Document:

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                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

                           SIMON PROPERTY GROUP, L.P.

                                     ISSUER

                                       TO

                               JPMORGAN CHASE BANK

                                     TRUSTEE

                              --------------------

                          TENTH SUPPLEMENTAL INDENTURE

                           DATED AS OF AUGUST 21, 2002

                              --------------------

                       $150,000,000 5.375% NOTES DUE 2008

                        $350,000,000 6.35% NOTES DUE 2012

                            SUPPLEMENT TO INDENTURE,
                         DATED AS OF NOVEMBER 26, 1996,
                                     BETWEEN
                           SIMON PROPERTY GROUP, L.P.
                                       AND
                               JPMORGAN CHASE BANK
                  (FORMERLY KNOWN AS THE CHASE MANHATTAN BANK),
                                   AS TRUSTEE

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                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                       PAGE
<S>                                                                      <C>
ARTICLE I     DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS
              OF THE SECURITIES...........................................2

     SECTION 1.01. Definitions............................................2

     SECTION 1.02. Creation of the Notes..................................5

     SECTION 1.03. Form of the Notes......................................5

     SECTION 1.04. Terms and Conditions of the 2008 Notes.................6

     SECTION 1.05. Terms and Conditions of the 2012 Notes.................8

ARTICLE II    COVENANTS FOR BENEFIT OF HOLDERS OF NOTES..................10

     SECTION 2.01. Covenants for Benefit of Holders of Notes.............10

     SECTION 2.02. Definitions...........................................11

ARTICLE III   REGISTRATION RIGHTS........................................13

     SECTION 3.01. Registration Rights Agreement.........................13

     SECTION 3.02. Special Interest Premium..............................14

     SECTION 3.03. Legend................................................14

ARTICLE IV    TRANSFER AND EXCHANGE......................................15

     SECTION 4.01. Transfer and Exchange.................................15

ARTICLE V     LEGENDS....................................................16

     SECTION 5.01. Legends...............................................16

ARTICLE VI    TRUSTEE....................................................18

     SECTION 6.01. Corporate Trust Office................................18

     SECTION 6.02. Recitals..............................................18

ARTICLE VII   MISCELLANEOUS PROVISIONS...................................18

     SECTION 7.01. Ratification of Original Indenture....................18

     SECTION 7.02. Effect of Headings....................................18

     SECTION 7.03. Successors and Assigns................................19

     SECTION 7.04. Separability Clause...................................19

     SECTION 7.05. Governing Law.........................................19

     SECTION 7.06. Counterparts..........................................19
</Table>

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                                TABLE OF CONTENTS
<Table>
<Caption>
EXHIBITS
--------
<S>                <C>
EXHIBIT A          Form of Initial Restricted Global Note
EXHIBIT B          Form of Initial Regulation S Global Note
EXHIBIT C          Form of Initial Certificated Note
EXHIBIT D          Form of Exchange Global Note
EXHIBIT E          Form of Exchange Certificated Note
</Table>

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     TENTH SUPPLEMENTAL INDENTURE, dated as of August 21, 2002 (the "Tenth
Supplemental Indenture"), between SIMON PROPERTY GROUP, L.P. (formerly known as
Simon DeBartolo Group, L.P.), a Delaware limited partnership (the "Issuer" or
the "Operating Partnership"), having its principal offices at National City
Center, 115 West Washington Street, Suite 15 East, Indianapolis, Indiana 46204,
and JPMORGAN CHASE BANK (formerly known as The Chase Manhattan Bank), a New York
banking corporation, as trustee (the "Trustee"), having its Corporate Trust
Office at 450 West 33rd Street, 15th Floor, New York, New York 10001.

                                    RECITALS

     WHEREAS, the Issuer and Simon Property Group, L.P., a Delaware limited
partnership acting as a guarantor (the "Guarantor"), executed and delivered to
the Trustee an Indenture, dated as of November 26, 1996 (the "Original
Indenture"), providing for the issuance from time to time of debt securities
evidencing unsecured and unsubordinated indebtedness of the Issuer;

     WHEREAS, on December 31, 1997 the Guarantor was merged into the Issuer as
contemplated under the Indenture;

     WHEREAS, the Issuer changed its name from "Simon DeBartolo Group, L.P." to
"Simon Property Group, L.P." effective as of September 24, 1998;

     WHEREAS, the Original Indenture provides that by means of a supplemental
indenture, the Issuer may create one or more series of its debt securities and
establish the form and terms and conditions thereof;

     WHEREAS, the Issuer intends by this Tenth Supplemental Indenture to create
and provide for the following series of debt securities (the "Initial Notes"):

     (i)    Simon Property Group, L.P. 5.375% Notes due 2008 (the "Initial
2008 Notes") in an aggregate principal amount of $150,000,000; and

     (ii)   Simon Property Group, L.P. 6.35% Notes due 2012 (the "Initial 2012
Notes") in an aggregate principal amount of $350,000,000;

     WHEREAS, the Issuer further intends by this Tenth Supplemental Indenture to
create and provide for, if and when issued in exchange for the Initial Notes
pursuant to this Tenth Supplemental Indenture and the Registration Rights
Agreement (defined below), the following additional series of debt securities
(the "Exchange Notes"):

     (i)    Simon Property Group, L.P. 5.375% Notes due 2008 (the "Exchange
2008 Notes," and together with the Initial 2008 Notes, the "2008 Notes"), in an
aggregate principal amount of up to $150,000,000; and

     (ii)   Simon Property Group, L.P. 6.35% Notes due 2012 (the "Exchange
2012 Notes," and together with the Initial 2012 Notes, the "2012 Notes"), in an
aggregate principal amount of up to $350,000,000;

     WHEREAS, the Board of Directors of Simon Property Group, Inc., the general
partner of the Issuer, has approved the creation of the Notes and the forms,
terms and conditions thereof pursuant to Sections 301 and 1701 of the Original
Indenture; and

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     WHEREAS, all actions required to be taken under the Original Indenture with
respect to this Tenth Supplemental Indenture have been taken.

     NOW, THEREFORE, IT IS AGREED:

                                    ARTICLE I

                        DEFINITIONS, CREATION, FORMS AND
                     TERMS AND CONDITIONS OF THE SECURITIES

     SECTION 1.01      DEFINITIONS. Capitalized terms used in this Tenth
Supplemental Indenture and not otherwise defined shall have the meanings
ascribed to them in the Original Indenture. Certain terms, used principally in
Article II of this Tenth Supplemental Indenture, are defined in that Article. In
addition, the following terms shall have the following meanings to be equally
applicable to both the singular and the plural forms of the terms defined:

     "BUSINESS DAY" means any day, other than a Saturday or Sunday, on which
banking institutions in New York, New York are open for business.

     "CLEARSTREAM BANKING" means Clearstream Banking, societe anonyme, its
successors and assigns.

     "CLOSING DATE" means August 21, 2002.

     "DOLLAR" or "$" means the lawful currency of the United States of America.

     "DTC" means The Depository Trust Company, its nominees and their successors
and assigns.

     "EUROCLEAR" means Euroclear Bank S.A./N.V., as operator of the Euroclear
System, its successors and assigns.

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from
time to time.

     "EXCHANGE CERTIFICATED NOTES" means a note in definitive, fully registered
form, without coupons, substantially in the form of Exhibit E hereto.

     "EXCHANGE NOTES" has the meaning set forth in the Recitals hereto.

     "EXCHANGE OFFER" means the offer by the Operating Partnership to exchange
all of the Initial Notes of a series for Exchange Notes of the same series.

     "EXCHANGE GLOBAL NOTES" has the meaning set forth in Section 1.03(e).

     "EXCHANGE OFFER REGISTRATION STATEMENT" has the meaning set forth in
Section 3.01(a).

     "EXCHANGE 2008 NOTES" has the meaning set forth in the Recitals hereto.

     "EXCHANGE 2012 NOTES" has the meaning set forth in the Recitals hereto.

     "GLOBAL NOTES" means the Initial Global Note and the Exchange Global Note.

                                        2
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     "INDENTURE" means the Original Indenture as supplemented by this Tenth
Supplemental Indenture.

     "INITIAL CERTIFICATED NOTES" has the meaning set forth in Section 1.03(d).

     "INITIAL GLOBAL NOTES" has the meaning set forth in Section 1.03(c).

     "INITIAL NOTES" has the meaning set forth in the Recitals hereto.

     "INITIAL 2008 NOTES" has the meaning set forth in the Recitals hereto.

     "INITIAL 2012 NOTES" has the meaning set forth in the Recitals hereto.

     "INITIAL PURCHASERS" means Banc of America Securities LLC, Merrill Lynch &
Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse First
Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC, Commerzbank
Capital Markets Corp., and Dresdner Kleinwort Wasserstein-Grantchester, Inc.

     "INITIAL REGULATION S GLOBAL NOTE" means a single fully registered global
note in book-entry form, substantially in the form of Exhibit B attached hereto.

     "INITIAL RESTRICTED GLOBAL NOTE" means a single fully registered global
note in book-entry form, substantially in the form of Exhibit A attached hereto.

     "INSTITUTIONAL ACCREDITED INVESTOR" means an institutional "accredited
investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.

     "ISSUER" has the meaning set forth in the Recitals hereto.

     "MAKE-WHOLE AMOUNT" means, in connection with any optional redemption or
accelerated payment of any Notes, the excess, if any, of (i) the aggregate
present value, as of the date of such redemption or accelerated payment, of each
Dollar of principal being redeemed or paid and the amount of interest (exclusive
of interest accrued to the date of redemption or accelerated payment) that would
have been payable in respect of each such dollar if such redemption or
accelerated payment had not been made, determined by discounting, on a
semi-annual basis, such principal and interest at the Reinvestment Rate,
determined on the third Business Day preceding the date notice of such
redemption or accelerated payment is given, from the respective dates on which
such principal and interest would have been payable if such redemption or
accelerated payment had not been made, to the date of redemption or accelerated
payment, over (ii) the aggregate principal amount of the Notes being redeemed or
accelerated.

     "NON-U.S. PERSON" means a Person that is not a U.S. Person as defined in
Regulation S, and includes dealers or other professional fiduciaries in the
United States acting on a discretionary basis for foreign beneficial owners
(other than an estate or trust) in offshore transactions meeting the
requirements of Rule 904 of Regulation S.

     "NOTES" means the Initial Notes and the Exchange Notes.

     "OPERATING PARTNERSHIP" has the meaning set forth in the Recitals hereto.

     "ORIGINAL INDENTURE" has the meaning set forth in the Recitals hereto.

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     "PURCHASE AGREEMENT" means the Purchase Agreement dated August 15, 2002
between the Operating Partnership and the Initial Purchasers.

     "QIB" means a qualified institutional buyer, as defined in Rule 144A under
the Securities Act.

     "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights Agreement,
dated August 21, 2002, between the Operating Partnership and the Initial
Purchasers.

     "REGULATION S" means Regulation S under the Securities Act.

     "REINVESTMENT RATE" means, in connection with any optional redemption or
accelerated payment of any Notes, the yield on treasury securities at a constant
maturity corresponding to the remaining life (as of the date of redemption or
accelerated payment, and rounded to the nearest month) to Stated Maturity of the
principal being redeemed (the "Treasury Yield") as stated in such Notes, plus
0.35%. For purposes hereof, the Treasury Yield shall be equal to the arithmetic
mean of the yields published in the Statistical Release under the heading "Week
Ending" for "U.S. Government Securities -- Treasury Constant Maturities" with a
maturity equal to such remaining life; provided, that if no published maturity
exactly corresponds to such remaining life, then the Treasury Yield shall be
interpolated or extrapolated on a straight-line basis from the arithmetic means
of the yields for the next shortest and next longest published maturities,
rounding each of such relevant periods to the nearest month. For purposes of
calculating the Reinvestment Rate, the most recent Statistical Release published
prior to the date of determination of the Make-Whole Amount shall be used. If
the format or content of the Statistical Release changes in a manner that
precludes determination of the Treasury Yield in the above manner, then the
Treasury Yield shall be determined in the manner that most closely approximates
the above manner, as reasonably determined by the Operating Partnership.

     "RULE 144A" means Rule 144A under the Securities Act.

     "SECURITIES ACT" means the Securities Act of 1933, as amended from time to
time.

     "SHELF REGISTRATION STATEMENT" has the meaning set forth in Section
3.01(c).

     "SPECIAL INTEREST PREMIUM" has the meaning set forth in Section 3.02.

     "STATISTICAL RELEASE" means the statistical release designated "H.15(519)"
or any successor publication which is published weekly by the Federal Reserve
System and which reports yields on actively traded United States government
securities adjusted to constant maturities, or, if such statistical release is
not published at the time of any required determination, then such other
reasonably comparable index which shall be designated by the Operating
Partnership.

     "TRUSTEE" has the meaning set forth in the Recitals hereto.

     "2008 INTEREST PAYMENT DATE" has the meaning set forth in Section 1.04(c).

     "2012 INTEREST PAYMENT DATE" has the meaning set forth in Section 1.05(c).

     "2008 NOTES" has the meaning set forth in the Recitals hereto.

     "2012 NOTES" has the meaning set forth in the Recitals hereto.

     "2008 REDEMPTION PRICE" has the meaning set forth in Section 1.04(f).

                                        4
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     "2012 REDEMPTION PRICE" has the meaning set forth in Section 1.05(f).

     "2008 REGULAR RECORD DATE" has the meaning set forth in Section 1.04(c).

     "2012 REGULAR RECORD DATE" has the meaning set forth in Section 1.05(c).

     SECTION 1.02      CREATION OF THE NOTES.

            (a) INITIAL NOTES. In accordance with Section 301 of the Original
Indenture, the Issuer hereby creates each of the Initial 2008 Notes and the
Initial 2012 Notes as a separate series of its securities issued pursuant to the
Indenture. The Initial 2008 Notes shall be issued initially in an aggregate
principal amount of $150,000,000 and the Initial 2012 Notes shall be issued
initially in an aggregate principal amount of $350,000,000, except as permitted
by Sections 304, 305 or 306 of the Original Indenture.

            (b) EXCHANGE NOTES. In accordance with Section 301 of the Original
Indenture, the Issuer hereby creates each of the Exchange Notes as a separate
series of its securities issued pursuant to the Indenture. Each series of the
Exchange Notes is to be issued in exchange for the corresponding series of the
Initial Notes as provided in this Tenth Supplemental Indenture and the
Registration Rights Agreement. The Exchange 2008 Notes may be issued initially
in an aggregate principal amount of up to $150,000,000 (but in no event in
excess of the principal amount of the Initial 2008 Notes tendered in exchange
therefor in an Exchange Offer), except as permitted by Sections 304, 305 or 306
of the Original Indenture. The Exchange 2012 Notes may be issued initially in an
aggregate principal amount of up to $350,000,000 (but in no event in excess of
the principal amount of the Initial 2012 Notes tendered in exchange therefor in
an Exchange Offer), except as permitted by Sections 304, 305 or 306 of the
Original Indenture.

     SECTION 1.03      FORM OF THE NOTES.

            (a) The Initial Notes shall be in the form of Exhibit A, Exhibit B
or Exhibit C hereto, as applicable, and the Exchange Notes shall be in the form
of Exhibit D or Exhibit E hereto, as applicable.

            (b) Initial Notes offered and sold to QIBs in reliance on Rule 144A
as provided in the Purchase Agreement shall be issued in book-entry form and
shall be represented by a single, permanent global note in fully registered
form, without coupons, substantially in the form of Exhibit A hereto and shall
bear the legends set forth in Section 5.01(a) and Section 5.01(b) (the "Initial
Restricted Global Note"). Upon issuance, the Initial Restricted Global Note
shall be registered in the name of "Cede & Co.," as nominee of DTC, duly
executed by the Operating Partnership and authenticated by the Trustee and
deposited with or on behalf of DTC.

            (c) Initial Notes offered and sold to Non-U.S. Persons in reliance
on Regulation S as provided in the Purchase Agreement shall be issued in
book-entry form and shall be represented by a single, permanent global note in
definitive, fully registered form, without coupons, substantially in the form of
Exhibit B hereto and shall bear the legends set forth in Section 5.01(a) and
Section 5.01(b) (the "Initial Regulation S Global Note," and together with the
Initial Restricted Global Note," the "Initial Global Notes"). Upon issuance, the
Initial Regulation S Global Note shall be registered in the name of "Cede &
Co.," as nominee for DTC, duly executed by the Operating Partnership and
authenticated by the Trustee and deposited with or on behalf of DTC for the
accounts of Euroclear or Clearstream Banking. Interests in the Initial
Regulation S Global Note may only be held through Euroclear or Clearstream
Banking.

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            (d) Initial Notes offered and sold to Institutional Accredited
Investors that are not QIBS or Non-U.S. Persons as provided in the Purchase
Agreement shall be issued in definitive, fully registered certificated form,
without coupons, substantially in the form of Exhibit C hereto and shall bear
the legends set forth in Section 5.01(a) hereof (the "Initial Certificated
Notes"). Upon issuance, any such Initial Certificated Note or the transfer
thereof shall be duly executed by the Operating Partnership and authenticated by
the Trustee. Upon the registration of the transfer of any Initial Certificated
Note to a QIB or Non-U.S. Person, such Initial Certificated Note shall be
exchanged for a beneficial interest in the applicable Initial Global Note.
Except as provided in Section 4.01(b), interests in an Initial Global Note may
not be exchanged for Initial Certificated Notes and the Operating Partnership
waives any discretionary right it may otherwise have to cause the Notes to be
issued in certificated form.

            (e) In the event all or a portion of the Initial Notes of any series
are tendered in an Exchange Offer, such Notes or the portions thereof being
exchanged shall be exchanged for a single, permanent global note in definitive,
fully registered form, without coupons, substantially in the form of Exhibit D
hereto (the "Exchange Global Notes") and shall bear the legends set forth in
Section 5.01(c) hereof. Upon issuance, each Exchange Global Note shall be
registered in the name of "Cede & Co.," as nominee of DTC, duly executed by the
Operating Partnership and authenticated by the Trustee and deposited with or on
behalf of DTC. Except as provided in Section 4.01(b), Exchange Certificated
Notes shall not be issued and the Operating Partnership waives any discretionary
right it may otherwise have to cause the Notes to be issued in certificated
form.

     SECTION 1.04      TERMS AND CONDITIONS OF THE 2008 NOTES. The 2008 Notes
shall be governed by all the terms and conditions of the Original Indenture, as
supplemented by this Tenth Supplemental Indenture. In particular, the following
provisions shall be terms of the 2008 Notes:

            (a) TITLE AND AGGREGATE PRINCIPAL AMOUNT. The title of the Initial
     2008 Notes and the Exchange 2008 Notes shall be as specified in the
     Recitals; and the aggregate principal amount of the Initial 2008 Notes and
     the Exchange 2008 Notes shall be as specified in Section 1.02 of this Tenth
     Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
     the Original Indenture.

            (b) STATED MATURITY. The 2008 Notes shall mature, and the unpaid
     principal thereon shall be payable, on August 28, 2008, subject to the
     provisions of the Original Indenture.

            (c) INTEREST. The rate per annum at which interest shall be payable
     on the 2008 Notes shall be 5.375%. Interest on the 2008 Notes shall be
     payable semi-annually in arrears on each August 28 and February 28,
     commencing on February 28, 2003 (each, a "2008 Interest Payment Date"), and
     on the Stated Maturity as specified in Section 1.04(b) of this Tenth
     Supplemental Indenture, to the Persons in whose names the applicable 2008
     Notes are registered in the Security Register applicable to the 2008 Notes
     at the close of business on the 15th calendar day immediately prior to such
     payment date regardless of whether such day is a Business Day (each, a
     "2008 Regular Record Date"). Interest on the 2008 Notes shall be computed
     on the basis of a 360-day year of twelve 30-day months. Interest on the
     2008 Notes shall accrue from August 21, 2002.

            If an Initial 2008 Note is exchanged in an Exchange Offer prior to
     the Regular Record Date for the first Interest Payment Date following such
     exchange, accrued and unpaid interest, if any, on such 2008 Note, up to but
     not including the date of issuance of the Exchange 2008 Note(s) issued in
     exchange for such Initial 2008 Note, shall be paid on the first Interest
     Payment Date for such Exchange 2008 Note(s) to the Holder or Holders of
     such Exchange 2008 Note(s) on the first Regular Record Date with respect to
     such Exchange 2008 Note(s). If such Initial 2008

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     Note is exchanged in an Exchange Offer subsequent to the Regular Record
     Date for the first Interest Payment Date following such exchange but on or
     prior to such Interest Payment Date, then any such accrued and unpaid
     interest with respect to such Initial 2008 Note and any accrued and unpaid
     interest on the Exchange 2008 Note(s) issued in exchange for such Initial
     2008 Note, through the day before such Interest Payment Date, shall be paid
     on such Interest Payment Date to the Holder of such Initial 2008 Note on
     such Regular Record Date.

            (d) REGISTRATION RIGHTS. The Holders of the Initial 2008 Notes shall
     be entitled to the benefits of the Registration Rights Agreement, as
     described in Article III hereof.

            (e) SPECIAL INTEREST PREMIUM. If the Operating Partnership fails to
     comply with certain provisions of the Registration Rights Agreement, then a
     Special Interest Premium shall become payable in respect of the 2008 Notes
     as provided in Article III hereof.

            (f) SINKING FUND, REDEMPTION OR REPAYMENT. No sinking fund shall be
     provided for the 2008 Notes and the 2008 Notes shall not be repayable at
     the option of the Holders thereof prior to Stated Maturity. The 2008 Notes
     may be redeemed at any time at the option of the Issuer, in whole or from
     time to time in part, at a redemption price equal to the sum of (i) 100% of
     the principal amount of the 2008 Notes being redeemed plus accrued interest
     thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
     respect to such 2008 Notes (collectively, the "2008 Redemption Price"), all
     in accordance with the provisions of Article XI of the Original Indenture.

            If notice of redemption has been given as provided in the Original
     Indenture and funds for the redemption of any 2008 Notes called for
     redemption shall have been made available on the Redemption Date referred
     to in such notice, such 2008 Notes shall cease to bear interest on the
     Redemption Date and the only right of the Holders of the 2008 Notes from
     and after the Redemption Date shall be to receive payment of the Redemption
     Price upon surrender of such 2008 Notes in accordance with such notice.

            (g) REGISTRATION AND FORM. The 2008 Notes shall be issuable as
     Registered Securities as provided in Section 1.03 of this Tenth
     Supplemental Indenture. Initial 2008 Notes shall be issued and may be
     transferred only in minimum denominations of $1,000 ($100,000 for
     Institutional Accredited Investors) and integral multiples of $1,000 in
     excess thereof. Exchange 2008 Notes shall be issued in minimum
     denominations of $1,000 ($100,000 for Institutional Accredited Investors)
     and integral multiples of $1,000 in excess thereof. All payments of
     principal and interest in respect of the 2008 Notes shall be made by the
     Issuer in immediately available funds.

            (h) DEFEASANCE AND COVENANT DEFEASANCE. The provisions for
     defeasance in Section 1402 of the Original Indenture, and the provisions
     for covenant defeasance (which provisions shall apply, without limitation,
     to the covenants set forth in Article II of this Tenth Supplemental
     Indenture) in Section 1403 of the Original Indenture, shall be applicable
     to the 2008 Notes.

            (i) MAKE-WHOLE AMOUNT PAYABLE UPON ACCELERATION. Upon any
     acceleration of the Stated Maturity of the 2008 Notes in accordance with
     Section 502 of the Original Indenture, the Make-Whole Amount on the 2008
     Notes shall become immediately due and payable, subject to the terms and
     conditions of the Indenture.

            (j) FURTHER ISSUES. The Issuer may, from time to time, without the
     consent of the Holders, create and issue further securities having the same
     terms and conditions as the 2008

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     Notes in all respects, except for issue date, issue price and the first
     payment of interest thereon. Additional 2008 Notes issued in this manner
     shall be consolidated with and shall form a single series with the
     previously outstanding 2008 Notes. Notice of any such issuance shall be
     given to the Trustee and a new supplemental indenture shall be executed in
     connection with the issuance of such securities.

            (k) OTHER TERMS AND CONDITIONS. The 2008 Notes shall have such other
     terms and conditions as provided in the forms thereof attached as Exhibits
     A, B, C, D and E hereto.

     SECTION 1.05.     TERMS AND CONDITIONS OF THE 2012 NOTES. The 2012 Notes
shall be governed by all the terms and conditions of the Original Indenture, as
supplemented by this Tenth Supplemental Indenture. In particular, the following
provisions shall be terms of the 2012 Notes:

            (a) TITLE AND AGGREGATE PRINCIPAL AMOUNT. The title of the Initial
     2012 Notes and the Exchange 2012 Notes shall be as specified in the
     Recitals; and the aggregate principal amount of the Initial 2012 Notes and
     the Exchange 2012 Notes shall be as specified in Section 1.02 of this Tenth
     Supplemental Indenture, except as permitted by Sections 304, 305 or 306 of
     the Original Indenture.

            (b) STATED MATURITY. The 2012 Notes shall mature, and the unpaid
     principal thereon shall be payable, on August 28, 2012, subject to the
     provisions of the Original Indenture.

            (c) INTEREST. The rate per annum at which interest shall be payable
     on the 2012 Notes shall be 6.35%. Interest on the 2012 Notes shall be
     payable semi-annually in arrears on each August 28 and February 28,
     commencing on February 28, 2003 (each, a "2012 Interest Payment Date"), and
     on the Stated Maturity as specified in Section 1.04(b) of this Tenth
     Supplemental Indenture, to the Persons in whose names the applicable 2012
     Notes are registered in the Security Register applicable to the 2012 Notes
     at the close of business on the 15th calendar day immediately prior to such
     payment date regardless of whether such day is a Business Day (each, a
     "2012 Regular Record Date"). Interest on the 2012 Notes shall be computed
     on the basis of a 360-day year of twelve 30-day months. Interest on the
     2012 Notes shall accrue from August 21, 2002.

            If an Initial 2012 Note is exchanged in an Exchange Offer prior to
     the Regular Record Date for the first Interest Payment Date following such
     exchange, accrued and unpaid interest, if any, on such 2012 Note, up to but
     not including the date of issuance of the Exchange 2012 Note(s) issued in
     exchange for such Initial 2012 Note, shall be paid on the first Interest
     Payment Date for such Exchange 2012 Note(s) to the Holder or Holders of
     such Exchange 2012 Note(s) on the first Regular Record Date with respect to
     such Exchange 2012 Note(s). If such Initial 2012 Note is exchanged in an
     Exchange Offer subsequent to the Regular Record Date for the first Interest
     Payment Date following such exchange but on or prior to such Interest
     Payment Date, then any such accrued and unpaid interest with respect to
     such Initial 2012 Note and any accrued and unpaid interest on the Exchange
     2012 Note(s) issued in exchange for such Initial 2012 Note, through the day
     before such Interest Payment Date, shall be paid on such Interest Payment
     Date to the Holder of such Initial 2012 Note on such Regular Record Date.

            (d) REGISTRATION RIGHTS. The Holders of the Initial 2012 Notes shall
     be entitled to the benefits of the Registration Rights Agreement, as
     described in Article III hereof.

                                        8
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            (e) SPECIAL INTEREST PREMIUM. If the Operating Partnership fails to
     comply with certain provisions of the Registration Rights Agreement, then a
     Special Interest Premium shall become payable in respect of the 2012 Notes
     as provided in Article III hereof.

            (f) SINKING FUND, REDEMPTION OR REPAYMENT. No sinking fund shall be
     provided for the 2012 Notes and the 2012 Notes shall not be repayable at
     the option of the Holders thereof prior to Stated Maturity. The 2012 Notes
     may be redeemed at any time at the option of the Issuer, in whole or from
     time to time in part, at a redemption price equal to the sum of (i) 100% of
     the principal amount of the 2012 Notes being redeemed plus accrued interest
     thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
     respect to such 2012 Notes (collectively, the "Redemption Price"), all in
     accordance with the provisions of Article XI of the Original Indenture.

            If notice of redemption has been given as provided in the Original
     Indenture and funds for the redemption of any 2012 Notes called for
     redemption shall have been made available on the Redemption Date referred
     to in such notice, such 2012 Notes shall cease to bear interest on the
     Redemption Date and the only right of the Holders of the 2012 Notes from
     and after the Redemption Date shall be to receive payment of the Redemption
     Price upon surrender of such 2012 Notes in accordance with such notice.

            (g) REGISTRATION AND FORM. The 2012 Notes shall be issuable as
     Registered Securities as provided in Section 1.03 of this Tenth
     Supplemental Indenture. Initial 2012 Notes shall be issued and may be
     transferred only in minimum denominations of $1,000 ($100,000 for
     Institutional Accredited Investors) and integral multiples of $1,000 in
     excess thereof. Exchange 2012 Notes shall be issued in minimum
     denominations of $1,000 ($100,000 for Institutional Accredited Investors)
     and integral multiples of $1,000 in excess thereof. All payments of
     principal and interest in respect of the 2012 Notes shall be made by the
     Issuer in immediately available funds.

            (h) DEFEASANCE AND COVENANT DEFEASANCE. The provisions for
     defeasance in Section 1402 of the Original Indenture, and the provisions
     for covenant defeasance (which provisions shall apply, without limitation,
     to the covenants set forth in Article II of this Tenth Supplemental
     Indenture) in Section 1403 of the Original Indenture, shall be applicable
     to the 2012 Notes.

            (i) MAKE-WHOLE AMOUNT PAYABLE UPON ACCELERATION. Upon any
     acceleration of the Stated Maturity of the 2012 Notes in accordance with
     Section 502 of the Original Indenture, the Make-Whole Amount on the 2012
     Notes shall become immediately due and payable, subject to the terms and
     conditions of the Indenture.

            (j) FURTHER ISSUES. The Issuer may, from time to time, without the
     consent of the Holders, create and issue further securities having the same
     terms and conditions as the 2012 Notes in all respects, except for issue
     date, issue price and the first payment of interest thereon. Additional
     2012 Notes issued in this manner shall be consolidated with and shall form
     a single series with the previously outstanding 2012 Notes. Notice of any
     such issuance shall be given to the Trustee and a new supplemental
     indenture shall be executed in connection with the issuance of such
     securities.

            (k) OTHER TERMS AND CONDITIONS. The 2012 Notes shall have such other
     terms and conditions as provided in the forms thereof attached as Exhibits
     A, B, C, D and E hereto.

                                        9
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                                   ARTICLE II

                    COVENANTS FOR BENEFIT OF HOLDERS OF NOTES

     SECTION 2.01.     COVENANTS FOR BENEFIT OF HOLDERS OF NOTES. The Operating
Partnership covenants and agrees, for the benefit of the Holders of the Notes,
as follows:

            (a) LIMITATIONS ON INCURRENCE OF DEBT. The Operating Partnership
shall not, and shall not permit any Subsidiary to, incur any Debt (as defined
below), other than Intercompany Debt (as defined below), if, immediately after
giving effect to the incurrence of such additional Debt, the aggregate principal
amount of all outstanding Debt would be greater than 60% of the sum of (i) the
Operating Partnership's Adjusted Total Assets (as defined below) as of the end
of the fiscal quarter prior to the incurrence of such additional Debt and (ii)
any increase in Adjusted Total Assets from the end of such quarter including,
without limitation, any pro forma increase from the application of the proceeds
of such additional Debt.

            In addition, the Operating Partnership shall not, and shall not
permit any Subsidiary to, incur any additional Secured Debt (as defined below),
if, immediately after giving effect to the incurrence of such additional Secured
Debt, the aggregate principal amount of all outstanding Secured Debt is greater
than 55% of the sum of (i) the Operating Partnership's Adjusted Total Assets as
of the end of the fiscal quarter prior to the incurrence of such additional
Secured Debt and (ii) any increase in Adjusted Total Assets from the end of such
quarter including, without limitation, any pro forma increase from the
application of the proceeds of such additional Secured Debt.

            In addition, the Operating Partnership shall not, and shall not
permit any Subsidiary to, incur any Debt if the ratio of Annualized EBITDA After
Minority Interest to Interest Expense (in each case as defined below) for the
period consisting of the four consecutive fiscal quarters most recently ended
prior to the date on which such additional Debt is to be incurred shall have
been less than 1.75 to 1.00 on a pro forma basis after giving effect to the
incurrence of such Debt and to the application of the proceeds therefrom, and
calculated on the assumption that (i) such Debt and any other Debt incurred
since the first day of such four-quarter period had been incurred, and the
proceeds therefrom had been applied (to whatever purposes such proceeds had been
applied as of the date of calculation of such ratio), at the beginning of such
period, (ii) any other Debt that has been repaid or retired since the first day
of such four-quarter period had been repaid or retired at the beginning of such
period (except that, in making such computation, the amount of Debt under any
revolving credit facility shall be computed based upon the average daily balance
of such Debt during such period), (iii) any income earned as a result of any
assets having been placed in service since the end of such four-quarter period
had been earned, on an annualized basis, during such period, and (iv) in the
case of any acquisition or disposition by the Operating Partnership, any
Subsidiary or any unconsolidated joint venture in which the Operating
Partnership or any Subsidiary owns an interest, of any assets since the first
day of such four-quarter period, including, without limitation, by merger, stock
purchase or sale, or asset purchase or sale, such acquisition or disposition and
any related repayment of Debt had occurred as of the first day of such period
with the appropriate adjustments with respect to such acquisition or disposition
being included in such pro forma calculation.

            For purposes of the foregoing provisions regarding the limitation on
the incurrence of Debt, Debt shall be deemed to be "incurred" by the Operating
Partnership, its Subsidiaries and by any unconsolidated joint venture, whenever
the Operating Partnership, any Subsidiary or any unconsolidated joint venture,
as the case may be, shall create, assume, guarantee or otherwise become liable
in respect thereof.

                                       10
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            (b) MAINTENANCE OF UNENCUMBERED ASSETS. The Operating Partnership is
required to maintain Unencumbered Assets (as defined below) of not less than
150% of the aggregate outstanding principal amount of the Unsecured Debt (as
defined below) of the Operating Partnership.

     SECTION 2.02.     DEFINITIONS.  As used herein:

     "ADJUSTED TOTAL ASSETS" as of any date means the sum of (i) the amount
determined by multiplying the sum of the shares of common stock of SPG
Properties, Inc., a Maryland corporation ("Old SPG") issued in the initial
public offering of Old SPG (the "IPO") and the units of SPG, LP not held by Old
SPG outstanding on the date of the IPO, by $22.25 (the "IPO Price"), (ii) the
principal amount of the outstanding consolidated debt of Old SPG on the date of
the IPO, less any portion applicable to minority interests, (iii) the Operating
Partnership's allocable portion, based on its ownership interest, of outstanding
indebtedness of unconsolidated joint ventures on the date of the IPO, (iv) the
purchase price or cost of any real estate assets acquired (including the value,
at the time of such acquisition, of any units of the Operating Partnership or
shares of common stock of the Company or Old SPG issued in connection therewith)
or developed after the IPO by the Operating Partnership or any Subsidiary, less
any portion attributable to minority interests, plus the Operating Partnership's
allocable portion, based on its ownership interest, of the purchase price or
cost of any real estate assets acquired or developed after the IPO by any
unconsolidated joint venture, (v) the value of the DRC Merger (as defined below)
computed as the sum of (a) the purchase price including all related closing
costs and (b) the value of all outstanding indebtedness assumed in the DRC
Merger less any portion attributable to minority interests, including the
Operating Partnership's allocable portion, based on its ownership interest, of
outstanding indebtedness of unconsolidated joint ventures assumed in the DRC
Merger at the DRC Merger date, and (vi) working capital of the Operating
Partnership; subject, however, to reduction by the amount of the proceeds of any
real estate assets disposed of after the IPO by the Operating Partnership or any
Subsidiary, less any portion applicable to minority interests, and by the
Operating Partnership's allocable portion, based on its ownership interest, of
the proceeds of any real estate assets disposed of after the IPO by
unconsolidated joint ventures.

     "ANNUALIZED EBITDA" means earnings before interest, taxes, depreciation and
amortization for all properties with other adjustments as are necessary to
exclude the effect of items classified as extraordinary items in accordance with
generally accepted accounting principles, adjusted to reflect the assumption
that (i) any income earned as a result of any assets having been placed in
service since the end of such period had been earned, on an annualized basis,
during such period, and (ii) in the case of any acquisition or disposition by
the Operating Partnership, any Subsidiary or any unconsolidated joint venture in
which the Operating Partnership or any Subsidiary owns an interest, of any
assets since the first day of such period, such acquisition or disposition and
any related repayment of Debt had occurred as of the first day of such period
with the appropriate adjustments with respect to such acquisition or
disposition.

     "ANNUALIZED EBITDA AFTER MINORITY INTEREST" means Annualized EBITDA after
distributions to third party joint venture partners.

     "COMPANY" means Simon Property Group, Inc., a Delaware corporation and the
managing general partner of the Operating Partnership.

     "DEBT" means any indebtedness of the Operating Partnership and its
Subsidiaries on a consolidated basis, less any portion attributable to minority
interests, plus the Operating Partnership's allocable portion, based on its
ownership interest, of indebtedness of unconsolidated joint ventures, in respect
of (i) borrowed money evidenced by bonds, notes, debentures or similar
instruments, as determined in accordance with generally accepted accounting
principles, (ii) indebtedness secured by any

                                       11
<Page>

mortgage, pledge, lien, charge, encumbrance or any security interest existing on
property owned by the Operating Partnership or any Subsidiary directly, or
indirectly through unconsolidated joint ventures, as determined in accordance
with generally accepted accounting principles, (iii) reimbursement obligations,
contingent or otherwise, in connection with any letters of credit actually
issued or amounts representing the balance deferred and unpaid of the purchase
price of any property, except any such balance that constitutes an accrued
expense or trade payable and (iv) any lease of property by the Operating
Partnership or any Subsidiary as lessee which is reflected in the Operating
Partnership's consolidated balance sheet as a capitalized lease or any lease of
property by an unconsolidated joint venture as lessee which is reflected in such
joint venture's balance sheet as a capitalized lease, in each case, in
accordance with generally accepted accounting principles; provided, that Debt
also includes, to the extent not otherwise included, any obligation by the
Operating Partnership or any Subsidiary to be liable for, or to pay, as obligor,
guarantor or otherwise, items of indebtedness of another Person (other than the
Operating Partnership or any Subsidiary) described in clauses (i) through (iv)
above (or, in the case of any such obligation made jointly with another Person,
the Operating Partnership's or Subsidiary's allocable portion of such obligation
based on its ownership interest in the related real estate assets).

     "DRC MERGER" means the merger of Old SPG and DeBartolo Realty Corporation
and related transactions consummated on August 9, 1996, pursuant to the
Agreement and Plan of Merger between Old SPG and DeBartolo Realty Corporation.

     "INTERCOMPANY DEBT" means Debt to which the only parties are the Company,
the Operating Partnership and any of their Subsidiaries (but only so long as
such Debt is held solely by any of the Company, the Operating Partnership and
any Subsidiary) that is subordinate in right of payment to the Notes.

     "INTEREST EXPENSE" includes the Operating Partnership's pro rata share of
joint venture interest expense and is reduced by amortization of debt issuance
costs.

     "SECURED DEBT" means Debt secured by any mortgage, lien, pledge,
encumbrance or security interest of any kind upon any of the property of the
Operating Partnership or any Subsidiary, whether owned at the date of the
Original Indenture or thereafter acquired.

     "SPG LP" means Simon Property Group, L.P., a predecessor subsidiary of the
Operating Partnership which, effective December 31, 1997, was merged into the
Operating Partnership.

     "UNENCUMBERED ANNUALIZED EBITDA AFTER MINORITY INTEREST" means Annualized
EBITDA After Minority Interest less any portion thereof attributable to assets
serving as collateral for Secured Debt (as defined above).

     "UNENCUMBERED ASSETS" as of any date shall be equal to Adjusted Total
Assets as of such date multiplied by a fraction, the numerator of which is
Unencumbered Annualized EBITDA After Minority Interest and the denominator of
which is Annualized EBITDA After Minority Interest.

     "UNSECURED DEBT" means Debt which is not secured by any mortgage, lien,
pledge, encumbrance or security interest of any kind.

                                       12
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                                   ARTICLE III

                               REGISTRATION RIGHTS

     SECTION 3.01.     REGISTRATION RIGHTS AGREEMENT.

            (a) The Operating Partnership shall enter into the Registration
Rights Agreement with the Initial Purchasers for the benefit of the Holders of
the Notes wherein the Operating Partnership shall agree, for the benefit of the
Holders of the Notes, to use its reasonable best efforts (i) to file with the
Commission within 90 calendar days after the date on which the Operating
Partnership delivers the Notes to the Initial Purchasers (the "Closing Date") a
registration statement (the "Exchange Offer Registration Statement") with
respect to the Exchange Notes and (ii) to cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act within 135 calendar
days after the Closing Date. Promptly after the Exchange Offer Registration
Statement has been declared effective, the Operating Partnership shall offer to
the Holders the opportunity to exchange all their Notes of a series for Exchange
Notes of the same series pursuant to the Exchange Offer. The Operating
Partnership shall keep the Exchange Offer open for not less than 30 calendar
days (or longer, if required by applicable law) after the date on which the
notice of the Exchange Offer is mailed to the Holders of the Notes but shall, in
any event, use its reasonable best efforts to cause the Exchange Offer to be
consummated within 180 days of the Closing Date. For each Note validly tendered
to the Operating Partnership pursuant to the Exchange Offer, the Holder of such
Note shall receive an Exchange Note of the same series having a principal amount
equal to the principal amount of the tendered Note.

            (b) Each Holder of the Notes (other than certain specified Holders)
that wishes to exchange the Notes for Exchange Notes in the Exchange Offer shall
be required to represent that (i) it is not an Affiliate of the Operating
Partnership, (ii) the Exchange Notes to be received by it were acquired in the
ordinary course of its business and (iii) at the time of the Exchange Offer, it
has no arrangement with any Person to participate in the distribution (within
the meaning of the Securities Act) of the Exchange Notes.

            (c) The Registration Rights Agreement also shall provide that if,
(i) because of any change in law or in currently prevailing interpretations of
the staff of the Commission, the Operating Partnership is not permitted to
effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 180
days of the Closing Date, or (iii) in the case of any Holder that participates
in the Exchange Offer, such Holder does not receive Exchange Notes on the date
of the exchange that may be sold without restriction under state and federal
securities laws (other than due solely to the status of such Holder as an
affiliate of the Operating Partnership within the meaning of the Securities Act
or as a broker-dealer), then in each case, the Operating Partnership shall (x)
promptly deliver to the Holders written notice thereof and (y) at the Operating
Partnership's sole expense (a) as promptly as practicable (but in no event more
than 60 days after so required or requested pursuant to the Registration Rights
Agreement), file a shelf registration statement covering resales of the Notes
(the "Shelf Registration Statement"), (b) use its reasonable best efforts to
cause the Shelf Registration Statement to be declared effective under the
Securities Act and (c) use its reasonable best efforts to keep effective the
Shelf Registration Statement until the earlier of two years (or, if Rule 144(k)
is amended to provide a shorter restrictive period, the end of such shorter
period) after the Closing Date or such time as all of the applicable Notes have
been sold thereunder. The Operating Partnership shall, if a Shelf Registration
Statement is filed, provide to each Holder of the Notes copies of the prospectus
that is a part of the Shelf Registration Statement, notify each such Holder when
the Shelf Registration Statement for the Notes has become effective and take
certain other actions as are required to permit unrestricted resales of the
Notes. A Holder that sells Notes pursuant to the Shelf Registration Statement
shall be required to be named as a selling security Holder in the related
prospectus, to provide information related thereto and to deliver such
prospectus to purchasers,

                                       13
<Page>

shall be subject to certain of the civil liability provisions under the
Securities Act in connection with such sales and shall be bound by the
provisions of the Registration Rights Agreement that are applicable to such a
Holder (including certain indemnification rights and obligations).

     SECTION 3.02.     SPECIAL INTEREST PREMIUM. If the Operating Partnership
fails to comply with certain provisions of the Registration Rights Agreement, in
each case as described below, then a special interest premium (the "Special
Interest Premium") shall become payable in respect of the Notes as follows:

            (a) If (i) the Exchange Offer Registration Statement is not filed
     with the Commission on or prior to the 90th day following the Closing Date,
     (ii) the Exchange Offer Registration Statement is not declared effective on
     or prior to the 135th day following the Closing Date or (iii) the Exchange
     Offer is not consummated or the Shelf Registration Statement is not
     declared effective on or prior to the 180th day following the Closing Date,
     the Special Interest Premium shall accrue from and including the next day
     following each of (a) such 90-day period in the case of clause (i) above,
     (b) such 135-day period in the case of clause (ii) above and (c) such
     180-day period in the case of clause (iii) above, in each case at a rate
     equal to 0.50% per annum. The aggregate amount of the Special Interest
     Premium payable pursuant to the above provisions shall in no event exceed
     0.50% per annum. If the Exchange Offer Registration Statement is not
     declared effective on or prior to the 135th day following the Closing Date
     and the Operating Partnership shall request Holders of Notes to provide the
     information called for by the Registration Rights Agreement for inclusion
     in the Shelf Registration Statement, the Notes owned by Holders who do not
     deliver such information to the Operating Partnership when required
     pursuant to the Registration Rights Agreement shall not be entitled to any
     such increase in the interest rate for any day after the 180th day
     following the Closing Date. Upon (1) the filing of the Exchange Offer
     Registration Statement after the 90-day period described in clause (i), (2)
     the effectiveness of the Exchange Offer Registration Statement after the
     135-day period described in clause (ii) above or (3) the consummation of
     the Exchange Offer or the effectiveness of a Shelf Registration Statement,
     as the case may be, after the 180-day period described in clause (iii)
     above, the interest rate on each series of Notes from the date of such
     effectiveness or consummation, as the case may be, shall be reduced to the
     original interest rate provided for herein for such series of Notes.

            (b) If a Shelf Registration Statement is declared effective, and if
     the Operating Partnership fails to keep such Shelf Registration Statement
     continuously (x) effective or (y) useable for resales for the period
     required by the Registration Rights Agreement due to certain circumstances
     relating to pending corporate developments, public filings with the
     Commission and similar events, or because the prospectus contains an untrue
     statement of a material fact or omits to state a material fact required to
     be stated therein or necessary in order to make the statements therein not
     misleading, and such failure continues for more than 60 days (whether or
     not consecutive) in any 12-month period (the 61st day being referred to as
     the "Default Day"), then from the Default Day until the earlier of (i) the
     date that the Shelf Registration Statement is again deemed effective or is
     useable, (ii) the date that is the second anniversary of the Closing Date
     (or, if Rule 144(k) is amended to provide a shorter restrictive period, the
     end of such shorter period) or (iii) the date as of which all of the Notes
     are sold pursuant to the Shelf Registration Statement, the Special Interest
     Premium shall accrue at a rate equal to 0.50% per annum.

     SECTION 3.03.     LEGEND. Each Note shall contain a legend to the effect
that the Holder thereof, by its acceptance thereof, shall be deemed to have
agreed to be bound by the provisions of the Registration Rights Agreement. Such
legend shall be in the form set forth in Section 5.01(a) hereof.

                                       14
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                                   ARTICLE IV

                              TRANSFER AND EXCHANGE

     SECTION 4.01.     TRANSFER AND EXCHANGE.

            (a) By its acceptance of any Initial Note represented by a
certificate bearing the legend set forth in Section 5.01(a) hereof (the "Private
Placement Legend"), each Holder of, and beneficial bearer of an interest in,
such Initial Note acknowledges the restrictions on transfer of such Initial Note
and agrees that it shall transfer such Initial Note only in accordance with such
restrictions. Each purchaser (other than the Initial Purchasers) of the Notes
and each Person to whom the Notes are transferred shall, prior to the Resale
Restriction Termination Date (as defined in the Private Placement Legend), be
deemed to have acknowledged, represented and agreed to the matters and
restrictions on transfer described under the heading "Notice to Investors" in
the Offering Memorandum of the Operating Partnership, dated August 15, 2002,
relating to the Initial Notes. Upon the registration of transfer, exchange or
replacement of an Initial Note not bearing the Private Placement Legend, the
Trustee shall deliver an Initial Note or Initial Notes that do not bear the
Private Placement Legend. Upon the registration of transfer, exchange or
replacement of an Initial Note bearing the Private Placement Legend, the Trustee
shall deliver an Initial Note or Initial Notes bearing the Private Placement
Legend, unless such legend may be removed from such Note as provided in this
Section 4.01(a). If the Private Placement Legend has been removed from an
Initial Note, as provided herein, no other Initial Note issued in exchange for
all or any part of such Initial Note shall bear such legend, unless the
Operating Partnership has reasonable cause to believe that such other Initial
Note represents a "restricted security" within the meaning of Rule 144 under the
Securities Act and instructs the Trustee in writing to cause a legend to appear
thereon. Each Initial Note shall bear the Private Placement Legend unless and
until:

                 (i)   a transfer of such Initial Note is made pursuant to an
     effective Shelf Registration Statement, in which case the Private Placement
     Legend shall be removed from such Initial Note so transferred at the
     request of the Holder; or

                 (ii)  there is delivered to the Operating Partnership such
     satisfactory evidence, which may include an opinion of independent counsel
     licensed to practice law in the State of New York, as may reasonably be
     requested by the Operating Partnership confirming that neither such legend
     nor the restrictions on transfer set forth therein are required to ensure
     that transfers of such Initial Note shall not violate the registration and
     prospectus delivery requirements of the Securities Act; PROVIDED, that the
     Trustee shall not be required to determine (but may rely on a determination
     made by the Operating Partnership with respect to) the sufficiency of any
     such evidence; and upon written direction of the Operating Partnership, the
     Trustee shall authenticate and deliver in exchange for such Initial Note,
     an Initial Note or Initial Notes representing the same aggregate principal
     amount of the Initial Note being exchanged) without such legend.

            (b) The Initial Global Note or Exchange Global Note, as the case may
be, shall be exchanged by the Operating Partnership for one or more Initial
Certificated Notes or Exchange Certificated Notes, as applicable, if (i) DTC (1)
has notified the Operating Partnership that it is unwilling or unable to
continue as, or ceases to be, a clearing agency registered under Section 17A of
the Exchange Act and (2) a successor to DTC registered as a clearing agency
under Section 17A of the Exchange Act is not able to be appointed by the
Operating Partnership within 90 calendar days or (ii) DTC is at any time
unwilling or unable to continue as depositary and the Operating Partnership is
not able to appoint a successor to DTC within 90 calendar days. If an Event of
Default occurs and is continuing, the Operating Partnership shall, at the
request of the Trustee or the Holder thereof, exchange all or part of the
Initial Global Note or Exchange Global Note, as the case may be, for one or more
Initial Certificated Notes or

                                       15
<Page>

Exchange Certificated Notes, as applicable. Whenever a Global Note is exchanged
for one or more Initial Certificated Notes or Exchange Certificated Notes, as
the case may be, it shall be surrendered by the Holder thereof to the Trustee
and cancelled by the Trustee. All Initial Certificated Notes or Exchange
Certificated Notes issued in exchange for a Global Note or a portion thereof
shall be registered in such names, and delivered, as DTC shall instruct the
Trustee. Any Initial Certificated Notes issued pursuant to this Section 4.01(b)
shall include the Private Placement Legend, except as set forth in Section
4.01(a) hereof.

            (c) Any Initial Notes that are presented to the Trustee for exchange
pursuant to an Exchange Offer shall be exchanged for Exchange Notes of equal
principal amount upon surrender to the Trustee in accordance with the terms of
the Exchange Offer. Whenever any Initial Notes are so surrendered for exchange,
the Operating Partnership shall execute, and the Trustee shall authenticate and
deliver to the surrendering Holder thereof, Exchange Notes in the same aggregate
principal amount as the Initial Notes so surrendered.

            (d) Any Holder of a Global Note shall, by acceptance of such Global
Note, agree that transfers of beneficial interests in such Global Note may be
effected only through a book-entry system maintained by such Holder (or its
agent), and that ownership of a beneficial interest in the Notes represented
thereby shall be required to be reflected in book-entry form. Transfers of a
Global Note shall be limited to transfers in whole and not in part, to DTC, its
successors and their respective nominees. Interests of beneficial owners in a
Global Note shall be transferred in accordance with the rules and procedures of
DTC (or its successors).

                                    ARTICLE V

                                     LEGENDS

     SECTION 5.01.     LEGENDS. The following legends shall appear on each
Initial Note and each Exchange Note.

            (a) Except as provided in Section 4.01(a) hereof, each Initial Note
     shall bear the following legends on the face thereof:

     THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR
     OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE
     REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
     DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION
     IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED
     AND MAY BE TRANSFERRED ONLY IN MINIMUM DENOMINATIONS OF $1,000 ($100,000
     FOR INSTITUTIONAL ACCREDITED INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN
     EXCESS THEREOF.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
     OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
     TERMINATION DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
     DATE OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR
     ANY AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR
     ANY PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP

                                       16
<Page>

     OR ONE OF THE INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION
     APPROVED BY, AN INITIAL PURCHASER, (b) PURSUANT TO A REGISTRATION STATEMENT
     WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG
     AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT
     REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
     144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
     ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
     TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (d) INSIDE THE UNITED
     STATES TO AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE
     501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT) ACQUIRING THE
     SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH
     OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED INVESTORS UNLESS SUCH
     TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT
     PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
     (e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN
     INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE
     ACCOUNT OR BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S
     UNDER THE SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
     FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH
     OF THE FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING
     ON THE OTHER SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE
     TRANSFEROR AND, IF APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND
     WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
     TERMINATION DATE.

     THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
     PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF
     THE SERIES.

            (b) In addition to the legends set forth in Section 4.01(a), each
     Initial Global Note shall also bear the following legends on the face
     thereof:

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
     DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
     ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY
     CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
     NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT
     IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
     AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
     FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
     REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR
     NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT
     AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR
     ANOTHER NOMINEE OF DTC OR BY DTC OR

                                       17
<Page>

     ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

            (c) The Exchange Global Note shall bear the following legends on the
     face thereof:

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
     DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR
     ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY
     CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
     NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT
     IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
     AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
     FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
     REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR
     NOTES IN CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT
     AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR
     ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC
     OR A NOMINEE OF SUCH SUCCESSOR.

                                   ARTICLE VI

                                     TRUSTEE

     SECTION 6.01.     CORPORATE TRUST OFFICE. The Trustee is appointed as the
principal paying agent, transfer agent and registrar for the Notes and for the
purposes of Section 1002 of the Indenture. The Notes may be presented for
payment at the Corporate Trust Office of the Trustee or at any other agency as
may be appointed from time to time by the Operating Partnership in The City of
New York.

     SECTION 6.02.     RECITALS. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Tenth
Supplemental Indenture or the due execution thereof by the Issuer. The recitals
of fact contained herein shall be taken as the statements solely of the Issuer
and the Trustee assumes no responsibility for the correctness thereof.

                                   ARTICLE VII

                            MISCELLANEOUS PROVISIONS

     SECTION 7.01.     RATIFICATION OF ORIGINAL INDENTURE. This Tenth
Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Original Indenture, and as supplemented and modified hereby,
the Original Indenture is in all respects ratified and confirmed, and the
Original Indenture and this Tenth Supplemental Indenture shall be read, taken
and construed as one and the same instrument.

     SECTION 7.02.     EFFECT OF HEADINGS. The Article and Section headings
herein are for convenience only and shall not affect the construction hereof.

                                       18
<Page>

     SECTION 7.03.     SUCCESSORS AND ASSIGNS. All covenants and agreements in
this Tenth Supplemental Indenture by the Issuer shall bind its successors and
assigns, whether so expressed or not.

     SECTION 7.04.     SEPARABILITY CLAUSE. In case any one or more of the
provisions contained in this Tenth Supplemental Indenture shall for any reason
be held to be invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.

     SECTION 7.05.     GOVERNING LAW. This Tenth Supplemental Indenture shall be
governed by and construed in accordance with the laws of the State of New York.
This Tenth Supplemental Indenture is subject to the provisions of the Trust
Indenture Act that are required to be part of this Tenth Supplemental Indenture
and shall, to the extent applicable, be governed by such provisions.

     SECTION 7.06.     COUNTERPARTS. This Tenth Supplemental Indenture may be
executed in any number of counterparts, and each of such counterparts shall for
all purposes be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument.

                                       19
<Page>

                                     * * * *

     IN WITNESS WHEREOF, the parties hereto have caused this Tenth Supplemental
Indenture to be duly executed, and their respective corporate seals to be
hereunto affixed and attested, all as of the date first above written.

                                        SIMON PROPERTY GROUP, L.P.

                                        By:   Simon Property Group, Inc.,
                                              its General Partner

                                        By:     /s/  David Simon
                                            ------------------------------------
                                            Name:    David Simon
                                            Title:   Chief Executive Officer

Attest:

By:     /s/  James M. Barkley
   ------------------------------------
    Name:    James M. Barkley
    Title:   Secretary

                                        JPMORGAN CHASE BANK
                                             as Trustee

                                        By:     /s/  Gregory P. Shea
                                            ------------------------------------
                                            Name:    Gregory P. Shea
                                            Title:   Assistant Vice President

Attest:

By:     /s/  Virginia Dominguez
   ------------------------------------
    Name:    Virginia Dominguez
    Title:   Trust Officer

<Page>

                                                                       EXHIBIT A

                     FORM OF INITIAL RESTRICTED GLOBAL NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION. THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY
AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE
INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL
PURCHASER, (b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE
SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY
OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED
INVESTORS UNLESS SUCH TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN
INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR
BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE
FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF
APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

                                       A-1
<Page>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [___]                                                       PRINCIPAL AMOUNT
CUSIP NO. [__________]                                $[150,000,000/350,000,000]

                           RESTRICTED GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of [150,000,000/350,000,000] dollars on August 28,
[2008/2012] (the "Maturity Date"), and to pay interest thereon from August 28,
2002, semi-annually in arrears on August 28 and February 28 of each year (each,
an "Interest Payment Date"), commencing on February 28, 2003, and on the
Maturity Date, at the rate of [5.375/6.35]% per annum, until payment of said
principal sum has been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which shall be the 15th calendar day immediately
prior to such payment date or the Maturity Date, as the case may be, regardless
of whether such day is a Business Day (as defined below). Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent record date for the payment of such defaulted interest
(which shall be not less than 10 calendar days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 calendar days
preceding such subsequent record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture (as defined below).
Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months.

                                       A-2
<Page>

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, shall be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including August 21, 2002, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date shall be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

     If this Note is exchanged in an Exchange Offer prior to the Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

     The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated August 21, 2002 (the "Registration Rights Agreement")
among the Issuer and Banc of America Securities LLC, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit
Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC,
Commerzbank Capital Markets Corp. and Dresdner Kleinwort
Wasserstein-Grantchester, Inc. (collectively, the "Initial Purchasers").

     If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, in each case as described below, then a special
interest premium (the "Special Interest Premium") shall become payable in
respect of the Notes as follows:

     If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions shall in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note shall not be
entitled to any such increase in the interest rate for any day after the 180th
day following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in

                                       A-3
<Page>

clause (i), (2) the effectiveness of the Exchange Offer Registration Statement
after the 135-day period described in clause (ii) above or (3) the consummation
of the Exchange Offer or the effectiveness of a Shelf Registration Statement, as
the case may be, after the 180-day period described in clause (iii) above, the
interest rate on this Note from the date of such effectiveness or consummation,
as the case may be, shall be reduced to the original interest rate provided for
herein.

     If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

     The principal of this Note payable on the Maturity Date shall be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

     Payments of principal and interest in respect of this Note shall be made by
wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       A-4
<Page>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: August 21, 2002

                                        SIMON PROPERTY GROUP, L.P.
                                             as Issuer

                                        By:  SIMON PROPERTY GROUP, INC.
                                             as General Partner

                                        By:
                                            ------------------------------------
                                            Name:
Attest:                                     Title:

By:
     ------------------------------
     Name:
     Title:

                                       A-5
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK
                                              as Trustee

                                        By:
                                            ------------------------------------
                                              Authorized Officer

                                       A-6
<Page>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which
Indenture and all indentures supplemental thereto relating to this Note
(including, without limitation, the Tenth Supplemental Indenture, dated as of
August 21, 2002, between the Issuer and the Trustee) reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered and for the definition of capitalized terms used
hereby and not otherwise defined. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. [5.375/6.35]% Notes due [2008/2012], initially limited in aggregate
principal amount to $[150,000,000/350,000,000] (the "Notes").

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

     The Notes may be redeemed at any time at the option of the Issuer, in whole
or from time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption shall be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid

                                       A-7
<Page>

percentage of Securities the Holders of which are required to consent to any
such supplemental indenture, or (iii) reduce the percentage of Securities the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture, or (iv) effect certain other changes to the Indenture or any
supplemental indenture or in the rights of Holders of the Securities. The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be), to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

     Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. or such
partner's assets or against any principal, shareholder, officer, director,
trustee or employee of such partner. It is expressly understood that the sole
remedies under the Securities and the Indenture or under any other document with
respect to the Securities, against such parties with respect to such amounts,
obligations or claims shall be against the Issuer.

     This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount shall be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

     The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                       A-8
<Page>

     This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise be required by mandatory provisions of law.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       A-9
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - _____________ Custodian ______ (Cust)____
(minor) under Uniform Gifts to Minors Act ____________________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

     Additional abbreviations may also be used though not in the above list.

                                -----------------

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee.)

This Note and all rights thereunder hereby irrevocably constituting and

appointing Attorney to transfer this Note on the books of the Trustee, with full

power of substitution in the premises.

Dated:
       ----------------------------     ----------------------------------------

                                        Notice:  The signature(s) on this
                                        Assignment must correspond with the
                                        name(s) as written upon the face of this
                                        Note in every particular, without
                                        alteration or enlargement or any change
                                        whatsoever.

                                      A-10
<Page>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

     In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/ /     (a)    Such Note is being transferred by the undersigned registered
               holder to a "qualified institutional buyer," as defined in Rule
               144A under the Securities Act of 1933, as amended, pursuant to
               the exemption from registration under the Securities Act of 1933,
               as amended, provided by Rule 144A thereunder.

                                       OR

/ /     (b)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is an "accredited
               investor," as defined in Rule 501(a)(1), (2), (3) or (7) under
               the Securities Act of 1933, as amended, and that the undersigned
               has been advised by the prospective transferee that such
               transferee shall hold such Note for its own account, or as a
               fiduciary or agent for others (which others are also
               institutional accredited investors, unless such transferee is a
               bank acting in its fiduciary capacity), for investment purposes
               and not for distribution, subject to any requirement of law that
               the disposition of such transferee's property shall at all times
               be and remain within its control.

                                       OR

/ /     (c)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is a person that is not
               a "U.S. person" (or acquiring such Note for the account or
               benefit of a U.S. person) in an "offshore transaction," as such
               terms are defined in Regulation S under the Securities Act of
               1933, as amended, pursuant to the exemption from registration
               under the Securities Act of 1933, as amended, provided by
               Regulation S thereunder.

                                      A-11
<Page>

     If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any Person other than the registered holder thereof and until the conditions
to any such registration of transfer set forth in this Note and in the Indenture
shall have been satisfied.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of registered holder]

                                  By:
                                      ------------------------------------------

                                  The signature of the registered holder must
                                  correspond with the name as written upon the
                                  face of this Note in every particular, without
                                  alteration or enlargement or any change
                                  whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                   Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges

                                      A-12
<Page>

and agrees that this Note has not been registered under the Securities Act of
1933, as amended, and may not be transferred except in accordance with the
resale and other transfer restrictions set forth in the legend on the face
thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                   Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                   Executive Officer

                                      A-13
<Page>

                                                                       EXHIBIT B

                    FORM OF INITIAL REGULATION S GLOBAL NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $1,000 ($100,000 FOR INSTITUTIONAL ACCREDITED
INVESTORS) AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY
AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE
INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL
PURCHASER, (b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE
SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY
OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED
INVESTORS UNLESS SUCH TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN
INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR
BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE
FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF
APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

                                       B-1
<Page>

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [_____]                                                     PRINCIPAL AMOUNT
CUSIP NO. [__________]                                $[150,000,000/350,000,000]

                          REGULATION S GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of [150,000,000/350,000,000] dollars on August 28,
[2008/2012] (the "Maturity Date"), and to pay interest thereon from August 28,
2002, semi-annually in arrears on August 28 and February 28 of each year (each,
an "Interest Payment Date"), commencing on February 28, 2003, and on the
Maturity Date, at the rate of [5.375/6.35]% per annum, until payment of said
principal sum has been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which shall be the 15th calendar day immediately
prior to such payment date or the Maturity Date, as the case may be, regardless
of whether such day is a Business Day (as defined below). Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent record date for the payment of such defaulted interest
(which shall be not less than 10 calendar days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 calendar days
preceding such subsequent record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture (as defined below).
Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months.

                                       B-2
<Page>

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, shall be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including August 21, 2002, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date shall be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

     If this Note is exchanged in an Exchange Offer prior to the Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

     The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated August 21, 2002 (the "Registration Rights Agreement")
among the Issuer and Banc of America Securities LLC, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit
Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC,
Commerzbank Capital Markets Corp. and Dresdner Kleinwort
Wasserstein-Grantchester, Inc. (collectively, the "Initial Purchasers").

     If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, in each case as described below, then a special
interest premium (the "Special Interest Premium") shall become payable in
respect of the Notes as follows:

     If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions shall in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note shall not be
entitled to any such increase in the interest rate for any day after the 180th
day following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in

                                       B-3
<Page>

clause (i), (2) the effectiveness of the Exchange Offer Registration Statement
after the 135-day period described in clause (ii) above or (3) the consummation
of the Exchange Offer or the effectiveness of a Shelf Registration Statement, as
the case may be, after the 180-day period described in clause (iii) above, the
interest rate on this Note from the date of such effectiveness or consummation,
as the case may be, shall be reduced to the original interest rate provided for
herein.

     If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

     The principal of this Note payable on the Maturity Date shall be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

     Payments of principal and interest in respect of this Note shall be made by
wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       B-4
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: August 21, 2002

                                        SIMON PROPERTY GROUP, L.P.
                                              as Issuer

                                        By:   SIMON PROPERTY GROUP, INC.
                                              as General Partner

                                        By:
                                            ------------------------------------
                                            Name:
Attest:                                     Title:

By:
    -----------------------------------
    Name:
    Title:

                                       B-5
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK
                                              as Trustee

                                        By:
                                            ------------------------------------
                                              Authorized Officer

                                       B-6
<Page>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which
Indenture and all indentures supplemental thereto relating to this Note
(including, without limitation, the Tenth Supplemental Indenture, dated as of
August 21, 2002, between the Issuer and the Trustee) reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered and for the definition of capitalized terms used
hereby and not otherwise defined. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. [5.375/6.35]% Notes due [2008/2012], initially limited in aggregate
principal amount to $[150,000,000/350,000,000] (the "Notes").

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

     The Notes may be redeemed at any time at the option of the Issuer, in whole
or from time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption shall be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid

                                       B-7
<Page>

percentage of Securities the Holders of which are required to consent to any
such supplemental indenture, or (iii) reduce the percentage of Securities the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture, or (iv) effect certain other changes to the Indenture or any
supplemental indenture or in the rights of Holders of the Securities. The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be), to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

     Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. or such
partner's assets or against any principal, shareholder, officer, director,
trustee or employee of such partner. It is expressly understood that the sole
remedies under the Securities and the Indenture or under any other document with
respect to the Securities, against such parties with respect to such amounts,
obligations or claims shall be against the Issuer.

     This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount shall be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

     The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                       B-8
<Page>

     This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise be required by mandatory provisions of law.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       B-9
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ___________ Custodian ______ (Cust) _____
(minor) under Uniform Gifts to Minors Act __________________________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

     Additional abbreviations may also be used though not in the above list.

                              --------------------

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee.)

This Note and all rights thereunder hereby irrevocably constituting and

appointing Attorney to transfer this Note on the books of the Trustee, with full

power of substitution in the premises.

Dated:
       ----------------------------     ----------------------------------------

                                        Notice: The signature(s) on this
                                        Assignment must correspond with the
                                        name(s) as written upon the face of this
                                        Note in every particular, without
                                        alteration or enlargement or any change
                                        whatsoever.

                                      B-10
<Page>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

     In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/ /     (a)    Such Note is being transferred by the undersigned registered
               holder to a "qualified institutional buyer," as defined in Rule
               144A under the Securities Act of 1933, as amended, pursuant to
               the exemption from registration under the Securities Act of 1933,
               as amended, provided by Rule 144A thereunder.

                                       OR

/ /     (b)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is an "accredited
               investor," as defined in Rule 501(a)(1), (2), (3) or (7) under
               the Securities Act of 1933, as amended, and that the undersigned
               has been advised by the prospective transferee that such
               transferee shall hold such Note for its own account, or as a
               fiduciary or agent for others (which others are also
               institutional accredited investors, unless such transferee is a
               bank acting in its fiduciary capacity), for investment purposes
               and not for distribution, subject to any requirement of law that
               the disposition of such transferee's property shall at all times
               be and remain within its control.

                                       OR

/ /     (c)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is a person that is not
               a "U.S. person" (or acquiring such Note for the account or
               benefit of a U.S. person) in an "offshore transaction," as such
               terms are defined in Regulation S under the Securities Act of
               1933, as amended, pursuant to the exemption from registration
               under the Securities Act of 1933, as amended, provided by
               Regulation S thereunder.

                                      B-11
<Page>

     If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any Person other than the registered holder thereof and until the conditions
to any such registration of transfer set forth in this Note and in the Indenture
shall have been satisfied.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of registered holder]

                                  By:
                                      ------------------------------------------

                                  The signature of the registered holder must
                                  correspond with the name as written upon the
                                  face of this Note in every particular,
                                  without alteration or enlargement or any
                                  change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                 Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges

                                      B-12
<Page>

and agrees that this Note has not been registered under the Securities Act of
1933, as amended, and may not be transferred except in accordance with the
resale and other transfer restrictions set forth in the legend on the face
thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                 Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:
       --------------             ----------------------------------------------
                                   [Type or print name of transferee]

                                  By:
                                      ------------------------------------------
                                                 Executive Officer

                                      B-13
<Page>

                                                                       EXHIBIT C

                        FORM OF INITIAL CERTIFICATED NOTE

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION, NEITHER THIS NOTE NOR ANY INTEREST HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION, THIS NOTE WILL BE ISSUED AND MAY BE TRANSFERRED ONLY
IN MINIMUM DENOMINATIONS OF $100,000 AND INTEGRAL MULTIPLES OF $1,000 IN EXCESS
THEREOF.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE "RESALE RESTRICTION
TERMINATION DATE") WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE
OF THIS NOTE AND THE LAST DATE ON WHICH THE OPERATING PARTNERSHIP OR ANY
AFFILIATE OF THE OPERATING PARTNERSHIP WAS THE OWNER OF THIS NOTE (OR ANY
PREDECESSOR OF SUCH NOTE), ONLY (a) TO THE OPERATING PARTNERSHIP OR ONE OF THE
INITIAL PURCHASERS OR BY, THROUGH OR IN A TRANSACTION APPROVED BY, AN INITIAL
PURCHASER, (b) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (c) FOR SO LONG AS THE NOTES ARE ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A
"QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN
RELIANCE ON RULE 144A, (d) INSIDE THE UNITED STATES TO AN INSTITUTIONAL
ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE
SECURITIES ACT) ACQUIRING THE SECURITIES FOR ITS OWN ACCOUNT OR AS A FIDUCIARY
OR AGENT FOR OTHERS (WHICH OTHERS MUST ALSO BE INSTITUTIONAL ACCREDITED
INVESTORS UNLESS SUCH TRANSFEREE IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT,
(e) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES TO AN
INSTITUTION THAT IS NOT A U.S. PERSON (AND WAS NOT PURCHASING FOR THE ACCOUNT OR
BENEFIT OF A U.S. PERSON) WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES ACT, OR (f) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT IN EACH OF THE
FOREGOING CASES, TO A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER
SIDE OF THIS NOTE BEING COMPLETED AND DELIVERED BY THE TRANSFEROR AND, IF
APPLICABLE, THE TRANSFEREE TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO BE BOUND BY THE
PROVISIONS OF THE REGISTRATION RIGHTS AGREEMENT RELATING TO ALL NOTES OF THE
SERIES.

                                       C-1
<Page>

REGISTERED                                                            REGISTERED
NO. [_____]                                                     PRINCIPAL AMOUNT
CUSIP NO. [__________]                                $[150,000,000/350,000,000]

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to _____________________________, or
registered assigns, the principal sum of ____________________ dollars on August
28, [2008/2012] (the "Maturity Date"), and to pay interest thereon from August
21, 2002, semi-annually in arrears on August 28 and February 28 of each year
(each, an "Interest Payment Date"), commencing on February 28, 2003, and on the
Maturity Date, at the rate of [5.375/6.35]% per annum, until payment of said
principal sum has been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which shall be the 15th calendar day immediately
prior to such payment date or the Maturity Date, as the case may be, regardless
of whether such day is a Business Day (as defined below). Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent record date for the payment of such defaulted interest
(which shall be not less than 10 calendar days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 calendar days
preceding such subsequent record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture (as defined below).
Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months.

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, shall be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including August 21, 2002, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date shall be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

     If this Note is exchanged in an Exchange Offer prior to the Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is

                                       C-2
<Page>

exchanged in an Exchange Offer subsequent to the Record Date for the first
Interest Payment Date following such exchange but on or prior to the Interest
Payment Date, then any such accrued and unpaid interest with respect to this
Note and any accrued and unpaid interest on the Exchange Note(s) issued in
exchange for this Note, through the day before such Interest Payment Date, shall
be paid on such Interest Payment Date to the Holder of this Note on the Record
Date.

     The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated August 21, 2002 (the "Registration Rights Agreement")
among the Issuer and Banc of America Securities LLC, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit
Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC,
Commerzbank Capital Markets Corp. and Dresdner Kleinwort
Wasserstein-Grantchester, Inc. (collectively, the "Initial Purchasers").

     If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, in each case as described below, then a special
interest premium (the "Special Interest Premium") shall become payable in
respect of the Notes as follows:

     If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions shall in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note shall not be
entitled to any such increase in the interest rate for any day after the 180th
day following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, shall be reduced to the original interest rate provided for herein.

     If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

                                       C-3
<Page>

     The principal of this Note payable on the Maturity Date shall be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

     Payments of principal and interest in respect of this Note shall be made by
wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       C-4
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: August 21, 2002

                                        SIMON PROPERTY GROUP, L.P.
                                              as Issuer

                                        By:   SIMON PROPERTY GROUP, INC.
                                              as General Partner

                                        By:
                                            ------------------------------------
                                            Name:
Attest:                                     Title:

By:
    -----------------------------------
    Name:
    Title:

                                       C-5
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK
                                              as Trustee

                                        By:
                                            ------------------------------------
                                              Authorized Officer

                                       C-6
<Page>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which
Indenture and all indentures supplemental thereto relating to this Note
(including, without limitation, the Tenth Supplemental Indenture, dated as of
August 21, 2002, between the Issuer and the Trustee) reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered and for the definition of capitalized terms used
hereby and not otherwise defined. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. [5.375/6.35]% Notes due [2008/2012], initially limited in aggregate
principal amount to $[150,000,000/350,000,000] (the "Notes").

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

     The Notes may be redeemed at any time at the option of the Issuer, in whole
or from time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption shall be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid

                                       C-7
<Page>

percentage of Securities the Holders of which are required to consent to any
such supplemental indenture, or (iii) reduce the percentage of Securities the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture, or (iv) effect certain other changes to the Indenture or any
supplemental indenture or in the rights of Holders of the Securities. The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be), to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

     Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. or such
partner's assets or against any principal, shareholder, officer, director,
trustee or employee of such partner. It is expressly understood that the sole
remedies under the Securities and the Indenture or under any other document with
respect to the Securities, against such parties with respect to such amounts,
obligations or claims shall be against the Issuer.

     This Note is issuable only in registered form without Coupons in
denominations of $100,000 and integral multiples of $1,000 in excess thereof.
This Note may be exchanged for a like aggregate principal amount of Notes of
other authorized denominations at the office or agency of the Issuer in The
Borough of Manhattan, The City of New York, in the manner and subject to the
limitations provided in the Indenture, but without the payment of any service
charge, except for any tax or other governmental charge imposed in connection
therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount shall be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

     The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                       C-8
<Page>

     This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise be required by mandatory provisions of law.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       C-9
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ___________ Custodian ______ (Cust) _____
(minor) under Uniform Gifts to Minors Act __________________________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

     Additional abbreviations may also be used though not in the above list.

                              --------------------

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee.)

This Note and all rights thereunder hereby irrevocably constituting and

appointing Attorney to transfer this Note on the books of the Trustee, with full

power of substitution in the premises.

Dated:
       ----------------------------     ----------------------------------------

                                        Notice: The signature(s) on this
                                        Assignment must correspond with the
                                        name(s) as written upon the face of this
                                        Note in every particular, without
                                        alteration or enlargement or any change
                                        whatsoever.

                                      C-10
<Page>

                        ASSIGNMENT & TRANSFER CERTIFICATE

TO BE COMPLETED AND DELIVERED WITH THIS NOTE TO THE TRUSTEE IF THE UNDERSIGNED
REGISTERED HOLDER WISHES TO SELL, ASSIGN AND TRANSFER NOTE:

     In connection with the resale or other transfer of this Note occurring
prior to the time the legend originally set forth on the face of this Note (or
one or more predecessor Notes) restricting resales and other transfers thereof
has been removed in accordance with the procedures set forth in the Indenture
(other than a resale or other transfer made to the Operating Partnership or to,
by, through, or in a transaction approved by an Initial Purchaser), the
undersigned registered holder certifies that without utilizing any general
solicitation or general advertising:

                                   [CHECK ONE]

/ /     (a)    Such Note is being transferred by the undersigned registered
               holder to a "qualified institutional buyer," as defined in Rule
               144A under the Securities Act of 1933, as amended, pursuant to
               the exemption from registration under the Securities Act of 1933,
               as amended, provided by Rule 144A thereunder.

                                       OR

/ /     (b)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is an "accredited
               investor," as defined in Rule 501(a)(1), (2), (3) or (7) under
               the Securities Act of 1933, as amended, and that the undersigned
               has been advised by the prospective transferee that such
               transferee shall hold such Note for its own account, or as a
               fiduciary or agent for others (which others are also
               institutional accredited investors, unless such transferee is a
               bank acting in its fiduciary capacity), for investment purposes
               and not for distribution, subject to any requirement of law that
               the disposition of such transferee's property shall at all times
               be and remain within its control.

                                       OR

/ /     (c)    Such Note is being transferred by the undersigned registered
               holder to an institutional investor which is a person that is not
               a "U.S. person" (or acquiring such Note for the account or
               benefit of a U.S. person) in an "offshore transaction," as such
               terms are defined in Regulation S under the Securities Act of
               1933, as amended, pursuant to the exemption from registration
               under the Securities Act of 1933, as amended, provided by
               Regulation S thereunder.

                                      C-11
<Page>

     If none of the foregoing boxes are checked, then, so long as this Note
shall bear a legend on the face thereof restricting resales and other transfers
thereof (except in the case of a resale or other transfer made to the Operating
Partnership or to, by, through, or in a transaction approved by, an Initial
Purchaser), the Trustee shall not be obligated to register such Note in the name
of any Person other than the registered holder thereof and until the conditions
to any such registration of transfer set forth in this Note and in the Indenture
shall have been satisfied.

Dated:
       --------------             ---------------------------------------------
                                  [Type or print name of registered holder]

                                  By:
                                      -----------------------------------------

                                  The signature of the registered holder must
                                  correspond with the name as written upon the
                                  face of this Note in every particular,
                                  without alteration or enlargement or any
                                  change whatsoever.

TO BE COMPLETED BY TRANSFEREE
IF (a) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that (i) it is a
"qualified institutional buyer," as defined in Rule 144A under the Securities
Act of 1933, as amended, and acknowledges that the undersigned either has
received such information regarding the Operating Partnership as the undersigned
transferee has requested pursuant to Rule 144A or has determined not to request
such information, (ii) this instrument has been executed on behalf of the
undersigned transferee by one of its executive officers and (iii) it is aware
that the registered holder of this Note is relying upon the undersigned
transferee's foregoing representations in order to claim the exemption from
registration provided by Rule 144A. The undersigned transferee acknowledges and
agrees that this Note has not been registered under the Securities Act of 1933,
as amended, and may not be transferred except in accordance with the resale and
other transfer restrictions set forth in the legend on the face thereof.

Dated:
       --------------             ---------------------------------------------
                                  [Type or print name of transferee]

                                  By:
                                      -----------------------------------------
                                                Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (b) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and an "accredited investor," as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended, and
that this instrument has been executed on behalf of the undersigned transferee
by one of its executive officers. The undersigned transferee undertakes to hold
this Note acquired from the registered holder thereof for its own account, or as
a fiduciary or agent for others (which others are also institutional accredited
investors, unless such transferee is a bank acting in its fiduciary capacity),
for investment purposes and not for distribution, subject to any requirement of
law that the disposition of the undersigned transferee's property shall at all
times be and remain within its control. The undersigned acknowledges

                                      C-12
<Page>

and agrees that this Note has not been registered under the Securities Act of
1933, as amended, and may not be transferred except in accordance with the
resale and other transfer restrictions set forth in the legend on the face
thereof.

Dated:
       --------------             ---------------------------------------------
                                  [Type or print name of transferee]

                                  By:
                                      -----------------------------------------
                                                Executive Officer

TO BE COMPLETED BY TRANSFEREE
IF (c) ABOVE IS CHECKED:

     The undersigned transferee represents and warrants that it is an
institutional investor and that it is not a U.S. person (as defined in
Regulation S under the Securities Act of 1933, as amended) and it is acquiring
this Note from the registered holder thereof in an "offshore transaction" (as
defined in Regulation S) pursuant to the exemption from registration under the
Securities Act of 1933, as amended, provided by Regulation S thereunder. The
undersigned transferee acknowledges and agrees that this Note has not been
registered under the Securities Act of 1933, as amended, and may not be
transferred except in accordance with the resale and other transfer restrictions
set forth in the legend on the face thereof.

Dated:
       --------------             ---------------------------------------------
                                  [Type or print name of transferee]

                                  By:
                                      -----------------------------------------
                                                Executive Officer

                                      C-13
<Page>

                                                                       EXHIBIT D

                          FORM OF EXCHANGE GLOBAL NOTE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC, ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF
DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH
SUCCESSOR.

REGISTERED                                                            REGISTERED
NO. [_____]                                                     PRINCIPAL AMOUNT
CUSIP NO. [__________]                                $[150,000,000/350,000,000]

                                 GLOBAL SECURITY
                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to Cede & Co. or its registered
assigns, the principal sum of [150,000,000/350,000,000] dollars on August 28,
[2008/2012] (the "Maturity Date"), and to pay interest thereon from August 21,
2002, semi-annually in arrears on August 28 and February 28 of each year (each,
an "Interest Payment Date"), commencing on February 28, 2003, and on the
Maturity Date, at the rate of [5.375/6.35]% per annum, until payment of said
principal sum has been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which shall be the 15th calendar day immediately
prior to such payment date or the Maturity Date, as the case may be, regardless
of whether such day is a Business Day (as defined below). Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent record date for the payment of such defaulted interest
(which shall be not less than 10 calendar days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 calendar days
preceding such subsequent record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on

                                       D-1
<Page>

which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture (as defined below).
Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months.

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, shall be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including August 21, 2002, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date shall be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

     If this Note is exchanged in an Exchange Offer prior to the Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

     The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated August 21, 2002 (the "Registration Rights Agreement")
among the Issuer and Banc of America Securities LLC, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit
Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC,
Commerzbank Capital Markets Corp. and Dresdner Kleinwort
Wasserstein-Grantchester, Inc. (collectively, the "Initial Purchasers").

     If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, in each case as described below, then a special
interest premium (the "Special Interest Premium") shall become payable in
respect of the Notes as follows:

     If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions shall in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration

                                       D-2
<Page>

Statement and the Holder of this Note does not deliver such information to the
Operating Partnership when required pursuant to the Registration Rights
Agreement, then the Holder of this Note shall not be entitled to any such
increase in the interest rate for any day after the 180th day following the
Closing Date. Upon (1) the filing of the Exchange Offer Registration statement
after the 90-day period described in clause (i), (2) the effectiveness of the
Exchange Offer Registration Statement after the 135-day period described in
clause (ii) above or (3) the consummation of the Exchange Offer or the
effectiveness of a Shelf Registration Statement, as the case may be, after the
180-day period described in clause (iii) above, the interest rate on this Note
from the date of such effectiveness or consummation, as the case may be, shall
be reduced to the original interest rate provided for herein.

     If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that is the second anniversary
of the Closing Date (or, if Rule 144(k) of the Securities Act is amended to
provide a shorter restrictive period, the end of such shorter period) or (ii)
the date as of which this Note is sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

     The principal of this Note payable on the Maturity Date shall be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

     Payments of principal and interest in respect of this Note shall be made by
wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       D-3
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: _______________, 20__

                                        SIMON PROPERTY GROUP, L.P.
                                              as Issuer

                                        By:   SIMON PROPERTY GROUP, INC.
                                              as General Partner

                                        By:
                                            ------------------------------------
                                            Name:
Attest:                                     Title:

By:
    -----------------------------------
    Name:
    Title:

                                       D-4
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK
                                              as Trustee

                                        By:
                                            ------------------------------------
                                              Authorized Officer

                                       D-5
<Page>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which
Indenture and all indentures supplemental thereto relating to this Note
(including, without limitation, the Tenth Supplemental Indenture, dated as of
August 21, 2002, between the Issuer and the Trustee) reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered and for the definition of capitalized terms used
hereby and not otherwise defined. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. [5.375/6.35]% Notes due [2008/2012], initially limited in aggregate
principal amount to $[150,000,000/350,000,000] (the "Notes").

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

     The Notes may be redeemed at any time at the option of the Issuer, in whole
or from time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption shall be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid

                                       D-6
<Page>

percentage of Securities the Holders of which are required to consent to any
such supplemental indenture, or (iii) reduce the percentage of Securities the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture, or (iv) effect certain other changes to the Indenture or any
supplemental indenture or in the rights of Holders of the Securities. The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be), to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

     Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. or such
partner's assets or against any principal, shareholder, officer, director,
trustee or employee of such partner. It is expressly understood that the sole
remedies under the Securities and the Indenture or under any other document with
respect to the Securities, against such parties with respect to such amounts,
obligations or claims shall be against the Issuer.

     This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount shall be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

     The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                       D-7
<Page>

     This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise be required by mandatory provisions of law.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       D-8
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ___________ Custodian ______ (Cust) _____
(minor) under Uniform Gifts to Minors Act __________________________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

     Additional abbreviations may also be used though not in the above list.

                              --------------------

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee.)

This Note and all rights thereunder hereby irrevocably constituting and

appointing Attorney to transfer this Note on the books of the Trustee, with full

power of substitution in the premises.

Dated:
       ----------------------------     ----------------------------------------

                                        Notice: The signature(s) on this
                                        Assignment must correspond with the
                                        name(s) as written upon the face of this
                                        Note in every particular, without
                                        alteration or enlargement or any change
                                        whatsoever.

                                       D-9
<Page>

                                                                       EXHIBIT E

                       FORM OF EXCHANGE CERTIFICATED NOTE

REGISTERED                                                            REGISTERED
NO. [_____]                                                     PRINCIPAL AMOUNT
CUSIP NO. [__________]                                $[150,000,000/350,000,000]

                               DEFINITIVE SECURITY
                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     Simon Property Group, L.P., a Delaware limited partnership (the "Issuer,"
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to _____________________________, or
registered assigns, the principal sum of ____________________ dollars on August
28, [2008/2012] (the "Maturity Date"), and to pay interest thereon from August
21, 2002, semi-annually in arrears on August 28 and February 28 of each year
(each, an "Interest Payment Date"), commencing on February 28, 2003, and on the
Maturity Date, at the rate of [5.375/6.35]% per annum, until payment of said
principal sum has been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on any
Interest Payment Date and on the Maturity Date shall be paid to the Holder in
whose name this Note (or one or more predecessor Notes) is registered in the
Security Register applicable to this Note at the close of business on the
"Record Date" for such payment, which shall be the 15th calendar day immediately
prior to such payment date or the Maturity Date, as the case may be, regardless
of whether such day is a Business Day (as defined below). Any interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may be paid to the Holder in whose name
this Note (or one or more predecessor Notes) is registered at the close of
business on a subsequent record date for the payment of such defaulted interest
(which shall be not less than 10 calendar days prior to the date of the payment
of such defaulted interest) established by notice given by mail by or on behalf
of the Issuer to the Holders of the Notes not less than 10 calendar days
preceding such subsequent record date, or may be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in the Indenture (as defined below).
Interest on this Note shall be computed on the basis of a 360-day year of twelve
30-day months.

     Interest payable on this Note on any Interest Payment Date and on the
Maturity Date, as the case may be, shall be the amount of interest accrued from
and including the immediately preceding Interest Payment Date (or from and
including August 21, 2002, in the case of the initial Interest Payment Date) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the
case may be. If any date for the payment of principal, premium, if any, interest
on, or any other amount with respect to, this Note (each a "Payment Date") falls
on a day that is not a Business Day, the principal, premium, if any, or interest
payable with respect to such Payment Date shall be made on the next succeeding
Business Day with the same force and effect as if made on such Payment Date, and
no interest shall accrue on the amount so payable for the period from and after
such Payment Date to such next succeeding Business Day. "Business Day" means any
day, other than a Saturday or a Sunday on which banking institutions in New
York, New York are open for business.

                                       E-1
<Page>

     If this Note is exchanged in an Exchange Offer prior to the Record Date for
the first Interest Payment Date following such exchange, accrued and unpaid
interest, if any, on this Note, up to but not including the date of issuance of
the Note(s) issued in exchange (the "Exchange Note") for this Note, shall be
paid on the first Interest Payment Date for such Exchange Note(s) to the Holder
or Holders of such Exchange Note(s) on the first Record Date with respect to
such Exchange Note(s). If this Note is exchanged in an Exchange Offer subsequent
to the Record Date for the first Interest Payment Date following such exchange
but on or prior to the Interest Payment Date, then any such accrued and unpaid
interest with respect to this Note and any accrued and unpaid interest on the
Exchange Note(s) issued in exchange for this Note, through the day before such
Interest Payment Date, shall be paid on such Interest Payment Date to the Holder
of this Note on the Record Date.

     The Holder of this Note is entitled to the benefits of the Registration
Rights Agreement dated August 21, 2002 (the "Registration Rights Agreement")
among the Issuer and Banc of America Securities LLC, Merrill Lynch & Co.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch"), Credit
Suisse First Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC,
Commerzbank Capital Markets Corp. and Dresdner Kleinwort
Wasserstein-Grantchester, Inc. (collectively, the "Initial Purchasers").

     If the Operating Partnership fails to comply with certain provisions of the
Registration Rights Agreement, in each case as described below, then a special
interest premium (the "Special Interest Premium") shall become payable in
respect of the Notes as follows:

     If (i) a registration statement with respect to the Exchange Notes (the
"Exchange Offer Registration Statement") is not filed with the Commission on or
prior to the 90th day following the Closing Date, (ii) the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date or (iii) the Exchange Offer is not consummated or the
shelf registration statement covering resales of the Notes (the "Shelf
Registration Statement") is not declared effective on or prior to the 180th day
following the Closing Date, the Special Interest Premium shall accrue from and
including the next day following each of (a) such 90-day period in the case of
clause (i) above, (b) such 135-day period in the case of clause (ii) above and
(c) such 180-day period in the cause of clause (iii) above, in each case at a
rate equal to 0.50% per annum. The aggregate amount of the Special Interest
Premium payable pursuant to the above provisions shall in no event exceed 0.50%
per annum. If the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date and the
Operating Partnership shall request the Holder of this Note to provide the
information called for by the Registration Rights Agreement for inclusion in the
Shelf Registration Statement and the Holder of this Note does not deliver such
information to the Operating Partnership when required pursuant to the
Registration Rights Agreement, then the Holder of this Note shall not be
entitled to any such increase in the interest rate for any day after the 180th
day following the Closing Date. Upon (1) the filing of the Exchange Offer
Registration statement after the 90-day period described in clause (i), (2) the
effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on this Note from the date of such effectiveness or consummation, as the case
may be, shall be reduced to the original interest rate provided for herein.

     If a Shelf Registration Statement is declared effective, and if the
Operating Partnership fails to keep such Shelf Registration Statement
continuously (x) effective or (y) useable for resales for the period required by
the Registration Rights Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than

                                       E-2
<Page>

60 days (whether or not consecutive) in any 12-month period (the 61st day being
referred to as the "Default Day"), then from the Default Day until the earlier
of (i) the date that is the second anniversary of the Closing Date (or, if Rule
144(k) of the Securities Act is amended to provide a shorter restrictive period,
the end of such shorter period) or (ii) the date as of which this Note is sold
pursuant to the Shelf Registration Statement, the Special Interest Premium shall
accrue at a rate equal to 0.50% per annum.

     The principal of this Note payable on the Maturity Date shall be paid
against presentation and surrender of this Note at the office or agency of the
Issuer maintained for that purpose in The Borough of Manhattan, The City of New
York. The Issuer hereby initially designates the Corporate Trust Office of the
Trustee in The City of New York as the office to be maintained by it where Notes
may be presented for payment, registration of transfer or exchange, and where
notices to or demands upon the Issuer in respect of the Notes or the Indenture
referred to on the reverse hereof may be served.

     Payments of principal and interest in respect of this Note shall be made by
wire transfer of immediately available funds in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof after the Trustee's Certificate of Authentication. Such further
provisions shall for all purposes have the same effect as though fully set forth
at this place.

     This Note shall not be entitled to the benefits of the Indenture or be
valid or obligatory for any purpose until the Certificate of Authentication
hereon shall have been signed by the Trustee under such Indenture.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       E-3
<Page>

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed
manually or by facsimile by its authorized officers.

Dated: _______________, 20__

                                        SIMON PROPERTY GROUP, L.P.
                                              as Issuer

                                        By:   SIMON PROPERTY GROUP, INC.
                                              as General Partner

                                        By:
                                            ------------------------------------
                                            Name:
Attest:                                     Title:

By:
    -----------------------------------
    Name:
    Title:

                                       E-4
<Page>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated herein referred to
in the within-mentioned Indenture.

                                        JPMORGAN CHASE BANK
                                              as Trustee

                                        By:
                                            ------------------------------------
                                              Authorized Officer

                                       E-5
<Page>

                                [REVERSE OF NOTE]

                           SIMON PROPERTY GROUP, L.P.

                       [5.375/6.35]% NOTE DUE [2008/2012]

     This security is one of a duly authorized issue of debt securities of the
Issuer (hereinafter called the "Securities"), issued or to be issued under and
pursuant to an Indenture dated as of November 26, 1996 (herein called the
"Indenture"), duly executed and delivered by the Issuer to JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Trustee (herein called the
"Trustee," which term includes any successor trustee under the Indenture with
respect to the series of Securities of which this Note is a part), to which
Indenture and all indentures supplemental thereto relating to this Note
(including, without limitation, the Tenth Supplemental Indenture, dated as of
August 21, 2002, between the Issuer and the Trustee) reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Trustee, the Issuer and the Holders of the
Securities, and of the terms upon which the Securities are, and are to be,
authenticated and delivered and for the definition of capitalized terms used
hereby and not otherwise defined. The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), and may
otherwise vary as provided in the Indenture or any indenture supplemental
thereto. This Security is one of a series designated as the Simon Property
Group, L.P. [5.375/6.35]% Notes due [2008/2012], initially limited in aggregate
principal amount to $[150,000,000/350,000,000] (the "Notes").

     In case an Event of Default with respect to the Notes shall have occurred
and be continuing, the principal amount of the Notes and the Make-Whole Amount
may be declared accelerated and thereupon become due and payable, in the manner,
with the effect, and subject to the conditions provided in the Indenture.

     The Notes may be redeemed at any time at the option of the Issuer, in whole
or from time to time in part, at a redemption price equal to the sum of (i) 100%
of the principal amount of the Notes being redeemed plus accrued interest
thereon to the Redemption Date and (ii) the Make-Whole Amount, if any, with
respect to such Notes. Notice of any optional redemption shall be given to
Holders at their addresses, as shown in the Security Register for the Notes, not
more than 60 nor less than 30 days prior to the date fixed for redemption. The
notice of redemption shall specify, among other items, the redemption price and
the principal amount of the Notes to be redeemed.

     The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the Holders of not less than a majority of the aggregate
principal amount of the Securities at the time Outstanding of all series to be
affected (voting as one class), evidenced as provided in the Indenture, to
execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of
the Securities of each series; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
so affected, (i) change the Stated Maturity of the principal of, or premium, (if
any) or any installment of principal of or interest on, any Security, or reduce
the principal amount thereof or the rate or amount of interest thereon or any
premium payable upon the redemption or acceleration thereof, or adversely affect
any right of repayment at the option of the Holder of any Security, or change
any Place of Payment where, or the currency or currencies, currency unit or
units or composite currency or currencies in which, the principal of any
Security or any premium or interest thereon is payable, or impair the right to
institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof, or (ii) reduce the aforesaid

                                       E-6
<Page>

percentage of Securities the Holders of which are required to consent to any
such supplemental indenture, or (iii) reduce the percentage of Securities the
Holders of which are required to consent to any waiver of compliance with
certain provisions of the Indenture or any waiver of certain defaults and
consequences thereunder or to reduce the quorum or voting requirements set forth
in the Indenture, or (iv) effect certain other changes to the Indenture or any
supplemental indenture or in the rights of Holders of the Securities. The
Indenture also permits the Holders of a majority in principal amount of the
Outstanding Securities of any series (or, in the case of certain defaults or
Events of Default, all series of Securities), on behalf of the Holders of all
the Securities of such series (or all of the Securities, as the case may be), to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults or Events of Default under the Indenture and their
consequences, prior to any declaration accelerating the maturity of such
Securities, or subject to certain conditions, rescind a declaration of
acceleration and its consequences with respect to such Securities. Any such
consent or waiver by the Holder of this Note (unless revoked as provided in the
Indenture) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note that may be issued in exchange or
substitution hereof, irrespective of whether or not any notation thereof is made
upon this Note or such other Note.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note in the manner, at the respective times, at the rate and in
the coin or currency herein prescribed.

     Notwithstanding any other provision of the Indenture to the contrary, no
recourse shall be had, whether by levy or execution or otherwise, for the
payment of any sums due under the Securities, including, without limitation, the
principal of, premium, if any, or interest payable under the Securities, or for
the payment or performance of any obligation under, or for any claim based on,
the Indenture or otherwise in respect thereof, against any partner of the
Issuer, whether limited or general, including Simon Property Group, Inc. or such
partner's assets or against any principal, shareholder, officer, director,
trustee or employee of such partner. It is expressly understood that the sole
remedies under the Securities and the Indenture or under any other document with
respect to the Securities, against such parties with respect to such amounts,
obligations or claims shall be against the Issuer.

     This Note is issuable only in registered form without Coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. This
Note may be exchanged for a like aggregate principal amount of Notes of other
authorized denominations at the office or agency of the Issuer in The Borough of
Manhattan, The City of New York, in the manner and subject to the limitations
provided in the Indenture, but without the payment of any service charge, except
for any tax or other governmental charge imposed in connection therewith.

     Upon due presentment for registration of transfer of this Note at the
office or agency of the Issuer in The Borough of Manhattan, The City of New
York, one or more new Notes of authorized denominations in an equal aggregate
principal amount shall be issued to the transferee in exchange therefor, subject
to the limitations provided in the Indenture, without charge, except for any tax
or other governmental charge imposed in connection therewith.

     The Issuer, the Trustee and any authorized agent of the Issuer or the
Trustee may deem and treat the Person in whose name this Note is registered as
the absolute owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon), for the
purpose of receiving payment of, or on account of, the principal and any premium
hereof or hereon, and subject to the provisions on the face hereof, interest
hereon, and for all other purposes, and neither the Issuer nor the Trustee nor
any authorized agent of the Issuer or the Trustee shall be affected by any
notice to the contrary.

                                       E-7
<Page>

     This Note, including the validity hereof, and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York,
and for all purposes shall be construed in accordance with the laws of such
state, except as may otherwise be required by mandatory provisions of law.

     Capitalized terms used herein which are not otherwise defined shall have
the respective meanings assigned to them in the Indenture and the Tenth
Supplemental Indenture referred to herein.

                                       E-8
<Page>

                                  ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this Note, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM - as tenants in common
UNIF GIFT MIN ACT - ___________ Custodian ______ (Cust) _____
(minor) under Uniform Gifts to Minors Act __________________________ (State)
TEN ENT - as tenants by the entireties
JT TEN - as joint tenants with right of survivorship and not as tenants in
common

     Additional abbreviations may also be used though not in the above list.

                              --------------------

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

--------------------------------------------------------------------------------
(Please print or typewrite name and address including postal zip code of
assignee.)

This Note and all rights thereunder hereby irrevocably constituting and

appointing Attorney to transfer this Note on the books of the Trustee, with full

power of substitution in the premises.

Dated:
       ----------------------------     ----------------------------------------

                                        Notice: The signature(s) on this
                                        Assignment must correspond with the
                                        name(s) as written upon the face of this
                                        Note in every particular, without
                                        alteration or enlargement or any change
                                        whatsoever.

                                       E-9<Page>

                                                                     EXHIBIT 4.3

                                                                  EXECUTION COPY

                               ------------------

                          REGISTRATION RIGHTS AGREEMENT

                           DATED AS OF AUGUST 21, 2002

                                      AMONG

                           SIMON PROPERTY GROUP, L.P.

                                       AND

                         BANC OF AMERICA SECURITIES LLC
                               MERRILL LYNCH & CO.
               MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
                     CREDIT SUISSE FIRST BOSTON CORPORATION
                          DEUTSCHE BANK SECURITIES INC.
                                 UBS WARBURG LLC
                        COMMERZBANK CAPITAL MARKETS CORP.
                DRESDNER KLEINWORT WASSERSTEIN-GRANTCHESTER, INC.

                               ------------------

<Page>

                          REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the "Agreement") is made and entered
into this 21st day of August, 2002, among Simon Property Group, L.P., a Delaware
limited partnership (the "Operating Partnership"), and Banc of America
Securities LLC ("Banc of America"), Merrill Lynch & Co., Merrill Lynch, Pierce,
Fenner & Smith Incorporated ("Merrill Lynch"), Credit Suisse First Boston
Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC, Commerzbank Capital
Markets Corp., and Dresdner Kleinwort Wasserstein-Grantchester, Inc.
(collectively, the "Initial Purchasers"). Capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Purchase Agreement.

     This Agreement is made pursuant to the Purchase Agreement, dated August 15,
2002, among the Operating Partnership and the Initial Purchasers (the "Purchase
Agreement"), which provides for the sale by the Operating Partnership to the
Initial Purchasers of an aggregate of $150,000,000 principal amount of the
Operating Partnership's 5.375% senior unsecured notes due 2008 and an aggregate
of $350,000,000 principal amount of the Operating Partnership's 6.35% senior
unsecured notes due 20128 (collectively, the "Securities"). In order to induce
the Initial Purchasers to enter into the Purchase Agreement, the Operating
Partnership has agreed to provide to the Initial Purchasers and their direct and
indirect transferees the registration rights set forth in this Agreement. The
execution of this Agreement is a condition to the closing under the Purchase
Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1.   DEFINITIONS.

     As used in this Agreement, the following capitalized defined terms shall
have the following meanings:

     "1933 ACT" shall mean the Securities Act of 1933, as amended from time to
time.

     "1934 ACT" shall mean the Securities Exchange Act of 1934, as amended from
time to time.

     "BANC OF AMERICA" shall have the meaning set forth in the preamble.

     "CLOSING DATE" shall mean the Closing Time as defined in the Purchase
Agreement.

     "DEPOSITARY" shall mean The Depository Trust Company, or any other
depositary appointed by the Operating Partnership, PROVIDED, HOWEVER, that such
depositary must have an address in the Borough of Manhattan, in the City of New
York.

     "EXCHANGE OFFER" shall mean the exchange offer by the Operating Partnership
of Exchange Securities for Registrable Securities pursuant to Section 2.1
hereof.

     "EXCHANGE OFFER REGISTRATION" shall mean a registration under the 1933 Act
effected pursuant to Section 2.1 hereof.

     "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form), and all amendments and supplements to such registration statement,
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

     "EXCHANGE PERIOD" shall have the meaning set forth in Section 2.1 hereof.

     "EXCHANGE SECURITIES" shall mean the 5.375% senior unsecured notes due 2008
and the 6.35% senior unsecured notes due 2012 issued by the Operating
Partnership under the Indenture containing terms identical to the Securities in
all material respects (except for references to certain interest rate

<Page>

provisions, restrictions on transfers and restrictive legends), to be offered to
Holders of Securities in exchange for Registrable Securities pursuant to the
Exchange Offer.

     "HOLDER" shall mean an Initial Purchaser, for so long as it owns any
Registrable Securities, and each of its successors, assigns and direct and
indirect transferees who become registered owners of Registrable Securities
under the Indenture and each Participating Broker-Dealer that holds Exchange
Securities for so long as such Participating Broker-Dealer is required to
deliver a prospectus meeting the requirements of the 1933 Act in connection with
any resale of such Exchange Securities.

     "INDENTURE" shall mean the Indenture relating to the Securities, dated as
of November 26, 1996, between the Operating Partnership, Simon Property Group,
L.P., a Delaware limited partnership (which, effective December 31, 1997, was
merged into the Operating Partnership) and The Chase Manhattan Bank, as trustee,
as the same may be amended, supplemented, waived or otherwise modified from time
to time in accordance with the terms thereof.

     "INITIAL PURCHASER" or "INITIAL PURCHASERS" shall have the meaning set
forth in the preamble.

     "MAJORITY HOLDERS" shall mean the Holders of a majority of the aggregate
principal amount of Outstanding (as defined in the Indenture) Registrable
Securities; PROVIDED, that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Operating Partnership and other obligors or
any Affiliate (as defined in the Indenture) of the Operating Partnership shall
be disregarded in determining whether such consent or approval was given by the
Holders of such required percentage amount.

     "MERRILL LYNCH" shall have the meaning set forth in the preamble.

     "OPERATING PARTNERSHIP" shall have the meaning set forth in the preamble
and shall also include the Operating Partnership's successors.

     "PARTICIPATING BROKER-DEALER" shall mean any of Banc of America, Merrill
Lynch and any other broker-dealer which makes a market in the Securities and
exchanges Registrable Securities in the Exchange Offer for Exchange Securities.

     "PERSON" shall mean an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

     "PRIVATE EXCHANGE" shall have the meaning set forth in Section 2.1 hereof.

     "PRIVATE EXCHANGE SECURITIES" shall have the meaning set forth in
Section 2.1 hereof.

     "PROSPECTUS" shall mean the prospectus included in a Registration
Statement, including any preliminary prospectus, and any such prospectus as
amended or supplemented by any prospectus supplement, including any such
prospectus supplement with respect to the terms of the offering of any portion
of the Registrable Securities covered by a Shelf Registration Statement, and by
all other amendments and supplements to a prospectus, including post-effective
amendments, and in each case including all material incorporated by reference
therein.

     "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble.

     "REGISTRABLE SECURITIES" shall mean the Securities and, if issued, the
Private Exchange Securities; PROVIDED, HOWEVER, the Securities and, if issued,
the Private Exchange Securities, shall cease to be Registrable Securities when
(i) a Registration Statement with respect to such Securities shall have been
declared effective under the 1933 Act and such Securities shall have been
disposed of pursuant to such Registration Statement, (ii) such Securities have
been sold to the public pursuant to Rule 144 (or any similar provision then in
force, but not Rule 144A) under the 1933 Act, (iii) such Securities shall have

                                        3
<Page>

ceased to be outstanding, or (iv) the Exchange Offer is consummated (except in
the case of Securities purchased from the Operating Partnership and continued to
be held by the Initial Purchasers).

     "REGISTRATION EXPENSES" shall mean any and all expenses incident to
performance of or compliance by the Operating Partnership with this Agreement,
including without limitation: (i) all SEC, stock exchange or National
Association of Securities Dealers, Inc. (the "NASD") registration and filing
fees, including, if applicable, the fees and expenses of any "qualified
independent underwriter" (and its counsel) that is required to be retained by
any holder of Registrable Securities in accordance with the rules and
regulations of the NASD, (ii) all fees and expenses incurred in connection with
compliance with state securities or blue sky laws and compliance with the rules
of the NASD (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with the blue sky qualification of any of
the Exchange Securities or Registrable Securities and any filings with the
NASD), (iii) all expenses of any Persons in preparing or assisting in preparing,
word processing, printing and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements and other documents relating to the performance of
and compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing, if any, of any of the Registrable Securities on any
securities exchange or exchanges, (v) all rating agency fees, (vi) the fees and
disbursements of counsel for the Operating Partnership and of the independent
public accountants of the Operating Partnership, including the expenses of any
special audits or "cold comfort" letters required by or incident to such
performance and compliance, (vii) the fees and expenses of the Trustee, and any
escrow agent or custodian, (viii) the reasonable fees and expenses of the
Initial Purchasers in connection with the Exchange Offer, including the
reasonable fees and expenses of counsel to the Initial Purchasers in connection
therewith, (ix) the reasonable fees and disbursements of any special counsel
representing the Holders of Registrable Securities, and (x) any fees and
disbursements of the underwriters customarily required to be paid by issuers or
sellers of securities and the fees and expenses of any special experts retained
by the Operating Partnership in connection with any Registration Statement, but
excluding underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of Registrable Securities by a Holder.

     "REGISTRATION STATEMENT" shall mean any registration statement of the
Operating Partnership which covers any of the Exchange Securities or Registrable
Securities pursuant to the provisions of this Agreement, and all amendments and
supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein.

     "SEC" shall mean the Securities and Exchange Commission or any successor
agency or government body performing the functions currently performed by the
United States Securities and Exchange Commission.

     "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 2.2 hereof.

     "SHELF REGISTRATION STATEMENT" shall mean a "shelf" registration statement
of the Operating Partnership pursuant to the provisions of Section 2.2 of this
Agreement which covers all of the Registrable Securities or all of the Private
Exchange Securities on an appropriate form under Rule 415 under the 1933 Act, or
any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

     "TIA" shall mean the Trust Indenture Act of 1939, as amended from time to
time.

     "TRUSTEE" shall mean the trustee with respect to the Securities under the
Indenture.

                                        4
<Page>

     2.   REGISTRATION UNDER THE 1933 ACT.

          2.1    EXCHANGE OFFER. The Operating Partnership shall, for the
benefit of the Holders, at the Operating Partnership's cost, (A) use its
reasonable best efforts to prepare and, as soon as practicable but not later
than 90 days after the Closing Date, file with the SEC an Exchange Offer
Registration Statement on an appropriate form under the 1933 Act with respect to
a proposed Exchange Offer and the issuance and delivery to the Holders, in
exchange for the Registrable Securities (other than Private Exchange
Securities), of a like principal amount of Exchange Securities, (B) use its
reasonable best efforts to cause the Exchange Offer Registration Statement to be
declared effective under the 1933 Act within 135 days of the Closing Date, (C)
use its reasonable best efforts to keep the Exchange Offer Registration
Statement effective until the closing of the Exchange Offer, and (D) use its
reasonable best efforts to cause the Exchange Offer to be consummated not later
than 180 days following the Closing Date. The Exchange Securities shall be
issued under the Indenture. Upon the effectiveness of the Exchange Offer
Registration Statement, the Operating Partnership shall promptly commence the
Exchange Offer, it being the objective of such Exchange Offer to enable each
Holder eligible and electing to exchange Registrable Securities for Exchange
Securities (assuming that such Holder (a) is not an affiliate of the Operating
Partnership within the meaning of Rule 405 under the 1933 Act, (b) is not a
broker-dealer tendering Registrable Securities acquired directly from the
Operating Partnership for its own account, (c) acquired the Exchange Securities
in the ordinary course of such Holder's business, or (d) has no arrangements or
understandings with any Person to participate in the Exchange Offer for the
purpose of distributing the Exchange Securities) to transfer such Exchange
Securities from and after their receipt without any limitations or restrictions
under the 1933 Act and under state securities or blue sky laws.

     In connection with the Exchange Offer, the Operating Partnership shall:

     (a)  mail as promptly as practicable to each Holder a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal and related documents;

     (b)  keep the Exchange Offer open for acceptance for a period of not less
than 30 calendar days after the date notice thereof is mailed to the Holders (or
longer if required by applicable law) (such period referred to herein as the
"Exchange Period");

     (c)  utilize the services of the Depositary for the Exchange Offer;

     (d)  permit Holders to withdraw tendered Registrable Securities at any time
prior to 5:00 p.m. (Eastern Time), on the last business day of the Exchange
Period, by sending to the institution specified in the notice, a telegram,
telex, facsimile transmission or letter setting forth the name of such Holder,
the principal amount of Registrable Securities delivered for exchange, and a
statement that such Holder is withdrawing such Holder's election to have such
Securities exchanged;

     (e)  notify each Holder that any Registrable Security not tendered shall
remain outstanding and continue to accrue interest, but shall not retain any
rights under this Agreement (except in the case of the Initial Purchasers and
Participating Broker-Dealers as provided herein); and

     (f)  otherwise comply in all respects with all applicable laws relating to
the Exchange Offer.

     If, prior to consummation of the Exchange Offer, the Initial Purchasers
hold any Securities acquired by them and having the status of an unsold
allotment in the initial distribution, the Operating Partnership upon the
request of any Initial Purchaser shall, simultaneously with the delivery of the
Exchange Securities in the Exchange Offer, issue and deliver to such Initial
Purchaser in exchange (the

                                        5
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"Private Exchange") for the Securities held by such Initial Purchaser, a like
principal amount of debt securities of the Operating Partnership that are
identical (except that such securities shall bear appropriate transfer
restrictions) to the Exchange Securities (the "Private Exchange Securities").

     The Exchange Securities and the Private Exchange Securities shall be issued
under (i) the Indenture or (ii) an indenture identical in all material respects
to the Indenture and which, in either case, has been qualified under the TIA, or
is exempt from such qualification and shall provide that the Exchange Securities
shall not be subject to the transfer restrictions set forth in the Indenture but
that the Private Exchange Securities shall be subject to such transfer
restrictions. The Indenture or such indenture shall provide that the Exchange
Securities, the Private Exchange Securities and the Securities shall vote and
consent together on all matters as one class and that none of the Exchange
Securities, the Private Exchange Securities or the Securities shall have the
right to vote or consent as a separate class on any matter. The Private Exchange
Securities shall be of the same series as and the Operating Partnership shall
use all commercially reasonable efforts to have the Private Exchange Securities
bear the same CUSIP number as the Exchange Securities. The Operating Partnership
shall not have any liability under this Agreement solely as a result of such
Private Exchange Securities not bearing the same CUSIP number as the Exchange
Securities.

     As soon as practicable after the close of the Exchange Offer and/or the
Private Exchange, as the case may be, the Operating Partnership shall:

          (i)    accept for exchange all Registrable Securities duly tendered
and not validly withdrawn pursuant to the Exchange Offer in accordance with the
terms of the Exchange Offer Registration Statement and the letter of transmittal
which shall be an exhibit thereto;

          (ii)   accept for exchange all Securities properly tendered pursuant
to the Private Exchange;

          (iii)  deliver to the Trustee for cancellation all Registrable
Securities so accepted for exchange; and

          (iv)   cause the Trustee promptly to authenticate and deliver Exchange
Securities or Private Exchange Securities, as the case may be, to each Holder of
Registrable Securities so accepted for exchange in a principal amount equal to
the principal amount of the Registrable Securities of such Holder so accepted
for exchange.

     Interest on each Exchange Security and Private Exchange Security shall
accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the date of original issuance. The Exchange
Offer and the Private Exchange shall not be subject to any conditions, other
than (i) that the Exchange Offer or the Private Exchange, or the making of any
exchange by a Holder, does not violate applicable law or any applicable
interpretation of the staff of the SEC, (ii) the due tendering of Registrable
Securities in accordance with the Exchange Offer and the Private Exchange, (iii)
that each Holder of Registrable Securities exchanged in the Exchange Offer shall
have represented that all Exchange Securities to be received by it shall be
acquired in the ordinary course of its business and that at the time of the
consummation of the Exchange Offer it shall have no arrangement or understanding
with any person to participate in the distribution (within the meaning of the
1933 Act) of the Exchange Securities and shall have made such other
representations as may be reasonably necessary under applicable SEC rules,
regulations or interpretations to render the use of Form S-4 or other
appropriate form under the 1933 Act available, and (iv) that no action or
proceeding shall have been instituted or threatened in any court or by or before
any governmental agency with respect to the Exchange Offer or the Private
Exchange which, in the Operating Partnership's judgment, would reasonably be
expected to impair the ability of the Operating

                                        6
<Page>

Partnership to proceed with the Exchange Offer or the Private Exchange. The
Operating Partnership shall inform the Initial Purchasers of the names and
addresses of the Holders to whom the Exchange Offer is made, and the Initial
Purchasers shall have the right to contact such Holders and otherwise facilitate
the tender of Registrable Securities in the Exchange Offer.

          2.2    SHELF REGISTRATION.

     (a)  If, because of any changes in law, SEC rules or regulations or
applicable interpretations thereof by the staff of the SEC, the Operating
Partnership is not permitted to effect the Exchange Offer as contemplated by
Section 2.1 hereof, (ii) if for any other reason the Exchange Offer is not
consummated within 180 days after the original issue of the Registrable
Securities, or (iii) if a Holder is not permitted to participate in the Exchange
Offer or does not receive fully tradeable Exchange Securities pursuant to the
Exchange Offer (other than due solely to the status of such holder as an
affiliate of the Operating Partnership within the meaning of the 1933 Act or as
a broker dealer), then in case of each of clauses (i) through (iii) the
Operating Partnership shall (x) promptly deliver to the holders written notice
thereof and (y) at the Operating Partnership's sole expense:

     (b)  As promptly as practicable, (but in no event more than 60 days after
so required or requested pursuant to this Agreement) file with the SEC, and
thereafter shall use its best efforts to cause to be declared effective as
promptly as practicable but no later than 180 days after the original issue of
the Registrable Securities, a Shelf Registration Statement relating to the offer
and sale of the Registrable Securities by the Holders from time to time in
accordance with the methods of distribution elected by the Majority Holders
participating in the Shelf Registration and set forth in such Shelf Registration
Statement.

     (c)  Use its best efforts to keep the Shelf Registration Statement
continuously effective in order to permit the Prospectus forming part thereof to
be usable by Holders for a period of two years from the date the Shelf
Registration Statement is declared effective by the SEC, or for such shorter
period that will terminate when all Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement or cease to be outstanding or otherwise to be Registrable Securities
(the "Effectiveness Period"); PROVIDED, HOWEVER, that the Effectiveness Period
in respect of the Shelf Registration Statement shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the 1933 Act and as otherwise provided herein.

     (d)  Notwithstanding any other provisions hereof, use its best efforts to
ensure that (i) any Shelf Registration Statement and any amendment thereto and
any Prospectus forming part thereof and any supplement thereto complies in all
material respects with the 1933 Act and the rules and regulations thereunder,
(ii) any Shelf Registration Statement and any amendment thereto does not, when
it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading, and (iii) any Prospectus forming part of any
Shelf Registration Statement, and any supplement to such Prospectus (as amended
or supplemented from time to time), does not include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements, in light of the circumstances under which they were made, not
misleading.

     No Holder of Registrable Securities shall be entitled to include any of its
Registrable Securities in any Shelf Registration pursuant to this Agreement
unless and until such Holder agrees in writing to be bound by all of the
provisions of this Agreement applicable to such Holder and furnishes to the
Operating Partnership in writing within 15 days after receipt of a request
therefor, such information as the Operating Partnership may, after conferring
with counsel, reasonably request for inclusion in any Shelf Registration

                                        7
<Page>

Statement or Prospectus included therein. Each Holder as to which any Shelf
Registration is being effected agrees to furnish to the Operating Partnership
all information with respect to such Holder necessary to make the information
previously furnished to the Operating Partnership by such Holder not materially
misleading.

     The Operating Partnership shall not permit any securities other than
Registrable Securities to be included in the Shelf Registration Statement. The
Operating Partnership further agrees, if necessary, to supplement or amend the
Shelf Registration Statement, as required by Section 3(b) below, and to furnish
to the Holders of Registrable Securities copies of any such supplement or
amendment promptly after its being used or filed with the SEC.

          2.3    EXPENSES. The Operating Partnership shall pay all Registration
Expenses in connection with the registration pursuant to Section 2.1 or Section
2.2. Each Holder shall pay all underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder's
Registrable Securities pursuant to the Shelf Registration Statement.

          2.4    EFFECTIVENESS.

     (a)  The Operating Partnership shall be deemed not to have used its best
efforts to cause the Exchange Offer Registration Statement or the Shelf
Registration Statement, as the case may be, to become, or to remain, effective
during the requisite period if the Operating Partnership voluntarily takes any
action that would, or omits to take any action which omission would, result in
any such Registration Statement not being declared effective or in the Holders
of Registrable Securities covered thereby not being able to exchange or offer
and sell such Registrable Securities during that period as and to the extent
contemplated hereby, unless such action is required by applicable law.

     (b)  An Exchange Offer Registration Statement pursuant to Section 2.1
hereof or a Shelf Registration Statement pursuant to Section 2.2 hereof shall
not be deemed to have become effective unless it has been declared effective by
the SEC; PROVIDED, HOWEVER, that if, after it has been declared effective, the
offering of Registrable Securities pursuant to an Exchange Offer Registration
Statement or a Shelf Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement shall be deemed not to
have become effective during the period of such interference, until the offering
of Registrable Securities pursuant to such Registration Statement may legally
resume.

          2.5    INTEREST. The Indenture executed in connection with the
Securities shall provide that if (i) the Exchange Offer Registration Statement
is not filed with the Commission on or prior to the 90th day following the
Closing Date, (ii) the Exchange Offer Registration Statement is not declared
effective on or prior to the 135th day following the Closing Date or (iii) the
Exchange Offer is not consummated or the Shelf Registration Statement is not
declared effective on or prior to the 180th day following the Closing Date, the
Special Interest Premium shall accrue from and including the next day following
each of (a) such 90 day period in the case of clause (i) above, (b) such 135-day
period in the case of clause (ii) above and (c) such 180-day period in the case
of clause (iii) above, in each case at a rate equal to 0.50% per annum. The
aggregate amount of the Special Interest Premium payable pursuant to the above
provisions shall in no event exceed 0.50% per annum. If the Exchange Offer
Registration Statement is not declared effective on or prior to the 135th day
following the Closing Date and the Operating Partnership shall request holders
of Securities to provide the information called for by the Registration Rights
Agreement referred to herein for inclusion in the Shelf Registration Statement,
the Securities owned by holders who do not deliver such information to the
Operating Partnership when required pursuant to the Registration Rights
Agreement shall not be entitled to any such increase in the interest rate for
any day after the 180th day following the Closing Date. Upon (1) the filing of
the Exchange Offer Registration Statement after the 90-day period described in
clause (i) above, (2) the

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effectiveness of the Exchange Offer Registration Statement after the 135-day
period described in clause (ii) above or (3) the consummation of the Exchange
Offer or the effectiveness of a Shelf Registration Statement, as the case may
be, after the 180-day period described in clause (iii) above, the interest rate
on each series of Securities from the date of such effectiveness or
consummation, as the case may be, shall be reduced to the original interest
rate.

     If a Shelf Registration Statement is declared effective pursuant to the
foregoing paragraphs, and if the Operating Partnership fails to keep such Shelf
Registration Statement continuously (x) effective or (y) useable for resales for
the period required by this Agreement due to certain circumstances relating to
pending corporate developments, public filings with the Commission and similar
events, or because the Prospectus contains an untrue statement of a material
fact or omits to state a material fact required to be stated therein or
necessary in order to make the statements therein not misleading, and such
failure continues for more than 60 days (whether or not consecutive) in any
12-month period (the 61st day being referred to as the "Default Day"), then from
the Default Day until the earlier of (i) the date that the Shelf Registration
Statement is again deemed effective or is useable, (ii) the date that is the
second anniversary of the Closing Date (or, if Rule 144(k) is amended to provide
a shorter restrictive period, the end of such shorter period) or (iii) the date
as of which all the Securities are sold pursuant to the Shelf Registration
Statement, the Special Interest Premium shall accrue at a rate equal to 0.50%
per annum.

     If the Operating Partnership fails to keep the Shelf Registration Statement
continuously effective or useable for resales pursuant to the preceding
paragraph, it shall give the Holders notice to suspend the sale of the
Securities and shall extend the relevant period referred to above during which
the Operating Partnership is required to keep effective the Shelf Registration
Statement (or the period during which Participating Broker-Dealers are entitled
to use the prospectus included in the Exchange Offer Registration Statement in
connection with the resale of Exchange Securities, as the case may be) by the
number of days during the period from and including the date of the giving of
such notice to and including the date when holders shall have received copies of
the supplemental or amended prospectus necessary to permit resales of the
Securities or to and including the date on which the Operating Partnership has
given notice that the sale of Securities may be resumed, as the case may be.

     Each Note shall contain a legend to the effect that the holder thereof, by
its acceptance thereof, shall be deemed to have agreed to be bound by the
provisions of this Agreement.

     The Operating Partnership shall notify the Trustee within three business
days after each and every date on which an event occurs in respect of which
Additional Interest (as defined in the Indenture) is required to be paid (an
"Event Date"). Additional Interest shall be paid by depositing with the Trustee,
in trust, for the benefit of the Holders of Registrable Securities, on or before
the applicable semiannual interest payment date, immediately available funds in
sums sufficient to pay the Additional Interest then due. The Additional Interest
due shall be payable on each interest payment date to the record Holder of
Securities entitled to receive the interest payment to be paid on such date as
set forth in the Indenture. Each obligation to pay Additional Interest shall be
deemed to accrue from and including the day following the applicable Event Date.

     3.   REGISTRATION PROCEDURES.

     In connection with the obligations of the Operating Partnership with
respect to Registration Statements pursuant to Section 2.1 and Section 2.2
hereof, the Operating Partnership shall:

     (a)  prepare and file with the SEC a Registration Statement, within the
relevant time period specified in Section 2, on the appropriate form under the
1933 Act, which form (i) shall be selected by the Operating Partnership, (ii)
shall, in the case of a Shelf Registration, be available for the sale of the
Registrable Securities by the selling Holders thereof, (iii) shall comply as to
form in all material respects with the requirements of the applicable form and
include or incorporate by reference all financial

                                        9
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statements required by the SEC to be filed therewith or incorporated by
reference therein, and (iv) shall comply in all respects with the requirements
of Regulation S-T under the 1933 Act, and use its best efforts to cause such
Registration Statement to become effective and remain effective in accordance
with Section 2 hereof;

     (b)  prepare and file with the SEC such amendments and post-effective
amendments to each Registration Statement as may be necessary under applicable
law to keep such Registration Statement effective for the applicable period; and
cause each Prospectus to be supplemented by any required prospectus supplement,
and as so supplemented to be filed pursuant to Rule 424 (or any similar
provision then in force) under the 1933 Act and comply with the provisions of
the 1933 Act, the 1934 Act and the rules and regulations thereunder applicable
to them with respect to the disposition of all securities covered by each
Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the selling Holders thereof
(including sales by any Participating Broker-Dealer);

     (c)  in the case of a Shelf Registration, (i) notify each Holder of
Registrable Securities, at least five business days prior to filing, that a
Shelf Registration Statement with respect to the Registrable Securities is being
filed and advise such Holders that the distribution of Registrable Securities
shall be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii) furnish to each Holder of
Registrable Securities and to each underwriter of an underwritten offering of
Registrable Securities, if any, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or underwriter may
reasonably request, including financial statements and schedules and, if the
Holder so requests, all exhibits in order to facilitate the public sale or other
disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities in connection with the offering and sale of
the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

     (d)  in the case of a Shelf Registration, use its best efforts to register
or qualify the Registrable Securities under all applicable state securities or
"blue sky" laws of such jurisdictions as any Holder of Registrable Securities
covered by a Registration Statement and each underwriter of an underwritten
offering of Registrable Securities shall reasonably request by the time the
applicable Registration Statement is declared effective by the SEC, and do any
and all other acts and things which may be reasonably necessary or advisable to
enable each such Holder and underwriter to consummate the disposition in each
such jurisdiction of such Registrable Securities owned by such Holder; PROVIDED,
HOWEVER, that the Operating Partnership shall not be required to (i) qualify as
a foreign corporation or as a dealer in securities in any jurisdiction where it
would not otherwise be required to qualify but for this Section 3(d), or (ii)
take any action which would subject it to general service of process or taxation
in any such jurisdiction where it is not then so subject;

     (e)  notify promptly each Holder of Registrable Securities under a Shelf
Registration or any Participating Broker-Dealer who has notified the Operating
Partnership that it is utilizing the Exchange Offer Registration Statement as
provided in paragraph (f) below and, if requested by such Holder or
Participating Broker-Dealer, confirm such advice in writing promptly (i) when a
Registration Statement has become effective and when any post-effective
amendments and supplements thereto become effective, (ii) of any request by the
SEC or any state securities authority for post-effective amendments and
supplements to a Registration Statement and Prospectus or for additional
information after the Registration Statement has become effective, (iii) of the
issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of
any proceedings for that purpose, (iv) in the case of a Shelf Registration, if,
between the effective date of

                                       10
<Page>

a Registration Statement and the closing of any sale of Registrable Securities
covered thereby, the representations and warranties of the Operating Partnership
contained in any underwriting agreement, securities sales agreement or other
similar agreement, if any, relating to the offering cease to be true and correct
in all material respects, (v) of the happening of any event or the discovery of
any facts during the period a Shelf Registration Statement is effective which
makes any statement made in such Registration Statement or the related
Prospectus untrue in any material respect or which requires the making of any
changes in such Registration Statement or Prospectus in order to make the
statements therein not misleading, (vi) of the receipt by the Operating
Partnership of any notification with respect to the suspension of the
qualification of the Registrable Securities or the Exchange Securities, as the
case may be, for sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose, and (vii) of any determination by the Operating
Partnership that a post-effective amendment to such Registration Statement would
be appropriate;

     (f)  (i)    in the case of the Exchange Offer Registration Statement (a)
include in the Exchange Offer Registration Statement a section entitled "Plan of
Distribution" which section shall be reasonably acceptable to Banc of America
and Merrill Lynch on behalf of the Participating Broker-Dealers, and which shall
contain a summary statement of the positions taken or policies made by the staff
of the SEC with respect to the potential "underwriter" status of any
broker-dealer that holds Registrable Securities acquired for its own account as
a result of market-making activities or other trading activities and that shall
be the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
Exchange Securities to be received by such broker-dealer in the Exchange Offer,
whether such positions or policies have been publicly disseminated by the staff
of the SEC or such positions or policies, in the reasonable judgment of Banc of
America and Merrill Lynch on behalf of the Participating Broker-Dealers and its
counsel, represent the prevailing views of the staff of the SEC, including a
statement that any such broker-dealer who receives Exchange Securities for
Registrable Securities pursuant to the Exchange Offer may be deemed a statutory
underwriter and must deliver a prospectus meeting the requirements of the 1933
Act in connection with any resale of such Exchange Securities, (b) furnish to
each Participating Broker-Dealer who has delivered to the Operating Partnership
the notice referred to in Section 3(e), without charge, as many copies of each
Prospectus included in the Exchange Offer Registration Statement, including any
preliminary prospectus, and any amendment or supplement thereto, as such
Participating Broker-Dealer may reasonably request, (c) hereby consent to the
use of the Prospectus forming part of the Exchange Offer Registration Statement
or any amendment or supplement thereto, by any Person subject to the prospectus
delivery requirements of the SEC, including all Participating Broker-Dealers, in
connection with the sale or transfer of the Exchange Securities covered by the
Prospectus or any amendment or supplement thereto, and (d) include in the
transmittal letter or similar documentation to be executed by an exchange
offeree in order to participate in the Exchange Offer (i) the following
provision:

          "If the exchange offeree is a broker-dealer holding
          Registrable Securities acquired for its own account as
          a result of market-making activities or other trading
          activities, it will deliver a prospectus meeting the
          requirements of the 1933 Act in connection with any
          resale of Exchange Securities received in respect of
          such Registrable Securities pursuant to the Exchange
          Offer;" and

          (ii)   a statement to the effect that, by a broker-dealer making the
acknowledgment described in clause (i) and by delivering a Prospectus in
connection with the exchange of Registrable Securities, the broker-dealer shall
not be deemed to admit that it is an underwriter within the meaning of the 1933
Act; and

          (iii)  in the case of any Exchange Offer Registration Statement, the
Operating Partnership agrees to deliver to the Initial Purchasers on behalf of
the Participating Broker-Dealers upon

                                       11
<Page>

the effectiveness of the Exchange Offer Registration Statement (a) an opinion of
counsel or opinions of counsel substantially in the form attached hereto as
Exhibit A, (b) officers' certificates substantially in the form customarily
delivered in a public offering of debt securities and (c) a comfort letter or
comfort letters in customary form to the extent permitted by Statement on
Auditing Standards No. 72 of the American Institute of Certified Public
Accountants (or if such a comfort letter is not permitted, an agreed upon
procedures letter in customary form) from the Operating Partnership's
independent certified public accountants (and, if necessary, any other
independent certified public accountants of any subsidiary of the Operating
Partnership or of any business acquired by the Operating Partnership for which
financial statements are, or are required to be, included in the Registration
Statement) at least as broad in scope and coverage as the comfort letter or
comfort letters delivered to the Initial Purchasers in connection with the
initial sale of the Securities to the Initial Purchasers;

     (g)  The Operating Partnership may require each seller of Registrable
Securities as to which any registration is being effected to furnish to the
Operating Partnership, as applicable, such information regarding such seller as
may be required by the staff of the SEC to be included in a Registration
Statement. The Operating Partnership shall have no obligation to register under
the Securities Act the Registrable Securities of a seller who so fails to
furnish such information.

     (h)  (i)    in the case of an Exchange Offer, furnish counsel for the
Initial Purchasers and (ii) in the case of a Shelf Registration, furnish counsel
for the Holders of Registrable Securities copies of any comment letters received
from the SEC or any other request by the SEC or any state securities authority
for amendments or supplements to a Registration Statement and Prospectus or for
additional information;

     (i)  make every reasonable effort to obtain the withdrawal of any order
suspending the effectiveness of a Registration Statement at the earliest
possible moment;

     (j)  in the case of a Shelf Registration, furnish to each Holder of
Registrable Securities, and each underwriter, if any, without charge, at least
one conformed copy of each Registration Statement and any post-effective
amendment thereto, including financial statements and schedules (without
documents incorporated therein by reference and all exhibits thereto, unless
requested);

     (k)  in the case of a Shelf Registration, cooperate with the selling
Holders of Registrable Securities to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold and not
bearing any restrictive legends; and enable such Registrable Securities to be in
such denominations (consistent with the provisions of the Indenture) and
registered in such names as the selling Holders or the underwriters, if any, may
reasonably request at least three business days prior to the closing of any sale
of Registrable Securities;

     (l)  in the case of a Shelf Registration, upon the occurrence of any event
or the discovery of any facts, each as contemplated by Section 3(e)(v) and
Section 3(e)(vi) hereof, as promptly as practicable after the occurrence of such
an event, use its best efforts to prepare a supplement or post-effective
amendment to the Registration Statement or the related Prospectus or any
document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of the Registrable Securities
or Participating Broker-Dealers, such Prospectus shall not contain at the time
of such delivery any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading or shall remain so
qualified. At such time as such public disclosure is otherwise made or the
Operating Partnership determines that such disclosure is not necessary, in each
case to correct any misstatement of a material fact or to include any omitted
material fact, the Operating Partnership agrees promptly to notify

                                       12
<Page>

each Holder of such determination and to furnish each Holder such number of
copies of the Prospectus as amended or supplemented, as such Holder may
reasonably request;

     (m)  in the case of a Shelf Registration, a reasonable time prior to the
filing of any Registration Statement, any Prospectus, any amendment to a
Registration Statement or amendment or supplement to a Prospectus or any
document which is to be incorporated by reference into a Registration Statement
or a Prospectus after initial filing of a Registration Statement, provide copies
of such document to the Initial Purchasers on behalf of such Holders; and make
representatives of the Operating Partnership as shall be reasonably requested by
the Holders of Registrable Securities, or the Initial Purchasers on behalf of
such Holders, available for discussion of such document;

     (n)  use its reasonable best efforts to obtain a CUSIP number for all
Exchange Securities, Private Exchange Securities or Registrable Securities, as
the case may be, not later than the effective date of a Registration Statement,
and provide the Trustee with printed certificates for the Exchange Securities,
Private Exchange Securities or the Registrable Securities, as the case may be,
in a form eligible for deposit with the Depositary;

     (o)  use its reasonable best efforts to (i) cause the Indenture Supplement
to be qualified under the TIA in connection with the registration of the
Exchange Securities or Registrable Securities, as the case may be, (ii)
cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA, and (iii) execute, and use its best efforts to cause
the Trustee to execute, all documents as may be required to effect such changes,
and all other forms and documents required to be filed with the SEC to enable
the Indenture to be so qualified in a timely manner;

     (p) in the case of a Shelf Registration, enter into agreements (including
underwriting agreements) and take all other customary and appropriate actions in
order to expedite or facilitate the disposition of such Registrable Securities
and in such connection whether or not an underwriting agreement is entered into
and whether or not the registration is an underwritten registration:

          (i)    make such representations and warranties to the Holders of such
Registrable Securities and the underwriters, if any, in form, substance and
scope as are customarily made by issuers to underwriters in similar underwritten
offerings as may be reasonably requested by them;

          (ii)   obtain opinions of counsel to the Operating Partnership and
updates thereof (which counsel and opinions (in form, scope and substance) shall
be reasonably satisfactory to the managing underwriters, if any, and the holders
of a majority in principal amount of the Registrable Securities being sold)
addressed to each selling Holder and the underwriters, if any, covering the
matters customarily covered in opinions requested in sales of securities or
underwritten offerings and such other matters as may be reasonably requested by
such Holders and underwriters;

          (iii)  obtain "cold comfort" letters and updates thereof from the
Operating Partnership's independent certified public accountants (and, if
necessary, any other independent certified public accountants of any subsidiary
of the Operating Partnership or of any business acquired by the Operating
Partnership for which financial statements are, or are required to be, included
in the Registration Statement) addressed to the underwriters, if any, and use
reasonable efforts to have such letter addressed to the selling Holders of
Registrable Securities (to the extent consistent with Statement on Auditing
Standards No. 72 of the American Institute of Certified Public Accounts), such
letters to be in customary form and covering matters of the type customarily
covered in "cold comfort" letters to underwriters in connection with similar
underwritten offerings;

                                       13
<Page>

          (iv)   enter into a securities sales agreement with the Holders and an
agent of the Holders providing for, among other things, the appointment of such
agent for the selling Holders for the purpose of soliciting purchases of
Registrable Securities, which agreement shall be in form, substance and scope
customary for similar offerings;

          (v)    if an underwriting agreement is entered into, cause the same to
set forth indemnification provisions and procedures substantially equivalent to
the indemnification provisions and procedures set forth in Section 4 hereof with
respect to the underwriters and all other parties to be indemnified pursuant to
said Section or, at the request of any underwriters, in the form customarily
provided to such underwriters in similar types of transactions; and

          (vi)   deliver such documents and certificates as may be reasonably
requested and as are customarily delivered in similar offerings to the Holders
of a majority in principal amount of the Registrable Securities being sold and
the managing underwriters, if any.

The above shall be done at (A) the effectiveness of such Registration Statement
(and each post-effective amendment thereto) and (B) each closing under any
underwriting or similar agreement as and to the extent required thereunder;

     (q)  in the case of a Shelf Registration or if a Prospectus is required to
be delivered by any Participating Broker-Dealer in the case of an Exchange
Offer, make available for inspection by representatives of the Holders of the
Registrable Securities, any underwriters participating in any disposition
pursuant to a Shelf Registration Statement, any Participating Broker-Dealer and
any counsel or accountant retained by any of the foregoing, all financial and
other records, pertinent corporate documents and properties of the Operating
Partnership reasonably requested by any such persons, and cause the respective
officers, directors, employees, and any other agents of the Operating
Partnership to supply all information reasonably requested by any such
representative, underwriter, special counsel or accountant in connection with a
Registration Statement, and make such representatives of the Operating
Partnership available for discussion of such documents as shall be reasonably
requested by the Initial Purchasers PROVIDED, HOWEVER, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
Purchasers by the Representative and on behalf of the other parties, by one
counsel designated by the Representatives and on behalf of such other parties as
described in Section 3(c) hereof. Records which the Operating Partnership
determines in good faith, to be confidential and any records which they notify
such representatives are confidential shall not be disclosed by such
representatives unless (i) the disclosure of such Records is necessary to avoid
or correct a material misstatement or omission in such Registration Statement,
(ii) the release of such Records is ordered pursuant to a subpoena or other
order from a court a competent jurisdiction or is necessary in connection with
any action, suit or proceeding or (iii) the information in such Records has been
made generally available to the public. Each selling Holder of such Registrable
Securities and each such Participating Broker-Dealer shall be required to agree
in writing that information obtained by it as a result of such inspections shall
be deemed confidential, shall not be communicated to any third-party (other than
its agents and affiliates (who shall also be subject to the confidentially
requirements of this paragraph) on a "need-to-know" basis) and shall not be used
by it as the basis for market transaction in the securities of the Operating
Partnership unless and until such is made generally available to the public.
Each selling holder of such Registrable Securities and each such Participating
Broker-Dealer shall be required to further agree in writing that it shall, upon
learning that disclosure of such Records is sought in a court of competent
jurisdiction, give notice to the Operating Partnership and allow the Operating
Partnership at its expense to undertake appropriate action to prevent disclosure
of the Records deemed confidential;

     (r)  (i)    in the case of an Exchange Offer Registration Statement, a
reasonable time prior to the filing of any Exchange Offer Registration
Statement, any Prospectus forming a part thereof, any

                                       14
<Page>

amendment to an Exchange Offer Registration Statement or amendment or supplement
to such Prospectus, provide copies of such document to the Initial Purchasers
and to counsel to the Holders of Registrable Securities and make such changes in
any such document prior to the filing thereof as the Initial Purchasers or
counsel to the Holders of Registrable Securities may reasonably request and,
except as otherwise required by applicable law, not file any such document in a
form to which the Initial Purchasers on behalf of the Holders of Registrable
Securities and counsel to the Holders of Registrable Securities shall not have
previously been advised and furnished a copy of or to which the Initial
Purchasers on behalf of the Holders of Registrable Securities or counsel to the
Holders of Registrable Securities shall reasonably object, and make the
representatives of the Operating Partnership available for discussion of such
documents as shall be reasonably requested by the Initial Purchasers; and

          (ii)   in the case of a Shelf Registration, a reasonable time prior to
filing any Shelf Registration Statement, any Prospectus forming a part thereof,
any amendment to such Shelf Registration Statement or amendment or supplement to
such Prospectus, provide copies of such document to the Holders of Registrable
Securities, to the Initial Purchasers, to counsel for the Holders and to the
underwriter or underwriters of an underwritten offering of Registrable
Securities, if any, make such changes in any such document prior to the filing
thereof as the Initial Purchasers, the counsel to the Holders or the underwriter
or underwriters reasonably request and not file any such document in a form to
which the Majority Holders, the Initial Purchasers on behalf of the Holders of
Registrable Securities, counsel for the Holders of Registrable Securities or any
underwriter shall not have previously been advised and furnished a copy of or to
which the Majority Holders, the Initial Purchasers on behalf of the Holders of
Registrable Securities, counsel to the Holders of Registrable Securities or any
underwriter shall reasonably object, and make the representatives of the
Operating Partnership available for discussion of such document as shall be
reasonably requested by the Holders of Registrable Securities, the Initial
Purchasers on behalf of such Holders, counsel for the Holders of Registrable
Securities or any underwriter.

     (s)  in the case of a Shelf Registration, use its best efforts to cause all
Registrable Securities to be listed on any securities exchange on which similar
debt securities issued by the Operating Partnership are then listed if requested
by the Majority Holders, or if requested by the underwriter or underwriters of
an underwritten offering of Registrable Securities, if any;

     (t)  in the case of a Shelf Registration, use its best efforts to cause the
Registrable Securities to be rated by the appropriate rating agencies, if so
requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any;

     (u)  otherwise comply with all applicable rules and regulations of the SEC
and make available to its security holders, as soon as reasonably practicable,
an earnings statement covering at least 12 months which shall satisfy the
provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder;

     (v)  cooperate and assist in any filings required to be made with the NASD
and, in the case of a Shelf Registration, in the performance of any due
diligence investigation by any underwriter and its counsel (including any
"qualified independent underwriter" that is required to be retained in
accordance with the rules and regulations of the NASD); and

     (w)  upon consummation of an Exchange Offer or a Private Exchange, obtain a
customary opinion of counsel to the Operating Partnership addressed to the
Trustee for the benefit of all Holders of Registrable Securities participating
in the Exchange Offer or Private Exchange, and which includes an opinion that
(i) the Operating Partnership has duly authorized, executed and delivered the
Exchange Securities and/or Private Exchange Securities, as applicable, and the
related indenture, and (ii) each of the Exchange Securities and related
indenture constitute a legal, valid and binding obligation of the Operating

                                       15
<Page>

Partnership, enforceable against the Operating Partnership in accordance with
its respective terms (with customary exceptions).

     In the case of a Shelf Registration Statement, the Operating Partnership
may (as a condition to such Holder's participation in the Shelf Registration)
require each Holder of Registrable Securities to furnish to the Operating
Partnership such information regarding the Holder and the proposed distribution
by such Holder of such Registrable Securities as the Operating Partnership may
from time to time reasonably request in writing.

     In the case of a Shelf Registration Statement, each Holder agrees that,
upon receipt of any notice from the Operating Partnership of the happening of
any event or the discovery of any facts, each of the kind described in Section
3(e)(v) hereof, such Holder shall forthwith discontinue disposition of
Registrable Securities pursuant to a Registration Statement until such Holder's
receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 3(l) hereof, and, if so directed by the Operating Partnership, such
Holder shall deliver to the Operating Partnership (at its expense) all copies in
such Holder's possession, other than permanent file copies then in such Holder's
possession, of the Prospectus covering such Registrable Securities current at
the time of receipt of such notice.

     In the event that the Operating Partnership fails to effect the Exchange
Offer or file any Shelf Registration Statement and maintain the effectiveness of
any Shelf Registration Statement as provided herein, the Operating Partnership
shall not file any Registration Statement with respect to any securities (within
the meaning of Section 2(1) of the 1933 Act) of the Operating Partnership other
than Registrable Securities.

     If any of the Registrable Securities covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the underwriter or
underwriters and manager or managers that will manage such offering shall be
selected by the Majority Holders of such Registrable Securities included in such
offering and shall be acceptable to the Operating Partnership. No Holder of
Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder's Registrable
Securities on the basis provided in any underwriting arrangements approved by
the persons entitled hereunder to approve such arrangements and (b) completes
and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting
arrangements.

     4.   INDEMNIFICATION, CONTRIBUTION.

     (a)  The Operating Partnership agrees to indemnify and hold harmless the
Initial Purchasers, each Holder, each Participating Broker-Dealer, each Person
who participates as an underwriter (any such Person being an "Underwriter") and
each Person, if any, who controls any Holder or Underwriter within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:

          (i)    against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, arising out of any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement (or any
amendment or supplement thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all
documents incorporated therein by reference, or the omission or alleged omission
therefrom of a material fact required to be stated therein or necessary to make
the statements therein not misleading, or arising out of any untrue statement or
alleged untrue statement of a material fact contained in any Prospectus (or any
amendment or supplement thereto) or the omission or alleged omission therefrom
of a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading;

                                       16
<Page>

          (ii)   against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in
settlement of any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or of any claim whatsoever
based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section 4(d) below) any such
settlement is effected with the written consent of the Operating Partnership;
and

          (iii)  against any and all expense whatsoever, as incurred (including
the fees and disbursements of counsel chosen by any indemnified party),
reasonably incurred in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission,
to the extent that any such expense is not paid under subparagraph (i) or
subparagraph (ii) above;

PROVIDED, HOWEVER, that this indemnity agreement shall not apply to any loss,
liability, claim, damage or expense to the extent arising out of any untrue
statement or omission or alleged untrue statement or omission made in reliance
upon and in conformity with written information furnished to the Operating
Partnership by the Holder or Underwriter expressly for use in a Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

     (b)  Each Holder severally, but not jointly, agrees to indemnify and hold
harmless the Operating Partnership, the Initial Purchasers, each underwriter and
the other selling Holders, and each of their respective directors and officers,
and each Person, if any, who controls the Operating Partnership, the Initial
Purchasers, any Underwriter or any other selling Holder within the meaning of
Section 15 of the 1933 Act or Section 20 of the 1934 Act, against any and all
loss, liability, claim, damage and expense described in the indemnity contained
in Section 4(a) hereof, as incurred, but only with respect to untrue statements
or omissions, or alleged untrue statements or omissions, made in the Shelf
Registration Statement (or any amendment thereto) or any Prospectus included
therein (or any amendment or supplement thereto) in reliance upon and in
conformity with written information with respect to such Holder furnished to the
Operating Partnership by such Holder expressly for use in the Shelf Registration
Statement (or any amendment thereto) or such Prospectus (or any amendment or
supplement thereto); PROVIDED, HOWEVER, that no such Holder shall be liable for
any claims hereunder in excess of the amount of net proceeds received by such
Holder from the sale of Registrable Securities pursuant to such Shelf
Registration Statement.

     (c)  Each indemnified party shall give notice as promptly as reasonably
practicable to each indemnifying party of any action or proceeding commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability hereunder to the extent it is not materially prejudiced as a
result thereof, and in any event shall not relieve it from any liability which
it may have otherwise than on account of this indemnity agreement. An
indemnifying party may participate at its own expense in the defense of such
action; PROVIDED, HOWEVER, that counsel to the indemnifying party shall not
(except with the consent of the indemnified party) also be counsel to the
indemnified party. In no event shall the indemnifying party or parties be liable
for the fees and expenses of more than one counsel (in addition to any local
counsel) separate from their own counsel for all indemnified parties in
connection with any one action or separate but similar or related actions in the
same jurisdiction arising out of the same general allegations or circumstances.
No indemnifying party shall, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought
under this Section 4 (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement,

                                       17
<Page>

compromise or consent (i) includes an unconditional release of each indemnified
party from all liability arising out of such litigation, investigation,
proceeding or claim, and (ii) does not include a statement as to or an admission
of fault, culpability or a failure to act by or on behalf of any indemnified
party.

     (d)  If at any time an indemnified party shall have requested an
indemnifying party to reimburse the indemnified party for fees and expenses of
counsel, such indemnifying party agrees that it shall be liable for any
settlement of the nature contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more than 45 days after
receipt by such indemnifying party of the aforesaid request, (ii) such
indemnifying party shall have received notice of the terms of such settlement at
least 30 days prior to such settlement being entered into and (iii) such
indemnifying party shall not have reimbursed such indemnified party in
accordance with such request prior to the date of such settlement.

     (e)  If the indemnification provided for in this Section 4 is for any
reason unavailable to or insufficient to hold harmless an indemnified party in
respect of any losses, liabilities, claims, damages or expenses referred to
therein, then each indemnifying party shall contribute to the aggregate amount
of such losses, liabilities, claims, damages and expenses incurred by such
indemnified party, as incurred, in such proportion as is appropriate to reflect
the relative fault of the Operating Partnership on the one hand and the Holders
and the Initial Purchasers on the other hand in connection with the statements
or omissions which resulted in such losses, liabilities, claims, damages or
expenses, as well as any other relevant equitable considerations.

     The relative fault of the Operating Partnership on the one hand and the
Holders and the Initial Purchasers on the other hand shall be determined by
reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Operating Partnership, the Holders
or the Initial Purchasers and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.

     The Operating Partnership, the Holders and the Initial Purchasers agree
that it would not be just and equitable if contributions pursuant to this
Section 4 were determined by pro rata allocation (even if the Initial Purchasers
were treated as one entity for such purpose) or by any other method of
allocation which does not take account of the equitable considerations referred
to above in this Section 4. The aggregate amount of losses, liabilities, claims,
damages and expenses incurred by an indemnified party and referred to above in
this Section 4 shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in investigating, preparing or defending
against any litigation, or any investigation or proceeding by any governmental
agency or body, commenced or threatened, or any claim whatsoever based upon any
such untrue or alleged untrue statement or omission or alleged omission.

     Notwithstanding the provisions of this Section 4, no Holder or Initial
Purchaser shall be required to contribute any amount in excess of the amount by
which the total price at which the Securities sold by it were offered exceeds
the amount of any damages which such Holder or Initial Purchaser has otherwise
been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

     No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

     For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or Holder within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as such
Initial Purchaser or Holder, and each director of the Operating Partnership, and

                                       18
<Page>

each Person, if any, who controls the Operating Partnership within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same
rights to contribution as the Operating Partnership. The Initial Purchasers'
respective obligations to contribute pursuant to this Section 4 are several in
proportion to the principal amount of Securities set forth opposite their
respective names in Schedule A to the Purchase Agreement and not joint.

     5.   MISCELLANEOUS.

          5.1    RULE 144 AND RULE 144A. For so long as the Operating
Partnership is subject to the reporting requirements of Section 13 or Section 15
of the 1934 Act, the Operating Partnership covenants that it shall file the
reports required to be filed by it under the 1933 Act and Section 13(a) or
Section 15(d) of the 1934 Act and the rules and regulations adopted by the SEC
thereunder. If the Operating Partnership ceases to be so required to file such
reports, the Operating Partnership covenants that it shall upon the request of
any Holder of Registrable Securities (a) make publicly available such
information as is necessary to permit sales pursuant to Rule 144 under the 1933
Act, (b) deliver such information to a prospective purchaser as is necessary to
permit sales pursuant to Rule 144A under the 1933 Act and it shall take such
further action as any Holder of Registrable Securities may reasonably request,
and (c) take such further action that is reasonable in the circumstances, in
each case, to the extent required from time to time to enable such Holder to
sell its Registrable Securities without registration under the 1933 Act within
the limitation of the exemptions provided by (i) Rule 144 under the 1933 Act, as
such Rule may be amended from time to time, (ii) Rule 144A under the 1933 Act,
as such Rule may be amended from time to time, or (iii) any similar rules or
regulations hereafter adopted by the SEC. Upon the request of any Holder of
Registrable Securities, the Operating Partnership shall deliver to such Holder a
written statement as to whether it has complied with such requirements.

          5.2    NO INCONSISTENT AGREEMENTS. The Operating Partnership has not
entered into and the Operating Partnership shall NOT after the date of this
Agreement enter into any agreement which is inconsistent with the rights granted
to the Holders of Registrable Securities in this Agreement or otherwise
conflicts with the provisions hereof. The rights granted to the Holders
hereunder do not and shall not for the term of this Agreement in any way
conflict with the rights granted to the holders of the Operating Partnership's
other issued and outstanding securities under any such agreements.

          5.3    AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Operating Partnership has obtained the written
consent of Holders of at least a majority in aggregate principal amount of the
outstanding Registrable Securities affected by such amendment, modification,
supplement, waiver or departure.

          5.4    NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (a) if to a Holder, at the most current address given by such Holder to
the Operating Partnership by means of a notice given in accordance with the
provisions of this Section 5.4, which address initially is the address set forth
in the Purchase Agreement with respect to the Initial Purchasers; and (b) if to
the Operating Partnership, initially at the Operating Partnership's address set
forth in the Purchase Agreement, and thereafter at such other address of which
notice is given in accordance with the provisions of this Section 5.4.

     All such notices and communications shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; two business days
after being deposited in the mail, postage prepaid, if mailed; when answered
back, if telexed; when receipt is acknowledged, if telecopied; and on the next
business day if timely delivered to an air courier guaranteeing overnight
delivery.

                                       19
<Page>

     Copies of all such notices, demands, or other communications shall be
concurrently delivered by the person giving the same to the Trustee under the
Indenture, at the address specified in such Indenture.

          5.5    SUCCESSOR AND ASSIGNS. This Agreement shall inure to the
benefit of and be binding upon the successors, assigns and transferees of each
of the parties, including, without limitation and without the need for an
express assignment, subsequent Holders; PROVIDED, that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indenture.
If any transferee of any Holder shall acquire Registrable Securities, in any
manner, whether by operation of law or otherwise, such Registrable Securities
shall be held subject to all of the terms of this Agreement, and by taking and
holding such Registrable Securities such person shall be conclusively deemed to
have agreed to be bound by and to perform all of the terms and provisions of
this Agreement, including the restrictions on resale set forth in this Agreement
and, if applicable, the Purchase Agreement, and such person shall be entitled to
receive the benefits hereof.

          5.6    THIRD PARTY BENEFICIARIES. The Initial Purchasers (even if the
Initial Purchasers are not Holders of Registrable Securities) shall be third
party beneficiaries to the agreements made hereunder between the Operating
Partnership, on the one hand, and the Holders, on the other hand, and shall have
the right to enforce such agreements directly to the extent they deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder. Each Holder of Registrable Securities shall be a third party
beneficiary to the agreements made hereunder between the Operating Partnership,
on the one hand, and the Initial Purchasers, on the other hand, and shall have
the right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights hereunder.

          5.7    SPECIFIC ENFORCEMENT. Without limiting the remedies available
to the Initial Purchasers and the Holders, the Operating Partnership
acknowledges that any failure by the Operating Partnership to comply with its
obligations under Section 2.1 through Section 2.4 hereof may result in material
irreparable injury to the Initial Purchasers or the Holders for which there is
no adequate remedy at law, that it would not be possible to measure damages for
such injuries precisely and that, in the event of any such failure, the Initial
Purchasers or any Holder may obtain such relief as may be required to
specifically enforce the Operating Partnership's obligations under Section 2.1
through Section 2.4 hereof.

          5.8    RESTRICTION ON RESALES. Until the expiration of two years after
the original issuance of the Securities, the Operating Partnership shall not,
and shall cause its "affiliates" (as such term is defined in Rule 144(a)(1)
under the 1933 Act) not to, resell any Securities which are "restricted
securities" (as such term is defined under Rule 144(a)(3) under the 1933 Act)
that have been reacquired by any of them and shall immediately upon any purchase
of any such Securities submit such Securities to the Trustee for cancellation.

          5.9    COUNTERPARTS. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          5.10   HEADINGS. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

          5.11   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICT OF LAWS THEREOF.

                                       20
<Page>

          5.12   SEVERABILITY. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

                                       21
<Page>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                          SIMON PROPERTY GROUP, L.P.
                                                as Issuer

                                          By:   SIMON PROPERTY GROUP, INC.
                                                as General Partner

                                          By:     /s/  David Simon
                                              ----------------------------------
                                              Name:    David Simon
                                              Title:   Chief Executive Officer

CONFIRMED AND ACCEPTED
AS OF THE DATE FIRST ABOVE
WRITTEN:

BANC OF AMERICA SECURITIES LLC
MERRILL LYNCH & CO.
MERRILL LYNCH, PIERCE, FENNER & SMITH
              INCORPORATED
CREDIT SUISSE FIRST BOSTON CORPORATION
DEUTSCHE BANK SECURITIES INC.
UBS WARBURG LLC
COMMERZBANK CAPITAL MARKETS CORP.
DRESDNER KLEINWORT WASSERSTEIN-GRANTCHESTER, INC.

By:  Merrill Lynch, Pierce, Fenner & Smith
                  Incorporated

     By:           /s/  Alexander Rubin
               ----------------------------------------
               Name:    Alexander Rubin
               Title:   Authorized Signatory

For themselves and as a Representative of the other Initial Purchasers named
above

<Page>

                                                                       EXHIBIT A

                           FORM OF OPINION OF COUNSEL

Banc of America Securities LLC
Merrill Lynch & Co.
Merrill Lynch, Pierce, Fenner & Smith
             Incorporated
Credit Suisse First Boston Corporation
Deutsche Bank Securities Inc.
UBS Warburg LLC
Commerzbank Capital Markets Corp.
Dresdner Kleinwort Wasserstein-Grantchester, Inc.

c/o Merrill Lynch & Co.
Merrill Lynch, Pierce, Fenner & Smith
             Incorporated
4 World Financial Center
New York, New York 10080

Ladies and Gentlemen:

     We have acted as counsel for Simon Property Group, L.P., a Delaware limited
partnership (the "Operating Partnership"), in connection with the sale by the
Operating Partnership to the Initial Purchasers (as defined below) of
$150,000,000 aggregate principal amount of 5.375% senior unsecured notes due
2008 and $350,000,000 aggregate principal amount of 6.35% senior unsecured notes
due 2012 (the "Securities") of the Operating Partnership pursuant to the
Purchase Agreement dated August 15, 2002 (the "Purchase Agreement") among the
Operating Partnership and Banc of America Securities LLC, Merrill Lynch & Co.,
Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse First
Boston Corporation, Deutsche Bank Securities Inc., UBS Warburg LLC, Commerzbank
Capital Markets Corp., and Dresdner Kleinwort Wasserstein-Grantchester, Inc.
(collectively, the "Initial Purchasers") and the filing by the Operating
Partnership of an Exchange Offer Registration Statement (the "Registration
Statement") in connection with an Exchange Offer to be effected pursuant to the
Registration Rights Agreement (the "Registration Rights Agreement"), dated
August 21, 2002, between the Operating Partnership and the Initial Purchasers.
This opinion is furnished to you pursuant to Section 3(f)(iii) of the
Registration Rights Agreement. Unless otherwise defined herein, capitalized
terms used in this opinion that are defined in the Registration Rights Agreement
are used herein as so defined.

     We have examined such documents, records and matters of law as we have
deemed necessary for purposes of this opinion. In rendering this opinion, as to
all matters of fact relevant to this opinion, we have assumed the completeness
and accuracy of, and are relying solely upon, the representations and warranties
of the Operating Partnership set forth in the Purchase Agreement and the
statements set forth in certificates of public officials and officers of the
Operating Partnership, without making any independent investigation or inquiry
with respect to the completeness or accuracy of such representations, warranties
or statements, other than a review of the certificate of incorporation, by-laws
and relevant minute books of the Operating Partnership.

     Based on and subject to the foregoing, we are of the opinion that:

<Page>

          1.     The Exchange Offer Registration Statement and the Prospectus
(other than the financial statements, notes or schedules thereto and other
financial data and supplemental schedules included or incorporated by reference
therein or omitted therefrom and the Form T-1, as to which such counsel need
express no opinion), comply as to form in all material respects with the
requirements of the 1933 Act and the applicable rules and regulations
promulgated under the 1933 Act.

          2.     We have participated in the preparation of the Registration
Statement and the Prospectus and in the course thereof have had discussions with
representatives of the underwriters, officers and other representatives of the
Operating Partnership and Ernst & Young LLP, the Operating Partnership's
independent public accountants, during which the contents of the Registration
Statement and the Prospectus were discussed. We have not, however, independently
verified and are not passing upon, and do not assume any responsibility for, the
accuracy, completeness or fairness of the statements contained in the
Registration Statement and the Prospectus. Based on our participation as
described above, nothing has come to our attention that would lead us to believe
that the Registration Statement (except for financial statements and schedules
and other financial data included therein as to which we make no statement)
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading or that the Prospectus or any amendment or supplement thereto
(except for financial statements and schedules and other financial data included
therein, as to which such counsel need make no statement), at the time the
Prospectus was issued, at the time any such amended or supplemented Prospectus
was issued or on the Closing Date, included or includes an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they
were made, not misleading.

     This opinion is being furnished to you solely for your benefit in
connection with the transactions contemplated by the Registration Rights
Agreement, and may not be used for any other purpose or relied upon by any
person other than you. Except with our prior written consent, the opinions
herein expressed are not to be used, circulated, quoted or otherwise referred to
in connection with any transactions other than those contemplated by the
Registration Rights Agreement by or to any other person.

                                                Very truly yours,

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