  </B></FONT></P>

<P><FONT SIZE=2>You can view the Annual Report and Proxy Statement on the internet at: http://about.simon.com/company/annual report.html </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>PROXY SOLICITED BY THE BOARDS OF DIRECTORS OF<BR>
SIMON PROPERTY GROUP, INC. AND<BR>
SPG REALTY CONSULTANTS, INC.  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>For use at the Annual Meetings of Stockholders to be<BR>
Held on May 8, 2001 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned holder of shares of common stock of Simon Property Group, Inc., ('SPG'), which are paired with a fractional interest in shares of common stock of SPG Realty
Consultants, Inc. ('SRC' and with SPG, the 'Companies') hereby appoints Herbert Simon and David Simon, and each of them, with power of substitution to each, to vote all shares of common stock which
the undersigned is entitled to vote at the annual meetings (the 'SPG Annual Meeting') and (the 'SRC Annual Meeting') of stockholders to be held at the Hyatt Regency Indianapolis, One South Capitol
Avenue, Indianapolis, Indiana on May 8, 2001 at 10:00 a.m. (Indianapolis time) and at every adjournment or postponement thereof and otherwise to represent the undersigned at the meetings with all
powers possessed by the undersigned if present at the annual meetings, hereby revoking all prior proxies on the matters set forth, as indicated on the reverse side. The undersigned hereby acknowledges
receipt of the Notice of Annual Meeting of Stockholders and of the accompanying Joint Proxy Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This
proxy when properly executed will be voted in the manner directed herein by the undersigned stockholder. If no direction is made, this proxy will be voted for the election of the
nominees in proposal 1 and for proposal 2. </FONT></P>

<HR NOSHADE>
<BR>
<P ALIGN="CENTER"><FONT SIZE=2><B>*FOLD AND DETACH HERE*  </B></FONT></P>

<HR NOSHADE>
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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;You can now access your Simon Property Group, Inc. account online. Access your Simon Property Group, Inc. stockholder account online via Investor ServiceDirectSM(ISD). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Mellon
Investor Services LLC, transfer agent for Simon Property Group, Inc. now makes it easy and convenient to get current information on your stockholder account. After a simple,
and secure process of establishing a Personal Identification Number (PIN), you are ready to log in and access your account to: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>View
account status </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>View
payment history for dividends </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>View
certificate history </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Make
address changes </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>View
book-entry information </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Obtain
a duplicate 1099 tax form </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Establish/change
your PIN </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ma2257_visit_us_on_the_web_at_http_//__vis03915"> </A>
<A NAME="toc_ma2257_1"> </A>
<BR></FONT><FONT SIZE=2><B>Visit us on the web at http://www.mellon-investor.com and<BR>  follow the instructions shown on this page.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>Step
1: FIRST TIME USERS - Establish a PIN </FONT></P>

<P><FONT SIZE=2>You
must first establish a Personal Identification Number (PIN) online by following the directions provided in the upper right portion of the web screen as follows. You will also need your Social
Security Number (SSN) available to establish a PIN. </FONT></P>

<P><FONT SIZE=2>Investor
ServiceDirectSM is currently only avail-able for domestic individual and joint accounts. </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SSN
</FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>PIN
</FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Then
click on the Establish PIN button </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>Please
be sure to remember your PIN, or maintain it in a secure place for future reference. </FONT></P>


<P><FONT SIZE=2>Step
2: Log in for Account Access </FONT></P>

<P><FONT SIZE=2>Step
You are now ready to log in. To access your account please enter your: </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>SSN </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>PIN </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Then
click on the Submit button </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;If
you have more than one account, you will now be asked to select the appropriate account. </FONT></P>

<P><FONT SIZE=2>3:&nbsp;&nbsp;Account
Status Screen </FONT></P>


<P><FONT SIZE=2>You
are now ready to access your account information. Click on the appropriate button to view or initiate transactions. </FONT></P>

<UL>
<DL compact>
<DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Certificate
History </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Book-Entry
Information </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Issue
Certificate </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Payment
History </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Address
Change </FONT></DD><DT><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Duplicate
1099 </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2><B>For Technical Assistance Call 1-877-978-7778 between<BR>
9am-7pm Monday-Friday Eastern Time  </B></FONT></P>

<HR NOSHADE>
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<!-- Generated by Merrill Corporation (www.merrillcorp.com) -->
<BR>
<P><br><A NAME="01CHI2138_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dg2138_1">Board and Committee Membership</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dg2138_2">Compensation of Directors</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_di2138_1">ITEM 1&#151;ELECTION OF DIRECTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk2138_1">PRINCIPAL STOCKHOLDERS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dm2138_1">ITEM 2&#151;APPROVAL OF AUDITORS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dm2138_2">REPORT OF THE AUDIT COMMITTEE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_do2138_1">EXECUTIVE COMPENSATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dq2138_1">COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ds2138_1">PERFORMANCE GRAPH</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_du2138_1">CERTAIN TRANSACTIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du2138_2">ANNUAL REPORT</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_du2138_3">STOCKHOLDER PROPOSALS AT 2002 ANNUAL MEETING</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ha2138_1">CHARTER</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ma2257_1">Visit us on the web at http://www.mellon-investor.com and follow the instructions shown on this page.</A></FONT><BR>
<!-- SEQ=,FILE='QUICKLINK',USER=JKANTOR,SEQ=,EFW="2043023",CP="SIMON PROPERTY GROUP, INC.",DN="1" -->
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
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<TEXT>

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