Catellus Names C. William Hosler as Its New Senior Vice President & Chief Financial Officer.

SAN FRANCISCO--(BUSINESS WIRE)--July 12, 1999--

Catellus Development Corp. (NYSE:CDX) announced today the selection of C. William Hosler as its new senior vice president and chief financial officer effective immediately.

Hosler was most recently chief financial officer of Capital Company of America, LLC and before that, principal at Morgan Stanley Dean Witter & Co. where he served as chief financial officer of the Morgan Stanley Real Estate Funds for three years. At Morgan Stanley, Hosler was responsible for debt and equity financing, as well as capital raising, investor relations and currency and interest rate risk management. Prior to his role as CFO at The Morgan Stanley Real Estate Funds, he worked predominately in the fixed income division of the firm, where he specialized in both residential and commercial mortgage-backed securitization finance.

"Bill's strong background in finance and the capital markets combined with his broad real estate knowledge will be a valuable addition to our senior management team," said Steve Wallace, executive vice president and chief operating officer of Catellus Development Corporation.

Bill's experience also includes three years as an engineer for the Exxon Company, U.S.A. in Houston. Hosler received his B.S. in chemical engineering from the University of Notre Dame in 1984 and his M.B.A from the Colgate Darden Graduate School of Business at the University of Virginia in 1989.

Catellus Development Corporation is one of the nation's premier diversified real estate operating companies that develops, manages and invests in a broad range of product types including industrial, residential, office, retail and major mixed-use projects. Catellus has one of the largest portfolios of developable land in the Western United States which is capable of supporting over 49 million square feet of new commercial development and an estimated 17,800 residential units. At March 31, 1999, the company's portfolio included 21.4 million square feet of rental buildings, approximately 11,300 acres of land leases, interests in a variety of operating joint ventures and approximately 782,000 acres of desert and agricultural land. For more information on Catellus, please visit the company's website at http://www.catellus.com.

This release includes forward-looking statements regarding personnel, local market conditions, development plans, entitlements and/or timing of closings of sales. These statements are forward-looking statements based on economic forecasts, strategic plans, commitments of third parties, and other factors, which by their nature, involve risk and uncertainties. In particular, among the factors that could cause actual results to differ materially are the following: interest rates; business conditions and general economy; the possible failure of third parties to fulfill their commitments; competitive facts; supply and demand for office, industrial, and residential space; political decisions affecting land use permits; discretionary government decisions affecting use of and access to land; and other risks inherent in the real estate business. For further information on factors which could affect the company and the statements, the reader should refer to the company's report on Form 10-K for the fiscal year ended Dec. 31, 1998 filed with the Securities and Exchange Commission.