Bruce W. Duncan Named to Board of Directors of The Rouse Company.

Business Editors

COLUMBIA, Md.--(BUSINESS WIRE)--March 11, 2004

Officials at The Rouse Company (NYSE:RSE) today announced that Bruce W. Duncan has been elected to the Board of Directors. Mr. Duncan is currently President and Chief Executive Officer of Equity Residential (NYSE:EQR), the largest publicly traded apartment company in America.

From 1995 through 2000, Mr. Duncan was Chairman, President and Chief Executive Officer of Cadillac Fairview Corporation, one of the largest owners, managers and developers of commercial real estate in North America. Prior to joining Cadillac Fairview, Mr. Duncan spent 16 years at JMB Realty Corporation, serving as an Executive Vice President and member of the Board of Directors of JMB Realty Corporation and President and Co-Chief Executive Officer of JMB Institutional Realty Corporation.

"Bruce has a wealth of real estate knowledge and experience that will be invaluable to our Board in its deliberations," said Anthony W. Deering, Chairman and Chief Executive Officer of The Rouse Company.

"I'm excited by the prospect of joining The Rouse Company's Board of Directors," said Mr. Duncan. "I know the Company well, and I've long been impressed by the quality of the projects and people, as well as by The Rouse Company's high standards of corporate governance."

Mr. Duncan holds a B.A. from Kenyon College and an MBA from the University of Chicago. He is a member of the Board of Trustees of Equity Residential and a Director of Starwood Hotels & Resorts. Mr. Duncan is on the Executive Committee and the Board of Governors of The National Association of Real Estate Investment Trusts, the Executive Committee and Board of Directors of the National Multi-Family Housing Council and the Board of Directors of the Real Estate Roundtable.

Mr. Duncan lives in Chicago with his wife, Deborah, and he has two daughters, Brittany and Catriona.

Headquartered in Columbia, Md., The Rouse Company was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 150 properties encompassing retail, office, research and development and industrial space in 22 states. The Company is also the developer of the planned communities of Columbia, Md., Summerlin, along the western edge of Las Vegas, Nev., and a new project, Bridgelands in Houston, Tex. The Company is also an investor in The Woodlands, a planned community in Houston, Tex.

This release includes forward-looking statements, which reflect the Company's current view with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical or anticipated results. The words "believe," "expect," "anticipate," "should" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Rouse Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of certain factors that could cause actual results to differ materially from historical or anticipated results, including real estate investment risks, development risks and changes in the economic climate, see Exhibit 99.1 of The Rouse Company's Form 10-Q for the quarter ended September 30, 2003.