Presentation to Goldman, Sachs & Co. Annual Real Estate / REIT Conference Denver, Colorado May 18, 2004

 Founded in 1939  Went public in 1956  Began operating as REIT on January 1, 1998  Three lines of business

Community Development 22% Retail Centers 63% Office and Other Properties 15% $291.4 $843.2 $201.0 The Rouse Company Revenue Contribution Year-end 2003

Park MeadowsDenver, CO Bridgewater Commons Bridgewater, NJ Fashion ShowLas Vegas, NV Oakbrook CenterOakbrook, IL Perimeter MallAtlanta, GA Water Tower PlaceChicago, IL Rouse presently owns and manages:  Retail portfolio of 37 retail centers  Six large-scale, mixed-use projects  Four community shopping centers  The portfolio includes some of the premier retail properties in the United States: Premier Properties

2004 average sales per square foot were $439; 93% average occupancy Retail Centers Net Operating Income

1 Excludes urban centers, projects with less than two anchors, and centers open less than two years 2 Comparable tenants, excluding spaces >10,000 s.f Sales per Square Foot 2 Center Ranking A+ or A B C Regional Centers Average Occupancy % 2004 Net Operating Income $ 489 $ 357 $ % 91 % 73 % 24 % 3 % Rouse Regional Centers Key Performance Measures

Community Development Geographic Diversity Summerlin Las Vegas, Nevada Size: 22,500 acres Saleable acres: 6,660 Woodlands Houston, Texas Size: 27,000 acres Saleable acres: 5,100 Columbia Columbia, Maryland Size: 15,300 acres Saleable acres: 1,500 Bridgelands Houston, Texas Size: 9,000 acres Saleable acres: 6,700

1966 Columbia Town Center Long-term Value Creation Begins

2004 Columbia Town Center Long-term Value Creation Still in Progress

Summerlin

Woodlands Downtown

Development of Planned Communities  From  Land sales have generated almost $500 million of net operating income.  Current value of land assets has more than doubled.  Rouse recently began development on the 9,000 acre master-planned community of Bridgelands, Texas. Net Operating Income $49.2 $48.0 $51.6 $69.9 $78.0 $86.2 $123.9 $0 $

Bridgelands 9,000 Acre Master-Planned Community

Park Meadows  Average in-line sales exceed $500 / sf  Average household income of $110,000  18 million visitors per year

 Total mall sales  Mall shop sales per square foot  Sales volume of anchor tenants  Average income within five miles  Quality of in-line tenancy  Mall competitive position in market Portfolio Evaluation Rationale and Criteria

* Excludes urban centers, projects with less than two anchors, and centers open less than one year. Total Regional Centers* Mall Ranking A+ or A B C NumberPercentNumberPercentNumberPercent 1993 Portfolio 51 Centers 5 10% 1325%33 65% 1993 Rouse Regional Centers

* Excludes urban centers, projects with less than two anchors, and centers open less than one year. Total Regional Centers* Mall Ranking A+ or A B C NumberPercentNumberPercentNumberPercent Current Portfolio 31 Centers 19 61% 1032%2 7% 1993 Portfolio 51 Centers 5 10% 1325%33 65% Current Rouse Regional Centers

* Excludes urban centers, projects with less than two anchors, and centers open less than one year. ** Includes current and recently opened development projects. Total Regional Centers* 2007 Portfolio** 34 Centers Mall Ranking A+ or A B C NumberPercentNumberPercentNumberPercent 22 65% 1235%-- Current Portfolio 31 Centers 19 61% 1032%2 7% 1993 Portfolio 51 Centers 5 10% 1325%33 65% 2007 Rouse Regional Centers

Williams-Sonoma Williams-Sonoma Restoration Hardware Restoration Hardware

J. Crew Gap Kids Home to quality, reputation retailers

Crate & Barrel Abercrombie & Fitch Talbots

Fabulous Dining Options

Park Meadows One of our Most Productive Projects  1998 in-line space generated $412 / sf  Sales have grown at compound annual growth rate of better than 5%  98% - 99% average occupancy since 1999

Park Meadows Strong Financial Results  NOI has grown at compound annual growth rate of better than 4%  More than ½ of inline space at opening continues in operation today. Much of this space will be up for renewal in 2006 or sooner.

Excellent Prospects for Higher Incremental Rent at Park Meadows  Park Meadows current total rent to sales ratio: 12%.  Rouse’s average rent to sales ratio: 14% - 15%  Rouse’s higher quality retail assets rent to sales ratio: 16% - 17%.

Well Positioned for Future Growth