Simon Cites Stock Conversion Option

Simon Property Group Inc., Indianapolis, has announced that holders of its series I 6% convertible perpetual preferred stock may convert their shares during the first quarter of 2008.The option exists because the closing price of Simon's common stock exceeded $78.71 (125% of the applicable conversion price) for at least 20 trading days in a period of 30 consecutive trading days ended Dec. 31, the real estate company said. At the current conversion price, each share of preferred stock is convertible into 0.794079 of a share of Simon's common stock, the company said. Simon can be found online at http://www.simon.com.