The Mills Issues Statement in Response to Inquiries

  
    
  
  
    
      In response to inquiries received today, The Mills Corporation 
      (NYSE: MLS) issued the following statement:
    
    
      As the Company announced earlier today, The Mills’ 
      Audit Committee has completed its comprehensive investigation into 
      various issues related to the Company’s 
      historical accounting policies and practices.
    
    
      As indicated in a Form 8-K filed with the Securities and Exchange 
      Commission (“SEC”) 
      in December 2006, the Company has successfully negotiated an extension 
      of its senior term loan with Goldman Sachs Mortgage Company, as 
      administrative agent, and the Company believes that it will remain in 
      compliance with the terms of this loan. As was the case prior to that 
      extension, the Company has the ability to request a further extension, 
      subject to certain conditions detailed in its SEC filings.
    
    
      The Mills continues to be actively engaged in the exploration of 
      strategic alternatives, and the Company believes that the completion of 
      the Audit Committee investigation and the extension of its senior term 
      loan are two important components to the successful completion of this 
      process.
    
    
      For more information, please see the Form 8-K filed by the Company with 
      the SEC earlier today.
    
    
      About The Mills Corporation
    
    
      The Mills Corporation, based in Chevy Chase, MD, is a developer, owner 
      and manager of a diversified portfolio of retail destinations, including 
      regional shopping malls and market-dominant retail and entertainment 
      centers. It currently owns 38 properties in the United States totaling 
      approximately 47 million square feet. 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 anticipated impacts of the pending 
      restatement of the Company's and TMLP's financial statements and changes 
      in accounting principles and the amount of the impairment charges that 
      are expected to be recorded, may be deemed forward-looking statements 
      within the meaning of the federal securities laws. Although the Company 
      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 its 
      actual circumstances and results may differ materially from those 
      indicated by these forward-looking statements due to a variety of risks 
      and uncertainties, including the identification of any additional 
      matters requiring adjustment, completion of the restated financial 
      statements, the length of time needed for E&Y to complete their 
      procedures, any actions taken by the SEC or other factors. The Company 
      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 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.