Management Appointments And Independent Directors Announced For Washington Prime Group Inc.

  Management Appointments And Independent Directors Announced For Washington
                               Prime Group Inc.

Simon Property Group Continues Progress on Planned Spin-off

PR Newswire

INDIANAPOLIS, March 24, 2014

INDIANAPOLIS, March 24, 2014 /PRNewswire/ --Simon Property Group, Inc. (NYSE:
SPG), a global leader in the retail real estate industry, today
announcedmanagement appointments and four independent directors who will join
the board of Washington Prime Group Inc.

Simon announced that the following individuals will join Washington Prime
Group's management team once the spin-off is completed:

  oMyles Minton will become Chief Operating Officer. Minton previously served
    as President of the Community Center business for Simon since 2007, and
    has led the team responsible for management and operations as well as
    significant new community center developments during that period.
  oRobert P. Demchak will be joining as General Counsel and Corporate
    Secretary. Demchak currently serves as Senior Vice President – Legal and
    Capital Markets for Simon Property Group and has held various legal
    positions at Simon since 2009.
  oMichael J. Gaffney will hold the position of Senior Vice President, Head
    of Capital Markets. As current Senior Vice President – Capital Markets at
    Simon Property Group, Gaffney has led numerous debt and equity capital
    markets transactions, and has been a member of Simon's finance team for
    seven years.

Mark Ordan, recently announced President and Chief Executive Officer of
Washington Prime Group commented: "These seasoned leaders, along with our
soon-to-be announced Chief Financial Officer, have deep knowledge and
experience managing large, public retail real estate companies. Together, with
our board members, we are excited to build a growing Washington Prime Group
that will provide superior shareholder returns."

Independent Directors appointed to serve on the board of Washington Prime
Group:

  oLouis G. Conforti, Senior Managing Director, Balyasny Asset Management
    (BAM) and Principal, Colony Capital LLC (Colony): Louis Conforti leads
    BAM's global real estate securities effort as well as a joint venture
    between BAM and Colony. BAM is a leading global alternative investment
    manager with approximately $4.25 billion AUM and Colony is one of the
    world's largest real estate investment managers with 12 offices and 250
    employees, having invested approximately $50 billion during its 20 year
    history. Prior to BAM, Conforti was Global Head of Real Estate for UBS
    O'Connor.
  oRobert J. Laikin, Founder and former Chairman of the Board and Chief
    Executive Officer, BrightPoint, Inc.: Robert Laikin founded BrightPoint,
    Inc. (then known as Wholesale Cellular USA, Inc.) in 1989 and served as
    Chairman of the Board and Chief Executive Officer. BrightPoint, Inc. was
    listed on the NASDAQ from April 1994 until its sale to Ingram Micro Inc.
    in October 2012. Laikin has served as Executive Advisor to the CEO of
    Ingram Micro Inc. since November 2012. He is also a member of the Board of
    Directors for the Eskenazi Health Foundation, a Board Trustee at the
    Indianapolis Zoo and serves as an Executive Board member of the Johnson
    Center for Entrepreneurship & Innovation at Indiana University.
  oJacquelyn Soffer, Principal, Turnberry Associates:  As Principal for
    Turnberry Associates, Jackie Soffer oversees the company's retail,
    hospitality and office divisions, including its landmark Aventura Mall,
    South Florida's largest super-regional shopping center and one of the top
    grossing centers in the United States. Turnberry's hotel and resort
    divisions also includes the Turnberry Isle Resort Aventura; Fontainebleau
    Hotel Miami Beach; Four-Diamond Hilton Nashville Downtown; Union Station
    Nashville Hotel; Orlando Courtyard Downtown by Marriott; Aventura
    Courtyard by Marriott; Residence Inn by Marriott at Aventura Mall; and
    Hampton Inn Hallandale Beach/Aventura. Soffer joined Turnberry Associates
    in 1989. She is a Board Member of Fontainebleau Miami Beach and a member
    of the Board of Trustees of the Museum of Contemporary Art in North Miami,
    Florida.
  oMarvin L. White, System Vice President and Chief Financial Officer,
    St.Vincent Health: As System Vice President and Chief Financial Officer,
    Marvin White's responsibilities include finance, accounting, patient
    financial services, and managed care for all 19 St.Vincent Health
    ministries, as well as 36 joint ventures. Prior to joining St.Vincent
    Health in 2008, White served as Executive Director and Chief Financial
    Officer at Eli Lilly & Company's Lilly USA, where he was a member of the
    Operations Committee. He was the immediate past Chairman of St.Vincent
    Indianapolis Hospital Board of Directors and currently serves on the board
    for Emergent BioSolutions, HealthLease Properties REIT, Marian University
    and the Center for Leadership Development.

As previously announced, Richard S. Sokolov, President and Chief Operating
Officer of Simon Property Group, will serve as Chairman of Washington Prime
Group's Board of Directors, and David Simon, Chairman and Chief Executive
Officer of Simon Property Group, will also be a member of Washington Prime
Group's Board. Mark Ordan, the President and Chief Executive Officer of
Washington Prime Group, will also serve on the Board of Directors.

The spin-off transaction is subject to certain conditions, including, among
others, declaration by the Securities and Exchange Commission that Washington
Prime Group's registration statement is effective, filing and approval of
Washington Prime Group's listing application, customary third party consents,
and formal approval and declaration of the distribution by Simon's Board of
Directors. Simon may, at any time and for any reason until the proposed
spin-off transaction has been consummated, abandon the separation, modify or
otherwise change its terms.

Washington Prime Group will be one of the most diversified portfolios of
shopping centers in the U.S. retail real estate industry, initially comprised
of 98 properties totaling 53 million square feet in 23 states. After
completion of the planned spin-off from Simon, Washington Property Group
intends to become an independent, publicly traded real estate investment trust
on the New York Stock Exchange.

Supplemental Materials and Website

Supplemental information on the transaction, including all past releases and
Form 10 filings plus an investor presentation, is available at
investors.simon.com.

We routinely post important information online at our investor relations
website, investors.simon.com. We use this website, press releases, SEC
filings, quarterly conference calls, presentations and webcasts to disclose
material, non-public information in accordance with Regulation FD. We
encourage members of the investment community to monitor these distribution
channels for material disclosures. Any information accessed through our
website is not incorporated by reference into, and is not a part of, this
document.

Forward-Looking Statements

Statements in this presentation that are not historical may be deemed
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Although Simon Property Group believes that the
expectations reflected in any forward-looking statements are based on
reasonable assumptions, it can give no assurance that these expectations will
be attained and it is possible that actual results may differ materially from
those indicated by these forward-looking statements due to a variety of risks
and uncertainties. Such factors include, but are not limited to: uncertainties
as to the timing of the spin-off and whether it will be completed, the
possibility that various closing conditions for the spin-off may not be
satisfied or waived, the expected tax treatment of the spin-off, the
possibility that third party consents required to transfer certain properties
in the spin-off will not be received, the impact of the spin-off on the
businesses of Simon Property Group and the spin-off company, Simon Property
Group's ability to meet debt service requirements, the availability and terms
of financing, changes in Simon Property Group's credit rating, changes in
market rates of interest and foreign exchange rates for foreign currencies,
changes in the value of investments in foreign entities, the ability to hedge
interest rate risk, risks associated with the acquisition, development,
expansion, leasing and management of properties, general risks related to
retail real estate, the liquidity of real estate investments, environmental
liabilities, international, national, regional and local economic climates,
changes in market rental rates, trends in the retail industry, relationships
with anchor tenants, the inability to collect rent due to the bankruptcy or
insolvency of tenants or otherwise, risks relating to joint venture
properties, costs of common area maintenance, competitive market forces, risks
related to international activities, insurance costs and coverage, terrorist
activities, changes in economic and market conditions and maintenance of Simon
Property Group's status as a real estate investment trust. Simon Property
Group discusses these and other risks and uncertainties under the heading
"Risk Factors" in its annual and quarterly periodic reports filed with the
SEC. Additional risk factors can be found in SpinCo's Form 10-12B to be filed
with the SEC. Simon Property Group may update that discussion in its periodic
reports, but otherwise undertakes no duty or obligation to update or revise
these forward-looking statements, whether as a result of new information,
future developments, or otherwise.

About Simon Property Group

Simon Property Group, Inc. (NYSE: SPG) is a S&P 100 company and a global
leader in the retail real estate industry. We currently own or have an
interest in more than 325 retail real estate properties in North America, Asia
and Europe comprising approximately 243 million square feet. We are
headquartered in Indianapolis, Indiana and employ approximately 5,500 people
in the U.S. For more information, visit simon.com.

SOURCE Simon Property Group, Inc.

Website: http://www.simon.com
Contact: Investor Contact: Liz Zale, 212-745-9623, LZale@Simon.com; or Media
Contact: Sard Verbinnen & Co., 212-687-8080, BGordon@sardverb.com,
NGarnick@sardverb.com
 
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