Simon Property Group and American Express Team Up to Create the Simon American Express® Giftcard

INDIANAPOLIS and NEW YORK.- Simon Property Group (NYSE:SPG), which markets the nation’s largest bank-issued gift card program, and American Express (NYSE: AXP), the nation’s largest issuer of open-system gift cards, announced today that they have joined forces to introduce the Simon American Express Giftcard, an open-system gift card, just in time for the 2007 holiday shopping season.

“We are excited to team up with American Express to create a gift card product that will be of particular appeal to our affluent customer and will complement our existing arsenal of popular prepaid options,” said Stewart A. Stockdale, Simon’s chief marketing officer and president of Simon Brand Ventures, the company’s business-to-consumer arm.

Initially and as part of a broader relationship, the cards will be offered beginning in November at four Florida malls: Dadeland Mall (Miami), Miami International Mall, Florida Mall (Orlando), and Town Center at Boca Raton.

“Simon malls are synonymous with premium retail, and we’re delighted at this alliance involving two leaders in the open-loop gift card industry,” said Stefan Happ, general manager, American Express Gift Card. “This new relationship will extend our reach within high traffic, top quality retail environments.”

The card, which will bear the Simon and American Express logos, will be available in any denomination from $20 to $500. If the card is lost or stolen, the unused balance can be refunded or replaced.*

The Simon American Express Giftcard may be used at U.S. retailers and restaurants that accept the American Express Card.