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

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

4. 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

5. 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

6. 2004 average sales per square foot were $439; 93% average occupancy Retail Centers Net Operating Income

7. 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. 2004 Sales per Square Foot 2 Center Ranking A+ or A B C Regional Centers 1 2004 Average Occupancy % 2004 Net Operating Income $ 489 $ 357 $ 286 94 % 91 % 73 % 24 % 3 % Rouse Regional Centers Key Performance Measures

8. 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

9. 1966 Columbia Town Center Long-term Value Creation Begins

10. 2004 Columbia Town Center Long-term Value Creation Still in Progress

11. Summerlin

12. Woodlands Downtown

13. Development of Planned Communities  From 1997 - 2003  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 $125 1997199819992000200120022003

14. Bridgelands 9,000 Acre Master-Planned Community

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

16.  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

17. * 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

18. * 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

19. * 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

21. Williams-Sonoma Williams-Sonoma Restoration Hardware Restoration Hardware

22. J. Crew Gap Kids Home to quality, reputation retailers

23. Crate & Barrel Abercrombie & Fitch Talbots

24. Fabulous Dining Options

26. 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

27. 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.

28. 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%.

29. Well Positioned for Future Growth