Catellus to Host Second Quarter Earnings Conference Call On July 25.

Business Editors

Catellus Development Corporation (NYSE:CDX) will issue a news release after the market's close on Wednesday, July 24, 2002, announcing its financial results for the second quarter 2002. The Company will host a conference call on Thursday, July 25, 2002, at 9:00 AM Pacific Daylight Time (10:00 AM Mountain, 11:00 AM CDT, and Noon EDT) to discuss the second quarter results. Nelson Rising, chairman and chief executive officer, and Bill Hosler, senior vice president and chief financial officer, will discuss the company's performance and answer questions from the investment community.

To participate in the conference call, dial 888/276-0006 (domestic) or 612/332-7517 (international) prior to the beginning of the call and identify yourself to the conference call operator.

The call also will be broadcast live over the Internet. Access the call from the Investor Relations section of Catellus' website at www.catellus.com, or from StreetEvents at www.streetevents.com. A replay of the conference call will be available on both websites through August 8, 2002.

A call replay will be available over the phone by dialing 800/475-6701 (domestic) or 320/365-3844 (international) and entering access code 643740. The replay will be available through August 8, 2002.

Catellus Development Corporation is one of the nation's premier diversified real estate development companies. The Company specializes in developing, managing and investing in a broad range of product types including industrial, residential, office, retail and major urban development projects. It owns a portfolio of rental properties totaling 31.3 million square feet and one of the largest supplies of developable land in the Western United States capable of supporting more than 40 million square feet of new commercial development and an estimated 11,000 residential lots and units. More information on the Company is available at www.catellus.com.