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## At Inception 

## TEN YEARS OF GROWTH 

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* Defined as FFO less common dividends and distributions 

When Simon went public in December  , at an offering price of $ . per share, its portfolio contained   properties located in   states and total market capitalization was   billion. 

’93 and ‘94$_{ }$$_{The Simon Property Group }$ IPO is completed in December of  , generating $   million in proceeds. The Simon portfolio consists of   properties in   states, primarily middle-market malls in the Midwest and Texas. The Company’s biggest strength in  is the size of its $  billion portfolio. Areas identified for improvement include: quality of port- folio, lack of major market presence and limited financial flexibility. Simon has no unsecured debt and annual free cash flow of only $  million. Wall Street’s biggest question is “How does Simon grow what is already the industry’s largest portfolio?” 

Management develops a long-term strategy to lead the consolidation of the regional mall sector, to improve the quality of its portfolio, to add exposure to major metropolitan markets and to improve financial flexibility. 

The regional mall portfolio generates sales of $   per square foot in   and is  .  % occupied at year-end. Total market capitalization is $  .  billion at year-end and FFO for   is $  .   per share. 

‘95 $_{The Company increases its ownership }$ in three malls and acquires an interest in Smith Haven Mall in Long Island, New York. In addition, we open three new regional malls within a seven-week period, adding over   million square feet of GLA. 

‘96 We complete the industry’s largest transaction to-date by acquiring the DeBartolo Realty Corporation, adding  malls,  community centers and one mixed-use property to the Simon 

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portfolio. This $  billion transaction creates an organization unparalleled in size and scope in our industry and gives us better access to capital, enhances retailer relationships, and improves our operating efficiencies through economies of scale. Our total market capitalization increases to .  billion. We also complete our first investment grade rated unsecured debt offering for $   million. 

‘97 $_{The acquisition pace accelerates. We }$ spend $  .  billion to acquire the private Retail Property Trust, adding  regional malls to our portfolio including such high- quality assets as The Westchester in White Plains, New York and Menlo Park Mall in Edison, New Jersey. We also acquire The Fashion Mall at Keystone, an upscale property in our hometown of Indianapolis and a  % interest in Dadeland Mall in Miami, one of the nation’s most productive malls. We raise more than $  billion through public and private placements. Simon Brand Ventures is launched to create additional revenue streams. We are the first REIT to exceed $   billion in annual revenue. 

‘98$_{ }$   is a landmark year in the growth of our Company. We invest $  .  billion to acquire Corporate Property Investors (CPI), the nation’s largest and most productive privately-owned retail mall company. The CPI transaction adds  malls to the Simon portfolio including assets of national and international renown such as Roosevelt Field, Lenox Square, Phipps Plaza and Town Center 

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