The Mills®

On March 29, 2007, SPG and Farallon announced that together with shares owned by funds managed by Farallon, approximately 96.8% of the outstanding common shares of The Mills Corporation had been tendered and were accepted for payment. In the merger, all outstanding common shares of The Mills Corporation were converted into the right to receive the same $25.25 in cash per share as paid in the tender offer, without interest.

The portfolio is comprised of two distinctive types of assets -- regional malls and Mills properties -- totaling over 45 million square feet of gross leasable area. A Mills property typically comprises well over one million square feet of gross leasable area and has a combination of traditional mall, outlet center and big box retailers and entertainment uses, all focused on delivering value for the consumer. These assets are well-located in major metropolitan markets, have considerable consumer brand equity and large trade areas, and generate significant total sales volumes.