Simon 2018 Annual Report Highlights

STANFORD SHOPPING CENTER Palo Alto, CA

PREMIUM OUTLET COLLECTION EDMONTON INTERNATIONAL AIRPORT Edmonton, Canada

ST. JOHNS TOWN CENTER Jacksonville, FL

• Expanding our international business has been an important component of our long-term growth strategy and further strengthens our relationship with global retailers. • We opened Premium Outlet 428,000 square foot outlet center located in Edmonton, Canada. The only fully enclosed outlet shopping center in the Edmonton Metropolitan area features 100 fashion brands and outlet stores, as well as a variety of signature services: from the delivery of purchases directly to guests’ homes to flight information and refresh facilities for travelers. • Significant expansions were completed at Johor Premium Outlets in Malaysia, Shisui Premium Outlets in Japan and Toronto Premium Outlets in Canada. approximately $325 million with an average cash yield on cost of 8%. • We have three new international development projects under construction: Mexico (opening summer 2019), Spain (opening fall 2019) and the United Kingdom (opening spring 2020). Our investment in these three Collection Edmonton International Airport, a • Total gross costs invested in these four international development projects was

projects is estimated to be approximately $100 million and will generate an average yield of approximately 8%. • We have broken ground on our first Premium Outlet in Bangkok, Thailand. • We have six significant expansions under construction in Canada, Italy, Japan, South Korea, and the United Kingdom, all expected to open in late 2019 and early 2020. This includes the expansion of the highly productive Gotemba Premium Outlets in Japan. • Our 21% investment in Klépierre continues to grow in value as they execute on their strategy to enhance the quality of their leading pan-European pure play retail property company, resulting in record results despite a challenging European economy. • I am still amazed we can operate from Indianapolis to Thailand on an extremely profitable basis. LEASING AND NEW CONCEPTS OPENED • We signed nearly 4,000 leases totaling more than 14 million square feet in 2018! • Continue to devote significant efforts to add dining and entertainment concepts to our properties. More than 60 new

• Continued to open locations for new luxury brands including Aquazarra, Ba&sh, Eton, Golden Goose, Paige, Sergio Rossi, and Zimmerman, to name a few. • Whether it is working with new brands or international retailers seeking to establish a presence in the United States, our leasing team’s goal is to create opportunities for retailers looking to bring their retail ideas to life. MARKETING • Our marketing strategy is focused on the most creative and innovative content and media platforms to drive awareness, shopper traffic and sales for the brands and retailers in our centers and create engagement with our consumer. • Our marketing team collaborates with leading brands on cutting-edge virtual reality activations to drive store traffic and on localized digital campaigns to build awareness for in-store initiatives. • We have more than 8 million social media followers with over 1.5 billion impressions. • Increased the number of “Today at Apple” social/digital campaigns to promote local programming at Apple stores in Simon destinations.

restaurants opened across our portfolio in 2018. • Continue to add sophisticated restaurants to our portfolio including North Italia at Fashion Valley, Blanco Tacos + Tequila at The Galleria, Water Grill and Frida Mexican Cuisine at The Forum Shops to name a few. • Our portfolio generates nearly $4 billion in annual food sales per year through more than 2,500 restaurants/dining pavilions. • Launched unique entertainment concepts to create interactive experiences. Added more than 20 new entertainment/lifestyle concepts to our portfolio in 2018, including Peppa Pig World of Play, Ten Pin Eatery, XD Ride Adventure, Pinstripes, and Blocks to Bricks. • With brick-and-mortar stores as the cornerstone of any successful retailer’s strategy, we continued to open locations for many formerly online- only retailers such as Casper, Cuyana, Eloquii, Fabletics, Fashion Nova, Hope & Henry, Indochino, Modcloth, Peloton, Tommy John, UNTUCKit, Warby Parker and many others. • Identified over 130 new and unique brands as part of our new business program, which resulted in over 230 new deals in 2018.

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SIMON PROPERTY GROUP, INC.