Laurence C. Siegel Steps Down as Chief Executive Officer of The Mills Corporation; Mark S. Ordan Appointed CEO and President

  
    
  
  
    
      The Mills Corporation (NYSE:MLS) today announced that Laurence C. Siegel 
      has retired as the Company’s Chief Executive 
      Officer and has been appointed non-executive Chairman of the Board of 
      The Mills. The Mills continues to work with Kan Am USA Management XXII 
      and Colony Capital Acquisitions, LLC to resolve the complex issues 
      necessary to close the Meadowlands Xanadu transaction. If and when this 
      transaction is concluded, Mr. Siegel may join the new joint venture and 
      would then remain on The Mills’ Board but 
      resign as non-executive Chairman.
    
    
      Mark S. Ordan, who has served as the Company’s 
      Chief Operating Officer since March 2006, has been appointed as the 
      Company’s Chief Executive Officer and 
      President, effective immediately. Mr. Ordan joined The Mills after a 
      career as a specialty retail CEO and as a long time Board member and 
      past chairman of Federal Realty Investment Trust. Mr. Ordan will resign 
      from the Federal Realty Investment Trust as he assumes his new position 
      at The Mills.
    
    
      “Mark has helped strengthen our operations 
      since March and the Company will continue to benefit from his leadership 
      as it pursues the previously announced strategic alternatives process,” 
      said Mr. Siegel.
    
    
      “Larry’s vision and 
      energy have helped The Mills build a unique portfolio of assets, and 
      everyone at the Company is pleased that we will benefit from his 
      continued involvement on the Board of Directors. I look forward to 
      leading The Mills as we pursue the sale of part or all of the Company,” 
      said Mr. Ordan.
    
    
      In connection with his retirement, Mr. Siegel will be entitled to 
      severance and other payments described in a Form 8-K filed today with 
      the Securities and Exchange Commission. Mr. Ordan will also be eligible 
      to receive certain additional compensation as Chief Executive Officer 
      and President, as described in such Form 8-K.
    
    
      In a letter dated September 28, 2006, received by the Company on 
      September 29, 2006, the New York Stock Exchange informed the Company 
      that the NYSE had granted the Company an additional three-month trading 
      period through January 2, 2007. In granting that extension, the NYSE 
      recommended that the Company disclose to the market certain 2006 
      operating metrics and noted that it would reevaluate the three-month 
      extension at the end of October 2006 in light of that disclosure 
      recommendation. The letter further stated that the NYSE would closely 
      monitor the Company’s progress toward filing 
      its 2005 Form 10-K and that failure to do so could result in suspension 
      of the Company’s listing privileges prior to 
      January 2, 2007. In addition, the NYSE informed the Company that, in the 
      event that the Company does not complete the filing of its 2005 Form 
      10-K with the SEC by April 2, 2007, the NYSE will move forward with the 
      initiation of suspension and delisting procedures.
    
    
      About The Mills Corporation
    
    
      The Mills Corporation, based in Chevy Chase, MD, is a developer, owner 
      and manager of a diversified global portfolio of retail destinations 
      including regional shopping malls, market dominant retail and 
      entertainment centers, and international retail and leisure 
      destinations. It currently owns 42 properties in the U.S., Canada and 
      Europe, totaling 51 million square feet. In addition, The Mills has 
      various projects in development, redevelopment or under construction. 
      The Mills is traded on the New York Stock Exchange under the ticker: 
      MLS. For more information, visit the Company’s 
      website at www.themills.com.
    
    
      Statements in this press release that are not historical - including, 
      among other things, as to The Mills’ 
      completion of the transaction with Colony and Kan Am relating to The 
      Mills’ Meadowlands development project on the 
      expected terms or in the expected time frames or at all or the financial 
      implications of the transaction or the ability of the Company to 
      continue to have its securities listed on the NYSE - may be deemed 
      forward-looking statements within the meaning of the federal securities 
      laws. Although The Mills believes the expectations reflected in any 
      forward-looking statements are based on reasonable assumptions, The 
      Mills can give no assurance that its expectations will be attained and 
      it is possible that our actual circumstances and results may differ 
      materially from those indicated by these forward-looking statements due 
      to a variety of risks and uncertainties, including, but not limited to, 
      The Mills’ ability to satisfy the conditions 
      to closing the Meadowlands project transaction with Kan Am and 
      Colony and the conditions to the continued listing of the Company’s 
      securities on the NYSE. The Mills 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 Mills’ various filings with the SEC, 
      including quarterly reports on Form 10-Q, reports on Form 8-K and its 
      annual reports on Form 10-K, for a discussion of such risks and 
      uncertainties.
    
  
The Mills Corporation (NYSE:MLS) today announced that Laurence C.
Siegel has retired as the Company's Chief Executive Officer and has
been appointed non-executive Chairman of the Board of The Mills. The
Mills continues to work with Kan Am USA Management XXII and Colony
Capital Acquisitions, LLC to resolve the complex issues necessary to
close the Meadowlands Xanadu transaction. If and when this transaction
is concluded, Mr. Siegel may join the new joint venture and would then
remain on The Mills' Board but resign as non-executive Chairman.

   Mark S. Ordan, who has served as the Company's Chief Operating
Officer since March 2006, has been appointed as the Company's Chief
Executive Officer and President, effective immediately. Mr. Ordan
joined The Mills after a career as a specialty retail CEO and as a
long time Board member and past chairman of Federal Realty Investment
Trust. Mr. Ordan will resign from the Federal Realty Investment Trust
as he assumes his new position at The Mills.

   "Mark has helped strengthen our operations since March and the
Company will continue to benefit from his leadership as it pursues the
previously announced strategic alternatives process," said Mr. Siegel.

   "Larry's vision and energy have helped The Mills build a unique
portfolio of assets, and everyone at the Company is pleased that we
will benefit from his continued involvement on the Board of Directors.
I look forward to leading The Mills as we pursue the sale of part or
all of the Company," said Mr. Ordan.

   In connection with his retirement, Mr. Siegel will be entitled to
severance and other payments described in a Form 8-K filed today with
the Securities and Exchange Commission. Mr. Ordan will also be
eligible to receive certain additional compensation as Chief Executive
Officer and President, as described in such Form 8-K.

   In a letter dated September 28, 2006, received by the Company on
September 29, 2006, the New York Stock Exchange informed the Company
that the NYSE had granted the Company an additional three-month
trading period through January 2, 2007. In granting that extension,
the NYSE recommended that the Company disclose to the market certain
2006 operating metrics and noted that it would reevaluate the
three-month extension at the end of October 2006 in light of that
disclosure recommendation. The letter further stated that the NYSE
would closely monitor the Company's progress toward filing its 2005
Form 10-K and that failure to do so could result in suspension of the
Company's listing privileges prior to January 2, 2007. In addition,
the NYSE informed the Company that, in the event that the Company does
not complete the filing of its 2005 Form 10-K with the SEC by April 2,
2007, the NYSE will move forward with the initiation of suspension and
delisting procedures.

   About The Mills Corporation

   The Mills Corporation, based in Chevy Chase, MD, is a developer,
owner and manager of a diversified global portfolio of retail
destinations including regional shopping malls, market dominant retail
and entertainment centers, and international retail and leisure
destinations. It currently owns 42 properties in the U.S., Canada and
Europe, totaling 51 million square feet. In addition, The Mills has
various projects in development, redevelopment or under construction.
The Mills is traded on the New York Stock Exchange under the ticker:
MLS. For more information, visit the Company's website at
www.themills.com.

   Statements in this press release that are not historical -
including, among other things, as to The Mills' completion of the
transaction with Colony and Kan Am relating to The Mills' Meadowlands
development project on the expected terms or in the expected time
frames or at all or the financial implications of the transaction or
the ability of the Company to continue to have its securities listed
on the NYSE - may be deemed forward-looking statements within the
meaning of the federal securities laws. Although The Mills believes
the expectations reflected in any forward-looking statements are based
on reasonable assumptions, The Mills can give no assurance that its
expectations will be attained and it is possible that our actual
circumstances and results may differ materially from those indicated
by these forward-looking statements due to a variety of risks and
uncertainties, including, but not limited to, The Mills' ability to
satisfy the conditions to closing the Meadowlands project transaction
with Kan Am and Colony and the conditions to the continued listing of
the Company's securities on the NYSE. The Mills 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 Mills' various filings with
the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K
and its annual reports on Form 10-K, for a discussion of such risks
and uncertainties.