Joining an impressive list of diverse and delicious eateries, the first Romano�s Macaroni Grill in Oregon will open at Pioneer Place in late spring 2004. The restaurant will be located on Third Avenue and Yamhill Street, in downtown Portland, next to Tiffany & Co.

Romano's Macaroni Grill will offer a unique and enjoyable authentic Italian dining experience. Dedicated and passionate chefs prepare more than 35 Italian specialties in exhibition kitchens while guests relax in a casual atmosphere surrounded by attentive servers and an occasional strolling opera singer. Guests find it hard to choose from generous portions of delicious pastas, veal, seafood, steaks, roasted chicken, pizza baked in wood-burning ovens, soups, and hard-to-resist desserts.

A Premier Marketplace of The Rouse Company, Pioneer Place offers a true shopping adventure, starting with Saks Fifth Avenue, Louis Vuitton and famed jeweler, Tiffany & Co. Add Coach, Aveda, Talbot's, J. Jill and more, and guests quickly see why Pioneer Place is Portland's number one place to make a fashion statement. April Cornell, Banana Republic, BCBG, Chico's, L'Occitane en Provence and 80 more specialty stores make for a day of shopping unmatched in the city. In addition to the national names Pioneer Place features plenty of local, one-of-a-kind shops found only in Portland, including Twist, Hub Optix, Toy Bliss, Present Perfect and The Fossil Cartel.

Need to take a break from all the fabulous shopping? Head over to the shopping center�s six-screen cinema, where Regal Cinemas features first-run films in a comfortable, casual atmosphere The Rouse Company is one of the premier real estate development and management companies in the United States. Since planning and constructing one of the country�s first regional malls in the 1950s, The Rouse Company has increased its collection to 49 regional retail centers, including 135 nationally known department stores and 7,000 small merchants.

Additional information, including all current press materials and downloadable photography are available at www.premiermarketplaces.com and www.kruzic.com.

Headquartered in Columbia, Md., The Rouse Company was founded in 1939 and became a public company in 1956. A premier real estate development and management company, The Rouse Company, through its numerous affiliates, operates more than 150 properties encompassing retail, office, research and development and industrial space in 22 states. The Company is also the developer of the planned communities of Columbia, Md., Summerlin, along the western edge of Las Vegas, Nev., and a new project in Houston, Tex. The Company is also an investor in The Woodlands, a planned community in Houston, Tex. For more information about The Rouse Company, visit www.therousecompany.com.

This release includes forward-looking statements, which reflect The Rouse Company's current view with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from historical or anticipated results. The words "believe", "expect", "anticipate" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Rouse Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For a discussion of certain factors that could cause actual results to differ materially from historical or anticipated results, including real estate investment risks, development risks and changes in the economic climate, see Exhibit 99.1 of The Rouse Company's Form 10-K for the fiscal year ended December 31, 2003.

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Media Contact: Amy Larson +1 (303) 329.6229 amy@kruzic.com