Mills Corp. Announces Resignation of Peter B. McMillan, President and Chief Operating Officer

ARLINGTON, Va./PRNewswire/ -- The Mills Corporation (NYSE: MLS), owner and operator of super-regional, value and entertainment-oriented malls, announced today that Peter B. McMillan, the Company's President and Chief Operating Officer, has resigned to pursue other personal and business interests. He will also resign his seat on the Board.

Laurence Siegel, the Company's Chairman and CEO said, "Peter played a key role in the Company's evolution from a private company to a publicly-traded REIT. In the last several years, our team has grown the Company from four mall properties at our IPO to twelve today, with Discover Mills opening on November 2nd. As the Mills continues its forward momentum, we are fortunate to have a senior management team in place comprised of the brightest minds in the business that will enable us to take advantage of our industry leading growth opportunities."

The Company indicated that Mr. Siegel will assume Mr. McMillan's duties, in the interim, as it considers options for the vacated position. The Mills Corporation is a fully-integrated, self managed real estate investment trust based in Arlington, Virginia that owns, develops, leases, manages and markets a portfolio of 12 market dominant retail and entertainment destinations (11 Mills and 1 Block) totaling approximately 17 million square feet in 10 states. Currently, the Company has five projects under construction and/or development in the United States, one project in Toronto, Canada and one project in Madrid, Spain. The Company's Internet address is http://www.millscorp.com.

Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of federal securities laws. Although the Mills Corporation believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its expectations will be attained and it is possible that our actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. The Mills Corporation undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K for a discussion of such risks and uncertainties.

SOURCE: Mills Corporation, 09/07/2001
CONTACT: Investors: Greg Neeb, Treasurer, +1-703-526-5150, or Media: David D'Onofrio, +1-703-526-5354, both of the Mills Corporation
Company News On-Call: http://www.prnewswire.com/comp/869875.html/
Website: http://www.millscorp.com/
(MLS)