Simon 2020 Annual Report

SUSTAINABILITY • For almost a decade, Simon has consistently been

$19 million in scholarships to approximately 5,600 students. More than $38 million has been invested to support SYF’s mission for youth to pursue their dreams through education. • Brick-and-mortar shopping enhances the quality of life and well-being of communities in numerous ways, including the support of vital local interests such as education, public safety, and infrastructure. • Simon paid nearly $700 million in (local) property taxes (an increase from 2019) despite being unable to operate for approximately 20% of the shopping days in 2020. We are taxed at the highest property values compared to other forms of retail real estate and I don’t think it’s a level playing field. In many cases, we pay ten times more compared to e-commerce fulfillment centers nearby! • Simon’s U.S. portfolio provides over $340 million in local investments, spent mainly with local suppliers. • Our communities are a compilation of thousands of entrepreneurs and small business owners. We work with community members to make sure they receive the support they need. CLOSING I am proud of the vital role we play in helping local small businesses, entrepreneurs and communities all across the country work their way back toward economic recovery and stability. As I reflect on the past year, above all else, I am extremely proud of the Simon team and how we managed through the countless challenges thrown at us, with agility and grace. We stepped up for our shoppers, our tenants, our communities and each other. Throughout our Company’s history, we have experienced a variety of tests, including the real estate recession in the 1990s, the dot-com bubble in the early 2000s, and the Great Financial Crisis in 2008, and in each case, the environment provided us with the opportunity to demonstrate our leadership and the strength of SPG. During these times is when SPG comes together and does its best work. I am confident that this time will be no different and we will not only gain strength but will improve our Company. Simon strong and thank you. I want to thank our Board of Directors for their tireless commitment and counsel during what was an unprecedented year for all of us. Finally, thank you, our shareholders, for your continued confidence and support. Your comments and thoughts are always welcome and appreciated.

recognized for its ongoing commitment to sustainability management, performance and disclosure by international organizations such as CDP and Global Real Estate Sustainability Benchmark (GRESB). In 2020, Simon was recognized as a sector leader by GRESB and was one of only 271 organizations globally to receive an “A” score on the CDP climate change questionnaire. • Reduced energy consumption over which we have direct control across the portfolio by 33% (2003-2019), representing 354 million kWh. 51% of these reductions occurred in the years since 2013. • Reduced greenhouse gas emissions by 54% (2003- 2019), eliminating 312,067 metric tons of carbon dioxide equivalents–including scope 1, scope 2. • Set new 2035 science-based emissions targets approved by the Science Based Target initiative (SBTi), committing to reducing our scope 1 and scope 2 emissions by 68%, and scope 3, including tenant emissions, by 21%. • Aligned our climate-related risk disclosure with the recommendations made by the Task Force on Climate Related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB). • Received the third-party verified WELL Health-Safety Rating for Facility Operations and Management for over 200 properties. You can learn more about our health and safety efforts at Simon.com/health. • Installed 985 electric vehicle (EV) charging stations at 120 centers across the U.S. • Our white paper on the advantages of physical retail compared to e-commerce, when it comes to sustainability, found that physical shopping can be up to 60% more sustainable. You can read the white paper at investors. simon.com/sustainability and I would encourage you to do so. Please get the word out on our advantages. COMMUNITY IMPACT • For decades, our properties have served as the heart of their communities, and we recognize the essential role we play, enabling us to mobilize support during these crucial times. • To do our part to defeat COVID-19, we shifted our focus and established 165 testing sites in our parking lots in 37 states. • Our parking lots were also the site of numerous food distribution events for first responders, and for families through Feeding America. More than 50,000 pounds of food was collected and distributed at these events. • We worked with the American Red Cross as part of the “Sleeves Up” campaign to restore depleted blood supplies throughout the U.S. • In its 20-plus year history, Simon Youth Foundation (“SYF”) has graduated nearly 22,000 high school students from its 42 academies in 15 states, while awarding more than

DAVID SIMON Chairman, CEO & President March 19, 2021

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ANNUAL REPORT 2020

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