BRIAN J. MCDADEEXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER & TREASURER

TRANSFORMING RETAIL THROUGHINNOVATION

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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 the Company 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: changes in economic and market conditions that adversely affect the general retail environment; the potential loss of anchor stores or major tenants; the inability to collect rent due to the bankruptcy or insolvency of tenants or otherwise; decreases in market rental rates; the intensely competitive market environment in the retail industry; the inability to lease newly developed properties and renew leases and relet space at existing properties on favorable terms; risks related to international activities, including, without limitation, the impact of the United Kingdom’s vote to leave the European Union; changes to applicable laws or regulations or the interpretation thereof; risks associated with the acquisition, development, redevelopment, expansion, leasing and management of properties; general risks related to real estate investments, including the illiquidity of real estate investments; the impact of our substantial indebtedness on our future operations; any disruption in the financial markets that adversely affects our ability to access capital for growth and satisfy our ongoing debt service requirements; any change in our credit rating; changes in market rates of interest and foreign exchange rates for foreign currencies; changes in the value of our investments in foreign entities; our ability to hedge interest rate and currency risk; our continued ability to maintain our status as a REIT; changes in tax laws or regulations that result in adverse tax consequences; risks relating to our joint venture properties; environmental liabilities; changes in insurance costs, the availability of comprehensive insurance coverage; security breaches that could compromise our information technology or infrastructure; natural disasters; the potential for terrorist activities; and the loss of key management personnel. The Company discusses these and other risks and uncertainties under the heading “Risk Factors” in its annual and quarterly periodic reports filed with the SEC. The Company may update that discussion in subsequent other periodic reports, but, except as required by law, the Company undertakes no duty or obligation to update or revise these forward-looking statements, whether as a result of new information, future developments, or otherwise.

This presentation includes the non-GAAP measures of funds from operations, or FFO, and net operating income, or NOI. Industry practice is to evaluate real estate properties in part based upon FFO. The Company believes that FFO and NOI are helpful to investors because they are widely recognized measures of the performance of real estate investment trusts and provide a relevant basis for comparison among REITs. The Company also uses these measures internally to measure the operating performance of its portfolio. For information on FFO and NOI, see the Supplemental Information Package available on our investor relations website at investors.simon.com, under Financials.

The information in this presentation has been included in good faith but is for general informational purposes only. All reasonable care has been taken to ensure that the information contained herein is not untrue or misleading. It should not be relied on for any specific purpose and no representation or warranty is given regarding its accuracy or completeness. Neither the Company, its shareholders, its officers or employees nor any other person shall be liable for any loss, damage or expense arising out of any access to or use of this presentation. Information may be accurate only as of December 31, 2019 or such other dates as may be noted in the presentation.

SAFE HARBORFOR FORWARD LOOKING STATEMENTS

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CREATING THE MIXED-USE DESTINATIONS

OF THE FUTURE

The New Live, Work, Play, Stay, Shop Experience

CURATING CREATIVE RETAIL

World’s Leading Collection of Brands

CREATING AN INTERACTIVE FUTURE

Industry leading programs that provide a seamless

shopping experience

DRIVING TRAFFIC AND SALES

Innovative advertising and programming that resonates with consumers and provides

results for our retailers

IMPACTING SUSTAINABLY

AT THE EPICENTER OF COMMERCE AND COMMUNITY

Creating a positive economic, social, and environmental impact

$5Bin Annual Tax Contributions

$8BInvestment over Past 8 Years

3,000+Market Leaders

3,000Retailer Designers on

Shoppremiumoutlets.com4.6B

Advertising Impressions

$5BInvestment over Next 5 Years

95%Occupancy over Last 8 Years

1,200+Interactive Directories

182MWebsite Visits

$7.2MRaised for Charity

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SIMON INVESTMENT MERITS

A/A2 Credit Rating

>$80B Global Retailer Sales 96% of Properties in Top 10 Largest Economies

>$900PSF 91 U.S. Malls,Premium Outlets & The Mills Average Sales PSF

>$32B Distributed Dividends Since 1993

8X Named Fortune Magazine’s Most Admired Real Estate Company

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— Highly productive centers of national and international renown are proven locations for successful retailers wanting to grow their business

— U.S. reach serves each of the Top 10 markets in the U.S. as well as the largest tourist markets, including Las Vegas, Orlando, and Honolulu

— International presence with premier properties generating more than $20 billion in retailer sales

UNPARALLELED GLOBAL QUALITY

91 U.S. MALLS, PREMIUM OUTLETS & THE MILLS

NOI

>$900PSF

>70%

CURATING CREATIVE RETAIL

Occupancy for the Past 8 Years

95%+

Simon is a brand powerhouse. Our portfolio features 3,000+ market leaders such as Apple, Sephora, and lululemon, as well as the world’s leading collection of luxury and international brands like Louis Vuitton, Dior, Chanel, and Balenciaga. We are also introducing new Digital First concepts to our millions of customers, including Warby Parker, Peloton, Casper, and UNTUCKit, with over 40 more brands in the pipeline.

HIGHLIGHTS

New-to-Market Brands and Unique Retailer Leases Signed in Last 12 Months

1,200+

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SIMON’S STRATEGIC VISION

STAY

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CREATING THE MIXED-USE DESTINATIONSOF THE FUTURE

Portfolio Investment Over Past 8 Years$8B

Hotel Rooms 1,500+

Portfolio Investment Over Next 5 Years$5B

Redevelopments Completed in 2019 25+

Residential Units 4,500+

Square Feet Commercial Office Space 1M+

KING OF PRUSSIA – KING OF PRUSSIA (PHILADELPHIA), PA

STONERIDGE SHOPPING CENTER – PLEASANTON, CA

THE SHOPS AT CLEARFORK– FT. WORTH, TX

Mixed-Use Projects Completed Representing 3,000 Units10

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LIVE. WORK. PLAY. STAY. SHOP.

In our vision to be the epicenter of commerce and community, Simon is investing in our properties to become the ultimate live, work, play, stay, and shop destination in each of our markets. Some of our most exciting projects feature state-of-the-art residential opportunities and ultra-modern office and commercial spaces. Key projects include:

PHIPPS PLAZA Undergoing a groundbreaking transformation featuring a signature Nobu Hotel and Nobu Atlanta restaurant, a 90,000-square-foot Life Time athletic center, and a 13-story Class A office building.

NORTHGATE A paradigm for Simon’s 360˚ live, work, play, stay, shop community model featuring an NHL Seattle corporate complex, three skating rinks, plus 800,000 square feet of new Class A office space, 1,200 luxury multifamily residences, hotels, and dramatic green spaces. BREA MALL® Reimagined as a mixed-use destination, development is underway to include a Life Time Athletic resort, luxury residences, great restaurants, and fresh retail brands.

PHIPPS PLAZA

NORTHGATE

BREA MALL

BUILDING WORLD-CLASSSDESTINATION OUTLETS

NEW DEVELOPMENTS RECENTLY OPENED:

Premium Outlet Collection Edmonton IA Edmonton, Canada (5/2018)

Denver Premium Outlets Denver, Colorado (10/2018)

Queretaro Premium Outlets Queretaro, Mexico (5/2019)

Malaga Designer Outlet Malaga, Spain (2/2020)

FUTURE DEVELOPMENTS:

Siam Premium Outlets Bangkok Bangkok, Thailand (4/2020)

West Midlands Designer Outlet Cannock, England (10/2020)

Tulsa Premium Outlets Jenks, Oklahoma (5/2021)

Paris-Giverny Designer Outlet Normandy, France (9/2021)

Los Angeles Premium Outlets Carson, California (2021)

DENVER PREMIUM OUTLETS

MALAGA DESIGNER OUTLET

LOS ANGELES PREMIUM OUTLETS

SIAM PREMIUM OUTLETS BANGKOK

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STRATEGIC INVESTMENTS IN LOCATION-BASEDENTERTAINMENT

LIFE TIME FITNESS — Leading healthy lifestyle brand that operates a chain of more

than 145 athletic resort destinations — One location open with seven planned locations to open soon

SOHO HOUSE — Founded in 1995 as a private members’ club for people working

in the creative industries and has grown into a community of like-minded individuals with more than 20 clubs all over the world, as well as restaurants, cinemas, and workspaces

PARM — Full-service, casual Italian-American restaurant chain that currently

operates four NYC locations—controlled and managed by Major Food Group, one of the most successful restaurant groups in the U.S.

ALLIED ESPORTS — A leading esports entertainment company with a global network of

dedicated esports properties and content production facilities — Mission is to connect players, streamers, and fans via integrated

arenas and mobile esports trucks around the world that serve as both competition battlegrounds and everyday content generation hubs

— Launched The Simon Cup—a national esports tournament featuring a Fortnite competition

PINSTRIPES — An experiential dining and entertainment concept featuring Italian-

American cuisine as well as bowling and bocce ball — One current location with three future locations opening soon

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SHOP PREMIUM OUTLETS AND RUE GILT GROUPE

— In October 2019, finalized our venture to combine our Shop Premium Outlets (SPO) marketplace with the highly successful Rue Gilt Groupe (RGG), creating a new multi-platform dedicated to digital value shopping.

— RGG is an online flash sales platform delivering premium brands at great value. Through its two principal businesses, Rue La La and Gilt, RGG has over 6,000 brands.

— Partnership expands our omnichannel capabilities in collaboration with a leading digital entrepreneur and the RGG platform.

— Online value shopping represents a tremendous $200 billion business opportunity, and this partnership will enhance the SPO platform and accelerate growth.

— Our strong capabilities in the physical outlet space, combined with RGG’s exceptional e-commerce success, creates a unique opportunity to drive growth both online and off-line.

— Ability to leverage RGG’s technology stack and team to accelerate the development and enhancement of SPO (e.g., data-science, personalization, curation, and customer experience).

— Our partnership is about growth; the combined online sales from the three platforms are poised to surpass $1 billion traffic and sales due to our existing consumer connectivity.

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Simon invests to strengthen its portfolio and return capital to shareholders, while consistently maintaining a conservative balance sheet

Ability to access capital from multiple sources (secured, unsecured, commercial paper)

CONSERVATIVE CAPITAL STRUCTURE PROVIDESFINANCIAL FLEXIBILITY AND ENHANCES INVESTMENT RETURNS

A/A2INVESTMENT

GRADE RATING

$1.3BCASH FLOW

EXCESS

5.3XINTEREST

COVERAGERATIO

35.8%NET DEBT/MKT CAP

>$7.1BLIQUIDITY

5.1X

2.8X3.0X 3.1X

3.4X

3.8X

4.5X

5.0X 5.1X

4.0X

5.0X

6.0X

7.0X

2010 2011 2012 2013 2014 2015 2016 2018

6.5X6.2X 6.1X

5.7X5.4X

5.6X 5.6X

2.5X

3.0X

3.5X

4.0X

4.5X

5.0X

5.5X

5.5X

5.0X

2017

5.2X

2019

5.3X

DEBT TO NOI & INTEREST COVERAGE

NET DEBT TO NOI INTEREST COVERAGE

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ATTRACTIVE VALUATION ANDRETURNING CAPITAL TO SHAREHOLDERS

Simon is trading at a significant discount relative to its historical multiple range and the S&P 500 and providing a dividend yield significantly greater than the S&P 500 and the 10-Year Treasury

EARNINGS MULTIPLE

2010 2011 2012 2013 2014 2015 2016 2017 2018

18.4X

DIVIDEND YIELD30X

25X

20X

15X

10X

5X

0X2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

12.0X

6%

5%

4%

3%

2%

1%

0%

2019

FUNDS RETURNED TO SHAREHOLDERS($ in billions, except per share amounts)

2010 2011 2012 2013 2014 2015 2016 2017 2018

$7.90

$2.6

$0.4$2.8

$0.4

$2.4

$0.3

$2.2

$0.5

$1.9

$1.7$1.5

$1.2

$0.9

$-

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$7.15$6.50

$6.05

$5.15

$4.65$4.10

$3.50

$2.60

Dividends

Share Repurchases

Dividends per Share

$9.00

$8.00

$7.00

$6.00

$5.00

$4.00

$3.00

$2.00

$1.00

$—

● SPG ● S&P 500

● SPG ● S&P 500 ● 10-Year Treasury

5.6%

1.8%1.9%

2010 2011 2012 2013 2014 2015 2016 2017 2018

74.3%

53.0%

43.0%41.0%

27.7%

22.7%

24.9%

22.5%

80%

70%

60%

50%

40%

30%

20%

10%

0%

RETURN ON EQUITY

2019

13.4%

83.2%

2019

$2.9

$0.4

$8.30

WHY SIMON?WHY SIMON?

Whether it’s the scale of our properties, from high-end to value and domestic to international, our top-rated balance sheet in the industry, or our best-in-class team committed to a long-term ownership outlook, we’re focused on performance.

Simon’s portfolio is unrivaled and we’re the only developer who has the financial flexibility to continually transform our properties to enhance their market position and give customers what they want, when they want it, and how they want it.

Increase in Sales, 2019 vs 2018

Sales PSF, +185% from 25 Years Ago

5% $693

U.S. Malls, Premium Outlets & The Mills Average >$900 Sales PSF

Global Retailer Sales, Top in Industry

91 >$80B

Shopper Visits Annually

2BCredit RatingA/A2

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INVESTMENTHIGHLIGHTS

— Premier real estate company uniquely positioned in North America, Europe, and Asia

— Track record of industry-leading performance, balance sheet, dividend growth, and shareholder returns

— High quality portfolio across wide retail spectrum – from value to luxury

— NOI growth and high occupancy levels driven by diversified asset type, geography, and tenant base

— Best-in-class management team

— Reinventing the shopping experience to connect with today’s consumer in modern and innovative ways

— Opportunities to invest capital for accretive returns

— Growing and well-covered dividend

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