Why Simon

OUR FORTRESS BALANCE SHEET

Enterprise Value $75B Scale & Diversified Sources of Capital

Investment Grade Credit Ratings A-/A3 Stable & Disciplined Financial Operations

Free Cash Flow After Dividends $1.5B Self-Funded Investments & Prudent Capital Allocation

Available Liquidity >$9.0B Balanced Debt Maturities & Significant Available Liquidity

As of 3/31/2023.

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