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

Presentation to

Goldman, Sachs & Co.Annual Real Estate / REIT ConferenceDenver, Colorado

May 18, 2004

Founded in 1939

Went public in 1956

Began operating as REIT on January 1, 1998

Three lines of business

CommunityDevelopment22%

Retail Centers63%

Office and OtherProperties

15% $291.4

$843.2

$201.0

The Rouse CompanyRevenue Contribution

Year-end 2003

Park Meadows Denver, COBridgewater Commons Bridgewater, NJFashion Show Las Vegas, NVOakbrook Center Oakbrook, ILPerimeter Mall Atlanta, GAWater Tower Place Chicago, 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

$280.0

$327.2

$365.3 $368.3 $375.7

$469.8

$545-$555

$508.9

$100

$600

1997 1998 1999 2000 2001 2002 2003 2004Est.

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 years2 Comparable tenants, excluding spaces >10,000 s.f.

2004 Sales per Square Foot 2

Center Ranking

A+ or A

B

C

RegionalCenters 1

2004 AverageOccupancy

% 2004 NetOperating Income

$ 489

$ 357

$ 286

94 %

94 %

91 %

73 %

24 %

3 %

Rouse Regional CentersKey Performance Measures

Community DevelopmentGeographic Diversity

SummerlinLas Vegas, NevadaSize: 22,500 acres

Saleable acres: 6,660

WoodlandsHouston, TexasSize: 27,000 acresSaleable acres: 5,100

ColumbiaColumbia, MarylandSize: 15,300 acresSaleable acres: 1,500

BridgelandsHouston, Texas

Size: 9,000 acresSaleable acres: 6,700

1966 Columbia Town CenterLong-term Value Creation Begins

2004 Columbia Town CenterLong-term Value Creation Still in Progress

Summerlin

Woodlands Downtown

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

1997 1998 1999 2000 2001 2002 2003

Bridgelands9,000 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 EvaluationRationale and Criteria

* Excludes urban centers, projects with less than two anchors, and centers open less than one year.

Total RegionalCenters*

Mall Ranking

A+ or A B CNumber Percent Number Percent Number Percent

1993 Portfolio51 Centers

5 10% 13 25% 33 65%

1993 Rouse Regional Centers

* Excludes urban centers, projects with less than two anchors, and centers open less than one year.

Total RegionalCenters*

Mall Ranking

A+ or A B CNumber Percent Number Percent Number Percent

Current Portfolio31 Centers

19 61% 10 32% 2 7%

1993 Portfolio51 Centers

5 10% 13 25% 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 RegionalCenters*

2007 Portfolio**34 Centers

Mall Ranking

A+ or A B CNumber Percent Number Percent Number Percent

22 65% 12 35% --

Current Portfolio31 Centers

19 61% 10 32% 2 7%

1993 Portfolio51 Centers

5 10% 13 25% 33 65%

2007 Rouse Regional Centers

Williams-SonomaWilliams-Sonoma Restoration HardwareRestoration Hardware

J. CrewJ. Crew Gap KidsGap Kids

Home to quality, reputation retailers

Crate & BarrelCrate & Barrel Abercrombie & FitchAbercrombie & FitchTalbotsTalbots

Fabulous DiningFabulous DiningOptionsOptions

Park MeadowsOne 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 MeadowsStrong 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