For Further Information, Please Contact:
Les Morris, Simon Property Group:
(317) 263-7711
E-mail: lmorris@simon.com


JIMMY BUFFETT’S MARGARITAVILLE COMING TO PIER PARK

- Restaurant is an Ideal Venue for Dining, Dancing and Group Events -

PANAMA CITY BEACH, FL (February 9, 2007) – One of America’s hottest casual
restaurant concepts, Jimmy Buffett’s Margaritaville, will open at Simon Property Group’s
(NYSE:SPG) Pier Park.

Pier Park is a 900,000 square foot retail and entertainment complex located on 93 acres
that covers land from Front Beach Road (at the City Pier) to the heavily-traveled
Highway 98 (Back Beach Road). Target, open at Pier Park since October 2006, has
already kicked off Phase I of the project.

Jimmy Buffett’s Margaritaville is a mecca for Parrot Heads or anyone else who wants to
have a good time and a great meal in the ultimate tropical setting. Whether you’re
looking for a nice place for family dining, a swinging nightclub or your own private
Margaritaville to waste away again, they have it all. The outdoor dining area is a place
where guests can sing along to Buffett tunes and socialize with friends. After dinner, the
restaurant transitions into a nightclub where dancing is a must and live bands perform
nightly.

The great food at Jimmy Buffett’s Margaritaville features entrée salads, sandwiches and
burgers and many tempting decadent desserts. Specialties include: chicken and broccoli
pasta, crab cakes, Jimmy’s jamming jambalaya, coconut shrimp, jerk salmon, bayou
shrimp pasta and, of course, the famous ‘Cheeseburger in Paradise.’

Dan Leonard, president of Jimmy Buffett’s Margaritaville said, “Panama City Beach is a
natural fit for us and we are truly excited about bringing the Margaritaville experience to
Pier Park. Margaritaville values a sense of escapism and being part of Pier Park’s
lifestyle destination will fit very well into our collection of restaurants and stores.”

- more -

Pier Park Margaritaville/Add One

Diners at Jimmy Buffett’s Margaritaville will be able to sit outside at the restaurant’s
Front Beach location and delight in a spectacular view of the Gulf’s blue waters and
sugar-white beaches.

“Margaritaville is a fantastic addition to what will be a powerful restaurant lineup at Pier
Park,” said Paul Ajdaharian, vice president at Simon Property Group.
Other exciting retailers and restaurant concepts previously announced as coming to Pier
Park include Dillard’s, Old Navy, Ron Jon Surf Shop, Back Porch Seafood House,
Panera Bread, Reggae J’s Island Grill, and Starbucks. Entertainment options at Pier Park
include Southern Theatres’16-screen, 3,300-seat movie theater which will open in May
2007.

Simon Property Group, Inc., an S&P 500 company headquartered in Indianapolis,
Indiana, is a real estate investment trust engaged in the ownership, development and
management of retail real estate, primarily regional malls, Premium Outlet Centers® and
community/lifestyle centers. The Company's current total market capitalization is
approximately $52 billion. Through its subsidiary partnership, it currently owns or has an
interest in 286 properties in the United States containing an aggregate of 201 million
square feet of gross leasable area in 38 states plus Puerto Rico. Simon also owns interests
in 53 European shopping centers in France, Italy, and Poland; 5 Premium Outlet Centers
in Japan; and one Premium Outlet Center in Mexico. Additional Simon Property Group
information is available at www.simon.com. Simon Property Group, Inc. is publicly
traded on the NYSE under the symbol SPG.

There are currently five Jimmy Buffett’s Margaritaville restaurants in the U.S. located in
Key West, New Orleans, Orlando, Las Vegas and Myrtle Beach. A restaurant in Phoenix
will open in 2007. Additional locations include Jamaica, Cancun, Grand Turk and Grand
Cayman. A restaurant in Cozumel will open in 2007.

Any latest word on an opening date?

No official word that I know of, but Capt Ken on the Schooners forums indicated Spring 2008... and possibly a surprise visit from Jimmy Buffet himself!
Schooners Forums: Pier Park update

Yeah that's normal for Jimmy Buffett to do. BUT...... it took Buffett almost a year to come to M'ville in Myrtle Beach!
What's the latest on Cheeseburger in Paradise?

Cheeseburger in Paradise? Is that the one opening in Destin? The wifey and I were out there about a month ago and it was due to open in a week or two according to the sign on the door. I just forget the actual date.

So, it should be open now.

he is one of my favourites.
What a great listing Darling. A really great artist with such a clarity of voice and lyrically terrific.

We've never been to Margaritaville so I have to ask those that have, how's the food? I always appreciate the opinions and experiences of those who have "been there done that". It helps us plan our next visit to PCB. Thanks everyone!

If you're a fan of Jimmy Buffett, you'll love it. If not, you'll probably still like it. I went last summer and had a Cheeseburger in Paradise, a margarita, calamari, and some conch fritters. It was all good.

If you want to see a picture or two of the place you can go to www. margaritaville.com. Then click on Cafes, then on Panama City Beach. You will be able to see their menu. It's located at the entrance to Pier Park, right across from the new pier (which is scheduled to open this summer).

If you have small children, they have stilt walkers dressed up in costumes (pirates) that come around and make balloon animals and hats for everyone who wants one. Who doesn't like a balloon hat shaped like a shark fin??

Thanks phinstotheleft for the info. It sounds great to me. I have a little girl who will enjoy the stilt walkers and the food sounds killer. We are long time Jimmy Buffett fans so I'm sure that will just add to the visit. We'll check it out when we get to PCB! Thanks again.