Chelsea Japan Co., Ltd. is a joint venture between Mitsubishi Estate Co., Ltd. and Simon Property Group, Inc. Chelsea Japan focuses on developing, owning and managing high-quality outlet shopping centers in Japan. At the present time, Chelsea Japan operates the following 8 Premium Outlet Centers^® in Japan: Gotemba Premium Outlets^® in Gotemba, Shizuoka Prefecture; Rinku Premium Outlets^® in Izumisano, Osaka Prefecture; Sano Premium Outlets^® in Sano, Tochigi Prefecture; Tosu Premium Outlets^® in Tosu, Saga Prefecture; Toki Premium Outlets^® in Toki, Gifu prefecture; Kobe-Sanda Premium Outlets^® in Kobe, Hyogo Prefecture; Sendai-Izumi Premium Outlets^® in Sendai, Miyagi Prefecture; and Ami Premium Outlets^® in Ami, Inashiki-gun, Ibaraki Prefecture.

Mitsubishi Estate Co., Ltd.
Mitsubishi Estate Company is a leading international property development and investment company with a substantial commercial and residential portfolio in Japan, which includes over 30 major buildings in Marunouchi,Tokyo's central business district, and buildings in New York and London.

Simon Property Group
Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the U.S. The Company currently owns or has an interest in 392 retail real estate properties comprising 262 million square feet of gross leasable area in North America, Europe and Asia. Simon Property Group is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. The Company's common stock is publicly traded on the NYSE under the symbol SPG. For further information, visit the Simon Property Group website at www.simon.com.

The Premium Outlets^® portfolio includes 70 Premium Outlet Centers^® including 57 in the United States, one in Puerto Rico, eight in Japan, two in Korea, one in Malaysia and one in Mexico as well as additional outlet centers for a total of 82 properties.

Company Name

Chelsea Japan Co., Ltd.

Paid-in Capital

499,000,000 yen

Ownership

Mitsubishi Estate Co., Ltd. 60%　Simon Property Group, Inc. 40%

Date of Establishment

July 2, 1999

Head Office Address

3-2-3 Marunouchi, Chiyoda-ku, Tokyo

Officers

Chairman and Representative Director	John R. Klein
President and Representative Director	Toshihide　Yoshimura
Senior Managing Director	Kazushige Okuma
Managing Director	Nobuyuki Abe
Director	Masaaki Kono
Director	Gregory C. Link
Excutive General Manager	Katsuhiro Suzuki
Auditor	Ryuichi Enomoto
Auditor	Masahiko Fujie
Auditor	Masakazu Kanamori

Activities

Develops, owns and operates Premium Outlets^® in Japan