<SUBMISSION>
<ACCESSION-NUMBER>0001104659-04-031080
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>5
<PERIOD>20041013
<ITEMS>2.01
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20041020
<DATE-OF-FILING-DATE-CHANGE>20041019
<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>8-K
<ACT>34
<FILE-NUMBER>001-14469
<FILM-NUMBER>041086356
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
<PHONE>3176361600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>115 WEST WASHINGTON STREET
<STREET2>-
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE PROPERTY INVESTORS INC
<DATE-CHANGED>19980610
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a04-11680_18k.htm
<DESCRIPTION>8-K
<TEXT>
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<p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington,
D.C. 20549</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM
8-K</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT<br>
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of
earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font style="font-weight:bold;">October 13, 2004</font></b></font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">Simon
Property Group, Inc.</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
registrant as specified in its charter)</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="766" style="border-collapse:collapse;margin-left:.7pt;width:574.8pt;">
 <tr>
  <td width="230" valign="top" style="padding:0in 0in 0in 0in;width:2.4in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="245" valign="top" style="padding:0in 0in 0in 0in;width:2.55in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-14469</font></b></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="259" valign="top" style="padding:0in 0in 0in 0in;width:2.7in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-6268599</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="230" valign="top" style="padding:0in 0in 0in 0in;width:2.4in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction<br>
  of incorporation)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="245" valign="top" style="padding:0in 0in 0in 0in;width:2.55in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission<br>
  File Number)</font></p>
  </td>
  <td width="16" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="259" valign="top" style="padding:0in 0in 0in 0in;width:2.7in;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer<br>
  Identification No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">National
City Center<br>
115 W. Washington St., Suite 15 East<br>
Indianapolis, IN&nbsp; 46204<br>
</font></b>(Address of principal executive offices)&nbsp; (Zip Code)</p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone
number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><font style="font-weight:bold;">(317) 636-1600</font></b></font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Not
Applicable</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Former name or
former address, if changed since last report.)</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="color:windowtext;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="color:windowtext;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style="color:windowtext;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="color:windowtext;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item 2.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Completion of Acquisition or Disposition of
Assets</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">On October 14, 2004 (the &#147;Closing Date&#148;), Simon Property
Group, Inc. (&#147;Simon&#148;) acquired Chelsea Property Group, Inc. (&#147;Chelsea&#148;)
pursuant to an Agreement and Plan of Merger, dated as of June 20, 2004 (the &#147;Merger
Agreement&#148;), </font>by and among
Simon, Simon Property Group, L.P. (&#147;SPG LP&#148;), Simon Acquisition I, LLC (&#147;Merger
Sub&#148;), Simon Acquisition II, LLC (&#147;L.P. Merger Sub&#148;), Chelsea and CPG Partners,
L.P. (&#147;CPG LP&#148;)<font style="letter-spacing:-.15pt;">.&#160; On the Closing Date, </font>Si<font style="letter-spacing:-.15pt;">mon acquired all of the outstanding common stock
of Chelsea and all of the operating partnership units of Chelsea&#146;s operating
partnership, CPG LP, in a transaction (the &#147;Transaction&#148;) valued at
approximately $3.5 billion. &#160;Simon also
assumed Chelsea&#146;s existing indebtedness and preferred stock, which totaled
approximately $1.3 billion as of June 30, 2004.&#160;
Pursuant to the Merger Agreement, Merger Sub, a wholly owned subsidiary
of SPG LP, was merged with and into Chelsea on the Closing Date with Chelsea as
the surviving entity (the &#147;REIT Merger&#148;).</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Simon
paid consideration of $67.61 per share for all of Chelsea&#146;s outstanding common
stock.&#160; The consideration to Chelsea&#146;s
common shareholders was comprised of $36.00 in cash, $16.61 of Simon common
stock based on a fixed conversion ratio of 0.2936 of a share of Simon common
stock per Chelsea common share and a Closing Date closing price for Simon
common stock of $56.58 per share, and $15.00 of Simon 6% Series I Convertible
Perpetual Preferred Stock (the &#147;Series I Preferred Stock&#148;).&#160; The shares of Series I Preferred Stock yield
6.0%, have a liquidation preference of $50 per share, and are convertible into
Simon common stock at $63.86 per share, with a contingent conversion feature of
an additional 25%.&#160; This was a taxable
transaction to Chelsea common shareholders.&#160;
Upon the consummation of the Transaction, Chelsea became a subsidiary of
the Simon operating partnership, SPG LP.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with the Transaction, each outstanding common unit of CPG LP (&#147;CPG
LP Common Units&#148;) (other than units owned by Simon, Chelsea or their respective
wholly owned subsidiaries) was voluntarily exchanged for the right to receive
(i)&nbsp;0.6459 of a partnership unit in SPG LP (the &#147;SPG LP Common Units&#148;) and
(ii)&nbsp;0.6600 of a 6% Series I Convertible Perpetual Preferred Unit of SPG
LP (the &#147;Series I Preferred Units&#148;).&#160; The
Series I Preferred Units have substantially the same economic terms as the
Simon Series I Preferred Stock, except that they are, at the option of the
holder, (i) convertible into SPG LP Common Units on substantially the same
terms and at the same conversion rate as the Simon Series I Preferred Stock is
convertible into Simon common stock and (ii)&nbsp;exchangeable for either cash
equal to the fair market value of such units or shares of Simon Series I
Preferred Stock on a one-for-one basis, at Simon&#146;s election.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with the Transaction, each share of Chelsea&#146;s 8 <sup>3</sup>/8%
Series&nbsp;A Cumulative Redeemable Preferred Stock issued and outstanding immediately
prior to the effective time of the REIT Merger (other than shares owned by
Simon, Chelsea or their respective wholly owned subsidiaries) was converted
into the right to receive one fully paid and nonassessable share of Simon 8 <sup>3</sup>/8%
Series J Cumulative Redeemable Preferred Stock <font style="letter-spacing:-.1pt;">(the &#147;Series J Preferred Stock&#148;)</font>.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item 5.02</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font style="font-weight:bold;letter-spacing:-.15pt;">Departure
of Directors or Principal Officers; Election of Directors; Appointment of
Principal Officers</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
connection with the Transaction and effective as of October 14, 2004, Mr. David
C. Bloom, the Chief Executive Officer of Chelsea, was appointed to the Simon
Board of Directors as a non-</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">voting
Advisory Director.&#160; Mr. Bloom will not
serve on any committees of Board of Directors of Simon.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">With
respect to the information required by Item 404(a) of Regulation S-K, Simon
hereby incorporates by reference the information contained in </font><font style="letter-spacing:-.15pt;">Amendment No. 1 to Simon&#146;s Registration Statement
on Form S-4 filed with the Securities and Exchange Commission on September 9,
2004</font></font> under the caption &#147;<i><font style="font-style:italic;">Interests of Chelsea Directors and Officers in the Mergers</font></i>&#148;
appearing on pages 66 through 73 thereof, which information is attached hereto
as Exhibit 99.2.</p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item 5.03</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Amendments to Articles of Incorporation or
Bylaws; Change in Fiscal Year</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">On
October 13, 2004, in connection with the Transaction described in Item 2.01
above, Simon caused to be filed with the Secretary of State of the State of
Delaware a </font><font style="letter-spacing:-.1pt;">Certificate of Designation of 6% Series I Convertible Perpetual
Preferred Stock and a </font><font style="letter-spacing:-.15pt;">Certificate of
Designation of</font><font style="letter-spacing:-.15pt;">  </font><font style="letter-spacing:-.1pt;">8<sup>3</sup>/<sub>8</sub>%
Series J Cumulative Redeemable Preferred Stock.&#160;
These Certificates of Designation were adopted by resolution of Simon&#146;s
Board of Directors pursuant to </font><font style="letter-spacing:-.15pt;">Article
Sixth of the Restated Certificate of Incorporation of Simon (the &#147;Charter&#148;),
which vests in Simon&#146;s Board of Directors the authority to provide for the
authorization and issuance of one or more series of preferred stock</font> <font style="letter-spacing:-.15pt;">within
the limitations and restrictions set forth in the Charter.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">The
Series I Preferred Stock and the Series J Preferred Stock have such voting
powers and such preferences and relative, participating, optional or other
special rights and such qualifications, limitations and restrictions thereof as
are set forth in their respective Certificates of Designation, which
Certificates of Designation are attached hereto as Exhibits 3.1 and 3.2,
respectively, and which are incorporated herein by reference.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item 8.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Other Events</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">On
October 14, 2004, Simon and Chelsea issued a joint press release announcing the
closing of the Transaction described in Item 2.01 above.&#160; A copy of the press release is furnished as
Exhibit 99.1.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Item 9.01</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Financial Statements and Exhibits</font></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(a)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Financial Statements of Business Acquired</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">The
required financial statements of Chelsea will be filed by amendment to this
Current Report on Form 8-K not later than 71 days after the date on which this
Current Report on Form 8-K is required to be filed.</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p style="color:windowtext;margin:0in 0in .0001pt 70.0pt;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(b)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Pro Forma financial information</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">The
required pro forma financial information will be filed by amendment to this
Current Report on Form 8-K not later than 71 days after the date on which this
Current Report on Form 8-K is required to be filed.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(c)</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Exhibits</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">The following exhibits are being
filed with this Current Report on Form 8-K:</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">3.1</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.1pt;">Certificate of
Designation of 6% Series I Convertible Perpetual Preferred Stock of Simon
Property Group, Inc.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">3.2</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Certificate of Designation of</font><font style="letter-spacing:-.15pt;">  </font><font style="letter-spacing:-.1pt;">8<sup>3</sup>/<sub>8</sub>%
Series J Cumulative Redeemable Preferred Stock of Simon Property Group, Inc.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">99.1</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Press Release</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt 70.0pt;text-align:justify;text-indent:-35.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">99.2</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Disclosure appearing under the caption </font>&#147;<i><font style="font-style:italic;">Interests of Chelsea
Directors and Officers in the Mergers</font></i>&#148; beginning on page 67<font style="letter-spacing:-.15pt;"> of Amendment No. 1 to the Registration Statement
on Form S-4 of Simon Property Group, Inc. filed with the Securities and
Exchange Commission on September 9, 2004</font>, which disclosure is incorporated herein by reference to such
registration statement.</p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:37.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:
  October 19, 2004</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON
  PROPERTY GROUP, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Stephen E. Sterrett</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.82%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen
  E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:39.42%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive
  Vice President and Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="374" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="184" style="border:none;"></td>
  <td width="111" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">5</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="89" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit Number</font></b></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="616" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="border:none;padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="border:none;padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Certificate of Designation of 6% Series I Convertible Perpetual
  Preferred Stock of Simon Property Group, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">3.2</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Certificate
  of Designation of </font><font style="letter-spacing:-.1pt;">8<sup>3</sup>/<sub>8</sub>% Series J Cumulative Redeemable
  Preferred Stock of Simon Property Group, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press release dated
  October 14, 2004</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="89" valign="top" style="padding:0in 0in 0in 0in;width:66.6pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>
  </td>
  <td width="15" valign="bottom" style="padding:0in 0in 0in 0in;width:11.25pt;">
  <p style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="616" valign="top" style="padding:0in 0in 0in 0in;width:462.15pt;">
  <p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Disclosure appearing under the
  caption </font>&#147;<i><font style="font-style:italic;">Interests of Chelsea Directors and Officers in the Mergers</font></i>&#148;
  beginning on page 67<font style="letter-spacing:-.15pt;"> of Amendment
  No. 1 to the Registration Statement on Form S-4 of Simon Property Group, Inc.
  filed with the Securities and Exchange Commission on September 9, 2004</font>, which disclosure is incorporated herein
  by reference to such registration statement.</p>
  </td>
 </tr>
</table>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<TYPE>EX-3.1
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<DESCRIPTION>EX-3.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
3.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE
OF DESIGNATIONS OF<br>
6% SERIES I CONVERTIBLE PERPETUAL PREFERRED STOCK</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIMON
PROPERTY GROUP,&nbsp;INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to
Section&nbsp;151 of the General<br>
Corporation Law of the State of Delaware</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following
resolutions were duly adopted by the Board of Directors (the &#147;<i><font style="font-style:italic;">Board of Directors</font></i>&#148;) of Simon Property Group,&nbsp;Inc., a
Delaware corporation (the &#147;<i><font style="font-style:italic;">Corporation</font></i>&#148;),
pursuant to the provisions of Section&nbsp;151 of the General Corporation Law
of the State of Delaware:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
the Board of Directors of the Corporation is authorized, within the limitations
and restrictions stated in the Restated Certificate of Incorporation of the
Corporation, as amended from time to time (the &#147;<i><font style="font-style:italic;">Charter</font></i>&#148;),
to provide by resolution or resolutions for the issuance of shares of preferred
stock of the Corporation, in one or more series with such voting powers, full
or limited, or no voting powers, and such preferences and relative,
participating, optional or other special rights and such qualifications,
limitations or restrictions thereof, as shall be stated in such resolution or
resolutions providing for the issue of such series of preferred stock as may be
adopted from time to time by the Board of Directors;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
the Board of Directors of the Corporation has determined that it is in the best
interests of the Corporation and its stockholders to designate a new series of
preferred stock of the Corporation; and</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
it is the desire of the Board of Directors of the Corporation, pursuant to its
authority as aforesaid, to authorize and fix the terms of a series of preferred
stock and the number of shares constituting such series;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW,
THEREFORE, BE IT RESOLVED</font></b>, that, pursuant to
Article&nbsp;Fourth of the Charter (which authorizes 100,000,000 shares of
Preferred Stock, par value $0.0001 per share (the &#147;<i><font style="font-style:italic;">Preferred
Stock</font></i>&#148;)), and the authority conferred on the Board of Directors, the
Board of Directors hereby fixes the powers, designations, preferences and
relative, participating, optional and other special rights, and the qualifications,
limitations and restrictions, of a new series of Preferred Stock; and be it
further</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESOLVED</font></b>,
that each share of such new series of Preferred Stock shall rank equally in all
respects and shall be subject to the following provisions:</p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1. &#160;<i><font style="font-style:italic;">Number and Designation. </font></i>19,000,000
shares of the Preferred Stock of the Corporation shall be designated as <font style="letter-spacing:-.1pt;">&#147;6% Series&nbsp;I Convertible Perpetual Preferred
Stock&#148; (the &#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred Stock</font></i>&#148;).</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <i><font style="font-style:italic;">Certain Definitions.&#160; </font></i>As used in this Certificate, the
following terms shall have the meanings defined in this Section&nbsp;2.&#160; Any capitalized term not otherwise defined
herein shall have the meaning set forth in the Charter, unless the context
otherwise requires:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Affiliate</font></i>&#148; of
any Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person.&#160; For the purposes of this definition, &#147;<i><font style="font-style:italic;">control</font></i>&#148; when used with respect to any Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms &#147;<i><font style="font-style:italic;">controlling</font></i>&#148;
and &#147;<i><font style="font-style:italic;">controlled</font></i>&#148; have meanings correlative to
the foregoing.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Agent Members</font></i>&#148;
shall have the meaning assigned to it in Section&nbsp;16(a) hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Board of Directors</font></i>&#148;
shall have the meaning assigned to it in the preamble to this Certificate and
includes any duly authorized committee of such board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Business<i><font style="font-style:italic;"> Day</font></i>&#148; means any
day other than a Saturday, Sunday or a day on which state or U.S. federally
chartered banking institutions in New York, New York are not required to be
open.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Capital Stock</font></i>&#148;
of any Person means any and all shares, interests, participations or other
equivalents however designated of corporate stock or other equity
participations, including partnership interests, whether general or limited, of
such Person and any rights (other than debt securities convertible or
exchangeable into an equity interest), warrants or options to acquire an equity
interest in such Person.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Certificate&#148; means this Certificate of
Designations.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Change of Control</font></i>&#148;
means the occurrence of any of the following events:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
any &#147;<i><font style="font-style:italic;">person</font></i>&#148; or &#147;<i><font style="font-style:italic;">group</font></i>&#148;
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) acquires
beneficial ownership (as defined in Rules&nbsp;13d-3 and 13d-5 under the
Exchange Act, except that a person shall be deemed to have &#147;<i><font style="font-style:italic;">beneficial ownership</font></i>&#148; of all securities that such person has
the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, through a purchase, merger
or other acquisition transaction, of more than 50% of the total voting power of
the Corporation&#146;s total outstanding voting stock other than an acquisition by
the Corporation, any of its subsidiaries or any of the Corporation&#146;s employee
benefit plans;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
the Corporation consolidates with, or merges with or into, another
Person or conveys, transfers, leases or otherwise disposes of all or
substantially all of its assets to any Person, or any Person consolidates with,
or merges with or into, the Corporation, other than:&#160; (i)&nbsp;any transaction pursuant to which
holders of the Corporation&#146;s Capital Stock immediately prior to the transaction
have the entitlement to exercise, directly or indirectly, more than 50% of the
total voting power of all shares of Capital Stock entitled to vote generally in
the election of directors of the continuing or surviving person immediately
after the transaction and (ii)&nbsp;any merger solely for the purpose of
changing the Corporation&#146;s jurisdiction of incorporation and resulting in a
reclassification, conversion or exchange of outstanding shares of Common Stock
solely into shares of common stock of the surviving entity;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
during any consecutive two-year period, individuals who at the beginning
of such period constituted the Board of Directors of the Corporation (together
with any new directors whose election to such Board of Directors of the
Corporation, or whose nomination for election by the stockholders of the
Corporation, was approved by a vote of a majority of the directors of the
Corporation then still in office who were either directors at the beginning of
such period or whose election or nomination for election was previously so approved)
cease for any reason to constitute a majority of the Board of Directors of the
Corporation then in office; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;
the Corporation adopts a plan of liquidation or dissolution.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i><font style="font-style:italic;">Change of Control Purchase
Date&#148;</font></i> shall have the meaning assigned to it in Section&nbsp;11(a)
hereof.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Charter&#148; </font></i>shall have
the meaning assigned to it in the preamble to this Certificate.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Closing Sale Price&#148; </font></i>of
the shares of Common Stock or other Capital Stock or similar equity interests
on any date means the closing sale price per share (or, if no closing sale
price is reported, the average of the closing bid and ask prices or, if more
than one in either case, the average of the average closing bid and the average
closing ask prices) on such date as reported on the principal United States
securities exchange on which shares of Common Stock or such other Capital Stock
or similar equity interests are traded or, if the shares of Common Stock or
such other capital stock or similar equity interests are not listed on a United
States national or regional securities exchange, as reported by Nasdaq</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or by the National Quotation Bureau Incorporated.&#160; In the absence of such quotations, the Board
of Directors of the Corporation shall be entitled to determine the Closing Sale
Price on the basis it considers appropriate, which determination shall be
conclusive.&#160; The Closing Sale Price shall
be determined without reference to any extended or after hours trading.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Common Stock&#148;</font></i> means
any stock of any class of the Corporation that has no preference in respect of
dividends or of amounts payable in the event of any voluntary or involuntary
liquidation, dissolution or winding up of the Corporation and that is not
subject to redemption by the Corporation.&#160;
Subject to the provisions of Section&nbsp;9, however, shares issuable on
conversion of the Series&nbsp;I Preferred Stock shall include only shares of
the class designated as &#147;Common Stock&#148; (which, for the avoidance of doubt,
shall not include shares of the classes designated as &#147;Class&nbsp;B Common
Stock&#148; or &#147;Class&nbsp;C Common Stock&#148;) of the Corporation in the Charter at the
date of this Certificate or shares of any class or classes resulting from any
reclassification or reclassifications thereof and that have no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Corporation and which
are not subject to redemption by the Corporation; provided that if at any time
there shall be more than one such resulting class, the shares of each such
class then so issuable on conversion shall be substantially in the proportion
that the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Conversion Agent&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;17(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Conversion Price&#148; </font></i>per
share of Series&nbsp;I Preferred Stock means, on any date, the Liquidation
Preference divided by the Conversion Rate in effect on such date.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Conversion Rate&#148; </font></i>per
share of Series&nbsp;I Preferred Stock means 0.783 of a share of Common Stock,
subject to adjustment pursuant to Section&nbsp;8 hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Corporation&#148; </font></i>shall
have the meaning assigned to it in the preamble to this Certificate, and shall
include any successor to such Corporation.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Current Market Price&#148; </font></i>means
the average of the daily Closing Sale Prices per share of Common Stock for the
ten consecutive Trading Days ending on the earlier of such date of
determination and the day before the ex-date with respect to the issuance,
distribution, subdivision or combination requiring such computation immediately
prior to the date in question.&#160; For
purpose of this paragraph, the term &#147;ex-date,&#148; (1)&nbsp;when used with respect
to any issuance or distribution, means the first date on which the Common Stock
trades, regular way, on the relevant exchange or in the relevant market from
which the Closing Sale Price was obtained without the right to receive such issuance
or distribution, and (2)&nbsp;when used with respect to any subdivision or
combination of shares of Common Stock, means the first date on which the Common
Stock trades, regular way, on such exchange or in such market after the time at
which such subdivision or combination becomes effective.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Depositary&#148; </font></i>means
DTC or its successor depositary.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Distributed Property&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;8(d) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Dividend Payment Date&#148; </font></i>means
February&nbsp;28, May&nbsp;31, August&nbsp;31 and November&nbsp;30 of each
year, commencing November 30, 2004, or if any such date is not a Business Day,
on the next succeeding Business Day.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Dividend Period&#148; </font></i>means
the period beginning on, and including, a Dividend Payment Date and ending on,
and excluding, the immediately succeeding Dividend Payment Date.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;DTC&#148; </font></i>means The
Depository Trust Company, New York, New York.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Exchange Act&#148; </font></i>means
the Securities Exchange Act of 1934, as amended.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Fair Market Value&#148; </font></i>means
the amount which a willing buyer would pay a willing seller in an arm&#146;s-length
transaction.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Global Preferred Shares&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;16(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Global Shares Legend&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;16(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Junior Stock&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;3(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Liquidation Preference&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;5(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Officer&#148; </font></i>means the
Chairman or Co-Chairman of the Board of Directors, the Chief Executive Officer,
the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary or any Assistant Secretary of the Corporation.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Outstanding&#148; </font></i>means,
when used with respect to Series&nbsp;I Preferred Stock, as of any date of
determination, all shares of Series&nbsp;I Preferred Stock outstanding as of
such date; provided, however, that, if such Series&nbsp;I Preferred Stock is to
be redeemed, notice of such redemption has been duly given pursuant to this
Certificate and the Paying Agent holds, in accordance with this Certificate,
money sufficient to pay the Redemption Price for the shares of Series&nbsp;I
Preferred Stock to be redeemed, then immediately after such Redemption Date
such shares of Series&nbsp;I Preferred Stock shall cease to be Outstanding; provided
further that, in determining whether the holders of Series&nbsp;I Preferred
Stock have given any request, demand, authorization, direction, notice, consent
or waiver or taken any other action hereunder, Series&nbsp;I Preferred Stock
owned by the Corporation or its Affiliates shall be deemed not to be
Outstanding, except that, in determining whether the Registrar shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent, waiver or other action, only Series&nbsp;I Preferred Stock
which the Registrar has actual knowledge of being so owned shall be deemed not
to be Outstanding.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Parity Stock&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;3(b) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Paying Agent&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;17(a) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Person&#148; </font></i>means an
individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Preferred Stock&#148; </font></i>shall
have the meaning assigned to it in the preamble to this Certificate.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Purchase Price&#148; </font></i>means
an amount equal to 100% of the Liquidation Preference per share of
Series&nbsp;I Preferred Stock being purchased, plus an amount equal to any
accumulated and unpaid dividends, if any (whether or not declared), thereon to,
but excluding, the Change of Control Purchase Date; provided that if a Change
of Control Purchase Date falls after a Record Date and on or prior to the
corresponding Dividend Payment Date, the Purchase Price will only be an amount
equal to the Liquidation Preference per share of Series&nbsp;I Preferred Stock
being purchased and will not include any amount in respect of dividends
declared and payable on such corresponding Dividend Payment Date.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Record Date&#148; </font></i>means
(i)&nbsp;not more than 60&nbsp;days and not less than 10&nbsp;days preceding
the applicable Dividend Payment Date, as shall be fixed by the Board of
Directors and (ii)&nbsp;solely for the purpose of adjustments to the Conversion
Rate pursuant to Section&nbsp;8, with respect to any dividend, distribution or
other transaction or event in which the holders of Common Stock have the right
to receive any cash, securities or other property or in which the Common Stock
(or other applicable security) is exchanged for or converted into any
combination of cash, securities or other property, the date fixed for
determination of stockholders entitled to receive such cash, securities or
other property (whether such date is fixed by the Board of Directors or by
statute, contract or otherwise).</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Redemption Date&#148; </font></i>means
a date that is fixed for redemption of the Series&nbsp;I Preferred Stock by the
Corporation in accordance with Section&nbsp;6 hereof.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Redemption Price&#148; </font></i>means
an amount equal to 100% of the Liquidation Preference per share of
Series&nbsp;I Preferred Stock being redeemed, plus an amount equal to all
accumulated and unpaid dividends, if any (whether or not declared), thereon to,
but excluding, the Redemption Date; provided that if the Redemption Date shall
occur after a Record Date and before the related Dividend Payment Date, the
Redemption Price shall be only an amount equal to the Liquidation Preference
per share of Series&nbsp;I Preferred Stock being redeemed and will not include
any amount in respect of dividends declared and payable on such corresponding
Dividend Payment Date.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Registrar&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;14 hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Securities Act&#148; </font></i>means
the Securities Act of 1933, as amended.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Senior Stock&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;3(c) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Series&nbsp;I Preferred Stock&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;1 hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Series&nbsp;I Preferred Stock Director&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;12(c) hereof.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Trading Day&#148; </font></i>means
a day during which trading in securities generally occurs on the New York Stock
Exchange or, if the Common Stock is not listed on the New York Stock Exchange,
on the principal other national or regional securities exchange on which the
Common Stock is then listed or, if the Common Stock is not listed on a national
or regional securities exchange, on Nasdaq or, if the Common Stock is not
quoted on Nasdaq, on the principal other market on which the Common Stock is
then traded.</p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman">&nbsp;</font></i></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Transfer Agent&#148; </font></i>shall
have the meaning assigned to it in Section&nbsp;14 hereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <i><font style="font-style:italic;">Rank.&#160; </font></i>The Series&nbsp;I Preferred Stock
shall, with respect to dividend rights and rights <font style="letter-spacing:-.1pt;">upon liquidation, winding-up or dissolution, rank:</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
senior to the Common Stock, the Class&nbsp;B Common Stock and the
Class&nbsp;C Common Stock and any other class or series of Capital Stock of the
Corporation, the terms of which expressly provide that such class or series
ranks junior to the Series&nbsp;I Preferred Stock as to dividend rights and
rights on liquidation, winding-up and dissolution of the Corporation
(collectively, together with any warrants, rights, calls or options exercisable
for or convertible into such Capital Stock, the &#147;<i><font style="font-style:italic;">Junior Stock</font></i>&#148;);</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; on
a parity with the 6.50% Series&nbsp;A Convertible Preferred Stock, 6.50%
Series&nbsp;B Convertible Preferred Stock, 6.50% Series&nbsp;A Excess Preferred
Stock, 6.50% Series&nbsp;B Excess Preferred Stock, 7% Series&nbsp;C Cumulative
Convertible Preferred Stock, 8% Series&nbsp;D Cumulative Redeemable Preferred Stock,
8% Series&nbsp;E Cumulative Redeemable Preferred Stock, 8&#190;% Series&nbsp;F
Cumulative Redeemable Preferred Stock, 7.89% Series&nbsp;G Cumulative Step-Up
Premium Rate Preferred Stock, Series&nbsp;H Variable Rate Preferred Stock,
8&#8540;% Series&nbsp;J Cumulative Redeemable Preferred Stock, and any other
class or series of Capital Stock of the Corporation which are not by their
terms Junior Stock or Senior Stock (collectively, together with any warrants,
rights, calls or options exercisable for or convertible into such Capital
Stock, the &#147;<i><font style="font-style:italic;">Parity Stock</font></i>&#148;); and</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
junior to each class or series of Capital Stock of the Corporation, the
terms of which expressly provide that such class or series ranks Senior to the
Series&nbsp;I Preferred Stock as to dividend rights and rights on liquidation,
winding-up and dissolution of the Corporation (collectively, together with any
warrants, rights, calls or options exercisable for or convertible into such
Capital Stock, the &#147;<i><font style="font-style:italic;">Senior Stock</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
4.&#160; <i><font style="font-style:italic;">Dividends.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
Holders of Series&nbsp;I Preferred Stock shall be entitled to receive,
when, as and if declared by the Board of Directors, out of funds legally
available for the payment of dividends, cash dividends on each share of
Series&nbsp;I Preferred Stock at the annual rate of 6% of the Liquidation
Preference per</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">share.&#160; Such dividends shall be
payable in arrears in equal amounts quarterly on each Dividend Payment Date,
beginning November 30, 2004, in preference to and in priority over dividends on
any Junior Stock but subject to the rights of any holders of Senior Stock or
Parity Stock.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
Dividends shall be cumulative from the initial date of issuance or the
last Dividend Payment Date for which accumulated dividends were paid, whichever
is later, whether or not funds of the Corporation are legally available for the
payment of such dividends.&#160; Each such
dividend shall be payable to the holders of record of shares of the
Series&nbsp;I Preferred Stock, as they appear on the Corporation&#146;s stock
register at the close of business on a Record Date.&#160; Accumulated and unpaid dividends for any past
Dividend Periods may be declared and paid at any time, without reference to any
Dividend Payment Date, to holders of record on such date, not more than
60&nbsp;days preceding the payment date thereof, as may be fixed by the Board
of Directors.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
Accumulated and unpaid dividends for any past Dividend Period (whether
or not declared) shall cumulate at the annual rate of 6% and shall be payable
in the manner set forth in this Section&nbsp;4.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;
The amount of dividends payable for each full Dividend Period for the
Series&nbsp;I Preferred Stock shall be computed by dividing the annual dividend
rate by four.&#160; The amount of dividends
payable for the initial Dividend Period, or any other period shorter or longer
than a full Dividend Period, on the Series&nbsp;I Preferred Stock shall be
computed on the basis of 30-day months and a 12-month year.&#160; Holders of Series&nbsp;I Preferred Stock
shall not be entitled to any dividends, whether payable in cash, property or
stock, in excess of cumulative dividends, as herein provided, on the Series&nbsp;I
Preferred Stock.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; No
dividend shall be declared or paid, or funds set apart for the payment of any
dividend or other distribution, whether in cash, obligations or shares of
Capital Stock of the Corporation or other property, directly or indirectly,
upon any shares of Junior Stock or Parity Stock, nor shall any shares of Junior
Stock or Parity Stock be redeemed, repurchased or otherwise acquired for
consideration by the Corporation through a sinking fund or otherwise, unless
all accumulated and unpaid dividends (whether or not declared), if any, through
the most recent Dividend Payment Date (whether or not there are funds of the
Corporation legally available for the payment of dividends) on the shares of
Series&nbsp;I Preferred Stock and any Parity Stock have been paid in full or
set apart for payment; <i><font style="font-style:italic;">provided, however,</font></i>
that, notwithstanding any provisions of this Section&nbsp;4(e) to the contrary,
the Corporation may redeem, repurchase or otherwise acquire for consideration
Series&nbsp;I Preferred Stock and Parity Stock pursuant to a purchase or
exchange offer made on the same terms to all holders of such Series&nbsp;I
Preferred Stock and Parity Stock.&#160; When
dividends are not paid in full, as aforesaid, upon the shares of Series&nbsp;I
Preferred Stock, all dividends declared on the Series&nbsp;I Preferred Stock
and any other Parity Stock shall be paid either (A)&nbsp;pro rata so that the
amount of dividends so declared on the shares of Series&nbsp;I Preferred Stock
and each such other class or series of Parity Stock shall in all cases bear to
each other the same ratio as accumulated dividends on the shares of
Series&nbsp;I Preferred Stock and such class or series of Parity Stock bear to
each other or (B)&nbsp;on another basis that is at least as favorable to the
holders of the Series&nbsp;I Preferred Stock entitled to receive such dividends.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5. &#160;<i><font style="font-style:italic;">Liquidation Preference.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; In
the event of any liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary, before any payment or distribution of the
Corporation&#146;s assets (whether capital or surplus) shall be made to or set apart
for the holders of Junior Stock, holders of Series&nbsp;I Preferred Stock shall
be entitled to receive $50.00 per share of Series&nbsp;I Preferred Stock (the &#147;<i><font style="font-style:italic;">Liquidation Preference</font></i>&#148;) plus an amount equal to all
dividends (whether or not declared) accumulated and unpaid thereon to the date
of final distribution to such holders, but shall not be entitled to any further
payment or other participation in any distribution of the assets of the
Corporation.&#160; If, upon any liquidation,
dissolution or winding-up of the Corporation, the Corporation&#146;s assets, or
proceeds thereof, distributable among the holders of Series&nbsp;I Preferred
Stock</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">are insufficient to pay in full the preferential amount aforesaid and
liquidating payments on any Parity Stock, then such assets, or the proceeds
thereof, shall be distributed among the holders of the Series&nbsp;I Preferred
Stock and any other Parity Stock ratably in proportion to the respective
amounts that would be payable on such shares of Series&nbsp;I Preferred Stock
and any such other Parity Stock if all amounts payable thereon were paid in
full.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
Neither the voluntary sale, conveyance, exchange or transfer, for cash,
shares of stock, securities or other consideration, of all or substantially all
of the Corporation&#146;s property or assets, nor the consolidation, merger or
amalgamation of the Corporation with or into any corporation or the
consolidation, merger or amalgamation of any corporation with or into the
Corporation shall be deemed to be a voluntary or involuntary liquidation,
dissolution or winding-up of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
After payment has been made in full to the holders of the Series&nbsp;I
Preferred Stock, as provided in this Section&nbsp;5, holders of Series&nbsp;I
Preferred Stock shall have no right or claim to any remaining assets of the
Corporation.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.&#160; <i><font style="font-style:italic;">Optional Redemption of the
Series&nbsp;I Preferred Stock.&#160; </font></i>Shares
of Series&nbsp;I Preferred Stock shall <font style="letter-spacing:-.1pt;">be
redeemable by the Corporation in accordance with this Section&nbsp;6.</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
The Corporation may not redeem any shares of Series&nbsp;I Preferred
Stock before October 14, 2009.&#160; On or
after October 14, 2009, the Corporation shall have the option to redeem,
subject to Section&nbsp;6(j) hereof, for cash only (i)&nbsp;some or all the
shares of Series&nbsp;I Preferred Stock at the Redemption Price, but only if
the Closing Sale Price of the Common Stock for 20 Trading Days within a period
of 30 consecutive Trading Days ending on the Trading Day prior to the date the
Corporation gives notice of such redemption pursuant to this Section&nbsp;6
exceeds 130% of the Conversion Price in effect on each such Trading Day and
(ii)&nbsp;all the Outstanding shares of Series&nbsp;I Preferred Stock at the
Redemption Price, but only if, on any Dividend Payment Date, the total number
of Outstanding shares of Series&nbsp;I Preferred Stock is less than 15% of the
total number of Outstanding shares of Series&nbsp;I Preferred Stock on October
14, 2004.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; In
the event the Corporation elects to redeem shares of Series&nbsp;I Preferred
Stock, the Corporation shall:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
send a written notice to the Registrar and Transfer Agent of the
Redemption Date, stating the number of shares to be redeemed and the Redemption
Price, at least 35&nbsp;days before the Redemption Date (unless a shorter
period shall be satisfactory to the Registrar and Transfer Agent);</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
send a written notice by first class mail to each holder of record of
the Series&nbsp;I Preferred Stock at such holder&#146;s registered address, not
fewer than 20 nor more than 90&nbsp;days prior to the Redemption Date, stating:</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;
the Redemption Date;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;
the Redemption Price;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;
the Conversion Price and the Conversion Rate;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;
the name and address of the Paying Agent and Conversion Agent;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;
that shares of Series&nbsp;I Preferred Stock called for redemption may
be converted at any time before 5:00&nbsp;p.m., New York City time on the
second Business Day immediately preceding the Redemption Date;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160;
that holders who want to convert shares of the Series&nbsp;I Preferred
Stock must satisfy the requirements set forth in Section&nbsp;7 of this
Certificate;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)&#160;
that shares of the Series&nbsp;I Preferred Stock called for redemption
must be surrendered</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to the Paying Agent to collect the Redemption Price;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)&#160; if
fewer than all the Outstanding shares of the Series&nbsp;I Preferred Stock are
to be redeemed by the Corporation, the number of shares to be redeemed;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)&#160;
that, unless the Corporation defaults in making payment of such
Redemption Price, dividends in respect of the shares of Series&nbsp;I Preferred
Stock called for redemption will cease to accumulate on and after the
Redemption Date;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(J)&#160;
the CUSIP number of the Series&nbsp;I Preferred Stock; and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(K)&#160;
any other information the Corporation wishes to present; and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
(A) issue a press release containing such information and
(B)&nbsp;publish such information on the Corporation&#146;s web site on the World
Wide Web.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; If
the Corporation gives notice of redemption, then, by 12:00&nbsp;p.m., New York
City time, on the Redemption Date, to the extent sufficient funds are legally
available, the Corporation shall, with respect to:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
shares of the Series&nbsp;I Preferred Stock held by DTC or its nominees,
deposit or cause to be deposited, irrevocably with DTC, cash sufficient to pay
the Redemption Price and shall give DTC irrevocable instructions and authority
to pay the Redemption Price to holders of such shares of the Series&nbsp;I
Preferred Stock; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
shares of the Series&nbsp;I Preferred Stock held in certificated form,
deposit or cause to be deposited, irrevocably with the Paying Agent, cash
sufficient to pay the Redemption Price and shall give the Paying Agent
irrevocable instructions and authority to pay the Redemption Price to holders
of such shares of the Series&nbsp;I Preferred Stock upon surrender of their
certificates evidencing their shares of the Series&nbsp;I Preferred Stock.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; If
on the Redemption Date, DTC and/or the Paying Agent holds or hold money
sufficient to pay the Redemption Price for the shares of Series&nbsp;I
Preferred Stock delivered for redemption as set forth herein, dividends shall
cease to accumulate as of the Redemption Date on those shares of the
Series&nbsp;I Preferred Stock called for redemption and all rights of holders
of such shares shall terminate, except for the right to receive the Redemption
Price pursuant to this Section&nbsp;6.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;
Payment of the Redemption Price for shares of the Series&nbsp;I
Preferred Stock is conditioned upon book-entry transfer or physical delivery of
certificates representing the Series&nbsp;I Preferred Stock, together with
necessary endorsements, to the Paying Agent at any time after delivery of the
notice of redemption.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;
Payment of the Redemption Price for shares of the Series&nbsp;I
Preferred Stock will be made (1)&nbsp;on the Redemption Date, if book-entry
transfer or physical delivery of the Series&nbsp;I Preferred Stock has been
made by or on the Redemption Date, or (2)&nbsp;if book-entry transfer or
physical delivery of the Series&nbsp;I Preferred Stock has not been made by or
on the Redemption Date, at the time of such transfer or delivery.&#160; If any shares of Series&nbsp;I Preferred
Stock selected for partial redemption are submitted for conversion in part
after such selection, such shares submitted for conversion shall be deemed (so
far as may be possible) to be a portion of the shares selected for redemption.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; If
the Redemption Date falls after a Record Date and before the related Dividend
Payment Date, holders of the shares of Series&nbsp;I Preferred Stock at the
close of business on that Record Date shall be entitled to receive the dividend
payable on those shares on the corresponding Dividend Payment Date.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160; If
fewer than all the Outstanding shares of Series&nbsp;I Preferred Stock are to
be redeemed, the number of shares to be redeemed shall be determined by the
Board of Directors and the shares to be redeemed shall be selected by lot, on a
pro rata basis (with any fractional shares being rounded to the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">nearest whole share), or by any other method as may be determined by
the Board of Directors to be fair and appropriate.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
Upon surrender of a certificate or certificates representing shares of
the Series&nbsp;I Preferred Stock that is or are redeemed in part, the
Corporation shall execute, and the Transfer Agent shall authenticate and
deliver to the holder, a new certificate or certificates representing shares of
the Series&nbsp;I Preferred Stock in an amount equal to the unredeemed portion
of the shares of Series&nbsp;I Preferred Stock surrendered for partial
redemption.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;
Notwithstanding the foregoing provisions of this Section&nbsp;6, unless
full cumulative dividends (whether or not declared) on all Outstanding shares
of Series&nbsp;I Preferred Stock and Parity Stock have been paid or set apart
for payment for all Dividend Periods terminating on or before the Redemption
Date, none of the shares of Series&nbsp;I Preferred Stock shall be redeemed,
and no sum shall be set aside for such redemption, unless pursuant to a
purchase or exchange offer made on the same terms to all holders of
Series&nbsp;I Preferred Stock and any Parity Stock.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.&#160; <i><font style="font-style:italic;">Conversion.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; <i><font style="font-style:italic;">Right to Convert.&#160; </font></i>Each
share of Series&nbsp;I Preferred Stock shall be convertible, only on or after
the occurrence of the conversion triggering events described in
Section&nbsp;7(b), into a number of fully paid and non-assessable shares of
Common Stock equal to the Conversion Rate in effect at such time.&#160; Notwithstanding the foregoing, if any shares
of Series&nbsp;I Preferred Stock are to be redeemed pursuant to Section&nbsp;6,
such conversion right shall cease and terminate, as to the shares of the
Series&nbsp;I Preferred Stock to be redeemed, at 5:00&nbsp;p.m., New York City
time, two Business Days immediately preceding the Redemption Date, unless the
Corporation shall default in the payment of the Redemption Price therefor, as
provided herein.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; A
holder may surrender shares of Series&nbsp;I Preferred Stock for conversion
into shares of Common Stock:</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; if
called for redemption pursuant to Section&nbsp;6 hereof;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
if the Corporation is a party to a Change of Control, in which case each
share of Series&nbsp;I Preferred Stock may be surrendered for conversion at any
time from and after the date that is 15&nbsp;days prior to the anticipated
effective date of the Change of Control until 15&nbsp;days after the actual
date of such Change of Control and, at such effective date, the right to
convert the Series&nbsp;I Preferred Stock into shares of Common Stock shall be
changed into a right to convert such Series&nbsp;I Preferred Stock into the
kind and amount of cash, securities or other property of the Corporation or
another Person that the holder would have received if the holder had converted
such Series&nbsp;I Preferred Stock immediately prior to the transaction; or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
during any fiscal quarter after the fiscal quarter ending December 31,
2004 (and only during such fiscal quarter) if the Closing Sale Price of Common
Stock for at least 20 Trading Days in a period of 30 consecutive Trading Days
ending on the last Trading Day of the immediately preceding fiscal quarter is
more than 125% of the Conversion Price on such Trading Day.&#160; If this Closing Sale Price condition is not
satisfied at the end of any fiscal quarter, then conversion pursuant to this
Section&nbsp;7(b)(iii)&nbsp;will not be permitted in the following fiscal
quarter.&#160; The Company shall determine for
each Trading Day during the 30 consecutive Trading Day period specified in this
Section&nbsp;7(b)(iii)&nbsp;whether the Closing Sale Price exceeds 125% of the
Conversion Price and whether the Series&nbsp;I Preferred Stock shall be
convertible as a result of the occurrence of the event set forth in this Section&nbsp;7(b)(iii).&#160; Upon determination that holders of
Series&nbsp;I Preferred Stock are or will be entitled to convert their
Preferred Stock into Common Stock in accordance with the provisions of
Section&nbsp;7(b)(iii), the Company will mail a written notice to the holders
thereof and issue a press release within five Business Days thereafter and
publish such information on its website on the World Wide Web.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; <i><font style="font-style:italic;">Conversion Procedures.&#160; </font></i>Conversion
of shares of the Series&nbsp;I Preferred Stock may be effected by any holder
thereof upon the surrender to the Corporation, at the principal office of the
Corporation or at the office of the Conversion Agent as may be designated by
the Board of Directors, of the certificate or certificates for such shares of
the Series&nbsp;I Preferred Stock to be converted accompanied by a complete and
manually signed Notice of Conversion (as set forth in the form of Series&nbsp;I
Preferred Stock certificate attached hereto) along with (A)&nbsp;appropriate
endorsements and transfer documents as required by the Registrar or Conversion
Agent and (B)&nbsp;if required pursuant to Section&nbsp;7(d), funds equal to
the dividend payable on the next Dividend Payment Date.&#160; In case such Notice of Conversion shall
specify a name or names other than that of such holder, such notice shall be
accompanied by payment of all transfer taxes payable upon the issuance of
shares of Common Stock in such name or names (or proof that no such taxes are
payable).&#160; Other than such taxes, the
Corporation shall pay any documentary, stamp or similar issue or transfer taxes
that may be payable in respect of any issuance or delivery of shares of Common
Stock upon conversion of shares of the Series&nbsp;I Preferred Stock pursuant
hereto.&#160; The conversion of the
Series&nbsp;I Preferred Stock will be deemed to have been made as of the close
of business on the date (the &#147;<i><font style="font-style:italic;">Conversion Date</font></i>&#148;)
such certificate or certificates have been surrendered and such Notice of
Conversion received and all required transfer taxes, if any, paid (or the
demonstration to the satisfaction of the Corporation that such taxes have been
paid).&#160; Promptly (but no later than five
Business Days) following the Conversion Date, the Corporation shall deliver or
cause to be delivered (1)&nbsp;certificates representing the number of validly
issued, fully paid and nonassessable full shares of Common Stock to which the
holder of shares of the Series&nbsp;I Preferred Stock being converted (or such
holder&#146;s transferee) shall be entitled, free and clear of all liens and encumbrances,
and (2)&nbsp;if less than the full number of shares of the Series&nbsp;I
Preferred Stock evidenced by the surrendered certificate or certificates is
being converted, a new certificate or certificates, of like tenor, for the
number of shares evidenced by such surrendered certificate or certificates less
the number of shares being converted.&#160; As
of the close of business on the Conversion Date, the rights of the holder of
the Series&nbsp;I Preferred Stock as to the shares being converted shall cease
except for the right to receive shares of Common Stock and the Person entitled
to receive the shares of Common Stock shall be treated for all purposes as
having become the record holder of such shares of Common Stock at such
time.&#160; Anything herein to the contrary
notwithstanding, in the case of Global Preferred Shares, Notices of Conversion
may be delivered to, and shares of the Series&nbsp;I Preferred Stock
representing beneficial interests in respect of such Global Preferred Shares
may be surrendered for conversion in accordance with the applicable procedures
of, the Depositary as in effect from time to time.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; <i><font style="font-style:italic;">Dividend and Other Payments Upon Conversion.&#160; </font></i>If a holder of shares of
Series&nbsp;I Preferred Stock exercises conversion rights, such shares will
cease to accumulate dividends as of the end of the day immediately preceding
the Conversion Date.&#160; On conversion of
the Series&nbsp;I Preferred Stock, except for conversion during the period from
the close of business on any Record Date corresponding to a Dividend Payment
Date to the close of business on the Business Day immediately preceding such
Dividend Payment Date, in which case the holder on such Dividend Record Date
shall receive the dividends payable on such Dividend Payment Date, accumulated
and unpaid dividends on the converted shares of Series&nbsp;I Preferred Stock
shall not be cancelled, extinguished or forfeited, but rather shall be deemed
to be paid in full to the holder thereof through delivery of the Common Stock
(together with the cash payment, if any, in lieu of fractional shares) in
exchange for the Series&nbsp;I Preferred Stock being converted pursuant to the
provisions hereof.&#160; Shares of the
Series&nbsp;I Preferred Stock surrendered for conversion after the close of
business on any Record Date for the payment of dividends declared and before
the opening of business on the Dividend Payment Date corresponding to that
Record Date must be accompanied by a payment to the Corporation in cash of an
amount equal to the dividend payable in respect of those shares on such
Dividend Payment Date; <i><font style="font-style:italic;">provided</font></i> that a
holder of shares of the Series&nbsp;I Preferred Stock on a Record Date who
converts such shares into shares of Common Stock on the corresponding Dividend
Payment Date shall be entitled to receive the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dividend payable on such shares of the Series&nbsp;I Preferred Stock on
such Dividend Payment Date, and such holder need not include payment to the
Corporation of the amount of such dividend upon surrender of shares of the
Series&nbsp;I Preferred Stock for conversion.&#160;
Notwithstanding the foregoing, if shares of the Series&nbsp;I Preferred
Stock are converted during the period between the close of business on any
Record Date and the opening of business on the corresponding Dividend Payment
Date and the Corporation has called such shares of the Series&nbsp;I Preferred
Stock for redemption during such period, or the Corporation has designated a
Change of Control Purchase Date during such period, then, in each case, the
holder who tenders such shares for conversion shall receive the dividend
payable on such Dividend Payment Date and need not include payment of the
amount of such dividend upon surrender of shares of the Series&nbsp;I Preferred
Stock for conversion.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; <i><font style="font-style:italic;">Fractional Shares.&#160; </font></i>In
connection with the conversion of any shares of the Series&nbsp;I Preferred
Stock, no fractions of shares of Common Stock shall be issued, but the
Corporation shall pay a cash adjustment in respect of any fractional interest
in an amount equal to the fractional interest multiplied by the Closing Sale
Price of the Common Stock on the Conversion Date, rounded to the nearest whole
cent.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160; <i><font style="font-style:italic;">Total Shares.&#160; </font></i>If more
than one share of the Series&nbsp;I Preferred Stock shall be surrendered for
conversion by the same holder at the same time, the number of full shares of
Common Stock issuable on conversion of those shares shall be computed on the
basis of the total number of shares of the Series&nbsp;I Preferred Stock so
surrendered.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; <i><font style="font-style:italic;">Reservation of Shares; Compliance with Governmental Requirements; Listing
of Common Stock; Shares to <font style="letter-spacing:-.1pt;">be Fully
Paid.&#160; </font></font></i><font style="letter-spacing:-.1pt;">The Corporation shall:</font></font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; at
all times reserve and keep available, free from preemptive rights, for issuance
upon the conversion of shares of the Series&nbsp;I Preferred Stock such number
of its authorized but unissued shares of Common Stock as shall from time to
time be sufficient to permit the conversion of all Outstanding shares of the
Series&nbsp;I Preferred Stock;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
prior to the delivery of any securities that the Corporation shall be
obligated to deliver upon conversion of the Series&nbsp;I Preferred Stock,
comply with all applicable federal and state laws and regulations that require
action to be taken by the Corporation in connection with such delivery;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
use its commercially reasonable best efforts to ensure that all shares
of Common Stock delivered upon conversion of the Series&nbsp;I Preferred Stock
will, upon delivery, be listed on the New York Stock Exchange (or such other
national exchange, if any, on which the Common Stock is then listed); and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv) &#160;ensure that all shares of Common Stock
delivered upon conversion of the Series&nbsp;I Preferred Stock will, upon
delivery, be duly and validly issued and fully paid and nonassessable, free of
all liens and charges and not subject to any preemptive rights.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
8.&#160; <i><font style="font-style:italic;">Conversion Rate
Adjustments.&#160; </font></i>The Conversion
Rate shall be adjusted from time to time by the <font style="letter-spacing:-.1pt;">Corporation in accordance with the provisions of this Section&nbsp;8.</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; If
the Corporation shall hereafter pay a dividend or make a distribution to all
holders of the outstanding Common Stock in shares of Common Stock, the
Conversion Rate in effect at the opening of business on the date following the
Record Date shall be increased by multiplying such Conversion Rate by a
fraction,</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
the numerator of which shall be the sum of the number of shares of
Common Stock outstanding at the close of business on such Record Date and the
total number of shares of Common Stock constituting such dividend or other
distribution; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
the denominator of which shall be the number of shares of Common Stock
outstanding at the close of business on such Record Date.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such increase shall become effective
immediately after the opening of business on the day following such Record
Date.&#160; If any dividend or distribution of
the type described in this Section&nbsp;8(a) is declared but not so paid or
made, the Conversion Rate shall again be adjusted to the Conversion Rate that
would then be in effect if such dividend or distribution had not been declared.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; If
the Corporation shall issue rights, options or warrants to all holders of any
class of Common Stock entitling them (for a period expiring within forty-five
(45)&nbsp;days after the Record Date) to subscribe for or purchase shares of
Common Stock (or securities convertible into Common Stock) at a price per share
(or having a conversion price per share) less than the Current Market Price on
the Record Date, other than issuances that are subject to certain triggering
events (until such time as such triggering events occur), the Conversion Rate
shall be adjusted so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect immediately prior to such Record Date
by a fraction,</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
the numerator of which shall be the number of shares of Common Stock
outstanding at the close of business on such Record Date plus the total number
of additional shares of Common Stock so offered for subscription or purchase
(or into which the convertible securities so offered are convertible); and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
the denominator of which shall be the number of shares of Common Stock
outstanding at the close of business on such Record Date plus the number of
shares which the aggregate offering price of the total number of shares so
offered for subscription or purchase (or the aggregate conversion price of the
convertible securities so offered) would purchase at such Current Market Price.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such adjustment shall become effective
immediately after the opening of business on the day following such Record
Date.&#160; In determining whether any rights,
options or warrants entitle the holders to subscribe for or purchase shares of
Common Stock at less than such Current Market Price, and in determining the
aggregate offering price of such shares of Common Stock, there shall be taken
into account any consideration received by the Corporation for such rights,
options or warrants and any amount payable on exercise or conversion thereof;
the Fair Market Value of such consideration, if other than cash, to be determined
by the Board of Directors, whose determination shall be conclusive.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; If
the outstanding shares of Common Stock shall be subdivided into a greater
number of shares of Common Stock, the Conversion Rate in effect at the opening
of business on the day following the day upon which such subdivision becomes
effective shall be proportionately increased, and conversely, in the event
outstanding shares of Common Stock shall be combined into a smaller number of
shares of Common Stock, the Conversion Rate in effect at the opening of
business on the day following the day upon which such combination becomes
effective shall be proportionately reduced; such increase or reduction, as the
case may be, to become effective immediately after the opening of business on
the day following the day upon which such subdivision or combination becomes
effective.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; If
the Corporation shall, by dividend or otherwise, distribute to all holders of
its Common Stock shares of any class of Capital Stock of the Corporation (other
than any dividends or distributions to which Section&nbsp;8(a) applies) or
evidences of its indebtedness or assets (including securities, but excluding
(i)&nbsp;any rights or warrants referred to in Section&nbsp;8(b) or
(ii)&nbsp;any dividend or distribution (x)&nbsp;paid exclusively in cash or
(y)&nbsp;referred to in Section&nbsp;8(a)) (any of the foregoing hereinafter
referred to in this Section&nbsp;8(d) as the &#147;<i><font style="font-style:italic;">Distributed
Property</font></i>&#148;), then, in each such case, the Conversion Rate shall be
adjusted so that the same shall be equal to the rate determined by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">multiplying the Conversion Rate in effect on the Record Date with
respect to such distribution by a fraction,</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
the numerator of which shall be the Current Market Price on such Record Date;
and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
the denominator of which shall be the Current Market Price on such
Record Date less the Fair Market Value (as determined by the Board of
Directors, whose determination shall be conclusive, and described in a resolution
of the Board of Directors) on such Record Date of the portion of the
Distributed Property applicable to one share of Common Stock (determined on the
basis of the number of shares of Common Stock outstanding on such Record Date).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such adjustment shall become effective
immediately prior to the opening of business on the day following such Record
Date; <i><font style="font-style:italic;">provided</font></i> that if the then Fair Market
Value (as so determined by the Board of Directors) of the portion of the
Distributed Property applicable to one share of Common Stock is equal to or
greater than the Current Market Price on the Record Date, in lieu of the
foregoing adjustment, adequate provision shall be made so that each holder of
Series&nbsp;I Preferred Stock shall have the right to receive upon conversion
the amount of Distributed Property such holder would have received had such
holder converted each share of its Series&nbsp;I Preferred Stock on the Record
Date.&#160; To the extent that any of the
Distributed Property is not distributed, the Conversion Rate shall be
readjusted to the Conversion Rate that would then be in effect had the
adjustment made been made on the basis of only the Distributed Property
actually distributed.&#160; If such dividend
or distribution is not so paid or made, the Conversion Rate shall again be
adjusted to be the Conversion Rate that would then be in effect if such
dividend or distribution had not been declared.&#160;
If the Board of Directors determines the Fair Market Value of any
distribution for purposes of this Section&nbsp;8(d) by reference to the trading
market for any securities, it must in doing so consider the prices in such
market over the same period used in computing the Current Market Price on the
applicable Record Date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rights or warrants distributed by the
Corporation to all holders of Common Stock entitling the holders thereof to
subscribe for or purchase shares of the Corporation&#146;s Capital Stock (either
initially or under certain circumstances), which rights or warrants, until the
occurrence of a specified event or events (&#147;<i><font style="font-style:italic;">Trigger Event</font></i>&#148;):&#160; (i)&nbsp;are deemed to be transferred with
such shares of Common Stock; (ii)&nbsp;are not exercisable; and (iii)&nbsp;are
also issued in respect of future issuances of Common Stock, shall be deemed not
to have been distributed for purposes of this Section&nbsp;8(d) (and no adjustment
to the Conversion Rate under this Section&nbsp;8(d) will be required) until the
occurrence of the earliest Trigger Event, whereupon such rights and warrants
shall be deemed to have been distributed and an appropriate adjustment (if any
is required) to the Conversion Rate shall be made under this
Section&nbsp;8(d).&#160; If any such right or
warrant, including any such existing rights or warrants distributed prior to
the date of this Certificate, are subject to events, upon the occurrence of
which such rights or warrants become exercisable to purchase different
securities, evidences of indebtedness or other assets, then the date of the
occurrence of any and each such event shall be deemed to be the date of
distribution and record date with respect to new rights or warrants with such
rights (and a termination or expiration of the existing rights or warrants
without exercise by any of the holders thereof).&#160; In addition, in the event of any distribution
(or deemed distribution) of rights or warrants, or any Trigger Event or other
event (of the type described in the preceding sentence) with respect thereto
that was counted for purposes of calculating a distribution amount for which an
adjustment to the Conversion Rate under this Section&nbsp;8(d) was made,
(1)&nbsp;in the case of any such rights or warrants that shall all have been
redeemed or repurchased without exercise by any holders thereof, the Conversion
Rate shall be readjusted upon such final redemption or repurchase to give
effect to such distribution or Trigger Event, as the case may be, as though it
were a cash distribution, equal to the per share redemption or repurchase price
received by a holder or holders of Common Stock with respect to such rights or
warrants (assuming such holder had retained such rights or warrants), made to
all holders of Common Stock as of the date of such redemption or repurchase,
and (2)&nbsp;in the case of such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">rights or warrants that shall have expired or been terminated without
exercise thereof, the Conversion Rate shall be readjusted as if such expired or
terminated rights and warrants had not been issued.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of Section&nbsp;8(a),
Section&nbsp;8(b) and this Section&nbsp;8(d), any dividend or distribution to
which this Section&nbsp;8(d) is applicable that also includes shares of Common
Stock, or rights or warrants to subscribe for or purchase shares of Common
Stock (or both), shall be deemed instead to be (1)&nbsp;a dividend or
distribution of the evidences of indebtedness, assets or shares of Capital
Stock other than such shares of Common Stock or rights or warrants, as to which
any Conversion Rate adjustment required by this Section&nbsp;8(d) with respect
to such dividend or distribution shall then be made, immediately followed by
(2)&nbsp;a dividend or distribution of such shares of Common Stock or such
rights or warrants, as to which any further Conversion Rate adjustment required
by Sections 8(a) and 8(b) with respect to such dividend or distribution shall
then be made, except any shares of Common Stock included in such dividend or distribution
shall not be deemed &#147;outstanding at the close of business on such Record Date&#148;
within the meaning of Sections 8(a) and 8(b).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; If
the Corporation shall, by dividend or otherwise, distribute to all holders of
its Common Stock cash, excluding (i)&nbsp;any dividend or distribution in
connection with the liquidation, dissolution or winding-up of the Corporation,
whether voluntary or involuntary, and (ii)&nbsp;any quarterly cash dividend on
its Common Stock to the extent that the aggregate amount of cash distributions
per share of Common Stock in any quarter does not exceed $0.65 (the &#147;<i><font style="font-style:italic;">Dividend Threshold Amount</font></i>&#148;), then, in such case, the
Conversion Rate shall be increased so that the same shall equal the rate
determined by multiplying the Conversion Rate in effect immediately prior to
the close of business on such Record Date by a fraction,</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
the numerator of which shall be the Current Market Price on such Record
Date less the Dividend Threshold Amount (as such Dividend Threshold Amount may
be adjusted pursuant to this Section&nbsp;8(e)); and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
the denominator of which shall be the Current Market Price on such
Record Date less the amount of cash so distributed applicable to one share of
Common Stock.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Such adjustment shall be effective
immediately prior to the opening of business on the day following the Record
Date; <i><font style="font-style:italic;">provided</font></i> that if the portion of the cash
so distributed applicable to one share of Common Stock is equal to or greater
than the Current Market Price on the Record Date, in lieu of the foregoing adjustment,
adequate provision shall be made so that each holder of Series&nbsp;I Preferred
Stock shall have the right to receive upon conversion the amount of cash such
holder would have received had such holder converted each share of
Series&nbsp;I Preferred Stock on the Record Date.&#160; To the extent that such dividend or
distribution is not made, the Conversion Rate shall be readjusted to the
Conversion Rate that would then be in effect had the adjustment made been made
on the basis of only the dividend or distribution actually made.&#160; If such dividend or distribution is not so
paid or made, the Conversion Rate shall again be adjusted to be the Conversion
Rate that would then be in effect if such dividend or distribution had not been
declared.&#160; The Dividend Threshold Amount
shall be adjusted inversely proportional to the adjustments to the Conversion
Rate made pursuant to Sections 8(a), (b), (c)&nbsp;and (d)&nbsp;hereof.&#160; Notwithstanding the foregoing, the Conversion
Rate after giving effect to any adjustments under this Section&nbsp;8(e) shall
not exceed 0.9787 (as such number may be adjusted on a proportional basis of
the Conversion Rate, other than any adjustment pursuant to this
Section&nbsp;8(e)).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;
The Corporation may make such increases in the Conversion Rate in
addition to those required by this Section&nbsp;8 as the Board of Directors
considers to be advisable to avoid or diminish any income tax to holders of
Common Stock or rights to purchase Common Stock resulting from any dividend or
distribution of stock (or rights to acquire stock) or from any event treated as
such for income tax purposes.&#160; To the
extent permitted by applicable law, the Corporation from time to time may
increase the Conversion Rate by any amount for any period of time if the period
is at least</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20&nbsp;days and the increase is irrevocable during the period and the
Board of Directors determines in good faith that such increase would be in the
best interest of the Corporation.&#160;
Whenever the Conversion Rate is increased pursuant to the preceding
sentence, the Corporation shall mail to each holder of the Series&nbsp;I
Preferred Stock at the address of such holder as it appears in the stock
register a notice of the increase at least 15&nbsp;days prior to the date the
increased Conversion Rate takes effect, and such notice shall state the
increased Conversion Rate and the period during which it will be in effect.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; No
adjustment in the Conversion Rate (other than any adjustment pursuant to
Section&nbsp;8(e) above) shall be required unless such adjustment would require
an increase or decrease of at least one percent (1%) in the Conversion Rate
then in effect; <i><font style="font-style:italic;">provided, however,</font></i> that any
adjustments that by reason of this Section&nbsp;8(g) are not required to be
made shall be carried forward and taken into account in any subsequent
adjustment.&#160; All calculations under this
Section&nbsp;8 shall be made by the Corporation and shall be made to the
nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the
case may be.&#160; No adjustment need be made
for rights to purchase Common Stock pursuant to a Corporation plan for
reinvestment of dividends or interest or, except as set forth in this
Section&nbsp;8, for any issuance of Common Stock or securities convertible,
exercisable or exchangeable into Common Stock.&#160;
To the extent the Series&nbsp;I Preferred Stock becomes convertible into
cash, assets, property or securities (other than Capital Stock of the
Corporation), subject to Section&nbsp;9, no adjustment need be made thereafter
to the Conversion Rate.&#160; Interest will
not accrue on any cash into which the Series&nbsp;I Preferred Stock may be
convertible.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;
Whenever the Conversion Rate is adjusted as herein provided, the
Corporation shall promptly file with the Conversion Agent an Officer&#146;s
certificate setting forth the Conversion Rate after such adjustment and setting
forth a brief statement of the facts requiring such adjustment.&#160; Unless and until a responsible officer of the
Conversion Agent shall have received such Officer&#146;s certificate, the Conversion
Agent shall not be deemed to have knowledge of any adjustment of the Conversion
Rate and may assume that the last Conversion Rate of which it has knowledge is
still in effect.&#160; Promptly after delivery
of such certificate, the Corporation shall prepare a notice of such adjustment
of the Conversion Rate setting forth the adjusted Conversion Rate and the date
on which each adjustment becomes effective and shall mail such notice of such
adjustment of the Conversion Rate to each holder of Series&nbsp;I Preferred Stock
at its last address appearing in the stock register within twenty
(20)&nbsp;days after execution thereof.&#160;
Failure to deliver such notice shall not affect the legality or validity
of any such adjustment.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
For purposes of this Section&nbsp;8, the number of shares of Common
Stock at any time outstanding shall not include shares held in the treasury of
the Corporation (but the issuance of shares held in treasury shall be deemed to
be an issuance for purposes of this Section&nbsp;8), unless such treasury
shares participate in any distribution or dividend that requires an adjustment
pursuant to this Section&nbsp;8, but shall include shares issuable in respect
of scrip certificates issued in lieu of fractions of shares of Common Stock.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
9.&#160; <i><font style="font-style:italic;">Effect of
Reclassification, Consolidation, Merger or Sale on Conversion Privilege.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; If
any of (i)&nbsp;any reclassification (other than a change in par value, or from
par value to no par value, or from no par value to par value, and other than a
subdivision or combination to which Section&nbsp;8(c) applies) of the
outstanding shares of Common Stock, (ii)&nbsp;any consolidation, merger or
combination of the Corporation with another Person, in each case as a result of
which holders of Common Stock shall be entitled to receive stock, other
securities or other property or assets (including cash) with respect to or in
exchange for such Common Stock, or (iii)&nbsp;any sale or conveyance of all or
substantially all of the properties and assets of the Corporation to any other
Person as a result of which holders of Common Stock shall be entitled to
receive stock, other securities or other property or assets (including cash)
with respect to or in exchange for such Common Stock, then each share of
Series&nbsp;I Preferred Stock shall be convertible into the kind and amount of
shares of stock, other securities or other property or assets (including cash)
receivable upon such reclassification, change, consolidation, merger,
combination, sale or conveyance by a holder of a number of shares of Common
Stock issuable upon conversion of such Series&nbsp;I Preferred Stock
immediately prior to such reclassification, change, consolidation, merger,
combination, sale or conveyance assuming such holder of Common Stock did not
exercise his rights of election, if any, as to the kind or amount of stock,
other securities or other property or assets (including cash) receivable upon
such reclassification, change, consolidation, merger, combination, sale or
conveyance (provided that, if the kind or amount of stock, other securities or
other property or assets (including cash) receivable upon such
reclassification, change, consolidation, merger, combination, sale or
conveyance is not the same for each share of Common Stock in respect of which
such rights of election shall not have been exercised (&#147;<i><font style="font-style:italic;">non-electing
share</font></i>&#148;), then for the purposes of this Section&nbsp;9 the kind and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of stock, other securities or other property or assets
(including cash) receivable upon such reclassification, change, consolidation,
merger, combination, sale or conveyance for each non-electing share shall be
deemed to be the kind and amount so receivable per share by a plurality of the
non-electing shares).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
The Corporation shall cause notice of the application of this
Section&nbsp;9 to be delivered to each holder of the Series&nbsp;I Preferred
Stock at the address of such holder as it appears in the stock register within
twenty (20)&nbsp;days after the occurrence of any of the events specified in
Section&nbsp;9(a) and shall issue a press release containing such information
and publish such information on its web site on the World Wide Web.&#160; Failure to deliver such notice shall not
affect the legality or validity of any conversion right pursuant to this
Section&nbsp;9.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
The above provisions of this Section&nbsp;9 shall similarly apply to
successive reclassifications, changes, consolidations, mergers, combinations,
sales and conveyances, and the provisions of Section&nbsp;8 shall apply to any
shares of Capital Stock received by the holders of Common Stock in any such
reclassification, change, consolidation, merger, combination, sale or
conveyance; <i><font style="font-style:italic;">provided</font></i> that if this Section&nbsp;9
applies to any event or occurrence, Section&nbsp;8 shall not apply to such
event or occurrence.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.&#160; <i><font style="font-style:italic;">Rights Issued in Respect
of Common Stock Issued Upon Conversion.&#160; </font></i>Each
share of Common Stock issued upon conversion of the Series&nbsp;I Preferred
Stock shall be entitled to receive the appropriate number of common stock or
preferred stock purchase rights, as the case may be, if any, that shares of
Common Stock are entitled to receive and the certificates representing the
Common Stock issued upon such conversion shall bear such legends, if any, in
each case as may be provided by the terms of any shareholder rights agreement
adopted by the Corporation, as the same may be amended from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.&#160; <i><font style="font-style:italic;">Change of Control.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; <i><font style="font-style:italic;">Repurchase Right.&#160; </font></i>If
there shall occur a Change of Control, shares of Series&nbsp;I Preferred Stock
shall be purchased, subject to satisfaction by or on behalf of any holder of
the requirements set forth in Section&nbsp;11(c), by the Corporation at the
option of the holders thereof as of the date specified by the Corporation (the &#147;<i><font style="font-style:italic;">Change of Control Purchase Date</font></i>&#148;) that is not less than 30
calendar days nor more than 60 calendar days after the mailing of written
notice of the Change of Control pursuant to Section&nbsp;11(b) below.&#160; The Purchase Price shall be paid in cash.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; <i><font style="font-style:italic;">Notice to Holders.&#160; </font></i>As
promptly as practicable thereafter but not later than 20&nbsp;days after the
occurrence of a Change of Control, the Corporation shall mail a written notice
of the Change of Control to each holder, issue a press release containing such
notice and publish such notice on its web site on the World Wide Web.&#160; The Corporation shall also deliver a copy of
the notice to the Transfer Agent.&#160; The
notice shall include the form of a Change of Control Purchase Notice (as
defined in Section&nbsp;11(c) below) to be completed by the holder and shall
state:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
the date of such Change of Control and, briefly, the events causing such
Change of Control;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
the date by which the Change of Control Purchase Notice pursuant to this
Section must be given;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
the Change of Control Purchase Date;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;
the name and address of each Paying Agent and Conversion Agent;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;
the Conversion Rate and any adjustments thereto;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;
that Series&nbsp;I Preferred Stock as to which a Change of Control
Purchase Notice has been given may not thereafter be converted into Common
Stock; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;
the procedures that the holder of Series&nbsp;I Preferred Stock must
follow to exercise rights under this Section&nbsp;11.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any of the Series&nbsp;I Preferred Stock
is in the form of Global Preferred Shares, then the Corporation shall modify
such notice to the extent necessary to accord with the procedures of the
Depositary applicable to the purchase of Global Preferred Shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; <i><font style="font-style:italic;">Conditions to Purchase.</font></i></font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; A
holder of shares of Series&nbsp;I Preferred Stock may exercise its rights specified
in Section&nbsp;11(a) upon delivery of a written notice (which shall be in
substantially the form included as Exhibit&nbsp;B to this Certificate and which
may be delivered by letter, overnight courier, hand delivery, facsimile
transmission or in any other written form and, in the case of Global Preferred
Shares, may be delivered electronically or by other means in accordance with
the Depositary&#146;s customary procedures) of the exercise of such rights (a &#147;<i><font style="font-style:italic;">Change of Control Purchase Notice</font></i>&#148;) to the Transfer Agent at
any time prior to the close of business on the Business Day immediately before
the Change of Control Purchase Date.&#160; The
Transfer Agent shall promptly notify the Corporation of the receipt of any
Change of Control Purchase Notice.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
The delivery of such shares of Series&nbsp;I Preferred Stock to be
purchased by the Corporation to the Transfer Agent (together with all necessary
endorsements) at the office of the Transfer Agent, or the book-entry transfer
of such shares, shall be a condition to the receipt by the holder of the
Purchase Price.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
Any purchase by the Corporation contemplated pursuant to the provisions
of this Section&nbsp;11(c) shall be consummated by the delivery of the
consideration to be received by the holder promptly following the later of the
Change of Control Purchase Date and the time of delivery of such shares of
Series&nbsp;I Preferred Stock to the Transfer Agent in accordance with this
Section&nbsp;11(c).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; <i><font style="font-style:italic;">Global Preferred Shares.&#160; </font></i>Anything
herein to the contrary notwithstanding, in the case of Global Preferred Shares,
any Change of Control Purchase Notice may be delivered, and the shares of
Series&nbsp;I Preferred Stock in respect of such Global Preferred Shares may be
surrendered or delivered for purchase, in accordance with the applicable procedures
of the Depositary as in effect from time to time.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; <i><font style="font-style:italic;">Effect of Change of Control Purchase Notice.&#160; </font></i>Upon receipt by the Transfer Agent
of the Change of Control Purchase Notice, the holder of the shares of
Series&nbsp;I Preferred Stock in respect of which such Change of Control
Purchase Notice was given shall thereafter be entitled to receive the Purchase
Price with respect to such shares of Series&nbsp;I Preferred Stock, subject to
11(c) hereof.&#160; Such Purchase Price shall
be paid to such holder promptly on the later of (a)&nbsp;the Change of Control
Purchase Date with respect to such shares of Series&nbsp;I Preferred Stock or
(b)&nbsp;the time of delivery of such shares of Series&nbsp;I Preferred Stock
to the Transfer Agent by the holder thereof in the manner</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required by this Section&nbsp;11.&#160;
Shares of Series&nbsp;I Preferred Stock in respect of which a Change of
Control Purchase Notice has been given by the holder thereof may not be
converted into Common Stock on or after the date of the delivery of such Change
of Control Purchase Notice</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160; <i><font style="font-style:italic;">Deposit of Purchase Price.&#160; </font></i>Prior
to 11:00&nbsp;a.m. (New York City time) on the Change of Control Purchase Date,
the Corporation shall deposit with the Paying Agent an amount of cash (in
immediately available funds if deposited on such Business Day) sufficient to
pay the aggregate Purchase Price of all shares of Series&nbsp;I Preferred Stock
or portions thereof which are to be purchased as of the Change of Control
Purchase Date.&#160; The manner in which the
deposit required by this Section&nbsp;11(f) is made by the Corporation shall be
at the option of the Corporation, <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that such deposit shall be made in a manner such
that the Paying Agent shall have immediately available funds on the Change of
Control Purchase Date.&#160; If the Paying
Agent holds, on the Business Day following the Change of Control Purchase Date,
cash sufficient to pay the Purchase Price of any shares of Series&nbsp;I
Preferred Stock for which a Change of Control Purchase Notice has been tendered
then, immediately after such Change of Control Purchase Date, such shares of
Series&nbsp;I Preferred Stock will cease to be Outstanding, dividends will
cease to accrue and all other rights of the holder in respect thereof shall
terminate (other than the right to receive the Purchase Price as aforesaid).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; <i><font style="font-style:italic;">Series&nbsp;I Preferred Stock Purchased in Part.&#160; </font></i>Upon surrender of a certificate or
certificates representing shares of the Series&nbsp;I Preferred Stock that is
or are purchased in part, the Corporation shall execute, and the Transfer Agent
shall authenticate and deliver to the holder, a new certificate or certificates
representing shares of the Series&nbsp;I Preferred Stock in an amount equal to
the unpurchased portion of the shares of Series&nbsp;I Preferred Stock surrendered
for partial purchase.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160; <i><font style="font-style:italic;">Repayment to the Corporation.&#160; </font></i>The
Paying Agent shall return to the Corporation any cash that remains unclaimed
for two years, subject to applicable unclaimed property law, together with
interest, if any, thereon held by the Paying Agent for the payment of the
Change of Control Purchase Price; <i><font style="font-style:italic;">provided</font></i>, <i><font style="font-style:italic;">however</font></i>, that to the extent that the aggregate amount of
cash deposited by the Corporation pursuant to this Section&nbsp;11 exceeds the
aggregate Purchase Price of the Series&nbsp;I Preferred Stock or portions
thereof which the Corporation is obligated to purchase as of the Change of
Control Purchase Date, then on the Business Day following the Change of Control
Purchase Date, the Paying Agent shall return any such excess to the Corporation.&#160; Thereafter, any holder entitled to payment
must look to the Corporation for payment as general creditors, unless an
applicable abandoned property law designates another Person.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;
The Corporation shall comply with any applicable provisions of
Rule&nbsp;13e-4 and any other tender offer rules under the Exchange Act
(including, without limitation, any filing on Schedule TO or any other
schedule) to the extent then applicable in connection with the repurchase
rights of the holders of the Series&nbsp;I Preferred Stock pursuant to this
Section&nbsp;11.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
12.&#160; <i><font style="font-style:italic;">Voting Rights.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
The holders of record of shares of the Series&nbsp;I Preferred Stock
shall not be entitled to any voting rights except as hereinafter provided in
this Section&nbsp;12, as otherwise provided in the Charter, or as otherwise
provided by law.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
The affirmative vote of holders of at least two-thirds of the
outstanding shares of the Series&nbsp;I Preferred Stock, voting as a single
class in person or by proxy, at an annual meeting of the Corporation&#146;s
stockholders or at a special meeting called for the purpose, or by written
consent in lieu of such a meeting, shall be required to alter, repeal or amend
any provisions of the Charter or this Certificate, whether by merger,
consolidation, combination, reclassification or otherwise (an &#147;<i><font style="font-style:italic;">Event</font></i>&#148;), if the amendment would materially and adversely
affect the rights, powers, or preferences of the holders of Series&nbsp;I
Preferred Stock; <i><font style="font-style:italic;">provided, however,</font></i> that
(i)&nbsp;an Event will not be deemed to materially and adversely affect such
rights, powers or preferences, in each such case, where each</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">share of Series&nbsp;I Preferred Stock remains outstanding without a
material change to its terms and rights or is converted into or exchanged for
preferred stock of the surviving entity having preferences, conversion and
other rights, privileges, voting powers, restrictions, limitations and terms or
conditions of redemption thereof identical to that of a share of Series&nbsp;I
Preferred Stock, (ii)&nbsp;any increase in the amount of the authorized Common
Stock or currently authorized Parity Stock or the creation and issuance of any
class or series of Common Stock, other Junior Stock or Parity Stock will not be
deemed to materially and adversely affect such rights, powers or preferences;
and (iii)&nbsp;the creation of, or increase in the authorized number of, shares
of any class or series of Senior Stock shall be deemed to materially and
adversely affect such rights, powers and preferences.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; If
at any time (1)&nbsp;dividends on any shares of Series&nbsp;I Preferred Stock
or any other class or series of Parity Stock having like voting rights shall be
in arrears for Dividend Periods, whether or not consecutive, containing in the
aggregate a number of days equivalent to six calendar quarters or (2)&nbsp;the
Corporation shall have failed to pay the Redemption Price when due or the
Purchase Price when due, then, in each case, the holders of shares of
Series&nbsp;I Preferred Stock (voting separately as a class with all other
series of Preferred Stock upon which like voting rights have been conferred and
are exercisable) will be entitled to elect two of the authorized number of the
Corporation&#146;s directors (each, a &#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred
Stock Director</font></i>&#148;) at the next annual meeting of stockholders (or at a
special meeting of the Corporation&#146;s stockholders called for such purpose,
whichever is earlier) and each subsequent meeting until the Redemption Price,
Purchase Price or all dividends accumulated on the Series&nbsp;I Preferred
Stock have been fully paid or set aside for payment.&#160; Each Series&nbsp;I Preferred Stock Director
shall be in addition to the number of directors constituting the Board of
Directors immediately prior to the vesting of such right, and the Board of
Directors shall take all necessary action to so expand the Board of Directors
and cause the election of each Series&nbsp;I Preferred Stock Director.&#160; The term of office of such Series&nbsp;I
Preferred Stock Directors will terminate immediately upon the termination of
the right of the holders of Series&nbsp;I Preferred Stock and such other
Preferred Stock to vote for directors.&#160;
Each holder of shares of the Series&nbsp;I Preferred Stock will have one
vote for each share of Series&nbsp;I Preferred Stock held.&#160; At any time after voting power to elect directors
shall have become vested and be continuing in the holders of the Series&nbsp;I
Preferred Stock pursuant to this Section&nbsp;12(c), or if a vacancy shall
exist in the office of any Series&nbsp;I Preferred Stock Director, the Board of
Directors may, and upon written request of the holders of record of at least
25% of the Outstanding Series&nbsp;I Preferred Stock addressed to the Chairman
of the Board of Directors shall, call a special meeting of the holders of the
Series&nbsp;I Preferred Stock (voting separately as a class with all other
series of Preferred Stock upon which like voting rights have been conferred and
are exercisable) for the purpose of electing the Series&nbsp;I Preferred Stock
Director that such holders are entitled to elect.&#160; At any meeting held for the purpose of
electing a Series&nbsp;I Preferred Stock Director, the presence in person or by
proxy of the holders of at least a majority of the Outstanding Series&nbsp;I
Preferred Stock shall be required to constitute a quorum of such Series&nbsp;I
Preferred Stock.&#160; At any time after
voting power to elect directors shall have become vested and be continuing in
the holders of the Series&nbsp;I Preferred Stock pursuant to this
Section&nbsp;12(c), any vacancy occurring in the office of a Series&nbsp;I
Preferred Stock Director may be filled by the remaining Series&nbsp;I Preferred
Stock Director unless and until such vacancy shall be filled by the holders of
the Series&nbsp;I Preferred Stock and all other Preferred Stock having like
voting rights, as provided above.&#160; The
Series&nbsp;I Preferred Stock Directors shall agree, prior to their election to
office, to resign upon any termination of the right of the holders of
Series&nbsp;I Preferred Stock and other Preferred Stock having like voting
rights to vote as a class for Series&nbsp;I Preferred Stock Directors as herein
provided, and upon such termination, the Series&nbsp;I Preferred Stock
Directors then in office shall forthwith resign.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
13.&#160; <i><font style="font-style:italic;">Restrictions On
Ownership.&#160; </font></i>The shares of
Series&nbsp;I Preferred Stock shall be subject to the restrictions on transfer
set forth in Article Ninth of the Charter of the Corporation.&#160; Any transfer or attempted transfer in
violation of the provisions of this Section&nbsp;13 shall be null and void.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
14.&#160; <i><font style="font-style:italic;">Transfer Agent and
Registrar.&#160; </font></i>The duly appointed
Transfer Agent (the &#147;<i><font style="font-style:italic;">Transfer Agent</font></i>&#148;)
and Registrar (the &#147;<i><font style="font-style:italic;">Registrar</font></i>&#148;) for
the Series&nbsp;I Preferred Stock shall be Mellon Investor Services LLC.&#160; The Corporation may, in its sole discretion,
remove the Transfer Agent in accordance with the agreement between the
Corporation and the Transfer Agent; <i><font style="font-style:italic;">provided</font></i> that
the Corporation shall appoint a successor transfer agent who shall accept such
appointment prior to the effectiveness of such removal.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
15.&#160; <i><font style="font-style:italic;">Currency.&#160; </font></i>All shares of Series&nbsp;I Preferred
Stock shall be denominated in U.S. currency, and all payments and distributions
thereon or with respect thereto shall be made in U.S. currency.&#160; All references herein to &#147;<i><font style="font-style:italic;">$</font></i>&#148; or &#147;<i><font style="font-style:italic;">dollars</font></i>&#148; refer
to U.S. currency.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
16.&#160; <i><font style="font-style:italic;">Form.&#160; </font></i>The Series&nbsp;I Preferred Stock
may be issued in the form of one or more permanent global shares of
Series&nbsp;I Preferred Stock (each, a &#147;<i><font style="font-style:italic;">Global Preferred Share</font></i>&#148;)
in definitive, fully registered form with the global legend (the &#147;<i><font style="font-style:italic;">Global Shares Legend</font></i>&#148;) as set forth on the form of Series&nbsp;I
Preferred Stock certificate attached hereto as Exhibit&nbsp;A, which is hereby
incorporated in and expressly made a part of this Certificate, in book-entry
form maintained by the Registrar or as certificated shares of Series&nbsp;I
Preferred Stock in registered form.&#160; Any
Global Preferred Shares may have notations, legends or endorsements required by
law, stock exchange rules, agreements to which the Corporation is subject, if
any, or usage (provided that any such notation, legend or endorsement is in a
form acceptable to the Corporation).&#160; Any
Global Preferred Shares, if issued, shall be deposited on behalf of the holders
of the Series&nbsp;I Preferred Stock represented thereby with the Registrar, at
its New York office, as custodian for the Depositary, and registered in the
name of the Depositary or a nominee of the Depositary, duly executed by the
Corporation and countersigned and registered by the Registrar as hereinafter
provided.&#160; The aggregate number of shares
represented by any Global Preferred Share may from time to time be increased or
decreased by adjustments made on the records of the Registrar and the
Depositary or its nominee as hereinafter provided.&#160; This Section and Exhibit A shall apply only
to a Global Preferred Share deposited with or on behalf of the Depositary.&#160; To the extent any Series I Preferred Stock is
issued in the form of one or more Global Preferred Shares, the Corporation
shall execute and the Registrar shall, in accordance with this Section&nbsp;16,
countersign and deliver initially one or more Global Preferred Shares that
(i)&nbsp;shall be registered in the name of Cede&nbsp;&amp; Co. or other
nominee of the Depositary and (ii)&nbsp;shall be delivered by the Registrar to
Cede&nbsp;&amp; Co. or pursuant to instructions received from Cede&nbsp;&amp;
Co. or held by the Registrar as custodian for the Depositary pursuant to an
agreement between the Depositary and the Registrar.&#160; Members of, or participants in, the
Depositary (&#147;<i><font style="font-style:italic;">Agent Members</font></i>&#148;) shall have no
rights under this Certificate, with respect to any Global Preferred Share held
on their behalf by the Depositary or by the Registrar as the custodian of the
Depositary, or under such Global Preferred Share, and the Depositary may be
treated by the Corporation, the Registrar and any agent of the Corporation or
the Registrar as the absolute owner of such Global Preferred Share for all
purposes whatsoever.&#160; Notwithstanding the
foregoing, nothing herein shall prevent the Corporation, the Registrar or any
agent of the Corporation or the Registrar from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or
impair, as between the Depositary and its Agent Members, the operation of
customary practices of the Depositary governing the exercise of the rights of a
holder of a beneficial interest in any Global Preferred Share.&#160; Owners of beneficial interests in Global
Preferred Shares, if any, shall not be entitled to receive physical delivery of
certificated shares of Series&nbsp;I Preferred Stock, unless (x)&nbsp;DTC is
unwilling or unable to continue as Depositary for the Global Preferred Shares
and the Corporation does not appoint a qualified replacement for DTC within
90&nbsp;days, (y)&nbsp;DTC ceases to be a &#147;clearing agency&#148; registered under
the Exchange Act or (z)&nbsp;the Corporation decides to discontinue the use of
book-entry transfer through DTC (or any successor Depositary).&#160; In any such case, any Global Preferred Shares
shall be exchanged in whole for certificated shares of Series&nbsp;I Preferred
Stock in registered form, with the same terms and of an equal aggregate Liquidation
Preference.&#160; Certificated shares of
Series&nbsp;I Preferred Stock</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">so issued shall be registered in the name or
names of the Person or Persons specified by DTC in a written instrument to the
Registrar.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160; An
Officer shall sign any Global Preferred Shares for the Corporation, in
accordance with the Corporation&#146;s bylaws and applicable law, by manual or
facsimile signature.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;
If an Officer whose signature is on a Global Preferred Share no longer holds
that office at the time the Transfer Agent authenticates such Global Preferred
Share, such Global Preferred Share shall be valid nevertheless.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;
A Global Preferred Share shall not be valid until an authorized
signatory of the Transfer Agent manually countersigns such Global Preferred
Share.&#160; The signature shall be conclusive
evidence that such Global Preferred Share has been authenticated under this
Certificate.&#160; Each Global Preferred Share
shall be dated the date of its authentication.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
17.&#160; <i><font style="font-style:italic;">Paying Agent and
Conversion Agent.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
The Corporation shall maintain in the Borough of Manhattan, City of New
York, State of New York (i)&nbsp;an office or agency where Series&nbsp;I
Preferred Stock may be presented for payment (the &#147;<i><font style="font-style:italic;">Paying Agent</font></i>&#148;)
and (ii)&nbsp;an office or agency where Series&nbsp;I Preferred Stock may be
presented for conversion (the &#147;<i><font style="font-style:italic;">Conversion Agent</font></i>&#148;).&#160; The Transfer Agent shall act as Paying Agent
and Conversion Agent, unless another Paying Agent or Conversion Agent is
appointed by the Corporation.&#160; The
Corporation may appoint the Registrar, the Paying Agent and the Conversion
Agent and may appoint one or more additional paying agents and one or more
additional conversion agents in such other locations as it shall
determine.&#160; The term &#147;<i><font style="font-style:italic;">Paying Agent</font></i>&#148; includes any additional paying agent and the
term &#147;<i><font style="font-style:italic;">Conversion Agent</font></i>&#148; includes any
additional conversion agent.&#160; The
Corporation may change any Paying Agent or Conversion Agent without prior
notice to any holder.&#160; The Corporation
shall notify the Registrar of the name and address of any Paying Agent or
Conversion Agent appointed by the Corporation.&#160;
If the Corporation fails to appoint or maintain another entity as Paying
Agent or Conversion Agent, the Registrar shall act as such.&#160; The Corporation or any of its Affiliates may
act as Paying Agent, Registrar or Conversion Agent.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
Payments due on the Series&nbsp;I Preferred Stock shall be payable at
the office or agency of the Corporation maintained for such purpose in The City
of New York and at any other office or agency maintained by the Corporation for
such purpose.&#160; Payments shall be payable
by U.S. dollar check drawn on, or wire transfer (<i><font style="font-style:italic;">provided</font></i>
that appropriate wire instructions have been received by the Registrar at least
15&nbsp;days prior to the applicable date of payment) to a U.S. dollar account
maintained by the holder with, a bank located in New York City; <i><font style="font-style:italic;">provided</font></i> that at the option of the Corporation, payment of
dividends may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Series&nbsp;I Preferred Stock
register.&#160; Notwithstanding the foregoing,
payments due in respect of beneficial interests in the Global Preferred Shares
shall be payable by wire transfer of immediately available funds in accordance
with the procedures of the Depositary.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
18.&#160; <i><font style="font-style:italic;">Headings.&#160; </font></i>The headings of the Sections of
this Certificate are for convenience of reference only <font style="letter-spacing:-.1pt;">and shall not define, limit or affect any of the provisions hereof.</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REMAINDER OF
THIS PAGE INTENTIONALLY LEFT BLANK]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS
WHEREOF, Simon Property Group,&nbsp;Inc. has caused this Certificate of
Designations to be signed this 13<sup>th</sup> day of October 2004.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.12%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:40.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.12%;">
  <p style="margin:0in 0in .0001pt .2in;text-indent:-.2in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Executive Vice President and<br>
  Chief Financial Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT A<br>
FORM OF GLOBAL PREFERRED SHARE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP NO.:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6% Series&nbsp;I Convertible
Perpetual Preferred Stock<br>
(par value $0.0001 per share)<br>
(liquidation preference $50.00 per share)<br>
OF<br>
SIMON PROPERTY GROUP,&nbsp;INC.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FACE OF SECURITY</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(&#147;<i><font style="font-style:italic;">DTC</font></i>&#148;), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE&nbsp;&amp; CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFERS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE CERTIFICATE OF DESIGNATIONS REFERRED TO BELOW.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER
INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT SUCH TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP,&nbsp;INC., a Delaware
corporation (the &#147;<i><font style="font-style:italic;">Corporation</font></i>&#148;), hereby certifies
that Cede&nbsp;&amp; Co. or registered assigns (the &#147;<i><font style="font-style:italic;">Holder</font></i>&#148;)
is the registered owner of fully paid and non-assessable shares of preferred
stock of the Corporation designated the &#147;6% Series&nbsp;I Convertible Perpetual
Preferred Stock,&#148; par value $0.0001 per share and liquidation preference $50.00
per share (the &#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred Stock</font></i>&#148;).&#160; The shares of Series&nbsp;I Preferred Stock
are transferable on the books and records of the Registrar, in person or by a
duly authorized attorney, upon surrender of this certificate duly endorsed and
in proper form for transfer.&#160; The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Series&nbsp;I Preferred Stock represented hereby are issued
and shall in all respects be subject to the provisions of the Certificate of
Designations of the Corporation, dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; , 200 , as the same
may be amended from time to time in accordance with its terms (the &#147;<i><font style="font-style:italic;">Certificate of Designations</font></i>&#148;).&#160; Capitalized terms used herein but not defined
shall have the respective meanings given them in the Certificate of
Designations.&#160; The Corporation will
provide a copy of the Certificate of Designations to a Holder without charge
upon written request to the Corporation at its principal place of business.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is hereby made to select provisions
of the Series&nbsp;I Preferred Stock set forth on the reverse hereof, and to
the Certificate of Designations, which select provisions and the Certificate of
Designations shall for all purposes have the same effect as if set forth at
this place.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon receipt of this certificate, the Holder
is bound by the Certificate of Designations and is entitled to the benefits
thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless the Transfer Agent&#146;s Certificate of
Authentication hereon has been properly executed, the shares of Series&nbsp;I
Preferred Stock evidenced hereby shall not be entitled to any benefit under the
Certificate of Designations or be valid or obligatory for any purpose.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, Simon Property
Group,&nbsp;Inc. has executed this Certificate of Designations as of the date
set forth below.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Dated:</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="145" style="border:none;"></td>
  <td width="187" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="159" style="border:none;"></td>
  <td width="187" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER
AGENT&#146;S CERTIFICATE OF AUTHENTICATION</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This is one of the certificates representing
shares of Preferred Stock referred to in the within mentioned Certificate of
Designations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mellon Investor Services LLC,<br>
  as Transfer Agent</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Dated:</font></p>
  </td>
  <td width="19%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="42" style="border:none;"></td>
  <td width="145" style="border:none;"></td>
  <td width="187" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="159" style="border:none;"></td>
  <td width="187" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REVERSE OF SECURITY</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP,&nbsp;INC.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6% Series&nbsp;I Convertible
Perpetual Preferred Stock</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividends on each share of 6% Series&nbsp;I
Convertible Perpetual Preferred Stock shall be payable in cash at a rate per
annum set forth on the face hereof or as provided in the Certificate of
Designations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares of 6% Series&nbsp;I Convertible
Perpetual Preferred Stock shall be redeemable as provided in the Certificate of
Designations.&#160; The shares of 6%
Series&nbsp;I Convertible Perpetual Preferred Stock shall be convertible into
the Corporation&#146;s Common Stock in the manner and according to the terms set
forth in the Certificate of Designations.&#160;
Upon a Change of Control, holders of shares of 6% Series&nbsp;I
Convertible Perpetual Preferred Stock will have the right to require the
Corporation to purchase such shares in the manner and according to the terms
set forth in the Certificate of Designations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As required under Delaware law, the
Corporation shall furnish to any Holder upon request and without charge, a full
summary statement of the designations, voting rights preferences, limitations
and special rights of the shares of each class or series authorized to be
issued by the Corporation so far as they have been fixed and determined.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNMENT</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, the undersigned assigns
and transfers the shares of 6% Series&nbsp;I Convertible Perpetual Preferred
Stock evidenced hereby to:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert assignee&#146;s social security or tax
  identification number)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Insert address and zip code of assignee)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and irrevocably appoints:</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agent to transfer the shares of 6%
  Series&nbsp;I Convertible Perpetual Preferred Stock evidenced hereby on the
  books of the Transfer Agent and Registrar. The agent may substitute another
  to act for him or her.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:66.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:23.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:66.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature:</font></p>
  </td>
  <td width="23%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="66%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:66.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(Sign exactly
  as your name appears on the other side of this certificate for 6%
  Series&nbsp;I Convertible Perpetual Preferred Stock)</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="16%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:16.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">Signature Guarantee:</font></p>
  </td>
  <td width="33%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:33.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.1pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.1pt;">(1)</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="69" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
  <td width="125" style="border:none;"></td>
  <td width="127" style="border:none;"></td>
  <td width="374" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Signature
must be guaranteed by an &#147;eligible guarantor institution&#148; (i.e., a bank,
stockbroker, savings and loan association or credit union) meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program (&#147;STAMP&#148;) or
such other &#147;signature guarantee program&#148; as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE OF CONVERSION</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(To be Executed by the
Registered Holder<br>
in Order to Convert the 6% Series&nbsp;I Convertible Perpetual Preferred Stock)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby irrevocably elects to
convert (the &#147;<i><font style="font-style:italic;">Conversion</font></i>&#148;)&nbsp;<b><font style="font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>shares
of 6% Series&nbsp;I Convertible Perpetual Preferred Stock (the &#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred Stock</font></i>&#148;), represented by stock
certificate No(s).&nbsp;<b><font style="font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b>(the
&#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred Stock Certificates</font></i>&#148;),
into shares of common stock, par value $0.0001 per share (&#147;<i><font style="font-style:italic;">Common Stock</font></i>&#148;),
of Simon Property Group,&nbsp;Inc. (the &#147;<i><font style="font-style:italic;">Corporation</font></i>&#148;)
according to the conditions of the Certificate of Designations establishing the
terms of the Series&nbsp;I Preferred Stock (the &#147;<i><font style="font-style:italic;">Certificate
of Designations</font></i>&#148;), as of the date written below.&#160; If shares are to be issued in the name of a
person other than the undersigned, the undersigned will pay all transfer taxes
payable with respect thereto and is delivering herewith such certificates
(unless it can be established that no such taxes are payable).&#160; No fee will be charged to the holder for any
conversion, except for transfer taxes, if any.&#160;
A copy of each Series&nbsp;I Preferred Stock Certificate is attached
hereto (or evidence of loss, theft or destruction thereof).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Corporation is not required to issue
shares of Common Stock (i)&nbsp;unless the conditions for conversion of the
Series&nbsp;I Preferred Stock set forth in Section&nbsp;7(b) of the Certificate
of Designations have been satisfied and (ii)&nbsp;until the original
Series&nbsp;I Preferred Stock Certificate(s) (or evidence of loss, theft or
destruction thereof) to be converted are received by the Corporation or its
Transfer Agent.&#160; If the foregoing
conditions have been satisfied, the Corporation shall issue and deliver shares
of Common Stock to an overnight courier not later than two Business Days
following receipt of the original Series&nbsp;I Preferred Stock Certificate(s)
to be converted.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized terms used but not defined herein
shall have the meanings ascribed thereto in or pursuant to the Certificate of
Designations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="115" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:1.2in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Conversion:</font></p>
  </td>
  <td width="605" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:6.3in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="163" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:121.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Applicable Conversion Rate:</font></p>
  </td>
  <td width="557" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:418.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="481" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:360.45pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares of 6% Series&nbsp;I
  Convertible Perpetual Preferred Stock to be Converted:</font></p>
  </td>
  <td width="239" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:179.55pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="276" colspan="7" valign="top" style="padding:0in 0in 0in 0in;width:207.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares of Common Stock to be
  Issued:</font></p>
  </td>
  <td width="444" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:333.0pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="62" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:46.35pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature:</font></p>
  </td>
  <td width="658" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:493.65pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="43" valign="top" style="padding:0in 0in 0in 0in;width:31.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="677" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:508.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="73" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:54.9pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address: <font style="letter-spacing:-.1pt;">(2)</font></font></p>
  </td>
  <td width="647" colspan="5" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:485.1pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="720" colspan="9" valign="top" style="padding:0in 0in 0in 0in;width:7.5in;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.95pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax No.:</font></p>
  </td>
  <td width="665" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:499.05pt;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="43" style="border:none;"></td>
  <td width="12" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
  <td width="11" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="47" style="border:none;"></td>
  <td width="113" style="border:none;"></td>
  <td width="205" style="border:none;"></td>
  <td width="239" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Address
where shares of Common Stock and any other payments or certificates shall be
sent by the Corporation.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE A</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE OF EXCHANGES FOR
GLOBAL SECURITY</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The initial number of shares of 6%
Series&nbsp;I Convertible Perpetual Preferred Stock represented by this Global
Preferred Share shall be&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.&#160; The following exchanges of a part of this
Global Preferred Share have been made:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date of <font style="letter-spacing:.2pt;">Exchange</font></font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of<br>
  decrease in<br>
  number of<br>
  shares<br>
  represented by<br>
  this Global<br>
  Preferred Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount of<br>
  increase in<br>
  number of shares<br>
  represented by<br>
  this Global<br>
  Preferred Share</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  shares<br>
  represented by<br>
  this Global<br>
  Preferred Share<br>
  following such<br>
  decrease or<br>
  increase</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature of<br>
  authorized<br>
  officer of<br>
  Registrar</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:31.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT B</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM OF
NOTICE OF ELECTION OF REDEMPTION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UPON A
CHANGE OF CONTROL</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
as Transfer Agent</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt 22.0pt;text-indent:-22.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Simon Property
Group,&nbsp;Inc.<br>
6% Series&nbsp;I Convertible Perpetual Preferred Stock<br>
(the &#147;<i><font style="font-style:italic;">Series&nbsp;I Preferred Stock</font></i>&#148;)</p>

<p style="margin:0in 0in .0001pt 22.0pt;text-indent:-22.0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby irrevocably
acknowledges receipt of a notice from Simon Property Group,&nbsp;Inc. (the &#147;<i><font style="font-style:italic;">Corporation</font></i>&#148;) as to the occurrence of a Change of Control
with respect to the Corporation and requests and instructs the Corporation to
purchase&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of
Series&nbsp;I Preferred Stock in accordance with the terms of the Certificate
of Designations at the Purchase Price.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized terms used but not defined herein
shall have the meanings ascribed thereto pursuant to the Certificate of
Designations.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature(s)</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTICE: The above signature(s) of the
  holder(s) hereof must correspond with the name as written upon the face of
  the security in every particular without alteration or enlargement or any
  change whatever. </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate Liquidation Preference to be
  redeemed (if less than all): </font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Social Security or Other Taxpayer
  Identification Number:</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>a04-11680_1ex3d2.htm
<DESCRIPTION>EX-3.2
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.2</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE OF DESIGNATIONS<br>
OF 8&#8540;% SERIES J CUMULATIVE REDEEMABLE PREFERRED STOCK</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIMON PROPERTY GROUP,&nbsp;INC.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;151 of the General<br>
Corporation Law of the State of Delaware</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following resolutions were duly adopted by the Board of Directors
(the &#147;<i><font style="font-style:italic;">Board of Directors</font></i>&#148;) of Simon Property
Group,&nbsp;Inc., a Delaware corporation (the &#147;<i><font style="font-style:italic;">Corporation</font></i>&#148;),
pursuant to the provisions of Section&nbsp;151 of the General Corporation Law
of the State of Delaware:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Board
of Directors of the Corporation is authorized, within the limitations and
restrictions stated in the Restated Certificate of Incorporation of the
Corporation, as amended from time to time (the &#147;<i><font style="font-style:italic;">Charter</font></i>&#148;),
to provide by resolution or resolutions for the issuance of shares of preferred
stock of the Corporation, in one or more series with such voting powers, full
or limited, or no voting powers, and such preferences and relative,
participating, optional or other special rights and such qualifications,
limitations or restrictions thereof, as shall be stated in such resolution or
resolutions providing for the issue of such series of preferred stock as may be
adopted from time to time by the Board of Directors;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Board
of Directors of the Corporation has determined that it is in the best interests
of the Corporation and its stockholders to designate a new series of preferred
stock of the Corporation; and</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, it is the
desire of the Board of Directors of the Corporation, pursuant to its authority
as aforesaid, to authorize and fix the terms of a series of preferred stock and
the number of shares constituting such series;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE, BE IT RESOLVED</font></b>,
that, pursuant to Article Fourth of the Charter of the Corporation (which
authorizes 100,000,000 shares of Preferred Stock, par value $0.0001 per share
(the &#147;<i><font style="font-style:italic;">Preferred Stock</font></i>&#148;)) and the authority
conferred on the Board of Directors, the Board of Directors hereby fixes the
powers, designations, preferences and relative, participating, optional and
other special rights, and the qualifications, limitations and restrictions, of
a new series of Preferred Stock; and be it further</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESOLVED</font></b>, that each
share of such new series of Preferred Stock shall rank equally in all respects
and shall be subject to the following provisions:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.&#160; <i><font style="font-style:italic;">Designation.&#160; </font></i>The series of Preferred Stock is
hereby designated as the &#147;8&#8540;% Series&nbsp;J Cumulative Redeemable
Preferred Stock&#148; (the &#147;<i><font style="font-style:italic;">Series&nbsp;J Preferred
Stock</font></i>&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160; <i><font style="font-style:italic;">Number</font></i>.&#160; The total number of authorized shares of the
Series&nbsp;J Preferred Stock shall be 1,000,000.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160; <i><font style="font-style:italic;">Relative
Seniority.&#160; </font></i>In respect of
rights to receive dividends and to participate in distributions of payments in
the event of any liquidation, dissolution or winding up of the Corporation, the
Series&nbsp;J Preferred Stock shall rank (i)&nbsp;senior to the Common Stock,
the Class&nbsp;B Common Stock and the Class&nbsp;C Common Stock and any other
class or series of shares of the Corporation which, by their terms rank junior
to the Series&nbsp;J Preferred Stock (collectively, &#147;<i><font style="font-style:italic;">Junior
Shares</font></i>&#148;), (ii)&nbsp;on a parity with all other shares of Preferred
Stock of the Corporation which are not by their terms Junior Shares or Senior
Shares, and (iii)&nbsp;junior to any shares of Preferred Stock which by their
terms rank senior to the Series&nbsp;J Preferred Stock (collectively, &#147;<i><font style="font-style:italic;">Senior Shares</font></i>&#148;) and were issued in accordance with
Section&nbsp;7 below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160; <i><font style="font-style:italic;">Dividends.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
The holders of the then outstanding Series&nbsp;J Preferred Stock shall
be entitled to receive, when and as declared by the Board of Directors out of
any funds legally available therefor, cumulative dividends at the rate of
$4.1875 per share per year, payable in arrears in equal amounts of $1.046875
per share quarterly in cash on the last day of each March, June, September and
December or, if not a Business Day (as hereinafter defined), the next
succeeding Business Day (each such day being hereafter called a &#147;Quarterly
Dividend Date&#148; and each period ending on the calendar day preceding a Quarterly
Dividend Date being hereinafter called a &#147;<i><font style="font-style:italic;">Dividend Period</font></i>&#148;).&#160; Dividends shall accumulate from October 14,
2004, with the first dividends to be paid on December 31, 2004.&#160; Dividends shall be payable to holders of
record as they appear in the share records of the Corporation at the close of
business on the applicable record date (a &#147;<i><font style="font-style:italic;">Record Date</font></i>&#148;),
which shall be the 15th day of the calendar month in which the applicable
Quarterly Dividend Date falls on or such other date designated by the Board of
Directors of the Corporation for the payment of dividends that is not more than
30 nor less than 10 days prior to such Quarterly Dividend Date.&#160; The amount of any dividend payable for any
Dividend Period shorter than a full Dividend Period shall be computed on the
basis of a 360-day year of twelve 30-day months.&#160; &#147;<i><font style="font-style:italic;">Business Day</font></i>&#148;
shall mean any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions in The City of New York are
authorized or required by law, regulation or executive order to close.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
The amount of any dividends accumulated on any Series&nbsp;J Preferred
Stock at any Quarterly Dividend Date shall be the amount of any unpaid
dividends accumulated thereon to but excluding such Quarterly Dividend Date and
the amount of dividends accumulated on any shares of Series&nbsp;J Preferred
Stock at any date other than a Quarterly Dividend Date shall be equal to the
sum of the amount of any unpaid dividends accumulated thereon to but excluding
the last preceding Quarterly Dividend Date, plus an amount calculated on the
basis of the annual dividend rate of $4.1875 per share for the period after
such last preceding Quarterly Dividend Date to and including the date as of
which the calculation is made based on a 360-day year of twelve 30-day months.&#160; Dividends on the Series&nbsp;J Preferred
Stock will accumulate whether or not the Corporation has earnings, whether or
not there are funds legally available for the payment of such dividends and
whether or not such dividends are authorized or declared.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
Except as otherwise expressly provided herein, the Series&nbsp;J
Preferred Stock will not be entitled to any dividends in excess of full
cumulative dividends as described above and shall not be entitled to participate
in the earnings or assets of the Corporation, and no interest, or sum of money
in lieu of interest, shall be payable in respect of any dividend payment or
payments on the Series&nbsp;J Preferred Stock which may be in arrears.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;
Any dividend payment made on the Series&nbsp;J Preferred Stock shall
first be credited against the earliest accumulated but unpaid dividend due with
respect to such shares which remains payable.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;
If, for any taxable year, the Corporation elects to designate as &#147;<i><font style="font-style:italic;">capital gain dividends</font></i>&#148; (as defined in and permitted
pursuant to Section&nbsp;857 of the Internal Revenue Code of 1986, as amended
(the &#147;<i><font style="font-style:italic;">Code</font></i>&#148;)), any portion (the &#147;<i><font style="font-style:italic;">Capital Gains Amount</font></i>&#148;) of the dividends paid or made
available for the year to holders of all classes of shares (the &#147;<i><font style="font-style:italic;">Total Dividends</font></i>&#148;), then the portion of the Capital Gains
Amount that shall be allocated to the holders of the Series&nbsp;J Preferred
Stock shall equal (i)&nbsp;the Capital Gains Amount multiplied by (ii)&nbsp;a
fraction that is equal to (a)&nbsp;the total dividends paid or made available
to the holders of the Series&nbsp;J Preferred Stock for the year over
(b)&nbsp;the Total Dividends.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160; No
dividends on the Series&nbsp;J Preferred Stock shall be authorized by the Board
of Directors of the Corporation or be paid or set apart for payment by the
Corporation at such time as the terms and provisions of any agreement of the
Corporation, including any agreement relating to its indebtedness, prohibits
such authorization, payment or setting apart for payment or provides that such
authorization, payment or setting apart for payment would constitute a breach
thereof or a default thereunder, or if such authorization or payment shall be
restricted or prohibited by law.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; No
dividends will be declared or paid or set apart for payment on any capital
stock of the Corporation ranking, as to dividends, on a parity with or junior
to the Series&nbsp;J Preferred Stock for any period unless full cumulative
dividends have been or contemporaneously are declared and paid or declared and
a sum sufficient for the payment therefor set apart for such payment on the
Series&nbsp;J Preferred Stock for all past Dividend Periods and the then
current Dividend Period.&#160; When dividends
are not paid in full (or a sum sufficient for such full payment is not so set
apart) upon the Series&nbsp;J Preferred Stock and the shares of any other
series of Preferred Stock ranking on a parity as to dividends with the
Series&nbsp;J Preferred Stock, all dividends declared on the Series&nbsp;J
Preferred Stock and any other series of Preferred Stock ranking on a parity as
to dividends with the Series&nbsp;J Preferred Stock shall be declared pro rata
so that the amount of dividends declared per share of Series&nbsp;J Preferred
Stock and such other series of Preferred Stock shall in all cases bear to each
other the same ratio that accumulated dividends per Series&nbsp;J Preferred
Stock and such other series of Preferred Stock bear to each other.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;
Except as provided in subparagraph (g), unless full cumulative dividends
on the Series&nbsp;J Preferred Stock have been or contemporaneously are
declared and paid or declared and a sum sufficient for the payment therefor set
apart for such payment on the Series&nbsp;J Preferred Stock for all past
Dividend Periods and the then current Dividend Period, no dividends (other than
in Junior Shares) shall be declared or paid or set aside for payment nor shall
any other distribution be declared or made upon the Junior Shares or any other
capital stock of the Corporation ranking on a parity with the Series&nbsp;J
Preferred Stock as to dividends</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or upon liquidation, nor shall any Junior Shares or any other capital
stock of the Corporation ranking on a parity with the Series&nbsp;J Preferred
Stock as to dividends or upon liquidation be redeemed, purchased or otherwise
acquired for any consideration (or any moneys be paid or made available for a
sinking fund for the redemption of such shares) by the Corporation (except by
conversion into or exchange for other Junior Shares).</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160; <i><font style="font-style:italic;">Liquidation
Rights.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
Upon the voluntary or involuntary dissolution, liquidation or winding up
of the Corporation (a &#147;<i><font style="font-style:italic;">liquidation</font></i>&#148;),
the holders of the Series&nbsp;J Preferred Stock then outstanding shall be
entitled to receive in cash or property (at its fair market value determined by
the Corporation&#146;s Board of Directors) and to be paid out of the assets of the
Corporation legally available for distribution to its shareholders, before any
payment or distribution shall be made on any Junior Shares, the amount of
$50.00 per share, plus accumulated and unpaid dividends, if any, thereon to and
including the date of liquidation.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;
After the payment to the holders of the Series&nbsp;J Preferred Stock of
the full liquidation amounts provided for in paragraph&nbsp;(a), the holders of
the Series&nbsp;J Preferred Stock, as such, shall have no right or claim to any
of the remaining assets of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;
If, upon any voluntary or involuntary dissolution, liquidation, or
winding up of the Corporation, the amounts payable with respect to the
preference distributions on the Series&nbsp;J Preferred Stock and the shares of
each other series of Preferred Stock of the Corporation ranking, as to
liquidation rights, on a parity with the Series&nbsp;J Preferred Stock are not
paid in full, the holders of the Series&nbsp;J Preferred Stock and any other
shares of Preferred Stock of the Corporation ranking, as to liquidation rights,
on a parity with the Series&nbsp;J Preferred Stock shall share ratably in any
such distribution of assets of the Corporation in proportion to the full
respective preference amounts to which they would otherwise be respectively
entitled.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;
Neither the sale, lease, transfer or conveyance of all or substantially
all of the property or business of the Corporation, nor the merger or
consolidation of the Corporation into or with any other entity or the merger or
consolidation of any other entity into or with the Corporation, shall be deemed
to be a dissolution, liquidation or winding up, voluntary or involuntary, for
the purposes of this Section&nbsp;5.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.&#160; <i><font style="font-style:italic;">Redemption.</font></i></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160; <i><font style="font-style:italic;">Optional Redemption.&#160; </font></i>On
and after October&nbsp;15, 2027, the Corporation may, at its option (subject to
the provisions of this Section&nbsp;6), redeem at any time all or, from time to
time, part of the Series&nbsp;J Preferred Stock at a price per share (the &#147;<i><font style="font-style:italic;">Redemption Price</font></i>&#148;), payable in cash, of $50.00 per share,
together with all accumulated and unpaid dividends, if any, to and including
the date fixed for redemption (the &#147;<i><font style="font-style:italic;">Redemption Date</font></i>&#148;),
without interest, to the extent the Corporation has funds legally available
therefor.&#160; The Series&nbsp;J Preferred
Stock have no stated maturity and will not be subject to any sinking fund or
mandatory redemption provisions, except as provided for in Section&nbsp;9
below.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; <i><font style="font-style:italic;">Procedures For Redemption.</font></i></font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; <font style="letter-spacing:-.1pt;">Notice of redemption will be given by pub</font>lication
in a newspaper of general circulation in The City of New York, such publication
to be made once a week for two successive weeks commencing not less than 30 nor
more than 60&nbsp;days prior to the Redemption Date.&#160; Notice of any redemption furnished by the
Corporation will also be</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">mailed by the registrar, postage prepaid, not less than 30 nor more
than 60&nbsp;days prior to the Redemption Date, addressed to each holder of
record of the Series&nbsp;J Preferred Stock to be redeemed at the address set
forth in the share transfer records of the registrar.&#160; No failure to give such notice or any defect
therein or in the mailing thereof shall affect the validity of the proceedings
for the redemption of any Series&nbsp;J Preferred Stock except as to the holder
to whom the Corporation has failed to give notice or except as to the holder to
whom notice was defective.&#160; In addition
to any information required by law or by the applicable rules of any exchange
upon which Series&nbsp;J Preferred Stock may be listed or admitted to trading,
such notice shall state: (a)&nbsp;the Redemption Date; (b)&nbsp;the Redemption
Price; (c)&nbsp;the number of Series&nbsp;J Preferred Stock to be redeemed;
(d)&nbsp;the place or places where certificates for the Series&nbsp;J Preferred
Stock to be redeemed are to be surrendered for payment of the Redemption Price;
and (e)&nbsp;that dividends on the Series&nbsp;J Preferred Stock to be redeemed
will cease to accumulate on the Redemption Date.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; If
notice has been mailed in accordance with Section&nbsp;6(b)(1) above and
provided that on or before the Redemption Date specified in such notice all
funds necessary for such redemption shall have been irrevocably set aside by
the Corporation, separate and apart from its other funds, in trust for the pro
rata benefit of the holders of the Series&nbsp;J Preferred Stock so called for
redemption, so as to be, and to continue to be available therefor, then, from
and after the Redemption Date, dividends on the Series&nbsp;J Preferred Stock
so called for redemption shall cease to accumulate, and said shares shall no
longer be deemed to be outstanding and shall not have the status of
Series&nbsp;J Preferred Stock and all rights of the holders thereof as
shareholders of the Corporation (except the right to receive the Redemption
Price) shall cease.&#160; Upon surrender, in
accordance with such notice, of the certificates for any Series&nbsp;J
Preferred Stock so redeemed (properly endorsed or assigned for transfer, if the
Corporation shall so require and the notice shall so state), such Series&nbsp;J
Preferred Stock shall be redeemed by the Corporation at the Redemption
Price.&#160; In case fewer than all the
Series&nbsp;J Preferred Stock represented by any such certificate are redeemed,
a new certificate or certificates shall be issued representing the unredeemed
Series&nbsp;J Preferred Stock without cost to the holder thereof.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;
Any funds deposited with a bank or trust company for the purpose of
redeeming Series&nbsp;J Preferred Stock shall be irrevocable except th<font style="letter-spacing:-.1pt;">at:</font></font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
the Corporation shall be entitled to receive from such bank or trust
company the interest or other earnings, if any, earned on any money so
deposited in trust, and the holders of any Series&nbsp;J Preferred Stock
redeemed shall have no claim to such interest or other earnings; and</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; any
balance of monies so deposited by the Corporation and unclaimed by the holders
of the Series&nbsp;J Preferred Stock entitled thereto at the expiration of two
years from the applicable Redemption Date shall be repaid, together with any
interest or other earnings earned thereon, to the Corporation, and after any
such repayment, the holders of the Series&nbsp;J Preferred Stock entitled to
the funds so repaid to the Corporation shall look only to the Corporation for
payment without interest or other earnings.</font></p>

<p style="margin:0in 0in .0001pt .75in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; No
Series&nbsp;J Preferred Stock may be redeemed except from proceeds from the
sale of other capital stock of the Corporation (consisting of common stock,
preferred stock,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">depositary shares, interests, participations or other ownership
interests (however designated) and any rights (other than debt securities
convertible into or exchangeable for equity securities) or options to purchase
any of the foregoing) and not from any other source.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;
Unless full accumulated dividends on all Series&nbsp;J Preferred Stock
shall have been or contemporaneously are declared and paid or declared and a
sum sufficient for the payment thereof set apart for payment on the
Series&nbsp;J Preferred Stock for all past Dividend Periods and the then
current Dividend Period, no Series&nbsp;J Preferred Stock shall be redeemed,
purchased or otherwise acquired directly or indirectly on the Series&nbsp;J
Preferred Stock; provided, however, that the foregoing shall not prevent the
redemption, purchase or acquisition of Series&nbsp;J Preferred Stock to
preserve the Corporation&#146;s REIT status or the purchase or acquisition of
Series&nbsp;J Preferred Stock pursuant to a purchase or exchange offer made on
the same terms to holders of all outstanding Series&nbsp;J Preferred Stock.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; If
the Redemption Date is after a Record Date and before the related Quarterly
Dividend Date, the dividend payable on such Quarterly Dividend Date shall be
paid to the holder in whose name the Series&nbsp;J Preferred Stock to be
redeemed are registered at the close of business on such Record Date
notwithstanding the redemption thereof between such Record Date and the related
Quarterly Dividend Date or the Corporation&#146;s default in the payment of the
dividend due.&#160; Except as provided in this
Section&nbsp;6, the Corporation will make no payment or allowance for unpaid
dividends, whether or not in arrears, on Series&nbsp;J Preferred Stock to be
redeemed.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; In
case of redemption of less than all Series&nbsp;J Preferred Stock at the time
outstanding, the Series&nbsp;J Preferred Stock to be redeemed shall be selected
pro rata from the holders of record of such Series&nbsp;J Preferred Stock in
proportion to the number of Series&nbsp;J Preferred Stock held by such holders
(with adjustments to avoid redemption of fractional shares) or by any other
equitable method determined by the Corporation.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.&#160; <i><font style="font-style:italic;">Voting
Rights.&#160; </font></i>Except as required by
law, and as set forth below, the holders of the Series&nbsp;J Preferred Stock
shall not be entitled to vote at any meeting of the shareholders for election
of Directors or for any other purpose or otherwise to participate in any action
taken by the Corporation or the shareholders thereof, or to receive notice of
any meeting of shareholders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;
Whenever dividends on any Series&nbsp;J Preferred Stock shall be in
arrears for six or more quarterly periods, whether or not such quarterly
periods are consecutive, the holders of such Series&nbsp;J Preferred Stock
(voting separately as a class with all other series of Preferred Stock of the
Corporation upon which like voting rights have been conferred and are
exercisable) will be entitled to vote for the election of two additional
Directors of the Corporation at a special meeting called by the holders of
record of at least ten percent (10%) of the Series&nbsp;J Preferred Stock (unless
such request is received less than 90&nbsp;days before the date fixed for the
next annual or special meeting of the shareholders) or at the next annual
meeting of shareholders, and at each subsequent annual meeting until all
dividends accumulated on such Series&nbsp;J Preferred Stock for the past
Dividend Periods and the then current Dividend Period shall have been fully
paid or declared and a sum sufficient for the payment thereof set aside for
payment.&#160; In such case, the entire Board
of Directors of the Corporation will be increased by two Directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; So
long as any Series&nbsp;J Preferred Stock remain outstanding, the Corporation
will not, without the affirmative vote or consent of the holders of at least
two-thirds of the Series&nbsp;J Preferred Stock outstanding at the time, given
in person or by proxy, either in writing or at a meeting (voting separately as
a class), (i)&nbsp;authorize or create, or increase the authorized or issued
amount of, any class or series of shares of capital stock ranking senior to the
Series&nbsp;J Preferred Stock with respect to the payment of dividends or the
distribution of assets upon liquidation, dissolution or winding up of the
Corporation or reclassify any authorized capital stock of the Corporation into
such capital stock, or create, authorize or issue any obligation or security
convertible into or evidencing the right to purchase any such capital stock; or
(ii)&nbsp;amend, alter or repeal the provisions of the Charter of the
Corporation, including this Certificate of Designations, whether by merger,
consolidation or otherwise (an &#147;<i><font style="font-style:italic;">Event</font></i>&#148;), so as
to materially and adversely affect any right, preference, privilege or voting
power of the Series&nbsp;J Preferred Stock or the holders thereof; provided,
however, with respect to the occurrence of any of the Events set forth in
(ii)&nbsp;above, so long as the Series&nbsp;J Preferred Stock remain
outstanding with the terms thereof materially unchanged, taking into account
that upon the occurrence of an Event the Corporation may not be the surviving
entity, the occurrence of any such Event shall not be deemed to materially and
adversely affect such rights, preferences, privileges or voting power of
holders of Series&nbsp;J Preferred Stock; and provided, further, that (x)&nbsp;any
increase in the amount of the authorized Preferred Stock or the creation or
issuance of any other series of Preferred Stock, or (y)&nbsp;any increase in
the amount of authorized Series&nbsp;J Preferred Stock, in each case ranking on
a parity with or junior to the Series&nbsp;J Preferred Stock with respect to
payment of dividends and the distribution of assets upon liquidation,
dissolution or winding up, shall not be deemed to materially and adversely
affect such rights, preferences, privileges or voting powers.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing voting provisions will not apply if, at or prior to the
time when the act with respect to which such vote or consent would otherwise be
required shall be effected, all outstanding Series&nbsp;J Preferred Stock shall
have been redeemed or called for redemption and sufficient funds shall have
been deposited in trust to effect such redemption.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; On
each matter submitted to a vote of the holders of Series&nbsp;J Preferred Stock
in accordance with this Section&nbsp;7, or as otherwise required by law, each
Series&nbsp;J Preferred Share shall be entitled to one vote.&#160; With respect to each Series&nbsp;J Preferred
Share, the holder thereof may designate a proxy, with each such proxy having
the right to vote on behalf of the holder.</font></p>

<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.&#160; <i><font style="font-style:italic;">Conversion.&#160; </font></i>The Series&nbsp;J Preferred Stock
is not convertible into or exchangeable for any other <font style="letter-spacing:-.1pt;">property or securities of the Corporation.</font></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.&#160; <i><font style="font-style:italic;">Restrictions
On Ownership.&#160; </font></i>The shares of
Series&nbsp;J Preferred Stock shall be subject to the restrictions on transfer
set forth in Article Ninth of the Charter of the Corporation.&#160; Any transfer or attempted transfer in
violation of the provisions of this Section&nbsp;9 shall be null and void.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, Simon Property Group, Inc. has caused this
Certificate of Designations to be signed this 13th day of October 2004.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:50.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="32%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Stephen E. Sterrett</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:41.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief<br>
  Financial Officer</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="370" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="203" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 276.45pt;text-indent:-36.7pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>a04-11680_1ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="211" height="55" src="g116801mmimage002.jpg"></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONTACTS:</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Simon Property Group, Inc.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shelly Doran&#160;&#160;&#160; 317.685.7330
(Investors)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Les Morris&#160;&#160;&#160;&#160;&#160;&#160; 317.263.7711 (Media)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR IMMEDIATE RELEASE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIMON
PROPERTY GROUP COMPLETES ACQUISITION<br>
OF CHELSEA PROPERTY GROUP</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indianapolis, IN &#150;
October 14, 2004 &#150; Simon Property Group, Inc. (NYSE: SPG) (&#147;Simon&#148;) announced
today the completion of its acquisition of Chelsea Property Group, Inc. (&#147;Chelsea&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chelsea common
shareholders will receive merger consideration of $36.00 in cash; 0.2936 of a
share of Simon common stock; and 0.3000 of a share of Simon 6% Series I
convertible perpetual preferred stock for each share of Chelsea common stock. This
is a taxable transaction to Chelsea common shareholders. In connection with the
merger transaction, holders of limited partnership common units of CPG
Partners, L.P., the operating partnership subsidiary of Chelsea, will exchange
their units for common and convertible preferred units of the Simon operating
partnership, Simon Property Group, L.P.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chelsea will be managed
as a division of SPG, operating out of its current headquarters in Roseland,
New Jersey, with David Bloom and the Chelsea management team continuing in
their current roles. David Bloom has been appointed as an Advisory Director of
the Simon Property Group Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chelsea Property Group is
the leading owner, developer and manager of Premium Outlet&#174; centers in the U.S.
and Asia. Its portfolio includes 36 Premium Outlet centers (32 in the U.S. and
4 in Japan) located in major metropolitan markets such as New York, Los Angeles
and Boston, and tourist destinations such as Orlando, Las Vegas and Palm
Springs. The 32 domestic Premium Outlet centers are 98% occupied and generate
sales per square foot of approximately $400. Chelsea&#146;s four Premium Outlet
centers in Japan, located near Tokyo, Osaka and Fukuoka, are fully leased and
generate average sales of more than $800 per square foot.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David Simon, chief
executive officer of Simon Property Group, stated &#147;We are very pleased with the
strategic acquisition of Chelsea and believe this transaction will be a strong
driver of growth for us in the coming years. Chelsea is the preeminent brand in
the premium outlet industry as a result of their focus on highly-productive,
high-quality retail real estate, and their addition to our organization will
only strengthen the Simon franchise.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David
Bloom, chief executive officer of Chelsea, said &#147;We are very pleased that our
shareholders voted in favor of the transaction.&#160;
While Chelsea will no longer be a public company, we look forward to
contributing to Simon&#146;s growth.&#160; Chelsea
could not be part of a better organization.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simon was advised in this
transaction by UBS Investment Bank and Morgan Stanley. Chelsea was advised by
Merrill Lynch &amp; Co.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forward-Looking Statements</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements in this
release that are not historical may be deemed forward-looking statements within
the meaning of the federal securities laws.<i><font style="font-style:italic;">  </font></i>Although Simon
believes the expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that its expectations will
be attained, and it is possible that our actual results may differ materially
from those indicated by these forward-looking statements due to a variety of
risks and uncertainties. Simon undertakes no obligation to publicly update or
revise any forward-looking statements whether as a result of new information,
future events or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Those risks and
uncertainties include, but are not limited to, the national, regional and local
economic climate, competitive market forces, changes in market rental rates,
trends in the retail industry, the inability to collect rent due to the
bankruptcy or insolvency of tenants or otherwise, acquisitions and changes in
market rates of interest or foreign currency. The reader is directed to Simon&#146;s
various filings with the Securities and Exchange Commission, including
quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form
10-K for a discussion of such risks and uncertainties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Simon Property Group,
Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust
engaged in the ownership, development and management of retail real estate,
primarily regional malls, Premium Outlet centers and community shopping centers.
The Company&#146;s current total market capitalization is approximately $34 billion.
Through its subsidiary partnerships, it currently owns or has an interest in
301 properties in North America containing an aggregate of 204 million square feet
of gross leasable area in 39 states plus Canada and Puerto Rico. Simon also
holds interests in 48 European shopping centers in France, Italy, Poland and
Portugal and 4 Premium Outlet centers in Japan. Additional Simon Property Group
information is available at www.simon.com.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">-end-</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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