THERESA MENDOZA JOINS SIMON HOLDINGS AS
ASSOCIATE DIRECTOR OF OPERATIONS

LINDEN, NJ, SEPTEMBER 13, 2002 -- Michael Simon, President of Simon Holdings, Inc., has announced the appointment of Theresa Mendoza as Associate Director of Operations at the Company. In this role, Ms. Mendoza will oversee inventory control, marketing and budgeting for the Company's existing New Jersey and Pennsylvania commercial and residential portfolio.

Prior to joining Simon Holdings, Theresa was employed by ColArt Americas as a Product Manager.

Theresa Mendoza is a graduate of Rowan University and is a member of The National Association of Realtors.

"
I am pleased to announce the appointment of Theresa Mendoza at Simon Holdings. Her extensive marketing and business experience will be a great asset to our growing Company," stated Michael Simon.

Founded by Michael Simon in 1993, Simon Holdings, Inc. is a privately-held real estate investment, development and management company. The firm's investors include a very prestigious group of private, high net worth individuals, companies and institutions. Simon Holdings has a successful track record of targeting value-added office, industrial, multi-family and specialty real estate investments in New Jersey and Pennsylvania.

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