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OTHER 

On September 11, 2003, the Company made a loan of $7,300,000 to a non-affiliated party. The loan was collateralized by the borrower’s ownership of the 150,067 shares of Vornado Series C-1 convertible preferred operating partnership units and 202,411 Vornado Class A operating partnership units. On November 18, 2003, the Company acquired the units for $15,998,000 (equivalent to 373,952 Class A at $42.78 per unit) fr om the borrower for $8,698,000 in cash and the balance through the repayment of the loan. 

## 7. Debt 

Following is a summary of the Company’s debt: 

<img src='content_image/110774.jpg'>

See notes on following page 

