The following is a March 8, 2007 clarification by Charles Ratner, CEO of Forest City Enterprises, on statements the Company made regarding the Atlantic Yards development timetable, at the Citigroup 2007 Global Property CEO Conference:

“When I referred to the project taking 15 years to build, I was referring to the total time, from the idea or conception of the development to completion of the final building. The actual construction of Atlantic Yards will take 10 years, and, as we have announced, preliminary work on the site has begun.

When I was discussing the arena, I was referring to the arena block which includes the Barclays Center as well as four surrounding buildings, including the iconic Ms. Brooklyn. We expect the office and residential buildings to come on line beginning in 2010. We remain committed to our goal of opening the arena in time for the 2009-2010 NBA basketball season.”