Simon Property Group and Westfield America extend tender offer for TCO common shares until August 1,

Simon Property Group, Inc. and Westfield America, Inc., the U.S. subsidiary of Westfield America Trust, today announced that they have extended their $20.00 per share all-cash offer for common shares of Taubman Centers, Inc. until midnight, New York City time, on Friday, August 1, 2003, unless further extended.

The complete terms and conditions of the offer are set forth in the Offer to Purchase, as amended, and the related Letter of Transmittal, copies of which are on file with the SEC and available by contacting the information agent, MacKenzie Partners, Inc. at (800) 322-2885. Merrill Lynch & Co. is acting as financial advisor to SPG and Westfield America, Inc. and is the Dealer Manager for the Offer. Willkie Farr & Gallagher is acting as legal advisor to SPG and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Westfield America, Inc. Simpson Thacher & Bartlett is acting as legal advisor to Merrill Lynch & Co. As of midnight, New York City time, on June 26, 2003, TCO shareholders had tendered and not withdrawn approximately 18,895,259 shares.

Source: Simon Property Group Inc.

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