content_image/121658.jpg
## People 

Mike and I appreciate and value Vornado’s human capital as highly as our financial capital. Starting with the eight Executive Vice Presidents, who are division heads and our direct reports, and extending to the 108 Vice Presidents, who are so essential to the success of our businesses, they have our praise and thanks. 

We welcome Alan Rice, a talented attorney as Corporation Counsel and Secretary. We also welcome Cathy Creswell, Director of Investor Relations, a talented professional well known to many of our investors, who is helping our efforts to continually improve communications and accessibility. 

This year Paul Larner, EVP of Administration, resigned to pursue his private entrepreneurial instincts and Ken McVearry, long time EVP of Smith, left to pursue other interests. Paul will not be replaced, and Mitchell Schear, President of Smith, has assumed Ken’s duties. 

As announced in February 2004, Alec Covington, President and CEO of AmeriCold, resigned to pursue an opportunity with a food distribution company. Alec has left us with a stable business and a sound organization. We 

wish him well. Mike O’Connell, who has been with AmeriCold for over ten years, has been promoted to be in char ge of all warehouse operations and, until a successor is in place, will report to Anthony Cossentino, Chief Financial Officer. 

After 34 years, Ralph Richards, a super-duper retail leas- ing representative and a nice man, has retired. Thanks and Godspeed. Michelle is still always right, Clarice is some fine painter, and Sherri had a baby boy. 

An important part of our business is keeping our proper- ties very well-maintained, which involves periodic remod- els and freshening, as needed. Long-time readers of Vo rnado’s annual report may notice that this year we have fr eshened and updated this report’s presentation—but, be assured, our culture will remain the same. Similarly, we ar in the process of freshening, updating and improving our website. 

Mike and I deeply believe in the future of Vornado. We thank our colleagues and shareholders. 

<img src='content_image/121658.jpg'>

April 14, 2004 

