For more information: Molly Parrish/ Kristin Cowart, KCPR, 404.233.3993 mparrish@kcpr.net / kcowart@kcpr.net Cell Phones: 404.713.3788/404.695.0310 Les Morris, Simon Property Group, 317.263.7711 lmorris@simon.com Cell Phone: 317.201.0978 Pier Park Introduces More Specialty Shops to Panama City Beach in August! Lifestyle Center Continues to Strengthen its Status and Drawing Power in Florida’s Panhandle PANAMA CITY BEACH, Fla. (August 6, 2008) - Simon Property Group, Inc. (NYSE:SPG), the country’s largest owner, developer and manager of high-quality retail real estate, officially announces the addition of more shopping options at Pier Park, the 900,000-square-foot retail and entertainment lifestyle center located on 93 acres that covers land from Front Beach Road (at the City Pier) to the heavily traveled Highway 98 (Back Beach Road). Pier Park is already home to nearly a 100 retail stores and to six anchor stores; the addition of these specialty stores, which are scheduled to open this summer, will further establish the center as a worldclass shopping and entertainment haven for locals and visitors of the Florida Panhandle. New specialty shops scheduled to debut this summer include the following: Aqua Gallery Ava Blue Boutique Baja Grill Carter's Clothing Cost Cutters Déjà vu Great American Cookies \ PretzelMaker Nails So Happy Paint’n Place Runway Collection Shimmering Seas Jewelry and Gifts The Eye Gallery Pac Sun Paradise Found Aqua Gallery offers an eclectic mix of gifts based on works of art. The store will carry prints, books, carpets, electronics and more. Ava Blue Boutique is a locally owned upscale boutique featuring women's designer apparel, shoes, accessories and jewelry that appeals to the modern women. Lines featured will include Free People, Color Me Red, Sugar Lips, Mystree, Spanx, Dahiny and B122 among others. The boutique will also offer monogramming services for flip-flops, t-shirts and jewelry. Baja Grill’s concept revolves around fresh, contemporary and consistently outstanding Southwestern, Cajun, Caribbean and American cuisines – a unique combination along with outstanding service, fine wines and tempting desserts all served in a stylish, high-energy Tropical design atmosphere. 1 Carter’s Clothing offers clothing for children from newborn through size seven including baby sleepwear, play-clothes and accessories. Carter’s offers trusted products that are super comfy, easy care, adorable and don’t break the bank. Carter’s has around 200 stores in the United States. Cost Cutters is dedicated to providing customers with convenient hair care services, by professional stylists who care about customer needs. Cost Cutters offers a relaxed hair care experience with no appointments and no hassles. A perfect choice for busy, value-conscious families and men, Cost Cutters offers a range of styles at a price easy-to-afford. Great American Cookies/ PretzelMaker became an instant retail phenomenon in 1977 when the first store opened in Atlanta, Georgia. Founded on the strength of a generations-old family chocolate chip cookie recipe, Great American Cookies expanded in malls across the country and at the same time developed a complete line of cookies and brownies, including a signature Cookie Cake product, making it one of the best cookie companies in the industry. Déjà vu offers the trendiest, quality merchandise with affordable specialty store prices, combined with one-of-a-kind customer service. Nails So Happy is a beauty services establishment that offers nail care services such as manicures, pedicures and nail enhancements. Paint’n Place is a full service paint-your-own pottery studio. Paint’n Place provides a comfortable social atmosphere where guests can come together as family, friends and neighbors, to let the creative juices flow! Guests are invited to paint plates, mugs, vases, figurines and more. Paint’n Place also offers jewelry-making classes and proudly hosts child and adult birthdays parties, bridal showers, church and civic groups, company meetings, Girls’ and Boys’ Scouts, etc. All products are food, microwave and dishwasher safe. Runway Collection is a men’s and women’s fashion boutique which offers high-end designer options in a range of prices. Shimmering Seas Jewelry and Gifts offers jewelry and gifts, specializing in exotic jewelry creations. Shoppers can find a variety of elegant sterling, gold, pearls, diamonds and much more. The Eye Gallery is well known around the Florida Panhandle for the latest in sunglasses and prescription eyewear. Its distinctive collection of eyewear ranges from preserving the timeless, inspiring the creative and emphasizing the beautiful. PacSun offers the latest in surf and skate-inspired apparel, accessories and footwear for teens and young adults. Paradise Found, an upscale beach wear and resort wear shop where shoppers will find a wide selection of bathing suits, shorts, t-shirts, boogie boards and souvenirs. This is the first Paradise Found store in Northwest Florida. Pier Park’s diverse and unique roster of anchors, specialty retail stores and restaurants has shown much success thus far. “We are thrilled to be a part of Pier Park and have seen an incredible response both from the community and from summer visitors,” said Kelley Horton, owner of Bellies & Babies. Bellies & Babies is Panama City’s newest maternity and baby boutique offering fashionable and modern maternity clothing and accessories for the mom-to-be who still wants to look trendy and hip even though she’s pregnant. It also offers stylish and unique baby clothing, accessories and gifts. 2 “As one of the first retailers at Pier Park, we have found our opening at the center to be incredibly successful and overall a wonderful experience,” said Betty Ezzel, owner of BeBo’z. BeBo’z offers gifts from Christmas-at-the-Beach, Webkinz and many other beach toys and gifts for less than $25. Rebecca Ellerson, owner of Peace Frogs, couldn’t have agreed more. “Pier Park is the perfect retail environment. Not only is the number of visitors to our store incredible but they are all having a great time at Pier Park. Customers are in a great mood when they enter the store; we have customers laughing, singing, and even dancing in our store all day long and we love it,” said Ellerson. Peace Frogs is an ecofriendly brand of clothing and accessories. It features t-shirts printed on organic cottons and carries several lines of jewelry, handbags and other accessories that are made of recycled, sustainable materials or fair trade made. Stores currently open include the following: Anchors Borders Dillard’s JCPenney Margaritaville Old Navy Ron Jon Surf Shop Target The Grand 16 Theatres Specialty Shops A.M. Cafe Accessories On The Boardwalk Aeropostale Alltel Wireless American Eagle Outfitters Ann Taylor Loft As Seen On TV & More Back Porch Seafood & Oyster House Bath & Body Works Beach Scene BeBo’z Bellies & Babies Blender Clothing, a fusion boutique Bootleg Barbeque Buffalo Wild Wings Caché Camille’s Sidewalk Café Candy Maker Carlyle & Co. Chico's Claire’s Coldwater Creek Cost Cutters Counts Oakes Resort Properties Del Sol Emerald Coast Photography Fish Tales Five Guys Famous Hamburgers & Fries Footprints Coastal Decor GameStop GNC Guglielmo’s Italian Restaurant Hana Japan Hofbrau Beer Garden Hollister Co. Jake at the Beach (Life is Good) Jos. A. Bank Justice Kay Jewelers Kilwin's Chocolates & Ice Cream Lane Bryant/Cacique LongHorn Steakhouse Marble Slab Creamery Massage Envy Maurices Merle Norman Cosmetics Studio Mermaid Trading Co. Motherhood Maternity New York & Company No Regrets Stationery and Gifts PacSun Panera Bread Payless ShoesSource Peace Frogs Perfumania Popcorn Kingdom Quizno's Sub Rack Room Shoes Red Brick Pizza Reggae J’s Island Grill Regions Bank Rocky’s South Philly Cheesesteaks Shimmering Seas Smoothie King Solace Day Spa & Salon Southern Waters Outfitters Starbucks Sunglass Hut Sunglass World Sunsights by Solstice 3 Ulta Beauty Unique Boutique by Irene & Co. Verizon Victoria’s Secret Yankee Candle Zales Tatoe Tots The Walking Company Tilly’s Tootsies Orchid Lounge Trader Tom’s Tran Fashion About Pier Park Located in the heart of Panama City Beach, Pier Park is destined to become the region's premier shopping address. Developed by Simon Property Group and comprising nearly 900,000 square feet, the open-air regional lifestyle center is anchored by Borders, Dillard's, JCPenney, Jimmy Buffett’s Margaritaville, Old Navy, Ron Jon Surf Shop, Target and The Grand 16 Theatres. Pier Park is also comprised of fashion and specialty retailers, including exciting new-to-market choices such as Ann Taylor Loft, Caché, Chico’s, Coldwater Creek, Hollister Co., Jos. A. Bank, Lane Bryant and Ulta Beauty. In addition, the center embraces many unique dining options such as Hofbrau Beer Garden, Back Porch Seafood & Oyster House, Bootleg Barbeque, Five Guys Burgers and Fries, Longhorn Steakhouse, Panera Bread, Reggae J's Island Grill, Tootsies Orchid Lounge and many more. Shoppers can also enjoy movies at The Grand 16 Theatres, which features stadium seating, digital sound, advance ticketing over the Internet, three concession areas, a specialty café and game room. For more information about Pier Park, please visit www.simon.com About Simon Property Group Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 383 properties comprising 261 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com. ### 4