Chelsea Japan Co., Ltd. is a joint venture between Simon Property Group, Inc. and Mitsubishi Estate Co., Ltd.. Chelsea Japan focuses on developing, owning and managing high-quality outlet shopping centers in Japan.

Simon Property Group, Inc. is an S&P 500 company and the largest real estate company in the United States. The company owns and manages a portfolio of Premium Outlet Centers^® in major cities around the United States, including Woodbury Common Premium Outlets^® outside of New York City, Desert Hills Premium Outlets^® outside of Los Angeles and Waikele Premium Outlets^® near Honolulu (Hawaii) as well as center in Korea, Mexico and a new center under construction in Malaysia. The Company's common stock is publicly traded on the NYSE under the symbol SPG. For further information, visit www.simon.com.

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.

At the present time, Chelsea Japan operates eight Premium Outlet Centers^® in Japan. Gotemba Premium Outlets^®, Chelsea Japan's flagship center in Shizuoka prefecture, opened on July 13, 2000, a second phase expansion opened in July 2003, and a third phase opened March of 2008. Rinku Premium Outlets^® in Osaka prefecture opened on November 23, 2000, followed by two subsequent expansions in March 2002 and December 2004. Sano Premium Outlets^® in Tochigi prefecture opened on March 14, 2003, with a second, third, and fourth phase opening in July 2004, March 2006 and July 2008 respectively. Tosu Premium Outlets^® in Saga prefecture opened on March 12, 2004, an expansion opened in December 2007 and a third phase is planned to open in the Summer of 2011. Toki Premium Outlets^® opened in Gifu prefecture on March 4, 2005, followed by a second phase opening in October 2006 and a third phase opening in July 14, 2010. Kobe-Sanda Premium Outlets^® in Kobe, Hyogo prefecture, opened on July 6, 2007 and an expansion opened in December 2009. Sendai-Izumi Premium Outlets^® in Sendai, Miyagi prefecture, opened on October 16, 2008. Ami Premium Outlets^® in Ibaraki prefecture, opened on July 9, 2009.

Chelsea Japan aims to develop Premium Outlet Centers all over Japan, based on the concept of enabling visitors to enjoy shopping at leisure all day in exotic, out-of-the-ordinary surroundings.

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 Suzuk
Auditor	Ryuichi Enomoto
Auditor	Masahiko Fujie
Auditor	Yuzo Ideta

Activities

Develops, owns and operates Premium Outlets^® in Japan

Main Banks

Development Bank of Japan

Bank of Mitsubishi-Tokyo UFJ

Mizuho Bank