Catellus Elects Three New Board Members.

SAN FRANCISCO--(BUSINESS WIRE)--June 1, 1995--Catellus Development Corporation announced yesterday at its Annual Meeting of Stockholders, the election of three new members to its Board of Directors: Daryl J. Carter, Christine Garvey, and Beverly Benedict Thomas. The new members replace Gary Goodman, Robert Krebs and John Zuccotti, who did not stand for re-election to the Board.

Joseph R. Seiger, Chairman of the Board stated: "We are pleased with the election of Mr. Carter, Ms. Garvey and Ms. Thomas. They bring a wide range of experience and capabilities that will enhance the diverse base of expertise on our Board."

Mr. Carter, 39, is Co-Chairman and Chief Investment Officer of Carter Primo Chesterton, L.P., a real estate investment management company. He is responsible for all investment activities of the firm. Mr. Carter has over 15 years of investment experience in real estate debt and equity, encompassing over $1.5 billion in transactions. He earned Master of Science degrees in both Management and Architecture from the Massachusetts Institute of Technology and a Bachelor of Science degree in Architecture from the University of Michigan. Mr. Carter is a resident of Laguna Beach, California..

Ms. Garvey, 49, currently manages Bank of America's worldwide corporate real estate and its multi-million dollar OREO portfolio consisting of commercial, land tracts, and serviced assets. Previously a practicing attorney, she is a Group Executive Vice President and the head of the Corporate Real Estate Division, which is responsible for the acquisition, development, design and construction, disposition, financing and management of the $7 billion portfolio of the bank and its subsidiaries worldwide. A San Francisco resident, Ms. Garvey holds a Bachelor of Arts degree from Immaculate Heart College in Los Angeles and a Juris Doctorate from Suffolk University in Boston.

Beverly Benedict Thomas, 52, is a founding partner of UT Strategies, a Los Angeles-based public affairs firm. From February 1991 through January 1995, she served as Assistant Treasurer for the State of California, an office that oversees all borrowing for the State and investment of the State's $23 billion pooled money investment fund. Additionally, Ms. Thomas was the co-founder of Unger/Thomas, a political consulting firm. A Los Angeles resident, Ms. Thomas holds a Bachelors of Arts degree from the University of California at Los Angeles.

Nelson C. Rising, Catellus' President and Chief Executive Officer said: "These three new directors bring a broad range of skills to the Company that will assist us in advancing our new strategy of maximizing our core assets and generating increased operating revenue."

In addition to the election of Mr. Carter, Ms. Thomas and Ms. Garvey, eight incumbent directors were re-elected. They are: Joseph Alibrandi, Darla Totusek Flanagan, Judd Malkin, Nelson Rising, Joseph Seiger, Jacqueline Slater, Thomas Steinberg and Tom Stickel.

Headquartered in San Francisco, California, Catellus Development Corporation is an owner, developer and manager of industrial, retail and office projects. At December 31, 1994, the current value of the Company's real estate portfolio was in excess of $1.8 billion.

CONTACT: Catellus Development Corporation

Sharon Davis, 415/974-4609