As is our custom, we present a chart below that traces our ten-year record of growth, both in absolute dollars and per share amounts:

STOCK PERFORMANCE

Mike(1) and I manage the business for long-term wealth creation. We cannot directly influence our stock price, but surely our stock price over time is a report card on our

performance. Here is a chart showing Vornado's compound annual growth rate (CAGR) as compared to the RMS(2) for periods ending December 31, 2006:



(1) Michael Fascitelli, Vornado's President and my partner in running Vornado. (2) The Morgan Stanley REIT Index (RMS) was first published thirteen years ago.