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Panama City Beach, Florida

Phase I: Pier Park 965,000 Square Feet Open: Target 136,000 Square Feet Summer/Fall 2007: The Grand Theatre 16-Plex; Panera Bread; Ulta Salon, Cosmetics & Fragrance; and More Than 180,000 Square Feet of Specialty Shops on the Boardwalk at Front Beach (Gulf of Mexico) Spring 2008: Dillard's, JCPenney, Borders Books & Music, The Fresh Market, Old Navy, Ron Jon Surf Shop, Jimmy Buffett's Margaritaville, and More!

Phase II: Pier Park West 200,000 Square Feet Fall 2008 Sports Authority, Office Depot, PetSmart, 2 Other Major Retailers, plus 50,000 Square Feet of Shops and Restaurants

Pier Park

Pier Park will be more than an inspired shopping and entertainment center. Upon completion of Phase I in spring 2008, the coastal retail, entertainment, and restaurant development will help position this fast-growing Gulf Coast market as the top destination in the Florida Panhandle. Pier Park will draw millions of savvy consumers to the Panama City Beach area. The outdoor development will attract tourists as well as an expanding residential base with its collection of anchor stores, specialty shops, restaurants, entertainment, parks, and coastal amenities. Pier Park's easy access and dramatic waterside location are two additional factors that will please its retail, dining, and entertainment tenants. In an area that already attracts more than 7 million tourists annually, it's easy to see why the excitement is growing throughout the Florida Panhandle region.

Bonifay Westville Crestview Caryville Chipley

90 10

De Funiak Springs Ponce de Leon

90 10

85 285

331

Vernon

Wausau

79

WASHINGTON

OKALOOSA

Niceville

TRADE AREA BOUNDARY

Freeport

Valparaiso

20

Eglin AFB Wright 14 Lake Lorraine

77

331

Ebro

16

ary Esther 11 Cinco Bayou 15

20

6

Destin

8 12 5

3 4 Miramar Beach 10 13

98

WALTON

CENTER INFORMATION SPG Site Competition Freestanding Stores

1. Pier Park (2008) - Dillard's, JCPenney, Target, Borders Books & Music, The Grand 16-Plex Theater, Ron Jon Surf Shop, Old Navy, The Fresh Market 2. 23rd Street Plaza- Home Depot, Bed Bath & Beyond, Ross Dress For Less 3. 23rd Street Station- Publix 4. Callaway Plaza- Kmart 5. Destin Commons- Belk, Bass Pro Shops, Books-A-Million 6. Emerald Coast Centre- Bealls, Office Max 7. Lynnhaven S/C- Publix 8. Panama City Mall- Dillard's, JCPenney, Sears, Linens 'n Things 9. Panama City Market Center- Sam's Club 10. Panama City Square- Wal-Mart, Goody's, Michaels, T.J. Maxx, Sports Authority 11. Santa Rosa Mall- Dillard's, JCPenney, Sears, Belk 12. Shoppes of Paradise Key- Publix, Stein Mart, Old Navy, Pier 1 Imports, Bed Bath & Beyond 13. Silver Sands Factory Stores 14. Sun Plaza- Circuit City, T. J. Maxx, Office Depot, Books-A-Million 15. Uptown Station- Bealls 16. White Sands S/C- Wal-Mart

388

BAY

79

Laguna Beach

231

7 Lynn Haven 5 Panama City Beach 1

Pretty Bayou

3 2

FREESTANDING STORES

6

30

Gulf of Mexico

9 Upper Grand Lagoon

Lower Grand Lagoon

9 10

2 7 8

Hiland Park

Cedar Grove Springfield

1. Bealls 2. Books-A-Million 3. The Fresh Market 4. Home Depot 5. Home Depot 6. Lowe's Home Improvement 7. Target 8. Target 10. Wal-Mart 11. Wal-Mart

1

4 Callaway

Parker

N

0 4 8

Tyndall AFB

miles

98

Market Overview: Tourism and opportunity

Panama City Beach is recognized as one of America's best beaches by Conde Nast Traveler and the Travel Channel. In addition, Hotels.com ranks it as the "Fourth Most Popular Vacation Rental Destination. Nestled between Destin and Panama " City--two of the Panhandle's major tourist destinations--Panama City Beach is set to become even bigger with the addition of Pier Park. · The Panhandle draws more than 7 million tourists annually from around the world. Attractions include world-class beaches, golf courses, water sports, a zoo, and fine restaurants. · The Panhandle is second only to Orlando's Walt Disney World in terms of visitors traveling to Florida by automobile. · A serene lifestyle can be found on East Beach, home to area marinas as well as the Bay Point Marriott and a pair of championship golf courses. · Pier Park is ideally situated 14 miles west of Panama City and 41 miles east of Destin, Florida. · Pier Park, featuring national retail and entertainment, will be surrounded by high-density condominium developments.

Location: Poised for success

The Florida Panhandle, known as the Emerald Coast because of the Gulf of Mexico's blue-green waters, is one of the most popular vacation destinations in Florida and the entire country. · Pier Park will enjoy a prime location between U.S. 98 (Back Beach Road/Panama City Beach Parkway) and Front Beach Road (Alternate 98) at Powell Adams Road and Pier Park Drive. Principal access to Pier Park will be via U.S. 98, with approximately 32,000 vehicles traveling by the site every day. · Pier Park will be located in the heart of Panama City Beach, which runs along the Gulf of Mexico. The coastal area includes portions of four counties: Gulf, Bay, Okaloosa, and Walton. · The site is also accessible via Highway 79 to the north, where the new Panama City-Bay County International Airport will open in 2010. · Pier Park has 3,500 feet of frontage on U.S. 98, including 800 feet of unfettered gulf-front views along Front Beach (Gulf of Mexico). · Pier Park is the only retail/restaurant site between U.S. 98, the main road connecting Destin and Panama City, and the crystal white sands of Front Beach.

KEY Department Stores Anchor Stores Retail Theater Restaurants Grocery Outlots PIER PARK WEST Outlots Proposed Sports Authority Ruby Tuesday Longhorn Steakhouse Olive Garden The Fresh Market Proposed Anchor Proposed Office Depot Proposed PetSmart

Dillard's The Grand Theater

Vanguard Bank AM South Bank Starbucks

Borders Books & Music

FPO

JCPenney

Target Old Navy Jimmy Buffett's Margaritaville

US

9

8/ S

R3

0A

Gulf of Mexico

N

PO

Outlots FRO NT Ron Jon Surf Shop B EAC HR D.

WE

LL

ADA

MS

PIER PARK

DR

.

Pier Park: At a glance

Pier Park will be the premier retail environment serving Panama City Beach and the entire Florida Panhandle. The setting for Pier Park will provide an appealing venue for visitors to enjoy shopping, dining, and entertainment in a beautiful outdoor environment. Pier Park will encompass approximately 1.16 million total square feet on more than 112 acres of prime gulf-view property. · This one-of-a-kind destination will be an open-air center featuring a combination of specialty retailers, department stores, entertainment, tourist attractions, and a wealth of dining options. · As a true regional center, Pier Park is expected to draw shoppers from more than 100 miles away, including residents of both Tallahassee to the east and Pensacola to the west. · Pier Park will be the only venue of its kind in the Panhandle and the only significant restaurant site along U.S. 98.

ANCHORS Dillard's JCPenney Target The Grand Theatre 16-Plex

SPECIALTY RETAILERS, DINING OPTIONS, AND FEATURES Old Navy Ron Jon Surf Shop Back Porch Seafood House Borders Books & Music

Anchors

Jimmy Buffett's Margaritaville Starbucks Coffee Johnny Rockets

Panera Bread Reggae J's Island Grill

Phase II of the project, Pier Park West, will be situated immediately adjacent to and west of Pier Park on U.S. 98 (Back Beach Road). It will feature Sports Authority, Office Depot, PetSmart, 2 other major retailers, and 50,000 square feet of shops and restaurants.

PIER PARK WEST Outlots

Proposed Sports Authority Ruby Tuesday Longhorn Steakhouse Olive Garden The Fresh Market

KEY Department Stores Anchor Stores Retail Theater Restaurants Grocery Outlots

Proposed Anchor Proposed Office Depot Proposed PetSmart

US 98 /S R3 0A

Dillard's The Grand Theater

PIE

R PARK DR.

Vanguard Bank AM South Bank Starbucks

Borders Books & Music Target

JCPenney

Old Navy

Jimmy Buffett's Margaritaville

CH RD .

Gulf of Mexico

P

OW E

LL

BEA

Ron Jon Surf Shop

A

NT

DAM S

FRO

Outlots

PIER PARK

DR

.

Trade-Area Overview: Promise in the Panhandle

The city of Panama City Beach is pursuing a decade-long redevelopment program. Started in 2001, the program involves replacing aging motels and other structures with new hotels, condominiums, mega resorts, and major attractions. · More than 7 million tourists visit Panama City Beach every year. The majority of these tourists travel to Panama City Beach by car and stay an average of 4 days. · Travelers to the area have average annual household incomes of nearly $60,000 and spend $547 million every year. · The new Panama City-Bay County International Airport, scheduled to open in 2010, is a 4,000-acre facility that will give Panama City Beach greater accessibility for national and international travelers. It will be the first new international airport to open in the United States since Denver International Airport opened in 1995. · Tourism provides a $1.5 billion impact, with $163 million in accommodation sales and $413 million in goods and services sold. This economy supports more than 14,000 jobs locally. · Total daytime employment is nearly 67,000.

Population Growth: A growing base of shoppers

Within Pier Park's trade area, the current population of 150,000 is expected to grow by more than 40 percent, reaching 213,000 by 2015. · The compound annual growth rate of 4.5 percent during those 8 years will be more than 4 times the national average of 0.9 percent. With these growth projections, the local trade-area population will reach 200,000 by 2013. · The 2006 median age is 40.8 years. · Over 658,000 households reside within 100 miles of Panama City Beach, an area from which Pier Park will draw. More than 32,000 additional units are planned, with expected buildout complete by 2010. · The trade area's predominant household income category in 2006 was $50,000­$75,000. The average annual household income of $57,070 is expected to increase almost 13 percent to $64,697 by 2011. · Growth in the area is fueled primarily by second homes and the allure of the beaches. · Visitors to Panama City Beach have their choice of 48,000 lodging units, including 20,000 hotel rooms. There are an additional 5,500 lodging units under construction or in the planning stages within 15 miles of the city.

73

331

15-MILE

20

227

TRADE AREA BOUNDARY

99 221

10-MILE

388

33 10 Panama City -Bay County Airport Future Location 388 98 220

212 164

132 165

48

217 100 1 152 151 140 216 31 98 184 218 114 60 108 104 143 27 105 79 188 92 44 137 198 222

5-MILE

148 29

77 90 117 142

36

69 84 25 101 201 23 196 149 150 68

231 24

168 115 155 98B

PROPERTY LOCATION KEY 1-Alys Beach 2-Ambassador Beach Condos 3-America Best Value Inn 4-Annabella's Townhome 5-Aqua View Resort 6-Aqua-Sundial Resort 7-Aquatica Beach Resort 8-Aquavista Condominiums 9-Bahama Beach 10-Barefoot Palms Townhomes 11-Beach Break by the Sea 12-Beach Club Motel 13-Beach House Resort 14-Beach Rentals 15-Beach Tower Resort Motel 16-Beachcomber By The Sea 17-Bella's Garden 18-Bent Palms Condominiums 19-Best Western Casa Loma 20-Blue Surf Inn Rentals 21-Boardwalk Beach Resort (Phase I) 22-Boardwalk Beach Resort (Phase II) 23-Breedlove 24-Brentwoods 25-Brittonwoods 26-Cabana Cay PCB Resort Community 27-Cabana Villas 28-Cabana West 29-Callaway 30-Calypso Resort & Towers 31-Camp Creek Golf Club 32-Casa Blanca Resort 33-Cedar Woods Estates 34-Celadon Beach Condominiums 35-Chateau Motel 36-College Oaks 37-Comfort Suites 38-Condo World Vacation Rentals 39-Continental Condominiums 40-Coral Reef Condominiums 41-Coral Shores 42-Days Inn 43-Doni Beach Condos 44-Downtown Carillion 45-Driftwood Lodge 46-Dunes of Panama 47-East Bay Reserve 48-Eastern Lake Village 49-EBB Tide Condominiums 50-Edgewater Beach Resort 51-Emerald Cove Villas 52-Emerald Isle Resort 53-Emerald Shores 54-Emerald Shores Bayfront 55-Emerald Waters White Sand Resort 56-En Soleil Resort 57-Endless Summer Resort 58-Flamingo Motel 59-Fontainebleau Terrace 109-Merrimac Resort Condominums 110-Miracles Resort Park 111-Moondrifter 112-Moonspinner Condominum 113-Nautical Watch Condominum Rentals 114-Nauticus Beach Resort 115-Nelle Townhouses 116-New Project 117-Northwoods Estates 118-Ocean Reef Resort 119-Ocean Ritz 120-Ocean Terrace Condo Rental 121-Ocean Villa 122-Osprey Motel 123-Palazzio Condominiums 124-alm Cove 125-Palmetto Motel Court 126-Palmetto Trace Phase I 127-Palmetto Trace Phase II 128-Panama City Beach Rentals 129-Panama City Resort and Club 130-Paradise Beach 131-Paradise Found Resort and Hotels 132-Park Place On Seagrove Beach 133-Peeks Motel 134-Pelican Isle 135-Pelican Walk Condominums 136-Pineapple Beach Resort 137-Pinacle Port Vacation Rentals 138-Plaza Motel 139-Polynesian Village Condominums 140-Pompano Place 141-Portside Resorts 142-Potential Development 143-Proposed Development 144-Quality Inn 145-Ramada Limited 146-Rebecca's Landing 147-Regency Towers 148-RiverCamps On Crooked Creek 149-Riverside Phase I 150-Riverside Phase II 151-Rosemary Beach 152-Rosewood 153-Royal American Hospitality 154-Sailfish 155-Sanctuary Beach 156-Sandcastle Villas 157-Sandcastles West 158-Sandpiper-Beacon Motel 159-Sea Foam Motel 160-Sea Scape Inn 161-Sea Side Villas 162-Seachase Condominiums 163-Seakove Resort 164-Seaside 165-Seaview Villas 166-Seychelles Beach Resort 167-Shores of Panama 168-Snug Harbor 169-Solimar Resort Bayfront 170-Solimar Resort Gulfside 171-Southern Exposure I & II 172-Splash Resort 173-Sterling Beach Resort 174-Sterling Breeze 175-Sterling Reef Resort 176-Sting Ray Condos 177-Sugar Beach Condominums 178-Summer Breeze Motel 180-Summer Town Cottages 179-Summerset 181-SummerWinds Condominiums 182-Summit Condominiums 183-Sunbird Condominiums 184-Sunnyside Beach & Tennis Resort

60-Grand Cayman Motel 61-Grand Lagoon Yacht Club Resort 62-Grand Panama Beach Resort 63-Grand Surf Club 64-Grande Gulf Motel 65-Grandview Condominiums at Long Beach 66-Grandview East at Long Beach 67-Grandview Point at Longbeach 68-Grants Mill 69-Greenwood Village 70-Gulf Crest Condominiums 71-Gulf Highlands Beach Resort 72-Gulf Island Beach Club 73-Hammock Bay 74-Hampton Inn 75-Harbors Edge Condominiums 76-Harrisons Walk 77-Hibiscus By the Bay (Phase 1) 78-Hidden Dunes Condominiums 79-Hidden Lagoon Villas 80-High Rise Condominiums 81-Holiday Sun Spree Resort 82-Holiday Terrace Motel 83-Horizon South Resort 84-Huntington Ridge 85-Ibis Lake 86-Inn Paradise Motel 87-Island Reserve 88-Islander Motel 89-Islander Two Motel 90-Kirkland Manor 91-Laketown Wharf 92-Lakeview Condominiums 93-Landmark Holiday Beach Resort 94-LaQuinta Inn 95-Largo Mar Condo 96-Legacy Hotel 97-Long Beach Resort 98-Magnolia Bay Club 99-Magnolia Beach 100-Magnolia By The Sea 101-Magnolia Meadows 102-Magnolia Plantation 103-Majestic Beach Towers 104-Malaga Place Townhouses 105-Mandalay Beach Resort 106-Mariner East Condominum & Rentals 107-Mariner West Condominums 108-Mayan Resort

136 43 172 134 85 154 163 193 52 34 192 141 116 83 57 93 PIER PARK 162 157 215 158 207 129 186 26 16 123 125 202 45 8 219 127 126 80 122 6 11 208 174 2 3 160 185 139 171 37 54 39 169 28 59 180 58 144 179 9 86 96 76 124 214 204 53 205 77 178 87 133 170 89 224 71 41 223 118 19 145 185-Sunrise Beach Condominiums 175 51 200 103 167 186-Sunset Beach Condominiums 138 189 42 13 97 187-Sunset Inn 55 50 35 110 146 188-Sunset Pass Resort 91 81 17 5 189-Sunset Pier Condominiums 88 183 153195 15 62 82 32 21 187 190-Sunshine Shores Condominiums 67 22 72 191-Sunswept 203 130 206 7 121 192-Surfside Town Houses 191 79 226 111 38 119 120 194-The Commodore Condominums 211-Watepoint Resort 66 78 10 12 63 182 177 195-The Inn at St. Thomas Square 212-WaterColor 65 209 199 196-The Landings 213-Watercrest Condominiums 98 14 176 40 102 46 197-The Princess 214-Watermark Villas 107 74 156 198-The Shores Condominiums 215-Waterpointe Resort Condominiums 56 106 197 199-The Summerhouse 216-Waterside at Inlet Beach 135 49 70 173 61 18 200-The Super 8 Motel 217-Watersound Beach 159 181 218-WaveCrest 201-The Timbers 128 213 190 219-Wayfarer by the Sea 202-Tidewater Beach Condominiums 166 64 113 220-Wells Landing 203-Top of the Gulf 95 147 109 221-White Oaks 204-Towne of Seahaven 222-Wild Heron 205-Tradewinds Resort 161 210 75 194 112 223-Wimbledon by the Sea 206-Treasure Island Resort Condominums 224-Wind Drift Beach Resort 207-Tropical Breeze Resort 225-WindMark Beach 208-Twin Oaks 226-Windward Beach Resport 209-Twin Palms Condominiums 227-Woodcrest Phase I & II 210-Venture Out at Panama City Beach, Inc.

47

Bonifay Westville Crestview Caryville Chipley

90 10

De Funiak Springs Ponce de Leon

90 10

85 285

331

Vernon

Wausau

79

WASHINGTON

OKALOOSA

Niceville

TRADE AREA BOUNDARY

Freeport

Valparaiso

20

Eglin AFB Wright

77

331

Ebro

14 15

Lake Lorraine

16

Cinco Bayou ary Esther 11

20

6

Destin

12 5

Miramar 13 Beach

98

WALTON

PanamaCity-BayCountyAirport Future Location

388

CENTER INFORMATION

BAY

79

Laguna Beach

231

SPG Site Competition

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. Pier Park (2008) 23rd Street Plaza 23rd Street Station Callaway Plaza Destin Commons Emerald Coast Centre Lynnhaven S/C Panama City Mall Panama City Market Center Panama City Square Santa Rosa Mall Shoppes of Paradise Key Silver Sands Factory Stores Sun Plaza Uptown Station White Sands S/C

7 Lynn Haven

Panama City Beach

1

3 Pretty Bayou 9 10

Upper Grand Lagoon

2 8

Hiland Park Cedar Grove Springfield

30

Gulf of Mexico

Lower Grand Lagoon

4Callaway

Parker

Projected 2011 Average Household Income Ranges

$0 to $25,000 $25,001 to $50,000 $50,001 to $75,000 $75,001+

N

0 4 8

Tyndall AFB

miles

98

For more information about opportunities at Pier Park, please contact:

DEVELOPMENT & ANCHOR LEASING MYLES MINTON | 317.685.7350 | [email protected] TIM KUSHNER | 317.263.7637 | [email protected] LEASING PAUL AJDAHARIAN | 317.685.7352 | [email protected] STACIA MILNE | 317.263.2409 | [email protected] DAVID HALLE | 317.263.3036 | [email protected] BUTCH KNERR | 317.263.7932 | [email protected] MELODYE GRIM | 317.685.7295 | [email protected] BILL CONWAY | 317.263.2389 | [email protected] RESTAURANT LEASING MEL VALIQUETT | 317.263.7051 | [email protected] OUTPARCEL AND PERIPHERAL DEVELOPMENT DAWN LINDQUIST | 317.263.2301 | [email protected]

Information accurate as of 5/04/07. Sources: SPG Research; trade-area demographic information per Hanley Wood Residential Study.

Corporate Profile

Simon Property Group, Inc., headquartered in Indianapolis, Indiana, is a real estate investment trust engaged in the ownership, development, and management of retail real

® estate, primarily regional malls, Premium Outlet Centers,

and community/lifestyle centers. The Company's current total market capitalization is approximately $56 billion. Through its subsidiary partnership, it currently owns or has an interest in 323 properties in the United States containing an aggregate of 244 million square feet of gross leasable area in 41 states plus Puerto Rico. Simon also owns interests in 53 European shopping centers in France, Italy, and Poland; five Premium Outlet Centers in Japan; and one Premium Outlet Center in Mexico. Additional Simon Property Group information is available at www.simon.com. Simon Property Group, Inc., is publicly traded on the NYSE under the symbol SPG.

225 West Washington Street, Indianapolis, IN 46204 317.636.1600

Simon Property Group common stock is traded under the ticker symbol "SPG" on the New York Stock Exchange. "Simon" is a trademark of Simon Property Group, L.P.

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