<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-077349
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20071025
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>9.01
<FILING-DATE>20071026
<DATE-OF-FILING-DATE-CHANGE>20071026
<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>071193337
</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>a07-27661_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>





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<body lang="EN-US">

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

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

<div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

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

</div>

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

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

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

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

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

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

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

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

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

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of
earliest event reported): <b>October&nbsp;25, 2007</b></font></p>

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

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

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

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

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

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;width:82.68%;">
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">001-14469</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-6268599</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .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="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .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="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of incorporation)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">225
  WEST WASHINGTON STREET</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .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>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .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="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INDIANAPOLIS,
  INDIANA</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .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>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">46204</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .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="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
 <tr>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in .7pt 0in .7pt;width:25.42%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone
number, including area code: 317.636.1600</font></p>

<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman">&nbsp;</font></p>

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

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

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

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

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

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

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

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

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

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

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

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

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

</div>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\vmeane\07-27661-1\task2481967\27661-1-ba.htm',USER='vmeane',CD='Oct 26 14:03 2007' -->


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


<div>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On
October 25, 2007, the Board of Directors of Simon Property Group, Inc. (the &#147;Company&#148;)
appointed David Simon Chairman of the Board of Directors effective October 25,
2007.&#160; Melvin Simon and Herbert Simon,
who had been serving as Co-Chairmen of the Board, have been named Chairmen
Emeriti, also effective October 25, 2007.&#160;
David Simon will also continue to hold the office of Chief Executive
Officer.&#160; There is no change in
compensation for David Simon in connection with his appointment as Chairman.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company issued a press release on October 25, 2007 announcing the changes in
its Executive Officers.&#160; The press
release is attached hereto as Exhibit 99.1 and the information set forth
therein is incorporated herein by reference.</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On October 25, 2007, the Board of Directors of the
Company amended Article VI of the Company&#146;s By-Laws to allow for the issuance
of uncertificated shares.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
By-Laws, as amended, are being filed as Exhibit 3.2 hereto and incorporated
herein by reference.</font></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 9.01&#160; Financial Statements and Exhibits.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)&#160; Exhibits</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="62%" style="border-collapse:collapse;margin-left:18.7pt;width:62.96%;">
 <tr>
  <td width="18%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:18.76%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit No.</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:12.52%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="68%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:68.74%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:18.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:12.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:68.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 3.2</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:12.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By-Laws, as amended</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 99.1</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:12.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release issued on
  October 25, 2007</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="87%" style="border-collapse:collapse;margin-left:36.7pt;width:87.88%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: &nbsp;October&nbsp;26,
  2007</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIMON PROPERTY GROUP, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Stephen
  E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stephen E. Sterrett</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President and Chief</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Officer</font></p>
  </td>
 </tr>
</table>

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>2
<FILENAME>a07-27661_1ex3d2.htm
<DESCRIPTION>EX-3.2
<TEXT>
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<head>





</head>

<body lang="EN-US">

<div>

<p style="font-weight:bold;margin:0in 2.7pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="right" style="font-weight:bold;margin:0in 2.7pt .0001pt 0in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 3.2</font></b></p>

<p style="font-weight:bold;margin:0in 2.7pt .0001pt 0in;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:0in 2.7pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDED
AND RESTATED</font></b></p>

<p align="center" style="margin:0in 2.7pt .0001pt 0in;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:0in 2.7pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BY-LAWS</font></b></p>

<p align="center" style="margin:0in 2.7pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 2.7pt .0001pt 0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 2.7pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
I.</font></b></p>

<p align="center" style="margin:0in 2.7pt .0001pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STOCKHOLDERS</font></b></p>

<p style="margin:0in 2.7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.01.&#160; ANNUAL MEETING.&#160; Simon Property Group, Inc. (the &#147;Corporation&#148;)
shall hold an annual meeting of its stockholders to elect directors and
transact any other business within its powers, at such place, on such date, and
at such time as shall be set by the Board of Directors.&#160; Except as the Restated Certificate of
Incorporation of the Corporation (the &#147;Charter&#148;), these By-Laws, or statute
provides otherwise, any business may be considered at an annual meeting without
the purpose of the meeting having been specified in the notice.&#160; Failure to hold an annual meeting does not
invalidate the Corporation&#146;s existence or affect any otherwise valid corporate
acts.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.02. SPECIAL MEETING.&#160; At any time in the interval between annual
meetings, a special meeting of the stockholders may be called by the Chairman
of the Board, or a Co-Chairman of the Board or the President or by a majority
of the Board of Directors by vote at a meeting or in writing (addressed to the
Secretary of the Corporation) with or without a meeting.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.03. PLACE OF
MEETINGS.&#160; Meetings of stockholders shall
be held at such place in the United States as is set from time to time by the
Board of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.04. NOTICE OF MEETINGS; WAIVER OF
NOTICE.&#160; Not less than ten nor more than
60 days before each stockholders meeting, the Secretary shall give written
notice of the meeting to each stockholder entitled to vote at the meeting and
each other stockholder entitled to notice of the meeting.&#160; The notice shall state the time and place of
the meeting and, if the meeting is a special meeting or notice of the purpose
is required by statute, the purpose of the meeting.&#160; Notice is given to a stockholder when it is
personally delivered to him, left at his residence or usual place of business,
or mailed to him at his address as it appears on the records of the
Corporation.&#160; Notwithstanding the
foregoing provisions, each person who is entitled to notice waives notice if he
or she before or after the meeting signs a waiver of the notice which is filed
with the records of stockholders&#146;</font></p>

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

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

<div align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meetings, or is present
at the meeting in person or by proxy (except as otherwise provided by Section
229 of the General Corporation Law of the State of Delaware).</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.05. QUORUM;
VOTING.&#160; Unless any statute or the
Charter provides otherwise, at a meeting of stockholders the presence in person
or by proxy of stockholders entitled to cast a majority of all the votes
entitled to be cast at the meeting constitutes a quorum, and the affirmative
vote of a majority of all the votes cast at a meeting at which a quorum is
present is sufficient to approve any matter which properly comes before the
meeting, except that a plurality of all the votes cast at a meeting at which a
quorum is present is sufficient to elect a director.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.06.
ADJOURNMENTS.&#160; Whether or not a quorum is
present, a meeting of stockholders convened on the date for which it was called
may be adjourned from time to time by a majority vote of the stockholders
present in person or by proxy entitled to vote without notice other than by
announcement at the meeting.&#160; Any
business which might have been transacted at the meeting as originally notified
may be deferred and transacted at any such adjourned meeting at which a quorum
shall be present.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.07. GENERAL
RIGHT TO VOTE; PROXIES.&#160; Unless the
Charter provides otherwise, each outstanding share of stock, regardless of
class, is entitled to one vote on each matter submitted to a vote at a meeting
of stockholders.&#160; In all elections for
directors, each share of stock entitled to vote may be voted for as many
individuals as there are directors to be elected and for whose election the
share is entitled to be voted.&#160; A
stockholder may vote the stock he or she owns of record either in person or by
proxy authorized by an instrument in writing or by a transmission permitted by
law.&#160; Unless a proxy provides otherwise,
it is not valid more than three years after its date.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.08. LIST OF STOCKHOLDERS.&#160; The Secretary shall prepare and make, at
least ten days before every election of directors, a complete list of the
stockholders entitled to vote, arranged in alphabetical order and showing the address
of each stockholder and the number of shares of each stockholder.&#160; Such list shall be open at the place where
the election is to be held for said ten days, to the examination of any
stockholder, and shall be produced and kept at the time and place of election
during the whole time thereof, and subject to the inspection of any stockholder
who may be present.</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.09. CONDUCT OF
BUSINESS.&#160; Nominations of persons for
election to the Board of Directors and the proposal of business to be
considered by the stockholders may be made at an annual meeting of stockholders
(a) pursuant to the Corporation&#146;s notice of meeting, (b) by or at the direction
of the Board of Directors or (c) by any stockholder of the Corporation who was
a stockholder of record at the time of giving notice provided for in Section
1.11, who is entitled to vote at the meeting and who complied with the notice
procedures set forth in Section 1.12. The chairman of the meeting shall have
the power and duty to determine whether a nomination or any business proposed
to be brought before the meeting was made in accordance with the any proposed
nomination or business is not in compliance with this Section and Section 1.12,
to declare that such defective nomination or proposal be disregarded.&#160; No person shall be qualified to serve as a
director unless nominated in accordance with this Section 1.09.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.10. CONDUCT OF
VOTING.&#160; At all meetings of stockholders,
unless the voting is conducted by inspectors, the proxies and ballots shall be
received, and all questions touching the qualification of voters and the
validity of proxies, the acceptance or rejection of votes and procedures for
the conduct of business not otherwise specified by these By-Laws, the Charter
or law, shall be decided or determined by the chairman of the meeting.&#160; Unless required by law, no vote need be by
ballot and voting need not be conducted by an inspector.&#160; No candidate for election as a director at a
meeting shall serve as an inspector thereat.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 1.11.&#160;
STOCKHOLDER PROPOSALS. For any stockholder proposal to be presented in
connection with an annual meeting of stockholders of the Corporation, including
any proposal relating to the nomination of a director to be elected to the
Board of Directors of the Corporation, the stockholders must have given timely
notice thereof in writing to the Secretary of the Corporation.&#160; To be timely, a stockholder&#146;s notice must be
delivered to or mailed and received at the principal executive offices of the
Corporation not less than one hundred twenty (120) calendar days in advance of
the date of the Corporation&#146;s proxy statement released to stockholders in connection
with the previous year&#146;s annual meeting of stockholders; provided, however,
that in the event that no annual meeting was held in the previous year or the
date of the annual meeting has been changed by more than thirty (30) days from
the date of the previous year&#146;s meeting, to be timely, notice by the
stockholder must be received not later than the close of business on the later
of one hundred twenty (120) calendar days in advance of such annual meeting or
ten (10) calendar days following the date on which public announcement of the
date of the meeting is first made.&#160; Such
stockholder&#146;s notice</font></p>

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall set forth (a) as
to each person whom the stockholder proposes to nominate for election or
reelection as a director all information relating to such person that is
required to be disclosed in solicitations of proxies for election of directors,
or is otherwise required, in each case pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) (including
such person&#146;s written consent to being named in the proxy statement as a
nominee and to serving as a director if elected); (b) as to any other business
that the stockholder proposes to bring before the meeting, a brief description
of the business desired to be brought before the meeting, the reasons for
conducting such business at the meeting and any material interest in such
business of such stockholder and of the beneficial owner, if any, on whose
behalf the proposal is made; and (c) as to the stockholder giving the notice
and the beneficial owner, if any, on whose behalf the nomination or proposal is
made, (i) the name and address of such stockholder, as they appear on the
Corporation&#146;s books, and of such beneficial owner and (ii) the class and number
of shares of stock of the Corporation which are owned beneficially and of
record by such stockholders and such beneficial owner.&#160; Notwithstanding the foregoing, in order to
include information with respect to a stockholder proposal in the proxy statement
and form of proxy for a stockholder&#146;s meeting, stockholders must provide notice
as required by the regulations promulgated under the Exchange Act.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.01.&#160; FUNCTION OF DIRECTORS.&#160; The business and affairs of the Corporation
shall be managed under the direction of its Board of Directors.&#160; All powers of the Corporation may be
exercised by or under authority of the Board of Directors, except as conferred
on or reserved to the stockholders by statute or by the Charter or By-Laws.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.02.&#160; NUMBER OF DIRECTORS.&#160; The Corporation shall have that number of
directors as provided in paragraph (a) of Article FIFTH of the Charter.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.03.&#160; REMOVAL OF DIRECTOR.&#160; Any director or the entire Board of Directors
may be removed only in accordance with the provisions of the Charter and
General Corporation Law of the State of Delaware.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.04.&#160; VACANCY ON BOARD.&#160; Subject to the rights of the holders</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of any class of Preferred Stock then outstanding,
newly created directorships resulting from any increase in the authorized
number of directors shall be filled by a vote of the stockholders or a majority
of the directors in office on the Board of Directors, and any vacancies on the
Board of Directors resulting from death, resignation, retirement,
disqualification, removal from office, or other cause shall be filled in
accordance with paragraph (b) of Article FIFTH of the Charter.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.05.&#160; REGULAR MEETINGS.&#160; After each meeting of stockholders at which
directors shall have been elected, the Board of Directors shall meet as soon as
practicable for the purpose of organization and the transaction of other
business.&#160; In the event that no other
time and place are specified by resolution of the Board of Directors, the
President, the Chairman of the Board or a Co-Chairman of the Board, with notice
in accordance with Section 2.07, the Board of Directors shall meet immediately
following the close of, and at the place of, such stockholders&#146; meeting.&#160; Any other regular meeting of the Board of
Directors shall be held on such date and at any place as may be designated from
time to time by the Board of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.06.&#160; SPECIAL MEETINGS.&#160; Special meetings of the Board of Directors
may be called at any time by the Chairman of the Board, a Co-Chairman of the
Board, or the President or by a majority of the Board of Directors by vote at a
meeting, or in writing with or without a meeting.&#160; A special meeting of the Board of Directors
shall be held on such date and at any place as may be designated from time to
time by the Board of Directors.&#160; In the
absence of designation such meeting shall be held at such place as may be designated
in the call.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.07.&#160; NOTICE OF MEETING. &#160;Except as provided in Section 2.05, the
Secretary shall give notice to each director of each regular and special
meeting of the Board of Directors.&#160; The
notice shall state the time and place of the meeting.&#160; Notice is given to a director when it is
delivered personally to him, left at his residence or usual place of business,
or sent by telegraph, facsimile transmission or telephone, at least 24 hours
before the time of the meeting or, in the alternative by mail to his address as
it shall appear on the records of the Corporation, at least 72 hours before the
time of the meeting.&#160; Unless the By-Laws
or a resolution of the Board of Directors provides otherwise, the notice need
not state the business to be transacted at or the purposes of any regular or
special meeting of the Board of Directors.&#160;
No notice of any meeting of the Board of Directors need be given to any
director who attends except where a director attends a meeting for the express
purpose of objecting to the transaction of any business because the</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meeting is not lawfully called or convened, or to any
director who, in writing executed and filed with the records of the meeting
either before or after the holding thereof, waives such notice.&#160; Any meeting of the Board of Directors,
regular or special, may adjourn from time to time to reconvene at the same or
some other place, and no notice need be given of any such adjourned meeting
other than by announcement.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.08.&#160; ACTION BY DIRECTORS.&#160; Unless statute or the Charter or By-Laws
requires a greater proportion, the action of a majority of the directors
present at a meeting at which a quorum is present is action of the Board of
Directors.&#160; A majority of the entire
Board of Directors shall constitute a quorum for the transaction of
business.&#160; In the absence of a quorum,
the directors present by majority vote and without notice other than by
announcement may adjourn the meeting from time to time until a quorum shall
attend.&#160; At any such adjourned meeting at
which a quorum shall be present, any business may be transacted which might
have been transacted at the meeting as originally notified.&#160; Any action required or permitted to be taken
at a meeting of the Board of Directors may be taken without a meeting, if an
unanimous written consent which sets forth the action is signed by each member
of the Board and filed with the minutes of proceedings of the Board.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.09.&#160; MEETING BY CONFERENCE TELEPHONE.&#160; Members of the Board of Directors may
participate in a meeting by means of a conference telephone or similar
communications equipment if all persons participating in the meeting can hear
each other at the same time.&#160;
Participation in a meeting by these means constitutes presence in person
at a meeting.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.10.&#160; COMPENSATION.&#160;
By resolution of the Board of Directors a fixed sum and expenses, if
any, for attendance at each regular or special meeting of the Board of Directors
or of committees thereof, and other compensation for their services as such or
on committees of the Board of Directors, may be paid to directors.&#160; Directors who are employees of the
Corporation need not be paid for attendance at meetings of the board or
committees thereof for which fees are paid to other directors.&#160; A director who serves the Corporation in any
other capacity also may receive compensation for such other services, pursuant
to a resolution of the directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.11.&#160; ADVISORY DIRECTORS.&#160; The Board of Directors may by resolution
appoint advisory directors to the Board, who may also serve as directors
emeriti, and shall have such authority and receive such compensation and</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">reimbursement as the Board of Directors shall
provide.&#160; Advisory directors or directors
emeriti shall not have the authority to participate by vote in the transaction
of business.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 2.12.&#160; SURETY BONDS.&#160;
Unless required by law, no director shall be obligated to give any bond
or surety or other security for the performance of any of his or her duties.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.01.&#160; COMMITTEES.&#160;
In accordance with the Charter, the Board of Directors may appoint an
Executive Committee, an Audit Committee, a Compensation Committee, a Nominating
Committee and other committees composed of one or more directors and delegate
to these committees any of the powers of the Board of Directors, except the
power to declare dividends or other distributions on stock, elect directors,
issue stock other than as provided in the next sentence, recommend to the
stockholders any action which requires stockholder approval, amend the By-Laws,
or approve any merger or share exchange which does not require stockholder approval.&#160; If the Board of Directors has given general
authorization for the issuance of stock, a committee of the Board of Directors,
in accordance with a general formula or method specified by the Board of
Directors by resolution or by adoption of a stock option or other plan, may fix
the terms of stock subject to the terms on which any stock may be issued,
including all terms and conditions required or permitted to be established or
authorized by the Board of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 3.02.&#160;
COMMITTEE PROCEDURE.&#160; Each
committee may fix rules of procedure for its business.&#160; A majority of the members of a committee
shall constitute a quorum for the transaction of business and the act of a
majority of those present at a meeting at which a quorum is present shall be
the act of the committee.&#160; Any action
required or permitted to be taken at a meeting of a committee may be taken
without a meeting, if a unanimous written consent which sets forth the action
is signed by each committee member and filed with the minutes of the
committee.&#160; The members of a committee
may conduct any meeting thereof by conference telephone in accordance with the
provisions of Section 2.10.</font></p>

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

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

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

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.01.&#160;
EXECUTIVE AND OTHER OFFICERS.&#160; The
Corporation shall have a President, a Secretary, and a Treasurer.&#160; The Corporation may also have a Chairman, or
Co-Chairmen, of the Board, a Chief Executive Officer, a Chief Operating
Officer, one or more Vice-Presidents, assistant officers, and subordinate
officers as may be established by the Board of Directors.&#160; A person may hold more than one office in the
Corporation except that no person may serve concurrently as both President and
Vice-President of the Corporation.&#160; The
Chairman of the Board, or each of the Co-Chairmen of the Board, as the case may
be, shall be a director; the other officers may be directors.</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.02.&#160; CHAIRMAN OF THE BOARD.&#160; The Chairman, or Co-Chairmen, of the Board,
if elected, shall preside at all meetings of the Board of Directors and of the
stockholders at which he or she or they shall be present.&#160; In general, the Chairman of the Board and a
Co-Chairman of the Board shall perform all such duties as are from time to time
assigned to him or her by the Board of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.03.&#160;
VICE CHAIRMAN.&#160; The Vice Chairman
of the Board, if one be elected by the Board of Directors, shall be an officer
of the Corporation.&#160; In general, the Vice
Chairman of the Board shall perform all such duties as are from time to time
assigned to him or her by the Board of Directors.</font></p>

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

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.04.&#160; CHIEF EXECUTIVE OFFICER.&#160; The Chief Executive Officer shall be the
principal executive officer of the Corporation and, subject to the control of
the Board of Directors and with the President, shall in general supervise and
control all of the business and affairs of the Corporation.&#160; In general, he or she shall perform such
other duties usually performed by a chief executive officer of a corporation
and such other duties as are from time to time assigned to him or her by the
Board of Directors of the Corporation.&#160;
Unless otherwise provided by resolution of the Board of Directors, the
Chief Executive Officer, if one be elected, in the absence of the Chairman of
the Board or a Co-Chairman of the Board, shall preside at all meetings of the
Board of Directors and of the stockholders at which he or she shall be present.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.05.&#160; PRESIDENT.&#160;
Unless otherwise specified by the Board of Directors, the President
shall be the principal operating officer of the Corporation and perform the
duties customarily performed by a principal operating officer of a
corporation.&#160; If no Chief Executive
Officer is appointed, he or she shall also serve</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the Chief Executive Officer of the Corporation.&#160; The President may sign and execute, in the name
of the Corporation, all authorized deeds, mortgages, bonds, contracts or other
instruments, except in cases in which the signing and execution thereof shall
have been expressly delegated to some other officer or agent of the Corporation.&#160; In general, he or she shall perform such
other duties usually performed by a president of a corporation and such other
duties as are from time to time assigned to him or her by the Board of
Directors or the Chief Executive Officer of the Corporation.&#160; Unless otherwise provided by resolution of
the Board of Directors, the President, in the absence of the Chairman of the
Board, a Co-Chairman of the Board and the Chief Executive Officer, shall
preside at all meetings of the Board of Directors and of the stockholders at which
he or she shall be present.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.06.&#160; CHIEF OPERATING OFFICER.&#160; The Chief Operating Officer, at the request
of the Chief Executive Officer or the President, or in the President&#146;s absence
or during his inability to act, shall perform the duties and exercise the
functions of the President, and when so acting shall have the powers of the
President.&#160; Unless otherwise specified by
the Board of Directors, he or she shall perform such other duties usually
performed by a chief operating officer of a corporation and such other duties
as are from time to time assigned to him or her by the Board of Directors, the
Chief Executive Officer or the President of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.07.&#160; VICE-PRESIDENTS.&#160; The Vice-President or Vice-Presidents, at the
request of the Chief Executive Officer or the President or the Chief Operating
Officer, or in the Chief Operating Officer&#146;s absence or during his inability to
act, shall perform the duties and exercise the functions of the Chief Operating
Officer, and when so acting shall have the powers of the Chief Operating
Officer.&#160; If there be more than one
Vice-President, the Board of Directors may determine which one or more of the
Vice-Presidents shall perform any of such duties or exercise any of such
functions, or if such determination is not made by the Board of Directors, the
Chief Executive Officer, or the President may make such determination;
otherwise any of the Vice-Presidents may perform any of such duties or exercise
any of such functions.&#160; The
Vice-President or Vice-Presidents shall have such other powers and perform such
other duties, and have such additional descriptive designations in their titles
(if any), as are from time to time assigned to them by the Board of Directors,
the Chief Executive Officer, or the President of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.08.&#160; SECRETARY.&#160;
The Secretary shall keep the minutes of the</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">meetings of the stockholders, of the Board of
Directors and of any committees, in books provided for the purpose; he or she
shall see that all notices are duly given in accordance with the provisions of
the By-Laws or as required by law; he or she shall be custodian of the records
of the Corporation; he or she may witness any document on behalf of the Corporation,
the execution of which is duly authorized, see that the corporate seal is
affixed where such document is required or desired to be under its seal, and,
when so affixed, may attest the same; and, in general, the Secretary shall
perform all duties incident to the office of a secretary of a corporation, and
such other duties as are from time to time assigned to him or her by the Board
of Directors, the Chief Executive Officer, or the President of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.09.&#160; TREASURER.&#160;
The Treasurer shall have charge of and be responsible for all funds,
securities, receipts and disbursements of the Corporation, and shall deposit,
or cause to be deposited, in the name of the Corporation, all moneys or other
valuable effects in such banks, trust companies or other depositories as shall,
from time to time, be selected by the Board of Directors; he or she shall
render to the President and to the Board of Directors, whenever requested, an
account of the financial condition of the Corporation; and, in general, the
Treasurer shall perform all the duties incident to the office of a treasurer of
a corporation, and such other duties as are from time to time assigned to him
or her by the Board of Directors, the Chief Executive officer, or the President
of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.10.&#160; ASSISTANT AND SUBORDINATE OFFICERS.&#160; The assistant and subordinate officers of the
Corporation are all officers below the office of Vice-President, Secretary, or
Treasurer.&#160; The assistant or subordinate
officers shall have such duties as are from time to time assigned to them by
the Board of Directors, the Chief Executive Officer, or the President of the
Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.11.&#160; ELECTION, TENURE AND REMOVAL OF
OFFICERS.&#160; The Board of Directors shall
elect the officers.&#160; The Board of
Directors may from time to time authorize any committee or officer to appoint
assistant and subordinate officers.&#160;
Election or appointment of an officer, employee or agent shall not of
itself create contract rights.&#160; All
officers shall be appointed to hold their offices, respectively, during the
pleasure of the Board.&#160; The Board of
Directors (or, as to any assistant or subordinate officer, any committee or officer
authorized by the Board) may remove an officer at any time.&#160; The removal of an officer does not prejudice
any of his contract rights.&#160; The Board of
Directors (or, as to any assistant or</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">subordinate officer, any committee or officer
authorized by the Board) may fill a vacancy which occurs in any office for the
unexpired portion of the term.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 4.12.&#160; COMPENSATION.&#160;
The Board of Directors shall have power to fix the salaries and other
compensation and remuneration, of whatever kind, of all officers of the
Corporation.&#160; No officer shall be
prevented from receiving such salary by reason of the fact that he or she is
also a director of the Corporation.&#160; The
Board of Directors may authorize any committee or officer, upon whom the power
of appointing assistant and subordinate officers may have been conferred, to
fix the salaries, compensation and remuneration of such assistant and
subordinate officers.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.01.&#160;
CONFERRING DIVISIONAL TITLES.&#160; The
Board of Directors may from time to time confer upon any employee of a division
of the Corporation the title of President, Vice President, Treasurer or
Controller of such division or any other title or titles deemed appropriate, or
may authorize the Chairman of the Board, a Co-Chairman of the Board, the Chief
Executive Officer or the President to do so.&#160;
Any such titles so conferred may be discontinued and withdrawn at any
time by the Board of Directors, or by the Chairman of the Board, or a
Co-Chairman of the Board or the President if so authorized by the Board of
Directors.&#160; Any employee of a division
designated by such a divisional title shall have the powers and duties with
respect to such division as shall be prescribed by the Board of Directors, the
Chairman of the Board, a Co-Chairman of the Board, or the President.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 5.02. EFFECT OF
DIVISIONAL TITLES.&#160; The conferring of
divisional titles, as described in Section 5.01 hereof, shall not create an
office of the Corporation under Article IV unless specifically designated as
such by the Board of Directors; but any person who is an officer of the
Corporation may also have a divisional title.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.01.&#160;
CERTIFICATES FOR STOCK; UNCERTIFICATED SHARES.&#160; The shares of the Corporation may be
represented by certificates or</font></p>

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may be uncertificated as
provided under the laws of the State of Delaware.&#160; Every holder of stock represented by certificates
shall be entitled to have a certificate signed by the Chairman of the Board, a
Co-Chairman of the Board, the Chief Executive Officer, the President, or a
Vice-President, and countersigned by the Secretary, an Assistant Secretary, the
Treasurer, or an Assistant Treasurer.&#160;
Each stock certificate shall include on its face the name of the
Corporation, the name of the stockholder or other person to whom it is issued,
and the class of stock and number of shares it represents.&#160; It shall be in such form, not inconsistent
with law or with the Charter, as shall be approved by the Board of Directors or
any officer or officers designated for such purpose by resolution of the Board
of Directors.&#160; Each certificate may be
sealed with the actual corporate seal or a facsimile of it or in any other form
and the signatures may be either manual or facsimile signatures.&#160; A certificate is valid and may be issued
whether or not an officer who signed it is still an officer when it is
issued.&#160; A certificate may not be issued
until the stock represented by it is fully paid.&#160; Notwithstanding the above, the issuance of
uncertificated shares shall not affect shares already represented by a
certificate until such certificate is surrendered to the Corporation.</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.02.&#160; TRANSFERS.&#160;
The Board of Directors shall have power and authority to make such rules
and regulations as it may deem expedient concerning the issue, transfer and
registration of certificates of stock or uncertificated shares; and may appoint
transfer agents and registrars thereof.&#160;
The duties of transfer agent and registrar may be combined.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.03.&#160; RECORD DATES.&#160;
The Board of Directors may set a record date for the purpose of making
any proper determination with respect to stockholders, including which
stockholders are entitled to notice of a meeting, vote at a meeting, receive a
dividend, or be allotted other rights.&#160;
The record date may not be prior to the close of business on the day the
record date is fixed nor, subject to Section 1.06, more than 60 days before the
date on which the action requiring the determination will be taken; and, in the
case of a meeting of stockholders, the record date shall be at least ten days
before the date of the meeting.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.04. STOCK
LEDGER.&#160; The Corporation shall maintain a
stock ledger which contains the name and address of each stockholder and the
number of shares of stock of each class which the stockholder holds.&#160; The stock ledger may be in written form or in
any other form which can be converted within a reasonable time into written
form for visual inspection.&#160; The original
or a duplicate of the stock ledger shall be kept at the offices of a transfer
agent for the particular class</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of stock, or, if none, at the principal office in the
State of Delaware or the principal executive offices of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 6.05.&#160; LOST STOCK CERTIFICATES.&#160; The Board of Directors of the Corporation may
determine the conditions for issuing a new stock certificate or uncertificated
share in place of a stock certificate which is alleged to have been lost,
stolen, or destroyed, or the Board of Directors may delegate such power to any
officer or officers of the Corporation.&#160;
In their discretion, the Board of Directors or such officer or officers
may refuse to issue such new certificate or uncertificated share save upon the
order of some court having jurisdiction in the premises.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.01.&#160; CHECKS, DRAFTS, ETC.&#160; All checks, drafts and orders for the payment
of money, notes and other evidences of indebtedness, issued in the name of the
Corporation, shall, unless otherwise provided by resolution of the Board of
Directors, be signed by the Chief Executive Officer, the President, a
Vice-President or an Assistant Vice-President and countersigned by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.02.&#160; FISCAL YEAR.&#160;
The fiscal year of the Corporation shall be the twelve calendar months
period ending December 31 in each year, unless otherwise provided by the Board
of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.03.&#160; DIVIDENDS.&#160;
If declared by the Board of Directors at any meeting thereof, the Corporation
may pay dividends on its shares in cash, property, or in shares of the capital
stock of the Corporation, unless such dividend is contrary to law or to a
restriction contained in the Charter.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 7.04.
CONTRACTS.&#160; To the extent permitted by
applicable law, and except as otherwise prescribed by the Charter or these
By-Laws with respect to certificates for shares, the Board of Directors may
authorize any officer, employee, or agent of the Corporation to enter into any
contract or execute and deliver any instrument in the name of and on behalf of
the Corporation.&#160; Such authority may be
general or confined to specific instances.</font></p>

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

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

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

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.01. PROCEDURE.&#160; Any indemnification, or payment of expenses,
for which mandatory payments must be made under the Charter, in advance of the
final disposition of any proceeding, shall be made promptly, and in any event
within 60 days, upon the written request of the director or officer entitled to
seek indemnification (the &#147;Indemnified Party&#148;).&#160;
The right to indemnification and advances hereunder shall be enforceable
by the Indemnified Party in any court of competent jurisdiction, if (i) the
Corporation denies such request, in whole or in part, or (ii) no disposition
thereof is made within 60 days.&#160; The
Indemnified Party&#146;s costs and expenses incurred in connection with successfully
establishing his right to indemnification, in whole or in part, in any such
action shall also be reimbursed by the Corporation.&#160; It shall be a defense to any action for advance
for expenses that (a) a determination has been made that the facts then known
to those making the determination would preclude indemnification or (b) the
Corporation has not received both (i) an undertaking as required by law to
repay such advances in the event it shall ultimately be determined that the
standard of conduct has not been met and (ii) a written affirmation by the
Indemnified Party of such Indemnified Party&#146;s good faith belief that the
standard of conduct necessary for indemnification by the Corporation has been
met.</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.02.&#160; EXCLUSIVITY, ETC.&#160; The indemnification and advance of expenses
provided by the Charter and these By-Laws shall not be deemed exclusive of any
other rights to which a person seeking indemnification or advance of expenses
may be entitled under any law (common or statutory), or any agreement, vote of
stockholders or disinterested directors or other provision that is consistent
with law, both as to action in his official capacity and as to action in
another capacity while holding office or while employed by or acting as agent
for the Corporation, shall continue in respect of all events occurring while a
person was a director or officer after such person has ceased to be a director
or officer, and shall inure to the benefit of the estate, heirs, executors and
administrators of such person.&#160; All
rights to indemnification and advance of expenses under the Charter of the
Corporation and hereunder shall be deemed to be a contract between the
Corporation and each director or officer of the Corporation who serves or
served in such capacity at any time while this By-Law is in effect.&#160; Nothing herein shall prevent the amendment of
this By-Law, provided that no such amendment shall diminish the rights of any
person hereunder with respect to events occurring or claims made before its
adoption or as to claims made after its adoption in respect of events occurring
before its adoption.&#160; Any repeal or
modification of this By-Law shall not in</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any way diminish any rights to indemnification or
advance of expenses of such director or officer or the obligations of the Corporation
arising hereunder with respect to events occurring, or claims made, while this
By-Law or any provision hereof is in force.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 8.03.&#160; SEVERABILITY; DEFINITIONS. The invalidity or
unenforceability of any provision of this Article VIII shall not affect the
validity or enforceability of any other provision hereof. The phrase &#147;this
By-Law&#148; in this Article VIII means this Article VIII in its entirety.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.01.&#160;
BOOKS AND RECORDS.&#160; The
Corporation shall keep correct and complete books and records of its accounts
and transactions and minutes of the proceedings of its stockholders and Board
of Directors and of any executive or other committee when exercising any of the
powers of the Board of Directors.&#160; The
books and records of a Corporation may be in written form or in any other form
which can be converted within a reasonable time into written form for visual
inspection.&#160; Minutes shall be recorded in
written form but may be maintained in the form of a reproduction. &#160;The original or a certified copy of the
By-Laws shall be kept at the principal office of the Corporation.</font></p>

<p align="left" style="margin:0in .1in .0001pt 0in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.02.&#160;&#160; CORPORATE SEAL.&#160; The Board of Directors shall provide a suitable
seal, bearing the name of the Corporation, which shall be in the charge of the
Secretary.&#160; The Board of Directors may
authorize one or more duplicate seals and provide for the custody thereof.&#160; If the Corporation is required to place its
corporate seal to a document, it is sufficient to meet the requirement of any
law, rule, or regulation relating to a corporate seal to place the word &#147;Seal&#148;
adjacent to the signature of the person authorized to sign the document on
behalf of the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.03.&#160; BONDS.&#160;
The Board of Directors may require any officer, agent or employee of the
Corporation to give a bond to the Corporation, conditioned upon the faithful
discharge of his duties, with one or more sureties and in such amount as may be
satisfactory to the Board of Directors.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.04. VOTING UPON
SHARES IN OTHER CORPORATIONS.&#160; Stock of
other corporations or associations, registered in the name of the Corporation,</font></p>

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

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

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

<p style="margin:0in .1in .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may be voted by the President, a Vice-President, or a
proxy appointed by either of them.&#160; The
Board of Directors, however, may by resolution appoint some other person to
vote such shares, in which case such person shall be entitled to vote such
shares upon the production of a certified copy of such resolution.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.05.&#160; MAIL.&#160;
Any notice or other document which is required by these By-Laws to be
mailed shall be deposited in the United States mails, postage prepaid.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.06.&#160; EXECUTION OF DOCUMENTS.&#160; A person who holds more than one office in
the Corporation may not act in more than one capacity to execute, acknowledge,
or verify an instrument required by law to be executed, acknowledged, or
verified by more than one officer.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.07.&#160; RELIANCE.&#160;
Each director, officer, employee and agent of the Corporation shall, in
the performance of his or her duties with respect to the Corporation, be fully
justified and protected with regard to any act or failure to act in reliance in
good faith upon the books of account or other records of the Corporation, upon
an opinion of counsel or upon reports made to the Corporation by any of its
officers or employees or by the adviser, accountants, appraisers or other
experts or consultants selected by the Board of Directors or officers of the
Corporation, regardless of whether such counsel or expert may also be a
director.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.08.&#160; CERTAIN RIGHTS OF DIRECTORS, OFFICERS,
EMPLOYEES AND AGENTS.&#160; The directors
shall have no responsibility to devote their full time to the affairs of the
Corporation.&#160; Any director or officer,
employee or agent of the Corporation, in his or her personal capacity or in a
capacity as an affiliate, employee, or agent of any other person, or otherwise,
may have business interests and engage in business activities similar to or in
addition to those of or relating to the Corporation.</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in .1in .0001pt 0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION 9.09.&#160; AMENDMENTS.&#160;
In accordance with the Charter, these By-Laws may be repealed, altered,
amended or rescinded by the stockholders of the Corporation (considered for
this purpose as one class) by the affirmative vote of not less than 80% of all
the votes entitled to be cast generally in the election of directors which are
cast on the matter at any meeting of the stockholders called for that purpose
(provided that notice of such proposed repeal, alteration, amendment or
rescission is included in the notice of such meeting).</font></p>

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

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

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

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

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

<p style="margin:0in 0in .0001pt 2.25pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Simon Property Group Names David Simon Chairman of the Board</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melvin Simon and Herbert Simon to Become Chairmen Emeriti</font></p>

<p style="margin-left:0in;margin-right:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDIANAPOLIS,
Oct. 25 /PRNewswire-FirstCall/ &#151; The Board of Directors of Simon Property
Group, Inc. (NYSE: SPG) today announced that CEO David Simon has been named
Chairman of the Board of Directors, effective as of October 25, 2007. Melvin
Simon and Herbert Simon, who had been serving as Co-Chairmen of the Board, have
been named Chairmen Emeriti, also effective as of October 25, 2007. David Simon
will also continue to hold the office of Chief Executive Officer.</font></p>

<p style="margin-left:0in;margin-right:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
Chairmen Emeriti, Melvin and Herbert Simon will continue serving on Simon
Property Group&#146;s Board of Directors and will be primarily focused on the
Company&#146;s international expansion as well as certain other aspects of the
Company&#146;s business. Melvin Simon will continue to serve as a Board member of
Simon Ivanhoe Ltd, Simon Property Group&#146;s Paris-based venture with Ivanhoe
Cambridge. Herbert Simon will maintain his position on the Boards of Directors
of Simon Ivanhoe, Gallerie Commerciali Italia SpA, Simon Property Group&#146;s
Italian-based joint venture with Auchan SA, and Great Mall Investments Limited,
the Company&#146;s venture in China with the Morgan Stanley Real Estate Fund and
Shenzhen Commercial Investment Company, Ltd.</font></p>

<p style="margin-left:0in;margin-right:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melvin
and Herbert Simon stated, &#147;Today&#146;s announcement marks another step in the
transition of Simon Property Group&#146;s management. Since becoming CEO in 1995,
David has exhibited outstanding leadership, delivering consistent earnings and
dividend growth while solidifying our position as the nation&#146;s largest real
estate investment trust. We are very confident in his continued leadership, the
strength and depth of our management team and their ability to drive future
growth at the Company.&#148;</font></p>

<p style="margin-left:0in;margin-right:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David
Simon, Chief Executive Officer of Simon Property Group, stated, &#147;Since founding
the Company more than 45 years ago, Mel and Herb Simon have led our industry
and been the driving force behind our transformation from a local real estate
concern to an international, industry-leading real estate company. It has been
a pleasure working with them, our other directors and our management team to
build on the foundation created by Mel and Herb. We have all benefited from
their unique knowledge, experience and leadership abilities, and I look forward
to executing on our shared plans for the Company in the years ahead.&#148;</font></p>

<p style="margin-left:2.25pt;margin-right:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Melvin and Herbert Simon founded Melvin Simon &amp;
Associates, Inc., Simon Property Group&#146;s predecessor company, in 1960. In
December 1993, the firm successfully completed an initial public offering
creating Simon Property Group, the nation&#146;s largest shopping center Real Estate
Investment Trust.</font></p>

<p style="margin:0in 0in .0001pt 2.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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