<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-072565
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20070927
<ITEMS>3.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20071002
<DATE-OF-FILING-DATE-CHANGE>20071002
<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>071147648
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>225 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204-3438
<PHONE>317-636-1600
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>225 WEST WASHINGTON STREET
<CITY>INDIANAPOLIS
<STATE>IN
<ZIP>46204-3438
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CORPORATE PROPERTY INVESTORS INC
<DATE-CHANGED>19980610
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-24860_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>







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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">UNITED STATES</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, D.C.&#160; 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

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

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">CURRENT REPORT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Pursuant to Section 13 or 15(d) of the</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;">Securities Exchange Act of 1934</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported):&#160; <b>September&nbsp;27, 2007</b></font></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">SIMON PROPERTY GROUP, INC.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;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>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt 72.0pt;text-align:center;text-indent:-72.0pt;"><!-- SET mrlNoTableShading --><b>Delaware</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .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="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .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="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:31.74%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification
  No.)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>225 WEST WASHINGTON STREET</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDIANAPOLIS,
  INDIANA</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">46204</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including area
code:&#160; <b>317.636.1600</b></font></p>

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

<p style="margin:0pt 0pt .0001pt;page-break-after:avoid;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="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0pt 0pt .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="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>

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


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
3.02&#160; Unregistered Sales of Equity
Securities.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On October&nbsp;1, 2007, Simon Property Group, Inc. (&#147;Simon&#148;) issued
6,000,000 shares of its Series&nbsp;L Variable Rate Redeemable Preferred Stock,
par value $0.001 per share (the &#147;Series&nbsp;L Preferred&#148;), at a purchase price
equal to the liquidation preference of $25.00 per share.&#160; The shares of Series&nbsp;L Preferred were
sold to a single initial purchaser in a private placement in reliance on Rule
144A under the Securities Act of 1933, as amended.&#160; Simon will use the $150&nbsp;million in
proceeds from the sale to fund the redemption of its 7.89% Series&nbsp;G
Cumulative Step-Up Premium Rate Preferred Stock.&#160; For a description of the terms of the
Series&nbsp;L Preferred, see the information set forth below under
Item&nbsp;5.03.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
5.03&#160; Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;27, 2007, Simon filed a Certificate of Designations
(the &#147;Certificate&#148;) with the Delaware Secretary of State for the purpose of
amending its Certificate of Incorporation to fix the powers, designations,
preferences and rights of the Series&nbsp;L Preferred.&#160; A copy of the Certificate is attached hereto
as Exhibit 3.1 and is incorporated by reference herein.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM
9.01&#160; Financial Statements and Exhibits.</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.76%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="86%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:86.86%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:10.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:86.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 3.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="86%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:86.86%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate of the Powers, Designations, Preferences
  and Rights of the Series&nbsp;L Variable Rate Redeemable Preferred Stock</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 thereunto duly
authorized.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; October&nbsp;1, 2007</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->SIMON PROPERTY GROUP, INC.</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Officer</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;3.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIMON
PROPERTY GROUP, INC.</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE
OF THE POWERS, DESIGNATIONS,</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PREFERENCES
AND RIGHTS OF THE</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SERIES L
VARIABLE RATE REDEEMABLE PREFERRED STOCK</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$.0001
PAR VALUE</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to
Section 151 of the General Corporation Law<br>
of the State of Delaware</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following resolution
was duly adopted by the Board of Directors (the &#147;Board of Directors&#148;) of Simon
Property Group, Inc., a Delaware corporation (the &#147;Corporation&#148;), pursuant to
the provisions of Section 151 of the General Corporation Law of the State of
Delaware:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Board of
Directors of the Corporation is authorized, within the limitations and
restrictions stated in the Restated Certificate of Incorporation of the
Corporation (the &#147;Charter&#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 providing for the issue of such series of preferred stock as may be
adopted from time to time by the Board of Directors;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, 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</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, 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;</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, BE IT RESOLVED:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.&#160; <u>Designation and Number</u>.&#160; The designation of the series&nbsp;of
preferred stock of the Corporation created by this Certificate of Designation
shall be &#147;Series&nbsp;L Variable Rate Preferred Stock&#148; (the &#147;Series&nbsp;L
Preferred Stock&#148;).&#160; The authorized number
of shares of Series&nbsp;L Redeemable Preferred Stock shall be 6,000,000, par
value $.0001 per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.&#160; <u>Status of Reacquired Shares</u>.&#160; All shares of Series&nbsp;L Preferred Stock
redeemed, purchased, exchanged, unissued (after the initial issuance) or
otherwise acquired by the Corporation shall be restored to the status of
authorized but unissued shares of Series&nbsp;L Preferred Stock and thereafter
may be reclassified and issued, but not as Series&nbsp;L Preferred Stock.</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.&#160; <u>Ranking</u>.&#160; The Series&nbsp;L Preferred Stock shall, with
respect to the payment of dividends and the distribution of assets upon any
voluntary or involuntary liquidation, winding up or dissolution of the
Corporation and redemption rights, rank (A)&nbsp;junior to any other class or
series of capital stock or other equity interests of the Corporation hereafter
duly established by the Board of Directors of the Corporation, the terms of
which shall specifically provide that such other class or series shall rank
senior to the Series&nbsp;L Preferred Stock as to the payment of dividends,
distribution of assets upon any voluntary or involuntary liquidation, winding up
or dissolution of the Corporation and redemption rights (the &#147;Senior Stock&#148;),
(B)&nbsp;<u>pari</u>  <u>passu</u> with the 7% Series C Cumulative Convertible
Preferred Stock, 8% Series D Cumulative Redeemable Preferred Stock, 8% Series E
Cumulative Redeemable Preferred Stock, 7.89% Series G Cumulative Step-Up
Premium Rate Preferred Stock, Series I 6% Convertible Perpetual Preferred Stock
and Series J 8-2/8% Cumulative Redeemable Preferred Stock and any other
class or series of capital stock or other equity interests of the Corporation
hereafter duly established by the Board of Directors of the Corporation, the
terms of which shall specifically provide that such other class or series shall
rank <u>pari</u>  <u>passu</u> with the Series&nbsp;L Preferred Stock as to the
payment of dividends, distribution of assets upon any voluntary or involuntary
liquidation, winding up or dissolution of the Corporation and redemption rights
(the &#147;Parity Stock&#148;) and (C)&nbsp;senior to the Common Stock, the Class&nbsp;B
Common Stock and the Class&nbsp;C Common Stock (as such terms are defined in
the Charter) or any other class or series of capital stock of or other equity
interests in the Corporation, as to the payment of dividends, distribution of
assets upon any voluntary or involuntary liquidation, winding up or dissolution
of the Corporation and redemption rights (the &#147;Junior Stock&#148;).&#160; The term &#147;capital stock&#148; shall include
convertible debt securities.</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION
4.&#160; <u>Dividends</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; Subject to the preferential rights of the
holders of any class or series of Senior Stock which may from time to time come
into existence, from the date of original issuance of the Series&nbsp;L
Preferred Stock (the &#147;Issue Date&#148;) holders of the then outstanding
Series&nbsp;L Preferred Stock shall be entitled to receive, when and as
declared by the Board of Directors (the &#147;Board&#148;), out of funds legally
available for the payment of dividends, cumulative quarterly preferential cash
dividends computed by multiplying the liquidation preference of $25.00 per
share by the applicable dividend rate for the time period indicated:</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:10.2%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;"><!-- SET mrlNoTableShading -->Time Period</p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.46%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dividend Rate</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="10%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:10.2%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:38.46%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.84%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.0%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:34.52%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">From the earlier
  of the Issue Date or October&nbsp;15, 2007:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0-45 calendar days</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Month LIBOR + 50
  bps</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46-60 calendar days</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Month LIBOR + 150
  bps</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.66%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61 calendar days and thereafter</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:47.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Month LIBOR + 450 bps</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;LIBOR&#148; means the rate for deposits in U.S. dollars for each day within
the designated time period, which appears on display page 3750 of Moneyline&#146;s
Telerate Service (or such other page as may replace that page on that service).</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Dividends on Series&nbsp;L Preferred
Stock will begin to accrue and be fully cumulative from the Issue Date 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 earned, declared or authorized. Dividends shall be payable quarterly in
each amounts of per share of Series&nbsp;L Preferred Stock when and as
authorized by the Board, in equal amounts in arrears on the fifteenth day of
each March, June, September and December (each, a &#147;Dividend Payment Date&#148;);
provided that if any such Dividend Payment Date is not a Business Day (as
defined herein), then the dividend which would otherwise have been payable on
such Dividend Payment Date shall be paid on the next succeeding Business Day
with the same force and effect as if paid on such Dividend Payment Date, and no
interest or additional dividends or other sums shall accrue on the amount so
payable from the Dividend Payment Date to such next succeeding Business
Day.&#160; The first dividend on the
Series&nbsp;L Preferred Stock shall be paid on December&nbsp;15, 2007, will be
for more than a full quarter and will reflect dividends accumulated and accrued
from the Issue Date through and excluding December&nbsp;15, 2007.&#160; Any dividend (including the initial dividend)
payable on the Series&nbsp;L Preferred Stock for any partial dividend period
shall be prorated and computed on the basis of a 360-day year consisting of
twelve 30-day months.&#160; Dividends shall be
payable to holders of record as they appear in the stock transfer records of
the Corporation at the close of business on the applicable record date, which
shall be the first day of the calendar month in which the applicable Dividend
Payment Date falls or such other date designated by the Board for the payment
of dividends that is not more than 30 nor less than ten days prior to such
Dividend Payment Date (each, a &#147;Dividend Record Date&#148;).&#160; As used herein, the term &#147;dividend period&#148;
for the Series&nbsp;L Preferred Stock shall mean the period from the Issue Date
and ending on and excluding the next Dividend Payment Date, and each subsequent
period from but including such Dividend Payment Date and ending on and
excluding the next following Dividend Payment Date.&#160; No interest, or sum of money in lieu of
interest, shall be payable in respect of any dividend payment or payments on
Series&nbsp;L Preferred Stock which may be in arrears.&#160; Dividends paid on the Series&nbsp;L Preferred
Stock in an amount less than the total amount of such dividends at the time accrued
and payable on such shares shall be allocated pro rata on a per share basis
among all such shares at the time outstanding.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If, for any taxable year, the
Corporation elects to designate as &#147;capital gain distributions&#148; (as defined in
Section&nbsp;857 of the Internal Revenue Code of 1986, as amended, or any
successor revenue code or section (the &#147;Code&#148;)) any portion (the &#147;Capital Gains
Amount&#148;) of the total distributions (as determined for federal income tax
purposes) paid or made available for the year to holders of all classes of
capital stock (the &#147;Total Distributions&#148;), then the portion of the Capital
Gains Amount that shall be allocable to holders of Series&nbsp;L Preferred
Stock shall be in the same percentage that the total distributions paid or made
available to the holders of Series&nbsp;L Preferred Stock for the year bears to
the Total Distributions.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as provided in this Section
4(D), if any shares of Series&nbsp;L Preferred Stock are outstanding, no
distributions (other than in shares of common stock or other capital stock
ranking junior to Series&nbsp;L Preferred Stock as to distributions and upon
liquidation) shall be authorized, declared, paid or set apart for payment on,
nor shall there be any redemption, purchase or other acquisition for any consideration
(or monies to be paid to or made available for a sinking fund for the
redemption) by the Corporation (except by conversion into or exchange for other
capital stock of the Corporation ranking junior to Series&nbsp;L Preferred
Stock as to distributions and amounts upon liquidation) of, any shares of any
other class or series of stock of the Corporation </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ranking, as to the
payment of dividends and the distribution of assets upon any voluntary or
involuntary liquidation, winding up or dissolution of the Corporation, on a
parity with or junior to Series&nbsp;L Preferred Stock for any period, unless
full cumulative dividends have been or contemporaneously are declared and paid
or authorized and declared and a sum sufficient for the payment thereof set
apart for such payments on shares of Series&nbsp;L 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 set apart) upon the shares of
Series&nbsp;L Preferred Stock and the shares of any other class or series of
capital stock ranking on a parity as to the payment of shares of dividends and
the distribution of assets upon any voluntary or involuntary liquidation,
winding up or dissolution of the Corporation with shares of&#160; Series&nbsp;L Preferred Stock, all dividends
authorized and declared upon shares of Series&nbsp;L Preferred Stock and any
other class or series of capital stock ranking on a parity as to the payment of
shares of dividends and the distribution of assets upon any voluntary or
involuntary liquidation, winding up or dissolution of the Corporation with
Series&nbsp;L Preferred Stock shall be declared pro rata so that the amount of
dividends authorized and declared per share on Series&nbsp;L Preferred Stock
and such other class or series of capital stock shall in all cases bear to each
other the same ratio that accrued and accumulated dividends per share on
Series&nbsp;L Preferred Stock and such other class or series of capital stock
(which shall not include any accumulation in respect of unpaid dividends for
prior dividend periods if such class or series of capital stock does not have a
cumulative dividend) bear to each other.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any dividend payment made on shares
of Series&nbsp;L Preferred Stock shall first be credited against the earliest
accrued and accumulated but unpaid dividends due with respect to shares of
Series&nbsp;L Preferred Stock which remain payable.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No distributions on the Series&nbsp;L
Preferred Stock shall be authorized by the Board of Directors 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 if such
authorization or payment shall be restricted or prohibited by law.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as provided in this Section 4,
the Series&nbsp;L Preferred Stock shall not be entitled to participate in the
earnings or assets of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.&#160; <u>Liquidation</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject to the rights of any class or
series of capital stock which may from time to time come into existence, upon
any voluntary or involuntary liquidation, dissolution or winding up of the
affairs of the Corporation, then, before any distribution or payment shall be
made to the holders of any Junior Stock, the holders of shares of Series&nbsp;L
Preferred Stock shall be entitled to receive out of assets of the Corporation
legally available for distribution to stockholders, liquidation distributions
in the amount of the liquidation preference of $25.00 per share in cash, plus
an amount equal to all distributions (whether or not earned or authorized)
accumulated, accrued and unpaid at the date of such liquidating payment.&#160; After payment of the full amount of the
liquidating distributions to which they are entitled, the holders of shares of
Series&nbsp;L Preferred Stock will have no right or claim to any of the
remaining assets of the Corporation.&#160; In
the event that, upon any such voluntary or involuntary liquidation, dissolution
or winding up of the affairs of the Corporation, the available assets of the
Corporation are insufficient to pay the amount of the </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">liquidation distributions
on all outstanding shares of Series&nbsp;L Preferred Stock and the
corresponding amounts payable on all shares of Parity Stock, then the holders
of shares of Series&nbsp;L Preferred Stock and Parity Stock shall share ratably
in any such distribution of assets in proportion to the full liquidating
distributions to which they would otherwise be respectively entitled.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A consolidation or merger of the
Corporation with or into any other entity or entities, or a sale, lease,
transfer, conveyance or disposition of all or substantially all of the assets
of the Corporation or a statutory share exchange in which stockholders of the
Corporation may participate, shall not be deemed to be a liquidation,
dissolution or winding up of the affairs of the Corporation within the meaning
of this Section 5.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written
notice of any such liquidation, dissolution or winding up of the Corporation,
stating the payment date or dates when, and the place or places where, the
amounts distributable in such circumstances shall be payable, shall be given by
first class mail, postage pre-paid, not less than 30 or more than 60 days prior
to the payment date stated therein, to each record holder of the Series&nbsp;L
Preferred Stock at the respective addresses of such holders as the same shall
appear on the stock transfer records of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Redemption
by Holders</u>.&#160; Shares of Series&nbsp;L
Preferred Stock are not redeemable at any time at the option of the holders
thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Redemption by the Corporation</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Series&nbsp;L Preferred Stock shall not be subject to any sinking fund or
mandatory redemption.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Shares of Series&nbsp;L Preferred
Stock are redeemable at the Corporation&#146;s option upon not less than ten nor
more than 30 days&#146; written notice to the holders thereof, at any time or from
time to time unless waived by the holders of the Shares of Series&nbsp;L
Preferred Stock, for cash at a redemption price of $25.00 per share, plus an
amount equal to all dividends accumulated, accrued and unpaid (whether or not
earned or authorized) thereon to the date fixed for redemption, without
interest to the extent the Corporation will have funds legally available
therefor.&#160; Holders of shares of
Series&nbsp;L Preferred Stock to be redeemed pursuant to this Section 7(B)
shall surrender such shares of Series&nbsp;L Preferred Stock at the place
designated in such notice and shall be entitled to the redemption price and any
accumulated, accrued and unpaid dividends payable upon such redemption
following such surrender.&#160; Any date fixed
for redemption pursuant to this Section&nbsp;7(B) is referred to herein as a &#147;Redemption
Date.&#148;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If fewer than all of the outstanding
shares of Series&nbsp;L Preferred Stock are to be redeemed at the option of the
Corporation, the number of shares to be redeemed shall be determined by the
Board and the shares to be redeemed will be selected by the Board pro rata from
the holders of record of such shares in proportion to the number of such shares
held by such holders or by lot or by any other equitable manner as prescribed
by the Board.&#160; If such redemption is to
be by lot and, as a result of such redemption, any holder of shares of
Series&nbsp;L Preferred Stock would own, or be deemed by virtue of the
attribution provisions of the Code to own, in excess of 8% of the issued and
outstanding shares of all outstanding series of preferred stock or 50% in value
of all outstanding capital stock of the Corporation, as the case may be,
because such holder&#146;s shares of Series&nbsp;L Preferred Stock were not
redeemed, or were only redeemed in part, then, except </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as otherwise provided in
the Charter, the Corporation will redeem the requisite number of shares of
Series&nbsp;L Preferred Stock from such holder such that he will not hold in
excess of the Ownership Limit (as defined in the Charter) subsequent to such
redemption.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding anything to the
contrary contained herein, unless full cumulative dividends on all shares of
Series&nbsp;L Preferred Stock and Parity Stock shall have been or
contemporaneously are authorized, declared and paid or authorized, declared and
a sum sufficient for the payment thereof set apart for payment for all past
dividend periods and the then current dividend period, no shares of
Series&nbsp;L Preferred Stock, Parity Stock or Junior Stock shall be redeemed
unless all outstanding shares of Series&nbsp;L Preferred Stock, Parity Stock
and Junior Stock are simultaneously redeemed; provided, however, that the
foregoing shall not prevent the purchase or acquisition of shares of
Series&nbsp;L Preferred Stock, Parity Stock or Junior Stock pursuant to a
purchase or exchange offer made on the same terms to holders of all outstanding
shares of Series&nbsp;L Preferred Stock, Parity Stock or Junior Stock, as the
case may be.&#160; Furthermore, unless full
cumulative dividends on all outstanding shares of Series&nbsp;L Preferred
Stock, Parity Stock and Junior Stock have been or contemporaneously are
authorized, declared and paid or authorized, declared and a sum sufficient for
the payment thereof set apart for payment for all past dividend periods and the
then current dividend period, the Corporation shall not purchase or otherwise
acquire directly or indirectly any shares of Series&nbsp;L Preferred Stock,
Parity Stock or Junior Stock (except by conversion into or exchange for shares
of capital stock of the Corporation ranking junior to Series&nbsp;L Preferred
Stock and Parity Stock as to dividends and the distribution of assets upon any
voluntary or involuntary liquidation, winding up or dissolution of the
Corporation).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In the event shares of Series&nbsp;L
Preferred Stock are to be redeemed and there is more than one holder thereof,
notice of redemption will be (a) given by publication 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 days
prior to the Redemption Date; and (b) mailed by, not less than 30 nor more than
60 days prior to the Redemption Date, to each holder of record of shares of
Series&nbsp;L Preferred Stock to be redeemed at the address shown on the share
transfer books of the Corporation, notifying such holder of the Corporation&#146;s
election to redeem such shares; provided that if the Corporation shall have
reasonably concluded, based upon the advice of independent tax counsel
experienced in such matters, that any redemption and pursuant to this Section
7(E) must be made on a date (the &#147;Subject Date&#148;) which is earlier than 30 days
after the date of such mailing in order to preserve the status of the
Corporation as a real estate investment trust for federal income tax purposes
or to comply with federal tax laws relating to the Corporation&#146;s qualification
as a real estate investment trust, then the Corporation may give such shorter
notice as is necessary to effect such redemption on the Subject Date.&#160; Each notice shall state:&#160; (i)&nbsp;the Redemption Date; (ii)&nbsp;the
number of shares of Series&nbsp;L Preferred Stock to be redeemed;
(iii)&nbsp;the redemption price per share; (iv)&nbsp;the place or places where
certificates for shares of Series&nbsp;L Preferred Stock are to be surrendered
for payment of the redemption price; and (v)&nbsp;that distributions on shares
of Series&nbsp;L Preferred Stock will cease to accrue and accumulate on such
Redemption Date.&#160; No failure to give such
notice or any defect thereto or in the mailing thereof shall affect the validity
of the proceeding for the redemption of any Series&nbsp;L Preferred Stock
except as to the holder to whom notice was defective or not given.&#160; If fewer than all shares of Series&nbsp;L
Preferred Stock are to be redeemed, the notice mailed to each such holder
thereof shall also specify the number of shares of Series&nbsp;L Preferred
Stock to be redeemed from each such holder.&#160;
If notice of redemption of any shares of Series&nbsp;L Preferred Stock
has been given in accordance with this Section 7(E) and if the funds necessary
for such redemption have </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">been set aside by the
Corporation in trust for the benefit of the holders of shares of Series&nbsp;L
Preferred Stock so called for redemption, then from and after the redemption
date (unless the Corporation defaults in the payment of the purchase price),
distributions will cease to accrue on the shares of Series&nbsp;L Preferred
Stock designated for redemption, such shares of Series&nbsp;L Preferred Stock
shall no longer be deemed outstanding and all rights of the holders of such
shares will terminate, except the right to receive the redemption price
(including all accumulated and unpaid dividends up to the Redemption Date).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The holders of shares of
Series&nbsp;L Preferred Stock at the close of business on a Dividend Record
Date will be entitled to receive the dividend payable with respect to such
shares of Series&nbsp;L Preferred Stock on the corresponding Dividend Payment
Date notwithstanding the redemption thereof between such Dividend Record Date
and the corresponding Dividend Payment Date or the Corporation&#146;s default in the
payment of the distribution due.&#160; Except
as provided above, the Corporation will make no payment or allowance for unpaid
distributions, whether or not in arrears, on shares of Series&nbsp;L Preferred
Stock which have been called for redemption.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Series&nbsp;L Preferred Stock have no
stated maturity and will not be subject to any sinking fund or mandatory
redemption, except as provided in Article NINTH of the Charter of the
Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On or after the Redemption Date, each
holder of shares of Series&nbsp;L Preferred Stock to be redeemed shall present
and surrender the certificates representing his shares of Series&nbsp;L
Preferred Stock to the Corporation at the place designated in the notice of
redemption and thereupon the cash redemption price of such shares shall be paid
to or on the order of the person whose name appears on such certificate
representing shares of Series&nbsp;L Preferred Stock as the owner thereof and
each surrendered certificate shall be canceled.&#160;
If fewer than all the shares represented by any such certificate
representing shares of Series&nbsp;L Preferred Stock are to be redeemed, a new
certificate shall be issued representing the unredeemed shares.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.&#160; <u>Voting</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as provided in this Section 8 or by law, shares of Series&nbsp;L Preferred
Stock shall have no voting rights.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If six quarterly distributions
(whether or not consecutive) payable on shares of Series&nbsp;L Preferred Stock
are in arrears, whether or not earned or declared (a &#147;Preferred Dividend
Default&#148;), the number of directors then constituting the Board of Directors of
the Corporation will be increased by two (except as provided in the proviso to
paragraph&nbsp;(c) to Article FIFTH of the Charter), and the holders of shares
of Series&nbsp;L Preferred Stock, voting together as a class with the holders
of shares of any other class or series of capital stock ranking on a parity
with the Series&nbsp;L Preferred Stock as to the payment of dividends and the
distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up of the Corporation upon which like voting rights have been
conferred and are exercisable (any such class or series, the &#147;Voting Stock&#148;),
will have the right to elect two directors (the &#147;Preferred Stock Directors&#148;) to
serve on the Board of Directors at any annual meeting of stockholders or a
special meeting of the holders of Series&nbsp;L Preferred Stock and such other
Voting Stock called by the holders of record of at least 10% of any class or
series of Voting Stock so in arrears (unless such request is received less than
90 days before the date fixed for the next annual or special meeting of the
stockholders), until all such distributions </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">have been authorized,
declared and paid or set aside for payment. The procedures in this Section 8(B)
for the calling of meetings and the election of directors will, to the extent
permitted by law, supercede anything inconsistent contained in the Charter or
Bylaws of the Corporation.&#160;
Notwithstanding any provisions of the Bylaws of the Corporation, subject
to the limitations on the number of directors set forth in the Charter, the
number of directors constituting the entire Board will be automatically
increased to include the directors to be elected pursuant to this Section 8(B).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On any matter on which the holders of
Series&nbsp;L Preferred Stock are entitled to vote (as expressly provided
herein or as may be required by law), including any action by written consent,
each share of Series&nbsp;L Preferred Stock shall have one vote per share,
except that when shares of Voting Stock shall have the right to vote with the
Series&nbsp;L Preferred Stock as a single class on any matter, then the
Series&nbsp;L Preferred Stock and such other series shall have with respect to
such matters one vote per $25.00 of stated liquidation preference.&#160; With respect to each matter on which the
holders of Series&nbsp;L Preferred Stock are entitled to vote, the holder of
each share of Series&nbsp;L Preferred Stock may designate a number of proxies
equal to the number of votes to which the share is entitled, with each such
proxy having the right to vote a whole number of votes on behalf of such
holder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
and when all accumulated dividends and the dividend for the current dividend
period on the Series&nbsp;L Preferred Stock shall have been paid in full or set
aside for payment in full, the holders of shares of Series&nbsp;L Preferred
Stock shall be divested of the voting rights set forth in Section 8(B) herein
(subject to revesting in the event of each and every Preferred Dividend
Default) and, if all accumulated dividends and the dividend for the current
dividend period have been paid in full or set aside for payment in full on all
other series of Parity Stock upon which like voting rights have been conferred
and are exercisable, the term of office of each Preferred Stock Director so
elected shall terminate.&#160; So long as a
Preferred Dividend Default shall continue, any vacancy in the office of a
Preferred Stock Director may be filled by written consent of the Preferred
Stock Director remaining in office, or if there is no such remaining director,
by vote of holders of a majority of the outstanding shares of Series&nbsp;L
Preferred Stock and any other such other series of Parity Stock voting as a
single class.&#160; Any Preferred Stock Director
may be removed at any time with or without cause by the vote of, and shall not
be removed otherwise than by the vote of, the holders of record of a majority
of the outstanding shares of Series&nbsp;L Preferred Stock when they have the
voting rights set forth in Section 8(B) (voting separately as a class with all
other series of Parity Stock upon which like voting rights have been conferred
and are exercisable).&#160; The Preferred
Stock Directors shall each be entitled to one vote per director on any matter
presented to the Board.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; So long as any shares of
Series&nbsp;L Preferred Stock remain outstanding, the Corporation shall not,
without the affirmative vote or consent of the holders of at least two-thirds
of the shares of Series&nbsp;L Preferred Stock outstanding at the time, given
in person or by proxy, either in writing or at a meeting (such Series&nbsp;L
Preferred Stock voting separately as a class), (i) authorize, create or issue,
or increase the authorized or issued amount of, any class or series of capital
stock ranking senior to Series&nbsp;L Preferred Stock with respect to the
payment of dividends or the distribution of assets upon any liquidation,
dissolution or winding up of the Corporation or reclassify any authorized
capital stock of the Corporation into any such class or series of capital
stock, or create, authorize or issue any obligation or security convertible or
exchangeable into or evidencing the right to purchase any such class or series
of capital stock; or (ii) amend, alter or repeal the provisions of the Charter
or this Certificate of Designations, whether by merger or </font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consolidation or
otherwise (an &#147;Event&#148;), so as to materially and adversely affect any right,
preference, privilege or voting power of the Series&nbsp;L Preferred Stock or
the holders thereof; provided, however, with respect to the occurrence of any
of the Events set forth in (ii) above, so long as shares of Series&nbsp;L
Preferred Stock remain outstanding or are converted into like securities of the
surviving or resulting entity, in each case with like preference, privilege or
voting power and terms thereof materially unchanged, taking into account that,
upon the occurrence of an Event, the Corporation may not be the surviving
entity and such surviving entity may be a non-corporate entity, the occurrence
of any such Event shall not be deemed to materially adversely affect such
rights, preferences, privileges or voting powers of holders of Series&nbsp;L
Preferred Stock; and provided further that (x) any increase in the amount of
the authorized shares of Preferred Stock or the creation or issuance of any
other series of Preferred Stock, or (y) the creation, issuance or increase in
the amount of authorized shares of any other class or series of capital stock
of the Corporation, or (z) any increase in the amount of authorized shares of
Series&nbsp;L Preferred Stock, in each case ranking on a parity with or junior
to the Series&nbsp;L Preferred Stock with respect to the payment of dividends
and the distribution of assets upon voluntary or involuntary liquidation,
dissolution or winding up of the Corporation, shall not be deemed to materially
and adversely affect such rights, preferences, privileges or voting
powers.&#160; For the purposes of this Section
8(E), the filing in accordance with applicable law of a certificate of
designation or any similar document setting forth or changing the designation,
preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends, qualifications or other terms of any class or
series of capital stock of the Corporation will be deemed an amendment to the Charter.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The foregoing voting provisions shall
not apply if, at or prior to the time when the act with respect to which such
vote would otherwise be required shall be effected, all outstanding shares of
Series&nbsp;L Preferred Stock shall have been redeemed or called for redemption
upon proper notice and sufficient funds shall have been deposited in trust to
effect such redemption.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.&#160; <u>Conversion</u>.&#160; The shares of Series&nbsp;L Preferred Stock
are not convertible into or exchangeable for any other property or securities
of the Corporation, except that each share of Series&nbsp;L Preferred Stock is
convertible into Excess Common Stock as provided in Article NINTH of the
Charter of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 10.&#160; <u>Covenants and Event of Default</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following covenants are
established for the benefit of the holders of the Series L Preferred Stock and
to which the Series L Preferred Stock shall be subject.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation on Debt</u>.&#160; As of each Reporting Date (as defined below),
Debt (as defined below)&nbsp;shall not exceed 65% of Total Assets (as defined
below).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Limitation on Secured Debt</u>.&#160; As of each Reporting Date, Secured Debt (as
defined below)&nbsp;shall not exceed 50% of Total Assets.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fixed Charge Coverage Ratio</u>.&#160; For the four consecutive quarters ending on
each Reporting Date, the ratio of Annualized EBITDA (as defined below)&nbsp;to
Annualized Interest Expense (as defined below)&nbsp;shall be at least&nbsp;1.50
to&nbsp;1.00.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Maintenance of Unencumbered Assets</u>.&#160; As of each Reporting Date, Unencumbered
Assets (as defined below)&nbsp;shall be at least 125% of Unsecured Debt (as
defined below).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As used herein:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Annualized EBITDA&#148;
means, for the four consecutive quarters ending on each Reporting Date, the
Operating Partnership&#146;s Pro Rata Share (as defined below)&nbsp;of earnings
before interest, taxes, depreciation and amortization, with other adjustments
as are necessary to exclude the effect of all realized or unrealized gains and
losses related to hedging obligations, items classified as extraordinary items
and impairment charges in accordance with generally accepted accounting
principles, adjusted to reflect the assumption that (i)&nbsp;any EBITDA related
to any assets acquired or placed in service since the first day of such
four-quarter period had been earned, on an annualized basis, from the beginning
of such period, and (ii)&nbsp;any assets disposed of during such four-quarter
period had been disposed of as of the first day of such period and no EBITDA
related to such assets had been earned during such period.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Annualized Interest
Expense&#148; means, for the four consecutive quarters ending on each Reporting
Date, the Operating Partnership&#146;s Pro Rata Share of interest expense, with
other adjustments as are necessary to exclude the effect of items classified as
extraordinary items, in accordance with generally accepted accounting
principles, reduced by amortization of debt issuance costs and adjusted to
reflect the assumption that (i)&nbsp;any interest expense related to
indebtedness incurred since the first day of such four-quarter period is
computed as if such indebtedness had been incurred as of the beginning of such
period, and (ii)&nbsp;any interest expense related to indebtedness that was
repaid or retired since the first day of such four-quarter period is computed
as if such indebtedness had been repaid or retired as of the beginning of such
period (except that, in making such computation, the amount of interest expense
related to indebtedness under any revolving credit facility shall be computed
based upon the average daily balance of such indebtedness during such
four-quarter period).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Capitalization Rate&#148;
means 7.00%.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;</font>Capitalized
Value&#148; means, as of any date, Annualized EBITDA divided by the Capitalization
Rate.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Debt&#148; means the
Operating Partnership&#146;s Pro Rata Share of the aggregate principal amount of indebtedness
in respect of (i)&nbsp;borrowed money evidenced by bonds, notes, debentures or
similar instruments, as determined in accordance with generally accepted
accounting principles, (ii)&nbsp;indebtedness secured by any mortgage, pledge,
lien, charge, encumbrance or any security interest existing on property owned
by the Operating Partnership or any Subsidiary directly, or indirectly through
unconsolidated joint ventures, as determined in accordance with generally
accepted accounting principles, (iii)&nbsp;reimbursement obligations in
connection with any letters of credit actually issued and called, (iv)&nbsp;any
lease of property by the Operating Partnership or any Subsidiary as lessee
which is reflected in the Operating Partnership&#146;s balance sheet as a
capitalized lease, in accordance with generally accepted accounting principles;
provided, that Debt also includes, to the extent not otherwise included, any
obligation by the Operating Partnership or any Subsidiary to be liable for, or
to pay, as obligor, guarantor or otherwise, items</font> of indebtedness of another Person (other
than the Operating Partnership or any </p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary)&nbsp;described
in clauses&nbsp;(i)&nbsp;through (iv)&nbsp;above (or, in the case of any such
obligation made jointly with another Person, the Operating Partnership&#146;s or
Subsidiary&#146;s allocable portion of such obligation based on its ownership
interest in the related real estate assets); and <u>provided</u>, <u>further</u>,
that Debt excludes Intercompany Debt (as defined below).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Intercompany Debt&#148; means
Debt to which the only parties are the Corporation, the Operating Partnership
and any of their Subsidiaries or affiliates (but only so long as such Debt is
held solely by any of the Corporation, the Operating Partnership and any
Subsidiary or affiliate)&nbsp;that is subordinate in right of payment to the
Notes.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Operating Partnership&#148;
means Simon Property Group, L.P., a Delaware limited partnership and
majority-owned subsidiary of the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Pro Rata Share&#148; means
any applicable figure or measure of the Operating Partnership and its Subsidiaries
on a consolidated basis, less any portion attributable to minority interests,
plus the Operating Partnership&#146;s or its Subsidiaries&#146; allocable portion of such
figure or measure, based on their ownership interest, of unconsolidated joint
ventures.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Reporting Date&#148; means
March 31, June 30, September 30 and December 31 of each year.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Secured Debt&#148; means Debt
secured by any mortgage, lien, pledge, encumbrance or security interest of any
kind upon any of the property of the Operating Partnership or any Subsidiary.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Stabilized Asset&#148; means
(i)&nbsp;with respect to an acquisition of an asset, such asset becomes
stabilized when the Operating Partnership or its Subsidiaries or an
unconsolidated joint venture in which the Operating Partnership or any
Subsidiary has an interest has owned the asset as of at least six Reporting
Dates, and (ii)&nbsp;with respect to a new construction or development asset,
such asset becomes stabilized four Reporting Dates after the earlier of
(a)&nbsp;six Reporting Dates after substantial completion of construction or
development or (b)&nbsp;the first Reporting Date on which the asset is at least
90% leased.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Total Assets&#148; means, as
of any Reporting Date, the sum of (i)&nbsp;for Stabilized Assets, Capitalized
Value; (ii)&nbsp;for all other assets of the Operating Partnership and its
Subsidiaries, the Operating Partnership&#146;s Pro Rata Share of undepreciated book
value as determined in accordance with generally accepted accounting
principles; and (iii)&nbsp;the Operating Partnership&#146;s Pro Rata Share of cash
and cash equivalents.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unencumbered Annualized
EBITDA&#148; means Annualized EBITDA less any portion thereof attributable to assets
serving as collateral for Secured Debt.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unencumbered Assets&#148; as
of any Reporting Date shall be equal to Total Assets as of such date multiplied
by a fraction, the numerator of which is Unencumbered Annualized EBITDA and the
denominator of which is Annualized EBITDA.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Unsecured Debt&#148; means
Debt which is not secured by any mortgage, lien, pledge, encumbrance or
security interest of any kind.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the Corporation or the Operating
Partnership breaches any of the covenants set forth in Section&nbsp;10(A)
above, then a special dividend premium shall become due and payable in respect
of the Series&nbsp;L Preferred Stock at a rate equal to 0.50% per annum.&#160; In the event the breach is cured, the
dividend rate on the Series&nbsp;L Preferred Stock from the date such breach is
cured shall be reduced to the original dividend rate provided for herein for
the Series&nbsp;L Preferred Stock.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Compliance with the covenants described
above in Section 10(A) and with respect to the Series&nbsp;L Preferred Stock
generally may not be waived by the Corporation, unless the holders of at least
a majority of all outstanding Series&nbsp;L Preferred Stock consent to the
waiver.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Corporation shall deliver to the
holders of the Series L Preferred Stock, within 45 days after the end of each
fiscal quarter, a certificate from the principal executive officer, principal
financial officer or principal accounting officer of the Corporation as to his
or her knowledge of the Corporation&#146;s and the Operating Partnership&#146;s
compliance with the covenants set forth in Section 10(A) above and, in the
event of noncompliance, specifying such noncompliance and the nature and status
thereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Corporation has caused this
Certificate to be signed in its name and on its behalf by its Secretary on
September&nbsp;26, 2007.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP, INC</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:52.58%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.68%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:50.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/&nbsp;James M. Barkley</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:50.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">James M. Barkley</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="42%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:42.72%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:50.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Secretary</font></p>
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 </tr>
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  <td width="320" style="border:none;"></td>
  <td width="52" style="border:none;"></td>
  <td width="341" style="border:none;"></td>
  <td width="35" style="border:none;"></td>
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</table>

<p style="margin:0pt 0pt 12.0pt 216.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
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