---



##### 



PageARTICLE I TRANSFERS OF INTERESTS; CONSENTS; LOANS; PRELIMINARY TRANSACTIONS
    
    
    41.1
    
    Transfers of Interests
    
    
    41.2
    
    Consents
    
    
    51.3
    
    Continuing Loans
    
    
    61.4
    
    No Representations
    
    
    61.5
    
    Release
    
    
    61.6
    
    Preliminary Transactions
    
    
    81.7
    
    Master III Operating Agreement
    
    
    8ARTICLE II CONSIDERATION
    
    
    82.1
    
    Funding of Master III
    
    
    82.2
    
    Initial Consideration
    
    
    92.3
    
    Stabilization of Development Properties
    
    
    10ARTICLE III TITLE AND OTHER PROPERTY RELATED MATTERS
    
    
    173.1
    
    Title to the Properties
    
    
    173.2
    
    Condemnation
    
    
    203.3
    
    Destruction or Damage
    
    
    20ARTICLE IV COVENANTS
    
    
    214.1
    
    Appointment of BCR Representative
    
    
    214.2
    
    Commercially Reasonable Efforts
    
    
    224.3
    
    Post-Closing HSR Act Filings
    
    
    224.4
    
    Conduct of Business
    
    
    224.5
    
    Registration Rights Agreement
    
    
    234.6
    
    Tax Protection Agreement
    
    
    234.7
    
    Voting Agreement
    
    
    234.8
    
    BCR Employment Agreement; FCRC Operations
    
    
    234.9
    
    Limitation on Actions by Forest City
    
    
    234.10
    
    Expenses
    
    
    244.11
    
    Intentionally Omitted
    
    
    244.12
    
    Tax Treatment
    
    
    244.13
    
    Estoppel Certificates
    
    
    254.14
    
    Reservation of FCEI Stock
    
    
    254.15
    
    Treatment of Certain Priority Payments
    
    
    264.16
    
    Nets Loan
    
    
    264.17
    
    Certain Amendments
    
    
    264.18
    
    Contribution of Additional FCE Interests
    
    
    27ARTICLE V CLOSING
    
    
    285.1
    
    Closing
    
    
    28




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##### 



Page5.2
    
    Deferred Closing
    
    
    285.3
    
    Principal Closing and Deferred Closing Deliveries by BCR Entities
    
    
    295.4
    
    Principal Closing and Deferred Closing Deliveries by Forest City
    
    
    325.5
    
    Development Property Closing Deliveries by BCR Entities
    
    
    345.6
    
    Development Property Closing Deliveries by Forest City
    
    
    36ARTICLE VI CONDITIONS PRECEDENT TO CLOSING
    
    
    386.1
    
    Conditions Precedent to Obligation of Forest City
    
    
    386.2
    
    Conditions Precedent to Obligations of the BCR Entities and BCR Individuals
    
    
    40ARTICLE VII REPRESENTATIONS AND WARRANTIES
    
    
    417.1
    
    Representations and Warranties of Forest City
    
    
    417.2
    
    Representations and Warranties of BCR Entities
    
    
    467.3
    
    Forest Citys Representations and Warranties with Respect to Development Properties
    
    
    527.4
    
    BCR Entities Representations and Warranties with Respect
to Development Properties and the Nets, Atlantic Yards, Bloomfield and Metrotech Associates
    
    
    527.5
    
    Notice of Breach
    
    
    53ARTICLE VIII INDEMNIFICATION
    
    
    538.1
    
    Survival Period
    
    
    538.2
    
    Obligation of Forest City to Indemnify
    
    
    548.3
    
    Obligation of BCR Entities to Indemnify
    
    
    548.4
    
    Notice and Resolution of Claims
    
    
    558.5
    
    Limitations on Forest Citys Recovery
    
    
    568.6
    
    Limitation on BCR Entities Recovery
    
    
    58ARTICLE IX TERMINATION
    
    
    609.1
    
    Intentionally Omitted
    
    
    609.2
    
    Failure to Satisfy Certain Conditions Prior to the Principal Closing
    
    
    609.3
    
    Default Prior to Principal Closing
    
    
    619.4
    
    Default Prior to Deferred Closing
    
    
    619.5
    
    Default Prior to Development Property Closing
    
    
    62ARTICLE X MISCELLANEOUS
    
    
    6210.1
    
    Further Assurances
    
    
    6210.2
    
    Notices
    
    
    6310.3
    
    Assignment
    
    
    6410.4
    
    Binding Obligation
    
    
    6410.5
    
    Waiver
    
    
    6410.6
    
    Incorporation of Recitals and Schedules
    
    
    6410.7
    
    Confidentiality; Press Releases
    
    
    6410.8
    
    Merger
    
    
    6510.9
    
    GOVERNING LAW
    
    
    6510.10
    
    Jurisdiction
    
    
    65
 -ii-




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##### 



Page10.11
    
    Captions
    
    
    6510.12
    
    Counterparts
    
    
    6510.13
    
    Severability
    
    
    6610.14
    
    Prior Negotiations; Construction
    
    
    6610.15
    
    Litigation Expenses
    
    
    6610.16
    
    No Recordation
    
    
    6610.17
    
    WAIVER OF TRIAL BY JURY
    
    
    66
 -iii-




---



##### 



EXHIBITSEXHIBIT A
    
    Master III Operating AgreementEXHIBIT B-1
    
    Form Interest Contribution AgreementEXHIBIT B-2
    
    Form Interest Transfer AgreementEXHIBIT C-1
    
    Form Registration Rights AgreementEXHIBIT C-2
    
    Form Addendum to Registration Rights AgreementEXHIBIT D-1
    
    Form Tax Protection AgreementEXHIBIT D-2
    
    Form Addendum to Tax Protection AgreementEXHIBIT E
    
    Form Voting AgreementEXHIBIT F
    
    Estoppel Certificate StandardsEXHIBIT G-1
    
    Form Amended Operating Agreement or Partnership Agreement
relating to Operating PropertiesEXHIBIT G-2
    
    Form Amended Operating Agreement or Partnership Agreement
relating to Development PropertiesEXHIBIT H
    
    Form Legal Opinion
 -iv-




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##### 



SCHEDULESSCHEDULE P-1A
    
    FCE EntitiesSCHEDULE P-1B
    
    Master III EntitiesSCHEDULE P-2A
    
    BCR EntitiesSCHEDULE P-2B
    
    BCR IndividualsSCHEDULE P-3A
    
    PropertiesSCHEDULE P-3B
    
    Property Owners and Organizational ChartsSCHEDULE P-3C
    
    Development Property Owners and Organizational ChartsSCHEDULE P-3D
    
    Nets, Atlantic Yards, Bloomfield and Metrotech Associates
and Organizational ChartsSCHEDULE P-3E
    
    Service Companies and Organizational ChartsSCHEDULE P-4
    
    Preliminary TransactionsSCHEDULE P-5A
    
    Nets, Atlantic Yards, Bloomfield and Metrotech Associates
TransfersSCHEDULE P-5B
    
    Service Company TransfersSCHEDULE P-6A
    
    BCR Contributed Interests in Operating PropertiesSCHEDULE P-6B
    
    BCR Sold Interests in Operating PropertiesSCHEDULE P-6C
    
    FCE Contributed Interests in Operating PropertiesSCHEDULE P-7A
    
    BCR Contributed Interests in Development PropertiesSCHEDULE P-7B
    
    FCE Contributed Interests in Development PropertiesSCHEDULE P-7C
    
    BCR Sold Interests in Development PropertiesSCHEDULE 1.2A
    
    Ground Lease ConsentsSCHEDULE 1.2B
    
    Development Property ConsentsSCHEDULE 1.3(b)
    
    Certain Lender and Third Party ConsentsSCHEDULE 2.3(c)
    
    Determination of ValueSCHEDULE 3.1(a)
    
    Existing Title PoliciesSCHEDULE 3.1(b)
    
    New Title CommitmentsSCHEDULE 4.13-1
    
    AnchorsSCHEDULE 4.13-2
    
    Ground LessorsSCHEDULE 4.13-3
    
    Reciprocal Easement AgreementsSCHEDULE 4.17
    
    Amended Operating Agreements or Partnership AgreementsSCHEDULE 4.18A
    
    Heldback FCE InterestsSCHEDULE 4.18B
    
    Certain Outside Investors and Outside InterestsSCHEDULE 5.3(j)
    
    Outside Investor ConsentsSCHEDULE 5.4(j)
    
    Non-Consolidation OpinionsSCHEDULE 6.1(d)
    
    Required Estoppel Certificates and Required BCR ConsentsSCHEDULE 7.1(a)
    
    FCE Entities OrganizationSCHEDULE 7.1(e)
    
    Capitalization of FCEISCHEDULE 7.1(r)
    
    Individuals Comprising Knowledge of Forest CitySCHEDULE 7.2(a)
    
    BCR Entities OrganizationSCHEDULE 7.2(c)
    
    ConsentsSCHEDULE 7.2(f)
    
    Non-Compliance with LawsSCHEDULE 7.2(g)
    
    Pending Tax Claims and AuditsSCHEDULE 7.2(j)
    
    List of Ground Leases and Anchor Tenant Leases and
Defaults Under Ground Leases and Anchor Tenant Leases
 -v-




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##### 



SCHEDULESSCHEDULE 7.2(k)
    
    Unpaid Leasing Commissions, Fees and Tenant Improvement
AllowancesSCHEDULE 7.2(l)
    
    Defaults under Operating ContractsSCHEDULE 7.2(m)
    
    Defaults under Continuing LoansSCHEDULE 7.2(n)
    
    Environmental ReportsSCHEDULE 7.2(o)
    
    Financial Information LetterSCHEDULE 7.2(p)
    
    FCRC Form 10-K InformationSCHEDULE 7.2(t)
    
    Individuals Comprising Knowledge of BCR EntitiesSCHEDULE 9.2(c)
    
    Certain Waivers
 -vi-




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##### 



Page2005 Form 10-K
    
    
    442006 Form 10-Qs
    
    
    4480 DeKalb
    
    
    1780 DeKalb Value
    
    
    18Additional Units
    
    
    13Agreement
    
    
    1Anchor Tenant Leases
    
    
    50Anchors
    
    
    26Appraisal Notice
    
    
    11Atlantic Yards
    
    
    2BCR
    
    
    1BCR Contributed Interests
    
    
    4BCR Employment Agreement
    
    
    24BCR Entities
    
    
    1BCR Individuals
    
    
    1BCR Interests
    
    
    3BCR Master I Interests
    
    
    1BCR Master II Interests
    
    
    1BCR Material Adverse Change
    
    
    47BCR Release Date
    
    
    7BCR Representative
    
    
    22BCR Service Company Interest
    
    
    2BCR Sold Interests
    
    
    4BCR Transferor Party
    
    
    7BCR Transferred Interests
    
    
    4BCR Units
    
    
    13Beekman
    
    
    17Bloomfield
    
    
    2BR Master
    
    
    1Claims
    
    
    8Claims Notice
    
    
    56Class A Additional Common Units
    
    
    13Class A Initial Common Units
    
    
    9Class B Initial Common Units
    
    
    9Closing
    
    
    29Closing Date
    
    
    29Code
    
    
    25Commercially Reasonable Efforts
    
    
    6Commission
    
    
    44Condemnation
    
    
    20Consideration
    
    
    10
 -vii-




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PageContinuing Loan
    
    
    6Contributed Interests
    
    
    4Deferred Closing
    
    
    29Deferred Closing Date
    
    
    29Development Property
    
    
    1Development Property Closing
    
    
    14Development Property Joint Venture
    
    
    15Development Property Owner
    
    
    2Encumbrance
    
    
    18Environmental Reports
    
    
    51Estoppel Certificate
    
    
    26Exchange Act
    
    
    44Exchange Rights
    
    
    25Excluded Property
    
    
    29Existing Title Policy
    
    
    18FCCH
    
    
    1FCE Contributed Interests
    
    
    4FCE Contributor Party
    
    
    8FCE Entities
    
    
    1FCE Interests
    
    
    2FCE Master I Interests
    
    
    1FCE Master II Interests
    
    
    1FCE Material Adverse Change
    
    
    42FCE Release Date
    
    
    8FCE Service Company Interest
    
    
    2FCEI
    
    
    1FCEI Stock
    
    
    14FCRC
    
    
    23FCRC Form 10-K Information
    
    
    52FCRPC
    
    
    33Forest City
    
    
    1Forest City Indemnified Parties
    
    
    55Governmental Authority
    
    
    40Greenhill
    
    
    46Ground Leases
    
    
    50Ground Lessor
    
    
    26Holding Entities
    
    
    1HSR Act
    
    
    22Indemnification Claim
    
    
    56Indemnified Party
    
    
    56Indemnifying Party
    
    
    56Initial Units
    
    
    9Interest Contribution Agreement
    
    
    4Interest Transfer Agreement
    
    
    5Interests
    
    
    2Liability Claim
    
    
    56
 -viii-




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##### 



PageLitigation Conditions
    
    
    56Loan Documents
    
    
    51Losses
    
    
    55Master I
    
    
    1Master I Interests
    
    
    1Master II
    
    
    1Master II Interests
    
    
    1Master III
    
    
    1Master III Entities
    
    
    1Master III Operating Agreement
    
    
    3Metrotech Associates
    
    
    2Nets
    
    
    2Nets Loan
    
    
    27New Title Commitment
    
    
    18Operating Contracts
    
    
    50Operating Property
    
    
    1Opinion of Counsel
    
    
    25Outside Interests
    
    
    28Outside Investor
    
    
    2Preliminary Transactions
    
    
    3Principal Closing
    
    
    29Principal Closing Date
    
    
    29Property
    
    
    1Property Owner
    
    
    1PTP
    
    
    25Registration Rights Agreement
    
    
    23Required BCR Consents
    
    
    40Required Estoppel Certificates
    
    
    40SEC Filings
    
    
    45Securities Act
    
    
    44Service Company
    
    
    2Special Committee
    
    
    43Stabilization Date
    
    
    10Stabilization Notice
    
    
    11Stabilized Closing Date
    
    
    13Stabilized Net Operating Income
    
    
    10Stabilized Value
    
    
    11Substantial Casualty
    
    
    21Substantial Condemnation
    
    
    21Tax Protection Agreement
    
    
    23Unit Transfer
    
    
    25Units
    
    
    13Voting Agreement
    
    
    24
 -ix-




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##### 



th
 W I T N E S S E T H:
     1




---



##### 



2




---



##### 



3




---



##### 



Transfers of Interests
 P-6A P-6A
 P-6C P-6C
 P-6B P-6B
 4




---



##### 



Consents
 5




---



##### 



Continuing Loans
   No Representations
 Release
 6




---



##### 



7




---



##### 



Preliminary Transactions
 Master III Operating Agreement
   Funding of Master III
 8




---



##### 



Initial Consideration
         9




---



##### 



Stabilization of Development Properties
      10




---



##### 



th
       11




---



##### 



th th
  12




---



##### 



13




---



##### 



14




---



##### 



15




---



##### 



th
  16




---



##### 



rd
  
 Title to the Properties
   17




---



##### 



18




---



##### 



19




---



##### 



Condemnation
   Destruction or Damage
 20




---



##### 



Appointment of BCR Representative
 21




---



##### 



Commercially Reasonable Efforts
 Post-Closing HSR Act Filings
 Conduct of Business
 22




---



##### 



Registration Rights Agreement
 Tax Protection Agreement
 Voting Agreement
 BCR Employment Agreement; FCRC Operations
 Limitation on Actions by Forest City
 23




---



##### 



Expenses
  Tax Treatment
    24




---



##### 



Estoppel Certificates
 Reservation of FCEI Stock
 25




---



##### 



Treatment of Certain Priority Payments
 Nets Loan
 Certain Amendments
 26




---



##### 



Contribution of Additional FCE Interests
   27




---



##### 



Closing th
 Deferred Closing
 28




---



##### 



Principal Closing and Deferred Closing Deliveries by BCR Entities
 Operating Agreement
 Interest Contribution Agreements and Interest Transfer Agreements
 Tax Protection Agreement
 Registration Rights Agreement
 29




---



##### 



BCR Employment Agreement
  Certificates
      30




---



##### 



Estoppel Certificates
 Lender Consents
 Outside Investor Consents
 Ground Lease Consents
 Other Documents
 31




---



##### 



Principal Closing and Deferred Closing Deliveries by Forest City
 Consideration
 Operating Agreement
 Interest Contribution Agreements
 Registration Rights Agreement
 Tax Protection Agreement
 BCR Employment Agreement
 Voting Agreement
 Certificates
   32




---



##### 



33




---



##### 



Legal Opinion
 Non-Consolidation Opinions
 Other Documents
 Development Property Closing Deliveries by BCR Entities
 Operating Agreement
 Interest Contribution Agreements and Interest Transfer Agreements
 Registration Rights Agreement
 Certificates
  34




---



##### 



Other Documents
 35




---



##### 



Development Property Closing Deliveries by Forest City
 Additional Consideration
 Operating Agreement
 Interest Contribution Agreements
 Registration Rights Agreement
 Certificates
    36




---



##### 



Legal Opinion
 Other Documents
 37




---



##### 



Conditions Precedent to Obligation of Forest City
 Preliminary Transactions; Delivery of Documents
 Accuracy of Representations and Warranties
     38




---



##### 



Observance of Covenants
 Required Estoppel Certificates; Required BCR Consents
 No Injunction
 Transactions Not Prohibited
  Market Price of FCEI Stock
 39




---



##### 



Conditions Precedent to Obligations of the BCR Entities and BCR Individuals
 Receipt of Consideration or Additional Units
 Preliminary Transactions; Delivery of Documents
 Accuracy of Representations and Warranties
    Observance of Covenants
 Market Price of FCEI Stock
 40




---



##### 



No Injunction
 Transactions Not Prohibited
  No Suspension of Trading of FCEI Stock
 FCEI Stock
   Representations and Warranties of Forest City
 Organization, Good Standing and Authority
 41




---



##### 



Authorization and Binding Effect
 No Conflicts
 42




---



##### 



FCE Contributed Interests
 FCEI Stock
 Private Offering
 43




---



##### 



SEC Filings
 Forest City Financial Statements
 RMS Limited Partnership
 Redemption of FCEI Stock
 Sarbanes-Oxley and NYSE Rules
 44




---



##### 



Antitakeover
 Form S-3 Eligible
 Fairness Opinion
 Brokers
 Private Offering
    45




---



##### 



Jointly Owned Entities
 Forest Citys Knowledge
 Representations and Warranties of BCR Entities
 Organization, Good Standing and Authority of BCR Entities
 Authorization and Binding Effect
 46




---



##### 



No Conflicts
 BCR Transferred Interests
 Adverse Claims, Litigation and Proceedings
 47




---



##### 



Compliance with Laws
 Taxes
   Permits
 48




---



##### 



Property Owners and Service Companies
 Ground Leases; Anchor Tenant Leases
 Leasing Commissions, Fees and Tenant Improvement Allowances
 Operating Contracts
 49




---



##### 



Continuing Loans
 Environmental Reports
 50




---



##### 



Financial Information
 Information in Form 10-K
 Private Offering
    Queenswood Apartments, Worth Street
 51




---



##### 



Brokers
 BCR Entities Knowledge
 Forest Citys Representations and Warranties with Respect to Development
Properties
 BCR Entities Representations and Warranties with Respect to Development Properties
and the Nets, Atlantic Yards, Bloomfield and Metrotech Associates
  52




---



##### 



Notice of Breach
   Survival Period
    53




---



##### 



Obligation of Forest City to Indemnify except
 Obligation of BCR Entities to Indemnify 54
        Notice and Resolution of Claims
   55




---



##### 



Limitations on Forest Citys Recovery
   56




---



##### 



57




---



##### 



Limitation on BCR Entities Recovery
  58




---



##### 



59




---



##### 



Failure to Satisfy Certain Conditions Prior to the Principal Closing
    60




---



##### 



Default Prior to Principal Closing
       Default Prior to Deferred Closing
  61




---



##### 



Default Prior to Development Property Closing
     Further Assurances
 62




---



##### 



Notices
  
  
  th
  th
 63




---



##### 



Assignment
 Binding Obligation
 Waiver
 Incorporation of Recitals and Schedules
 Confidentiality; Press Releases
 64




---



##### 



Merger
 GOVERNING LAW
 Jurisdiction
 Captions
 Counterparts
 65




---



##### 



Severability
 Prior Negotiations; Construction
 Litigation Expenses
 No Recordation
 WAIVER OF TRIAL BY JURY
 [signature pages follow]
 66




---



##### 



FOREST CITY ENTERPRISES, INC.,
an Ohio corporationBy:
    
    /s/ CHARLES A. RATNER

Charles A. Ratner,
President & Chief Executive Officer
 FOREST CITY MASTER ASSOCIATES III, LLC,
a New York limited liability companyBy:
    
    
    
    FC Master Associates III, Inc.,a New York corporation and its sole memberBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice President
 FCE ENTITIES
 FOREST CITY B.U.G. BUILDING, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentFOREST CITY S.I.A.C. BUILDING, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentFOREST CITY FLATBUSH, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentF.C. MEMBER, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice President
 [signatures continued on next page]




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##### 



FOREST CITY FULTON STREET BUILDING, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentFOREST CITY TECH PLACE, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentFOREST CITY PIERREPONT, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice PresidentFOREST CITY COMMERCIAL HOLDINGS, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice PresidentFOREST CITY BLUFFSIDE CORPORATION,
an Ohio corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice President
 CLEVELAND/NY RESIDENTIAL, LLC,
a New York limited liability companyBy:
    
    Forest City Residential Group, Inc.,an Ohio corporation and its sole memberBy:
    
    /s/ JAMES J. PROHASKA

James J. Prohaska,
Executive Vice President and COO
 [signatures continued on next page]




---



##### 



FOREST CITY EQUITY SERVICES, INC.,
an Ohio corporationBy:
    
    /s/ JAMES J. PROHASKA

James J. Prohaska
Executive Vice President and COOFIRST NEW YORK MANAGEMENT COMPANY, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice PresidentFOREST CITY N.Y., INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice PresidentFOREST CITY N.Y. GROUP, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice PresidentFC 8 SOUTH, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice President
 MASTER III ENTITIES
 FC NEW FLATBUSH, LLC,
a New York limited liability companyBy:
    
    Forest City Master Associates III, LLC,a New York limited liability company and its sole memberBy:
    
    FC Master Associates III, Inc.,

a New York corporation and its sole memberBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice President
 [signatures continued on next page]




---



##### 



FC NEW TECH, LLC,
a New York limited liability companyBy:
    
    Forest City Master Associates III, LLC,a New York limited liability company and
its sole memberBy:
    
    FC Master Associates III, Inc.,
a New York corporation and its sole
memberBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice PresidentFC NEW KERA, LLC,
a New York limited liability companyBy:
    
    Forest City Master Associates III, LLC,a New York limited liability company and

its sole memberBy:
    
    FC Master Associates III, Inc.,
a New York corporation and its sole
memberBy:
    
    /s/ LAYTON MCCOWN

Layton McCown, Vice President
 MASTER III FC/BCR HOLDINGS, INC.,
a New York corporationBy:
    
    /s/ LAYTON MCCOWNLayton McCown, Vice President
 [signatures continued on next page]




---



##### 



BCR ENTITIES
 Brooklyn One Trust,
a New York TrustBy:
    
    /s/ MICHAEL D. RATNER

Michael D. Ratner, solely as trusteeof Brooklyn One Trust, and notindividuallyBrooklyn Two Trust,
a New York TrustBy:
    
    /s/ BRUCE C. RATNERBruce C. Ratner, solely as trusteeof Brooklyn Two Trust, and notindividuallyBrooklyn Three Trust,
a New York TrustBy:
    
    /s/ MICHAEL D. RATNERMichael D. Ratner, solely as trusteeof Brooklyn Three Trust, and notindividuallyRRG New B.U.G., LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNERBruce C. RatnerManaging MemberRRG New S.I.A.C., LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNERBruce C. RatnerMember
 [signatures continued on next page]




---



##### 



RRG Flatbush Associates, L.P.,
a New York limited partnershipBy:
    
    RRG Flatbush, Inc.,a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerPresident
 RRG Myrtle, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG Fulton Associates, L.P.,
a Delaware limited partnershipBy:
    
    RRG Fulton Corp.,a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerPresident
 RRG Tech Place Associates, L.P.,
a New York limited partnershipBy:
    
    RRG Tech, Inc.,a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerPresident
 RRG Harlem Office, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerMember
 [signatures continued on next page]




---



##### 



RRG Hanson Office, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 BR Master Limited Partnership,
a New York limited partnershipBy:
    
    BR Retail Member, LLC,a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG Queens Place, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerMemberRRG Retail Properties, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNERBruce C. RatnerManaging MemberRRG Hanson, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNERBruce C. RatnerMemberRRG Gowanus Canal, Inc.,
a New York corporationBy:
    
    /s/ BRUCE C. RATNERBruce C. RatnerPresident
 [signatures continued on next page]




---



##### 



FC Quartermaster Retail II, L.P.,
a New York limited partnershipBy:
    
    RRG Quartermaster Retail II, LLC,a
Pennsylvania limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG Quartermaster II, LLC,
a Pennsylvania limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 FC Quartermaster Retail III, L.P.,
a New York limited partnershipBy:
    
    RRG Quartermaster Retail II, LLC,a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG Quartermaster III, LLC,
a Pennsylvania limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 FC Quartermaster Retail, L.P.,
a New York limited partnershipBy:
    
    RRG Quartermaster Retail, LLC,a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 [signatures continued on next page]




---



##### 



FC Quartermaster Retail IV, L.P.,
a Pennsylvania limited liability companyBy:
    
    RRG Quartermaster Retail IV, LLC,a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG New Residential Properties, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 The Ellen Ratner 2000 Trust,
a New York trustBy:
    
    /s/ BRUCE C. RATNER

Bruce C. Ratner, solely as Trustee ofThe Ellen Ratner 2000 Trust, and not
individuallyBy:
    
    /s/ MICHAEL D. RATNER

Michael D. Ratner, solely as Trustee ofThe Ellen Ratner 2000 Trust, and not
individually
 FC Forest Avenue Retail, LLC,
a New York limited liability companyBy:
    
    BR Retail Member, LLC,a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 [signatures continued on next page]




---



##### 



RRG Court Street Retail, LLC,
 By:
    
    BR Retail Member, LLC,
     a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging member
 RRG Steinway Street Retail, LLC,
 By:
    
    BR Retail Member, LLC,
     a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerTitle:
 RRG Bloomfield, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging MemberBR Basketball, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging MemberBR Land, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 [signatures continued on next page]




---



##### 



BR First New York, L.P.,
 By:
    
    RRG First New York Corp.,
     a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. Ratner
President
 Ratner Realty Group, Inc.,
 By:
    
    /s/ BRUCE C. RATNER

Bruce C. Ratner
President
 BR 42 Hotel, LLC,
 By:
    
    BCR 42, LLC,
     a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 BR 8 South, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging MemberRRG East River, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 [signatures continued on next page]




---



##### 



RRG Yonkers, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging MemberRRG 330 Jay Office, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging MemberRRG
Mill Basin, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 RRG Tilden Associates, L.P.,
 By:
    
    RRG Tilden, Inc.,
     a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. Ratner
President
 RRG Tilden, Inc.,
a New York corporationBy:
    
    /s/ BRUCE C. RATNER

Bruce C. Ratner
PresidentBR Retail Member, LLC,
a New York limited liability companyBy:
    
    /s/ BRUCE C. RATNER

Bruce C. RatnerManaging Member
 [signatures continued on next page]
 BCR INDIVIDUALS




---



##### 



/s/ BRUCE C. RATNER

BRUCE C. RATNER/s/ MICHAEL D. RATNER

MICHAEL D. RATNER/s/ ELLEN RATNER

ELLEN RATNER
 [end of signatures]




---



##### 



EXHIBIT A
 AMENDED AND RESTATED
 LIMITED LIABILITY COMPANY OPERATING AGREEMENT
 OF
 FOREST CITY MASTER ASSOCIATES III, LLC
 , 2006




---



##### 



TABLE OF CONTENTS
 ARTICLE I DEFINITIONS, ETC.
    
    
    21.1.
    
    Definitions
    
    
    2Act
    
    
    2Administrative Expenses
    
    
    2Affiliate
    
    
    3Agreement
    
    
    3Articles of Organization
    
    
    3Assignee
    
    
    3Bankruptcy
    
    
    4BCR
    
    
    4BCR Entities
    
    
    4Capital Account
    
    
    4Class A Additional Common Units
    
    
    5Class A Common Units
    
    
    5Class A Cumulative Distribution Shortfall
    
    
    5Class A Distribution Preference
    
    
    5Class A Initial Common Units
    
    
    7Class A Member Representative
    
    
    7Class B Common Units
    
    
    7Class B Cumulative Distribution Shortfall
    
    
    8Class B Distribution Amount
    
    
    8Class B Member Representative
    
    
    8Code
    
    
    8Common Units
    
    
    8Company
    
    
    8Control
    
    
    8Conversion Factor
    
    
    9Current Per Share Market Price
    
    
    9Depreciation
    
    
    10Development Property Closing
    
    
    10Entity
    
    
    10ERISA
    
    
    10Exchange Consideration
    
    
    10Exchange Notice
    
    
    10Exchange Right
    
    
    10FCE Borrower
    
    
    10FCE Entities
    
    
    10FCEI
    
    
    10FCEI Stock
    
    
    10Fiscal Quarter
    
    
    10Fiscal Year
    
    
    11Gross Asset Value
    
    
    11Immediate Family
    
    
    12Indemnified Party
    
    
    12
 i




---



##### 



Initial BCR Entities
    
    
    12Initial Capital Contribution
    
    
    12Initial FCE Entities
    
    
    13Interest
    
    
    13Key Management
    
    
    13Liens
    
    
    13Liquidating Event
    
    
    13Loss
    
    
    13Majority-in-Interest of the Members
    
    
    13Managing Member
    
    
    13Master Contribution Agreement
    
    
    13Member Representatives
    
    
    13Members
    
    
    14Net Cash Flow
    
    
    14Net Distributable Cash
    
    
    14Net Financing Proceeds
    
    
    14Net Income
    
    
    15Net Loss
    
    
    15Net Sale Proceeds
    
    
    16Person
    
    
    17Principal Closing
    
    
    17Priority Return
    
    
    17Demand Note
    
    
    17Properties
    
    
    17Property Owners
    
    
    17Regulations
    
    
    17Treasury Regulations
    
    
    17Treas. Reg
    
    
    17Safe Harbor Rate
    
    
    17SEC
    
    
    17Securities Act
    
    
    18Service Companies
    
    
    18Stabilized Value
    
    
    18Subsequent BCR Entities
    
    
    18Subsequent FCE Entities
    
    
    18Substituted Member
    
    
    18Tax Matters Member
    
    
    18Trading Day
    
    
    18Transfer
    
    
    18Units
    
    
    19Unreturned Capital
    
    
    191.2.
    
    Exhibits, Etc.
    
    
    19ARTICLE II ORGANIZATION
    
    
    192.1.
    
    Limited Liability Company
    
    
    192.2.
    
    Name
    
    
    192.3.
    
    Character of the Business
    
    
    19
 ii




---



##### 



2.4.
    
    Location of the Principal Place of Business
    
    
    202.5.
    
    Registered Agent and Registered Office
    
    
    202.6.
    
    Issuance of Common Units; Member Acceptance
    
    
    202.7.
    
    Class A Special Common Units
    
    
    21ARTICLE III TERM
    
    
    22ARTICLE IV CONTRIBUTIONS TO CAPITAL
    
    
    234.1.
    
    Initial Capital Contributions
    
    
    234.2.
    
    Capital Accounts
    
    
    234.3.
    
    Liability for Deficits in Capital Accounts
    
    
    234.4.
    
    Common Units Have Not Been Registered
    
    
    244.5.
    
    Future Capital Contributions
    
    
    244.6.
    
    No Third Party Beneficiary
    
    
    254.7.
    
    No Interest; No Return
    
    
    25ARTICLE V ALLOCATIONS, DISTRIBUTIONS, AND OTHER TAX AND ACCOUNTING MATTERS
    
    
    255.1.
    
    Allocations
    
    
    255.2.
    
    Distributions
    
    
    265.3.
    
    Redemption or Repurchase of Common Units
    
    
    285.4.
    
    Books of Account
    
    
    285.5.
    
    Reports
    
    
    285.6.
    
    Tax Elections and Returns
    
    
    295.7.
    
    Tax Matters Partner
    
    
    305.8.
    
    Risk Insurance
    
    
    32ARTICLE VI RIGHTS, DUTIES AND RESTRICTIONS OF THE MANAGING MEMBER
    
    
    326.1.
    
    Expenditures by the Company
    
    
    326.2.
    
    Powers and Duties of Managing Member
    
    
    336.3.
    
    Promissory Notes
    
    
    346.4.
    
    Decisions Requiring Vote of Majority-in-Interest of Members
    
    
    366.5.
    
    Reliance by Third Parties
    
    
    386.6.
    
    Title Holder
    
    
    386.7.
    
    Compensation of the Managing Member
    
    
    386.8.
    
    Waiver and Indemnification
    
    
    396.9.
    
    Member Representatives
    
    
    406.10.
    
    Other Matters Concerning the Managing Member
    
    
    406.11.
    
    Certain Restrictions on Property Owners and Service Companies
    
    
    41ARTICLE VII DISSOLUTION, LIQUIDATION AND WINDING-UP
    
    
    427.1.
    
    Accounting
    
    
    427.2.
    
    Distribution on Dissolution
    
    
    427.3.
    
    Timing Requirements
    
    
    427.4.
    
    Net Sale Proceeds; Sale of Properties
    
    
    437.5.
    
    Distributions in Kind
    
    
    43
 iii




---



##### 



7.6.
    
    Documentation of Liquidation
    
    
    447.7.
    
    Dissolution
    
    
    44ARTICLE VIII TRANSFER OF UNITS
    
    
    458.1.
    
    Transfers by Members
    
    
    458.2.
    
    Restrictions on Transfer
    
    
    468.3.
    
    Attempted Transfers That Do Not Comply with this Article VIII
    
    
    488.4.
    
    Record of Transfers; Certificates for Units
    
    
    49ARTICLE IX RIGHTS AND OBLIGATIONS OF THE MEMBERS
    
    
    499.1.
    
    No Participation in Management
    
    
    499.2.
    
    Rights to Obtain Certain Documents and Information
    
    
    499.3.
    
    No Withdrawal
    
    
    509.4.
    
    Limited Liability
    
    
    509.5.
    
    Other Ventures
    
    
    50ARTICLE X GRANT OF EXCHANGE RIGHTS TO MEMBERS
    
    
    51ARTICLE XI GENERAL PROVISIONS
    
    
    5111.1.
    
    Notices
    
    
    5111.2.
    
    Successor
    
    
    5311.3.
    
    Effect and Interpretation
    
    
    5311.4.
    
    Counterparts
    
    
    5311.5.
    
    Members Not Agents
    
    
    5311.6.
    
    Entire Understanding
    
    
    5311.7.
    
    Amendments
    
    
    5311.8.
    
    Severability
    
    
    5411.9.
    
    Pronouns and Headings
    
    
    5411.10.
    
    Assurances
    
    
    5411.11.
    
    Expenses
    
    
    5511.12.
    
    Waiver of Partition
    
    
    5511.13.
    
    GOVERNING LAW
    
    
    5511.14.
    
    Jurisdiction
    
    
    55ADDENDUM
    
    
    59
  EXHIBITSEXHIBIT A
    
    Terms of Exchange RightsEXHIBIT B
    
    Form of Promissory NoteEXHIBIT C
    
    Form of Assignment and Assumption of UnitsEXHIBIT D
    
    Illustration of Class A Distribution Preference
 iv




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##### 



SCHEDULESSCHEDULE A
    
    BCR EntitiesSCHEDULE B
    
    FCE EntitiesSCHEDULE C
    
    BCR PersonsSCHEDULE D
    
    Tax MattersSCHEDULE E
    
    Initial Capital Accounts
 v




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##### 



SECURITIES ACT
 AMENDED AND RESTATED  LIMITED LIABILITY COMPANY OPERATING AGREEMENT  OF  FOREST CITY MASTER ASSOCIATES III, LLC
 Agreement Company FCEI Schedule B Initial FCE Entities BCR Schedule A Schedule A Initial BCR Entities
 W I T N E S S E T H
 Master Contribution Agreement
  1




---



##### 



DEFINITIONS, ETC.
 Definitions
 Act
 Administrative Expenses
 2




---



##### 



Affiliate
 Agreement
 Articles of Organization
 Assignee
 3




---



##### 



Bankruptcy et seq
 BCR
 BCR Entities
 Capital Account
 4




---



##### 



Class A Additional Common Units
 Class A Common Units pari passu
 Class A Cumulative Distribution Shortfall,
 Class A Distribution Preference
 5




---



##### 



except that Class A Distribution
Preference Class A Distribution Preference
 6




---



##### 



except that
 Class A Initial Common Units
 Class A Member Representative
 Class B Common Units
 7




---



##### 



Class B Cumulative Distribution Shortfall
 Class B Distribution Amount
 Class B Member Representative
 Code
 Common Units
 Company
 Control
 8




---



##### 



Conversion Factor except that
 Current Per Share Market Price
 9




---



##### 



Depreciation except that
 Development Property Closing
 Entity
 ERISA
 Exchange Consideration Exhibit A
 Exchange Notice
 Exchange Right
 FCE Borrower
 FCE Entities
 FCEI
 FCEI Stock
 Fiscal Quarter except that
 10




---



##### 



Fiscal Year except that
 Gross Asset Value
 Schedule A Schedule B
  de minimis
 de minimis
    11




---



##### 



Immediate Family Schedule C Schedule C Schedule C
 Indemnified Party
 Initial BCR Entities
 Initial Capital Contribution Schedule A Schedule B Exhibit A
 12




---



##### 



Schedule A Schedule B
 Initial FCE Entities
 Interest
 Key Management
 Liens
 Liquidating Event
 Loss
 Majority-in-Interest of the Members except
that Majority-in-Interest of the Members
 Managing Member
 Master Contribution Agreement
 Member Representatives
 13




---



##### 



Members
 Net Cash Flow Receipts Expenditures
 Net Distributable Cash
 Net Financing Proceeds
 14




---



##### 



Net Income Net Loss
 15




---



##### 



Schedule D Schedule D Schedule D
 Net Sale Proceeds
 16




---



##### 



Person
 Principal Closing
 Priority Return,
 Promissory Note
 Properties Property
 Property Owners
 Regulations, Treasury Regulations Treas. Regs.
 Safe Harbor Rate
 SEC
 17




---



##### 



Securities Act
 Service Companies
 Stabilized Value
 Subsequent BCR Entities
 Subsequent FCE Entities
 Substituted Member
 Tax Matters Member
 Trading Day
 Transfer
 18




---



##### 



Units
 Unreturned Capital,
 Exhibits, Etc
  ORGANIZATION
 Limited Liability Company
 Name
 Character of the Business
 19




---



##### 



Location of the Principal Place of Business
 Registered Agent and Registered Office
 Issuance of Common Units; Member Acceptance
 Schedule B Schedule A Schedule A Schedule B
   20




---



##### 



Class A Special Common Units Schedule A
 21




---



##### 



Schedule A
  TERM
  22




---



##### 



CONTRIBUTIONS TO CAPITAL
 Initial Capital Contributions Schedule A Schedule B Exhibit A Schedule A Schedule B
 Capital Accounts Schedule E Exhibit A Schedule E
 Liability for Deficits in Capital Accounts
 23




---



##### 



Common Units Have Not Been Registered
 Future Capital Contributions pro rata
 24




---



##### 



No Third Party Beneficiary
 No Interest; No Return
  ALLOCATIONS, DISTRIBUTIONS, AND OTHER TAX AND ACCOUNTING MATTERS
 Allocations
       25




---



##### 



Schedule D
 Distributions
 except that
   26




---



##### 



pro rata
 Exhibit A pro rata except that pro rata
  27




---



##### 



Redemption or Repurchase of Common Units
 Books of Account Exhibit A
 Reports
 28




---



##### 



Tax Elections and Returns
 29




---



##### 



Tax Matters Partner Tax Matters Member except that
 30




---



##### 



31




---



##### 



Risk Insurance
  RIGHTS, DUTIES AND RESTRICTIONS OF THE MANAGING MEMBER
 Expenditures by the Company
 32




---



##### 



Powers and Duties of Managing Member
         33




---



##### 



Promissory Notes FCE Borrower Exhibit B Promissory
Note
 34




---



##### 



35




---



##### 



Decisions Requiring Vote of Majority-in-Interest of Members
        36




---



##### 



37




---



##### 



Reliance by Third Parties
 Title Holder
 Compensation of the Managing Member
 38




---



##### 



Waiver and Indemnification
 Indemnified Party provided that Loss
 provided that
    39




---



##### 



Member Representatives
 Other Matters Concerning the Managing Member
   40




---



##### 



Certain Restrictions on Property Owners and Service Companies
 41




---



##### 



DISSOLUTION, LIQUIDATION AND WINDING-UP
 Accounting
 Distribution on Dissolution
    pro rata
  Timing Requirements
 42




---



##### 



Net Sale Proceeds; Sale of Properties
 Distributions in Kind
 43




---



##### 



Documentation of Liquidation
 Dissolution
  provided that
   44




---



##### 



TRANSFER OF UNITS
 Transfers by Members
        provided that
 Exhibit C
 45




---



##### 



except that Exhibit A
 Exhibit C
 Restrictions on Transfer
 46




---



##### 



47




---



##### 



Attempted Transfers That Do Not Comply with this Article VIII
 48




---



##### 



Record of Transfers; Certificates for Units
  RIGHTS AND OBLIGATIONS OF THE MEMBERS
 No Participation in Management except that
 Rights to Obtain Certain Documents and Information
  49




---



##### 



No Withdrawal
 Limited Liability
 Other Ventures
 50




---



##### 



GRANT OF EXCHANGE RIGHTS TO MEMBERS
 Exchange Right Exhibit A Exchange Notice Exhibit A
  GENERAL PROVISIONS
 Notices
  
 51




---



##### 



52




---



##### 



Successor
 Effect and Interpretation
 Counterparts
 Members Not Agents
 Entire Understanding
 Amendments
    53




---



##### 



Severability
 Pronouns and Headings
 Assurances
 54




---



##### 



Expenses
 Waiver of Partition
 GOVERNING LAW
 Jurisdiction
 55




---



##### 



56




---



##### 



[signature blocks to be added]
 57




---



##### 



Definitions
 Reservation of FCEI Stock
 Assumption of Exchange Right Exhibit A
 58




---



##### 



Exhibit A pro rata
 Clawback
 59




---



##### 



FOREST CITY ENTERPRISES, INC.By:Name:Title: 60




---



##### 



EXCHANGE RIGHTS
 Definitions Operating Agreement
 Business Day
 Exchange Consideration
 FCEI Class A Stock FCEI Class B Stock FCEI Common Stock
 FCEI Stock Amount except that additional rights
 Protection Period
 Exchange




---



##### 



Offered Units Exercising Holder
 Payment of Exchange Consideration; Assignment of Obligations to FCEI




---



##### 



pro rata
 Limitations on Exercise of Exchange Rights except that




---



##### 



Election Notice Election Notice provided however except that




---



##### 



Closing Deliveries
    Offered Units Free and Clear of Liens; Transfer Tax




---



##### 



Exchange Rights of Key Management, Charitable Organizations and Institutional
Lenders Exhibit A Exhibit A
 Rights of Assignee
 Conversion of FCEI Class A Stock




---



##### 



Exhibit A
 Hart-Scott-Rodino
 Headings of Subdivisions
 Severability of Provisions Exhibit A




---



##### 



Exhibit A
 No Preemptive Rights
 Redemption at Option of Holders of Class A Common Units for In-Kind Distribution
 (i) General.
 Property Redemption Right Notice of Redemption Redeeming Member In-Kind Redemption Property Response Notice




---



##### 








---



##### 



(ii) In-Kind Redemption Property




---



##### 



Put Exhibit A Exhibit A Exhibit A
 Call Exhibit A




---



##### 



Tax Reporting
 No Further Rights Exhibit A




---



##### 








---



##### 



THE INDEBTEDNESS EVIDENCED BY THIS SUBORDINATED PROMISSORY NOTE (THIS NOTE) IS SUBORDINATE TO THE
INDEBTEDNESS OF THE MAKER (OR ANY SUCCESSOR THERETO) INCURRED UNDER OR RELATING TO (A) THAT CERTAIN
CREDIT AGREEMENT BY AND AMONG FOREST CITY RENTAL PROPERTIES CORPORATION, AS BORROWER, VARIOUS
LENDING INSTITUTIONS, AS BANKS, KEYBANK NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT FOR THE
BANKS, AND NATIONAL CITY BANK, AS SYNDICATION AGENT FOR THE BANKS, DATED AS OF MARCH 24, 2004,
INCLUDING AS SUCH CREDIT AGREEMENT MAY FROM TIME TO TIME BE AMENDED, RESTATED OR OTHERWISE MODIFIED
(THE CREDIT AGREEMENT) AND (B) ANY OTHER AGREEMENT OR AGREEMENTS THAT REFINANCE OR REPLACE THE
CREDIT AGREEMENT IN WHOLE OR IN PART AT ANY TIME, INCLUDING IN EACH CASE AS SUCH AGREEMENT(S) MAY
FROM TIME TO TIME BE AMENDED, RESTATED OR OTHERWISE MODIFIED TO THE EXTENT SUCH AGREEMENT OR
AGREEMENTS REQUIRE SUCH SUBORDINATION. THE INDEBTEDNESS TO WHICH THIS NOTE IS SUBORDINATED
PURSUANT TO THE PRECEDING SENTENCE INCLUDES INDEBTEDNESS ARISING FROM GUARANTEES OF INDEBTEDNESS
DESCRIBED IN CLAUSE (A) OR (B) OF THE PRECEDING SENTENCE.
 SUBORDINATED PROMISSORY NOTE
 
 
   
  1




---



##### 



2




---



##### 



3




---



##### 



Address of Maker:MakerBy:Title:email:Facsimile:
 4




---



##### 



Assignment and Assumption
 Defined Terms
 Assignment and Assumption
 Admission
 Continuation of Company
 -1-




---



##### 



Miscellaneous
 GOVERNING LAW
 Jurisdiction
 Counterparts
 [signature page follows]
 -2-




---



##### 



[ASSIGNOR]
    
    
    
    [ASSIGNEE]By:
    
    
    
    
    
    By:Name:
    
    
    
    
    
    Name:Title:
    
    
    
    
    
    Title:
 -3-




---



##### 



EXHIBIT D
 EXAMPLE SHOWING CALCULATION  OF CLASS A DISTRIBUTION PREFERENCE
 Assumptions
 Quarterly Dividend
    
    =
    
    $.07 per shareConversion Factor
    
    =
    

    1.0Number of Class A Common Units
    
    =
    
    4,300,000
 Class A Distribution Preference
 ($.07 x 1.0)
    +
    $2,500,000(4 x 4,300,000 Units)
 $.07 + $.14535=
    
    $.21535 = Class A Distribution Preference(per Unit)x 4,300,000 Units$926,000
    
    Quarterly Distribution
 Calculation Check:
 Quarterly Distribution
    
    $
    926,000x
    4Annual Distribution
    
    $
($
    3,704,000
2,500,000
    )$
    1,204,000Annual Dividend
    
     ̧ $.28

    ($.07 x 4)Total # of Units
    
    
    4,300,000
  1.
    
    Any increase or decrease in the FCE dividend rate.2.
    
    Termination of the 5-year period for the $2,500,000 fixed annual preference.3.
    
    Decrease in the number of units outstanding during any fiscal quarter and thereafter
resulting from conversion of units4.
    
    Increase in units issued for development projects applicable only to the FCE dividend
rate.5.
    
    The Conversion Factor may change pursuant to the definition of Conversion Factor.




---



##### 



Schedule 1 Schedule 1
   Contribution
 Defined Terms
 Contribution
 -1-




---



##### 



Condition of Contributed Interests
 Withdrawal
 Continuation of Company
  Consideration
 Consideration Schedule 1
  Miscellaneous
 Notices
 Assignment
 Waiver
 GOVERNING LAW
 -2-




---



##### 



Jurisdiction
 Captions
 Counterparts
 Severability
 Prior Negotiations; Construction
 [signature page follows]
 -3-




---



##### 



[CONTRIBUTEE]
    
    
    
    [Contributor]By:
    
    
    
    
    
    By:By:
    
    
    
    
    
    By:Name:
    


    
    
    
    Name:Title:
    
    
    
    
    
    Title:Acknowledged and agreed to by:[Company]By:By:Name:Title:




---



##### 



Schedule 1 [ Schedule 1] 1
   Transfer
 Defined Terms
 Transfer
 Condition of Transferred Interests
 
 1
    
    Bracketed text to be deleted with respect to any
transfers for nominal consideration only. -1-




---



##### 



Withdrawal
 Continuation of Company
  [ Consideration
 Consideration Schedule 1 ] 2
  Miscellaneous
 Notices
 Assignment
 Waiver
 GOVERNING LAW
 Jurisdiction
 
 2
    
    Bracketed text to be replaced with INTENTIONALLY OMITTED with respect to any transfers for
nominal consideration only. -2-




---



##### 



Captions
 Counterparts
 Severability
 Prior Negotiations; Construction
 [signature page follows]
 -3-




---



##### 



[Transferee]
    
    
    
    [Transferor]By:
    
    
    
    
    
    By:By:
    
    
    
    
    
    By:Name:
    


    
    
    
    Name:Title:
    
    
    
    
    
    Title:Acknowledged and agreed to by:[Company]By:By:Name:Title:




---



##### 



REGISTRATION RIGHTS AGREEMENT
 
     DEFINITIONS
 Definitions




---



##### 



- 2 -




---



##### 



- 3 -




---



##### 



EFFECTIVENESS OF REGISTRATION RIGHTS
 Participation in Registration Process by Holders of BCR Units in Master III
  INITIAL REGISTRATION RIGHTS
 Shelf Registration
   - 4 -




---



##### 



DEMAND REGISTRATION RIGHTS
 Notice and Registration
 - 5 -




---



##### 



- 6 -




---



##### 



- 7 -




---



##### 



Other Holder Shares
 Limitation on Registration Rights
 Automatic Exercise of Demand Registration Rights
  PIGGY-BACK REGISTRATION
 Notice and Registration
 - 8 -




---



##### 



- 9 -




---



##### 



REGISTRATION PROCEDURES AND EXPENSES
 Registration and Qualification
    - 10 -




---



##### 



- 11 -




---



##### 



Underwriting
 provided however
  - 12 -




---



##### 



provided however
  Blackout Periods
  - 13 -




---



##### 



Qualification for Rule 144 Sales
 Expenses
 Compliance with Company Policies and Procedures
 - 14 -




---



##### 



PREPARATION; REASONABLE INVESTIGATION
   INDEMNIFICATION AND CONTRIBUTION
 Indemnification and Contribution
  - 15 -




---



##### 



- 16 -




---



##### 



- 17 -




---



##### 



MISCELLANEOUS
 Benefits of Registration Rights
 Integration; Amendment
 - 18 -




---



##### 



Waivers
 Burden and Benefit
 Notices
 Specific Performance
 - 19 -




---



##### 



Governing Law
 Headings
 Pronouns
 Execution in Counterparts
 Severability
 - 20 -




---



##### 



FOREST CITY ENTERPRISES, INC.By:Name:Title:
  - 21 -




---



##### 








---



##### 



Exhibit 1
 Form of Addendum to Registration Rights Agreement
 ADDENDUM TO REGISTRATION RIGHTS AGREEMENT
     Definitions
 Additional Party to the Agreement
  ADDITIONAL HOLDER:Name:Notice Address:




---



##### 



Form of Addendum to Registration Rights Agreement
 ADDENDUM TO REGISTRATION RIGHTS AGREEMENT
     Definitions
 Additional Party to the Agreement
  ADDITIONAL HOLDER:Name:Notice Address:




---



##### 



TAX PROTECTION AGREEMENT
  W
I T N E S S E
T H :
    Definitions.




---



##### 



2




---



##### 



Section 704(c) Method
 3




---



##### 



Protection Period
 Debt Protection
 e.g.
    4




---



##### 



5




---



##### 



Preservation of Tax Status.
 Indemnification
      6




---



##### 



7




---



##### 



8




---



##### 



9




---



##### 



Participation in Contest
 Third Party Beneficiaries
 Notices
 Assignment
 10




---



##### 



Waiver
 GOVERNING LAW
 Jurisdiction
 Captions
 Counterparts
 Severability
 Prior Negotiations; Construction
 11




---



##### 



FOREST CITY MASTER ASSOCIATES III, LLCBy:Name:Title:Bruce C. Ratner
 12




---



##### 



Section 4(c) Information list
  1.
    
    Rent roll and stacking plan;2.
    
    Selected lease abstracts;3.
    
    Copy of any third party appraisals dated within 3 years;4.
    
    Operating agreement;5.
    
    Account receivable aging;6.
    
    Schedule of tenant leases in default;7.
    
    Information concerning any material litigation affecting the property or its owner;8.
    
    Financial statements for the most recent three fiscal years:9.
    
    Mortgage and mezzanine loan documents; and10.
    
    Any other information reasonably requested and related to the property and its owner.
 13




---



##### 



Exhibit
D-2
Form of Addendum to Tax Protection Agreement
 ADDENDUM TO TAX PROTECTION AGREEMENT
     Definitions
 Additional Protected Party to the Agreement
  ADDITIONAL PROTECTED PARTY:Name:Notice Address:




---



##### 



VOTING AGREEMENT
  W I T N E S S E T H
      Definitions
   1




---



##### 



Voting of Forest City Principal Shares
   2




---



##### 



Representations and Warranties of BCR
 Authority
 No Conflicts
 Representations and Warranties FCEI
 Authority
 3




---



##### 



No Conflicts
 Representations and Warranties of the Forest City Principals
 Title
 Authority
 No Conflicts
 Right to Vote
 4




---



##### 



Severalty of Obligations
 Specific Enforcement
 Termination
 Miscellaneous
 Notices
 Assignment
 5




---



##### 



Waiver
 GOVERNING LAW
 Jurisdiction
 Captions
 Counterparts
 Severability
 Prior Negotiations; Construction
 6




---



##### 



Changes in Capitalization
 No Beneficial Interest in Stock
 Further Assurances
   7




---



##### 



EXHIBIT F  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 ESTOPPEL STANDARDS
 1. Anchor Tenants
        2. Ground Leases
    Exhibit F-Page 1




---



##### 



3. REAs
  4. UDAG Loans
   Exhibit F-Page 2




---



##### 



EXHIBIT G-1 TO MASTER CONTRIBUTION AND SALE AGREEMENT 1
 AMENDED AND RESTATED OPERATING AGREEMENT
 Effective Date Master III FCE Entity
 RECITALS:
 Company Certificate Initial Agreement
 FCEI BCR
Parties Master Contribution Agreement
    ARTICLE I  ORGANIZATION AND TERM
 Formation
 
 1
    
    To be modified as appropriate at closing for
individual entity types and structures on an entity-by-entity basis. 1




---



##### 



Name ___
 Term
 Registered Agent and Office
 Principal Place of Business
       2




---



##### 



Other Instruments
 ARTICLE II  PURPOSES AND POWERS OF THE COMPANY
 Purposes Project
 Authority of Company
        3




---



##### 



Certain Transactions
 Certain Restrictions
 ARTICLE III  CAPITAL CONTRIBUTIONS
 Initial Capital Contributions Initial Capital
Contributions
 4




---



##### 



Member Loans Member Loans
 Additional Capital Requirements Additional Capital Contributions
 Withdrawals and Interest
 ARTICLE IV
DISTRIBUTIONS
 Timing of Distributions
 Distributions of Cash Available for Distribution, Net Refinancing Proceeds and Net Sales
Proceeds
       5




---



##### 



Fiscal Year
 ARTICLE
V  ALLOCATIONS
 Allocations of Income (Including Income from Sale of Property)
        Allocation of Net Loss
  6




---



##### 



Miscellaneous Tax Matters.
 Tax Matters Partner. TMP
 ARTICLE VI  RIGHTS AND POWERS OF MEMBERS
 Powers of Members
        7




---



##### 



Transactions Between a Member or Manager and the Company
 Member Activities
 Affiliates
 ARTICLE VII
MANAGER
 Manager
    8




---



##### 



Powers of the Manager
 Salaries and Fees
 Duties of the Manager
      9
               Expenses of Company
 ARTICLE VIII  MEMBERS AND MANAGERS LIABILITY AND INDEMNITY
 Members
 10
         Manager
 Companys Indemnification of Members, Manager, Employees or Agents
 Force Majeure
 Remedies
 Waiver
 ARTICLE IX  ADDITIONAL MEMBERS AND INTERESTS
 Additional Interests Additional
Member Additional Members
 11




---



##### 



Allocations
 ARTICLE X  TERMINATION AND DISSOLUTION
 Events Requiring Termination and Dissolution
        12




---



##### 



Management During Liquidation
 Members Right to Bid for Assets
 Distribution of Liquidation Proceeds
       ARTICLE XI  AMENDMENTS
 Proposal of Amendments
 Amendments by Members
 13




---



##### 



Amendments by Manager
 ARTICLE XII  MISCELLANEOUS
 Notice
 If to The FCE Entity:
    
    []50 Public SquareTerminal Tower, Suite 1100Cleveland, Ohio 44113ATTN: James A. RatnerWith a copy to:
    
    50 Public SquareTerminal Tower, Suite 1100Cleveland, Ohio 44113Attn: General CounselIf to Master III:
    
    []50 Public SquareTerminal Tower, Suite 1100Cleveland, Ohio 44113ATTN: James A. RatnerWith a copy to:
    
    50 Public SquareTerminal Tower, Suite 1100Cleveland, Ohio 44113Attn: General Counsel
  Partition
 Governing Law
 14




---



##### 



Successors
 Pronouns
 Captions
 Severability
 Counterparts
 Entire Agreement; Amendment
 Attorneys Fees
 Further Assurances
 Equitable Remedies
 15




---



##### 



Indemnities
 Contribution
 No Third Party Rights
 Reliance on Experts
 Submission to Jurisdiction
 Remedies Cumulative
 No Waiver
 16




---



##### 



Confidentiality
 Construction
 Time Devoted to Venture
  IN WITNESS WHEREOF
 []By:Forest City Master Associates III, LLCBy: 17




---



##### 



SCHEDULE I
 DEFINITIONS
  Accountants
 Act
 Act of Insolvency
 Additional Capital Contributions
 Additional Member
 Additional Interests
 Affiliate
 Agreement
 Allocation Regulations
 Capital Account
 Capital Contribution
 18




---



##### 



Cash Available for Distribution
 Code
 Company
 Company Assets
 Company Percentage
 Depreciation
 Fiscal Year
 Gross Assets Value
  19
         Interest
 Manager
 Master III Operating Agreement
 Member
 Net Refinancing Proceeds
 Net Sales Proceeds
 Person
 Preferred Equity
 20




---



##### 



Preferred Return
 Priority Return
 Project Budget
 Property
 Treasury Regulations
 Unreturned Capital
 21




---



##### 



EXHIBIT G-2  TO  MASTER CONTRIBUTION AND SALE AGREEMENT
 FORM AMENDED OPERATING AGREEMENT RELATING TO
DEVELOPMENT PROPERTIES
 AMENDED AND RESTATED OPERATING AGREEMENT
 Agreement   Ratner  Forest City
  Company   Initial Agreement Exhibit A   Property 1
 Master Contribution Agreement
 
 1
    
    The term Property will need to
be modified where, as in the case of East River Plaza and Mill Basin, the
Company owns an interest in the property owner, rather than the property
itself. Other changes to this Agreement may also be required.




---



##### 



Master III Continuation Option
   ARTICLE I
 DEFINITIONS
 Act of Insolvency
      Actual Completion Cost
 Adjusted Development Cost
 2




---



##### 



Affiliate
 Agreement
 Appraisers Notice
 Assign Assignor Assignee Assignment
 Book Value
   de minimis
 de minimis
    Budget
 Business Day
 3




---



##### 



Capital Account
 Capital Account Deficit
   Capital Contribution
 Code
 Company
 Company Minimum Gain
 Company Nonrecourse Deductions
 Completion Date
 Construction Loan Closing Date
 Continuation Option
 4




---



##### 



Continuation Option Stabilized Value
 Control
 Depreciation
 Development Plan Exhibit B
 Excess
 FCE
 Forest City
 Forest City Borrowing Rate
 Forest City Disposition Fee
 Full Price
 Initiating Member
 IRS
 Leasing Incentive Fee
 LLC Law
 Management Committee
 5




---



##### 



Managing Member
 Member Nonrecourse Debt
 Member Nonrecourse Debt Minimum Gain
 Member Nonrecourse Deductions
 Members
 Membership Value
 Net Cash Flow
 Net Income Net Loss
  6




---



##### 



Net Refinancing Proceeds
 Net Sales Proceeds
 Non-Selling Member
 Notice
 7




---



##### 



Offeree
 Offeror
 Option Notice
 Option Price
 Partial Price
 Percentage Interests
 Pre-Stabilization Priority Return
 Priority Return INSERT BRACKETED PROVISIONS ONLY IF AGREEMENT IS BEING
ENTERED INTO PRIOR TO THE CONSTRUCTION LOAN CLOSING DATE: (i) prior to the Construction Loan
Closing Date, ten percent (10%) per annum on the Unreturned Capital of Forest City in excess of
$5,000,000 but less than $15,000,000, but not on any other portion of Forest Citys Unreturned
Capital, commencing on the first anniversary of the Capital Contribution first increasing such
portion of Forest Citys Unreturned Capital to an amount in excess of $5,000,000, (ii) ten percent
(10%) per annum on the Unreturned Capital of Ratner, and (iii) from and after the Construction Loan
Closing Date,
 Projection
 Property
 Property Value
 Purchase Offer
 Put Notice
 Put Right
 8




---



##### 



Ratner
 Ratner Development Fee
 Ratner Family Member
 Requested Amount
 Sale Notice
 Section 3.01(c) Contribution
 Section 3.01(c) Return
 Section 8.02 Member
 Selling Member
 Site Management Fee
 Stabilization Date [FOR EAST RIVER PLAZA ONLY: , (ii) the date on which each of
the consents set forth on Schedule 1.2B of the Master Contribution Agreement with respect to the
Property (to the extent such consents are still required under the applicable agreement with such
parties) have been obtained by Ratner [ ]
 Tag-Along
 Tax Liabilities
 Tax Matters Partner
 9




---



##### 



Unreturned Capital
 ARTICLE II
 GENERAL PROVISIONS
 Formation of Company; Qualification
 Name
 Business 2
 Office
 
 2
    
    Modify as necessary if Company owns an
interest in the property owner, rather than the property itself. 10




---



##### 



Term
 Ownership of Company Property
 ARTICLE III
 CAPITAL CONTRIBUTIONS; PERCENTAGE INTERESTS
 Capital Contributions
 Forest City
 Ratner
 Future Funding Requirement Section 3.01(c) Contribution
 Return of Capital Contributions
 Percentage Interests 3
 
 3
    
    Conform to actual percentage interests for
the given Development Property Owner. 11




---



##### 



Ratner:
    
    
    [30]
    %Forest City:
    
    
    [70]
    %
 Failure to Fund
 Requested Amounts
   Additional Contributions
 ARTICLE IV
 CAPITAL ACCOUNTS; ALLOCATIONS; DISTRIBUTIONS AND FEES
 Capital Accounts Capital Account
     12




---



##### 



Allocation of Net Income and Net Loss for Book Purposes
 Net Income from Operations
      13




---



##### 



Net Income from Sale of the Property
       14




---



##### 



Net Loss
       15




---



##### 



Regulatory Allocations
 Limitation on Loss Allocations
 Qualified Income Offset
 Company Minimum Gain Chargeback
 Member Nonrecourse Debt Minimum Gain Chargeback
 Company Nonrecourse Deductions
 Member Nonrecourse Deductions
 16




---



##### 



Tax Allocations
 Generally
 Special Rules
    Distributions
 Net Cash Flow Prior to the Stabilization Date
    17




---



##### 



Net Cash Flow From and After the Stabilization Date
       Tax Liabilities Excess
 Net Refinancing Proceeds
  18




---



##### 



4
   Net Sales Proceeds
   
 4
    
    For Development Properties in NYC: 3.025%.
For Development Properties in Yonkers: 1.9%. 19




---



##### 



Fees
 Leasing Incentive Fee 5 Leasing Incentive Fee
 Site Management Fee 5 Site
Management Services
 
 5
    
    Insert percentage applicable to the given
Development Property. To be comparable to like fee in prior projects. 20




---



##### 



Ratner Development Fee Ratner Development Fee
 Forest City Disposition Fees Forest City Disposition Fee
 Allocation of Nonrecourse Liabilities
    ARTICLE V
 MANAGEMENT AND CONTROL
 Management Committee
 Management Committee
  21




---



##### 



22




---



##### 



Managing Member
  23




---



##### 



Rights of Members
 Intentionally Omitted.
 Sale or Conveyance of Property th , Selling Member Non-Selling Member
 24




---



##### 



,
 Financing
 Removal of Managing Member
 25




---



##### 



Liability of a Member for Good Faith Acts
 Indemnification of Members
   Activities of Members
  26




---



##### 



Unauthorized Acts
 ARTICLE VI
 BOOKS AND RECORDS; ACCOUNTS; BUDGETS
 Books and Records
  Budgets Budget
 27




---



##### 



Projection
 Trial Balance
 Companys Auditors; Audit
 Decisions with Respect to Accounting Principles
 Bank Accounts
 28




---



##### 



Fiscal Year
 ARTICLE VII
 INCOME TAX RETURNS; TAX ELECTIONS
 Tax Returns
 Notice of Tax Examinations
 Tax Matters Partner
 ARTICLE VIII
 TRANSFER OF INTERESTS IN THE COMPANY
 Withdrawal; Assignment; Affiliate Transfers
     29




---



##### 



Ratner Family Member provided however
 provided however
   30




---



##### 



Default
 Section 8.02 Member
  Right of First Offer
 th
 Offeror Option
Notice Offeree Option
Price
  31




---



##### 



Sale Notice Purchase Offer Full Price Partial Price Tag-Along provided however
 32




---



##### 



Put Put Right th Put Notice
 Closing
  33




---



##### 



No Action Permitted Which Constitutes Default of Company Obligation
 ARTICLE IX
 DISSOLUTION AND LIQUIDATION
 Events of Dissolution
     Liquidation upon Dissolution
 34




---



##### 



Limited Deficit Capital Account Restoration
 ARTICLE X
 REPRESENTATIONS AND WARRANTIES
 Representations and Warranties of Forest City
 Representations and Warranties of Ratner
 ARTICLE XI
 VALUATION
 Valuation Initiating Member Property Value
 35




---



##### 



Appraisers Notice
  ARTICLE XII
 MISCELLANEOUS
 Execution in Counterparts
 Notices Notice
  
 36




---



##### 



Attention
  Attention
  Attention
  Attention
 Confidentiality
 Amendments
 Additional Documents
 37




---



##### 



Validity
 Waiver
 No Third Party Beneficiary
 Publicity
 Governing Law
  [Ratner], aBy:[Forest City], aBy:
 38




---



##### 



TABLE OF CONTENTS
 PageARTICLE I DEFINITIONS
    
    
    2ARTICLE II GENERAL PROVISIONS
    
    
    102.01
    
    Formation of Company; Qualification
    
    
    102.02
    
    Name
    
    
    102.03
    
    Business
    
    
    102.04
    
    Office
    
    
    102.05
    
    Term
    
    
    102.06
    
    Ownership of Company Property
    
    
    10ARTICLE III CAPITAL CONTRIBUTIONS; PERCENTAGE INTERESTS
    
    
    113.01
    
    Capital Contributions
    
    
    113.02
    
    Return of Capital Contributions
    
    
    113.03
    
    Percentage Interests
    
    
    113.04
    
    Failure to Fund
    
    
    113.05
    
    Additional Contributions
    
    
    12ARTICLE IV CAPITAL ACCOUNTS; ALLOCATIONS; DISTRIBUTIONS AND FEES
    
    
    124.01
    
    Capital Accounts
    
    
    124.02
    
    Allocation of Net Income and Net Loss for Book Purposes
    
    
    134.03
    
    Distributions
    
    
    174.04
    
    Fees
    
    
    204.05
    
    Allocation of Nonrecourse Liabilities
    
    
    21ARTICLE V MANAGEMENT AND CONTROL
    
    
    215.01
    
    Management Committee
    
    
    215.02
    
    Managing Member
    
    
    235.03
    
    Rights of Members
    
    
    245.04
    
    Member Decisions
    
    
    245.05
    
    Sale or Conveyance of Property
    
    
    245.06
    
    Financing
    
    
    255.07
    
    Removal of Managing Member
    
    
    255.08
    
    Liability of a Member for Good Faith Acts
    
    
    26
 -i-




---



##### 



TABLE OF CONTENTS
 Page5.09
    
    Indemnification of Members
    
    
    265.10
    
    Activities of Members
    
    
    265.11
    
    Unauthorized Acts
    
    
    27ARTICLE VI BOOKS AND RECORDS; ACCOUNTS; BUDGETS
    
    
    276.01
    
    Books and Records
    
    
    276.02
    
    Budgets
    
    
    276.03
    
    Trial Balance
    
    
    286.04
    
    Companys Auditors; Audit
    
    
    286.05
    
    Decisions with Respect to Accounting Principles
    
    
    286.06
    
    Bank Accounts
    
    
    286.07
    
    Fiscal Year
    
    
    28ARTICLE VII INCOME TAX RETURNS; TAX ELECTIONS
    
    
    297.01
    
    Tax Returns
    
    
    297.02
    
    Notice of Tax Examinations
    
    
    297.03
    
    Tax Matters Partner
    
    
    29ARTICLE VIII TRANSFER OF INTERESTS IN THE COMPANY
    
    
    298.01
    
    Withdrawal; Assignment; Affiliate Transfers
    
    
    298.02
    
    Default
    
    
    318.03
    
    Right of First Offer
    
    
    318.04
    
    Put
    
    
    338.05
    
    Closing
    
    
    338.06
    
    No Action Permitted Which Constitutes Default of Company Obligation
    
    
    34ARTICLE IX DISSOLUTION AND LIQUIDATION
    
    
    349.01
    
    Events of Dissolution
    
    
    349.02
    
    Liquidation upon Dissolution
    
    
    349.03
    
    Limited Deficit Capital Account Restoration
    
    
    34ARTICLE X REPRESENTATIONS AND WARRANTIES
    
    
    3510.01
    
    Representations and Warranties of Forest City
    
    
    3510.02
    
    Representations and Warranties of Ratner
    
    
    35
 -ii-




---



##### 



TABLE OF CONTENTS
 PageARTICLE XI VALUATION
    
    
    3511.01
    
    Valuation
    
    
    35ARTICLE XII MISCELLANEOUS
    
    
    3612.01
    
    Execution in Counterparts
    
    
    3612.02
    
    Notices
    
    
    3612.03
    
    Confidentiality
    
    
    3712.04
    
    Amendments
    
    
    3712.05
    
    Additional Documents
    
    
    3712.06
    
    Validity
    
    
    3812.07
    
    Waiver
    
    
    3812.08
    
    No Third Party Beneficiary
    
    
    3812.09
    
    Publicity
    
    
    3812.10
    
    Governing Law
    
    
    38
 -iii-




---



##### 



EXHIBIT H
 
 th
     i.
    
    is duly authorized, fully paid and non-assessable;ii.
    
    is free of preemptive and similar rights and liens; andiii.
    
    when issued, will not require registration under Section 5
of the Securities Act of 1933, as amended.




---



##### 



Very truly yours,
Geralyn M. Presti
General Counsel




---



##### 



EXHIBIT A
 BCR Entities and BCR Individuals




---



##### 



SCHEDULE P-1A
 FCE Entities




---



##### 



SCHEDULE P-1B
 Master III Entities




---



##### 



SCHEDULE P-2A
 BCR Entities




---



##### 



-4-




---



##### 



SCHEDULE P-2B
 BCR Individuals
    -5-




---



##### 



SCHEDULE P-3A  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 PROPERTIES
 Operating Properties
 1.
    
    Atlantic Center
199 Fort Greene Place
625 Atlantic Avenue
Brooklyn, New York2.
    
    Maspeth Center
7417 Grand Avenue
Maspeth, New York3.
    
    Shops at Bruckner Boulevard
845 White Plains Road
(1906 Story Avenue)
Bronx, New York4.
    
    Shops at Northern Boulevard
48-18 Northern Blvd.
Long Island City, New York5.
    
    Shops at Gun Hill Road
1806 Gun Hill Road
1820 Gun Hill Road
Bronx, New York6.
    
    [Omitted]7.
    
    Shops at Richmond Avenue
2505-2535 Richmond Avenue
Staten Island, New York8.
    
    Atlantic Center Site V
590 Atlantic Avenue
(617 Pacific Street)
Brooklyn, New York9.
    
    [Omitted]10.
    
    Castle Center
1716, 1720, 1724 Eastchester Road
Bronx, New York11.
    
    Two Metrotech Center
Brooklyn, New York
 Schedule P-3A, Page 1




---



##### 



Operating Properties
 12.
    
    One Metrotech Center
Brooklyn, New York13.
    
    Ten Metrotech Center
625 Fulton Street
Brooklyn, New York14.
    
    One Pierrepont Plaza
Brooklyn, New York15.
    
    Queenswood Apartments
Corona, New York16.
    
    Eleven Metrotech Center
Brooklyn, New York17.
    
    Nine Metrotech Center
Brooklyn, New York18.
    
    Steinway Street Theaters
35-50 37th Street
Astoria, New York19.
    
    Atlantic Terminal (Retail)
139 Flatbush Avenue
Brooklyn, New York20.
    
    Forest Avenue Cinemas
2474 Forest Avenue
Staten Island, New York21.
    
    Court Street
94-110 Court Street
Brooklyn, New York22.
    
    Columbia Park
3131 Kennedy Blvd.
North Bergen, New Jersey23.
    
    42ndStreet Retail
West 42nd Street
New York, New York24.
    
    Queens Place
88-01 Queens Blvd.
Rego Park, New York25.
    
    Woodbridge Crossing
451-479 Green Street
Woodbridge, New Jersey26.
    
    Worth Street
111 Worth Street
New York, New York
 Schedule P-3A, Page 2




---



##### 



Operating Properties
 27.
    
    Harlem Center (Retail)
105 & 125 W. 125th Street
New York, New York28.
    
    Brooklyn Commons
124-136 Second Avenue
Brooklyn, New York29.
    
    Fifteen Metrotech Center
Brooklyn, New York30.
    
    Quartermaster Plaza I, II, III and IV
Philadelphia, Pennsylvania31.
    
    Harlem Center (Office)
105 West 125th Street
New York, New York32.
    
    Atlantic Terminal (Office)
139 Flatbush Avenue,
Brooklyn, New York33.
    
    [Omitted]34.
    
    [Omitted]35.
    
    MetroTech Commons Area
Brooklyn, New York36.
    
    Atlantic Center  Vacant Lot
147 Felix Street
Brooklyn, New York
 Development Properties
 37.
    
    Beekman Street Residential Tower
52 Beekman Street
New York, New York38.
    
    12 MetroTech
330 Jay Street
Brooklyn, New York39.
    
    New York Times Building
620 Eighth Avenue
New York, New York40.
    
    Ridge Hill
Yonkers, New York
 Schedule P-3A, Page 3




---



##### 



Development Properties
 41.
    
    East River Plaza
New York, New York42.
    
    Mill Basin
Flatbush Avenue and Shore Parkway
Brooklyn, New York43.
    
    80 DeKalb Avenue
Brooklyn New York
 Schedule P-3A, Page 4




---



##### 



SCHEDULE P-3B  to  MASTER CONTRIBUTION AND SALE AGREEMENT1
 OPERATING PROPERTY OWNERS AND ORGANIZATIONAL CHARTS
 OperatingProperties
    
    Operating Property Owners1.
    
    Atlantic Center
199 Fort Greene Place
625 Atlantic Avenue
Brooklyn, New York
    
    Atlantic Center Fort Greene Associates, L.P.2.
    
    Maspeth Center
7417 Grand Avenue
Maspeth, New York
    
    FC Grand Avenue Associates, L.P.3.
    
    Shops at Bruckner Boulevard
845 White Plains Road
(1906 Story Avenue)
Bronx, New York
    
    FC Bruckner Associates, L.P.4.
    
    Shops at Northern Boulevard
48-18 Northern Blvd.
Long Island City, New York
    
    FC Northern Associates, L.P.5.
    
    Shops at Gun Hill Road
1806 Gun Hill Road
1820 Gun Hill Road
Bronx, New York
    
    FC Ely Associates, L.P. (1820 Gun Hill Road) 
FC Waring Associates, L.P. (1806 Gun Hill Road)6.
    
    [Omitted]7.
    
    Shops at Richmond Avenue
2505-2535 Richmond Avenue
Staten Island, New York
    
    FC Richmond Associates, L.P.8.
    
    Atlantic Center Site V
590 Atlantic Avenue
(617 Pacific Street)
Brooklyn, New York
    
    FC Pacific Associates, LLC
 
 1
    
    See also the attached organizational charts. Schedule P-3B, Page 1




---



##### 



OperatingProperties
    
    Operating Property Owners9.
    
    [Omitted]10.
    
    Castle Center
1716, 1720, 1724 Eastchester
Road
Bronx, New York
    
    FC Castle Center Associates II, LLC11.
    
    Two Metrotech Center
Brooklyn, New York
    
    Forest City Bridge Street Associates, L.P.12.
    
    One Metrotech Center
Brooklyn, New York
    
    Forest City Jay Street Associates, L.P.13.
    
    Ten Metrotech Center
625 Fulton Street
Brooklyn, New York
    
    625 Fulton Associates, LLC14.
    
    One Pierrepont Plaza
Brooklyn, New York
    
    Forest City Pierrepont Associates15.
    
    Queenswood Apartments
Corona, New York
    
    Queenswood Associates, L.P.
(Note that this entity includes interests owned by third parties.
Queenswood Management Associates is the BCR/FCEI entity).16.
    
    Eleven Metrotech Center
Brooklyn, New York
    
    Forest City Tech Place Associates, L.P.17.
    
    Nine Metrotech Center
Brooklyn, New York
    
    FC Flatbush Associates, L.P.18.
    
    Steinway Street Theaters
35-50 37th Street
Astoria, New York
    
    FC Steinway Street Associates II, LLC19.
    
    Atlantic Terminal (Retail)
139 Flatbush Avenue
Brooklyn, New York
    
    FC Hanson Associates, LLC20.
    
    Forest Avenue Cinemas
2474 Forest Avenue
Staten Island, New York
    
    FC Forest Avenue Associates, LLC
 Schedule P-3B, Page 2




---



##### 



OperatingProperties
    
    Operating Property Owners21.
    
    Court Street
94-110 Court Street
Brooklyn, New York
    
    FC Court Street Associates, LLC22.
    
    Columbia Park
3131 Kennedy Blvd. 
North Bergen, New Jersey
    
    FC/Treeco Columbia Park LLC
(Note that this entity includes interests owned by third parties.
FC Columbia Park Associates, LLC is the BCR/FCEI entity).23.
    
    42nd Street Retail
West 42nd Street
New York, New York
    
    FC 42nd Street Associates, L.P.24.
    
    Queens Place
88-01 Queens Blvd. 
Rego Park, New York
    
    FC Queens Place Associates, LLC
(Note that this entity is wholly owned by Bluffside Development
Company, which is the BCR/FCEI entity).25.
    
    Woodbridge Crossing
451-479 Green Street
Woodbridge, New Jersey
    
    FC Woodbridge Crossing, LLC
[FCR Woodbridge Urban Renewal Corporation, which is a wholly owned
subsidiary of FC Woodbridge Crossing, LLC]26.
    
    Worth Street
111 Worth Street
New York, New York
    
    FC Foley Square Associates, LLC
(Note that this entity includes interests owned by third parties.
FC/RRG Foley Square Associates, LLC is the BCR/FCEI entity).27.
    
    Harlem Center (Retail)
105 & 125 W. 125th
Street 
New York, New York
    
    Harlem Center LLC
(Note that this entity includes interests owned by third parties.
FC Harlem Center, LLC is the BCR/FCEI entity).28.
    
    Brooklyn Commons
124-136 Second Avenue
Brooklyn, New York
    
    FC Gowanus Associates, LLC29.
    
    Fifteen Metrotech Center
Brooklyn, New York
    
    Forest City Myrtle Associates, LLC30.
    
    Quartermaster Plaza I, II, III
and IV
Philadelphia, Pennsylvania
    
    FC Quartermaster Associates, L.P.
FC Quartermaster Associates II, L.P. 
FC Quartermaster Associates III, L.P.
FC Quartermaster Associates IV, L.P.
 Schedule P-3B, Page 3




---



##### 



OperatingProperties
    
    Operating Property Owners31.
    
    Harlem Center (Office)
105 West 125th Street
New York, New York
    
    Harlem Center Office, LLC
(Note that this entity includes interests owned by third parties.
FC Harlem Center Office, LLC is the BCR/FCEI entity.)32.
    
    Atlantic Terminal (Office)
139 Flatbush Avenue,
Brooklyn, New York
    
    FC Hanson Office Associates, LLC33.
    
    [Omitted]34.
    
    [Omitted]35.
    
    MetroTech Commons Area
Brooklyn, New York
    
    Commons Associates (which is a partnership of the 1 and 2 MTC owners)36.
    
    Atlantic Center  Vacant Lot
    
    FC Felix Associates, L.P.
 Schedule P-3B, Page 4




---



##### 



|Atlantic Center Fort Greene
Associates, L.P.

Chart A-13

fcAtlanticCenterFortGreeneAssocOC.ppt

9/28/04

Effective Ownership:

BCR                     0.5970%

BR I Trust   8.1675%

BR II Trust          4.9005%

BR III Trust       16.3350%

Special allocation:  75% FC; 25% BCR
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Grand Avenue Associates, L.P.

Chart A-14

FCGrandAvenueAssocOC.p
pt

9/28/04

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust   4.9005%

BR III Trust       16.3350%
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Bruckner Associates, L.P.

Chart A-17

fcBrucknerAssocOC.ppt

8/4/98

Effective Ownership:

BCR                    0.5970%

BR I Trust          8.1675%

BR II Trust        4.9005%

BR III Trust     16.3350%
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Northern Associates, L.P.

Chart A-19

fcNorthernAssoc.ppt

8/4/98

Effective Ownership:

BCR                    0.5970%

BR I Trust           8.1675%

BR II Trust          4.9005%

BR III Trust       16.3350%
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Ely Associates, L.P.

Chart A-21

fcElyAssocOC.ppt

8/4/98

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust          4.9005%

BR III Trust       16.3350%
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Waring Associates, L.P.

Chart A-22

fcWaringAssociatesOC.pp
t

8/29/2009

Effective Ownership:

BCR                     0.5970%

BR I Trust            8.1675%

BR II Trust   4.9005%

BR III Trust       16.3350%
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Richmond Associates, L.P.

Chart A-29

fcRichmondAssocOC.ppt

7/31/98

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust   4.9005%

BR III Trust       16.3350%
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Pacific Associates, LLC

Chart A-31

fcPacificAssocOC.ppt

2/3/99

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust   4.9005%

BR III Trust  16.3350%
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Castle Center Associates II, LLC


Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust   4.9005%

BR III Trust       16.3350%

Chart A-49-2

fcCastlecenterOCII.ppt
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Forest City Bridge Street Associates, L.P.

Effective Ownership:

BCR   8.4023%

MDR   1.1498%

BR 1 Trust           6.0865%

BR II Trust   0.3815%

Chart A-1

FCBridgeStreetAssocOC.ppt

9/24/2004
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Forest City Jay Street Associates,
L.P.


Chart A-2

fcJayStreetAssocOC-2005.ppt

4/21/05
|-----------------------------------------------------------------------------------------



---



##### 



|625 Fulton Associates

(a NY General Partnership)

99.5% Non-Managing Member of Owner

100% Owner of Managing Member


RRG  625 Fulton Associates, Inc.

(a NY Corp)

(0.5% Managing Member)

625 FULTON ASSOCIATES, LLC

625 Fulton Associates, LLC

(a NY LLC)

(Owner)

Forest City Fulton
Street Building, Inc.

80.0% GP

Forest City Rental
Properties Corporation

100%

RRG Fulton

Associates, L.P.

20.0% GP

Forest City
Enterprises,
Inc.

100%

BCR

1.0% LP

Brooklyn Two
Trust

20.0% LP

Brooklyn Three
Trust

78.0% LP

RRG Fulton
Corp.

1.0% GP

Bruce Ratner

100%

Chart A-5

fc625FultonAssocOC.ppt

1/26/05
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Forest City Pierrepont Associates

Chart A-6

fcPierrepontAssocOC.ppt

9/28/04

Effective Ownership:

BCR                      6.6915%

44.11% LP

44.11% LP

6.37% LP

2.57% LP

1.47% LP

..37% LP


BCR

Jerome Kessler

Bailkin Trust

Paul Travis

David Kessler

C. Balinong
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|03/02/04

Chart A-7  QueenswoodAssocOC.ppt

Queenswood Associates, L.P.

Queenswood Associates, L.P.

NOTE:  Limited partner, Queenswood Properties, Inc., receives a 5% preferred return on their equity investment after which, cashflow is distributed 5% to the limited partner and 95%
to the general partner, Queenswood Management Associates.

Forest City Equity Services, Inc. will provide a limited guaranty to Freddie Mac. Forest City Rental Properties Corporation will provide a limited guaranty to HDC/HAC.  Freddie Mac
and HDC/HAC require separate entities providing their respective guaranty and Forest City Residential Group, Inc. does not routinely produce financial reports.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|Forest City Tech Place Associates,
L.P.

Chart A-9

fcTechPlaceAssocOC.ppt

9/28/04

Effective Ownership:

BCR                   0.2000%

BR I Trust        11.4660%

BR II Trust         2.6000%

BR III Trust        5.7340%
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Flatbush Associates, L.P.

Effective Ownership:

BCR                             0.2000%

BR I Trust                    2.9000%

BR II Trust                   2.9000%


Chart A-25

fcFlatbushAssocOC.ppt

10/08/04
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|10/11/04

fcSteinwayAssoc8-02

FC Steinway Street Associates II, LLC

Chart A-32-A
|----------------------------------------------------------------------------------



---



##### 



|FC Hanson Associates, LLC

Chart A-35

fcHansonAssocOC.ppt

3/12/2001
|---------------------------------------------------------------------



---



##### 



|FC Forest Avenue Associates, LLC

Chart A-36

fcForestAvenueAssocOC.ppt

7/15/2005
|----------------------------------------------------------------------------------



---



##### 



|5/30/2003

fcCourtStreetAssocOC2

FC Court Street Associates, LLC

Chart A-37A
|------------------------------------------------------------------------------



---



##### 



|FC/Treeco Columbia Park LLC

Chart A-41

fcFCTreecoColumbiaParkOC.ppt

7/31/98
|------------------------------------------------------------------------------



---



##### 



|FC 42nd Street Associates, L.P.

Chart A-15

FC42ndStreetAssocOC.ppt

9/28/04

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust          4.9005%

BR III Trust       16.3350%
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC QUEENS PLACE ASSOCIATES, LLC

a New York limited liability company

Bluffside Development Company

a California general partnership

100%

Forest City Bluffside
Corporation

an Ohio corporation

56%

Forest City Equity

Services, Inc.

an Ohio corporation

14%

RRG Queens Place, LLC

a New York limited
liability company

30%

Forest City Rental
Properties

an Ohio corporation

100%

Forest City Rental
Properties

an Ohio corporation

100%

Bruce C. Ratner

100%

H:\docs\legal\corpforms\FC Queens Place Power Point chart created 3232000

Chart A-51

FC QueensPlace

Forest City Enterprises,
Inc.

100%

Forest City
Enterprises, Inc.

100%
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|8/23/2003

Woodbridge-Chart A-55 (revised 2003)

FCR WOODBRIDGE URBAN

RENEWAL CORPORATION

(a New Jersey corporation)
|----------------------------------------------------------------------------------------------------------------------



---



##### 



|5/26/2005

fcfoleyOC

FC FOLEY SQUARE
ASSOCIATES, LLC

Chart A-57(A)
|--------------------------------------------------------------------



---



##### 



|5/26/2005

fcfoleyOC

FC FOLEY SQUARE
ASSOCIATES, LLC

Chart A-57
|-----------------------------------------------------------------



---



##### 



|7/12/2001

fcharlemOC

HARLEM CENTER LLC

Chart A-63
|----------------------------------------------------



---



##### 



|FC GOWANUS

ASSOCIATES, L.P.

FCGowanusAssoc ChartA-64

2/19/2002
|-----------------------------------------------------------------



---



##### 



|8/27/2003

forest city myrtle associates OC-66

 (9-02)

FOREST CITY MYRTLE

ASSOCIATES, LLC
|--------------------------------------------------------------------------------------------



---



##### 



|6/15/2006

FCQuartermasterOC-2005.pp

FC QUARTERMASTER
ASSOCIATES, L.P.

Chart A-67
|-----------------------------------------------------------------------------------



---



##### 



|5/27/2005

FCQuartermasterOC-II.pp

FC QUARTERMASTER ASSOCIATES
II, L.P.

Chart A-67
|------------------------------------------------------------------------------------



---



##### 



|9/9/2003

FCQuartermasterOC-III.pp

FC QUARTERMASTER ASSOCIATES
III, L.P.

Chart A-67
|-------------------------------------------------------------------------------------



---



##### 



|9/12/2005

FCQuartermasterOC-version 02.pp

FC QUARTERMASTER ASSOCIATES
IV, L.P.

Chart A-67
|--------------------------------------------------------------------------------------------



---



##### 



|HARLEM CENTER OFFICE LLC

a New York limited liability company

(Borrower)

FC Harlem Office, Inc.

0.5%

(Managing Member)

RRG Harlem Office, LLC

30%

Bruce C. Ratner

15.%

Bruce C. Ratner

Family Trusts

85%

Forest City Commercial Holdings, Inc.

70.0%

Forest City Rental Properties,

Corp.

100%

Forest City Enterprises, Inc.

100%

HARLEM CENTER OFFICE LLC

6/10/2004                                                          HARLEM CENTER-OFFICEOC2                                      Chart A-68

FC Harlem Center Office, LLC

74.5% of Borrower

100% of Managing Member

ADC Harlem Center Development,

LLC

25%
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|10/11/04

fcHansonOfficeAssocOC

FC HANSON OFFICE
ASSOCIATES, LLC

Chart A-69
|-----------------------------------------------------------------------------



---



##### 



|Common Associates


Common Associates (a New York general partnership)


Forest City Jay Street Associates, L.P.
54.0%


Forest City Bridge Associates, L.P.
46.0%


FC B.U.G., LLC
82.5% (general partner)


RRG B.U.G.
Limited Partnership 2.5% (limited partner)


Mattone Group Jay Street/BUG, LLC
15.0% (limited partner)


Forest City S.I.A.C. Building, Inc. 65.0% GP
(general partner)


RRG S.I.A.C.
Associates L.P.
17.5% (general partner)


RRG S.I.A.C. Limited Partnership 2.5% (limited partner)


Mattone Group Bridge Street/SIA
C, LLC 15.0% (limited partner)


Forest City B.U.G. Building, Inc.
78.7879%





RRG B.U.G. Associates L.P. 21.2121%


Jerome Kessler 99.0% (limited partner)


RRG B.U.G., Inc. 1.0% (general partner)


Forest City


Rental


Properties
Corporation


100%


Bruce Ratner 46.87% (limited partner)


Michael Ratner 6.57% (limited partner)


Paul Travis 8.6% (limited partner)


RRG S.I.A.C., Inc.
1.0% (general partner)


Trusts for the benefit of Bruce C. Ratner family members 39.96% (limited partner)


Jerome Kessler 99.0% (limited partner)


RRG S.I.A.C., Inc.
1.0% (general partner)


Forest City Rental Properties Corporation 100%


Bruce C. Ratner 46.87% (limited partner)


Michael D. Ratner 6.57% (limited partner)




Paul Travis 8.6% (limited partner)


RRG


B.U.G.,


Inc.


1.0%
(general
partner)


Trusts for the benefit of Bruce C. Ratner family members 36.96% (limited partner)


Forest City Enterprises, Inc.
100%


Bruce C. Ratner 100%


Bruce C. Ratner 100%


Forest City Enterprises, Inc.
100%


Bruce C. Ratner 100%


Chart C-1
FCCOMMONASSOCOCV2.ppt 4/22/05
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC Felix Associates, L.P.

Chart A-46

FCFelixAssocOC.ppt

8/4/98

Effective Ownership:

BCR   0.5970%

BR I Trust   8.1675%

BR II Trust   4.9005%

BR III Trust       16.3350%
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



SCHEDULE P-3C  to  MASTER CONTRIBUTION AND SALE AGREEMENT1
 DEVELOPMENT PROPERTY OWNERS AND ORGANIZATIONAL CHARTS
 Development Properties
    
    Development Property Owners1.
    
    Beekman Street Residential
Tower
52 Beekman Street
New York, New York
    
    FC Tilden A, LLC
FC Tilden B, LLC
(Note that an additional
tenancy-in-common interest in the
property is owned by FC Beekman
Associates, LLC, but that interest
is not included in the transaction,
nor is FC Beekman Associates, LLC a
Property Owner under the Agreement).2.
    
    12 MetroTech
330 Jay Street
Brooklyn, New York
    
    330 Jay Office Associates, LLC3.
    
    New York Times Building
620 Eighth Avenue
New York, New York
    
    The New York Times Building, LLC
(Note that this entity is a joint
venture with ING and The New York
Times. FC 41st Street
Associates, LLC is the BCR/FCEI
entity. In addition, it is expected
that FC Eighth Ave., LLC will
acquire the acquire a portion of the
interests of The New York Times
Building, LLC in a Section 1031 tax
deferred exchange with FC 42 Hotel,
LLC and that after such exchange the
Development Property Owner will be
FC Eighth Ave., LLC.)4.
    
    Ridge Hill
Yonkers, New York
    
    FC Yonkers Associates, LLC5.
    
    East River Plaza
New York, New York
    
    Tiago Holdings, LLC
(Note that this entity includes
interests owned by third parties.
FC East River Associates, LLC is the
BCR/FCEI entity.).6.
    
    Mill Basin
Flatbush Avenue and Shore
Parkway, 
Brooklyn, New York
    
    Mill Basin Associates, LLC
(Note that this entity includes
interests owned by third parties.
FC Mill Basin Associates, LLC is the
BCR/FCEI entity.)7.
    
    80 DeKalb Avenue
Brooklyn New York
    
    625 Fulton Associates, LLC
 
 1
    
    See also the attached organizational charts. Schedule P-3C, Page 1




---



##### 



|Beekman - Ownership Structure

Beekman 1031.ppt



Beekman Land




FC Tilden A, LLC

9.7%


FC Beekman

Associates, LLC

58.0%



Forest City Tilden

Associates, LLC




Forest City Tilden,
Inc.

..8%




FC Tilden B, LLC

32.3%




Forest City Tilden

Associates, LLC




CUIP Beekman, LLC

85%




RRG Tilden

Associates, L.P.

..2%



FC Beekman

Holdings, LLC

15%



Forest City Master

Associates

99.0%

Forest City Rental

Properties

Corporation

100%

RRG Tilden, Inc.

1% GP


Bruce C.
Ratner

99% LP


Forest City

Enterprises, Inc.

Bruce C.
Ratner

100%



Forest City Tilden, Inc.

..8%




RRG Tilden

Associates, L.P.

..2%



Forest City Master

Associates

99.0%

Forest City Rental

Properties

Corporation

100%

RRG Tilden, Inc.

1% GP

Bruce C.
Ratner

99% LP

Forest City

Enterprises, Inc.

Bruce C.
Ratner

100%

Cleveland/NY

Residential, LLC

1%

member

Forest City

Residential

Group, Inc.

100%

Forest City Rental
Properties
Corporation

100%

Forest City

Enterprises, Inc.


RRG Beekman, LLC

30%

Managing member

7/6/2005

Tenants in Common

In Fee Ownership of Land
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|330 Jay Office Associates, LLC


330 Jay Office Associates, LLC

a NY LLC

Bruce C. Ratner

100%

RRG 330 Jay Office, LLC

Member

19%

Forest City Commercial

Holdings, Inc.

Member

80%

Bruce C. Ratner

Managing
Member

83.5%

Michael D.
Ratner

Member

16.5%

Forest City Rental
Properties

100%

CORPFORMS

330 JAY PROPOSED STRUCTURE 2

RRG Jay Office, Inc.

Managing Member

1%

Forest City Enterprises, Inc.

100%
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|New York Times Building.OC

THE NEW YORK TIMES

BUILDING, LLC
|-------------------------------------------------------------



---



##### 



|New York Times Project

Before Completion of Construction/Condominiumization

42nd Street Development Project,

Inc.

Ground Lessor

The New York Times Building,
LLC

Ground Tenant

FC LION LLC

42.0517%

NYT Real Estate Company, LLC

57.9483%

Ground Lease

Two FC/ING Severance Subleases

(Retail and Office)

NYT Severance Sublease

Notes:

1.  Single Ground Lease during Construction:

     Will be Required by Ground Lessor and Construction Lenders

2.  FC and NYT Subleases Executed and Effective but no building obligations.

INGREDUS SITE

8 South LLC

60%

FC 41ST Street
Associates, LLC

40%

FC 8 South, Inc.

70%

RRG 8 South, Inc.

30%

The New York Times Company

Legal/NYTimes/FC NYT Project Chart 1.ppt

#1
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|FC LION, LLC.OC

FC LION, LLC
|-----------------------------



---



##### 



|FC YONKERS ASSOCIATES,
LLC

5/7/2004

fcYonkersAsocOC

Chart A-70
|-----------------------------------------------------------------



---



##### 



|9/26/2005



 TIAGO HOLDING, LLC


Chart A-77

Tiago Holdings.ppt
|-----------------------------------------------------------------



---



##### 



|MILL BASIN ASSOCIATES, LLC

MILL BASIN ASSOCIATES, LLC

(a New York limited liability company)

MB MEMBERS LLC

25%

member

FC MILL BASIN ASSOCIATES, LLC

A New York limited liability company

75%

Managing member

F.C. MEMBER

70%

member

RRG MILL BASIN, LLC

30%

managing member

Forest City Rental Properties

Corporation

100%

Forest City Enterprises, Inc.

100%

Brooklyn One Trust

22.8%

Brooklyn Two Trust

16.5%

Bruce C. Ratner

15%

Brooklyn Three Trust

45.7%

7/26/2004

Mill Basin Associates, LLC.ppt
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|625 Fulton Associates

(a NY General Partnership)

99.5% Non-Managing Member of Owner

100% Owner of Managing Member


RRG  625 Fulton Associates, Inc.

(a NY Corp)

(0.5% Managing Member)

625 FULTON ASSOCIATES, LLC

625 Fulton Associates, LLC

(a NY LLC)

(Owner)

Forest City Fulton
Street Building, Inc.

80.0% GP

Forest City Rental
Properties Corporation

100%

RRG Fulton

Associates, L.P.

20.0% GP

Forest City
Enterprises,
Inc.

100%

BCR

1.0% LP

Brooklyn Two
Trust

20.0% LP

Brooklyn Three
Trust

78.0% LP

RRG Fulton
Corp.

1.0% GP

Bruce Ratner

100%

Chart A-5

fc625FultonAssocOC.ppt

1/26/05
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



SCHEDULE P-3D  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 ORGANIZATIONAL CHARTS FOR NETS, ATLANTIC YARDS, BLOOMFIELD AND
METROTECH ASSOCIATES




---



##### 



|1/25/2006

Atlantic Yards-Brooklyn Arena

Atlantic Yards Development

Company, LLC

Brooklyn Arena, LLC

FCR Land,

 LLC

FCR Sports,

 LLC

Arena

 Nominee

Sub C, LLC

Block 1127

Lot 22

Various Investors

in Brooklyn Sports, LLC

Brooklyn Arena and Atlantic Yards

Various Investors

in Brooklyn Sports LLC

Arena

Nominee

Sub E, LLC

Arena

Nominee

Sub B, LLC

Arena

Nominee

Sub F, LLC

Block 1127

Lot 54

Block 1127

Lots 55 & 56



Block 1118

Lot 1

Block 1127

Lot 21

Block 1127

Lot 27

Atlantic

Arts

Development

Company, LLC

Brooklyn

Arena

Sub A, LLC

Block 1127

Lot 29

Block 1129

Lot 1, 3

& 81

Atlantic

Yards

Nominee

Sub A, LLC

AY 644

Pacific

II, LLC

AY 814

Pacific,

LLC


Seagoing

Development

Company,

LLC

Block 1127

Lot 35

Nets Sports and Entertainment, LLC

Brooklyn Basketball,

 LLC

New Jersey

Basketball, LLC

Nets

Franchise

626 Pacific

465 Dean

461 Dean

463 Dean

181 Flatbush

624 Pacific

636 Pacific

640 Pacific

585 Dean

551 Carlton

549 Carlton


810 Pacific

540

Vanderbilt

185, 189 &

193 Flatbush






489 Dean

24 6th

Ave

814 Pacific

AY 485

 Dean, LLC

Atlantic

Yards

Development

Sub C, LLC

Block 1127

Lot 11



Block 1127

Lot 43


191

Flatbush


483-485

Dean


AY 489

Dean, LLC

Block 1127

Lot 30

644 -646

Pacific

Block 1129

Lots 43 & 49

Block 1127

Lots 10,

12 & 13
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|1/25/2006

Atlantic Yards-Brooklyn Arena

Beneficiary

 Trusts1

FCR Sports & FCR Land Organizational Flow Chart

FCR Sports, LLC

30%

Bruce Ratner is the managing member of BR Basketball, LLC and BR Land, LLC; The Beneficiary Trusts are the for the benefit of family members of Bruce Ratner

BR Basketball, LLC

(Managing Member)

85%

Forest City Sports, LLC

70%

FC Basketball, Inc.

100%

FC Rental

Properties Corporation

Bruce

 Ratner1

15%

Forest City

Enterprises, Inc.

100%

100%

Beneficiary

 Trusts1

FCR Land, LLC

30%

BR Land, LLC

(Managing Member)

85%

F.C. Member, Inc.

70%

Bruce

 Ratner1

15%

Forest City

Properties Corporation

100%
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---



##### 



|6/8/2006

fcBloomfield              Chart A-117

FC BLOOMFIELD ASSOCIATES, LLC
|------------------------------------------------------------------------------



---



##### 



|Forest City Metrotech Associates

Effective Ownership:

BCR      20.0005%

Chart B-6

fcFCMetrotechAssocOC.ppt

8/3/98
|----------------------------------------------------------------------------------------------------------------------



---



##### 



SCHEDULE P-3E  to  MASTER CONTRIBUTION AND SALE AGREEMENT1
 SERVICE COMPANIES AND ORGANIZATIONAL CHARTS
    
 1
    
    See also the attached organizational charts.




---



##### 



|First New York Partners

Chart B-3

fcFirstNewYorkPartnersOC.ppt

6/03/04
|-------------------------------------------------------------------------



---



##### 



|FCRC Security Co. L.P.

Effective Ownership:

BCR

Chart B-5

fcFCRCSecurityServicesOC.ppt

2/5/05
|--------------------------------------------------------------------------------------------------



---



##### 



|FCRC Services Company, L.P.

Chart B-4

fcFCRCServicesCompanyOC.ppt

2/5/05

Effective Ownership:

BCR
|------------------------------------------------------------------------------------------------------



---



##### 



SCHEDULE P-4
 Preliminary Transactions
 One MetroTech
 
    
    Each of Bruce C. Ratner, Michael D. Ratner, Brooklyn One Trust and Brooklyn Two Trust
will contribute their respective interests in RRG B.U.G. Associates L.P. (collectively,
90.4%) to a newly formed entity RRG New B.U.G., LLC.
 Two MetroTech
 
    
    Each of Bruce C. Ratner, Michael D. Ratner, Brooklyn One Trust and Brooklyn Two Trust
will contribute their respective interests in RRG S.I.A.C. Associates L.P. (collectively,
90.4%) to a newly formed entity RRG New S.I.A.C., LLC in exchange for interests therein.
    
    Forest City S.I.A.C. Building, Inc. will contribute a 14% interest in Forest City
Bridge Street Associates, L.P. to RRG S.I.A.C. Associates L.P. for a 44.44% interest
therein. As a result of this contribution, the RRG S.I.A.C. Associates L.P.s ownership
of Forest City Bridge Street Associates, L.P. will increase from 17.5% to 31.5%.
    
    The partnership agreement of RRG S.I.A.C. Associates L.P. will be amended to adjust the
percentage interests of its partners to reflect the foregoing but in a manner such that
each partner thereof will continue to have the same effective interest and rights in
Forest City Bridge Street Associates, L.P. even though RRG S.I.A.C. Associates, L.P.s
interest in the property shall have been increased from 17.5% to 31.5%. The revised
interests of each of the partners of RRG S.I.A.C. Associates L.P. will be as follows: RRG
New S.I.A.C., LLC will have a 50.223% interest therein, Forest City S.I.A.C. Building,
Inc. will have a 44.44% interest therein, RRG S.I.A.C., Inc. will have a 0.56% interest
therein and Paul Travis will have a 4.777% interest therein. Notwithstanding the above,
the amendment to the partnership agreement of RRG S.I.A.C. Associates L.P. will expressly
provide that the above adjustments shall not result in any adverse impact to Travis (e.g.,
Traviss voting rights and distribution preferences will remain as if the above described
contribution had not occurred and he will continue to be entitled to 8.6% of the votes in
RRG S.I.A.C. Associates L.P.).
 Worth Street
 
    
    Each of Bruce C. Ratner, Brooklyn One Trust, Brooklyn Two Trust and Brooklyn Three
Trust will contribute their respective interests in RRG Residential Properties, LLC. to a
newly formed entity RRG New Residential Properties, LLC in exchange for interests therein.
 -1-




---



##### 




    
    Cleveland/NY Residential, LLC will contribute a 68% interest in FC/RRG Foley Square
Associates, LLC to RRG Residential Properties, LLC in exchange for a 69.39% interest
therein.
 Harlem Center Retail
 
    
    An entity wholly-owned and controlled by Bruce C. Ratner will be issued a de minimus
interest in FC Harlem Center, LLC (reducing the percentage interests of each of the
existing members pro rata), but which interest will only have de minimus economic rights.
Such entity also will become the replacement managing member of FC Harlem Center, LLC.
 Harlem Center Office
 
    
    An entity wholly-owned and controlled by Bruce C. Ratner will be issued a de minimus
interest in FC Harlem Center Office, LLC (reducing the percentage interests of each of the
existing members pro rata), but which interest will only have de minimus economic rights.
Such entity also will become the replacement managing member of FC Harlem Center Office,
LLC.
 Beekman
 
    
    Forest City Master Associates will distribute its 99% interest in Forest City Tilden
Associates, LLC, 29.8% to BR Master Limited Partnership and 69.2% to Forest City
Commercial Holdings, Inc.
    
    BR Master Limited Partnership will contribute the 29.8% interest in Forest City Tilden
Associates, LLC to RRG Tilden Associates, L.P. in exchange for an interest therein. RRG
Tilden Associates, L.P. will then own a 30% interest in Forest City Tilden Associates,
LLC. RRG Tilden Associates, L.P. will then convert into an LLC.
    
    RRG Tilden, Inc. will assign its interest in RRG Tilden Associates, L.P. (now a limited
liability company) to Bruce C. Ratner in liquidation and dissolve. As a result, Bruce C.
Ratner will own a .67% interest in RRG Tilden Associates, L.P. and BR Master Limited
Partnership a 99.33% interest.
    
    BR Master Limited Partnership will distribute its 99.33% interest in RRG Tilden
Associates, L.P. to its partners, pro rata.
 First New York Partners/FCRC Security Co. L.P./FCRC Services Company, L.P.
 
    
    Each of these entity will be converted into a limited liability company.
 -2-




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Interests SoldChart
    
    Operating Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    CashConsideration
    
    PercentageInterstA-117
    
    Bloomfield
    
    RRG Bloomfield, LLC
    
    FC Bloomfield Associates, LLC
    
    Master III FC/ BCR Holdings, Inc.
    
    
    ***
    
    
    
    30.00
    %B-6
    
    MetroTech Associates
    
    Bruce Ratner
    
    RRG Metrotoch Corp.
    
    Master III FC/ BCR Holdings, Inc.
    
    
    ***
    
    
    
    100.00
    %A-72
    
    Atlantic Yards/Nets
    
    BR Basketball, LLC
    
    FCR Sports, LLC
    
    Master III FC/ BCR Holdings, Inc.
    
    
    ***
    
    
    
    30.00
    %BR Land, LLC
    
    FCR Land, LLC
    
    Master III FC/ BCR Holdings, Inc.
    
    
    ***
    
    
    
    30.00
    %




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    
    
    COLUMN (II)Interests Contributed
    
    Interests SoldNumber of
    
    Percentage
    
    Cash
    
    PercentageChart
    
    Operating Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    Value
    
    Class A Units
    
    Interst
    
    Consideration
    
    InterstB-3
    
    First New York Partners
    
    BR First New York, LP
    
    First New York Partners
    
    F.C. Master 3 LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    50.00
    %B-5
    
    FCRC Security Company
    
    Ratner Realty Group, Inc.
    
    FCRC Security Co., LP
    
    F.C. Master 3 LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    50.00
    %B-4
    
    FCRC Service Company
    
    Bruce Ratner
    
    FCRC Services Company, LP
    
    F.C. Master 3 LLC
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    32.50
    %Michael Ratner
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    17.50
    %***In consideration for Forest City contributing the cash consideration above to F.C. Master 3 LLC, Forest
City will receive *** units, using a unit price of ***.***  Text
Omitted and Filed Separately  
Confidential Treatment Requested




---



##### 



DRAFT
  COLUMN I
    
    COLUMN III
    
    
    
    COLUMN IICommon Capital Contributed
    
    Equity Loan
    
    Preferred Capital ContributedPercentage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total Initial
    
    Class B
    
    PercentageOperating Property
    
    FCE Transferor
    
    Interest Transferred
    
    Recepient Entity
    
    Value
    
    Interst
    
    Value
    
    Value
    
    % of Total
    
    Capital Account
    
    Units
    
    InterstFirst New York Partners
    
    First New York Management Company, Inc.
    
    First New York Partners
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    50.00
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    50.00
    %FCRC Security Company
    
    Forest City NY, Inc.
    
    FCRC Security Co., LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    50.00
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    50.00
    %FCRC Service Company
    
    Forest City SIAC Building, Inc.
    
    FCRC Services Company, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    50.00
    %
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    50.00
    %***
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***Using a unit price of $
    
    
    ***




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Interests ContributedNumber of
    
    PercentageChart
    
    Operating Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    Value
    
    Class A Units
    
    InterstA-2
    
    One Metrotech Center
    
    RRG New BUG LLC
    
    RRG B.U.G. Associates LP
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    90.40
    %A-1
    
    Two Metrotech Center
    
    RRG New SIAC LLC
    
    RRG S.I.A.C. Associates, LP
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    50.22
    %A-25
    
    Nine Metrotech Center
    
    RRG Flatbush Associates, LP
    
    FC Flatbush Associates, LP
    
    New Flatbush LLC
    
    ***
    
    ***
    
    
    20.00
    %A-66
    
    15 Metrotech Center (9 South)
    
    RRG Myrtle, LLC
    
    Forest City Myrtle Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    20.00
    %A-5
    
    Ten Metrotech Center
    
    RRG Fulton Associates, LP
    
    625 Fulton Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    20.00
    %A-9
    
    Eleven Metrotech Center
    
    RRG Tech Place Associates, LP
    
    Forest City Tech Place Associates, LP
    
    New Tech LLC
    
    ***
    
    ***
    
    
    20.00
    %A-6
    
    One Pierrepont Plaza
    
    Bruce Ratner
    
    KERA Limited Partnership
    
    New KERA LLC
    
    ***
    
    ***
    
    
    44.11
    %A-68
    
    Harlem Center Office
    
    RRG Harlem Office, LLC
    
    FC Harlem Center Offfice, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-42
    
    42nd Street Retail
    
    BR Master Limited Partnership
    
    FCR 42nd Street Partners
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-51
    
    Queens Place
    
    RRG Queens Place, LLC
    
    Bluffside Development Company
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-63
    
    Harlem Center Retail
    
    RRG Retail Properties, LLC
    
    FC Harlem Center, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-55
    
    Woodbridge Crossing
    
    RRG Retail Properties, LLC
    
    FC Woodbridge Crossing, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.50
    %A-35
    
    Atlantic Terminal (Retail)
    
    RRG Hanson, LLC
    
    FC Hanson Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-64
    
    Brooklyn Commons
    
    RRG Gowanus Canal, Inc.
    
    FC Gowanus Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-67
    
    Quartermaster II
    
    FC Quartermaster Retail II, LP
    
    FC Quartermaster Assoc II, LP
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.70
    %A-67
    
    Quartermaster I
    
    FC Quartermaster Retail, LP
    
    FC Quartermaster Associates, LP
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.70
    %A-67
    
    Quartermaster IV
    
    FC Quartermaster Retail IV, LP
    
    FC Quartermaster Associates IV, LP
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.70
    %A-57
    
    Worth Street
    
    RRG New Residential Properties, LLC
    
    RRG Residential Properties, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.61
    %A-36
    
    Forest Avenue Cinemas
    
    FC Forest Avenue Retail, LLC
    
    FC Forest Avenue Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.70
    %A-37
    
    The Heights
    
    RRG Court Street Retail, LLC
    
    FC Court Street Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    29.70
    %A-41
    
    Columbia Park
    
    BR Master LP
    
    FC Columbia Park Member, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-17
    
    Bruckner Blvd.
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-13
    
    Atlantic Center
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    25.00
    %A-22
    
    Gun Hill Road (Waring)
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-21
    
    Gun Hill Road (Ely)
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-14
    
    Maspeth Center
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-19
    
    Northern Blvd
    
    BR Master LP
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-46
    
    Atlantic Center  Vacant Lot
    
    BR Master LP
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    
    
    ***
    
    
    30.00
    %A-31
    
    Atlantic Center Site V
    
    BR Master LP
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-29
    
    Richmond Avenue
    
    BR Master LP
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %A-49
    
    Castle Center
    
    BR Master LP
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    ***
    
    ***
    
    
    30.00
    %***
    
    ***




---



##### 



COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Interests SoldCash
    
    PercentageChart
    
    Operating Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    Consideration
    
    InterstA-2
    
    One Metrotech Center
    
    Bruce Ratner
    
    RRG B.U.G., Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-1
    
    Two Metrotech Center
    
    Bruce Ratner
    
    RRG SIAC, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-6
    
    One Pierrepont Plaza
    
    Bruce Ratner
    
    Ratner-Kessler Realty, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    50.00
    %A-69
    
    Atlantic Terminal (Office)
    
    RRG Hanson Office, LLC
    
    FC Hanson Office Associates, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    
    30.00
    %A-42
    
    42nd Street Retail
    
    Bruce Ratner
    
    RRG 42nd Street, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-55
    
    Woodbridge Crossing
    
    Bruce Ratner
    
    RRG Woodbridge, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-67
    
    Quartermaster II
    
    RRG Quartermaster II, LLC
    
    FC Quartermaster Assoc II, LP
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-67
    
    Quartermaster III
    
    FC Quartermaster Retail III, LP
    
    FC Quartermaster Assoc III, LP
    
    F.C. Master 3 LLC
    
    ***
    
    
    29.70
    %RRG Quartermaster III, LLC
    
    FC Quartermaster Assoc III, LP
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-67
    
    Quartermaster I
    
    Bruce Ratner
    
    RRG Quartermaster, LLC
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-67
    
    Quartermaster IV
    
    Bruce Ratner
    
    RRG Quartermaster IV, LLC
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-7
    
    Queenswood
    
    The Ellen Ratner 2000 Trust
    
    BR Queenswood Associates, LP
    
    F.C. Master 3 LLC
    
    ***
    
    
    65.00
    %Brooklyn II Trust
    
    BR Queenswood Associates, LP
    
    F.C. Master 3 LLC
    
    ***
    
    
    10.00
    %Bruce Ratner
    
    BR Queenswood Management, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    1.00
    %A-36
    
    Forest Avenue Cinemas
    
    Bruce Ratner
    
    RRG Forest Avenue, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-37
    
    The Heights
    
    Bruce Ratner
    
    RRG Court Street, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-32
    
    Steinway St. Theaters
    
    RRG Steinway Street Retail, LLC
    
    FC Steinway Street Assoc II, LLC
    
    F.C. Master 3 LLC
    
    ***
    
    
    29.70
    %Bruce Ratner
    
    RRG Steinway, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-41
    
    Columbia Park
    
    Bruce Ratner
    
    RRG Master II, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-17
    
    Bruckner Blvd.
    
    Bruce Ratner
    
    BR Bruckner Corp.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-13
    
    Atlantic Center
    
    Bruce Ratner
    
    RRG Fort Greene, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-22
    
    Gun Hill Road (Waring)
    
    Bruce Ratner
    
    BR Waring Street, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-21
    
    Gun Hill Road (Ely)
    
    Bruce Ratner
    
    BR Ely, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-14
    
    Maspeth Center
    
    Bruce Ratner
    
    RRG Grand Avenue, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-19
    
    Northern Blvd
    
    Bruce Ratner
    
    BR Northern Corp.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-46
    
    Atlantic Center  Vacant Lot
    
    Bruce Ratner
    
    RRG Felix, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-31
    
    Atlantic Center Site V
    
    Bruce Ratner
    
    RRG Pacific, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-29
    
    Richmond Avenue
    
    Bruce Ratner
    
    RRG Richmond, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %A-49
    
    Castle Center
    
    Bruce Ratner
    
    RRG Castle Center, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    ***
    
    
    100.00
    %***




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    
    
    
    
    
    
    
    
    COLUMN (II)Preferred CapitalCommon Capital Contributed
    
    Equity Loan
    
    ContributedTotal Initial
    
    Number of Class BChart
    
    Operating Property
    
    FCE Transferor
    
    Interest Transferred
    
    Recepient Entity
    
    Value
    
    Percentage Interst
    
    Value
    
    Value
    
    % of Total
    
    Capital Account
    
    Units
    
    Percentage InterstA-2
    
    One Metrotech Center
    
    Forest City BUG Building, Inc.
    
    FC BUG, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    16.97
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    16.97
    %A-1
    
    Two Metrotech Center
    
    Forest City SIAC Building, Inc.
    
    RRG S.I.A.C. Associates, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    44.44
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    44.44
    %A-25
    
    Nine Metrotech Center
    
    Forest City Flatbush, Inc.
    
    FC Flatbush Associates, LP
    
    New Flatbush LLC
    
    
    ***
    
    
    
    14.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    14.00
    %A-66
    
    15 Metrotech Center (9 South)
    
    FC Member, Inc.
    
    Forest City Myrtle Associate, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    24.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    24.00
    %A-5
    
    Ten Metrotech Center
    
    Forest City Fulton Street Buillding, Inc.
    
    625 Fulton Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    29.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    29.00
    %A-9
    
    Eleven Metrotech Center
    
    Forest City Tech Place, Inc.
    
    Forest City Tech Place Associates, LP
    
    New Tech LLC
    
    
    ***
    
    
    
    14.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    14.00
    %A-6
    
    One Pierrepont Plaza
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associate
    
    New KERA LLC
    
    
    ***
    
    
    
    34.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    34.00
    %A-68
    
    Harlem Center Office
    
    Forest City Commercial Holdings, Inc.
    
    FC Harlem Center Office, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    2.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    24.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    2.00
    %A-69
    
    Atlantic Terminal (Office)
    
    FC Member, Inc.
    
    FC Hanson Office Associates, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    49.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-42
    
    42nd Street Retail
    
    Forest City Commercial Holdings, Inc.
    
    FCR 42nd Street Partners
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-51
    
    Queens Place
    
    Forest City Bluffside Corporation
    
    Bluffside Development Company
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-63
    
    Harlem Center Retail
    
    Forest City Commercial Holdings, Inc.
    
    FC Harlem Center, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    2.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    2.00
    %A-55
    
    Woodbridge Crossing
    
    FC Member, Inc.
    
    FC Woodbridge Crossing, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    49.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-35
    
    Atlantic Terminal (Retail)
    
    FC Member, Inc.
    
    FC Hanson Associates, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    49.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-64
    
    Brooklyn Commons
    
    FC Member, Inc.
    
    FC Gowanus Associates, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-67
    
    Quartermaster II
    
    Forest City Commercial Holdings, Inc.
    
    FC Quartermaster Associates II, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-67
    
    Quartermaster III
    
    Forest City Commercial Holdings, Inc.
    
    FC Quartermaster Associates III, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-67
    
    Quartermaster I
    
    Forest City Commercial Holdings, Inc.
    
    FC Quartermaster Associates, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    49.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-67
    
    Quartermaster IV
    
    Forest City Commercial Holdings, Inc.
    
    FC Quartermaster Associates IV, LP
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***A-57
    
    Worth Street
    
    Cleveland/NY Residential, LLC
    
    RRG Residential Properties, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    69.39
    %
    
    
    ***
    
    
    
    ***
    
    
    
    97.32
    %
    
    
    ***
    
    
    
    ***
    
    
    
    69.39
    %A-7
    
    Queenswood
    
    Forest City Equity Services, Inc.
    
    Queenswood Management Associates
    
    F.C. Master 3 LLC]
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-36
    
    Forest Avenue Cinemas
    
    Forest City Commercial Holdings, Inc.
    
    FC Forest Avenue Associates, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-37
    
    The Heights
    
    Forest City Commercial Holdings, Inc.
    
    FC Court Street Associates, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-32
    
    Steinway St. Theaters
    
    Forest City Commercial Holdings, Inc.
    
    FC Steinway Street Associates II, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.00
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.00
    %A-41
    
    Columbia Park
    
    Forest City Commercial Holdings, Inc.
    
    FC Columbia Park Member, LLC
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    2.02
    %
    
    
    ***
    
    
    
    ***
    
    
    
    
    
    
    
     ***
    
    
    
    ***
    
    
    
    2.02
    %A-17
    
    Bruckner Blvd.
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-13
    
    Atlantic Center
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    24.24
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    24.24
    %A-22
    
    Gun Hill Road (Waring)
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-21
    
    Gun Hill Road (Ely)
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
     ***
    

    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-14
    
    Maspeth Center
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-19
    
    Northern Blvd
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Master Associates
    
    F.C. Master 3 LLC
    
    
     ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-46
    
    Atlantic Center - Vacant Lot
    
    Forest City Commercial Holdings, Inc.
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    
     ***
    
    
    
    
    
    
        
     ***
    
    
    
    
    
    
    
    
    
    

    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-31
    
    Atlantic Center Site V
    
    Forest City Commercial Holdings, Inc.
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-29
    
    Richmond Avenue
    
    Forest City Commercial Holdings, Inc.
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %A-49
    
    Castle Center
    
    Forest City Commercial Holdings, Inc.
    
    Master Associates II
    
    F.C. Master 3 LLC
    
    
    ***
    
    
    
    19.19
    %
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***
    
    
    
    19.19
    %***
    
    
    
    
    
    
    
    ***
    
    
    
    
    
    
    
    
    
    
    
    ***
    
    
    
    ***Using a unit price of $
    
    
    ***




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Interests ContributedChart
    
    Development Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    Percentage InterestA-74
    
    Beekman Residential Tower
    
    RRG Tilden Associates L.P.
    
    Forest City Tilden Associates, LLC
    
    F.C. Master 3 LLC
    
    
    30.00
    %RRG Tilden Associates L.P.
    
    Forest City Tilden Associates, LLC
    
    F.C. Master 3 LLC
    
    
    100.00
    %A-65
    
    New York Times Building (1)
    
    BR 42 Hotel, LLC
    
    FC 42 Hotel Member, LLC
    
    F.C. Master 3 LLC
    
    
    30.00
    %BR 8 South, LLC
    
    FC NY Times Associates LLC
    
    F.C. Master 3 LLC
    
    
    100.00
    %A-77
    
    East River Plaza
    
    RRG East River, LLC
    
    FC East River Associates LLC
    
    F.C. Master 3 LLC
    
    
    30.00
    %A-70
    
    Ridge Hill Village Center
    
    RRG Yonkers, LLC
    
    FC Yonkers Associates, LLC
    
    F.C. Master 3 LLC
    
    
    30.00
    %A-40
    
    330 Jay Street Office
    
    RRG 330 Jay Office, LLC
    
    330 Jay Office Associates, LLC
    
    F.C. Master 3 LLC
    
    
    19.00
    %A-79
    
    Mill Basin Center
    
    RRG Mill Basin LLC
    
    FC Mill Basin Associates, LLC
    
    F.C. Master 3 LLC
    
    
    30.00
    %
  
 (1)
    
    Assuming 1031 is consumated. If not, the transferor and
Interest Transferred will change.




---



##### 



DRAFT
 
 COLUMN (I)
    
    COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Common Capital
    
    Preferred CapitalContributed
    
    ContributedChart
    
    Development Property
    
    FCE Transferor
    
    Interest Transferred
    
    Recepient Entity
    
    Percentage Interest
    
    % of TotalA-74
    
    Beekman Residential Tower
    
    Forest City Commercial Holdings, Inc.
    
    Forest City Tilden Associates, LLC
    
    F.C. Master 3 LLC
    
    
    19.19
    %
    
    
    49.00
    %A-65
    
    New York Times Building (1)
    
    Forest City N.Y. Group, Inc.
    
    FC 42 Hotel Member, LLC
    
    F.C. Master 3 LLC
    
    
    19.02
    %
    
    
    49.00
    %A-77
    
    East River Plaza
    
    F.C. Member, Inc.
    
    FC East River Associates, LLC
    
    F.C. Master 3 LLC
    
    
    70.00
    %
    
    
    100.00
    %A-70
    
    Ridge Hill Village Center
    
    F.C. Member, Inc.
    
    FC Yonkers Associates, LLC
    
    F.C. Master 3 LLC
    
    
    19.00
    %
    
    
    49.00
    %A-40
    
    330 Jay Street Office
    
    Forest City Commerial Holdings, Inc.
    
    330 Jay Office Associates, LLC
    
    F.C. Master 3 LLC
    
    
    29.00
    %
    
    
    49.00
    %A-79
    
    Mill Basin Center
    
    F.C. Member Inc.
    
    FC Mill Basin Associates, LLC
    
    F.C. Master 3 LLC
    
    
    2.00
    %
    
    
    49.00
    %
  
 (1)
    
    Assuming 1031 is consumated. If not, the transferor and Interest Transferred will change.




---



##### 



DRAFT
 
 COLUMN (I)
    
    (COLUMN (III)
    
    COLUMN (IV)
    
    COLUMN (II)Interests SoldPercentageChart
    
    Development Property
    
    Ratner Transferor
    
    Interest Transferred
    
    Transferee Entity
    
    InterestA-40
    
    
    330 Jay Street Office
    
    Bruce Ratner
    
    RRG Jay Office, Inc.
    
    Master III FC/ BCR Holdings, Inc.
    
    
    100.00
    %




---



##### 



SCHEDULE 1.2A
 Ground Lease Consents
 One Pierrepont Plaza
  nd
  nd




---



##### 



SCHEDULE 1.2B
 Development Property Consents
 East River Plaza




---



##### 



SCHEDULE 1.3(b)
 Certain Lender and Third Party Consents
 Woodbridge Crossing
  Quartermaster Plaza (Phase I & Phase IV)
  Brooklyn Commons
  Queenswood Apartments




---



##### 








---



##### 



SCHEDULE 2.3(c)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
  Line
    
    Caption
    
    Comments1
    
    NOI 200[_] Actual
    
    In the case of the
Operating Properties,
actual Net Operating
Income (NOI) for the
fiscal year 2005 (Feb. 1,
2005  Jan. 31, 2006),
as reflected in the
general ledger, was
utilized. For the
Development Properties,
there will likely not be
a full fiscal year of NOI
as of the Stabilization
Date. Thus, an
appropriate adjustment
and/or annualization of
income may be required,
and particular attention
is required for the
adjustments set forth
below for NOI
Normalization (line 2),
Lease Annualization (line
5) and Lease
Stabilization (line 6).Adjusted for:2
    
    (+) NOI Normalization
    
    In cases where there were
non-recurring expenses
during the fiscal year
for which NOI 200[_]
Actual (line 1) was
determined, (e.g., for
grand openings,
marketing), these
non-recurring expenses
were ignored and an
appropriate adjustment
made to NOI 200[_]
Actual.3
    
    (+) Ground Rent (Adjustment)
    
    In the case where PV of
Ground Lease (line 15)
below takes into account
the present value of all
ground lease rent
payments to be made by
the Development Property
Owner, there is the
possibility for a
duplicative deduction
since NOI 200[_] Actual
(line 1) may already
incorporate a deduction
for ground lease payments
made for which NOI 200[_]
Actual (line 1) was
determined. In order to
avoid such duplication,
ground lease rent
payments during the
fiscal year for which NOI
200[_] Actual (line 1)
was determined are to be
ignored and an
appropriate adjustment
made to NOI 200[_]
Actual.4
    
    (+) Straight Line Rent
    
    The calculation of NOI
200[_] Actual (line 1) is
based on rental revenues
that have been
straight-lined. The
effects of this
straight-lining are to be
avoided, so that rents
received are those
actually paid for the
fiscal period in
question, by an
appropriate adjustment to
NOI 200[_] Actual (line
1).5
    
    (+) Lease Annualization
    
    If a space tenant paid
rent for only part of the
fiscal year for which NOI
200[_] Actual (line 1)
was determined, then an
adjustment is to be made
by assuming that such
rent was paid for the
entire fiscal year in
question.6
    
    (+) Lease Stabilization
    
    If the Development
Property is less than 95%
occupied, then unoccupied
space (up to 95%
occupancy) is assumed to
be rented at market rents
and appropriate
adjustments made to NOI
200[_] Actual.7
    
    (=) Adj. Ann./Stab. NOI9
    
    (+) Non-Esc Exp Adjustment
    
    If there were
non-property level
expenses incurred by the
Development Property
Owner due to
circumstances that are
either unique to that
owner (e.g., that it must
comply with requirements
applicable to public
companies) and/or would
not be incurred by a
third-party owner, then
these expenses are




---



##### 



Line
    
    Caption
    
    Commentsignored and an
appropriate adjustment
made to NOI 200[_]
Actual. However,
consistent with the
methodology used in
deriving the Adj.
Ann./Stab. Esc Adj. NOI
(line 10) (for purposes
of applying a cap rate)
it is appropriate to add
back certain agreed upon
recurring expenses that
FC will have in operating
the development property
in question on an
on-going basis in future
years. For illustrative
purposes only, see
Exhibit F in the NAV
model used to value the
operating properties.10
    
    (=) Adj. Ann./Stab. Esc Adj. NOI11
    
    (÷) Cap Rate
    
    The relevant
capitalization rate for
the market and product
type in question is to be
utilized.12
    
    (=) Capitalized NOI13
    
    (+) Other Value Adjustments
    
    An appropriate adjustment
is to be made to
Capitalized NOI (line 12)
to take into account any
value that is not
captured in the
calculation of
Capitalized NOI (e.g.,
for undeveloped (or
underdeveloped) and thus
non-income (or lower
income) producing parcels
within a project).14
    
    (=) Gross Value15
    
    (-) PV of Ground Lease
    
    The present value,
determined using a
discount rate of 8%, of
all future ground lease
liabilities.16
    
    (-) Participation Adjustment
    
    If a third-party such as
a ground lessor has a
right to a payment in
connection with and
triggered by a sale of
the Development Property
in question, then the
amount of that payment
(determined in accordance
with the underlying
agreement) is to be
deducted from Gross Value
(line 14).17
    
    (=) Net Gross Value19
    
    (-) Debt
    
    Subtracted from the Net
Gross Value is the total
amount of indebtedness
encumbering the
Development Property as
of the end of the fiscal
period in question.20
    
    (+) Debt Adjustment
    
    In cases where there are
reserves for the
repayment of debt or
other offsets to
indebtedness, the amounts
in question are added
back to Net Gross Value
(line 17).21
    
    (=) Net Asset Value23
    
    (-) Promote Repayment
    
    A deduction is to be made
for the return of and on
Forest Citys capital.24
    
    (=) Value after Promote Pmt25
    
    Value @ BCR Ownership
    
    BCRs percentage
ownership of the
Development Property
Owner is applied to Value
after Promote Pmt (line
24).26
    
    (-) Equity Loan Balance
    
    Equity loan balance plus
unpaid accrued preferred
return outstanding as of
the end of the fiscal
period in question.27
    
    (+) Value Deficit
    
    An adjustment for any
situation where the
deduction for Equity Loan
Balance (line 26) results
in a Value @ BCR
Ownership (line 25) of
less than zero. This is
intended to bring Value @
BCR Ownership (line 25)
up to zero, so that there
would be no negative
value to BCR.28
    
    (=) BCR Value After Repayment




---



##### 



SCHEDULE 3.1 (A)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 EXISTING TITLE POLICIES
 PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NO.BrooklynOne Pierrepont Plaza 
135/151 Pierrepont
(aka 300 Cadman Plaza West) 
Brooklyn, New York
    
    Forest City Pierrepont Associates
    
    Commonwealth Land
NY930813KTen Metrotech Center 
625 Fulton Street
    
    625 Fulton Associates, LLC
    
    New York Land/ G322130141Brooklyn, New YorkOne Metrotech Center 
Brooklyn, New York
    
    Forest City Jay Street Associates, L.P.
    
    Commonwealth/ G321952516Two Metrotech Center 
Brooklyn, New York
    
    Forest City Bridge Street Associates, L.P.
    
    First American/B1012404Nine Metrotech Center 
Brooklyn, New York
    
    FC Flatbush Associates, L.P.
    
    Commonwealth Land/
207-11238311 Metrotech Center 
Brooklyn, New York
    
    Forest City Tech Place Associates, L.P.
    
    Commonwealth Land/NY96045515 Metrotech Center 
Brooklyn, New York
    
    Forest City Myrtle Associates, LLC
    
    Commonwealth Land Policy
A60-0149510330 Jay Street-Office 
12 Metrotech Center 
Brooklyn, New York
    
    330 Jay Office Associates, LLC
    
    Land America Commonwealth/Policy
H65-0289345Atlantic Center 
199 Fort Greene Place 
Brooklyn, New York
    
    Atlantic Center Fort
Greene Associates, L.P.
    
    New York Land/Policy
207-112314
 -1-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBER617 Pacific Street 
140 Flatbush Avenue 
Brooklyn, New York
    
    FC Pacific Associates, LLC
    
    First American/F89-22416094-110 Court Street 
Brooklyn, New York
    
    FC Court Street Associates, LLC
    
    First American /Policy B406561Atlantic Terminal-Office 
139 Flatbush Avenue 
Brooklyn, New York
    
    FC Hanson Office Associates, LLC
    
    Commonwealth Land/
G32-2130118Atlantic Terminal-Retail 
139 Flatbush Avenue 
Brooklyn, New York
    
    FC Hanson Associates, LLC
    
    Commonwealth Land/Policy
A60-0149496Brooklyn Commons 
1 11th Street 
118 2nd Avenue 
34 9th Street 
12th Street 
71 12th Street 
Brooklyn, New York
    
    FC Gowanus Associates, LLC
    
    Fidelity Title/5412-1122998147 Felix Place 
Brooklyn, New York
    
    FC Felix Associates, L.P.
    
    New York Land/92NYK4913
(Certificate of Title/report only)Metrotech Common Area
    
    Commons AssociatesBronx1800 Gun Hill Road 
Bronx, New York
    
    FC Ely Associates, L.P.
    
    First American/B10118001806 Gun Hill Road 
Bronx, New York
    
    FC Waring Associates, L.P.
    
    First American/B10117981910 Story Avenue 
Bronx, New York
    
    FC Bruckner Associates, L.P.
    
    First American/B10117971716, 1720 & 1724
Eastchester Road
    
    FC Castle Center Associates II, LLC
    
    Commonwealth Land/ G32-0112562
  -2-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBERQueens48-18 Northern Blvd. 
Long Island City, NY
    
    FC Northern Associates, L.P.
    
    New York Land/95NYQ6265A74-17 Grand Avenue 
Maspeth, NY
    
    FC Grand Avenue Associates, L.P.
    
    First American/Y100756435-50 38th Street 
Long Island City, New York
    
    FC Steinway Street Associates, LLC
    
    Commonwealth Land/
02NYQ888888-01 Queens Blvd.

Rego Park, New York
    
    FC Queens Place Associates, LLC
    
    Fidelity National/5312-784605New York226-252 West 42nd Street 
New York, New York
    
    FC 42nd Street Associates, L.P.
    
    New York Land/97NYM697895-117 Worth Street 
New York, New York
    
    FC Foley Square Associates, LLC
    
    Fidelity/26-041-92104256105 West 125th Street 
125 W. 125th Street 
New York, New York
    
    Harlem Center LLC
    
    CommonwealthLand/
Policy
A60-701112105 West 125th Street 
125 West 125th Street 
New York, New York
    
    Harlem Center Office, LLC
    
    Fidelity/26-031-92-79351New York Times Building 
New York, New York
    
    FC Lion LLC
    
    New York Land/Policy B66-0127088Beekman
    
    FC Beekman Associates, LLC
    
    New York Land/FC Tilden A, LLC
FC Tilden B, LLC
    
    Policy B66-0127088
 -3-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBERWashburn Wire
(East River)
    
    Tiago Holdings, LLC
    
    Lawyers Title/G37282NYStaten Island2505 Richmond Ave. 
Staten Island, New York
    
    FC Richmond Associates, L.P.
    
    New York Land/F89-2240782474 Forest Avenue 
Staten Island, New York
    
    FC Forest Avenue Associates, LLC
    
    Fidelity/Policy 5412-1122975Yonkers
(Ridge Hill) 
339 Tuckahoe Road 
Yonkers, NY 
New Jersey
    
    FC Yonkers Associates, LLC3131 Kennedy Blvd. 
Bergen, New Jersey
    
    FC/Treeco Columbia Park, LLC
    
    Commonwealth/Policy North Policy 207-832792493 Green Street
Woodbridge, NJ
    
    FC Woodbridge Crossing, LLC
    
    Commonwealth/Policy F37-0050841PennsylvaniaPhiladelphia
    
    FC Quartermaster Associates, L.P.
    
    Fidelity/26-031-92-44811Philadelphia
    
    FC Quartermaster Associates II, L.P.
    
    Fidelity/26-031-92-44811
Loan Policy 26-041-92-269709Philadelphia
    
    FC Quartermaster Associates III, L.P.
    
    Fidelity/26-031-92-44811
Loan Policy 26-041-92-269710Philadelphia
    
    FC Quartermaster Associates IV, L.P.
    
    Fidelity/
 -4-




---



##### 



SCHEDULE 3.1 (B)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 NEW TITLE COMMITMENTS
 PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NO.BrooklynOne Pierrepont Plaza
135/151 Pierrepont
(aka 300 Camden Plaza West)
Brooklyn, New York
    
    Forest City Pierrepont Associates
    
    New York Land/06SS10855Ten Metrotech Center
625 Fulton Street
Brooklyn, New York
    
    625 Fulton Associates, LLC
    
    New York Land/06SS10833One Metrotech Center
Brooklyn, New York
    
    Forest City Jay Street Associates, L.P.
    
    New York Land/06SS10831Two Metrotech Center
Brooklyn, New York
    
    Forest City Bridge Street Associates, L.P.
    
    New York Land/06SS10938Nine Metrotech Center
Brooklyn, New York
    
    FC Flatbush Associates, L.P.
    
    New York Land/06SS1093711 Metrotech Center
Brooklyn, New York
    
    Forest City Tech Place Associates, L.P.
    
    New York Land/06SS1095115 Metrotech Center
Brooklyn, New York
    
    Forest City Myrtle Associates, LLC
    
    New York Land/06SS1083212 Metrotech Center
330 Jay Street-Office
Brooklyn, New York
    
    330 Jay Office Associates, LLC
    
    New York Land/06SS10834Atlantic Center
199 Fort Greene Place
Brooklyn, New York
    
    Atlantic Center Fort
Greene Associates, L.P.
    
    New York Land/06SS10838
 -1-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBER617 Pacific Street
140 Flatbush Avenue
Brooklyn, New York
    
    FC Pacific Associates, LLC
    
    New York Land/06SS1085494-110 Court Street
Brooklyn, New York
    
    FC Court Street Associates, LLC
    
    New York Land/06SS10853Atlantic Terminal-Office
139 Flatbush Avenue
Brooklyn, New York
    
    FC Hanson Office Associates, LLC
    
    New York Land/06SS10934Atlantic Terminal-Retail
139 Flatbush Avenue
Brooklyn, New York
    
    FC Hanson Associates, LLC
    
    New York Land/06SS10830Brooklyn Commons
1 11th Street
118 2nd Avenue
34 9th Street
12th Street
73 12th Street
Brooklyn, New York
    
    FC Gowanus Associates, LLC
    
    New York Land/06SS10835147 Felix Place
Brooklyn, New York
    
    FC Felix Associates, L.P.
    
    New York Land/06SS10864Metrotech Common Area
    
    Commons Associates
    
    New York Land/06SS10963Bronx1800 Gun Hill Road
Bronx, New York
    
    FC Ely Associates, L.P.
    
    New York Land/
06SS10857A1806 Gun Hill Road
Bronx, New York
    
    FC Waring Associates, L.P.
    
    New York Land/
06SS10857B1910 Story Avenue
Bronx, New York
    
    FC Bruckner Associates, L.P.
    
    New York Land/06SS10856
 -2-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBER1716, 1720 & 1724
Eastchester Road
Bronx, New York
    
    FC Castle Center Associates II, LLC
    
    New York Land/06SS10849Queens48-18 Northern Blvd.
Long Island City, NY
    
    FC Northern Associates, L.P.
    
    New York Land/06SS1085074-17 Grand Avenue
Maspeth, NY
    
    FC Grand Avenue Associates, L.P.
    
    New York Land/06SS1085835-50 38th Street
Long Island City, New York
    
    FC Steinway Street Associates II, LLC
    
    New York Land/06SS1087188-01 Queens Blvd.
Rego Park, New York
    
    FC Queens Place Associates, LLC
    
    TitleServ/06-7406-15432QNew York226-252 West 42nd Street 
New York, New York
    
    FC 42nd Street Associates, L.P.
    
    New York Land/06SS1083695-117 Worth Street
    
    FC Foley Square Associates, LLC
    
    Fidelity/06-7406-15450SS- NYMNew York, New York105 West 125th Street 
125 West 125th Street 
New York, New York
    
    Harlem Center LLC
    
    Fidelity/06-7406-15449-SS-
NYM105 West 125th Street 
125 West 125th Street 
New York, New York
    
    Harlem Center Office LLC
    
    Fidelity/06-7406-15452-SS-
NYMNew York Times Building
New York, New York
    
    FC Lion LLC
    
    Fidelity/06/7406-
15446.SSNYM
 -3-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBERBeekman
    
    FC Beekman Associates, LLC
FC Tilden A, LLC
FC Tilden B, LLC
    
    New York Land/06SS10839Washburn Wire
(East River)
    
    Tiago Holdings, LLC
    
    New York Land/06SS10840Staten Island2505 Richmond Ave.
Staten Island, New York
    
    FC Richmond Associates, L.P.
    
    New York Land/06SS108482474 Forest Avenue
Staten Island, New York
    
    FC Forest Avenue Associates, LLC
    
    New York Land/06SS10837YonkersYonkers Development
(Ridge Hill)
339 Tuckahoe Road
Yonkers, NY
    
    FC Yonkers Associates, LLC
    
    Fidelity 06-7406-
15688.SS-WNew Jersey3131 Kennedy Blvd.
North Bergen, New Jersey
    
    FC/Treeco Columbia Park, LLC
    
    Land Title/99-LT-0250493 Green Street
Woodbridge, NJ
    
    FC Woodbridge Crossing, LLC
    
    LandTitle/03-LT-0310PennsylvaniaPhiladelphia
    
    FC Quartermaster Associates, L.P.
    
    Fidelity/06-7406-15654-SS-
PA-1
Commitment No. 8106- 0185Philadelphia
    
    FC Quartermaster Associates II, L.P.
    
    Fidelity/06-7406-15654-SS- PA-2
Commitment No. 8106- 0185APhiladelphia
    
    FC Quartermaster Associates III, L.P.
    
    Fidelity/06-7406-15654-SS- PA-3
 -4-




---



##### 



PROPERTY
    
    ENTITY NAME
    
    TITLE COMPANY/NUMBERCommitment No. 8106- 0185BPhiladelphia
    
    FC Quartermaster Associates IV, L.P.
    
    Fidelity/06-7406-15654-SS- PA-4
Commitment No. 8106- 0185C
 -5-




---



##### 



SCHEDULE 4.13-1  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 ANCHOR TENANT ESTOPPEL CERTIFICATES
 Properties
    
    AnchorsAtlantic Center
    
    Sterns  Misc., Inc. (Federated)199 Fort Greene Place 
625 Atlantic AvenueBrooklyn, New YorkShops at Gun Hill Road
    
    Home Depot U.S.A., Inc.1806 Gun Hill RoadBronx, New YorkTwo Metrotech Center
    
    Securities Industry Automation CorporationBrooklyn, New YorkOne Metrotech Center
    
    The Brooklyn Union Gas Company (KeySpan)Brooklyn, New York
    
    The Bear Stearns Companies, Inc.Ten Metrotech Center
    
    United States of America (IRS)Brooklyn, New YorkOne Pierrepont Plaza
    
    Morgan Stanley & Co. IncorporatedBrooklyn, New YorkEleven Metrotech CenterBrooklyn, New York
    
    The City of New York, Department of Citywide Administrative Services (Department of Information Technology and Telecommunications)Nine Metrotech Center
    
    The City of New York, Department of Citywide Administrative Services (Fire Department)Brooklyn, New YorkAtlantic Terminal (Retail)
    
    Target Corporation139 Flatbush AvenueBrooklyn, New YorkFifteen Metrotech Center
    
    WellChoice, Inc.Brooklyn, New York
    
    The City of New York, Department of Citywide
Administrative Services (Human Resources
Administration)Quartermaster Plaza II and
III
    
    Home Depot U.S.A., Inc. (II)Philadelphia, Pennsylvania
    
    BJs Wholesale Club, Inc. (III)Woodbridge Crossing
    
    Sears, Roebuck & Co. (Great Indoors)451-479 Green StreetWoodbridge, New Jersey
 Schedule 4.13-1  Page 1




---



##### 



Properties
    
    AnchorsAtlantic Terminal (Office)
    
    The Bank of New York139 Flatbush Avenue,Brooklyn, New York
 Schedule 4.13-1  Page 2




---



##### 



SCHEDULE 4.13-2  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 GROUND LESSOR ESTOPPEL CERTIFICATES
 Properties
    
    Ground LessorsAtlantic Center
    
    The City of New York199 Fort Greene Place 
625 Atlantic AvenueBrooklyn, New YorkShops at Bruckner Boulevard
    
    Bruckner Plaza Associates, L.P.845 White Plains RoadBronx, New YorkShops at Northern Boulevard
    
    48-18 Properties, L.L.C.48-18 Northern Blvd.Long Island City, New YorkCastle Center
    
    Waters Place Associates, L.P.1716, 1720, 1724
Eastchester RoadBronx, New YorkTwo Metrotech Center
    
    The City of New YorkBrooklyn, New YorkOne Metrotech Center
    
    The City of New YorkBrooklyn, New YorkOne Pierrepont Plaza
    
    The City of New YorkBrooklyn, New York
 Schedule 4.13-2  Page 1




---



##### 



Properties
    
    Ground LessorsEleven Metrotech Center
    
    The City of New YorkBrooklyn, New YorkNine Metrotech Center
    
    The City of New YorkBrooklyn, New YorkAtlantic Terminal (Retail)
    
    Metropolitan Transit Authority and Long Island Railroad Company139 Flatbush AvenueBrooklyn, New YorkForest Avenue Cinemas
    
    Morrow Street Associates, LLC2474 Forest AvenueStaten Island, New YorkCourt Street
    
    94-110 Court Street LLC94-110 Court StreetBrooklyn, New York42nd
Street Retail
    
    42nd St. Development Project, Inc.West 42nd Street
    
    The New 42nd Street, Inc.New York, New YorkWoodbridge Crossing
    
    Dowel-Woodbridge, LLC451-479 Green Street
    
    Township of WoodbridgeWoodbridge, New Jersey
    
    Public Service Electric and Gas CompanyHarlem Center (Retail)105 & 125 W.
125th StreetNew York, New York
    
    The New York State Urban Development Corporation (d/b/a Empire State Development Corporation)Fifteen Metrotech Center
    
    The City of New York
 Schedule 4.13-2  Page 2




---



##### 



Properties
    
    Ground LessorsBrooklyn, New YorkQuartermaster Plaza I, II,
III and IV
    
    Philadelphia Authority for Industrial DevelopmentPhiladelphia, PennsylvaniaHarlem Center (Office)105 West 125th
StreetNew York, New York
    
    The New York State Urban Development Corporation (d/b/a Empire State Development Corporation)Atlantic Terminal (Office)
    
    Metropolitan Transit Authority and Long Island Railroad Company139 Flatbush Avenue,Brooklyn, New YorkMetroTech Commons
    
    The City of New York
 Schedule 4.13-2  Page 3




---



##### 



SCHEDULE 4.13-3  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 REA ESTOPPEL CERTIFICATES
 Properties
    
    REA
    
    PartiesQuartermaster Plaza
I, II and III
Philadelphia,
Pennsylvania
    
    Amended and
Restated
Restriction and
Common Area
Maintenance
Agreement and Grant
of Easements dated
, 2005
    
    FC Quartermaster Associates, L.P., FC 
Quartermaster II Associates, L.P., FC 
Quartermaster III Associates, L.P., FC 
Quartermaster IV Associates, L.P., Home 
Depot U.S.A., Inc., and BJs Wholesale
Club, Inc.42nd
Street Retail
West 
42nd
Street 
New York, New York
    
    Declaration of
Easement and
Operating
Agreement, dated as
of November 5, 1998
    
    The City of New York 
42nd St. Development Project, Inc. 
Sunstone 42nd Street, LLC 
FC 42nd Street Associates, L.P.




---



##### 



SCHEDULE 4.17
 Amended Operating Agreements or Partnership Agreements
 Agreements of the following entities are to be amended and restated on the form attached to
this Agreement as Exhibit G-1
          nd
          Agreements of the following entities are to be amended and restated on the form attached to
this Agreement as Exhibit G-2
  -1-




---



##### 



st
    -2-




---



##### 



Interest
    
    
    
    Effective
    
    
    
    
    
    Interest
    
    Effective HeldOperating Property
    
    Outside Partner
    
    Outside Partner Entity/Owner
    
    Owned
    
    Entity Owned
    
    Interest
    
    FCE Transferor
    
    Held Back Interest (3)
    
    Transferred
    
    Back InterestOne Metrotech Center
    
    Kessler
    
    Kessler (2)
    
    99.0000%
    
    RRG B.U.G. Limited Partnership
    
    2.4750%
    
    Forest City B.U.G. Building Inc.
    
    FC B.U.G., LLC
    
    3.0000%
    
    2.4750%Mattone
    
    Mattone Group Jay Street/BUG LLC
    
    15.0000%
    
    Forest City Jay Street Associates, L.P.
    
    15.0000%
    
    Forest City B.U.G. Building Inc.
    
    FC B.U.G., LLC
    
    18.1818%
    
    15.0000%Travis
    
    Paul Travis
    
    8.6000%
    
    RRG B.U.G. Associates, L.P.
    
    1.5050%
    
    Forest City B.U.G. Building Inc.
    
    FC B.U.G., LLC
    
    1.8242%
    
    1.5050%Two Metrotech Center
    
    Kessler
    
    Kessler (2)
    
    99.0000%
    
    RRG S.I.A.C. Limited Partnership
    
    2.4750%
    
    Forest City S.I.A.C. Building Inc.
    
    Forest City Bridge Street Associates, L.P.
    
    2.4750%
    
    2.4750%Mattone
    
    Mattone Group Bridge Street/SIAC LLC
    
    15.0000%
    
    Forest City Bridge Street Associates, L.P.
    
    15.0000%
    
    Forest City S.I.A.C. Building Inc.
    
    Forest City Bridge Street Associates, L.P.
    
    15.0000%
    
    15.0000%Travis
    
    Paul Travis (1)
    
    4.7778%
    
    RRG S.I.A.C. Associates, L.P.
    
    1.5050%
    
    Forest City S.I.A.C. Building Inc.
    
    Forest City Bridge Street Associates, L.P.
    
    1.5050%
    
    1.5050%Nine Metrotech Center
    
    Mattone
    
    Mattone Group Flatbush LLC
    
    15.0000%
    
    FC Flatbush Associates, L.P.
    
    15.000%
    
    Forest City Flatbush Inc.
    
    FC Flatbush Associates L.P.
    
    15.0000%
    
    15.0000%15 Metrotech Center (9 South)
    
    Mattone
    
    Mattone Group Myrtle, LLC
    
    5.0000%
    
    Forest City Myrtle Associates, LLC
    
    5.000%
    
    F.C. Member, Inc.
    
    Forest City Myrtle Associates, LLC
    
    5.0000%
    
    5.0000%Eleven Metrotech Center
    
    Mattone
    
    Mattone Group Tech Place LLC
    
    15.0000%
    
    Forest City Tech Place Associates, L.P.
    
    15.000%
    
    Forest City Tech Place Inc.
    
    Forest City Tech Place Associates, L.P.
    
    15.0000%
    
    15.0000%One Pierrepont Plaza
    
    Kessler
    
    Kessler (2)
    
    44.1100%
    
    KERA Limited Partnership
    
    6.6165%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    6.6165%
    
    6.6165%Kessler
    
    Kessler (2)
    
    50.0000%
    
    Ratner-Kessler Realty Inc.
    
    0.0750%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.0750%
    
    0.0750%Bailkin
    
    Jordana Bailkin
    
    6.3700%
    
    KERA Limited Partnership
    
    0.9555%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.9555%
    
    0.9555%Travis
    
    Paul Travis
    
    2.5700%
    
    KERA Limited Partnership
    
    0.3855%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.3855%
    
    0.3855%David Kessler
    
    David Kessler
    
    1.4700%
    
    KERA Limited Partnership
    
    0.2205%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.2205%
    
    0.2205%Balinong
    
    Conchita Balinong
    
    0.3700%
    
    KERA Limited Partnership
    
    0.0555%
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.0555%
    
    0.0555%Harlem Center Office
    
    ADC
    
    ADC Harlem Center Development LLC
    
    25.0000%
    
    Harlem Center Office LLC
    
    25.0000%
    
    Forest City Commercial Holdings Inc.
    
    FC Harlem Center Office, LLC
    
    33.3333%
    
    25.0000%Harlem Center
    
    ADC
    
    ADC Harlem Center Development LLC
    
    25.0000%
    
    Harlem Center LLC
    
    25.0000%
    
    Forest City Commercial Holdings Inc.
    
    FC Harlem Center, LLC
    
    33.3333%
    
    25.0000%Columbia Park
    
    Treeco
    
    Treeco Columbia Park LLC
    
    25.0000%
    
    FC/Treeco Columbia Park LLC
    
    25.0000%
    
    Forest City Commercial Holdings Inc.
    
    FC Columbial Park Member, LLC
    
    33.6700%
    
    25.0000%Development PropertyMill Basin
    
    MB
    
    MB Members LLC
    
    25.0000%
    
    Mill Basin Associates, LLC
    
    25.0000%
    
    F.C. Member
    
    FC Mill Basin Associates, LLC
    
    33.3333%
    
    25.0000%
 
 (2)
    
    Estate of Jerome Kessler, or whoever succeded to Jerome Kesslers interest.(3)
    
    Unless otherwise indicated, the transferee entity is the same as at the Principal Closing.




---



##### 



Interest
    
    
    
    
    
    
    
    Interest
    
    Effective HeldOperating Property
    
    Outside Partner
    
    Outside Partner Entity/Owner
    
    Owned
    
    Entity Owned
    
    FCE Transferor
    
    Held Back Interest
    
    Transferred
    
    Back InterestOne Metrotech Center
    
    Travis
    
    Paul Travis
    
    8.6000%
    
    RRG B.U.G. Associates, L.P.
    
    Forest City B.U.G. Building Inc.
    
    FC B.U.G., LLC
    
    1.8242%
    
    1.5050%Two Metrotech Center
    
    Travis
    
    Paul Travis
    
    4.7778%
    
    RRG S.I.A.C. Associates, L.P.
    
    Forest City S.I.A.C. Building Inc.
    
    Forest City Bridge Street Associates, L.P.
    
    1.5050%
    
    1.5050%One Pierrepont Plaza
    
    Kessler
    
    Kessler (1)
    
    44.1100%
    
    KERA Limited Partnership
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    6.6165%
    
    6.6165%Kessler
    
    Kessler (1)
    
    50.0000%
    
    Ratner-Kessler Realty Inc.
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.0750%
    
    0.0750%Bailkin
    
    Jordana Bailkin
    
    6.3700%
    
    KERA Limited Partnership
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.9555%
    
    0.9555%Travis
    
    Paul Travis
    
    2.5700%
    
    KERA Limited Partnership
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.3855%
    
    0.3855%David Kessler
    
    David Kessler
    
    1.4700%
    
    KERA Limited Partnership
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.2205%
    
    0.2205%Balinong
    
    Conchita Balinong
    
    0.3700%
    
    KERA Limited Partnership
    
    Forest City Pierrepont, Inc.
    
    Forest City Pierrepont Associates
    
    0.0555%
    
    0.0555%Queenswood
    
    Kessler
    
    Kessler (1)
    
    19.0000%
    
    BR Queenswood Associates, L.P.
    
    N/A
    
    N/A
    
    N/A
    
    N/ATravis
    
    Paul Travis
    
    5.0000%
    
    BR Queenswood Associates, L.P.
    
    N/A
    
    N/A
    
    N/A
    
    N/A
 
 (1)
    
    Estate of Jerome Kessler, or whoever succeded to Jerome Kesslers interest.




---



##### 



SCHEDULE 5.3(j)
 Outside Investor Consents
 One Pierrepont Plaza




---



##### 



SCHEDULE 5.4(J)
 Non-Consolidation Opinions
 Original LoanProperty
    
    Originator
    
    Closing Date
    
    Amount1.
    
    Atlantic Center
199 Fort Greene Place
625 Atlantic Avenue
Brooklyn, New York
    
    Nomura Asset
Capital Corporation
    
    March, 1998
    
    $ 63,149,0692.
    
    Maspeth Center
7417 Grand Avenue
Maspeth, New York
    
    Nomura Asset
Capital Corporation
(1998) 
The Capital Company
of
America LLC
(1999 amend) 
LaSalle Bank
National
Association,
Trustee for CDC
Depositor Trust
ST-1 (2001)
    
    1998
1999
2001
    
    $ 24,245,4803.
    
    Shops at Bruckner Boulevard
845 White Plains Road
Bronx, New York
    
    Nomura Asset
Capital Corporation
    
    March, 1998
    
    $ 14,134,2064.
    
    Shops at Gun Hill Road
1806 Gun Hill Road
1820 Gun Hill Road
Bronx, New York
    
    Nomura Asset
Capital Corporation
    
    March, 1998
    
    Ely  $3,598,440
Warnig-
$ 11,647,9305.
    
    Shops at Richmond Avenue
2505-2535 Richmond Avenue
Staten Island, New York
    
    Nomura Asset
Capital Corporation
(1998)
LaSalle Bank
National
Association,
Trustee for CDC
Depositor Trust
ST-1 (2001)
    
    March, 1998
March 7, 2001
    
    $ 20,829,128




---



##### 



Original LoanProperty
    
    Originator
    
    Closing Date
    
    Amount6.
    
    Atlantic Center Site V
590 Atlantic Avenue
Brooklyn, New York
    
    The Capital Company
of America LLC
    
    August 7, 1998
    
    $  4,319,2967.
    
    Castle Center
1716, 1720, 1724
Eastchester Road
Bronx, New York
    
    Secore Financial
Corporation
    
    April 4, 2001
    
    $ 12,500,0008.
    
    One Metrotech Center
Brooklyn, New York
    
    Bear Stearns
Commercial
Mortgage, Inc.
    
    May 10, 2005
    
    $180,000,0009.
    
    Ten Metrotech Center
Brooklyn, New York
    
    Secore Financial
Corporation (for
Societe Generale)
    
    February 25, 2005
    
    $ 73,500,00010.
    
    One Pierrepont Plaza
Brooklyn, New York
    
    Nomura Asset
Capital Corporation
    
    December 20, 1993
    
    $128,000,00011.
    
    Steinway Street Theaters
35-50 37th Street
Astoria, New York
    
    UBS Warburg Real
Estate Investments
Inc.
    
    November 18, 2002
    
    $ 18,000,00012.
    
    Forest Avenue Cinemas
2474 Forest Avenue
Staten Island, New York
    
    Morgan Stanley Dean
Witter Mortgage
Capital, Inc.
    
    June 28, 2002
    
    $  8,150,00013.
    
    Court Street
94-110 Court Street
Brooklyn, New York
    
    Bear Stearns
Commercial
Mortgage, Inc.
    
    January 18, 2003
    
    $ 21,500,00014.
    
    Woodbridge Crossing
451-479 Green Street
Woodbridge, New Jersey
    
    GMAC Commercial
Mortgage
Corporation
    
    July 15, 2003
    
    $ 18,600,00015.
    
    Brooklyn Commons
124-136 Second Avenue
Brooklyn, New York
    
    Legg Mason Real
Estate Services,
Inc. (Wells Fargo
Bank Northwest,
National
Association, as
Trustee, Legg Mason
Mortgage Capital
Corporation
Lease-Backed
Pass-Through Trust,
Series 2003-
CTL-14)
    
    August 26, 2003
    
    $ 28,046,334




---



##### 



Original LoanProperty
    
    Originator
    
    Closing Date
    
    Amount16.
    
    Quartermaster Plaza I
Philadelphia, Pennsylvania
    
    Deutsche Banc
Mortgage Capital,
L.L.C.
    
    September 30, 2005
    
    $43,6000,000




---



##### 



SCHEDULE 6.1(d)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 1. REQUIRED ESTOPPEL CERTIFICATES
 Anchor Tenants
 
 2. REQUIRED BCR CONSENTS
 Ground Lessors
 NYC IDA
 ESDC  nd nd  nd nd
 Outside Investors
 Kessler
 Schedule 6.1(d)  Page 1




---



##### 



SCHEDULE 7.1(a)
 FCE Entities Organization
 Jurisdiction ofFull Legal Name
    
    Type of Legal Entity
    
    Organization1.
    
    Forest City B.U.G. Building, Inc.
    
    Corporation
    
    New York2.
    
    Forest City S.I.A.C. Building, Inc.
    
    Corporation
    
    New York3.
    
    Forest City Flatbush Inc.
    
    Corporation
    
    New York4.
    
    F.C. Member, Inc.
    
    Corporation
    
    New York5.
    
    Forest City Fulton Street Building, Inc.
    
    Corporation
    
    New York6.
    
    Forest City Tech Place Inc.
    
    Corporation
    
    New York7.
    
    Forest City Pierrepont, Inc.
    
    Corporation
    
    New York8.
    
    Forest City Commercial Holdings, Inc.
    
    Corporation
    
    New York9.
    
    Forest City Bluffside Corporation
    
    Corporation
    
    Ohio10.
    
    Cleveland/NY Residential, LLC
    
    Limited Liability
Company
    
    New York11.
    
    Forest City Equity Services, Inc.
    
    Corporation
    
    Ohio12.
    
    First New York Management Company, Inc.
    
    Corporation
    
    New York13.
    
    Forest City NY, Inc.
    
    Corporation
    
    New York14.
    
    Forest City N.Y. Group, Inc.
    
    Corporation
    
    New York15.
    
    FC South, Inc.
    
    Corporation
    
    New York




---



##### 



Schedule 7.1 (e) FCEI Stock
 As of July 21, 2006
  Class A
    
    
    271,000,000Class B
    
    
    56,000,000Preferred stock
    
    
    10,000,000Total
    
    
    337,000,000
 (1)
 Class A
    
    
    76,321,341Class B
    
    
    25,822,860Preferred Stock
    
    
    Total
    
    
    102,144,201
  Stock Options
    
    
    3,860,792Phantom Shares (2)
    
    
    9,4333,870,225
 
 (1)
    
    Includes unvested restricted stock.(2)
    
    Respresents phantom shares held in the Nonemployee Director Deferred Compensation Plan
that may be settled in real shares of Class A common stock upon retirement from the Board.




---



##### 



SCHEDULE 7.1(r)
 Individuals Comprising Knowledge of Forest City




---



##### 



SCHEDULE 7.2(a)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 BCR Entities Organization
 Name of Entity
    
    Jurisdiction
    
    Entity TypeBrooklyn One Trust
    
    New York
    
    trustBrooklyn Two Trust
    
    New York
    
    trustBrooklyn Three Trust
    
    New York
    
    trustRRG New B.U.G., LLC
    
    New York
    
    limited liability companyRRG New S.I.A.C., LLC
    
    New York
    
    limited liability companyRRG Flatbush Associates, L.P.
    
    New York
    
    limited partnershipRRG Myrtle, LLC
    
    New York
    
    limited liability companyRRG Fulton Associates, L.P.
    
    Delaware
    
    limited partnershipRRG Tech Place Associates, L.P.
    
    New York
    
    limited partnershipRRG Harlem Office, LLC
    
    New York
    
    limited liability companyRRG Hanson Office, LLC
    
    New York
    
    limited liability companyRRG Gowanus Canal, Inc.
    
    New York
    
    corporationBR Master Limited Partnership
    
    New York
    
    limited partnershipRRG Queens Place, LLC
    
    New York
    
    limited liability companyRRG Retail Properties, LLC
    
    New York
    
    limited liability companyRRG Hanson, LLC
    
    New York
    
    limited liability companyFC Quartermaster Retail II, L.P.
    
    New York
    
    limited partnershipRRG Quartermaster II, LLC
    
    Pennsylvania
    
    limited liability companyFC Quartermaster Retail III, L.P.
    
    New York
    
    limited partnershipRRG Quartermaster III, LLC
    
    Pennsylvania
    
    limited liability company
 Schedule 7.2(a)  Page 1




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##### 



Name of Entity
    
    Jurisdiction
    
    Entity TypeFC Quartermaster Retail, L.P.
    
    New York
    
    limited partnershipFC Quartermaster Retail IV, L.P.
    
    New York
    
    limited partnershipRRG New Residential 
Properties, LLC
    
    New York
    
    limited liability companyThe Ellen Ratner 2000 Trust
    
    New York
    
    trustFC Forest Avenue Retail, LLC
    
    New York
    
    limited liability companyRRG Court Street Retail, LLC
    
    New York
    
    limited liability companyRRG Steinway Street Retail, LLC
    
    New York
    
    limited liability companyRRG Bloomfield, LLC
    
    New York
    
    limited liability companyBR Basketball, LLC
    
    New York
    
    limited liability companyBR Land, LLC
    
    New York
    
    limited liability companyBR First New York, L.P.
    
    New York
    
    limited partnershipRatner Realty Group, Inc.
    
    New York
    
    corporationBR 42 Hotel, LLC
    
    New York
    
    limited liability companyBR 8 South, LLC
    
    New York
    
    limited liability companyRRG East River, LLC
    
    New York
    
    limited liability companyRRG Yonkers, LLC
    
    New York
    
    limited liability companyRRG 330 Jay Office, LLC
    
    New York
    
    limited liability companyRRG Mill Basin, LLC
    
    New York
    
    limited liability companyRRG Tilden Associates, L.P.
    
    New York
    
    limited partnershipRRG Tilden, Inc.
    
    New York
    
    corporationBR Retail Member, LLC
    
    New York
    
    limited liability company
 Schedule 7.2(a)  Page 2




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##### 



SCHEDULE 7.2(c)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
   Third-party consents/waivers/confirmations/acknowledgements that will be sought by the BCR
Entities in connection with the transactions contemplated by the Agreement
 NYC IDA
  Morgan Stanley
  Kessler
  NBA
  NYC
  NYT
  ESDC
 nd nd  nd nd
 East River Plaza
 
 FCE




---



##### 



Third-party consents/waivers/confirmations/acknowledgements that Forest City and the BCR
Entities agree are not required in connection with the transactions contemplated by the
Agreement
          Third-party consents/waivers/confirmations/acknowledgements that have been obtained by the
BCR Entities in connection with the transactions contemplated by the Agreement
 Mattone
 
 Third-party consents/waivers/confirmations/acknowledgements that have been obtained by
Forest City in connection with the transactions contemplated by the Agreement
 nd




---



##### 



SCHEDULE 7.2(f)  to  MASTER CONTRIBUTION AND SALE AGREEMENT




---



##### 



SCHEDULE 7.2(g)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
  Tax Returns & Payments
      Pending Tax Audits




---



##### 



SCHEDULE 7.2(j)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 
 1. GROUND LEASES
 Properties
    
    Ground Lessors
    
    Lease DatesAtlantic Center
199 Fort Greene 
Place
625 Atlantic Avenue
Brooklyn, New York
    
    The City of New York
    
    August 4, 1995Shops at Bruckner 
Boulevard
845 White Plains 
Road
Bronx, New York
    
    Bruckner Plaza Associates, L.P.
    
    September 29, 1995Shops at Northern
Boulevard
48-18 Northern Blvd.
Long Island City,
New York
    
    48-18 Properties, L.L.C.
    
    October 1, 1996Castle Center
1716, 1720, 1724
Eastchester Road
Bronx, New York
    
    Waters Place Associates, L.P.
    
    May 17, 1999Two Metrotech Center
Brooklyn, New York
    
    The City of New York
    
    March 10, 1988
March 31, 1989  Confirmation and
Correction
April 30, 1991  2nd Amend.
December 31, 2001  3rd Amend.
April 3, 1991 letter
 Schedule 7.2(j)  Page 1




---



##### 



Properties
    
    Ground Lessors
    
    Lease DatesOne Metrotech Center
 Brooklyn, New York
    
    The City of New York
    
    August 30, 1988 
October 30, 1989  Confirmation and
Correction
November 1, 1991  Amend.
December 31, 2001  3rd Amend.One Pierrepont Plaza
Brooklyn, New York
    
    The City of New York
    
    May 13, 1986
May 13, 1986  Assignment
December 20, 1993  Amend.Eleven Metrotech 
Center
Brooklyn, New York
    
    The City of New York
    
    November 17, 1993
December 31, 2001  Amend.Nine Metrotech 
Center
Brooklyn, New York
    
    The City of New York
    
    August 30, 1996
December 31, 2001  Amend.Atlantic Terminal
(Retail)
139 Flatbush Avenue
Brooklyn, New York
    
    Metropolitan Transit Authority and
Long Island Railroad Company
    
    October 31, 2002Forest Avenue 
Cinemas
2474 Forest Avenue
Staten Island, New 
York
    
    Morrow Street Associates, LLC
    
    December 31, 1998Court Street
94-110 Court Street
Brooklyn, New York
    
    94-110 Court Street LLC
    
    January 28, 1999
January 28, 1999  Agreement
January 28, 1999  Commencement Date
Agreement
January 28, 1999  Amend.42nd
Street Retail
West 
42nd
Street
New York, New York
    
    42nd St. Development Project, Inc.
The New 42nd Street, Inc.
    
    42DP:
December 13, 1996
August 6, 1997  1st Amend.
February 6, 1998  2nd Amend.
November 5, 1998  3rd Amend.
October 6, 2000  4th Amend.
October 14, 2005  5th Amend.
and Side Letter
 Schedule 7.2(j)  Page 2




---



##### 



Properties
    
    Ground Lessors
    
    Lease DatesNew 42:
December 13, 1996
February 6, 1998  1st Amend.
November 5, 1998  2nd Amend.
October 6, 2000  3rd Amend.
October 14, 2005  4th Amend.
and Side LetterWoodbridge Crossing
451-479 Green Street
Woodbridge, New 
Jersey
    
    Dowel-Woodbridge, LLC
Township of Woodbridge
Public Service Electric and Gas Company
    
    Dowel:
January 25, 2001
Township:
December 21, 2000
PSE&G:
January 5, 2001
January 25, 2001  AssignmentHarlem Center
(Retail)
105 & 125 W.
125th
Street
New York, New York
    
    The New York State Urban Development
Corporation (d/b/a Empire State
Development Corporation)
    
    December 13, 2002 (Retail Sublease)Fifteen Metrotech 
Center
Brooklyn, New York
    
    The City of New York
    
    December 31, 2001
May 14, 2002 Amend.Quartermaster Plaza
I, II, III and IV
Philadelphia,
Pennsylvania
    
    Philadelphia Authority for Industrial
DevelopmentHarlem Center
(Office)
105 West
125th
Street
New York, New York
    
    The New York State Urban Development
Corporation (d/b/a Empire State
Development Corporation)
    
    December 13, 2002 (Office Sublease)Atlantic Terminal
(Office)
139 Flatbush
Avenue,
Brooklyn,
    
    Metropolitan Transit Authority and
Long Island Railroad Company
    
    October 31, 2002
 Schedule 7.2(j)  Page 3




---



##### 



Properties
    
    Ground Lessors
    
    Lease DatesNew YorkMetroTech Commons
    
    The City of New York
    
    August 30, 1998

October 26, 1989  Amend.
 2. ANCHOR TENANT LEASES
 Properties
    
    Anchor Tenants
    
    Lease DatesAtlantic Center
199 Fort Greene 
Place
625 Atlantic Avenue
Brooklyn, New York
    
    Sterns  Misc., Inc. (Federated)
    
    March 1, 1995
March 1, 1996  1st Amend
March 1, 1996  2nd Amend
April 17, 1996  letter
May 4, 1999  assignment
May 4, 1999  3rd Amend
June 16, 2003  4th Amend
June 1, 2004  5th AmendShops at Gun Hill 
Road
1806 Gun Hill Road
Bronx, New York
    
    Home Depot U.S.A., Inc.
    
    June 27, 1995
January  , 1996  1st Amend
June 10, 1996  assignmentTwo Metrotech Center
Brooklyn, New York
    
    Securities Industry Automation Corporation
    
    March 10, 1988
November 13, 1989  letter
February 4, 1997
May 1, 1999
May 26, 2000
August 1, 2002
June 1, 2003One Metrotech Center
Brooklyn, New York
    
    The Brooklyn Union Gas Company
(KeySpan)
    
    September 15, 1988
March 8, 1991  1st Amend.
March 24, 2005  2nd Amend.The Bear Stearns Companies, Inc.
    
    November 1, 1991
November 1, 1991  letter agreement
September 30, 1999  letter agreement
December 20, 1999  1st Amend
July 30, 2001  letter agreement
April 23, 2003  2nd Amend.Ten Metrotech Center
Brooklyn, New York
    
    United States of America (IRS)
    
    August 21, 1990
Letter dated 4-15-92 regarding: (a)
substantialcompletion date for (i)
basement storage space,expansion space
under SLA No. 3 and parkinggarage
(4-1-92); and (ii) training space under
SLA No. 2 (4-16-92); and (b) expiration of
rentabatement for expansion space under
SLA No.
 Schedule 7.2(j)  Page 4




---



##### 



Properties
    
    Anchor Tenants
    
    Lease Dates3 (9-30-92).
Supplemental Agreement No. 1, dated
9-19-90,effective 9-12-90.
Supplemental Agreement No. 2, executed by
GSA on 6-26-91 and by LL on 6-6-91,
effective4-1-91.
Supplemental Agreement No. 3, executed by
GSA on 6-26-91 and by LL on 7-18-91,
effective 7-1-91.
Supplemental Agreement No. 4, dated
10-30-91, effective 8-1-91.
Supplemental Agreement No. 5, dated
12-12-91, effective 8-14-91.
Supplemental Agreement No. 6, dated
2-5-92,effective 11-15-91.
Supplemental Agreement No. 7, dated
3-23-92,effective 2-1-92.
Supplemental Agreement No. 8, dated
3-23-92,effective 2-12-92.
Supplemental Agreement No. 9, undated,
effective 4-1-92.
Supplemental Agreement No. 10, undated,
effective 5-29-92.
Supplemental Agreement No. 11, dated
1-25-93, effective 11-3-92.
Supplemental Agreement No. 12, dated
4-7-93, effective 4-1-92.
Supplemental Agreement No. 13, dated
5-27-93,effective 2-15-93.
Supplemental Agreement No. 14, dated
5-27-93, effective 4-16-93.
Supplemental Agreement No. 15, dated and
effective 9-6-96
Supplemental Agreement No. 16, dated
2-4-97.
Supplemental Agreement No. 17, dated and
effective 8-8-97.
Supplemental Agreement No. 18 dated and
 Schedule 7.2(j)  Page 5




---



##### 



Properties
    
    Anchor Tenants
    
    Lease Dateseffective 6-19-99.
Supplemental Agreement No. 19, undated,
effective 10-19-98.

Supplemental Agreement No. 20, undated,
effective 10-19-98.
Supplemental Agreement No. 21, dated
3-9-99and effective 2-3-99.
Supplemental Agreement No. 22, dated and
effective 10-12-99.
Supplemental Agreement No. 23, dated
6-27-00and effective 6-12-00.
Supplemental Agreement No. 24 dated
6-20-00 and effective 6-15-00.
Supplemental Agreement No. 25, dated
8-23-00, effective 8-17-00.
Supplemental Agreement No. 26, undated,
effective 9-28-01.
Supplemental Agreement No. 27.
Supplemental Agreement No. 28, dated
10-2-02.
Supplemental Agreement No. 29 dated
12-18-02.
Supplemental Agreement No. 30, dated
4-2-03.
Supplemental Agreement No. 31, dated
4-17-03.
Supplemental Agreement No. 32, dated
1-7-04, effective 5-28-03.
Supplemental Agreement No. 33, dated
9-2-04.
Supplemental Agreement No. 34, dated
10-20-04, effective 6-1-04.
Supplemental Agreement No. 35, dated and
effective 11-1-04.One Pierrepont Plaza
    
    Morgan Stanley & Co. Incorporated
    
    May 13, 1986
June 13, 1986  letter
October 16, 1987  letter
 Schedule 7.2(j)  Page 6




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##### 



Properties
    
    Anchor Tenants
    
    Lease DatesBrooklyn, New York
    
    
    
    October 16, 1987  2nd Amend
December 7, 1987  letter
July 20, 1988  3rd Amend
January 26, 1988  letter
May 3, 1988  letter
October 20, 1988  letter
November 29, 1988  letter 

January 11, 1989  4th Amend
January 5, 1990  letter
January 12, 1990  5th Amend.
March 29, 1991  6th Amend.
September 15, 1992  7th Amend
November 30, 1992  letter
December 4, 1992  letter
December 15, 1992  8th Amend
September 23, 1993  letter
December 20, 1993  9th Amend
May 2, 1994  10th Amend
April 30, 1997  letter
September 28, 1998  11th Amend
March 28, 2000  12th Amend
July 11, 2003  license
July 22, 2003  license
July 22, 2003  overlandlord consentEleven Metrotech 
Center
Brooklyn, New York
    
    The City of New York, Department of
Citywide Administrative Services
(Department of Information Technology and
Telecommunications)
    
    May 12, 1993
May 14, 1993  1st Amend.
October 5, 1993  2nd Amend.
April 3, 1995  3rd Amend.
April 5, 1999  4th Amend.
April 30, 1999  5th Amend.
March 27, 2000  6th Amend.
September 29, 2000  7th Amend.
December 31, 2001  8th Amend.
October 15, 2004  9th Amend.Nine Metrotech 
Center
Brooklyn, New York
    
    The City of New York, Department of
Citywide Administrative Services (Fire
Department)
    
    July 24, 1996Atlantic Terminal
(Retail)
139 Flatbush Avenue 
Brooklyn, New York
    
    Target Corporation
    
    August 15, 2001
August 15, 2001  Development Agreement
October 9, 2001  amend
January 3, 2002  amend
January 31, 2002  amend to Development
Agreement
January 31, 2002  set asideFifteen Metrotech 
Center
    
    WellChoice, Inc.
    
    January 17, 2002
April 23, 2002  1st Amend.
December 19, 2002  2nd Amend.
 Schedule 7.2(j)  Page 7




---



##### 



Properties
    
    Anchor Tenants
    
    Lease DatesBrooklyn, New York
    
    
    
    July 1, 2003  3rd Amend.The City of New York, Department of
Citywide Administrative Services (Human
Resources Administration)
    
    December 27, 2001
July 17, 2003  letter
December 15, 2003  letter
March 19, 2004  letter
May 6, 2004  1st Amend
October 15, 2004  2nd Amend
July 11, 2005  3rd AmendQuartermaster Plaza
II and III
Philadelphia,
Pennsylvania
    
    Home Depot U.S.A., Inc. (II)

BJs Wholesale Club, Inc. (III)
    
    August 29, 2003

June 30, 2003
August 29, 2003  1st Amend
September 29, 2004  letterAtlantic Terminal
(Office)
139 Flatbush Avenue, 
Brooklyn, New York
    
    The Bank of New York
    
    August 7, 2002
August 7, 2002  letters (2)
February 28, 2006 (letter)Woodbridge Crossing
451-479 Green Street 
Woodbridge, New 
Jersey
    
    Sears, Roebuck & Co. (Great Indoors)
    
    June 4, 2001

June 4, 2001  Development Agreement 

June 7, 2001  Construction Deposit Escrow
and Disbursing Agreement 

August 16, 2001  Supplemental Agreement 

November 13, 2001  letter 

July 2, 2002  letter
 3. MATERIAL DEFAULTS UNDER GROUND LEASES AND ANCHOR TENANT LEASES
  Schedule 7.2(j)   Page 8




---



##### 



LEASING COMMISSION
    
    TI ALLOWANCEPROPERTY
    
    TENANT
    
    DUE DATE
    
    DUE NOW
    
    DUE DATE
    
    DUE IN FUTURE
    
    TENANT
    
    DUE NOW
    
    DUE DATE
    
    DUE IN FUTURE******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    ***
    
    5-Jul-06
    
    ***
    
    30-Jun-06
    
    ***
    
    ***
    
    ***
    
    1-Feb-07
    
    ******
    
    ***
    
    
    
    
    
    1-Feb-07
    
    ***
    
    ******
    
    ***
    
    
    
    
    
    30-Dec-11
    
    ***
    
    *********
    
    ***
    
    18-Aug-06
    
    ***
    
    15-Jan-07
    
    ***
    
    ***
    
    none
    
    
    
    none***
    
    ***
    
    
    
    
    
    14-Jul-07
    
    ***
    
    ***
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    ***
    
    1-Jun-06
    
    ***
    
    1-Oct-06
    
    ***
    
    ***
    
    ***
    
    
    
    ******
    
    ***
    
    23-Jun-06
    
    ***
    
    20-Dec-06
    
    ***
    
    ***
    
    ******
    
    ***
    
    
    
    
    
    18-Jun-07
    
    ***
    
    ***
    
    ******
    
    none
    
    
    
    none
    
    
    
    none
    
    ***
    
    ***
    
    
    
    ******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    ***
    
    none
    
    
    
    ******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    
    
    none




---



##### 



LEASING COMMISSION
    
    TI ALLOWANCEPROPERTY
    
    TENANT
    
    DUE DATE
    
    DUE NOW
    
    DUE DATE
    
    DUE IN FUTURE
    
    TENANT
    
    DUE NOW
    
    DUE IN FUTURE******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none******
    
    none
    
    
    
    
    
    
    
    
    
    
    
    none***
    
    ***
    
    20-Apr-06
    
    ***
    
    16-Apr-06
    
    ***
    
    
    
    none***
    
    22-Apr-06
    
    ***
    
    22-Jul-06
    
    ******
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none***
    
    none
    
    
    
    none
    
    
    
    none
    
    none
    
    none
    
    none??
    
    ***
    
    ***
    
    31-Aug-06
    
    ***
    
    31-Oct-06
    
    ***
    
    ***
    
    none
    
    none***
    
    
    
    
    
    29-Apr-07
    
    ***
    
    ***
    
    none
    
    none




---



##### 



SCHEDULE 7.2(l)  to  MASTER CONTRIBUTION AND SALE AGREEMENT




---



##### 



SCHEDULE 7.2(m)  to  MASTER CONTRIBUTION AND SALE AGREEMENT




---



##### 



SCHEDULE 7.2(n)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
  Operating Properties
    
    Entity/Ownership Name
    
    Type of Reports1.
    
    Atlantic Center
199 Fort Greene Place
625 Atlantic Avenue
Brooklyn, New York
    
    Atlantic Center Fort Greene Associates, LP
    
    N/A2.
    
    Maspeth Center
7417 Grand Avenue
Maspeth, New York
    
    FC Grand Avenue
Associates, L.P.
    
    N/A3.
    
    Shops at Bruckner Boulevard
845 White Plains Road
Bronx, New York
    
    FC Bruckner Associates, L.P.
    
    N/A4.
    
    Shops at Northern Boulevard
48-18 Northern Blvd. 
Long Island City, New York
    
    FC Northern Associates, L.P.
    
    N/A5.
    
    Shops at Gun Hill Road
1806 Gun Hill Road
1820 Gun Hill Road
Bronx, New York
    
    FC Waring Associates, L.P. 
FC Ely Associates, L.P.
    
    N/A6.
    
    Shops at Richmond Avenue
2505-2535 Richmond Avenue
Staten Island, New York
    
    FC Richmond Associates, L.P.
    
    N/A7.
    
    Atlantic Center Site V
(Pacific Avenue)
590 Atlantic Avenue
Brooklyn, New York
    
    FC Pacific Associates, LLC
    
    N/A




---



##### 



Operating Properties
    
    Entity/Ownership Name
    
    Type of Reports8.
    
    Castle Center
1716, 1720, 1724 Eastchester
Road
Bronx, New York
    
    FC Castle Center Associates II, LLC
    
    Property Condition Report
Dated 2/1/01 prepared by
IVI Architects,
Engineers & Construction
ConsultantsPhase I dated 2/01,
prepared by AKRF, Inc.Remediation Progress
Report dated 8/01
prepared by Lawler,
Matusky & Skelly
Engineers, LLP9.
    
    Two Metrotech Center
Brooklyn, New York
    
    Forest City Bridge Street Associates, L.P.
    
    N/A10.
    
    One Metrotech Center
Brooklyn, New York
    
    Forest City Jay Street Associates, L.P.
    
    Property Condition
Report dated 3/05
prepared by EBI
ConsultingPhase I dated 3/05
prepared by EBI
Consulting11.
    
    Ten Metrotech Center
625 Fulton Street
Brooklyn, New York
    
    625 Fulton Associates, LLC
    
    Phase 1 Report dated
5/03 prepared by Emteque
Corporation12.
    
    One Pierrepont Plaza
Brooklyn, New York
    
    Forest City Pierrepont Associates
    
    Forest City Ratner
internal memo dated
6/2/06 from John Davie
re: status of fuel tank
rupture.Forest City Ratner
internal memo dated
6/6/05 regarding
analysis of Morgan
Stanley lease.Letter dated 5/11/06
from Roux Associates
Inc. re: Remediation
System Summary and
Estimated Timeframe for
Remediation;




---



##### 



Operating Properties
    
    Entity/Ownership Name
    
    Type of Reports300 Cadman
Plaza West Site; Spill
No. 0501830, dated
5/11/0613.
    
    Queenswood Apartments
Corona, New York
    
    Queenswood Associates, L.P.
    
    N/A14.
    
    Eleven Metrotech Center
Brooklyn, New York
    
    Forest City Tech Place
Associates, L.P.
    
    N/A15.
    
    Nine Metrotech Center
Brooklyn, New York
    
    FC Flatbush Associates, L.P.
    
    N/A16.
    
    Steinway Street Theaters
(a.k.a. Kaufman)
35-50 37th Street 
Astoria, New York
    
    FC Steinway Street Associates, LLC
    
    N/A17.
    
    Atlantic Terminal (Retail)
139 Flatbush Avenue
Brooklyn, New York
    
    FC Hanson Associates, LLC
    
    Phase I dated 4/01 by
AKRF, Inc.(see also: Atlantic
Terminal Office)18.
    
    Forest Avenue Cinemas
2474 Forest Avenue
Staten Island, New York
    
    FC Forest Avenue
Associates, LLC19.
    
    Court Street
94-110 Court Street
Brooklyn, New York
    
    FC Court Street
Associates, LLC
    
    Phase I dated 11/02
prepared by IVI
EnvironmentalProperty condition report
Dated 12/26/02 prepared
by IVI Environmental20.
    
    Columbia Park
3131 Kennedy Blvd. 
North Bergen, New Jersey
    
    FC/Treeco Columbia Park, LLC
    
    N/A




---



##### 



Operating Properties
    
    Entity/Ownership Name
    
    Type of Reports21.
    
    42nd Street Retail
West 42nd Street
New York, New York
    
    FC 42nd Street Associates, L.P.
    
    Environmental Review
Technical Assessment 
Proposed Program
Modifications dated
8/01, consultant
unknown.Memorandum  Summary of
General site conditions
at 42nd
Street Development site
 Lot 1 by Empire State
Development  cover
letter dated 9/7/01
forwarding copy of
Memorandum and
supporting documents to
Kelly, Drye & Warren,
LLP, outside counsel.Lead Paint Survey dated
10/15/02 prepared by
Warren & Panzer
Engineers, P.C.22.
    
    Queens Place
88-01 Queens Blvd. 
Rego Park, New York
    
    FC Queens Place
Associates, LLC
    
    N/A23.
    
    Woodbridge Crossing
451-479 Green Street
Woodbridge, New Jersey
    
    FC Woodbridge Crossing, LLC
    
    N/A24.
    
    Worth Street
111 Worth Street
New York, New York
    
    FC Foley Square Associates, LLC
    
    N/A25.
    
    Harlem Center (Retail)
105 & 125 W. 125th Street 
New York, New York
    
    Harlem Center, LLC
    
    N/A26.
    
    Brooklyn Commons
124-136 Second Avenue
Brooklyn, New York
    
    FC Gowanus Associates, LLC
    
    Voluntary Cleanup
Program (Remedial Work
Plan) with approval
letter dated 3/01




---



##### 



Operating Properties
    
    Entity/Ownership Name
    
    Type of ReportsPhases I-III 3rd Party
Review dated 7/01
prepared by IVI
Environmental27.
    
    Fifteen Metrotech Center
Brooklyn, New York
    
    Forest City Myrtle Associates, L.P.
    
    Phase I dated 11/01
prepared by AKRF, Inc.28.
    
    Quartermaster Plaza I, II, III
and IV
Philadelphia, 
Pennsylvania
    
    FC Quartermaster Associates, L.P.
 FC Quartermaster Associates, II, L.P. 
FC Quartermaster Associates III, L.P.
FC Quartermaster Associates IV, L.P.
    
    Environmental summary
dated 4/03 prepared by
Pennoni Associates29.
    
    Harlem Center (Office)
105 West 125th Street
New York, New York
    
    Harlem Center Office, LLC
    
    Phase I dated 12/04
prepared by Property
Solutions Inc.30.
    
    Atlantic Terminal (Office)
139 Flatbush Avenue,
Brooklyn, New York
    
    FC Hanson Office Associates, LLC
    
    Updated Phase I dated
12/01 prepared by AKRF,
Inc.Phase I dated 6/01
(update to 5/00 report)
prepared by AKRF, Inc.31.
    
    New York Times Building
New York, New York
    
    FC Lion, LLC
    
    N/A32.
    
    Metrotech Commons Area
Brooklyn, New York
    
    Commons Associates
    
    N/A33.
    
    Atlantic Center  Vacant Lot
147 St. Felix Place 
Brooklyn, New York
    
    FC Felix Associates, L.P.
    
    N/A




---



##### 



SCHEDULE 7.2(o)
 Financial Information Letter




---



##### 



Re:
    
    Quarter Ended April 30, 2006
     1)
    
    I have provided to you all:
 a)
    
    Financial records and related data.b)
    
    Communications from regulatory agencies concerning noncompliance with or
deficiencies in financial reporting practices.c)
    
    Material transactions, agreements or accounts that have not been properly
recorded in the accounting records underlying the PlanMaster reports.
 2)
    
    Omitted intentionally.




---



##### 



3)
    
    There are no significant deficiencies (other than previously communicated to the Risk
Management Department), including material weaknesses, in the design or operation of internal
controls which could adversely affect the SBUs ability to record, process, summarize and
report financial data. As of the balance sheet date, an evaluation of the effectiveness of
the SBUs disclosure controls and procedures was carried out. Our assessment of disclosure
items was based on the Corporate Form 10-Q checklist. Based on that evaluation, we believe
our SBUs disclosure controls and procedures, in all material respects, are effective. There
have been no changes in our SBUs internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, the SBUs internal control
over financial reporting.4)
    
    We have disclosed to you all deficiencies in the design or operation of internal control over
financial reporting (whether or not remediated) identified as part of managements assessment
of the effectiveness of internal control over financial reporting as of April 30, 2006.5)
    
    We acknowledge our responsibility for the design and implementation of programs and controls
to prevent and detect fraud.I am not aware of any:
 a)
    
    Fraud or suspected fraud involving management or employees who have significant
roles in the SBUs internal controls. (I understand the term fraud to mean those
matters described in Statement on Auditing Standards No. 99, Consideration of Fraud in
a Financial Statement Audit).b)
    
    Fraud involving others that could have a material effect on the consolidated
PlanMaster reports of the SBU.c)
    
    Violations or possible violations of laws or regulations whose effect should be
considered for disclosure in the consolidated PlanMaster reports or as a basis for
recording a loss contingency.d)
    
    Allegations of fraud or suspected fraud affecting the SBU or the Company in
communications from employees, former employees, analysts, regulators, short sellers,
or others.
 6)
    
    I am not aware of any plans or intentions that may materially affect the carrying value or
classification of assets or liabilities.




---



##### 



7)
    
    All related-party transactions, including sales, purchases, loans, transfers, leasing
arrangements, guarantees and amounts receivable from or payable to related parties have been
disclosed to you in accordance with Statement of Financial Accounting Standards (SFAS) No. 57.
I understand the term related-party to include those entities described in Statement on
Auditing Standards No. 45, footnote 1.8)
    
    We have disclosed all material guarantees (except in accordance with mortgage debt
arrangements and other financing agreements which are governed by FC Finance), whether written
or oral, under which the SBU is contingently liable. All guarantees have been evaluated in
accordance with valuation provisions of Financial Interpretation (FIN) No. 45, Guarantors
Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others, an Interpretation of FASB Statements No. 5, 57, and 107 and rescission
of FASB Interpretation No. 34. Additionally, we have discussed the relevant disclosure
provisions of FIN No. 45 with the External Reporting Group.9)
    
    There are no significant estimates and material concentrations known to management that are
required to be disclosed in accordance with AICPAs Statement of Position 94-6, Disclosure of
Certain Significant Risks and Uncertainties. (Significant estimates are estimates at the
balance sheet date that could change materially within the next year. Concentrations refer to
volumes of business, revenues, available sources of supply, or markets or geographic areas for
which events could occur that would significantly disrupt normal finances within the next
year.)10)
    
    The SBU has satisfactory title to all owned assets and there are no liens or encumbrances on
such assets nor has any asset been pledged as collateral, except as disclosed to you.11)
    
    The SBU has complied with all aspects of contractual agreements that would have a material
effect on the PlanMaster reports of the SBU in the event of noncompliance.12)
    
    Receivables recorded in the PlanMaster reports represent bona fide claims against debtors for
sales or other charges arising on or before the balance sheet date and are not subject to
discount except for normal cash discounts. All receivables have been appropriately reduced to
their estimated net realizable value.13)
    
    Inventories of land are recorded in the PlanMaster reports at lower of cost or market, if
applicable.




---



##### 



14)
    
    All liabilities of which I am aware are included in the consolidated PlanMaster reports as of
the balance sheet date(s). Other than disclosed there are no unrecorded liabilities or gain
or loss contingencies that are required to be accrued or disclosed by SFAS No. 5, Accounting
for Contingencies. There are no unasserted claims or assessments that our legal counsel has
advised are probable of assertion and required to be disclosed in accordance with SFAS No. 5.15)
    
    The SBU has appropriately reconciled its books and records (e.g., general ledger accounts)
underlying the PlanMaster reports to their related supporting information (e.g., sub ledger or
third-party data). All related reconciling items considered to be material were identified
and included on the reconciliations and were appropriately adjusted in the PlanMaster reports.
There were no material unreconciled differences or material general ledger suspense account
items that should have been adjusted or reclassified to another account balance. There were
no material general ledger suspense account items written off to a balance sheet account,
which should have been written off to an income statement account and vice versa. Based on
the Companys policy, all intracompany and intercompany accounts have been eliminated or
appropriately measured and considered for disclosure in the consolidated PlanMaster reports.16)
    
    All material costs that have been deferred to future periods meet the definition of an asset
as defined in the Statement of Financial Accounting Concepts No. 6, Elements of Financial
Statements, and are realizable.17)
    
    All cash and bank accounts and all other properties and assets of the SBU of which I am aware
are included in the PlanMaster reports.18)
    
    I have disclosed to you all arrangements with financial institutions involving compensating
balances or other arrangements involving restrictions on cash balances, lines of credit or
similar arrangements.19)
    
    The SBU has adopted and applied the relevant provisions of FIN No. 46(R) (revised December
2003) (FIN 46(R)) Consolidation of Variable Interest Entitiesand the related FASB Staff
Positions (FSPs) for all variable interest entities (VIEs) created after January 31, 2003 and
special-purpose entities (SPEs) created prior to February 1, 2003. In this process the SBU
has properly:
 a.
    
    Identified variable interest(s) currently held in entities and
determined whether the entity is a variable interest entity including
reconsideration as described in paragraph 7.b.
    
    Consolidated VIEs for which the SBU is the primary beneficiary
including reconsideration events as described in paragraph 15.c.
    
    Complied with the disclosure requirements in paragraph 24 of FIN No. 46
or FIN No. 46(R) regarding VIEs that are not consolidated by the SBU, but in which
the SBU holds a significant variable interest.
 20)
    
    Tax-exempt bonds issued have retained their tax-exempt status.




---



##### 



21)
    
    I have reviewed long-lived assets to be held and used or to be disposed of by sale and
certain identifiable intangibles, if any, including equity method investments, for impairment
in accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived
Assets, whenever events or changes in circumstances have indicated that the carrying amount of
assets might not be recoverable, and have appropriately recorded the adjustment. We have also
reviewed our equity method investments, including our interest in Nets Sports and
Entertainment, LLC., and believe that the carrying values of such investments are not in
excess of their fair value at April 30, 2006.22)
    
    I have reviewed the criteria for revenue recognition included in Staff Accounting Bulletin
(SAB) No. 104, namely, collectibility, delivery, evidence of arrangement and fixed price and
are recognizing revenue in accordance with SAB No. 104.23)
    
    There are no anticipated losses on contracts that are determinable, including contracts on
which work has not started as of the date of this letter.24)
    
    Changes in lease provisions, including renewals or extension of the terms of a lease have
been evaluated by the Company based on SFAS No. 13, Accounting for Leases, paragraph 9, in
order to determine whether the change gives rise to a new lease with a classification
different from the previous classification.25)
    
    I am not aware of any subsidiary, partnership, affiliate and/or any other legal entity that
has not been included in the PlanMaster reports that would have a material impact on the
financial position, results of operations or cash flows of the SBU.26)
    
    With regard to real estate investments included in the PlanMaster reports and managed by
third parties, I am not aware of any material differences in the application of accounting
policies by said third parties with the policies employed by the Company, other than that they
do not straight-line rents which I deem an immaterial difference. Otherwise, I am not aware
of any misapplication of generally accepted accounting principles related to these entities.27)
    
    The SBU is in compliance with all debt covenants which could have a material impact on the
PlanMaster reports of the SBU. The SBUs long-term debt does not contain any subjective
acceleration clauses, except in the event of default as defined by the agreements.28)
    
    I believe that all of our partners or members with deficit capital accounts that have a debit
minority interest balance net of write offs reported on the consolidated PlanMaster reports of
the SBU as of balance sheet date, are recoverable pursuant to the provisions set forth in the
respective partnership agreement.




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29)
    
    All advances on behalf of affiliates are considered realizable in all material respects based
on current undiscounted cash flow projections assuming a long-term hold of the underlying
properties and the SBUs priority claim on such cash flows as documented in the respective
operating and/or partnership agreements.30)
    
    The SBU has no current intention to sell or refinance Forest City Bridge Street Associates.
As such, no accrual has been made in the financial statements for the quarter ended April 30,
2006 or for the year ended January 31, 200631)
    
    We believe that the probability weighted present value of estimated future cash flows related
to the indemnification by the Company of the National Basketball Association (NBA) is at or
near zero. Accordingly, no liability has been established as of April 30, 2006. Further, the
SBU has appropriately accounted for and disclosed the impact of this guarantee pursuant to FIN
45. We have fully disclosed to you all such guarantees.32)
    
    For purposes of its evaluation (including all reconsideration events that occurred during the
quarter ended April 30, 2006) of Nets Sports and Entertainment, LLC (formerly Brooklyn Sports,
LLC), the SBU has concluded that the entity is a variable interest entity and that its
investment should not be consolidated based on consideration of all facts and circumstances as
required by FIN No. 46(R) paragraph 17 as FCR Sports, LLC is not the most closely associated
investor. Accordingly, the Companys investment in Nets Sports and Entertainment, LLC will be
presented as an equity method investment as of April 30, 2006. We believe the Company has
also complied with the disclosures requirements of FIN No. 46(R).33)
    
    If applicable, our SBU has evaluated all transfers of financial assets to determine that
control over the transferred assets has been surrendered and that all of the conditions
pursuant to paragraph 9 of SFAS No. 140 have been met. We do not have any transactions that
fall under the guidance of SFAS No. 140.34)
    
    Our SBU has appropriately accounted for and disclosed the impact of all off-balance sheet
commitments, borrowings and other obligations pursuant to the appropriate authoritative
literature, including but not limited to FAS No. 140, Accounting for Transfers of Servicing of
Financial Assets and Extinguishments of Liabilities.We have fully disclosed to you all such
off-balance sheet commitments, borrowings and obligations.35)
    
    If applicable, our SBU has evaluated all transactions involving qualified special purpose
entities to determine that all of the conditions pursuant to paragraph 35 of SFAS No. 140 have
been met. We do not have any transactions that fall under the guidance of SFAS No. 140.




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36)
    
    Principal and interest payment on our note receivable is current and we believe that the
borrower will continue to meet their contractual obligation. Accordingly, we do not believe
the note receivable to be impaired. If necessary, the SBU would review notes receivable for
impairment, apply a systematic methodology for measuring and documenting loan losses and make
appropriate allowances thereon if necessary, in accordance with SFAS No. 114, Accounting by
Creditors for Impairment of a Loanand SFAS No. 118, Accounting by Creditors for Impairment of
a Loan  Income Recognition and Disclosures. Our SBU would measure impaired notes based upon
the present value of expected future cash flows discounted at an appropriate interest rate.
The allowance for doubtful accounts related to these notes would encompass probable credit
losses related to specifically-identified loans that have been incurred. The allowance does
not include an amount for loan losses expected to be incurred subsequent to April 30, 2006.37)
    
    Commitments for future purchases are for quantities not in excess of anticipated requirements
and at prices that will not result in loss. No provision has been made for any material loss
to be sustained in the fulfillment of, or from the inability to fulfill, any sales commitments
as no such losses exist.38)
    
    We have advised you of all lease termination agreements and have appropriately recorded lease
termination income pursuant to SFAS No. 13.39)
    
    The information provided to Forest City Enterprises, Inc.s tax department by the SBU for
purposes of computing the tax provision under generally accepted accounting principles is
complete and accurate.40)
    
    The cash flow package and Form 10-Q checklist provided to Forest City Enterprises, Inc.s
Corporate Controllers Group by the SBU for use in the preparation of the consolidated
financial statements are complete and accurate.41)
    
    Other than disclosed, no material events have occurred subsequent to the balance sheet date
and through the date of this letter that would require adjustment to or disclosure in the
aforementioned consolidated PlanMaster reports. Additionally, any material subsequent event
from the date of this letter until the filing of the Companys Form 10-Q with the Securities
and Exchange Commission will be communicated to the Corporate External Reporting Group.42)
    
    No changes in internal control over financial reporting, including any corrective actions
taken by us with regard to significant deficiencies and material weaknesses, have occurred
subsequent to April 30, 2006 and through the date of this letter.




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43)
    
    We acknowledge that we have received and reviewed the new Form 8-K Policies and Procedures as
provided by the Corporate Controllers Group via an e-mail dated August 19, 2004. We have
disclosed all Form 8-K triggering events related to our SBU from January 31, 2006 through the
date of this letter.44)
    
    Omitted intentionally.45)
    
    We have designed the internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of the
PlanMaster reports in accordance with generally accepted accounting principles.46)
    
    We concur with the identifiable assets (investment) number for the Nets SBU as of April 30,
2006 as it is disclosed in the Segments Disclosure in the Companys Form 10-Q for the quarter
ended April 30, 2006.47)
    
    We have reviewed all of our tangible long-lived assets, including related operating/ground
lease agreements that contain provisions that require the leased assets to be returned in the
same condition that existed at lease inception (i.e., the agreement requires the removal of
any leasehold improvements at the end of the lease term) and other agreements for associated
asset retirement obligations (AROs) and have not recognized any related liabilities in
accordance with FASB Statement No. 143, Accounting for Asset Retirement Obligationsand FIN 47
Accounting for Conditional Asset Retirement Obligationsas such amounts are immaterial based
upon both qualitative and quantitative considerations. Additionally, for those long-lived
assets and or operating/ground lease agreements that have asbestos that has been contained and
encapsulated in accordance with the requisite legal regulations as of April 30, 2006, we have
no present intention of demolishing the asset and/or performing a rehabilitation that would
create a legal obligation to remove the asbestos. We are also unaware of any unremediated
asbestos obligation at April 30, 2006. The methods and assumptions used to measure the fair
value of are AROs, for purposes of assessing materiality, are appropriate and reasonable under
the circumstances and utilize the best available information.48)
    
    We have completed the process of evaluating the impact that will result from the adoption of
EITF 4-05, Investors Accounting for an Investment in a Limited Partnership When the Investor
Is the Sole General Partner and the Limited Partners Have Certain Rights. Such effects are
properly disclosed in the financial statements.




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Signed:
FOREST CITY RATNER COMPANIES/s/ BRUCE C. RATNERBruce C. Ratner, President and Chief Executive Officer/s/ JOANNE M. MINIERIJoanne M. Minieri, Executive Vice President and Chief Operating Officer/s/ DEBORAH J. LEVINSONDeborah J. Levinson, Executive Vice President and Chief Financial Officer/s/ LAUREN DULauren Du, Senior Vice President  Controller/s/ RAJ PATELOnly as to items 3, 4, 5 and 42Raj Patel, Chief Information Officer FIRST NEW YORK PARTNERS/s/ DONNA C. SINGLETONDonna C. Singleton, Chief Operating Officer/s/ KRISTIN CHUNGKristin Chung, Chief Financial Officer/s/ MICHAEL ALBERTMichael Albert, Director of Financial Reporting




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SCHEDULE 7.2(p)
 FCRC Form 10-K Information




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SCHEDULE 7.2(t)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
 Individuals Comprising Knowledge of BCR Entities
 Section Reference
    
    Knowledge Party7.2(c)
    
    Bruce C. RatnerDavid L. BerlinerJohn W. Davie7.2(e)
    
    Bruce C. RatnerJoanne M. MinieriDeborah J. LevinsonDavid L. BerlinerTerence M. WhalenRobert RedikerAndrew P. SilberfeinJames P. StuckeyMaryanne GilmartinRichard PesinRobert P. SannaRaj PatelElena IracaneBruce BenderLinda ChiarelliStephen Tuttle7.2(f)
    
    Bruce C. RatnerDavid L. BerlinerTerence M. WhalenRobert RedikerStephen TuttleLinda Chiarelli7.2(g)(iii)
    
    Bruce C. RatnerJoanne M. MinieriDeborah J. LevinsonDonna SingletonKristin ChungLauren DuJohn Cheng7.2(h)
    
    Bruce C. Ratner
 Schedule 7.2(t)  Page 1




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Section Reference
    
    Knowledge PartyDavid L. BerlinerTerence M. WhalenRobert RedikerStephen TuttleLinda Chiarelli7.2(i)
    
    Bruce C. RatnerDavid L. BerlinerLivia CorredorJohn W. DavieSusan ElmanLaurie Golub7.2(j)
    
    Bruce C. RatnerDavid L. BerlinerTerence M. WhalenRobert RedikerStephen Tuttle7.2(l)
    
    Bruce C. RatnerDavid L. BerlinerTerence M. WhalenRobert RedikerRaj PatelStephen Tuttle7.2(m)
    
    Bruce C. RatnerJoanne M. MinieriDeborah J. LevinsonDavid L. BerlinerLivia CorredorJohn W. DavieSusan ElmanLaurie GolubStephen TuttleAndrew P. SilberfeinDonna SingletonKristin ChungLauren Du7.2(n)
    
    Bruce C. RatnerTerence M. Whalen7.2(o)
    
    Bruce C. RatnerJoanne M. MinieriDeborah J. Levinson
 Schedule 7.2(t)  Page 2




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Section Reference
    
    Knowledge PartyLauren DuDonna SingletonKristin ChungMichael Albert7.2(p)
    
    Bruce C. RatnerJoanne M. MinieriDeborah J. LevinsonLauren DuDonna SingletonKristin ChungMichael Albert7.4(a)
    
    For purposes of Section 7.4(a), the BCR Representative will identify the
individuals with knowledge with respect to each representation and
warranty relating to such Development Property following the
Stabilization Date for such Development Property. If and to the extent
that the individuals so identified by the BCR Representative vary from
those identified in Schedule 7.2(t) (other than due to the
discontinuance of the employment of an individual identified on Schedule 7.2(t) by such
individuals employer as of the date hereof and the identification by the
BCR Representative of such individuals successor), then Forest City will
have the right to review and approve the individuals identified by the
BCR Representative, which approval will not be unreasonably withheld or
delayed.
 Schedule 7.2(t)  Page 3




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SCHEDULE 9.2(c)  to  MASTER CONTRIBUTION AND SALE AGREEMENT
    Schedule 9.2(c)  Page 1