Bob Smith and Bob Kogod have spent their lives building their father and father-in-law's, Charles E. Smith, legacy. This year, Mitchell, our brand builder, initiated a plan to re-brand our Washington office business:

          Vornado/Charles E. Smith

We couldn't be more proud to have the Vornado brand stand next to the Charles E. Smith name. And, we benefit from Bob and Bob's service on the Vornado Board.

I have been truly fortunate in my career to be supported by my lifelong partners, Russ Wight and David Mandelbaum, and by my dean and advisor of 25 years, Dr. Richard West. Of course Mike supports me in every way and I him. We

are fortunate to have been joined on our Board by two very talented, seasoned veterans, Michael Lynne and Tony Deering. Ron Targan and Stanley Simon have been here from the very beginning. Mike and I are fortunate to work for a smart and caring Board.

Vornado owns a staggering number (hundreds and hundreds) of wonderful assets. Mike and I would like shareholders to be able to see each asset and, accordingly, a loop showing all of our assets will be available at www.vno.com in the near future.

If you cannot get reservations at Le Cirque or tickets to Curtains, the new Broadway musical produced by my wife, please give me a call.